Category Archives: Economy
Keep ‘em comin’ Texas and South Carolina!
I despise being the bearer of bad news. But let’s face it. Not everything can be good all the time. And someone has to do it.
The most we can do is embrace the negative while reminding ourselves to look for the positive. There’s a little bit of positive in everything if you search hard enough. If you can’t find it, take another gander.
On January 25th, the Labor Department stated that the unemployment rate rose in 20 states and fell in 15. It was unchanged in another 15 states. This rate is eerily close to the rate last November, which goes to show that the job market is barely improving, even though the economy is growing. Hiring is expected to pick up this year, but unfortunately the unemployment rate is likely to remain high.
Employers aren’t helping the situation either- as of last month, they have added little to no jobs. The number of jobs on employer payrolls fell in 35 states in December, while only 15 states have reported gains. Not looking too hot, huh?
On the bright side, good ol’ Texas and South Carolina reported the largest net job gains in December. Texas added 20,000 positions and South Carolina gained 9,000. Yep, you’re welcome!
It may be wise to steer clear of Nevada though. Due to the massive housing bust, they now hold the nation’s highest unemployment rate at 14.5%. California reported the second highest rate at 12.5%, followed by Florida at 12%. (I know, I was shocked by this as well.)
On the up-side, North Dakota had an extremely low unemployment rate in December, at 3.8%, one of the nation’s lowest! Nebraska and South Dakota weren’t far behind, with rates of 4.4% and 4.6% respectively.
Now, this isn’t meant to be a downer post. This is more of a what-job-to-choose-and-where-to-live realization post. Just because unemployment rates are extremely low in Nevada, California, and Florida doesn’t mean you won’t land a job there. Likewise, just because Texas and South Carolina added tons of jobs doesn’t necessarily mean landing one will be a piece of cake. You just never know.
In order to convert this message from a mostly negative one to a positive one, just remember one thing. While some states are suffering, others are not. Just be smart when it comes to which one you choose. Trust me, you’ll be happy you did.
Come on, economy. Show your new grads some love!
I can’t believe it is already mid-September. I feel like just yesterday it was August, and I was packing my life up to move to Texas. Not to mention the fact that I’ve been working in my new position for almost a month now! How wild is that?
After reading a large number of Yahoo articles, I found a few that were quite interesting. My focus for this post will be on the economic pain that was supposed to ease in July, yet didn’t. For the sake of your eyes and mine, I am mostly going to summarize this article because it can be quite confusing with its “fancy” AP Economic Stress Index. I haven’t lost you already, have I?
Who should read this post: Those of you still looking for a job because you may be looking in the wrong states! Read more below to understand why and where you should be looking.
First of all, this AP Economic Stress Index is basically a tool economists use to calculate economic stress for particular states by looking at three rates: unemployment, bankruptcy, and foreclosure rates. This index is on a scale of 1 to 100. So, just like in elementary school, a higher score means MORE economic stress. As a rule of thumb, a county is considered to be under economic stress if its score exceeds 11. (Hahaha)
For July, about 42% of counties were found to be stressed. If you’ve been looking at these states for job openings, you may want to think again and refine your search:
“Nevada, with a score of 22.1, was again the most stressed state. Put another way, 1 in 4.5 Nevadans in July was either unemployed, owned a home in some stage of foreclosure or had filed for bankruptcy. Rounding out the top five-most-stressed states were Michigan (17.44), California (16.88), Florida (15.94) and Arizona (15.41). (Trust me, I too was upset when I read this. Bummer.)
The healthiest state was North Dakota with a stress score of 4.24. Its score dipped slightly from June, aided by a lower unemployment rate. Next best were South Dakota (5.05), Nebraska (5.92), Vermont (6.29) and Wyoming (7.13).
The national unemployment rate remained the same from June to July, at 9.5 percent. So did the foreclosure rate (one in 62 homes) and the average state’s bankruptcy rate (1.2 percent).
The government stated the unemployment rate for August ticked up to 9.6 percent. Most economists say it will take years for the rate to drop to near 5 percent, where it was when the recession began in late 2007.
Economic stress fell mostly in the Western states of Alaska (7.96), Colorado (11.07), Montana (7.9) and Wyoming; the Plains states of Nebraska and North Dakota; and the Southeastern states of Alabama (11.73), Louisiana (9.17) and Tennessee (12.33). The main reason for the improvement was seasonal job gains.
The states that endured the sharpest month-over-month increases in stress were Michigan, New Jersey (12.79), California, Connecticut (10.71) and Rhode Island (13.44). These states have struggled with high unemployment and foreclosures.
The most stressed counties with populations of at least 25,000 were concentrated in California and Nevada. Leading the way, as it has for more than a year, was Imperial County, Calif.(34.28), followed by Yuma County, Ariz. (30.6); Lyon County, Nev. (26.89); Nye County, Nev. (25.66); and Merced County, Calif. (25).
The least-stressed were Ward County, N.D. (3.16), followed by Burleigh County, N.D.(3.68); Brown County, S.D.(3.9); Buffalo County, Neb.(4.16); and Ford County, Kan. (4.47).”
Economic conditions likely will stay static until after the November elections. Then, the stock market may respond positively to the results and kick-start the economy. Come on, economy. Show your new grads some love!
Information Credit: Mike Schneider and Martin Crutsinger
Photo Credit: http://www.somaticvision.com/img/apple_green.jpg
You’ve tried everything, now what?
