Forbes say Millennials are going to have a tough time...
Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
Forbes say Millennials are going to have a tough time...
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Minneapolis, MN · Member since 2014 · 13 posts · 7 votes
12yI am a millennial and a college drop out. Well, drop out may not be the correct term. I truly believe one is never too old to go to school. I'm sure I'll return some day. Not sure when.
Anyways, I took a break from school to take advantage of the boom going on in North Dakota. It's been going well, and I'm making more money than I would if I had graduated and took an entry level job. The point is, millennials will do just fine if they have the right attitude and are willing to adapt there lifestyle. I know many friends & family who are doing much worst than I am doing. The problem is, they aren't willing to change how they live.
27 Replies
- Cincinnati, OH · Member since 2013 · 292 posts · 81 votes12y
Those who are coming out of college with a mountain of debt and are facing a lackluster job market...it's going to be tougher for them.
Personally, I'm pushing my 13 year old into coursework that hopefully will get him at least a year's worth of college credit prior to matriculating. I'm also seeing how an additional year at community college rates prior to transferring up would affect overall tuition/credit/etc.
Higher ed is going to be going through some significant changes fairly soon, and it will be interesting to see how it plays out.
(Cue "What's the Matter With Kids Today?" from Bye Bye Birdie.)
- Real Estate Investor · Chicago, IL · Member since 2008 · 1k+ posts · 218 votes12y
There are only a handful of degrees that a feel are worthy of a full 4 year college/university. If you honestly feel a degree is important, than I suggest a person attend a 2 year community college to get most of the basics out of the way.
Going away to college is not only about learning the books, but also about a coming of age. Learning responsibility, but is college the best way to do that? I certainly feel if you want to "come of age". Serve your country!
If a teenager can't apply to get a butt load of scholarship money, then why not join the military. After four years, you have a better idea of what you want to do in life anyway. You can then return, use your GI Bill, or in several states such as Illinois, your education at a state institution is FREE (if you live here prior and return after).
When we are 18 do we really know what we want to do for our lives to put up with over 100k of debt for the rest of our lives? Maybe we should have a poll. What was your college major? what is your degree in? and what are you doing for a living now.
Electrical & Computer Engineering here.. and 100% full time real estate. I use that degree... not really.
- Minneapolis, MN · Member since 2014 · 13 posts · 7 votes12y
I am a millennial and a college drop out. Well, drop out may not be the correct term. I truly believe one is never too old to go to school. I'm sure I'll return some day. Not sure when.
Anyways, I took a break from school to take advantage of the boom going on in North Dakota. It's been going well, and I'm making more money than I would if I had graduated and took an entry level job. The point is, millennials will do just fine if they have the right attitude and are willing to adapt there lifestyle. I know many friends & family who are doing much worst than I am doing. The problem is, they aren't willing to change how they live.
- Rental Property Investor · State College, PA · Member since 2013 · 287 posts · 99 votes12y
I'm at the far end of the spectrum they show (born 1981). I am also an owner in a partially-employee-owned-business. I have seen that some of my younger colleagues are not well prepared for the work world. It seems to take a very long time to 'train' them to be ready for work each and every day, to stop texting on the cell phone, to concentrate on the task at hand, and to stop worrying about the next Apple product.
I probably should be partially distressed, but I actually see an enormous opportunity being created by the vast chasm of my generation's lack/inability to get prepared for the future. From the BP perspective, if less Millennials want to own homes, why not rent to them?
- 12yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Account Closed @Brian Gibbons
Brian not sure what it cost to put a child through college in CA now.. I put my daughter threw UC Davis 1998 to 2002 and it cost me 50k all in class's room and board. she also interned and made spending money. And I am proud to say I paid for her education so she has no debt to worry about. ( Plus I bought her a car when she graduated, if she hit a certain GPA that was the deal)
being raised in the Napa valley she thought about viticulture and also pre med. but at the end of the day she got a degree in Managerial economics. graduated top of her class ( say proud dad) and in one of the worst hiring environments ever 2002 ( post 911) got offers from Microsoft and Intel. She chose Intel and has been there for 12 years now and is one step below controller..
