7 Mistakes Recent Graduates Make When Starting Their Careers
1. Buying a home when it doesn’t make sense
There are many sites that talks about this. I’ve talked to many people that bought their house too early just because they don’t want to throw their money away on rent. Well, here is a simple rule: buy a house that costs 2.5x your annual salary. Or if you really want to see if buying a home is worth it, use a rent vs buy calculator.
2. Thinking you deserve a job with the piece of paper you own.
I see this with a lot of graduates. They think companies owe them a job because they have a piece of paper called a degree. Likewise, I see people getting a higher education thinking it’s their magic bullet to a higher salary, promotion, better job, etc.
Well, companies don’t owe you anything. You need a combination of soft and hard skill sets to get a decent job. Even if you went to an Ivy League school, a job is not guaranteed. I used to know a recent graduate from Yale that had a hard time finding a job because her soft skills were lacking.
3. Believing in Robert Kiyosaki
Robert Kiyosaki is a great inspirational speaker and writer, but he has dangerous ideas. Robert tells people to quit their job immediately and start a company. He also tells them to get into debt and buy real estate. He even tells us to be a “sophisticated investor” by trading in risky investments like options, futures, and forex. Robert sells the dream but rarely tells the reader the risks and the hard work involved.
4. Not paying your dues and being too picky.
Another problem with recent grads is that they are looking for their perfect job right out of college. If you’re having trouble finding a job—just get any job. Any crappy job that gets you relevant work experience and improved skill-set is good enough. Once you stay at the crappy job for a year or two, then you can leverage your new skills to look for a better job.
5. Taking a job with a start-up for equity.
I just wrote you should take any job. But don’t take these types of jobs: the start-up with no money who promises you equity. This should be obvious, but I guess when people are desperate they do stupid things. These jobs are pretty much legal con jobs. Most people who offer these jobs are dreamers who have no idea how to run a business. They expect you to do all the work for free. Instead of taking a job with these hacks, just start your own business.
6. Splurging your new salary and getting into debt.
Besides a house, you can waste your money on other expensive things. I know a guy that bought a new BMW after his first paycheck. Sure it’s good to reward yourself with a little something. But buying a car that costs as much as your annual salary is not very smart.
7. Dating your co-worker
You want to hook up with that hottie in marketing? There are lots of instances where a workplace romance does work out. But you’re risking a lot to date a co-worker—especially if you date your boss. If you guys break up, then you have to deal with the awkwardness of working together. And there are other negatives too.
There are ways to meet people outside the company. Just go out and socialize. Go hang out with your friends and friend’s friends. There are a lot of people out there and don’t limit yourself to the workplace just because it’s convenient.
Stumble it!
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Comments
Great points, especially on thinking you deserve something now that you have a degree. I think its easy to get done with 4 years of college and feel like you’ve paid your dues when in reality, you’ve just begun. It’s kind of like showing up for your first day of practice on a college athletic team and bragging that you were all-state back in high school. Well, so was everyone else, no one cares.
I had trouble finding my place when I graduated. Sure I like my degree and my school’s background assures me that I’d get shortlisted in most companies I apply for, but I noticed that there’s a downside to flaunting your degree or smartness.
In the end, a company will hire people with low to medium airs about themselves. Humility and eagerness to help out will earn points more than a degree. A degree is a dime a dozen in the Philippines, but those who actually make it start with being humbled by the concept of a big company investing on them to join the said company for the long haul.
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What a load of bullshit about Kiyosaki – I have NEVER heard him say anything of the sort about Quit your job immediately – perhaps you should do your homework better – in fact he advocates quite the opposite… and he certainly doesnt tell people to invest in currency/options or futures when the first start out! If you got your head out of your arse for one second youd realise that your little magic equation of x 2.5 your annual salary doesnt work either – in my country or any country I know of – perhaps you live in an ex-soviet block state?
Of course by your reasoning Id just use the rent vs buy calculator to sort out my future investments – wow stupendous work einstein – You have just told everybody to shy away from Kiyosaki and then shoved your ‘dangerous’ rhetoric down their throats – lets just leave it to the logical calculator to work it all out – of course just because the house is falling apart at the seams and is the worst house in the biggest slum doesnt mean anything when we have a calcultor does it???!?!!?!?!?
I found this list of 7 mistakes recent grad students make when starting new careers very interesting.
I am one who hates paying rent and seeing it go to waste. Does anyone know if the 2.5X scale counts for dual income households as well?
I think it is important to get some sort of experience whether it be an internship or an entry level job to get experience in the field before expecting a great salary paying job.
For the most part, I agree completely with the blogger.
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