College Jobs vs College Income
Posted by Will Byrd on Wed, Jan 19, 2011 @ 06:33 PM
Is There Income after College?
In spite of the bad news you hear, there are some great opportunities out there for graduates to earn college income - and you can begin to pursue them even before you graduate. The reality is that you’re not at the mercy of the economy or the job market. You can create your own path and your own college income, regardless of circumstances.
You’re in control - not the economy!
The Great Recession isn’t over
Yes, we’re coming out of it, but as a college student, you’re still going to deal with the aftermath.
The National Association of Colleges and Employers says unemployment among recent college graduates has shown improvement, going from 8.8% in 2009 to 8.6% in 2010. While 0.02% better is better than nothing at all, you still face the odds of being the 1 out of every 11 college grads without a job - and the other 10 are taking anything available. Even those who land college jobs need 4-6 months on average to find it.
As a new grad, you’ll compete with the unemployed - right now, approximately 14 million people, many of whom are skilled professionals. As competitive as the college job market currently is, many of them are willing to work for the same income as you are - and remember, they have years of experience and skills on their resume. This means employers can hire better workers for less money, driving down wages in nearly every industry and sector.
That doesn’t mean there aren’t opportunities out there. It just means you’re going to have to be smart and look for unconventional sources of income. In other words, you’ve got to make it happen.
College debt is UP
While keeping in mind how hard it is to find a college jobs after college, also think about the cost of college. Currently, the average U.S. student has $20,000 in total debt (institutional debt plus credit cards, etc.). If that’s not bleak enough, consider this: the average U.S. graduate has a total of about $30,000 in debt. Now, factor in that you have to start paying only 6 months out of college and it’s easy to understand why college grads are taking any kind of job they can.
But for new college grads, this number may be the most depressing of all. A recent survey by CollegeGrad.com found
80% of new college grads in 2010 moved back home!
If the thought of living with your parents after earning that college degree doesn’t motivate you, we don’t know what would.
What this means is you need to get motivated now and plan to have an income, regardless of the hiring decisions of the companies you apply to.
There is an alternative to traditional post-college jobs
Start your own business!
Plenty of famous entrepreneurs started their businesses in their college-age years. Think of Steve Jobs, Mark Zuckerberg, and Sergey Brin. These enterprising pioneers didn’t pursue “regular” jobs - they created their own!
But you don’t need an idea for the next Facebook or Google - you can start a home based business that fits your life and pursuits.
Many college graduates are taking temporary employment, project-based positions, or internships instead of “normal” full-time jobs. A home based business lets you work on it on your time. If you’re hired for an intense, three-week project, you can focus on it; when you’re finished, you can pick right back up in your business where you left off.
If you’re an intern, having a side-business can generate the extra income you need until you’re hired full-time. And having success in your own home business can demonstrate to your current employer that you’re incredibly resourceful and more talented than the average college hire.
The kind of entrepreneurship we engage in is perfect for any type of college grad. It can complement your income, provide you a safety net in-between jobs, or even replace your search for traditional employment. If you want to throw the idea of working for someone else out the window, you can!
Don’t be afraid of all the bleak figures out there. Just open your eyes to the wealth of alternatives to the “normal” path - and forge your own!
What do you want from your experience?
