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Being Overeducated For Your First Job Can Hurt You Financially – Wait, What Now?

Burning-money

We just can’t win with you, can we, American education system?

First you make us sit through government-mandated schooling for 13 years, which you force our parents to pay taxes for, and hand us a piece of paper. Then they tell us “that’s not good enough.” Okay, fair, reasonable, we’re 18, not ready to run a Fortune 500 yet, I get it.

But then they force us to take ridiculous exams that make absolutely no sense and are not a good judge of intelligence whatsoever, all so we can get into colleges, both private and public, that either cost our parents an arm or a leg, or force us to take out loans that will haunt us through the rest of our lives and beyond the grave.

Now can we have jobs? No no, in order to make it in this job market, you need a Master’s degree. So you spend the next 2-5 years in Business, Law or Medical School, causing us to take out loans for whatever meager stock we have left in the world.

And NOW they tell us that the process actually sets you back  according to “Time Magazine”, that being overeducated in a first job like bartending or retail can lead to lower salaries for the rest of your career. So just like your mother told you about your first girlfriend or boyfriend in high school, settling will only harm you later in life.

According to researchers from Duke University and UNC Chapel Hill, who were somehow able to work together without murdering each other during ACC Basketball season, “people with some post-secondary education who were overeducated for their first jobs were making less than their peers of a similar education level, even ten years after they entered the workforce, according to a new report published in the National Bureau of Economic Research.”

They followed around 13,000 people since 1979 to determine how their initial jobs affected their later careers, and found that while they started out at a higher salary than their peers, a decade later, they were making far less.

Unfortunately, they don’t offer any kind of solution, but they’re basically saying “If you have a college degree or higher and you’re working as a bartender, or at Starbucks, or are waiting tables, you’re screwed forever.”

So the job they’re doing to cover their finances to get the proverbial monkey of student loan payments off of their backs is, in reality, hurting them. Is that what you’re trying to tell us?

We can’t win anymore between the government and their insane student loans, and colleges jacking up tuition every year to astronomic levels. It’s an impossible situation and a no-win scenario. We’re just the poor saps caught in the middle. Sucks to suck, right?

[via Time]

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