The Joys of Working During An Economic Crisis

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Watching the markets plummet over the past few weeks is something we all knew was coming, eventually. We just didn’t realize it would be so sudden or that the devastating decline would be triggered by a microscopic virus. In light of recent events, I’d like to focus on WORKING and those fortunate enough to still be employed. Having a nine-to-five has gotten a lot of flack over the years by people ditching their day jobs to retire early and sometimes shaming others for not wanting to do the same. In these trying times, I am extremely happy that my family decided to pivot away from the pursuit of early retirement in exchange for maintaining and embracing full-time employment.

Don’t get me wrong, I’m sure there are folks out there who have retired early and are living off of their investments and doing just fine. However, I’m equally sure there are folks who have retired early and don’t have quite enough saved to weather this economic storm and wished they would’ve endured that fluorescent-lit cubicle just a little longer. Unfortunately, jumping back into the job market now to avoid drawing down on a deflated portfolio is going to be one difficult task for most people. Despite a flexible mindset, businesses and employers don’t exhibit the same flexibility during difficult financial times. Hiring freezes are activated and there is often little anyone can do to gain substantial employment.

Working is Essential

With the current state of the economy, one thing’s for sure – working is essential. And it’s especially essential for anyone that doesn’t have several million dollars in the bank. I believe Suze Orman warned us about this not too long ago when she was asked about the FIRE movement. She cautioned that retiring early could be the ‘biggest mistake of your life’ if you don’t have sufficient funds to get through a catastrophe. Well, my friends, here we are.

I’m not here to say I told you so. I’m here to tell you that working for an employer is usually a good thing and to give hope to those who are feeling hopeless right now. We will get through this and be stronger on the other side. And if you were chasing early retirement before the pandemic, you might want to re-evaluate your financial future and the uncertainty of life before turning in that two-week notice. 

In addition, being self-employed in times like these can also be a blessing. Being an entrepreneur allows you to take control of your own destiny without waiting for a job market that might never exist in the same capacity as it did before. We can’t control when or what kind of economic crisis will come our way, but we can be strategic in preparing for the worst and hoping for the best. If you are self-employed and have a small business, you might want to consider getting things like a key man life insurance quote to protect your business in the event of any unexpected death or disability. Employees of businesses are usually well protected; however, self-employed individuals and business owners often have to make their own arrangements. 

At the end of the day, having a job is always worth celebrating, even in the worst of times. The joys of working during an economic crisis are plentiful once you start to realize that it’s something you can do to bring in a steady paycheck.

Being an Employee is not a Bad Thing

I’ve been blogging for over five years and I’ve gone from being enamored by the concept of quitting my job and retiring early to almost being appalled by it. It’s a great dream. And that’s what you’re being sold – A Dream.  I realized that a lot of people talking about this concept were still working as bloggers, podcasters, course creators, etc. They weren’t retired at all. At least, not in the traditional sense of the word that means ceasing to work.

Call me the retirement police, I don’t care. I’m happy to call myself an employee and collect my paycheck every two weeks. That paycheck allows me to take care of my family, have a nice home, go on vacation, and enjoy little luxuries in life. It also allows me to not panic during a bear market.

Let’s face it, early retirement just isn’t in the cards for most people, even those that earn decent salaries. Unless you set your sights on early retirement at a very young age, it’s extremely difficult if not impossible to stash enough cash before the traditional retirement age and also have enough money along the way to pay for a home and other financial obligations that often coincide with adulthood including marriage, children, aging parents, medical issues, college tuition, etc. 

There are too many unknowns that can blindside you when you least expect it. And when that happens, having steady employment with a steady income becomes one of the most important things in your life. The last thing I want to do is willingly walk away from a job that’s paying me a good income, covering my medical expenses, making contributions to my retirement accounts, and providing disability and life insurance. My family depends on these benefits. Sure, I could walk away and start my own business, but it’s still work with deadlines and deliverables. And unless my business is extremely profitable, it’s not going to come with the safety net that I have from being an employee for my current corporation. In my opinion, nothing could be more selfish. 

I Love my Job

I said it before and I’ll say it again, I love my day job and I’m thankful for everything it affords me and my family. I have worked full-time my entire life with the exception of two years when I was finishing up my bachelor’s degree. Other than that, I have been a full-time employee for major corporations for 22 years since graduating from high school. 

Thanks to growing up in a trailer with a mother that always drilled the importance of having ‘enough’ money into my head, I have always been a little more anxious than the next person with a propensity toward stability and security. That’s why we ultimately ditched the notion of retiring early in exchange for continued income and a better qualify of life both now and later. So, if you’re one of the lucky ones, if you still have your job during this global crisis, let’s focus on the positive. Let’s focus on the joys of working because you never know when the bottom might fall out. 

The Joys of Working

Here are four things I appreciate about my continued employment during this economic crisis. 

1. Income

Income is usually the top reason for showing up to work day in and day out. It certainly snags the number one spot on my Joys of Working list. My income has allowed me to purchase two rental properties and a primary home. In addition, I have been able to enjoy fancy family holidays and memorable vacations. Those memories are priceless and will last a lifetime. My income has also been sufficient enough to pursue investing for the future. This is something I am and will always be grateful for.

2. Health and Retirement Benefits

I can’t emphasize enough how incredibly thankful I am to have a job that provides my family with excellent healthcare and retirement benefits. It doesn’t matter how many salads we eat or miles we run, we still have no idea what our genetics have in store for us. Fortunately, my family is able to get medical care in times of health and sickness without it causing financial strain. I know that not everyone can say that, especially in the US. 

In addition to health benefits, my job provides excellent retirement benefits that includes a matching 401k plan and a pension. Again, I know that I am one of the few and fortunate and I don’t take it for granted.

Related:

• What’s Wrong With Working For The Man
• The New FI: Forget Financial Independence, Achieve Financial Improvement First
• Growing Up Poor Was My Single Biggest Financial Motivator
• 5 Ways To Stay Motivated At Work When You Don’t Love Your Job

3. Sense of Purpose

Aside from the financial benefits, I also gain a sense of purpose from my job that I don’t get in other aspects of my life. Yes, I feel a sense of purpose as a wife and mother, but the sense of purpose I get from work is entirely different. I feel like I’m actually making a difference in the world. And, that, is one powerful feeling that can’t easily be replaced. 

4. Relationships

Perhaps one of the most rewarding aspects of my job is the relationships I have built along the way. My fluorescent-lit corporate career has paid dividends in terms of friendships that have already lasted more than a decade. 

And there you have it. Four joys of working that I have experienced throughout my career. I can only hope that my job holds steady through this economic crisis. I hope the same for you. 

There is no shame in working. There is no shame in not wishing to retire early. 

There. I said it.

Did I miss anything? What do you appreciate about your job?

Featured Image: Photo by Buro Millennial from Pexels