Maybe finding a job just isn’t in the cards right now. You’ve done everything I’ve said on this blog (and more, I hope!), yet your fate is still undetermined… also known as unemployed. Don’t worry because that’s completely normal. I do believe that starting a career takes a lot on your end, but a lot of it may also be due to a little thing I call LUCK. I think my situation is a prime example because of a couple of reasons. I do attribute a lot of my success to the preparation I put in beforehand. I had started applying for jobs way early during my last semester of college. After not receiving a number of phone calls, I took a break and decided to enjoy my last semester as a college student. After I graduated, I restarted my job search. After getting a couple of offers, I realized that those particular jobs were not exactly what I wanted to pursue. Okay, now get this! The company I happily work for now was one I didn’t even apply for! Somehow, out of the millions of resumes and cover letters floating around in cyberspace, THEY found ME. So yes, I did prepare as much as I could to be a top candidate for any position… but in the end, I was lucky and fortunate to have been located on the internet and contacted for a position. 
So even if a career isn’t quite working in your favor right now, you still have another option. Yep, you guessed it! Graduate School. (By the way, I plan on going to Graduate School, I just think the picture to the right holds some truth.)
From medicine to education to business to law, going to a prominent institution for your Master’s Degree or P.h.D may be very beneficial to your future career (and your resume!) This article by Brian Burnsed from U.S. News & World Report really covers what a lot of recent grads may be feeling:
In the wake of 2008′s housing crisis and the recession that ensued, college graduates are finding it harder than ever to penetrate the job market. Many now find themselves competing against recently laid off workers who possess a decade or more of experience. Though it’s been nearly two years since the onset of the financial meltdown, the country’s unemployment rate still hovers near 10 percent. Rather than wade into such a treacherous job market, many have opted to try their hand at graduate school. Plus, many who were laid off are opting to apply to grad school either to enhance or change the direction of their careers entirely. The combination of these factors, plus changes in financial aid, has caused a precipitous rise in graduate school applications at many institutions. In 2009, for instance, Duke University saw a 33 percent hike in applications and the Massachusetts Institute of Technology saw a 15 percent jump.
Little has shifted at the top of this year’s rankings of major graduate programs. Harvard University once again took the top spot in medicine and tied Stanford University for first in business. Yale University continued its near two-decade-long streak as the nation’s best law school. Stanford not only tied for the top spot in the business rankings, but ranked highly among law schools, finishing third. Also making the top five in both categories is the University of Chicago, which moved from sixth to fifth in the law school rankings.
Harvard and Stanford also place in the top five in the rankings of schools of education. Vanderbilt University once again ranks No. 1 in this category. MIT repeats as the top-ranked engineering school, with the top five remaining unchanged from last year: Stanford, University of California—Berkeley, the Georgia Institute of Technology and the University of Illinois—Urbana-Champaign.
Also, this year, U.S.News & World Report has refreshed its rankings of Ph.D. programs in various scientific fields. These rankings, updated every four years, include biological sciences, chemistry, computer science, earth science, mathematics, physics and statistics. The California Institute of Technology headlines the new rankings, with top billing in three categories: chemistry, earth sciences and physics. Stanford also measured well against its peers in the sciences, having the top Ph.D. program in both biological science and statistics. Other schools that took the top spots in the new rankings are Carnegie Mellon University (computer science) and MIT (mathematics).
In an effort to add more color to our coverage of graduate programs, we’re introducing Q&As with admissions officials at business and law schools across the country. These features are designed to give potential applicants a chance to read how the schools describe, in their own words, what they look for in students and how to approach the application process on a school-by-school basis. The Q&As will feature schools of different sizes and in different regions across a wide spectrum of our rankings. This will give students of all backgrounds and varied interests more confidence as they take on the often daunting applications to these professional programs.
Photo Source: http://www.sfnewshub.com/wp-content/uploads/2009/09/gradschool1.png
Finance: Learn it, live it, love it.
Finances. We all know it isn’t fun, unless of course you majored in it. But even then, you probably still don’t thoroughly enjoy it. This article has been one of the most (if not THE most) helpful when it comes to financial decision making.
After countless hours of studying, late nights, final exams and some parties, it’s now time to head out into the “real world”… or at least that’s what everyone has been calling it as long as you can remember.
When moving on to the adult phase of your life, be sure to take care of your financial situation. Your actions now will have significant impact on how the rest of your life shapes up financially.
Many older adults look back and say the number one thing they wish they would have done differently was learned about money management while they were young. Here’s your chance to jump start your finances!
Financial Tips for New Grads
- Get health care coverage immediately. If it hasn’t already, your parent’s health care coverage will probably end with your graduation. Get a quote for an individual health insurance plan or sign up with your new employer’s plan. Going without coverage could have a devastating effect on your finances if you have a severe illness or accident. Make this the first thing you do… and don’t put it off!
- Get your own home and auto insurance. Now that you aren’t a student, you’ll need to get your own auto and renters insurance policies. Start by calling your current insurer, you might be eligible for a discount based on the length of time you’ve been with the company, but don’t forget to shop around to save on insurance premiums.
- Save money for your future self. Join the retirement plan at work. If you are young and your company offers it, you may want to explore the Roth 401k at work. In addition to your plan at work, begin saving money on your own for both retirement and other goals. Now may be the perfect opportunity to save a lot and use the reverse savings strategy before you have lots of financial obligations (kids, house, etc.)
