Chistine Hassler made a valid point in her Huffington Post column earlier today. She spoke on the fact that Generation Y – the individuals in their 20s – is ill-equipped for the realities of real world careers. As one of those individuals in my 20s, I say she is right.
The article points out how recent graduates have been idolizing individuals in society who became millionaires overnight by pursuing their dreams. The clichés “”follow your dreams and the money will follow” and “go to college, discover what you love and a career will follow” gained popularity in the 1990s and were engrained in our heads as we went to college and chose majors we enjoyed, not majors that could get us successful careers. We occasionally had internships – but only if we felt like it.
However, as the unemployed 16% of 18-to-24-year-olds (nearly double the national average) can vouch for, those happy-go-lucky ways of thinking aren’t getting us anywhere anymore. The overall group of Americans is middle class; we didn’t grow up with a silver spoon, but still live under the illusion that our perfect career will magically materialize in front of us with little to no work.
Hassler points out how incredibly idiotic and improbable this way of thinking is. She’s right.
Even if some of Generation Y has a job in a decent company, chances are it’s not the perfect career we dreamed of in high school. A survey by Zync Quarterlife found that 86% of people in their 20s described their current financial situation as “stressful,” 57% are still financially dependent on parents/family to help pay bills, and 52% feel they are facing financial challenges their parents never had to deal with.
What do we do about this? How does Generation Y get over their fantasies of childhood hopes and dreams and focus on the realities of of the real work world? Hassler helps us with that as well:
Tips for 20-somethings to find their mojo in the work world:
- Create an in-depth, written-out budget where you can input all your bills, spending and earnings. Exercise plastic willpower and do not spend what you don’t have. If you have debt, commit to paying a minimum amount toward it each month – and save!
- Don’t use the economy as an excuse for not taking steps toward your goals. Be proactive rather than reactive.
- If you are earning little to no money because you are waiting for your dream job to show up (or a job that is in the field of your college degree), it’s time to stop waiting and start working. Make having a job and earning money your priority. Any job you get now is a step toward establishing your career and financial independence.
- Instead of asking your parents for cash, ask them for education on the things about money you don’t understand. Rather than having them pay your bills, take out a loan from them (with interest!) and begin to pay them yourself.
- You have the ability to empower yourself financially by learning about money, credit and investing. The problem of a lack of knowledge about money has many solutions. Make learning a social activity by starting a book club where the focus is on financial education. Take advantage of all the free online resources for advice and tools to help with your finances.
To read the entire Huffington Post editorial, click here.