Up until my early 30s I believed a major lie our culture perpetuates: go to school, get good grades, get good job and your life will somehow magically work out. What I wasn't taught was that getting good degree can set you light-years back financially.
What can also come as a shocking surprise is that 'good' jobs don't pay new graduates well and often require that you give your time away with unpaid internships and volunteering positions. Even the careers that are traditionally seen as lucrative have a caveat. Just last week I met with a 28-year-old client doing his residency after attending a New York dental school. He has $500,000 of student loans and massive credit card debt that he will be paying off for years to come. He'll also have to make major financial sacrifices in the future; it's expensive to open up a practice!
We have been taught that job security and a stable paycheck requires giving our life away to an employer. Well, bull! Anybody living in a real world in the past decade would agree that job security is an oxymoron. Downsizing, work force reduction, replacing personnel with technology and outsourcing positions overseas are all common strategies for keeping companies profitable.
While you're in college, no one tells you that you're being trained for a system that no longer works. You won't find a job that pays for decades of your loyalty if there's a more adept college graduate willing to do your job for less money.
While this intro into real world may sound like doom and gloom to a Millennial trying to navigate waters of adulthood and responsibility, learning the rules of the game earlier rather than later and taking initiative to educate yourself can save you from years of financial distress.
The purpose of The Money Sense series is to explore some of the major financial issues that will make or break us. We will go over money attitudes, income generation strategies, investing and saving, debt elimination and more.
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