- Start an emergency fund. Earmark some of your first dollars from your new job to build up a savings account to serve as an emergency fund. You never know when an emergency will hit, but it is inevitable.
- Learn about taxes. What? I know, this isn’t a fun one. However, hopefully you’re going to go from a poor college student to a highly paid worker. With that luxury comes higher taxes. Educate yourself about taxes, and you’ll be able to take advantage of incentives and deductions to cut your tax bill. Pay particular attention to the student loan interest deduction and the savers credit for retirement savings contributions.
- Begin payments on student loans. Begin paying your student loans right away. Your future self will thank you.
- Handle credit cards wisely. Use credit cards carefully to earn cash rewards. Always pay your balance in full every month. If you ran up some credit card debt while in school, begin paying it off aggressively. To save interest while paying it off you may want to transfer the balance to a 0% balance transfer credit card or explore other ideas in how to payoff credit card debt.
- Create savings goals. Before you commit your paycheck away, create savings goals. As a new grad, you may want to focus on retirement or a down-payment for a house.
- Spend money slowly. It can be very tempting with a new job to buy a new car and rent a fancy apartment. Not so fast! Wait a few months to see how your finances work out.
- Follow your heart. Did you meet the man or woman of your dreams at school? If so, and you are planning a wedding in the future, don’t forget to keep these money-saving tips in mind! Especially when planning a wedding or buying the ring!
This isn’t necessarily fun stuff, but it’s stuff you have to know. Keep things in perspective: at least now you won’t look like an idiot when filling out your tax forms!
Thank you to mydollarplan.com for this amazing article!
Photo Credit: http://jerryong.com/blog/wp-content/uploads/2008/12/money-tree.jpg
Resilient as ever.
Why, hello there. I apologize for being incredibly M.I.A. lately. I feel as though I’ve been running around trying to get 730265 things done in such a short amount of time. Per an incident this past Sunday, I will be leaving to search for apartments on my own time. I am working through the many frustrations this past week has brought me, but I feel as though I am conquering them tremendously.
As usual, I was schlepping around on the internet and finally came across a humorous article that talks about what it takes for new graduates to get an entry-level job. Once again, I may not agree with everything stated in this article, but in my opinion, it’s always best to get numerous points of view before forming your own opinion:
Alright, college grads, here it is: the real deal about finding work in this economy. Let’s start with the obvious: more than anyone else in three generations, you got macro-screwed with the economy. But you are not only screwed, you are also human… and that means you are resilient as all hell.
The human spirit does not die, and does not wilt, in the face of long term adversity.
Like lupine flowers after a forest fire, the human spirit blooms when challenged. You are going to bloom. In direct defiance of your struggles, you are going to keep driving forward until you bloom bright as all hell, even if it kills you. Why? Because you are human, you are resilient, and you have… no… other… option.
So get ready, this is going to sting. It’s also what you need to get yourself ready for a work life you never expected.
10 Things That You Need to Know to Land an Entry Level Job
1. I’m not hiring a resume. I’m hiring a person.
The resume is a proxy. A sketch. A thumbnail. A cheap representation meant to give someone just enough of a taste of you to want to experience the whole person. YouTube creates thumbnails automatically. Do you care? Of course not. But guess what would happen if YouTube let people design their own thumbnails. Let me help you: people would freak out. They’d spend hours on those little boxes. They’d recalibrate their videos to ensure awesome thumbnails, most likely by including a gratuitous shot of a hot, bikini-clad woman and then selecting that frame for the thumb. And how much additional value would you and I get from that? Zero. None. Zip. All it would do is create noise and confusion: all the thumbs would look the same—”Oh, look, there’s another pic of Marisa Miller… with the headline ‘BBQ hijinx.’ WTH?” So when it comes to your resume, stop freaking out. Figure out what it needs to say, make it say it, and move on.
2. Working for someone else only sucks until you realize… you’re an idiot.
Dilbert, “The Office,” and Office Space haven’t done society any favors. Portraying bosses as universally bumbling idiots—while often hilarious—may have left you with the mistaken impression that working for a boss = selling your soul. OK, let’s run with that idea a moment: you opt out of the corporate track and start your own gig. You’re successful. Great! Then what happens? Oh, right: you need to hire people to work for you. Except you can’t hire anyone because the people you want, before even meeting you, decide that you’re an idiot and refuse to work for you. (You must be an idiot, you’re a boss.) What a shame, because you’re not an idiot, you’re being prejudged… unfairly! We could play this out further to reinforce the point other ways, but hopefully this is enough to show you that your logic is faulty, your reasoning is bunk, and the only reason you don’t want to work for a boss is because your ego has fooled you into thinking that you—with no training, no experience, and no clue—could do better. (Nice try.)
3. This is worth touching on a second time: Working for someone else only sucks until you consider the alternatives
So, you want to start your own gig? Maybe raise a little moolah to do it? OK, here’s a test: (1) Were you born into the Lucky Sperm Club? (2) Do you know what you will do for health insurance? (3) Are you prepared to send your own faxes, make your own copies, answer customer complaints yourself, work 20 hours a day, hear from everyone how much they don’t approve of what you’re doing, suck up to them anyway because you need them as customers, not know what your income is going to be month-to-month, earn probably something like $10k your first year in business, mock franchisees for being fauxpreneurs, not be able to get a bank loan for two years (because they want to see your paycheck or 2 years of steady earnings before they’ll give you one of those!), and convert all your friends into customers whom you will probably piss off and lose (both as friends and customers) within 3 years? ANSWER KEY: Even if you answered “yes” to all three questions, it doesn’t matter. True entrepreneurs don’t have time for articles like this. If you’re reading this, you’re job bait. Sorry.
