Why many Millennial are So Doomed

Sad Graduate

The traditional life route does not work anymore:

Go to school → Get a job→ “Work hard” → Buy a House → Get married.

Is it fair to keep dooming millennial to go into debt: promising them a good future?

Here’s a story on Malcolm, that many millennial can relate to. His dad asks “what do you want to be when you grow up?”

Malcolm tells him he’s interested in science. Maybe I want to be a doctor!

College time comes.
Dad: Son what do you want to study?

Malcom(Son): I want to get a bachelor of science degree

Dad: What is that?

Malcom:(Son) It means I’m going to learn about chemistry, physics etc.

Dad: Wow that sounds smart! Don’t forget about me when you’re stinking

rich in the future!

4 years late, Graduation…

Malcolm receives his bachelor’s degree looks for jobs online, sees tech jobs, hospital jobs. He applies to 100’s of them.

2–3 months later.

Dad: How’s the job search going?

Malcolm is visibly frustrated. He only received two callbacks.

Dad: Why can’t you get a job?

3 months later…

a.) Pharmacy assistant(retail), min wage. No career growth.

b.) Tech support, min wage + 2$ per hour. Small career growth.

Now Malcolm has 3 options

a) Min wage job in his field of science

b) A tech support job that he probably could have gotten without going to school

c) Going back to school (more debt)

Now he’s in further debt compared to his friend that didn’t even go to school, and decided to sell ugly Christmas sweaters on Ebay. at all.

As a result, Malcolm would have been better off not going to college to get a degree. Certainly, not in this point of his life.

1.) High Competition / Nobody is Retiring

3 Suited men racing to finish line

Look, people are not retiring young anymore. What does this mean?

“more than half of workers over age 60 said they are putting off retirement”

“Two in five workers think they won’t be able to retire until at least age 70.” – –More than half of 60-somethings say they’re delaying retirement

This means Malcolm is applying to jobs against people that have decades of experience. Even for entry level positions, which also barely exist anymore.

61% of entry-level jobs require at least 3 years of experience. While many entry-level jobs are being taken by older people with degrees and experience.

Guys/girls like Malcolm have a long shot of getting an interview, let alone hired. Why pay Malcom an entry wage, when you can get a battle-hardened professional for the same price?

On top of this. The older workers save money at a higher rate. Because they are preparing for retirement. Causing less money to be circulated into the economy.

Why is less money circulated into the economy? Because they’re saving it for retirement silly.

2.) Degrees do not Matter… as Much

Tearing up a degree

Approximately 32% of Americans have a bachelors degree or higher. This means that after you’re done school. Nobody really cares as much!

Having a degree means nothing if you don’t have a proper resume/portfolio to go with it.

3.) Jobs getting Outsourced

Workers packing up their cubicles

Entry level IT workers make around $7,000 a year in China and $8,400 in India.

Hiring a local worker like Malcolm would cost more than double that, and that’s only if Malcolm is being paid minimum wage.

Many people assume that people in India don’t have that great of an education… False! India has some of the top ranking universities in the world.

You try competing with nearly a billion people to get into a college. On top of this, the majority of Indians speak English as well.

4.) Necessities becoming more Expensive

Increasing Housing Costs vs Wages Graph

A home is nearly double the cost compared to the avg wage.

1987 – 2017 tuition prices nearly tripled, accounting for inflation. Also, 8% less people had a bachelors degree or higher from 1990 versus 2017-(Educational Attainment over Time, 1940-2009)

5.) Long Hours Short Days

Winding Clock

Malcolm wants to pick up a new side hustle. However, his 40 hour work weeks leave him exhausted and occupied at the end of the day.

Oh, and don’t forget to include time spent commuting and preparing for work.

6.) Terrible Jobs for Millenials

Angry Manager

Malcolm secures a job, works hard day in day out. However, he ends up getting fired. What happened? He was a temporary worker due for a pay increase. So his boss just hired a new cheaper worker

Temporary work: USA hires three million temporary and contract employees in an average week.

Volunteer: 25% of Americans volunteer for the equivalent of $184 billion. I’m not condemning volunteering in certain cases.

However, many can argue mass volunteering is unethical. Especially when companies like red-cross reportedly kept 26% of donations in 2014 Even though the overhead cost was 9%.

Seems like volunteering is turning from an honorable way to benefit your community, into millennial working slaving an actual job to gain their own ‘experience’.

Oops, actually that’s inaccurate. Slaves at least got paid.

7.) Low pay / High employment

What do you mean we can't pay them in trident layers?

Having a high employment rate does not necessarily mean the job economy is good.

“Unemployment rate was low during slavery” – D.L. Hughley, Comedian.

Even though many people are ‘employed’ one-quarter of Americans make less than 10$ per hour(poverty).

top 1 percent of workers earned more in income than the bottom 40 percent of workers.

This means that the wealthy nearly evaporate 40% of the income that comes into the economy.

Let me give an example of how unethical, and gluttonous this sounds. When the super rich are not taxed accordingly. In other words, imagine if your office ordered 500 slices of pizza for 100 workers. Then 1 person takes 200 slices of pizza.

Now the 99 workers need to share 300 slices.

Solution

Learn to work for yourself. Build up a side hustle, and market yourself. Instead of going through the middle man.

This can be done by developing a top notch resume/portfolio

*Free resume critiques are offered by me at stephantoure@stephantoure.com*

Beating Interview anxiety

When 92% of adults fear something about interviews. You can easily outshine them by overcoming your interview anxiety.

The Last Truth People Struggle To Accept?

They should definitely follow me on Quora. Because I’m one of the best writers on here;)

references:

The Science of The Job Search, Part III: 61% of “Entry-Level” Jobs Require 3+ Years of Experience

Census: More Americans have college degrees than ever before

*Free resume critiques are offered by me at* stephantoure@stephantoure.com*

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