Why it feels almost impossible to get a job in 2024 (#179)

Financial Advisors Say The Darndest Things

Episode Summary:

In this episode, Jenna Jackson from Ardmore, Pennsylvania, shares her frustrations with the current job market, which seems robust on paper but presents challenges for job seekers. She discusses the discrepancy between hard data indicating a strong labor market and the soft data reflecting Americans' less optimistic views. AB Ridgeway concludes by emphasizing the importance of financial planning in uncertain times.

Key Takeaways:

1. Discrepancy Between Hard and Soft Data: Despite positive hard data indicating a strong labor market, softer indicators suggest a different reality. Americans' perceptions of the job market may not align with statistical figures, highlighting the complexity of economic analysis.
2. Job Application Strategies: Successful job seekers invest time in networking and building relationships with recruiters. Face-to-face interactions and tailored applications increase the likelihood of landing a job in a competitive market.
3. Emotional Toll of Job Search: Job seekers, particularly younger generations, experience burnout from the exhaustive process of applying for numerous positions. The emotional and mental strain underscores the need for self-care and resilience during the job hunt.
4. Challenges of Modern Hiring Practices: The advent of technology has streamlined the job application process but also led to challenges such as ghosting by prospective employers. Both candidates and companies face difficulties in managing the volume of applications and communication effectively.
5. Financial Planning in Uncertain Times: AB Ridgeway emphasizes the importance of financial preparedness for both job seekers and employed individuals. Planning for periods of unemployment and economic uncertainty is crucial for maintaining financial stability.

Quotes:

1. "Everyone has a college degree. Everyone has a master's. Everyone has a Ph.D. Everyone is optimistic and ready to work. You have to stand out."
2. "Looking for a job can be a full-time job. There's a lot that goes into it. Filling out applications online can be tedious, time-consuming, and really stressful."
3. "If you do have a job, you need to financially plan for the days that you don't, because those days may come. It's not always going to be good on this side." - AB Ridgeway

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Audio Credit: CNBC