4. Interviewing. Also known as, “Going through your day.”
You are always on. Always. Because you never know where the opportunity lies, and you’re not earning enough right now to turn up your nose at anything. Imagine the scene: you go to have lunch with a friend. You don’t know this, but the friend’s dad is hiring and needs someone with your skill set. If you keep everything purely social, your friend won’t have the information s/he needs to make the connection and put you and his/her dad together. Even if you do share what you’re looking for, if you act like a moron, your friend will be too embarrassed to make the connection. Upshot; even when just “hanging out,” you’re still interviewing. If this sounds like one of those final exams where you know you’re going to get a single essay question but don’t know what the question will be, then you get it.
5. Schadenfreude makes you ugly.
You probably don’t think about the TV you watch at night as having an impact on your job searching activities during the day. More likely, you see your TV and movie viewing habits as an escape. And sometimes, that’s true. But more often than you realize, the crap you fill your head with infiltrates your personality. Example: you love E! You love watching about all the crazies in LA and who’s banging who this week. You get your nightly fill, go to bed, and wake up ready to tackle the day and… hey, a call back! You’re talking to this recruiter and, to make small talk, you share something you learned about Lindsey or Katie or the Gosselins, or some other flavor of the week. It’s a great conversation, but when he hangs up, the recruiter has an uneasy feeling about you. Why? Because in the back of his brain, beneath his consciousness, his psyche is screaming at him: “That person’s a gossip! You don’t want that here—it’s not worth the risk that the gossip goes from famous people to intercube relationships!” And… you’re done.
6. If the statement you’re about to make requires explanation or a pre-emptive apology, skip it.
I don’t care how funny it is! A good rule of thumb is if it requires backstory or a pre-emptive apology in order to be taken “the right way,” it’s inappropriate. Note well: some people can naturally tell off-color stories without being offensive. It’s not necessarily about the words you use, it’s about who says ‘em, too. The only exception to this is that pesky job interview, where you need to be on your best behavior and not do anything that would give someone a reason to fire you. Oh yeah, and don’t forget that you are ALWAYS interviewing…. next.
7. Once in the process, don’t try to get yourself hired. Instead, try to not get cut.
When you try to get yourself hired, you look desperate. Trying to get hired makes you do things like make one phone call too many, share one piece of information too much, or go one inch too far over the line. Don’t take that risk. Instead, concentrate on making yourself Teflon: assume the company has already decided you might be their guy/gal and is now looking for any flaw they may have overlooked. Don’t give them anything that sticks.
8. Gaps in your history? Own ‘em.
Did you muck up? Own it. When asked about it, (wo)man up, share what happened, why it happened, and what you learned from it. Not in a fumbly, apologetic way, but with conviction and certainty. Then, don’t explain that you won’t make the same mistake again, demonstrate behaviors that indicate you are a changed person. For example, maybe you were fired from a sales job for not making quota. You are asked why you left your last job. You might be tempted to say, “I had a jerk of a boss who didn’t support me and fired me in order to cover his own butt.” But instead, you will show maturity and a learning orientation, by saying something like, “I was in the wrong field. My boss did me the greatest favor he could have done—for two years I had struggled to make quota, and he saw something I didn’t want to see: I’m not built for enterprise sales. I was great at the one-on-one relationships, but I don’t have a mind for those types of products. He fired me. And angry as I was, I called him two weeks later and thanked him. He’s been a mentor to me since and helped capitalize on my strengths and understand what kind of opportunities I’ll really excel at… which is what led me to want to work with you. I think this is a much better fit; I don’t see quotas being an issue with the type of selling we’re talking about me doing here.” (Did you notice how you owned your problem long before the interview, by going back and reconnecting with your old boss? Ownership doesn’t mean don’t lie, it means OWN!)
9. Your degree may already be obsolete
We only need so many psychologists, marketers, and lawyers in the world… especially when our long term recovery is going to require engineers, scientists, infrastructure experts, climatologists, food production experts, health care specialists, water experts, and the like. Before you freak out that you studied the wrong thing, remember: it’s a lot easier for you to switch gears than someone who is trained in a dying field both by education and experience. Open your eyes and look around. The game is changing in real time. Roll with it.
10. Learn to sell.
No matter what happens in the world, no matter what kind of job you get, you will have to sell. Maybe you’ll sell products to consumers, maybe you’ll sell ideas to top management. Whichever, you’ll need to understand the steps of establishing trust, building relationships, learning about needs, pitching solutions, closing, and following up. More than understand them, you’ll need to experience them, because they don’t always feel the way you think they would. Whatever you do, look for opportunities to learn sales. You will not regret it.
Now get out there… and stay out there… until you make something happen!
Thank you to Jason Seiden, Willy Franzen, and OneDayOneJob for this article.
Photo Credit: http://www.nuwireinvestor.com/blogs/investorcentric/uploaded_images/College-graduate-jobs-777456.jpg
Even more information than I was looking for.
My sister has been so incredibly helpful when it comes to finding great articles for young adults who are currently job hunting and trying to figure out what to do with their lives. With great thanks to Caitlin Dewey, and taken directly from http://realestate.yahoo.com/promo/10-great-cities-for-young-adults.html, I present to you the most interesting article I’ve read thus far:
Free from ties to kids or a mortgage, young adults can settle virtually anywhere they choose. So which place is best for you when the world is your oyster?
