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Advice for Recent College Graduates

College grad wearing a mask

This is not a great time to be a recent college graduate. The economy is in terrible shape and there are over 40 million Americans who have recently filed for unemployment in the last 10 weeks. I have asked several associates what advice you would give to recent college graduates. These associates all graduated in 2008-2009 and know what you are getting into. Below is a summary of their advice and a few tips based on some recent reports.

Keep an open mind when it comes to a job: This is unfortunately not the time to be picky. I would be open to what kind of part-time or full-time job you can get for the time being. You may learn a lot and have an experience you never thought you would.

Its okay to be unemployed temporarily: As you apply for jobs, you are likely going to receive a lot of rejection letters. Its okay to get rejected and to be unemployed for awhile. This is unprecedented times and you have to stay positive. Keep your head up and continue to work, and I promise you will be okay in the long-term.

Be frugal: While you are young, I can tell you it is a lot easier to be frugal then vs. when you are older and have a family. You are probably used to living in a small apartment and eating in most of the time. During these uncertain times, I would recommend to stay frugal and limit your spending as much as you can. This will help you during this tough time.

Don’t give up: No matter what, do not give up!! These are difficult times, but the last thing you want to do while you are young is give up. Be positive and be proactive!

Look into deferring your student loan payments: There have been proposals to postpone your student loan payments for up to 3 years without interest accruing which could be a big help to you while you are not working. I would recommend to look into your student loans and see if you can defer your payments without penalty.

 

Near Term Outlook On the Economy
May's Stock Performance
 

Comments 1

Wanderer on Tuesday, 09 June 2020 02:44

Sad to have to consider living so frugal after four years or more of a spartan life style but, seems a good path to follow for the short term.

Remember with a little time many of the remaining Baby Boomers and even some Gen X'ers will be leaving the labor market. Granted some jobs will disappear forever but other ones will open up. Your starting out and developing skill sets and with some time can yield some great opportunities!

Best wishes as we work through but another challenge in life

Sad to have to consider living so frugal after four years or more of a spartan life style but, seems a good path to follow for the short term. Remember with a little time many of the remaining Baby Boomers and even some Gen X'ers will be leaving the labor market. Granted some jobs will disappear forever but other ones will open up. Your starting out and developing skill sets and with some time can yield some great opportunities! Best wishes as we work through but another challenge in life :)
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Saturday, 24 October 2020

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