If there is anything that I learned from that experience is if your child can put the time and effort in and get the GPA the top companies will hire them. If your child goes through school and comes out at 3.0 or lower they have a tough time when hiring is like it was
- Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes12y
omg I love what u did w ur daughter. My Gracie is only 8. I will talk to her about Intel. :)
- Rental Property Investor · Beaufort, SC · Member since 2013 · 82 posts · 7 votes12y
Originally posted by @Account Closed:
There are only a handful of degrees that a feel are worthy of a full 4...
If a teenager can't apply to get a butt load of scholarship money, then why not join the military. After four years, you have a better idea of what you want to do in life anyway. You can then return, use your GI Bill, or in several states such as Illinois, your education at a state institution is FREE (if you live here prior and return after).
One caveat I would add to your first statement: there are a handful of schools where you can get any degree and it will be worth the price. I went to an Ivy and saw Art History (and other obscure) majors get 6 figure salary finance and consulting jobs after graduation. For any school outside of the top 20, stick with engineering if you want to guarantee a good salary. That's if you want to slave away for the man for the rest of your life. A podcast from Planet Money about 6 months back reported that 8 or 9 of the top college majors for average salary upon graduation were different flavors of engineering. However, that's little consolation to the 19 year old kid hating life in his engineering classes as he watches the Psych majors play Frisbee on the quad.
As to the second statement above, I completely disagree. Do not enlist just for the college money-- its not worth wasting 4 years of your life and hating it. I've been in for 7 years and things keep getting more and more ridiculous all the time. We are in for a lean few years budget wise, and that makes life in the military less enjoyable all around.
- 12ySharad M.Pro MemberCarlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
I read a very interesting article in Economist related to this topic
I am a millennial and got a degree in Accounting. I do real estate full-time now, but I am still grateful about the fact that I went to college. An accounting degree helps me understand RE numbers a lot better. But even the random required courses that I took in school like Philosophy, History, Writing, Spanish, etc., I believe they were helpful. Not necessarily in what I do for living, but those courses gave me exposure to different things in life that I wouldn't have had otherwise. Now I feel confident that I can have just about any conversation with anyone about anything and may have something of value to add.
Going to college also gave me an opportunity to meet and work with people from all different parts of the world with different backgrounds. I went to one of the most diverse colleges in the country, Baruch College, CUNY. It's hard to put a price on that kind of experience. I believe going to college gave me experience and confidence that has been very important for my personal and professional development.
We live in an economy that is becoming more and more global each day. A person going to college needs to be mindful of that fact and take courses that will help him best succeed in this competitive world.
Can a person make more money without a college degree? Absolutely!
Would I trade my college experience for anything in the world? Absolutely not!
- Investor · Colorado Springs, CO · Member since 2013 · 80 posts · 26 votes12y
My personal opinion is that Millennials will be just like any other generation. There will be those who succeed and those who do not.
The entire face of "higher" education is changing and I am not sure where it will end up. Degrees seem to be losing some of their prestige and the kids who are showing up in the work force (in my area - IT) are not as prepared as the previous wave that I have worked with.
With that being said, my son will start Community College this summer. He plans on studying Diesel Engine Mechanics and getting a certificate in that area. He has expressed the desire to NOT get a four year degree. From his perspective the cost does not justify the benefit derived. As his studies progress I will ask him to reexamine those conclusions. He insists that he works to pay for at least part of his tuition and does not want to finish with a large debt load. Some of his friends shared these feelings as well when we have talked about it.
- SFR Investor · Warsaw, IN · Member since 2014 · 59 posts · 13 votes12y
Originally posted by @Sharad M.:
I read a very interesting article in Economist related to this topic
Thanks for the chart, it gives me hope since my middle daughter graduates in 9 weeks with an English degree and wants to be an Editor (very low likelihood of being replaced by a computer)! At least if she finds a job she won't have to worry too much about being replaced by a computer!
