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The coronavirus has left millions of people out of work, which makes it more difficult for recent graduates. Approximately 4 million students have graduated during an economy with the worst unemployment numbers we’ve seen since at least the Great Depression. There is, however, some good news. While we have been on an economic downturn for the last three months, unemployment numbers look better now than what experts thought they would. During the month of May, 2.5 million jobs were created. So, it’s possible that we might already be through the worst of it.
Here are some tips on how recent graduates can navigate this difficult job market and what they can do to survive until things get better.
During times like these, it’s always good to gain some perspective. There have been many times when graduates entered the workforce during or right after a recession. More recent examples were the recession of 2000-2002 and 2008-2009. So while things might be difficult right now, this too shall pass. We might be in the deepest recessions we have seen in a long time, but it may also be the shortest. See it as an opportunity. And hopefully, we might be heading back up when it comes to the economy.
Many graduates are bent on finding a job that’s within their field of study. They want to get a certain job that makes a certain amount of money, but that’s not how it works. Find a job and do it. Gain some experience, and remember that it’s not the job you’ll be doing for the rest of your life. Don’t expect to make a six-figure salary right out the gate. So while it might be a “left turn” from the job you were hoping for, things will work out as the economy comes back.
Moving back in with Mom and Dad might be a good option if it’s available, but don’t spend all day playing video games. Take the time to figure out your finances, save up some money, and improve yourself. No one wants to move back in with Mom and Dad. But based on the current economy, it might be a good option.
A lot of people leave school with student debt. And because interest rates are low, it’s one of the best times to look at those fundamental factors that build wealth. Think about refinancing your student loans. And if you got a refund from college, put it toward eliminating debt or an emergency fund. Start your budget (regardless of how small) because tracking is the key. As you enter the workforce and start to make some real money, now is the time to work things out.
Instead of spending all day playing video games, use the time to improve yourself. Update your resume and your social media platforms. Take different courses, and get certifications in your field so you can expand your knowledge. Get into the workforce, and get some experience because things will work out in the end.
If you’re a recent graduate and need advice on how you can get a head start on your finances, feel free to reach out to Trevor Shakiba at Shakiba Capital.
While it will most likely get worse over the next couple of months, there is a proverbial light at the end of the tunnel. When things start back up, the economy will recover quickly, and hopefully everyone will get back to work soon! In the meantime, here are some steps you should consider taking if you have lost your job because of the coronavirus pandemic.
Friday is payday for many people. And like others who get a check at the end of the week, you might be thinking about buying a new TV or something else you want at the spur of the moment. Before you decide to blow your entire paycheck on the first day, you need to think about what you’re doing because you shouldn’t be so eager to spend it all without having a plan.