College education is big business, and with easy Federal loans, prices for everything from tuition to text books is going through the roof. Once degreed, the majority of college grads are ill-equipped to handle the current marketplace. Many of those who entered college just five years ago simply can’t find work in a 21st century economy that’s imploding on all sides. What college grads are left with are massive loans that can’t be repaid and a room in mom and dad’s basement.
This latest video from the National Inflation Association should be viewed by parents and potential college students alike.
At one time, college was an investment. Today, it’s become, as one interviewee in the documentary suggests, indentured servitude.
For parents and teens looking at colleges, we suggest taking a close look at the amount of money that will need to be spent and borrowed, compared to the benefits that will come out of the degree pursued. Thirty years ago, a bachelor of business would have been a desired degree to hold. In an economy with over 20% unemployed, one must ask: how many business administration and management jobs will there be four or five years from now, especially if we continue to lose production capacity to cheap foreign labor.
If you’re dead set on sending your kids to college, or you yourself are preparing to enter higher education, look at the future to determine what you should be learning. China will be the leading economy by the end of the decade – perhaps consider becoming fluent in Chinese. Seen the prices of commodities lately? With monetary printing, a growing global population, and the possibility of major weather changes (natural or man made) we suggest take a close look at careers in resource-based (food, energy, water) industries.
Most importantly, prepare your mind for a post-college environment where, rather than finding a job for someone else, you are able to invent your own.
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