As to millennials having it hard my oldest graduated in '08 with a marketing degree from Kelly School of Business IU Bloomington. Is now in middle management at an orthopedics company. Her husband on the other hand granduated in '09 with a degree in Architecture....he's not using his degree but is using his education in his position at the moment (cad/cam design). My oldest son graduated in '12 with a degree in Aviation Technology (a pilot) and is now in training to be a pilot with the USAF. #3 we worry about a LOT (see above) more because she's a procrastinator and drifter but also because her degree isn't too market specific. Our #4 is a Freshman at Purdue pursuing a degree in Aeronautical Engineering with the goal of being a military pilot as well. The two youngest are still in grade school so we will see where education is when they reach this age.
The main thing we've done is drum into our kids heads that graduating with the least amount of debt is the most desirable outcome and for the most part they are all doing well in that area. The 3 oldest have/had 14k, 50k (whereas most of his classmates had north of 100k), and 17k. #4 has 4k for this year and we're working on him to plan to work harder this summer and during next school year to eliminate even that small portion. Millennials will do just fine if the remember that they MUST have a life plan and can't just rack up 100k in loans for a so-so education that is going to land them a 25k per year entry level job (and many of our kids friends did just that). But they, and their younger siblings, must face the fact that unlike in their parents generation just having a college degree is not a passport to a high paying job with great benefits. I tell my kids that college has become the new high school. You can't even apply for many jobs without a degree BUT you don't need a degree to actually do the job!
- Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes12y
@Account Closed - Mechanical Engineering for me. With a Masters. I still do engineering part-time (sales), but really don't use the degrees that much - especially not the Masters stuff. There's very few jobs where one needs to calculate the modulus of elasticity for a multi-layered composite material.
- Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes12y
I am a millennial (1983) and work in employment consulting with companies looking to hire. I see the biggest issue for my generation being the way we were raised and how generations before us were raised. There was a very interesting article a few months back: Why millennials will never be happy
The blog explains why millennials will always expect too much from the workplace -- they’re wildly ambitious but also a bit delusional about expectations. Gen Y was raised with the idea that if they work hard enough they can be the president, an astronaut, or even a ballerina -- that they can do anything they set their minds to. This combination of wild ambition and thinking they’re “special” is a recipe for unhappiness
http://finance.yahoo.com/blogs/daily-ticker/why-millennials-never-happy-150420899.html
Second City Real Estate4.821 Reviews - Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes12y
I worked at colleges and received a BA, MA and half a PhD for free. I got my brother in law a job there he received a BA, and MA all three kids attended for free 2 received BA's all free.
One of my kids received a double major BA Culinary and Nutrition interned in England, Italy Thailand and Singapore and still works in her field. My boys received certificate job prep training one is a Refrigeration Technician the other is an ASE certified Master Mechanic after studying and passing 33 exams.
My daughters best friend worked part time for a local supermarket chain she was selected to get a 4 yr degree for free paid by the chain.
Education after high school is essential whatever form it takes. Preparation for the real world is a must.
In college more learning occurs outside the classroom door. College is often the first time a student has a roommate.
In today's economy it is important to have more than 1 source of income. Real Estate is an excellent source. Build the legacy prepare for the future.
Good luck
Paul
- Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes12y
I need to keep all of this in mind as I raise my children. There's an old story about a guy who put in a field of corn. One day he and his sons were out working in the field. A neighbor came by and said, "why are you raising corn when you can go down to the farmer's market and buy it for $3 a dozen?". The man replied back, "I'm not raising corn, I'm raising sons".
I'm thankful for the hard work that I did earlier in life. Many don't get that lesson these days.