Here are 10 cities in the U.S. that offer exceptional opportunities for those starting out in life. We began our search using the criteria we used to select our overall list of Best Cities for the Next Decade: healthy economies fueling new job growth. We fine-tuned our search using other youth-friendly factors such as large percentages of people under 35, cost of living and rental costs, culture, nightlife, and the time you’re likely to spend in traffic. Take a look – and tell us what you think.
Austin, Texas
Metro population: 1,705,075
Cost-of-living index: 97 (average is 100)
Median monthly rent (includes utilities): $864, nat. average+$819)
Average annual wage: $41,380 (as of 2007)
Unemployment rate: 6.9%
Percentage of Gen Y residents: 30%
Top employers: Austin School District, Dell, city and federal government, IBM, Seton Healthcare Network, St. David’s Healthcare Partnership, University of Texas at Austin
Austin has the fourth-lowest jobless rate among cities with populations of one million or more. Living costs fall below the national norm. It doesn’t hurt that this is the capital of Texas and home to eight colleges and universities, including the University of Texas. Austin’s cultural scene is exceptional, with two giant music festivals each year, a vibrant nightlife, and eclectic, up-and-coming neighborhoods, There’s certainly more than enough here to keep a recent grad busy.
PROS: Below-average cost of city living, hundreds of bars and music venues for the twenty-something set, reasonable rent
CONS: Long, hot summers, accelerating urban sprawl, limited public transportation (though the average drive will last only 23 minutes)
Charlotte, N.C.
Metro population: 1,745,524
Cost-of-living index: 94
Median monthly rent: $803 (average is $819)
Average annual wage: $41,190
Unemployment rate: 10.9%
Percentage of Gen Y residents: 21.7%
Top employers: Carolinas Healthcare System, Wells Fargo/Wachovia Corp., Charlotte-Mecklenburg Schools, Bank of America, Wal-Mart Stores, Presbyterian Regional Healthcare, Delhaize America
Charlotte has seen explosive growth over the last 20 years, and is now the second-largest banking center in the country (after New York). The city took it on the chin in the 2008-2009 meltdown, but it should offer lots of entry-level jobs for college graduates as the financial sector recovers. Despite the towering new skyscrapers, and a vibrant Uptown district, it’s still possible to live comfortably here on a tight budget.
PROS: A cost of living that skews well below the national average, reasonable rents, a bustling downtown still being developed, high-paying advancement opportunities in the financial sector
CONS: Hot, humid summers, smog alerts, high (but falling) crime rates, you’ll need a car (average commute lasts 24 minutes)
Chicago, Ill.
Metro population: 9,580,567
Cost-of-living index: 118
Median monthly rent: $861 (average is $819)
Average annual wage: $45,119
Unemployment rate: 10.3%
Percentage of Gen Y residents: 24.6%
Top employers: City, state and federal government, Chicago Public Schools, Wal-Mart Stores, Advocate Health Care, Walgreen, JP Morgan Chase, Abbott Laboratories, AT&T
Chicago is an exceptional value in big-city living, packing the cultural punch of Manhattan at nearly half the cost. Its lakefront district, with beaches, parks, a zoo and several museums, is a model for other waterfront cities. There are great sports teams, theater companies, and music festivals. And it’s the home of the deep-dish pizza. The jobless rate is higher than the national average, but the Windy City’s financial sector is thriving and promises more entry-level jobs in the future.
PROS: Low cost of living for a major city, cheap and widely available rentals, an efficient and user-friendly public transportation system, high-paying jobs in business and finance, great nightlife and entertainment venues
CONS: Extreme winter weather, high crime rate, and it’s a long car drive to other major cities
Houston, Texas 
Metro population: 5,867,489
Cost-of-living index: 91
Median monthly rent: $775 (average is $819)
Average annual wage: $41,074
Unemployment rate: 8.3%
Percentage of Gen Y residents: 23.9%
Top employers: Wal-Mart Stores, Memorial Hermann Healthcare System, Administaff, The University of Texas MD Anderson Cancer Center, Continental Airlines, Kroger, Exxon Mobil
Like its rival Austin, Houston offers great job prospects and exciting big-city amenities at a price so low, even struggling grads can afford it. Diversity is one of its unsung strengths. More than a million of Houston’s inhabitants were born outside of the U.S. H-Town’s economy is varied as well: The city has strong energy, manufacturing, aeronautics, transportation and healthcare sectors, and 25 Fortune 500 companies have headquarters here.
PROS: A small-town cost of living in the country’s fourth-largest city, rents well below the national average, one of the country’s best restaurant scenes, vibrant nightlife, an hour from Gulf Coast beaches
CONS: Oppressive heat and humidity, infamous bumper-to-bumper traffic (the average commute will last 26 minutes), heavy air pollution, a crime rate well above the national average
Kansas City, Mo.
Metro population: 2,067,585
Cost-of-living index: 96.4
Median monthly rent: $697 (average is $819)
Average annual wage: $40,950
Unemployment rate: 8.3%
Percentage of Gen Y residents: 22.2%
It may not have the big-city buzz of a Chicago or Houston, but KCMO is on its way up. The “Paris of the Plains” is in the midst of a $9 billion downtown development project, which will create a swath of new condos, apartments, offices, bars and restaurants- many of them targeted to young professionals. Unemployment and cost of living are low here as well, and job prospects are promising. Six Fortune 1000 companies call Kansas City home.
