When you graduated from college, you expected to be able to find a job in your chosen profession. After all, your family, teachers, friends, and even job specialists have all told you that if you want to make it in this world, you must have a college degree. So imagine your surprise when, after you spent four or more years and tens of thousands of dollars earning a bachelor or master degree, you are confronted with shocking reality that you can't find a job.
According to an article on MSNBC, Millennials (the generation born and raised during the 80's and 90's) are a highly educated bunch but have been donkey kicked by the recession. Of all the generations out there trying to find jobs, Millennials have the highest rate of unemployment which sits at a staggering 15%. And things are not going to get any better.
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Not only are Millennials competing with each other for the slim number of jobs available, they are also coming up against people in other generations who can only find a job in places normally reserved for people much younger than them. The 35+ year old retail employee or entry level mailroom clerk is no longer a joke. It is a sad reality for many Gen Xers and Baby Boomers.
With such poor employment prospects, Millennials are left with few alternatives. Some are working low paying jobs, which they are clearly overqualified for, just to make ends meet. Others have been forced to boomerang back into their parent's home until they can find a job that will finance their independence. A smart few, though, have decided to turn tragedy into good fortune.
Instead of wasting time trying to find a job, some Millennials are taking the entrepreneurial route and investing their time and limited cash in building their own businesses. They are realizing that even though there may not be jobs available, there are still plenty of opportunities out there to make money. It is just a matter of finding the right opportunity that is tapped into an industry focuses on fulfilling a growing demand.
Right now the big industry is the green movement which US consumers spending $290 billion on green products and services in 2008. Although many people are going green to help the planet and reduce the damage that is being done to the environment by pollution, the bulk of people going green are doing so for personal health and financial reasons.
Even though green products and services are more expensive to buy, people are realizing that over time, they actually save more money than non-green products. Another issue spurring the move towards natural and organic products is the link between common chemicals found in everyday non-green products and catastrophic diseases such as cancer.
Another industry that continues to grow by leaps and bounds is the online shopping sector. People are trying to stretch their time and their money much farther, these days, and have found that shopping online can save them both. Shoppers spent over $29 billion during the 2009 shopping season (Nov 1-Dec 24) alone which was a 5% increase over the 2008 shopping season. Overall, $131 billion was spent online during 2009 which is projected to increase to $182 billion by 2012.
The writing is on the wall. Although jobs are returning to the pool, they are being snapped up by older and more experienced people. It's going to be awhile before people in the Millennial group find a job that pays what they are worth. Instead of waiting around, take control of your financial future by starting your own business. Just think, you could pay off your student loans and move out of your parent's basement. Avoid becoming another unemployment statistic. Start living your dreams today.
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