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On March 11th, the world changed for all of us. On this day the World Health Organization made the assessment that COVID-19 could be characterized as a pandemic. That weekend on March 15th, my employer made the decision to have all employees work from home until further notice. Hands down the best decision they could have made given the circumstances.

Most industries have suffered the effects of COVID-19. The US Bureau of Labor Statistics recently published their latest numbers. As of May 2020, analysis of household survey data indicates the unemployment rate has declined from 1.4% to 13.3% and the number of unemployed persons fell by 2.1 million to 21.0 million.

Yet, the S&P 500 is down a mere 9.3% this year and 13.5% from its peak. A 28% gain in less than two months, during a pandemic, WTF? Not surprisingly, we’re all wondering why there’s such a disconnect between the stock market and the economy.

Well, repeat after me:

 The Stock Market IS NOT the economy.

After scratching my head, I read this article that reminded me that:

Congress has taken extraordinary measures to pump money into the economy and prop up markets.

The market may be feeling a bit more optimistic about the future than the science around coronavirus would suggest.

The stock market is driven by the emotions of investors.

The Future Remains Uncertain

Nobody knows how long this rally will last but one thing is certain, we are definitely not out of the woods. As long as there is no vaccine for COVID-19 the risk is still high.

As some states in the US start to open shop, we may see a second wave of cases and with that a sucker punch to our economy. We can’t control that outcome but what we can do is protect our loved ones by proactively devising a financial plan that could help you weather a storm that is yet to come.

As investors, we like the idea of saving, compounding, and time in the market. If you couple this approach with the use of passively-managed low-cost index funds then you’re onto something.

While this remains the typical advice in the personal finance community, the only reason I know that is because I’ve devoted TIME and effort in learning about these topics.

Often times I see fellow co-workers prioritizing the development of work-related skillsets with complete disregard of their finances. While that’s not necessarily a bad thing, I think both should go hand in hand. If you can advance in your career while building a solid financial plan then your future self will travel back in time to give you a pad on the back.

But Should Your Focus Change?

Look, I know it’s ironic. I’ve always complained about focusing too much on your professional career instead of your finances. Today, that might not be a bad thing. With levels on unemployment reaching all-time highs, you might want to do whatever you can to hold on to your job.

I know some people believe that to advance in your career you need to switch jobs. While I can’t speak from personal experience a recent study by Burch works shows that:

Two-thirds of the sample (65.1%) received a base salary increase between 10.1-20%, which is quite strong compared to the so-called “merit” salary increase of 2-4% that one might receive staying at the same job each year.

Burch works, May 13th, 2019

The big caveat to this graph is the year … 2019.

This year is turning out to be full of surprises and when you think you’ve seen it all you get another slap in the face.

I’m Hanging On As Long As I Can

I’ve been in the Oil & Gas industry for 11 years. While I didn’t pursue changing jobs, my experience has been very positive both in terms of job satisfaction and total compensation.

I remember talking to a recruiter 5 years into the job and when asked about expectations, the recruiter (from a known competitor) was quick to part ways. That was a positive sign. More recently, research on salary and glassdoor suggests that I’m still doing ok.

But … Oil & Gas is a volatile industry and as such, every time we see a drop in oil price, we know layoffs are coming. That was the case in 2008, 2016, and today.

When COVID-19 hit our economy it quickly destroyed oil demand. When Russia and the Saudis started an energy war then shit really hit the fan.

With oil prices hitting all-time lows we knew layoffs were not a WHAT IF but a WHEN.

For those of you not familiar with Oil & Gas let me share a few things:

1. It is a commodity business, i.e. no single company controls the price of the product it sells.
2. If you want to advance in your career, expect to move every couple of years.
3. Pay can be really good for petro-technical and highly specialized professionals.
4. Layoffs and low oil prices are very well correlated.

Look, I’m not indispensable and neither is anyone under a W2. If you ask me for tips to remain employed I’m sorry I got nothing for you. You can google stuff all day long but the reality is that if your employer is struggling your performance won’t matter. Cost reduction will be the driving force.

With that being said my current philosophy is to keep performing, deliver results, and in parallel build skillsets that could come handy for increasing my marketability both in and out of the Oil & Gas industry.

How Do You Invest In Yourself?

The volatility nature of the Oil & Gas industry is a bitch. I’ve known that for a long time so that has never triggered an inflection point to pivot in a different direction. However, this time it feels different. Today I find myself thinking about purpose and professional goals.

Losing my job and taking a mini-retirement is an option but one that would set us back financially.

