Valuetainment - September 02, 2020


Is It Time to Change Your Career？


Episode Stats


Length

8 minutes

Words per minute

184.06708

Word count

1,632

Sentence count

145


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

55 million Americans lost their jobs to coronavirus in the first half of 2020. Which industries took the biggest hit? Which industries are the biggest losers? Which industries will be the biggest winners from this pandemic?

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 What I hold on my hands right here is the unemployment rate of different industries in June of 2020.
00:00:27.400 And the reason why this is important is to look at which industries took the biggest hit from coronavirus.
00:00:32.840 And I want to explain to you why this matters to you and your sanity and your future well-being.
00:00:36.640 But before I do that, let's talk about a couple different things here together.
00:00:39.400 Number one, we all know at this point, 55 million Americans lost their jobs to coronavirus.
00:00:43.520 Number two, reports just came back yesterday that the U.S. GDP dropped 32.9%.
00:00:49.160 Let me say this one more time.
00:00:50.680 U.S. GDP in second quarter lost 32.9%.
00:00:55.840 And that's like a company's revenue dropping 33%, which is scary.
00:00:59.860 But it's a country, which is even scarier.
00:01:02.000 So now, we know that data.
00:01:03.740 I'm going to give you the unemployment data of the different industries here.
00:01:06.640 But let's go a little bit deeper.
00:01:08.180 Is it fair to say that in the future, there's going to be more pandemics that we know nothing about?
00:01:14.120 Is it fair to say that in the future, there's going to be more viruses that we know nothing about?
00:01:18.020 I mean, if we've had Ebola, MERS, SARS, now coronavirus, you know, all these different kind of flus that came up, we know nothing about it.
00:01:25.040 Is it fair to say that based on what CDC and these experts keep telling us, like Fauci, that the average vaccine takes around 12 to 24 months of testing until we feel comfortable to be able to give it to people?
00:01:36.680 Yes? 12 to 24 months.
00:01:38.300 Which means what?
00:01:39.260 The next time there's a pandemic, the next time there's a virus that we know nothing about, there's going to be a president, either Democratic, Republican, or third party, that has to make a decision whether to shut down or not.
00:01:50.060 And no matter what party he is from, if he's Republican, the Republican Party is going to say, the last president shut it down.
00:01:57.640 And he got everybody to wear masks, social distancing, and we got people to not go to school.
00:02:02.140 Kids didn't go to school.
00:02:03.500 And most people stayed home, right?
00:02:05.060 If it's a Democratic president, the Republicans are going to pressure to say, you better shut down because President Trump shut down China and you're not doing your part right.
00:02:13.480 And look how many people's lives and the fear of not getting reelected.
00:02:16.560 That person is going to have to do what?
00:02:18.180 Same thing.
00:02:19.300 So this playbook is officially here to stay.
00:02:22.620 If you know what I'm talking about, it ain't going away, right?
00:02:25.680 Okay, let's say you and I agree on this.
00:02:27.600 If we do, the next time it happens again, do you want to have another fresh start?
00:02:32.980 What do you mean, Pat?
00:02:33.580 Let me explain to you what I mean by this.
00:02:36.000 If you were in a certain industry, you took a big hit, you're not to blame.
00:02:40.540 Because who the hell was under the impression that we're going to have a pandemic and we're going to be told to not go to, kids cannot go to school and shut down industries?
00:02:47.960 You and I didn't know that.
00:02:49.340 We've never been through this before.
00:02:50.560 This was the first time.
00:02:51.900 But if it happens a second time around and you stay in an industry that took a massive hit, then it's your fault.
00:02:58.760 First time around, not your fault.
00:03:00.100 Second time around, it is your fault.
00:03:01.760 So let's go through some of these industries.
00:03:03.720 The industry that took the biggest hit, June over June last year, unemployment June of 2020, unemployment of June of 2019, leisure and hospitality's unemployment rate is 29%, is the highest in any industry.
00:03:23.680 I was in Vegas last week.
00:03:24.680 I was in Vegas last week.
00:03:25.340 The place was shut down.
00:03:27.680 It was, people were there walking around, but it wasn't the same.
00:03:31.180 I kept asking all the employees, we went to MGM Grand Arena, we're negotiating a possible two-year contract.
00:03:36.240 How was the situation?
00:03:37.220 What happened?
00:03:38.080 We've had to let go of everybody.
00:03:39.440 Nobody's been working.
00:03:40.320 It's scary.
00:03:40.880 People are leaving.
00:03:42.020 One of our person that was there, her boss, committed suicide literally last month, married, committed suicide because of the pressure of what's going on in leisure and hospitality.
00:03:52.680 29% unemployment.
00:03:53.980 By the way, last year, same time, the industry was only 5% unemployment.
00:03:57.560 Then it's mining, oil and gas extraction is 17.8%.
00:04:01.940 Then it's transportation utilities, 12.9%.
00:04:05.500 And by the way, last year, transportation utilities was 4.1%.
00:04:08.540 Then it's information, 12%.
00:04:10.540 Then it's total, 11.2% of these industries.
00:04:14.560 Then it's wholesale, retail and trade, 11.2%.
00:04:19.020 Last year was 4%.
00:04:20.380 Then it's construction, which is 10.1%.
00:04:22.940 Last year was 3.2%.
00:04:24.760 Then it's manufacturing, 9.1%.