- Edmond, OK · Member since 2013 · 15 posts · 7 votes12y
Originally posted by @Michael S.:
Originally posted by @Account Closed:
If a teenager can't apply to get a butt load of scholarship money, then why not join the military. After four years, you have a better idea of what you want to do in life anyway. You can then return, use your GI Bill, or in several states such as Illinois, your education at a state institution is FREE (if you live here prior and return after).
As to the second statement above, I completely disagree. Do not enlist just for the college money-- its not worth wasting 4 years of your life and hating it. I've been in for 7 years and things keep getting more and more ridiculous all the time. We are in for a lean few years budget wise, and that makes life in the military less enjoyable all around.
Why not get the best of both worlds? I recommend National Guard over Active Army. You get the benefits of military service and a civilian career. NG will pay for a portion to all your school as well.
- Rental Property Investor · Beaufort, SC · Member since 2013 · 82 posts · 7 votes12y
Originally posted by @Zach Zepp:
Why not get the best of both worlds? I recommend National Guard over Active Army. You get the benefits of military service and a civilian career. NG will pay for a portion to all your school as well.We could really go down a rabbit hole here, but since this is a real-estate site not a military site I will try to keep this short.
If you are in a non-combat arms MOS and you forsee limited risk of future mobilizations because of war fatigue from politicians and the American public, then you are probably OK going that route.
If you are in a combat arms MOS I personally don't think the reserves is the way to go, especially when you are just starting out. I have many hobbies in which I don't mind being an amateur. However, when I go to war I would prefer for myself and those around me to be professionals-- especially my leaders. I know that won't make me any friends with the reservists out there but its the truth.
- Edmond, OK · Member since 2013 · 15 posts · 7 votes12y
Originally posted by @Michael S.:
If you are in a combat arms MOS I personally don't think the reserves is the way to go, especially when you are just starting out. I have many hobbies in which I don't mind being an amateur. However, when I go to war I would prefer for myself and those around me to be professionals-- especially my leaders. I know that won't make me any friends with the reservists out there but its the truth.Originally posted by @Zach Zepp:
Why not get the best of both worlds? I recommend National Guard over Active Army. You get the benefits of military service and a civilian career. NG will pay for a portion to all your school as well.From my experience the AC and NG have the same amount of Blue Falcons and poor leadership. A few months of training predeployment brings NG members back up to speed in skills and their civilian careers in many cases benefit the unit on deployment. (PM me if you want details & studies on that)
I agree we should keep this RE focused. If the NG allows a Millennial to graduate college debt free in just a year or two longer than it would take to graduate with student debt, then I believe it is worthwhile.
Another good route is pushing students to apply for scholarships. For example, you spend 10 hours writing 3 different essays that can be used as templates to apply to 10 different scholarships. Then you might spend another hour making minor changes before applying for those 10 scholarships. 20 hours total, with 10 scholarship applications. 2 hours per scholarship. If you were to receive 1 $500 scholarship out of that 10, you would essentially be making $500/20 hours = $25 per hour. Many scholarships are even more than that.
$25 per hour...Not bad for a college student/high school student.
- Investor · Delaware, OH · Member since 2013 · 224 posts · 64 votes12y
My kids are very young, I don't know whether they will go to college, I sure hope so, and I also hope our country figures out something with spiraling higher ed costs before then. But I also believe everyone finds their way in life...eventually. Whether it's college or trade work or real estate. They find their place.
I have a millennial working for me - hard-working kid who completely defies the stereotype. Everyone wants him on their team. I won't let him go.
I'm a Gen Xer. I have a BA in English...and a Masters of Science in Environment Ed. Never borrowed a dime for college (some help from parents, some scholarships, and worked full time). And I ended up in a fantastic career at a Fortune 1000 company working in IT.
However, I don't recommend anyone take my route. An English degree? Followed by an Environmental Ed degree? I could get simultaneous full-time jobs in both fields and not break $50k a year. It took a lot of good timing (Y2K), good connections, luck, and hard work to parlay those degrees into a lucrative line of work.
