OK, you’re there, reading the blog, but the
economy is melting down, you’re more worried about having a job than a
geek paradise, and you’re wondering what to do.

As the resident amateur economist here (in that I follow economic
stuff more than other contributors), I wanted to put together some
quick tips for you.  Here’s my take on the current situation.  Take it with a grain of salt of course – I’m not a professional economist or financial advisor, but these are things I’ve learned over the years.

Basic Advice:

• DO NOT PANIC.  Panic will destroy you.  Feel free to be concerned, afraid, cautious, etc.  Don’t freak out.
• If you’re in finance, get out unless you are very, very, very sure of
  your position.  The financial sector can shrink rapidly.  Note that
  once it shrinks, there may be plenty of opportunities.
• No
  matter how stable your job, keep an eye out for other openings.  Send
  resumes.  You don’t have to take them up on their offers, but keep
  yourself in the market.
• Save money.  Cut expenses.  Do it now.  Make it a habit.
• Share expenses with people.  Carpool.  Room together.  Again, make it a habit.
• Get new skills if you can, and apply them right away.
• Learn
  to budget if you don’t know how.  If you can’t do math, learn the
  math.  Its hard not being able to budget in good times – in bad times,
  not knowing it can wreck your life.
• Avoid debt if at all possible.
• Credit
  cards are useful, but have only one.  Track its rates and policies
  carefully.  You may use it casually (I use mine to consolidate and
  track things), but pay it off each month if you can.
• Follow news about your Bank.  Use a news reader, use news.google.com, what have you.  Right now it’s hard to predict what’s happening, and even with FDIC backing, a bank failure is inconvenient.
• Follow the economic news.  It may be boring, but its your lifeline to survival – and that view helps it get a lot less boring.
• Follow news of your company and industry.
• If
  you move, keep an eye in mind of saving money on transportation and
  having good employment opportunities. If you move, move with the future
  in mind.
• Watch your local economic news for the good and the bad – it may be worth staying, or it may be worth leaving.

The Future:

• Call it recession or whatever, I think the downturn/issues are going to follow us into 2010.
• The housing market still hasn’t hit bottom, as a lot of adjustable
  rate mortgages (ARMs, look them up) are going to reset soon.  It won’t
  really have hit bottom until you have a few months of increased housing
  starts (new home builds).  I would avoid getting a house.
• I don’t foresee a Depression, but the next year or three isn’t going to be a cakewalk.  Recall that the Depression in Americas history was also a highly variable affair – not every person or region experienced an immense financial disaster.
• Regional
  effects will vary – around the world, and within countries.  What
  happens to you could be completely different from your friends a few
  hours drive away.

With all the bad news in the economy, do I think taking a "pro
geek" view of things is a good idea?  Is it worth trying to make a
living in the fannish and the geeky professions?  Absolutely.  Just
temper that with what you need to do to survive, and remember that your
unique skills and passions can also provide a foundation to survive on.

-Steve