PROS: Below-average rents, low cost of living, money and momentum behind future development, innovative jobs in business, research and technology. The average commute is only 21 minutes.
CONS: Mediocre nightlife and limited cultural offerings (at least until the downtown development is finished), high crime rate, poor public transportation (though a light rail is under construction)
Lansing, Mich.
Metro population: 453,603
Cost-of-living index: 100
Median monthly rent: $630 (average is $819)
Average annual wage: $41,773
Unemployment rate: 10.2%
Percentage of Gen Y residents: 26.9%
Top employers: State government, Michigan State University, Sparrow Health System, General Motors, Lansing Community College, Ingham Regional Medical Center, Lansing School District, Meijer
Home to five medical schools, two law schools and Michigan State University, Michigan’s capital is a little-known hotbed for young professionals. Granted, this Great Lakes community can’t quite compare to the larger cities on our list in terms of job prospects or things to do. But it has a relatively low cost of living. And its youthful population, downtown renewal projects, and emerging technology sector make Lansing a stand-out in mid-sized cities.
PROS: Cheap rent well below the national average, a respectable bar and club scene, high-paying job opportunities in bio and Internet technologies. Average commute is only 20 minutes.
CONS: Public transportation is unimpressive, extreme winter weather, unemployment rate is a full point above the norm (the opportunities here skew toward the highly-skilled)
New York, N.Y.
Metro population: 19,069,796 (includes Long Island and Northern New Jersey)
Cost-of-living index: 218 (Manhattan), 179 (Brooklyn), 158 (Queens)
Median monthly rent: $1,025 (average is $819)
Average annual wage: $50,784
Unemployment rate: 9.4%
Percentage of Gen Y residents: 21.9%
Top industries (New York does not release specific employer statistics): General medical and surgical hospitals, individual and family services, restaurants, securities and commodities contracts, legal services
There’s no place for recent graduates quite like the Big Apple: the job prospects are exceptional and the culture and nightlife are without parallel. Yes, it’s tough to live here. The cost-of-living is the highest in the continental U.S. Conveniences most Americans take for granted don’t exist here, like places to park a car. Fortunately, however, there are still areas of the city where young professionals can eke out a living: Brooklyn’s Prospect Heights has recently come into vogue, Sunnyside and Long Island City in Queens are youth-friendly, and the money you save on rent in Hoboken will help ease the stigma of being a “B&Ter” (bridge-and-tunneler – someone who works and spends time in Manhattan, but actually lives elsewhere).
PROS: Incomparable job opportunities, an extensive mass transportation system that makes car-owning superfluous and allows young adults to live well outside the city.
CONS: Expensive, sometimes ridiculously so. But hey, if you can make it there, you’ll make it anywhere.
Portland, Ore.
Metro population: 2,241,841
Cost-of-living index: 110
Median monthly rent: $779 (average is $819)
Average annual wage: $43,346
Unemployment rate: 10.2%
Percentage of Gen Y residents: 21.9%
Top employers: Intel, Fred Meyer Stores, Oregon Health & Science University, Providence Health Systems, Kaiser Foundation Health Plan of the NW, city government, Legacy Health System
A haven for bohemians, punk rockers, aging hippies, techies and other creative souls, Portland is renowned for its progressive, DIY spirit. The city’s creative-class profile comes at a price, however, as cost of living is now above average. Nearby Olympia, Wash., a two-hour drive from Portland, may be a reasonable alternative for grads who don’t mind sacrificing some street cred – it’s a much smaller city, but unemployment and cost of living are lower.
PROS: Below-average rent, a walk-able (or bike-able!) average commute, plenty of microbreweries and hip coffee shops, innovative art and music scenes, no sales tax
CONS: Above-average cost of living, surprisingly high crime rate, notoriously rainy weather, an unemployment rate that skews almost a point above the average
Salt Lake City, Utah
Metro population: 1,130,293
Cost-of-living index: 100
Median monthly rent: $698 (average is $819)
Average annual wage: $39,722
Unemployment rate: 7.0%
Percentage of Gen Y residents: 28.8%
Top employers: University of Utah, state and county government, Salt Lake City School District, Novus, Delta, LDS Hospital, Salt Lake City Corp.
Here’s an affordable alternative to trendier Rocky Mountain cities like Denver and Boulder, where job growth, nightlife and climate are similar but living costs are prohibitively high. A year’s rent in Boulder will buy a year and a half in SLC – though maybe not in its explosive downtown district, where dozens of luxury condominiums, high-rise office buildings and clusters of shops and restaurants have sprung up since the 2002 Olympic Games.
PROS: Low rents and cost of living, urban development, job opportunities in manufacturing, finance, and technology, nearby ski slopes and cycling trails. The setting is breathtaking.
CONS: Mediocre nightlife, occasional smog, relatively low wages, the average commute requires a car (but takes only 19 minutes)
Washington, D.C.
Metro population: 5,476,241
Cost-of-living index: 139
Median monthly rent: $979 (District of Columbia, average is $819)
Average annual wage: $54,371
Unemployment rate: 6.0%
Percentage of Gen Y residents: 27.2%
Top employers: Federal government, McDonald’s, Northrop Grumman, Science Applications International, Verizon Communications, Safeway, Ahold USA, Wal-Mart Stores, Macy’s, Citigroup
Like New York, D.C. is a place of great opportunity and great cost for young adults. Job creation is constant in the government and government-related sectors. But rents and living costs are quite high. Fortunately, a constant influx of college grads, as well as immigrants, has spawned several off-beat, affordable neighborhoods, such as Adams-Morgan, Chinatown, and Ballston and Shirlington in nearby Arlington, Va. Group homes abound.
