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How Millennials Are Doing College Wrong

How Millennials Are Doing College Wrong

Many millennials are doing one thing wrong when it comes to college. Can you guess what it is?

Sleeping through class and not doing homework? Taking out way too many loans and knowing nothing about them? If you guessed the latter, then you’re right! Millennials are taking out more in student debt than they can handle. And when it comes to repayment, they are clueless. According to a survey by Citizens Bank, 45% of those surveyed didn’t know what percentage of their salary went towards loans and a shocking 15% didn’t even know how much they owed in student loans.

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In the past decade, the number of students in debt hasn’t gone up much (about 5%), but the amount of debt they are in has doubled. This is in part to ill preparation before and a lack of knowledge of the funding that goes into paying for college. Most recent graduates regret taking out as much as they did and some say they wouldn’t have ever gone to college if they would have known how expensive it really would be.

Student Debt

Student debt is also adding up for this younger generation because parents are relying on PLUS loans to pay for the remainder of college expenses. Students can only take out $31,000 for their entire undergraduate education, but parents can take out as much as they want, even if they know they won’t ever be able to pay this off. Their children then feel like it is their responsibility to pay it off, and debt goes into the $100,000 range. Preparing for college is more than just getting good grades. Educating yourself on the types of loans and repayment options should be the first step. There are many other things you can do before, during, and after college as well to make your higher education a reality without drowning in debt.

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Starting young is the most beneficial way to be able to pay for school. Get a part-time job after school or in the summer and set a chunk of your paycheck aside for a college fund. If a job isn’t possible for you during school, like it is for some people, work your butt off in school and get ahead. Many high schools offer AP classes that give you college credit if you pass the test or classes that are offered through the college at your high school. This can put you semesters ahead and cut down the time it will take to get your degree.

Scholarships

Getting good grades or being involved can get you scholarships — AKA free money. You don’t have to get scholarships only from the college you are going to or only in a certain area (i.e. academics). Dip into scholarships from different organizations for different interests. There are hundreds of organizations that offer scholarships for all sorts of things. From being part of the National Honor Society to just being tall, a quick Google search will help you find the perfect scholarship for you. It won’t come easily, but there are plenty of options for you to apply for. The more money you can rack up in scholarships, the less you will owe back after college.

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Avoiding debt doesn’t stop once you get into college. There are four years where work can be done to avoid debt. Continue looking for scholarships. Things change while you are in college and you might find yourself qualified for more scholarships than you were when you came to the school.

Budget

Find ways to cut down on costs so you don’t need as much in student loans. This could be as simple as staying close to home in order to live at home for a few semesters or even taking a semester off to work and save up. Renting or buying used textbooks can also save you from many unnecessary expenses. While spring break in Cancun might seem like part of the college experience, it’s not. Cutting down on luxuries like this for four years will cut down on debt drastically.

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Part-Time Jobs

There are plenty of part-time, flexible jobs that are perfect for college students. Being an Uber driver only takes having a car and a license, and you can pick when you work. It can be as simple as signing up for medical transcription training online and spending nights converting recorded medical notes into text. You may not spend college with the most glamorous job, but at least you won’t be as in debt as your roommate who spends his weekends playing video games.

Paying off Student Loans

After college, there are a couple of options to get out of debt fast. Understanding the different repayment options is key to paying off Uncle Sam in a few years. There are options that allow you to pay a fixed rate and be paid in full in 10 years or there are options that work to your income. Some loans even have forgiveness programs where you no longer have to pay after a certain amount of time if you meet the criteria.

Understanding your options and what you can do to save money at all points of your college career is vital to being able to get out from under your student loans soon after graduation. If you know what you are doing beforehand and not just winging it with your loans, you’ll be out of debt and into that new Toyota Corolla LE and four bedroom house in no time.

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Last Updated on January 14, 2019

The Key to Finding Job Satisfaction and Having a Successful Career

The Key to Finding Job Satisfaction and Having a Successful Career

Regardless of whether you hold an entry-level administration role or regularly travel to the ends of the Earth as a hot-shot senior executive, you can still find yourself harboring an emptiness… a feeling that something is missing. A popular assumption that experiencing job satisfaction and a successful career should be underpinned by a well-rounded suite of tangible benefits, no longer holds true for many of us.

We’d never deny health care benefits, appropriate and fair remuneration, bonuses and travel perks in a job package. However, even if served to us on a silver platter, those features can only satiate us to a certain point.

