So, I recently turned 30 and have had some time to reflect on the lessons I’ve learned over the years. I was inspired to write this post after reading lessons from another blogger who also recently turned 30. It seemed like not too long ago, I was just a young college student starting off life on my own. Although many of these lessons may not be financial or career in nature, I feel that they ultimately will help people in those areas. Here are my lessons in no particular order. These are the same lessons I wish I could teach my 20-year-old self.
Have you ever had a rough day at work which ultimately ended up ruining your evening and preventing you from sleeping at night? Even worse, you wake up the next morning feeling unrefreshed which leads to another bad day? Well, I’m sure it happens quite often for a lot of people. It’s definitely happened to me before. Unfortunately, with our busy schedules, it is inevitable that we face times of stress and frustration. The further we push in our careers, the more times this will happen. A large part of our journeys to build our careers is to face these situations head on and figure out ways to get by them. If we want to succeed, it is necessary to face these challenges and come out stronger, wiser, and smarter.
I’ve heard of two main schools of thought when it comes to developing the right skills for your career. On one hand, there’s the belief that you need to develop highly specialized knowledge in order to land a well-paying job. For example, accountants have developed a special skill set to basically measure and disclose a company’s transactions and dealings. Actuaries have developed the ability to measure and manage risk and uncertainty. Inside knowledge of a company’s processes and procedures may also be considered a highly specialized skill. These are all highly specialized skills that take years to develop, and the market will pay a certain amount for these skills.
No one really knows which direction the market will go. I saw the stock market drop substantially back in 2008-2009 when I was still in college. Back then, I was part of a student-run investment fund and saw our portfolio lose half its value after a tremendous run in the few years prior. It was definitely a great real-world learning experience and wake up call.
Although it tends to go up in the long run, there are periods of downturn. These periods of downturn have caused significant stress in many of our personal lives and financial turmoil in our wallets. Thankfully, there are ways to decrease the losses that you’ll suffer during a recession, and perhaps even come out on top. Here are some ways to recession-proof your portfolio.
Professional Development and Personal Finance Blog