PROS: Stable government jobs, extensive public transportation system, a young workforce from all over the nation and the world, up-and-coming neighborhoods, vibrant nightlife
CONS: Hot, humid summers, regular Metro breakdowns and traffic gridlock
You learn something new everyday.
My apologies for not writing for quite some time. I have had quite the adventurous weekend due to some amazing news I received this past Thursday. Yep, you guessed it! I received a job offer from t
he company in Houston! Knowing I have a job offer makes me feel ten times better because it shows that the information in this blog actually has the potential to work. It worked for me, why not for you?
Now that I have a job offer, I find myself wondering exactly what to do next. First things first: make sure you receive the company’s package explaining salary, benefits, vacation time, investment opportunities, relocation information, etc. I will definitely be asking my mother and father for help after I receive this information. It’s always great to have someone you look up to explain and help you understand everything you possibly can about the position. Whether it be a parent, legal guardian, mentor, or adviser, make sure you have someone to guide you during this exciting process!
Secondly, many of my sources tell me that you can usually wait a week to respond to the job offer. But the best thing to do is respond to it within 2 to 3 days. You obviously don’t want to keep the company waiting, otherwise they may think you really aren’t serious about the position. You put forth all that effort, why would you want them doubting you the minute you’re hired?
Thirdly, knowing how to respond to a job offer is just as important as interview etiquette, sending thank you letters, and the rest of the lot. Below is a step-by-step guide by ehow.com that I have found quite useful:
Compose a Response to Decline or Accept a Job Offer
Step One: Thank the employer. Be sure to convey the fact that you are appreciative of the opportunity. If you are turning down the job, provide the company with a legitimate reason for your choice. You don’t want to alienate anyone who could become a future networking contact.
Step Two: Stay positive throughout a negotiation letter or phone call. Ask whether the pay, benefits or title are open to negotiations and suggest a time to further discuss it.
Step Three: Restate the hours, pay and benefits to reinforce the job offer as you understand it. Ask about job details that might not have been mentioned in previous communication, such as paid time off or work-from-home privileges.
Step Four: Be professional in your tone and presentation. Being offered the job doesn’t mean that you should stop trying to impress them. Use proper business letter format and always check for spelling and grammar.
Maintain Communication After You Respond to a Job Offer
Step One: Find out the specifics. Call and determine the exact start date and time, what you should wear the first day, where to park, whom to report to and your exact job duties.
Step Two: Send a thank you note. Thank the company for taking the time with you if you decline and thank them for the opportunity and reassure them of their choice if you are accepting the offer.
On a personal note, I will be receiving my package of information this week and plan to use this information (and my other research) to ensure that this process flows as smoothly as possible. And for those of you who read my blog on a regular basis, I just want to say thank you. I truly hope that this information will help you as much as it has helped me. And don’t worry, even when I do decide what my career path will be, this blog will continue to be up and running. You learn something new everyday, right?
You never know who might just be looking.
As mentioned in my previous post, today has been a completely and utterly productive day. With this productiveness has come multiple rewards. This is more of a personal blog post, not so much one that will give you advice during your job hunt. But hopefully it will motivate and encourage you, and prove to you that hard work does pay off!
First reward:
Scottsdale Fashion Week found an article I had written on examiner.com about Amsterdam’s International Fashion Week. They then found me on Twitter, followed me, and want to work together before and during Fashion Week. This means that I will hopefully be able to write more about the upcoming event and educate myself further on upcoming fashion trends!
Second Reward:
After writing the article mentioned above, I used my networking skills to share it with my peers. I posted links to the article on Facebook, Twitter, and LinkedIn. After letting it sit for the day, I logged onto examiner.com/Scottsdale and found yet another great surprise waiting for me! My article was listed as the most popular article under all articles written by Scottsdale contributors.
And there you have it, surprising rewards due to a lot of hard work and a stroke of luck. Hopefully this will motivate you to network and get your stuff out there! You never know who might just be looking!
The P Word.
I have already started this week off under the “productive” category. Yes, I categorize my days (don’t
laugh!). Yesterday, one of my best friends and I woke up at 6am (after going to bed at 1am) and decided to venture over to Starbucks and Einstein’s for a much needed breakfast. Needless to say, this is a rare occasion for both of us because we love to sleep in. After our delicious rendezvous, we continued to be productive by getting our oil changed and cars washed. I also bought a new car battery since mine was running on, oh, 4 years now. It literally wouldn’t start if I turned my hazards on for even a millisecond.
On this note of productivity, I have been determined to keep it going all week. It feels so amazing to get things done early in the morning. By the end of the day, you’ll be sitting in bed drinking a hot cup of chai tea, curled up with a good book (as I often do) and realize how incredible it feels to be productive. I feel as though today has been an equally productive day as well.