The one thing I will say - college degrees are practically necessary for a youngster to get an interview at bigger companies. It's simply table stakes. Once you have 10 years of experience, I usually don't make it to the education line on the resume. But if you're a newbie - it has to be there. And the other thing I'm seeing is a degree requirement to reach senior management/director positions.
- Investor · Arlington, VA · Member since 2014 · 151 posts · 37 votes12y
I'm born in 86 so I would fall under this generation.
The biggest caviat i see is our society's mindset of what going to college is. From the responses I've read on here, it sounds like many have this mind set that we go to college for a specific degree so that we can get placed in a specific job to make atleast this amount of income.
I studied mechanical and motorsports engineering for my undergrad. It seems like everyone's goal is to get a job. What happened to becoming an engineer to because we have these great ideas and strive to invoate to change the world?
As far as hiring a millennial (aka my own peers), I would be looking for applicants that live for the cause, and want to make a difference in this chosen field.
- Investor · Lucas, TX · Member since 2010 · 620 posts · 352 votes12y
Originally posted by @Account Closed:
There are only a handful of degrees that a feel are worthy of a full 4 year college/university.
Electrical & Computer Engineering here.. and 100% full time real estate. I use that degree... not really.
Bachelors of Computer Science and I've been using it for the past 20 years as a professional software developer.
This mindset that everyone needs to go off to college for 4 years is stupid.
I am not going to push my kids to go to college. If they need to go for a particular profession I will support them. Think science, technology, engineering or mathematics.
If they want to go to college just to waste time on a degree that is not going to land you a career and instead drink beer then forget it.
If they would rather choose a career path that doesn't require a degree and would rather get a job or trade apprenticeship straight out of high school that's cool too.
- Lender · Tampa, FL · Member since 2014 · 71 posts · 10 votes12y
@Robert Steele I have to agree with you on EVEYR point you mentioned... however, most Americans mindset, are not geared for entrepreneurship. Alas a large majority of people are taught and molded into believing the "make good grades, go to college, land a good job, work longer hours to make more money, to get deeper in debt, so working even longer hours to pay for the debt, so on so on..." If you are teaching your children, I have two wonderful boys, to have that mentality that you have they will go further, farther, faster than we ever dreamed because we have been fighting that mindset that we grew up with. Kudos to you sir
- Investor · Lucas, TX · Member since 2010 · 620 posts · 352 votes12y
@Edwin E. Thanks for the kudos. I am still working on changing my wife's mentality in this regard.
I agree with your about the entrepreneurship. I would have no problem with one of my kids starting their own small business straight out of high school - even if it is just being self-employed.
- Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes12y
You are what you read, what you say, what you think.
Best source for developing your Entrepreneurship Mindset:
http://www.entrepreneur.com/howto/startyourbiz.html
http://www.entrepreneur.com/startingabusiness/startupbasics/index.html
http://www.entrepreneur.com/startingabusiness/businessideas/index.html
http://www.entrepreneur.com/businessplan/index.html
http://www.entrepreneur.com/startingabusiness/successstories/index.html
http://www.entrepreneur.com/homebasedbiz/index.html
http://www.entrepreneur.com/startupkits/index.html
- Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes12y
One thing that is happening is that the scale keeps being increased. You used to be able to be an RN with an Associates Degree, now min, requirement is Bachelors.
There's talk about requiring a Bachelor's degree to be a real estate appraiser. maybe real estate brokers and home inspectors are next?
More and more specialties are requiring licensing and continuing education to retain licensing. Many professions are becoming "more professional" by requiring more education, more degrees and more licensing.
And some employers encourage further college education whether toward a degree or post degree by either partially or fully paying for tuition.
And as real estate investors know very well, there is always a demand for trades people, plumbers, carpenters, electricians, HVAC, etc. Some of the training and apprentice programs are just as extensive as college.
- Lender · Tampa, FL · Member since 2014 · 71 posts · 10 votes12y
That is very helpful, thanks brother, I never knew there was a website specifically geared for entreprenuers like that!
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