Comments on: New Graduates Facing Unemployment May Never Reach Income Potential

By: Alex Kaufman

Alex Kaufman — Wed, 28 Oct 2009 17:16:55 +0000

My wife and I are 22 and 24 respectively, and are co-owners of a business that I started as a senior in college. I started it originally because I knew there was opportunity for me to work on commission for an employer that I’d been interning at over the summers. Working from my dorm room as a senior, my business was launched suddenly when I landed 6 figures in commissions from negotiating high value patent deals. So while the economy was collapsing (and my grades were suffering), I was hitting a unique opportunity to profit as hard as possible and getting lucky (a dose of luck always helps). This was a rare opportunity of course, but it was one I’d gotten through interning twice while in college, and constantly staying in touch with people in my business network.

People in this age range need to understand that our generation was spoiled by free-flowing credit and the perception that education would entitle us to comfort. A degree doesn’t entitle you to anything – it’s supposed to fundamentally change how you engage the world, so you’ll be driven to create value for others – today’s educational institutions rarely succeed at this. Knowledge is power, but applied knowledge and hard work will carry us through. Stay smart, stay strong, and stay self-reliant.

By: Kelly

Kelly — Mon, 19 Oct 2009 23:06:45 +0000

I like Charlie Hoehn’s e-book for recent grads.
It’s applicable to everyone though.
Best takeaway, work for free so you can make connections. I’m doing it now, and it’s well worth it.
I don’t have a degree, but I’m not motivated to go back to school, I have other things I’m pursuing.

Great post. I’m not in that age range, but I’m starting from scratch after raising kids for 12 years.

By: Kelly

Kelly — Mon, 19 Oct 2009 23:04:38 +0000

There’s a great post on starting your own business for $100 by Chris Guillebeau. Not off the mark at all, it just depends on the business. :)

By: MoneyEnergy

MoneyEnergy — Mon, 19 Oct 2009 23:00:10 +0000

You guys should all read (if you haven’t yet) a book by Tamara (forget last name) called “Why Today’s 20- and 30-Somethings can’t get Ahead.” I don’t agree with all of her logic, and it’s a bit of a “pity me” type of attitude, but it does present a lot of very interesting facts facing my generation and the one younger than me – but if you’re big on personal achievement/responsibility you probably won’t sit easily with her general attitude – nevertheless, the facts are there.

By: Financial Samurai

Financial Samurai — Mon, 19 Oct 2009 21:55:56 +0000

It’s definitely tough out there for new graduates. I have one position open at my company which will probably pay 55-90k all in the first year and we’ve received over 800 resumes!

I think folks need to network, bc that’s the only way to get your resume into consideration. Frankly, there are a lot of qualified individuals. It’s the individuals who know someone who get ahead.

By: Matt Jabs

Matt Jabs — Mon, 19 Oct 2009 21:12:40 +0000

Make your own way guys! Like Flexo says, be creative. Anyone can get the job they want if they passionately pursue it. Figure out exactly what job you want to do, then go offer to work one month for free and in return they simply have the option to hire you on at the end of the month. Very few perspective employers are going to turn down that offer.

Always live below your means, and for heaven’s sake… figure out what makes you happy before you start looking for a job!

By: MoneyEnergy

MoneyEnergy — Mon, 19 Oct 2009 20:19:29 +0000

Whoa, I’d place a severe “think before you leap” on the idea of going to graduate school just because there’s a recession. Unless by that you’re thinking of a one-year trade-type program, going through graduate school can also easily make you a member of your own financial “lost generation” with the lost income opportunity. It’s not an easy road. I’d probably say, try to start your own business instead.

By: Rex Huston

Rex Huston — Mon, 19 Oct 2009 20:07:30 +0000

I am a recent graduate and have several friends in this demographic and unfortunately several friends who are unemployed. My top piece of advice is always Network! Network! Network. Remember it is often not what you know that lands you a job but who you know. Call on any contacts you have to see what is available out there. Do not just try close friends and relative, but also try their friends and relatives. Also brush up on your communication skills. Take an interpersonal communications course at a community college, or join a public speaking group such as Toastmasters. Anyone you meet in the future could be the one that helps land you a job, you do not want to miss an opportunity because of poor communication skills.

By: Stephanie PTY

Stephanie PTY — Mon, 19 Oct 2009 18:46:49 +0000

Interesting question, RW. I’m a new graduate with over $42,000 in student loan debt, and right now the only work I have is my own business. I blog and I do blog consulting, and that’s where all of my income comes from. So Flexo is right, not all business ideas require start-up capital. I’ve been running my business on shoestrings and popsicle sticks for almost three years now!

But I’m glad the article covered this idea – I’m still trying to find a “job job,” but I love my work and I am grateful to have the income, even if it’s small.

By: Flexo

Flexo — Mon, 19 Oct 2009 17:42:43 +0000

Obtaining capital is certainly difficult but not every business idea requires a significant amount of start-up capital.

By: RW

RW — Mon, 19 Oct 2009 17:15:14 +0000

How exactly do you expect a new grad, most likely with 20k+ in student loan debt, to get any sort of capital to start a business. I have seen some recent grads trying to do this for the last 6 months and noone will give a business loan without significant collateral, which recent grads just don’t have. Good article, but this one point is off the mark.

By: SteveDH

SteveDH — Mon, 19 Oct 2009 16:30:32 +0000

Glad to see “Finish your education” was first on the list. I retired from the USAF in 85 and went to work for an aircraft manufacturer. I had just completed a BS, but was hired on the basis of aircraft maintenance and logistics experience. Throughout the 22 years the BS has paid big dividends. Through periods of expansion and contraction, it put me on the right side of the curve. That is to say: the top of the promotion consideration list and the bottom of the lay-off list. Other than doing a good job for your employer, education will be the biggest factor in your long-term success. Finish your education for the long term benefits; endure the short term hardships caused by the present economy if you possibly can.