What Should People Do When The Boom Comes to an End?

By Sylvia Gonzalez
NewsWest 9

ODESSA - The oil industry has a tendency to boom and bust. While it's booming right now, experts say individuals should never let go of their long term goals.

Dr. Bauskey, Vice President of Student Services for Odessa College, says oilfield workers have a number of ways they can continue their higher education.

"We offer a number of web based online courses that are really self paced. You could log on the computer and work on a course here at Odessa College," Bauskey said.

According to Bauskey, typically when the economy is thriving as it is here in the Basin, there tends to be a decline in enrollment in community colleges. This has not been the case for Odessa College as their enrollment has held steady. He says he credits the hard lessons learned from 2008.

"It Indicates to me that the people who are succeeding in the oilfiled are not giving up on their long range goals for completion of a higher education," Bauskey said.

Not only should individuals think of education but also with the kind of money many oilfiled workers are making, they should consider being wiser with their finances.

According to financial expert, Carolina Marquez, when she talks to people who don't put emphasis on saving money, she reminds them of events.

"It was difficult to find a job. It was very difficult to make your monthly bills, so that's one year that taught us the importance of saving," Marquez said.

Marquez says in order to continue living a comfortable lifestyle, there has to be money put aside for the future. She says retirement should always be on young people's minds.

"While you are youthful and able to work, it's important to put that money away. That way, you can live the retirement that you want," Marquez said.