When Your Wages Don't Grow With The Cost of Living...
As we live in the COVID era, more people are unemployed, underemployed, and/or limited to temporary jobs. Many people want to develop their career, but it's been difficult in this economy.
Many people are relying on unemployment compensation and other forms of government assistance. This recessionary economy has created a buyer's market for companies as they're benefiting in finding the best workers for the lowest pay.
If you want your ideal career, I'd suggest to ask yourself, "What is your ideal career?", and then make a list of the necessary skills to be able to perform that job effectively. Also, consider what type of working environment you want because the work environment could be as important as the work itself.
Once you have answered those questions, we can address how to thrive in an economy where wages aren't growing with the cost of living.
The Options
There's option 1 => MOVE. There's 5% of U.S. counties, where it's possible to afford 1 bedroom apartment on minimum wage. You could earn more than minimum wage, but wages will vary by the area.
The problem with this option is those counties are rural and those jobs will probably not lead your ideal career (think Burger King and Walmart). (Now, there's nothing wrong with working at those companies if you can 0btain enough transferable skills there). Additionally, food and healthcare expenses may be higher in those areas, due to the low competition there.
There's option 2 => STAY. Stay in the city you're living now and earn more money. In some cities, it may be more easier or harder than others. However, once you've established a budget, you'll know how much it'll cost to live a modest lifestyle. Preferably, look for opportunities that offer better salaries and allow you to obtain the most skills in an ideal work environment.
There's option 3 => EXPATRIATE. There are work opportunities abroad from government organizations, global nonprofits, and multinational companies. It's a great opportunity to learn and obtain desired skills, while living in a new and exciting country. Some people work for a U.S. consulate or embassy, while others work for the World Health Organization or the United Nations. Company salaries and benefit packages will vary, so you'll need to consider your options carefully.
Here's a bonus option. It's more specific than the others, so it won't apply to everybody. Teaching English as a foreign language is one of the easier jobs to secure abroad. In many cases, you don't need to speak a second language because you'll be required to only speak English. It's a great opportunity if you want to gain and/or improve a specific set of skills. These countries have either a lower cost of living than the U.S. or pay for their teacher's housing costs in addition to their salary.
The Final Word
Everyone wants to make a good salary in their career, but everyone won't make a good salary in their career. Your number and level of skills will often resemble the industry's salary average for your job.
What you want to consider is how you can insure your career from suffering during an economic recession. Your best defense from unemployment or underemployment is having options. Your amount of options will be dependent upon your level of skills and their transferability to other industries.