Earnings Stifled by Graduating During Recession

[Anonymous]

http://www.bizjournals.com/washington/news/news-wire/2014/10/09/whats-a-poor-millennial-to-do-work-for-the.html

Any truth to this? Did anyone in this forum who now makes $$ graduate during a down economy? If so, how did you bounce back?

[Anonymous]

I graduated in 93. My first job paid $18k and I was grateful. 2 yrs later I changed jobs and jumped to $28k. One more yr than off to grad school. Came out at $60. Worked steadily up and moved as needed. Now I'm topped out at $180. I could possibly move for more money but i work from home full time and can do my job in about 25 hrs a week. Family time is now more important than money.

[Anonymous]

agree. 2009 grad school grad. cant negotiate anything nowadays despite the fact that if I left and they found a comparable person even right out of school they'd get my same salary. Not "work up" via measly annual raises (not associated with anything but market comp studies).

[Anonymous]

I only skimmed the article but I came out of b-school in 2003 and from reading this forum it seems like people are coming out of school making pretty close to what I'm making now - ugh.

[Anonymous]

I graduated in 09. I'm making under $40k. No I'm not in nonprofit

[Anonymous]

OP here -- I'm a 2009 law grad who is doing okay, I've managed to work my way up to a somewhat decent salary, but I can't help but feel that my career somewhat failed to fully launch because of when I graduated.

When I read threads from 35 year olds who've managed to accumulate ridiculous amounts of wealth, I just can't fathom how someone could make so much, buy a home without being totally house poor, and still invest/put away tons of money for retirement. People who were fortunate to be born in time to graduate during a boom economy and when houses weren't insanely $$, you are so lucky.

[Anonymous]

I graduated college in 2001, but because of the dot.com bust, my start date with Accenture was deferred a year. They actually gave me a deferral bonus (1/3 of my annual salary as a deferral bonus). I moved out West and was a ski bum for the ski season. I left consulting years ago and switched to finance and now make $250k. I was lucky and transitioned into finance before the financial crisis when the economy was humming along. It would be much harder now if I tried to switch careers without an MBA. Timing is a big factor in anything, like career and love...

[Anonymous]

I graduated in 1986 and it was a bad year for jobs. Things work out over time.

[Anonymous]

But life is not fair, right? We can't be sad and ask why me. It just is and we need to make the best of what we do have.

[Anonymous]

Anonymous wrote:But life is not fair, right? We can't be sad and ask why me. It just is and we need to make the best of what we do have.

Agreed. But the lucky ones should realize that too and stop attributing everything to their "hard work." I know a lot of people with less than stellar credentials that would have never landed the jobs they have now if they had to graduate during a down economy ... yet they continue to act as if timing had nothing to do with it.

[Anonymous]

Anonymous wrote:OP here -- I'm a 2009 law grad who is doing okay, I've managed to work my way up to a somewhat decent salary, but I can't help but feel that my career somewhat failed to fully launch because of when I graduated.

When I read threads from 35 year olds who've managed to accumulate ridiculous amounts of wealth, I just can't fathom how someone could make so much, buy a home without being totally house poor, and still invest/put away tons of money for retirement. People who were fortunate to be born in time to graduate during a boom economy and when houses weren't insanely $$, you are so lucky.

I graduated in 2001 and even then it us took YEARS to save for a house downpayment, so that by the time we started looking there were multiple offers on every crappy house on the market and everything sold above asking price. So we were squeezed out. We had no parental money coming in, unlike the majority around here (at least it seemed that way). Then we waited a few more years and bought right as the market started to turn. And we kept saying if we had just been out of school five years earlier we would have had enough money to get this house for 200K less. Such is life.

[Anonymous]

This thread is just a bunch of whiners complaining about how hard they have it nowadays. Boo hoo.

[Anonymous]

Anonymous wrote:I graduated in 93. My first job paid $18k and I was grateful. 2 yrs later I changed jobs and jumped to $28k. One more yr than off to grad school. Came out at $60. Worked steadily up and moved as needed. Now I'm topped out at $180. I could possibly move for more money but i work from home full time and can do my job in about 25 hrs a week. Family time is now more important than money.

Yes but that means you spent your late twenties early thirties during one of the best economies in history, 1996 to 2000.

[Anonymous]

I graduated college in 1995. It's been great. I caught the start-up ttech/telcom boom (95-99), then the real estate boom (01-06) and now the stock market boom (09 onward).

I fully acknowledge it's been great timing and luck.
I also fully acknowledge that had I graduated in college five years later I would not have been in a position to capitalize on any of those.

[Anonymous]

we had 3 new developers start in last 2 weeks for java development. All H1Bs from New Jersey head hunters. 20 years ago it would have been college graduates from VT or JMU. Not any more. Thank your government!