You might wonder what governs entrepreneurs and start-up business owners to quit their lucrative jobs, essentially look the gift horse in the mouth and kiss such benefits goodbye! There can be an irresistible pull to mastermind a business with products and/or services that serve the greater good of community wider than that constituting their daily existence.

Even with research showing entrepreneurship to pose greater threats to their mental and physical health, this unique breed of individuals choose to go against the grain in chasing their dreams of being their own boss. Why? Why would anyone risk this type of career suicide?

Whether you’re an employee, have recently taken the leap to being a business owner or been in business for a while, the commonality is a congenital condition we all share as human beings; to feel a sense of purpose, value and contribution to our community. Despite it being harder to find this for ourselves in today’s world, these approaches will help you achieve ultimate satisfaction through the twists, turns and joyrides that are essential features of shaping a successful career.

1. Search for Opportunities That Feed Your Passion, Not Temporary Excitement

Even though well-intended, the ‘feel good now’ compass that career coaches and consultants often recommend you use to create career satisfaction can actually do you more harm than good. Excitement is transient. It doesn’t last. Passion is the compass you need.

Passion and excitement are two different things. The resounding career legacy that still draws you to turn up on the job regardless of the sunshine or storm that awaits you…that’s passion. It’s like a mental and/or emotional itch you can’t shrug off. Staying attuned to that calling will breed success for you sooner or later. Patience is key.

You’re also likely to have more than one key passion. Beware of getting caught in the notion you have to find your one true purpose. In fact, run immediately from any coach who tells you there is only one. There isn’t.

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Your passion is a journey that can take multiple forms so forget thinking there is the single dream job out there that will give you satisfaction in every way you can imagine. It simply doesn’t exist.

Consider embracing different roles and projects to help you fuel your passion or fuel your pursuits in finding it. Job satisfaction and your career success will be all the more sweeter from a wider range of enriching experiences.

2. Don’t Position Job and Career Satisfaction Assessments as Pivotal Guides to Your Success

Despite their popular use for vocational guidance, assessment tools such as Gallup’s Clifton Strengths and the Myers Briggs Type Indicator have come under fire[1] as being limited to the amount of true value and direction they can offer partakers.[2] These and many other guidance assessment tools (e.g. VIA Character Strengths , DISC ) are self-report questionnaires that don’t have normative population data against which to compare your results.

Simply remember these tools help you develop a stronger sense of what you identify as strengths and weaknesses within yourself, not in comparison with other people. They will still add insight around what sorts of career opportunities, tasks and projects are going to light your fire, what ones are going to extinguish it and what will prod and keep the coals steadily smoldering.

3. Be Clear on Your Personal Values, Ethics and Principles and Choose Relationships That Support You Honoring Them

Teamwork, collaboration, open communication and trust are commonplace for any flourishing work environment. However, whether or not your personal values can be honored in your work can make or break your job satisfaction.

How committed do you want to be to an organization that expects an average of 10 unpaid overtime hours every week under the guise of ‘reasonable overtime’? Are you willing to accept their construing this expectation as ‘strong commitment’ at the expense of your partner and children waiting at home for you? What are your boundaries concerning when you clock on to their time and when you clock off to yours?

Being very in tune with what your personal values, principles and ethics are will bid you well in the job satisfaction stakes. Spending time to reflect on experiences and working relationships you’ve had – the good, the bad and the ugly – will help you make well-informed searches and grounded decisions that will propel your career success.

Finding and nurturing relationships with associates and colleagues who share similar values doesn’t just make your day-to-day pursuits more enjoyable. You become fortunate to work with like-minded people who will support, understand and appreciate you like a second family.

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Being able to honor your personal values in your work means you will still be able to sleep at night when you have to tread where others fear to, and make extremely difficult decisions others would never ever dream of having to make as you forge success in your career.

4. Be Clear on Your Own Definition of What Having a Successful Career Means for You

It’s tempting to get caught up in the ideals and projections of success expressed by those we love, admire and respect. Underneath, we all want on some level to belong to a successful club of some sort.

With research reporting how much money we feel we need to be truly happy,[3] many of us try to subscribe to the notion that having the car of our dreams or taking a European holiday annually will not bring us happiness. The truth, however, for many of us is these tangible rewards are congratulatory reminders of our persistent efforts to chase our career pursuits.

If those are things you aspire to, don’t let anyone steal your desire and want to feel deserving of these things, that those are some parameters by which you define your career success.

Despite consistently being the top revenue earner for two years running, you may not wish to become the sales manager. You may not wish to step out into running your own business even though you consistently excel as an employee, delighting clients and repeatedly receiving glowing testimonials.

