Sharing Daily Discoveries About Personal Finance And Business Topics

The Fear of That’s All You Know

financial planning

There has been quite a bit of news here lately on how for people working in the softwood lumber industry they may be hit hard with things like layoffs soon due to the recent trade disputes with the US. On the news you can see that many people being interviewed are worried about their future. There was one comment that caught my attention as a person was breaking down on how working in that industry is all he knows skill wise as he has been working in it since a teenager. Therefore he wouldn’t know what to do if he lost his job.

Is your repertoire of skills something that you fear in the sense of if you don’t have a variety of skills in various industries that you have a high financial risk in life when an industry is collapsing of sort? While it is great to have variety I often wonder why people underestimate how their existing skills can be easily transferred in other industries. Like with this softwood lumber I can’t imagine one wouldn’t be able to do another type of say manufacturing job with those same set of skills. Finding the new job would be more of the challenge than the skill I would imagine.

In my opinion, it’s a good idea to explore other ways to use your same skills in other ways just to give you the confidence and options to do other things as well. I would imagine if you are good at cooking then that can translate to potentially be good at teaching too or even being an author of a book to share recipes. It’s just a matter of applying your skills in a different way. That can often be a good way to find side businesses to do part time as well. Don’t underestimate how valuable your skills are.




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