00:04:27.260 Then it's education and health services, 8.6%.
00:04:30.360 Then it's personal and business services, 8.6%.
00:04:32.840 Then it's self-employed, unincorporated and unpaid family workers, 8.1%.
00:04:37.320 Then government workers, 7.3%.
00:04:40.300 Then agriculture, 5.4%.
00:04:43.020 You know what the lowest one is?
00:04:44.320 5.1% financial activities, financial services.
00:04:47.900 Last year was 1.7%.
00:04:49.360 The lowest was financial services, financial activities.
00:04:52.920 Why?
00:04:53.340 Why these industries?
00:04:54.680 Why are some of them taking big kids and not the other ones?
00:04:56.800 Okay, let me set this part aside.
00:04:58.700 So for you, you may be watching this and saying, well, Pat, man, I'm in hospital management.
00:05:02.680 I'm making six figures.
00:05:03.560 What do I do?
00:05:04.480 You better start making some adjustments.
00:05:06.400 You better start making some adjustments.
00:05:08.220 Because that business model ain't going away.
00:05:10.980 These hospitals and these hotels and, you know, convention and all this other stuff.
00:05:15.920 I'm doing business with them.
00:05:16.880 I'm going to be doing business with them for a long time.
00:05:19.040 But as a career, you have to figure out a way to position yourself where you're pandemic proof.
00:05:24.180 By the way, I'm not telling you everybody's leaving that industry.
00:05:27.260 I guarantee you most people don't like change.
00:05:29.380 Most people like to stick to the same thing.
00:05:30.860 Most people don't want to even see any kind of change.
00:05:33.080 Because as we get older, as you get older, the hardest thing to do is change.
00:05:37.160 You become this person that just kind of wants everything to be the same.
00:05:40.240 You don't want that.
00:05:41.000 But that's also a scary place to be.
00:05:42.780 But if you look at these stats and you don't go study how they took big kids, why they took
00:05:48.780 big kids, and how long it's going to take for them to recover, and you keep
00:05:52.380 staying in that industry, and it happens to you again five, ten years from now, you
00:05:56.640 can't be upset at the government.
00:05:58.100 You can't be upset at the economy.
00:05:59.580 You can't be upset at a virus.
00:06:01.040 The only person you can be upset about is your decision.
00:06:04.520 I chose a certain industry.
00:06:06.540 I chose insurance and financial services.
00:06:08.540 When I chose that industry over other industries, I was studying health and nutrition.
00:06:13.760 I was studying selling pharmaceutical sales because I wanted to go work for a Pfizer company
00:06:17.760 and sell pharmaceutical sales.
00:06:19.180 I knew it was going to be sales for me.
00:06:20.440 I was studying mortgages.
00:06:22.000 I was studying property and casualty.
00:06:23.940 I was studying every single thing to see what was good for me to go into.
00:06:27.480 I chose specifically insurance.
00:06:29.840 I used to be a stockbroker, financial advisor.
00:06:31.980 I chose insurance for a specific reason for me.
00:06:34.680 I did not know that insurance could be sold through Zoom.
00:06:38.980 I wasn't aware of that.
00:06:40.260 So I'm not here bragging myself saying, you know, I did a great job.
00:06:43.800 I made the right decision.
00:06:45.120 I chose the reasons of this industry for a different reason.
00:06:48.800 But then once I got it and the pandemic took place, we realized very quickly, 95% of all
00:06:54.200 our sales are now through Zoom.
00:06:55.400 It's not face-to-face anymore.
00:06:56.880 It's all Zoom.
00:06:57.960 So you got to ask, is your business model something that can be accommodated with Zoom?
00:07:03.060 Meaning, if you're a pilot, if you're somebody in the travel industry, can somebody travel,
00:07:09.920 teleport to a different place?
00:07:11.780 It's not here yet.
00:07:12.840 So what's going to be your solution?
00:07:14.220 What are you going to be doing?
00:07:14.840 Again, you have to start thinking about that because there's nothing worse than being
00:07:19.680 in an industry that keeps taking a hit, keeps taking a hit, keeps taking a hit, keeps taking
00:07:24.000 a hit, and you have to have a fresh start.
00:07:25.660 Oh my God, everything's going good?
00:07:26.980 Boom.
00:07:27.500 Oh my God, everything's going good?
00:07:28.720 Boom.
00:07:29.220 Oh my God, everything's going good?
00:07:30.320 Good.
00:07:30.700 Now, you may watch us and Pat, I disagree with you.
00:07:32.820 I think the next time there's a pandemic, the world's not going to respond the same way
00:07:35.720 as we did this time.
00:07:36.720 I think next time we have a virus, America's not going to respond to it this time.
00:07:40.780 That's your choice.
00:07:41.460 That's your risk.
00:07:42.040 My play, thinking like a general in the military, is I sit there and I say, the odds of that
00:07:48.680 happening again is this, and the odds of being pressured to respond to the way we were this
00:07:52.920 time is this.
00:07:53.880 If that happens, what's my next five moves?
00:07:56.420 Then I make my decision.
00:07:57.520 Thanks, everybody, for listening, and by the way, if you haven't already subscribed to
00:08:00.740 Valuetainment on iTunes, please do so.
00:08:03.500 Give us a five-star, write a review if you haven't already, and if you have any questions
00:08:07.480 for me that you may have, you can always find me on Snapchat, Instagram, Facebook, or YouTube.
00:08:12.460 Just search my name, PatrickBitDavid, and I actually do respond back when you snap me
00:08:17.200 or send me a message on Instagram.
00:08:19.200 With that being said, have a great day today.
00:08:21.000 Take care, everybody.
00:08:21.740 Bye-bye.
00:08:22.000 Bye-bye.