After searching many random websites, I went to one of my many “daily visited” sites: Amazon. For those of you who know me, I love books. I am an absolute bookworm and definitely have nerdy tendencies (fortunately, I still have social skills). I typed in “Best Books for College Grads”, and what do you know? A list pops up. And as always, I trust Amazon because they know me entirely too well! Ladies and Gentleman, I present you with the best books for recent grads:
1. Roadtrip Nation: A Guide to Discovering Your Path In Life by Mike Marriner (New: $10, Used: $2)
2. Darius in the Meantime by Devin O’Shea (New: $13, Used: $7)
3. The Turbulent Twenties Survival Guide: Figuring Out Who You Are, What You Want, and Where You’re Going After College by Marcos Salazar (New: $13, Used: $4)
4. Rules of the Red Rubber Ball: Find and Sustain Your Life’s Work by Kevin Carroll (New: $10, Used: $3)
5. Conquering Your Quarterlife Crisis: Advice from Twentysomethings Who Have Been There and Survived by Alexandra Robbins (New: $10, Used: $2)
Gotta love Amazon for keeping track of what you purchase in order to offer you fabulous recommendations. Happy Reading!
Photo Credit: http://www.wpromote.com/blog/wp-content/uploads/2009/07/pile-of-papers1.jpg
Take the edge off with a little advice.
While applying for even more jobs, I stumbled upon some interesting advice for recent graduates. Thank you to MY LIFE ROI for this information!
Q. With this economy being as tough as it is, what is your advice for graduates that are looking for jobs?
A. Don’t “wait for the economy to improve.” I know a lot of people doing this. They don’t want to be underemployed; So, they would rather be unemployed or go back to school. But, in my opinion, that is nonsense. Think about where you would like to be (in regards to your career) in 1 year. In 5 years? Start sculpting your resume to get you those jobs. To do so, look for jobs that interest you that will also develop your skills and knowledge. This may mean you are underemployed today, but it should help you get to where you want to be down the road. And what will that make you? Rightly employed!
Q. I got a Liberal Arts degree! Now what?
A. A typical joke about liberal arts degrees will quickly tie the degree into arts and crafts. With that assumption, you will have a tough time getting any job! But the truth of the matter is this: a liberal arts student takes a wide breadth of courses on different topics: philosophy, psychology, anthropology, government and politics, etc. All of these courses teach you how to analyze a problem or a situation and come up with a solution. A lot of companies know this (mine included) and have no qualms hiring a liberal arts student for a business related role. They do expect you to have a certain level of aptitude, though, because they will have to train you a little more than someone who went to school with that major. In practice, not by much, though. For a technical job like engineering this won’t be the case, but don’t write yourself off just because you got a liberal arts degree!
Q. How can I find a job that utilizes my strengths while also aligning with my personal interests?
A. What you want to do, in this case, is look for themes throughout your past. You can do this by writing down all the elements of your life. Even if that lemonade stand you started when you were 6 seems irrelevant, write it down. Why? If you put that in conjunction with the leaf raking business you started at 12, the painting company you operated during college, the web site development company you started right after college, and the craft business you started a few months ago – you will come to a theme of entrepreneurship. As a kid your entrepreneurship was geared towards more trivial things. As you got older it developed into larger scale things. But, regardless of the industry, you have shown a knack for entrepreneurship. If you truly want a job that aligns with your strengths, look for something entrepreneurial in nature to co-exist with your personal endeavors. To make sure it aligns with your personal interests, well… that one is for you to figure out!
Please realize that it doesn’t have to be a theme as obvious as the example above, though. If you have always enjoyed being the friend everyone can open up to and tell their problems to, do you think being a guidance counselor or psychiatrist is in your cards? Perhaps!
And a few I found randomly…
- In the mix of organizing a party, preparing for a first job, and studying for finals, many grads overlook their health insurance. What many don’t realize is, the moment they walk off that graduation stage their health insurance through school or a parent’s policy expires. It’s important for graduates to have at least some type of health insurance coverage in case of a hospitalization or injury – medical bills are anything but cheap. GradGuard offers free price comparisons on gap insurance plans perfect for new grads. Check it out: GradGuard.com/medical.
- The most important thing upon hire is to max out your 401 (k). You will not believe how effortlessly you can amass a huge amount of money in a short period of time. Furthermore, losses caused by delaying participation can be impossible to compensate for.
- Stay away from the financial services industry as much as possible. When you must deal with them, treat every aspect of the transaction with an extremely skeptical attitude — their entire business purpose is to suck money out of ordinary people. The same principles apply to anything having to do with real estate.
- You aren’t going to get rich in the stock market, real estate market, or some other “start up” scheme. Focus on a career that maximizes wage income, benefits (particularly a defined benefit pension plan), and job security. Look for work in government or in union-represented jobs (these provide more protections for employees), that require face-to-face or on-site contact, so that it cannot be “outsourced” or “off-shored.”
- Don’t get caught up in pointless status consumption. It’s just a waste of money.
- Don’t put money in the stock market that you can’t afford to lose.
- Don’t take anything you read in the mainstream media too seriously. These publications make their money selling advertising and want to provide a positive environment for their advertisers, so you’ll never read anything substantially adverse to their advertisers’ interests, particularly in “opinion” or “personal finance” columns.
And my personal favorite:
- The Golden Rules that my father taught me:
1) Always ALWAYS live within your means – no money for an iPod or that cool car? You won’t die if you don’t have it right now.
2) Always put away 30% of your income in savings.
3) Always shop for the best deal.
4) Use your credit card judiciously to build good credit but by no means use it as a license to spend what you don’t have in your bank account.
5) Use cash whenever you can – watching the transaction take place (and feeling the pain) will help regulate your spending
6) Always pay your bills on time
Hope this takes the edge off!
