Living Paycheck to Paycheck is a Reality For College Grads, More Than Baby Boomers
By Victoria Priola
It seems like now more than ever, young people are supposed to have their life together. Gone are the days where a $10/hr job alone paid for rent, food, and college tuition.
The Project on Student Debt State by State Data revealed that seven in ten seniors (69%), who graduated from public and nonprofit colleges have student loan debt with an average of $28,950 per borrower.
Once you graduate high school, let alone college, you’re seen as an adult–you know, one who pays rent, gets married, has kids, hates their job, and awaits the impending doom of supporting their offspring through college.
I’m with Peter Pan on this one, growing up sucks.
One of the many wonderful accessories that come with a diploma is student debt, and the only way to pay it off is to get an above minimum wage job.
This would be easy to do if the job market didn’t expect twenty-one year old applicants to have ten years of experience in the designated field by the time they graduate.
Expectations like that are the reason most young people straight out of college have jobs in retail or other minimum wage options.
It’s common for millennials to talk about how successful they are in life, but that doesn’t reign true for the majority.
We live in a society where thirteen year olds look like eighteen year olds, and eighteen year olds act like they’re in their late twenties. Even outside the job market, there is a constant desire in young people to take on more than what their age allows.
Everyone and their sister are getting engaged, a majority of which still live with their parents.
According to Family Studies, the probability of getting a divorce doubles for couples under twenty-five-years-old.
One of the most common “first” fights couples have in their marriage is about money, or lack thereof. Once young people are truly on their own, they realize quickly that they cannot support themselves, let alone a family–alone.
That’s why it’s common for young people to live with their parents until they’re in their 30’s, single and working full time. It’s the only plausible option.
When did this fiscal horror for millennials begin? According to The Washington Post, young people have always been poor, we’re just super poor now.
There is a significant wealth gap between the Baby Boomer generation and millennials that doesn’t seem to be giving up anytime soon.
According to the economists’ calculations, reported by The Washington Post, someone born in 1970 has a quarter less income and 40 percent less wealth than an identical person born in 1940.
Is it because they’re smarter than we are when it comes to money?
Since they had longer to save, it makes sense that they have more to spend. The dollar went a lot farther back then than it goes now.
There are some out there who genuinely think young people don’t want to work or be successful.
Young people are more concerned than their predecessors with finding happiness and fulfillment in their work lives, according to Net Impact survey, reported by Forbes.
In order to get ahead in the career world, you have to own and advertise your personal brand.
How are we supposed to have built an empire when just four short years ago, we were applying to college?
To get over the hurdle of filling out the “experience” section of our resumes, millennials will have to accept the thought of working for little to no pay.
The hustle will be real, but just think how many bragging points you’ll be racking up when you’re done. Update your LinkedIn page like your life depended on it and focus on your craft. They may take away your jobs, but no one can take away passion.
A way for internships to get out of paying their young employees is to offer them school credit. If you’re enrolled in school, this should be perfect.
It may not be something that pays but work like you’re getting top dollar.
If you do an outstanding job, most of the time they’ll ask you to intern again or in some cases land you a paid position. It’s all about the connections.
For those out of school, job hunting consists of checking e-mails, being “that guy” and calling potential employers on a weekly basis and praying that something comes through while you’re working part time at a job that sucks the soul right out of your body.
Young people get the short end of the stick financially and socially. To the rest of the world, we’re just inexperienced, poor, and impressionable kids.
Their views may never change, but at one point, the baby boomers were seen as this too.