In this new episode of The RevolutionFI Podcast, Tim investigates your DIY opportunity and why skilled trades are important.
“So, the question is this: How can 50+ folks like us, honest and hard-working, how do we manage our current responsibilities and still plan for retirement? 401ks alone won’t be enough and we don’t have 40 years to save, so how do we leverage our experience and wisdom to gain financial independence? That is the question, and this podcast will give you the answers. My name is Tim, and welcome to the Revolution. The RevolutionFI podcast.”
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Good morning to you. I don’t know why I’m assuming that you always listen to RevolutionFI in the morning. But if you are like me and you have a podcast rotation, and on the weekends, it’s nice to kick back with a cup of coffee and maybe sit in the sun and listen to some good stuff.
So that’s what I’m bringing here for you today. This is the weekend reflection episode. Every weekend on Saturday and Sunday, I like to take sort of bigger picture ideas and talk about them and think about them. And this one comes to me via my Trends.co subscription. I love Trends. It’s the same guys that run The Hustle. And it’s a paid newsletter subscription but well worth it my opinion.
They published a report on October 20. And I want to talk about the title called, “How to capitalize on the looming skilled trade shortage.” So let me tell you what the Trends.co report shared and then tell you why I think that’s important for us to consider.
Shortages of Skilled Trades
So they found that there is a major shortage of mechanics, electricians, welders, pipe fitters, and carpenters. And I’ll do a direct quote here. “One of the main reasons for the shortage is age. For every skilled tradesperson entering the workforce, there are 5 who retire. As many as 32% of billion-dollar manufacturers estimate they’ll lose $100m+ over the next ~5 years as Baby Boomers put down their tools.”
So think about that. We can’t survive without mechanics, electricians, welders, pipe fitters, and carpenters. There’s certainly an internet economy and I’m part of that, but I fully recognize that I can’t use the internet, I can’t use my high speed Wi Fi connection to fix my toilet and neither can you. So these are incredibly important people’s jobs and careers.
Now if you add on to that further in the report, they talked about pandemic spikes. So trash removal is up 168%. Carpet cleaning up 80%. Door installers up 71% arborist or tree care up 42% roofers up 23%. So there are clearly things that are important that have to get done. And during the pandemic, we’re seeing the importance of this. So I think it’s a good reminder of how important skilled trades are.
What Do You Know How to Do?
But that’s not why I’m bringing this to you today. Here’s why I’m bringing this article to you. And here’s what I want you to think about. I’ll bet if you’re a homeowner, and you’re about my age, you’ve done some of this stuff, I know I have, I’ve done some carpet, cleaning some door, installing some roofing, I’ve done some electrical work around my house, some some minor plumbing, some carpentry work. I’m not a skilled tradesman, by any means. But I’ve fixed some things, and I’ve saved myself some money.
So imagine this, you have one of these skills that you take for granted that you do. That could save people a lot of money if they knew how to do it themselves, a DIY resource. So think about this, go onto YouTube, and do a search for a problem that you’re having. You know, like, whether it’s with your car, or with your sink or with your roof, there’s probably a channel with people teaching other people how to do it. And you can be one of those people. Right now. You know, the whole monetization part, like how do you make money for that that’s secondary. But if you’re looking for validation for what you do, go on to YouTube and search it. I’m telling you, there’s a huge demand for DIY resources.
Teach What You Know
So think about the people who want to do this work, but don’t want to have people coming into their home right now. Teach them how to do what you already know how to do. So hopefully that gives you something to think on.
This pandemic has been incredibly difficult for a lot of people. But it’s also creating opportunities where there haven’t been opportunities before. And I’d love to see you go out there and take advantage of that. And if you need some help on figuring out well, what is it that I know how to do that I could teach other people like I don’t even know where to start thinking about that. I don’t know how to identify that. If you head on over to RevolutionFI.com and grab the free Solopreneur Formula Worksheet™. I’m going to help you start thinking about that and you can even text me the last page and I’ll give you some ideas on what I think you might want to be able to look into or things you might want to start.
Alright, hope you have a enjoyable rest of your Sunday. I will be back tomorrow with a brand new episode. Happy Sunday.
Transcription by Otter.ai, please forgive the bot for typos and mistakes.
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