I was recently chatting with my wife about our future. The uncertainty with job stability has been difficult. There are days I feel like quitting to make it all go away but in all honesty, making the switch to a new job in the midst of an economic crisis is daunting.

But that doesn’t mean it’s the wrong time to consider diversifying your professional skill sets or making some strategic moves to find a career that feels like a better fit.

Ok, so what’s the plan?

1. Stay at my job and ride it out as long as I can. Pay is good, benefits are very competitive and health insurance with two young boys is a must.
2. Document and communicate the value of deliverables to my manager. This is the only thing I can control so gotta do it.
3. Build marketable skill sets to pivot when and if needed.

Now allow me to add more color to item #3.

Access to online training has never been easier. COVID-19 has led to different educational platforms offering massive discounts (some even free) to facilitate training for folks that suddenly find themselves out of a job or with lower income. I think this is a great way to give back.

My best piece of advice is to pick a platform and just give it a shot. Even if the class sucks the risk is extremely low with classes priced as low as $10.99 a pop. The ones I recommend include coursera, edX, datacamp, and Udemy. They all provide certificates of completion and have excellent reputations.

Searching for a specific course will feel like picking a show on Netflix. Don’t panic. Just like Amazon, you can check reviews, credentials from institutions, and instructors and also the number of people who’ve taken the class. These should all give you a sense of the quality of the course.

The user experience will vary but don’t take my word for it. Get out there and check for yourself.

But before you do consider the following:

Know Yourself

It’s important to be honest about your strengths and weaknesses. This is especially true when considering a different career path. Ask yourself:

• What am I passionate about?
• What value does a particular skill set has?”

For me the answer was easy. I love data and analytics. The natural transition was to pursue self-education around data science.

Build Relevant Skill Sets

I’m a big advocate of setting goals. After all:

No goals, no glory

Look, whether you’re going back to school or taking online classes, you want to maximize the value of your time. Please put a plan together, set goals, and hold yourself accountable.

My plan consisted of (1) understanding the requirements to build skillsets around data science, (2) building a curriculum of online courses, and (3) setting goals to measure progress.

Here’s the curriculum I put together and the total cost:

Course	Status	Original Cost	Actual Cost
Python for Finance: Investment Fundamentals & Analytics	Completed	$94.99	$10.99
Complete Python Bootcamp	June	$114.99	$13.99
Python for Data Science & Machine Learning Bootcamp	July	$109.99	$13.99
Python for Time Series Data Analysis	August	$114.99	$10.99
Python for Data Analysis & Visualization	August	$99.99	$10.99
SQL Bootcamp	September	$94.99	$10.84
Tableau 2020	September	$124.99	$11.92
Python + SQL + Tableau	October	$94.99	$10.84
		Total	$94.55

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When you look at these costs, hopefully, you’ll agree that access to knowledge and information has never been more affordable. In addition, when you couple stacking with platforms like rakuten and credit cards it gets even better.

I will say that getting started wasn’t easy. Coding was new to me; however, taking a class that coupled my passion for personal finance and the interest in data science was by far the best decision I could have made.

Set Realistic Expectations

Look, if you’re making a radical transition to a new industry you may have to take on a lower-paying position. Knowing that ahead of time should avoid disappointments. Alternatively, think long-term instead of short-term. Maybe your entry salary is lower but the growth potential could still justify the switch.

Also, consider leaving a job when another one is readily available. The reason is obvious, avoid a financial hit. In the case of a layoff you’re out of choice.

Regardless, be proactive and build a financial game plan to weather the storm while you’re working so you can stand on your feet while you land on a new job.

Embrace the Challenge

As you work to position yourself to be a competitive candidate in a new industry, there will be challenges along the way. It’s important to acknowledge what these challenges might be, but it’s also important to know that unanticipated roadblocks will arise.

A career switch is likely to require changing your work process entirely. It will suck but hang in there. Have an open mind, be humble, ask for help, and overall embrace new experiences.

Final Thoughts

• Unemployment is real. If you have a job consider yourself one of the lucky ones.
• Acknowledge uncertainty and control what you can control. The rest should only serve as awareness.
• If you like your job, hang in there. Be proactive. Document your work and be ready to demonstrate your impact to the business.
• If you don’t like your job and are ready for a switch design an exit strategy. Don’t quit without knowing what’s next. Above all build a financial plan to make sure you don’t set yourself back.
• Don’t wait for shit to hit the fan. Evaluate your strengths and identify skill sets that could make you a strong candidate for your next role. Put a plan together and get started.
• Take advantage of online educational platforms. They are affordable and up to date with market demands.

Until next time … JJ