Sam Evans, CEO and Co-Founder
The ‘Shecession’ is a new term, coined by C Nicole Mason to describe the disproportionate impact COVID-19 has had on women. Pre the pandemic, COVID-19 women outnumbered men in the workforce. Fast forward to the beginning of this year and not only have women lost more jobs but more than 2 million women have dropped out of the workforce as they struggle to care for children and other family members.
If we look closer at the ‘shecession’, there are some startling facts. Black and Hispanic women have been hit the hardest. All of the 140,000 jobs lost in December were jobs held by women. If this isn’t bad enough, last fall’s annual ‘Women in the Workforce’ report by LeanIn.Org and McKinsey & Company found that one in four women are considering downshifting their careers or leaving the workforce because of COVID-19.
The Reasons COVID-19 Became A ‘Shecession’
There are lots of factors why women were, and are still being hit hard. Many of the initial jobs lost in the beginning were in the retail and food industries. Both industries are dominated by women. Other women-dominated industries started to see job losses and next came the lack of childcare. As schools and childcare facilities closed, many women had no choice but to look after their children.
With many schools across the country slowly returning to in-person learning, we could start seeing the burden of childcare easing for some. However, who knows if restrictions will be put in place again and how quickly jobs will appear. History tells us that the longer someone is unemployed, the harder it is for them to return to a job of equal status and pay.
Trading: A ‘Shecession’ Proof Skill
One of the reasons we love teaching people how to trade and invest for themselves is because the markets don’t go away during a ‘shecession’ or any type of recession. Stocks may fall, but here at StockAbility™, we teach our students to take advantage of that. Unlike apps like RobinHood that only let you buy stocks, our students frequently short stocks for profits (which is not the same as short-selling.)
In fact, now more than ever it is a good skill to learn. The stock markets are at an historic time high. My personal fear, that I share with other industry experts such as Jim Rogers , is that this bull market is running out of steam and that there are tough times ahead for investors in the coming decade.. Whether it’s a ‘shecession’, mancession, or everyone-affected-recession, those that know what they are doing will be able to still earn money from trading and investing.
Flexible Working That Fits In Your Life
Another reason we believe everyone should learn how to trade and invest for themselves is because it is something that you can fit into your life. Even if you decide to go back to work part-time because of juggling home commitments, you will still have times when the two worlds of childcare and work will clash.
While some people trade around the market open, the markets are open all day, both the NASDAQ and NYSE are open from 9.30am to 4pm ET. The FOREX market is open from Sunday 5pm to Friday 5pm ET continuously. In fact, there is usually a market open somewhere in the world, depending on where you live!
Contrary to popular belief, trading is not being glued to your computer screen all day staring at charts. As the CEO of StockAbility™ and a father to a very active three-year-old, I don’t have time to trade all day. Plus, I really don’t want to. I like human interaction (which our Live Coaching Community is great for) and I like to work on other projects.
For me, I carve out just an hour in the mornings to trade. That’s all, just one hour. I also don’t trade on a Friday. I take the morning off to spend with my son. This way I share the child care with my wife, and get quality time with my son. I want my son to remember that I took him to his gym class and had lunch with him each week. Just the two of us. That’s why I am glad I have this skill.
No Glass Ceiling and No Slogging It Out
Unlike other ‘jobs’, there is no glass ceiling and there is always the potential to earn more. There is also no discrimination. The market doesn’t know who you are. It doesn’t care. It’s you, trading your plan. Trading is a zero-sum game. When you win, someone else loses. That’s why we stress education is a vital component.
Also, when it comes to side-hustles, it’s definitely one where you don’t have to work hours and hours for a small return. As I mentioned, I usually just trade an hour each day. I try to post at least one video a week of me trading on our YouTube channel. Here’s one of me making $1300 in 13 minutes.
Our Student Ambassador Giovanni got into trading for himself as he was driving Uber ten hours a day and earning just $100 for the effort. Where is the flexibility in that? Plus when the pandemic hit, no one wanted to get into a cab with a stranger!
A Skill That You Will Always Have
Trading and investing for yourself is a skill you always have, and it’s up to you how you use it. You may choose to have it as a back-up, as supplementary income to other revenue sources. Or, you may want it to be your main source of income.
Thinking about our students, they cover the whole spectrum. Take Juli. She is retired and trades to supplement her retirement income. While Andrea trades as an additional income stream. As a realtor and Mom she loves the flexibility of it. You can watch Andrea talking about it on an episode of our weekly TakeStock Live show. I approach it as a supplementary income too.
A ‘shecession’ is detrimental to all of us and as a country, we need to do better when it comes to women and work. In the meantime, I hope this article has helped you see that you do have the power to take control of your financial future by learning to trade and invest.