Wednesday, June 18, 2014

How to retire at 25

By Donald Sensing

Just be a typical college graduate in the Obama economy: Where Did All The Young Workers Go? -

Economists are scratching their heads trying to figure out a puzzle in this recovery: Why are young people not working? People retiring at age 60 or even 55 in a weak economy is easy to understand. But at 25? The percentage of adult Americans who are working or looking for work now stands at 62.8%, a 36-year low and down more than 3 percentage points since late 2007, according to the Labor Department's May employment report. This is fairly well-known. What isn't so well-known is that a major reason for the decline is that fewer and fewer young people are holding jobs. This exit from the workforce by the young is counter to the conventional wisdom or the Obama administration's official line.
So it is no surprise that an "Exclusive Survey Shows How Hard It Is For Millennials To Find Good Jobs."
According to a new survey by Business Insider and News To Live By, a Gen Y career advice destination, millennials continue to struggle to secure good-paying full-time jobs in line with their education levels.

The survey of 548 millennials in the U.S., conducted by Survey Monkey in May, finds that 16% of millennials remained unemployed after six months in the job market. ...

Furthermore, millennials may be forced to take jobs below their education levels. While the majority of the survey respondents had attended some college, a whopping 44% said their first full-time job did not require a college degree. Of those respondents with a bachelor's degree, more than one third (35%) said their first job did not require a degree.
And the load on these young men and women is heavier than ever.
"These students are graduating with more student debt on average than any previous generation," says Holtom. "While there is abundant talk of work-life balance concerns for this generation, the hard realities of debt and low expectations for salary growth emphasize the importance of starting with the best pay possible at the first job."
Which makes it no wonder that "Cash-Strapped Millennials Rank Pay As The Most Important Part Of A Job."
recent survey from Business Insider and News To Live By, a Gen Y career destination, found millennials are more interested in salary than "meaningful work" and a flexible lifestyle that allows for more free time.
It's not even close:
Feel that the work I do is meaningful
Positive relationship with co-workers

These facts are not new. As I wrote two years ago, "Want a janitor's job? Get a degree," when the U.S. had 115,000 janitors with college degrees, along with 83,000 bartenders, 80,000 heavy-duty truck drivers, and 323,000 waiters and waitresses. And 5,100 working janitors were known to have a Ph.D.