Your definition of career success might be enjoying the predictability of a regular workplace routine. You get to leave – without feeling guilty – at the same time each day, love the people you work with and get to spend a good, uninterrupted amount of work-stress free quality time with your family. That picture is also blissful job satisfaction and complete career success.

5. Identify the Sorts of Challenges and Problems You Want to Learn to Overcome

Standard advice you might receive from a career coach might be to look for opportunities where you get to capitalize on exercising your strengths and career-related activities you enjoy.

However, to become a success at anything involves improvement. To excel at anything often involves stepping outside boundaries and comfort zones where others wouldn’t. This means dedicating focus and attention to things you’re not so good at and things you don’t like.

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Here’s where working with a coach can be particularly helpful. Map out the experiences that were unsavory in your working history. Were there challenges you opted out of, projects you failed at or toxic relationships that blasted your sense of purpose and self-worth into oblivion? It’s within these experiences that you might just find the most valuable lessons and guiding lights for your trajectory to achieve greater job satisfaction.

If your natural leadership style is to be a collaborator, finding opportunities that require you to apply a more dictatorial style might be needed. Discussing a secondment or short-term project where you get to develop and test your skills can be a step further in earning contention to lead a larger project down the track.

With several of the company’s boldest personality types penciled to roll out the operation, you’ll not only develop skills that earn your right to throw your hat in the ring; those key players have an opportunity to see your competence. You can then work on building relationships with those stakeholders before you need to hit the ground running should you win the lead.

Greater job satisfaction comes with planning and choosing the lessons and opportunities you want to learn, not desperately flailing, floundering and hoping for the best.

6. Keep Reviewing Your Goal Posts and Be Amenable to Change

The word ‘career’ is indicative of a longer-term pathway of change, growth and development. The journey is dynamic.

You will accumulate new skills and let those you no longer need, become rusty. Your intrigue will be stimulated by new experiences, knowledge and people you meet. Your thinking will continue to expand, not shrink. As a result, your goalposts are likely to change.

A major part of enjoying a successful career is not just setting goals effectively, but regularly reviewing and readjusting them where necessary. However, moving the posts or the target still needs to take place by applying the same processes by which you originally created them. The strength of your emotional connection to those revised goals needs to be the same, if not stronger.

By asking yourself the following questions, you can assure your developmental and growth trajectory is still on course:

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  • Would working toward these goals still allow me to honor my personal values, principles and ethics at the same capacity if not greater?
  • Do the activities I need to undertake to meet these goals honor my highest priorities?
  • Does this feel right for me and those who are nearest and dearest to me?
  • Is this aligned with my passion?
  • Is chasing this goal a right step for me to take now or is this a detour or distraction which could delay my greater plan?

Each of your career goals should have different review periods. Whatever you do, stick to the review schedule you set. It will not only keep you focused but help you see your progress (or lack thereof) and allow you to timely re-chart your course before you get too far down the track. You don’t want to waste time haphazardly heading in the wrong direction.

7. Be Prepared to Let Go

It can be unfathomable to us as to why others risk leaping into the unknown when everything truly appears fine and dandy in the career realm. The company provided stability, recognition, financial success, interesting projects and the promise of a promotion…what was wrong? Why now jump sideways to run a café or train in another field altogether?

Nothing may have been wrong at all. It was all going right. It was just the end of a chapter. Perhaps the yearning for the next step is actually taking a different trajectory entirely. You may want to simply experience a different rhythm. Perhaps it’s time to pursue a different passion.

If you have leaped from employee-land to freelancing or have made the reverse-jump (or you know someone who has), you will have quickly grown a different appreciation for pros and cons each work lifestyle brings. Working for yourself can bring the greater realization of your creativity, whether or not it can be monetized to earn you a living.

When your customers are buying you or a product you designed and fashioned, there is a direct level of appreciation and gratitude that can elevate your confidence in the way you have never experienced as an employee, regardless of your rank.

Similarly, there are times where we need to recognize our business ventures were adventures, not long-term life-changing empires. There are times we need to recognize that time is what provides the clearest limitation of how long we persist for in such pursuits.

We have to recognize the absence of enough financial, mental, emotional and physical breadcrumbs that tells us we’re no longer meant to push in that direction. At least, not for the present time.

The Bottom Line

Above all, keep the momentum. As long as you remain committed to pursuing work opportunities that allow you to honor your highest priorities, the truth of who you are and what you stand for, achieving ultimate job satisfaction and a successful career will never be too far away.

More Resources to Help Advance Your Career

Featured photo credit: Csaba Balazs via unsplash.com

Reference

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