Over 35 million workers have filed for unemployment claims and 100,000 small businesses are closed as the nation’s pandemic will likely escalate to record highs. The global crises will lay off millions of workers and put families in a financial burden. Despite recessions and unexpected global pandemics certain jobs and businesses are untouchable.
Auto Repair Shops
Almost everyone and their grandmothers operate motor vehicles. People are less likely to purchase new cars and would rather fix their used car instead. For those who haven’t driven during the quarantine will expect oil changes, tire rotations, and other unexpected issues due to lack of driving. To keep the economy flowing transportation is key for essential workers such as doctors, nurses, caregivers, pharmacist, researchers, uber drivers, bankers, grocery store workers, and technicians.
Health Care Workers
Ever imagine life without hospitals or heath care workers? People die, get sick, and are involved in accidents every second of the day. The health care industry will always thrive through any crisis as hospitals and clinics will remain open for patients in need of medical attention. Whether income declines people need health care to live. Health care workers are the true heroes and not the celebrities or “influencers” being worshiped on social media.
Banking
There’s one thing we all have in common and that’s a bank account. With the government providing new programs and financial assistance, financial institutions will be open for business to help and process important transactions for customers as well as industries in need. Consumers need money to purchase goods, pay their never ending bill cycles, and acquire auto or home loans for those who can afford it. Through the new PPP programs for businesses, employers must pay their loans, employees, and landlords. Banks are well in position to assist clients during this crisis. Especially when banks make money out of thin air. That’s another topic.
Real Estate
On average, U.S. home prices fell approximately 35% during the recession and about 9 million homeowners lost their homes. Compared to food, shelter is a necessity and people will always need a place to stay. The real estate market fluctuates and seems to never go out of business despite any financial crisis. Those who have the capital to invest and purchase in real estate will always take advantage because of reduced home prices and low interest rates.
Grocery Stores/ Fast-Food Chains
During the COVID-19 crises grocery sales spiked 25% as families maintain a strict budget from an income that remains an uncertainty. Drive thru makes it simple for consumers to avoid contact with crowds and receive food in a convenience. Fast food giants such as Chick Fil A, Chipotle, and McDonald’s also will see an increase in sales because of Instant gratification. Regardless the situation adults and children will always need food to survive. Retailers such as Walmart and Costco are among the largest grocery chains in the U.S. and will also see an increase in sales as families look to meal prep.
Accountants
Even if Robots and monkeys started taking over the world, that still doesn’t stop Uncle Sam from collecting his share of your profits. Businesses and individuals will always pay taxes and keep their finances organized in spite of challenging situations. During the COVID-19 crisis the government rolled out new programs to fund businesses and individuals who were furlough. Whether it’s a Recession or a pandemic accountants and tax professionals will see an increase in traffic as people seek financial advice and help recording their bookkeeping.
Don’t just Survive ….. Thrive!
As you quarantine at home take advantage and learn a new skill with online classes, read books, learn how to meditate, and learn saving and budgeting tips. The stock market is open and available at your fingertips. Excuses are the tools of the weak and incompetent.
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