Here we are again, another year, another economic crisis hitting hard. The only difference with the previous one is that this time it’s literally impacting the economy on a global scale. Everyday you hear about job losses, businesses going bankrupt, inflation and so on. However, now we will see why this is the right time to return to study.
I have discussed this briefly in the second part of the post about “why you are unsure about returning to study”. However, this specific aspect is really important and it needs to be explained in more detail. After listening to the news every day, you might unconsciously convince yourself that returning to education to change your life is not worth the effort.
Why? Because the “future” described by the news sounds always discouraging. As a consequence you don’t start what you were planning to, and few years later you think: If I’d started back then I would have finished by now, I would have a better job and salary. It’s a never ending circle.
This is why the first thing you should do is to understand how the cycle works. It’s not about the news being real or fake, nor about the economic projections being accurate or inaccurate. It’s all about preparing for them. Now ask yourself, is this the first economic crisis you are living? No need to answer, I know it’s not your first and let me tell you it won’t be your last.
“As sure as the spring will follow the winter, prosperity and economic growth will follow recession” – Robert Foster Bennett
Is this the right time to return to study?
The truth is that most of the time those projections are fairly accurate. During an economic crisis there will be people losing their jobs, businesses going bankrupt, mental health issues and so on. The struggle is real unfortunately. So why am I saying that this is the right time to return to study?
Simply because history repeats itself: THE MARKET WILL ALWAYS BOUNCE BACK! I need you to remember that. When it does, the job market will bounce back as a consequence, after all they are the same thing. The key is to be ready for when the opportunities will be available.. again.
Every recession has two sides, someone is gaining while someone else is losing. That someone else is the majority of course. The real aim here is to be on the other side, but gaining skills and qualifications instead. I need you to think out of the box, just like famous investors do.
You think the comparison is unfair? You are wrong, the comparison is a perfect, the scale is different. I am not saying you will be next millionaire (who knows?), but you need to start from somewhere in order to change your life. No matter if you want to study for your dream career or to open your own business, education can give you access to both.
Why is investing related to study?
Smart investors make profit from investing during recession, they use their available resources to buy low and sell high post-crisis. They do the exact opposite of what people on the other side do. Why? Because their mindset is different, they know that THE MARKET WILL ALWAYS BOUNCE BACK (remember?)
Now what do you think education is? It’s an investment, and good thing is that it lasts for your entire life. It never expires, never loses its value, just like gold. You might hear contrasting opinions on this matter, but the data speaks the truth: people who invest in education and knowledge have better jobs and higher salaries, they are wealthier.
The secret is preparing for that event, being ready for the market to bounce back! How will you be different from other people looking for jobs? Think about them as your business competitors..do you have a competitive advantage in terms of skills and qualifications?
If you were planning to start your own business, do you have the right knowledge? What about the right connections, resources and everything that education can give you? I’m not saying that you cannot succeed without those, but it is certainly more challenging.
It’s always the right time to return study, even better when..
As I mentioned in another post, I decided to return to study because I wanted a career change. I was stuck in a job in hospitality that I didn’t like and I could see a way out; I have talked about this here if you are interested: “I’m stuck in a job in hospitality and I don’t see a way out”.
Guess what, before starting University as a mature student there was an economic recession holding me back. I had your same doubts, but my ambitions offset my fear of failure (thankfully). I was thinking, should I return to education? Two years later Brexit happened, lots of uncertainty for the future. It was back then that I understood how the cycle works, and you need to understand it too.
It’s always the right time to study, but during a crisis is even better. Why? Because THE MARKET WILL ALWAYS BOUNCE BACK (again), and you will be ready for that. Make your move and anticipate the market, you have the right mindset now. Acquire new skills, get qualifications, but mostly gain competitive advantage!
You will need that to compete in the job market or when launching your own business. There are two sides during a recession, you decide in which one to be, panic selling or investing. I decided to be on the investors side, I made my move starting University at 26 as a mature student.
Now I can say that “I beat the market”. I finally have a better job and I earn a much higher salary than before. Was Brexit a problem? No, because my mindset was different, I knew it was part of the cycle! I have written an article you might find interesting “Why Brexit is an opportunity to find a better job”.
“Never miss out on an opportunity like a good recession” – Jack Welch