Almost every Ordinary Joe is looking for some advice to make them recession proof, but it might take either an extraordinary person or someone who’s hit rock bottom to accept the advice of one candid advisor.
Neil Joseph told The Daily OBSERVER that people – those who fall in the poor and middle classes – must finds ways to reduce their spending and that, for the next two years, that they should not do anything to tie up their finances.
In fact, he’s ruled out most things – building, purchasing vehicles and other large consumer items, racking up credit card debt, and he’s also advocating deferring tertiary education.
“People who are thinking of studying and going to a university, get real. Nobody’s paying you for a degree (any) more; hold off on that stuff,” Joseph said.
His pronouncement was met with a “for real?” that caused him to clarify.
“I’m not saying don’t go; I’m saying don’t go now. Don’t get yourself engrossed in any educational loan at this time. Be sensible about it. And as for doing a Master’s Degree, don’t even think about that; that’s just a waste of time.
“Hardly anybody is getting paid for a Master’s unless you are in a position where you know for a fact you are going to get a salary increase; but don’t just jump up and get more qualifications because you think it will get you more money,” Joseph said.
He, however, advocated professional designations, such as those for CPAs and the like, as well as technical and vocational training.
The other piece of advice is to carefully set goals. “If you don’t have a plan for your life and set goals, the winds of life will blow your sails any place. You have to write them down and look at them every single day,” Joseph said.
He said people are in for a shock the way the economy will go despite predictions from some quarters, including Prime Minister Baldwin Spencer, that there are signs of an ease-up, possibly by year’s end.
Joseph’s measured advice in a nutshell: “Don’t do anything for the next two years that is going to change your financial future – don’t buy a house, build a house … ride it out for the next two years; don’t do anything major.”
I understand what Neil is saying – weigh the costs against the benefits because if the COSTS are too HIGH it will not BENEFIT you in the long run! that is all ppl – BE WISE, the selective dunceness is killing us.
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This is the most asinine message i’ve heard in a while and provides the perfect reason why we should all go to college.
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It’s not foolish at all he is making good sense. He did say that it is worthwhile to get designation in specialized fields as opposed to go borrowing exorbitant loans to pay for a 4yr college degree or a masters. If the individual can fund their degree out of pocket, they can do
so, however, theres no guarantee that the individual would find a job that would pay enough to pay back loan and live decently. It just ain’t happening, the job world has changed big time. People have to become creative and find niches that would allow them to create wealth. I know alot of people who have 2 1st degree and master and are struggling, laid off and are thinking to change career paths. I know someone who has a doctorate and regretted because she can’t find work and is inundated with debts. People just have to look for innovative ways to create wealth, there’s alot of free info online, college ain’t the answer for everyone’s economic problems
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No one has said people should not go to college or not build a house or anything else for that matter. However, if it ruins you financially then that is certainly the asinine part!
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Infact He is telling the thruth to an extent. Let me explain from a biblical standpoint. I know alot of people don’t consider the bible to be the final authority when it comes to making wise economic choices , however , let me remind us all that the word of God is applicable and gives the solution to all of mankinds problems. This economic downturn we are facing has already been predicted over 2000yrs ago and it can be found in scriptures. Just by following scriptures we can see clearly how it will all pan out because Jesus Christ (Yes Jesus Christ the only true, wise and living God) has already told us what is to come, unfortunately not everyone is in tune with the signs of the times we’re living in.
The world is in a different era it’s not business as usual, changing professions and going to college by borrowing loans will not solved your economic problems. The world is getting ready to move towards “a new world order, whereby the entire world would be divided into 10 regions. Only those who look to God as their source and not government/job or any other person will survive this economic downturn that is affecting the entire world. Either you look to God for provision or take the mark of the beast and lose your soul. It’s just as simple as that. The beggining of wisdom is the fear of the Lord and only the just shall live by faith. So to all who think that they can put their trust in education and a job and fail to seek God to discover the gifts and talents that he has placed in all his creation, it’s just a matter of time before you’ll start to reap the fruits of your doings.
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So because the world is coming to an end people should not pursue school? Use your head nah Mades. Where are the Christians/biblical people with common sense eh?
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It’s amazing how people can miss a point. The conversation is not about school. It’s about finances. Education is an INVESTMENT! With any investment one must look at the returns. If it cost $1m to get a first degree in economics would that make sense? NO! Why? Because the cost outweighs the return most likely if you had to borrow the money. Now if someone had $1m cash or could pay back the loan on that amount then yeah it might make sense. However, for most people the return on investment is just not there these days. Some people study at UWI or go to Cuba and do perfectly fine financially. Maybe we need to push our Caribbean institutions instead of getting ourselves in head-over-heals debt by going to colleges outside the region. Everyone’s situation is different but for the majority its really tough out there.
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This person must be related to Mr Joseph.
Yet another misguided soul.
Go tell it to the mountains.
This is the time to train learn and get ready for the recovery.
Stop burying your heads in the sand.
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This is stupid advice. I would not be surprised to learn he’s one of the first casualties of the recession … natural shedding … He really should take his downtime and go back to school.
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LOLLL…. this one is even more entertaining! I am self employed actually. Going back to school at this time would not make too much sense for me really. I’ve done my time at the so called “institutions of higher learning”. Tell you what here’s a link to check at at Forbes – http://www.forbes.com/forbes/2006/0327/039.html
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I have read the attached article Mr. Joseph and it does not in fact support your argument. This article addresses receiving an education from a private university which everyone in the USA and Canada knows is on average twice the cost of a public university. It does not address as you allege that the benefit of getting a degree outwieghs the cost. A degree from a public university (In FL they are FIU, FSU, FAU to name a few,) is still affordable $40,000 and is also mandatory requirements for anyone trying to get any type of job in this economic environment. Employers, in fact, a trending to hiring persons who are over qualified versus those that are underqualified. (Please do not make the mistake of equating qualifications with experience).
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Where did Observer find this creation? put it off until tomorrow, folks if you want to go to college go, don’t let some shock jocky take away your dreams. Like it or not for this stellar doom and gloomer a college degree still pays dividends. What doesn’t pay anymore is experience, most companies prefer to hire a new college grad and train them, it is cheaper. Where is this person coming from, since the economy is down it is better to be dumb.
Kids, adults aspire and go to college,if it is your dream go after it, what horror, it shows this person knows nothing about what is going on.
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LOL…I find your comment entertaining. First of all if one is arguing that it makes sense to make a decision that may ruin you financially, then that may not be too smart. Secondly, there are lots of bright people who never went to college so saying that if someone does not go to college mean they are dumb is highly judgmental. Thirdly, if going to college is not a financial burden then by all means GO! However, one needs to asses their financial situation VERY carefully during this time. Thanks for the laugh though!
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This is very poor advise indeed. This man should be put away.
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Yep poor advise that makes perfect sense to those feeling the current squeeze! Let’s be sensible and stop using emotions. That is what gets people in financial trouble in the first place!
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