The Financial Challenge for Graduates Trying to A Job

The first shock will be having to go home. The article cites that in 2009, 80% moved back home to Mom and Dad after graduation. Since the trend has been increasing, the 2010 numbers may likely be higher. You can read the full USA Today article by clicking here.

When they arrive home, many will have to start paying back their college loans. While the national average is cited as around $23 thousand, if you went to school in a top tier school in an expensive state, that number could easily be much, much higher. Unless their parents keep paying for them, the financial pressures will quickly mount.

For some, their parents may also be unemployed and financially struggling. The unforeseen train wreck may be just around the corner.

I have heard some people suggest that this year’s graduates, as well as for the last two years, will be the “lost generation.” That refers to far fewer getting jobs and lower starting salaries for those who do get a job. By starting with a lower salary, the impact to lifetime earnings can be staggering.

If you do the math, ongoing support at home + paying off student loans + job hunting expenses + risk of parents running out of money + the lifetime loss of earnings (from starting at a lower salary) = a frightening scenario for today’s graduates. Yet the article suggests that 50% of graduates are confident that they will get a job.

I hope that they do. I suspect that those who assume that the job will come to them or that simply trying to get a job the same way that their parents used to get a job will be very disappointed. The math, for most, just will not work.

So, what are their choices? The article suggests: a) staying in school, b) starting their own business, c) picking jobs that don’t fit their majors, d) taking internships to get experience, and e) accepting job offers when they get an offer.  These are all reasonable but miss the most important point; which is learning how to competitively sell and market themselves to get a job now and develop the skills that will help them develop a lifetime of success.

Of course, most people think that getting their resume updated, applying online for jobs, and learning how to interview is all that you need. That is why I am trying to get the message out about Jobpreneurshipä. If you have heard our presentations, attended our seminars, read our newsletters, blogs, testimonials, and books, then you know that our message is a paradigm shift to many but simply words of wisdom shared from insiders who want to help others. Those who want to take action can increase their opportunity for career, family, and future success.

If you agree with our message, please tell others about Job Doctors.  Thank you for helping us help others.