When that day comes, the government and many Americans will begin to look for ways to cut back on their spending. Taxes, unemployment and interest rates will all be going up as we enter the bust years of the mortgage market meltdown. Personal financial advisors will be in high demand - perhaps a good career to get into right now.
Here is a good article explaining how to become a Certified Financial Planner (CFP), "How to become a CFP"
The flood of people seeking personal financial counsel or a ‘money saving expert’ will quickly overwhelm the few financial professionals currently working in this capacity. Many of the people who need financial counseling will not be able to get it. They will begin to look for financial counsel in other places, like churches, government agencies, the Internet and even private businesses.
Many churches will quickly flood with people looking for answers, as they find themselves in financial crisis. This will be a great opportunity for Christians to help meet the needs of many as they historically do in times of tragedy. Churches should begin to plan for this and prepare to teach personal financial classes, perhaps as much as seven days a week. Do you remember what happen after the 9/11 attack that drove the stock markets down? The churches were packed for months. That same thing is about to happen, only this time the market is not going to rally back resulting in a continuous increase in church attendance. At the same time, many will of course turn further away from God and blame God and anyone who believes in Him for their hardship.
Many will expect the government to provide what they need, as the culture has grown to rely on the government as provider and protector. The government will probably respond by creating new a department to provide the counsel people needs, which will also create jobs (government jobs) for many who need work. But, the new jobs created will not help the economy because they will be funded with borrowed money, unless the government cuts spending from its other programs – but that will eliminate jobs from other government programs. The government leaders will be forced to respond at great risk of re-election. Some leaders will risk their political career to tell the public the truth that the nation is broke and needs to cut back on everything – including government jobs. This will lead to a revolving door of leaders and social anger towards govenment leaders.
The Internet could possibility be the biggest help of all, providing financial counsel in the form of free personal financial information and online financial tools, like budgeting tools and debt repayment schedules. These tools will be very useful to a great many people at a very low cost. Many will turn to the Internet and I’m sure many new online services will pop up to try and meet the needs. The Internet will act like a buffer to easy the blow and provide an alternative to professional counsel. In fact, many professional financial counselors will probably recommend personal financial websites before coming in for counseling. Online training programs will also grow in popularity, as they provide a low cost solution and can be easily used by many people without having to travel. If gas prices jump up, the Internet will become even more valuable because of the increase in cost to travel.
Training centers, community colleges and new private businesses will spring up to fill the needs. Community colleges and local training centers are capable of changing their programs and classes very quickly to meet market demands. They will be some of the first responders as the financial crisis deepens. New business ventures will also spring up, especially if the government gives out money to pay for financial counseling – like to do with health care. Yesterdays stock brokers and realtors will become tomorrow’s money saving experts.
The bust years will certainly not be as fun as the boom years were. The stories of million dollar homes that many owned will be told to generation after generation. I just hope the government doesn’t continue to make it worse and the people don’t let fear overtake them. The faith of our nation will be tested.
Now is a good time to get a jump on the coming trend, first by getting your family finances in order and second by helping your neighbor get theirs’ in order. Your next career just may be as a money saving expert.