Archives for November 2013

How to Avoid the Worst Outcome: “I Hate My Job”

If you hate your job you’re not alone. Seventy percent of Americans actively dislike their job or are not excited about what they are doing with their lives. That is pretty sad. Many solutions today focus on fixing the job with such things as access to catered meals, a ping pong table or free massages.

Buzz Today Source: CNBC/Gallup: Just 30 percent of employees are engaged and inspired at work, according to Gallup’s 2013 State of the American Workplace Report, which surveyed more than 150,000 full- and part-time workers during 2012. A little more than half of workers (52 percent) have a perpetual case of the Mondays—they’re present, but not particularly excited about their job. The remaining 18 percent are actively disengaged, roaming the halls spreading discontent.

Google is often cited as the icon for the happy work environment. 84 percent of the Google workforce has a high level of job satisfaction, one of the highest percentages in the Fortune 500. It helps that the average salary at Google is $107,000 per year. But money, free gourmet food, kindergartens and gyms and free time to work on personal projects is not the only story at Google. Google invests lots of effort to make sure that they hire right people in the first place.

Unless you already work for Google their work place solution is not available to you. But that doesn’t mean that you don’t have good options available. You have to change what you do at the beginning, not after you have a degree and begin to look for a job. The forty five year old with a college education who ends up with a degree and a job they (you) hate, most often takes the traditional path to education.

That traditional path begins with the way education decisions are made in our society today. The example here does not describe 100% of the cases but it is true for the majority. And it is likely it will be true for you unless you do something about it before enrolling in a degree program. The first education decision is typically the selection of a college/university to attend. The assumption is: “If I enroll in the most selective university possible I will have the best chance for career success”. This critical assumption is wrong. When it comes to your pay, what you study in college is more important than where you go to school.

Once enrolled in the university of choice, enrolled students try to figure out what to study – a sequence I call Major – Major – Major in my book “Your Future is Calling.” And it is here where the “I Hate My Job” trap begins to snap shut. Desperate and running out of student loans, the typical student will feel an urge to just get a degree and then look for a job. The last question being asked is whether the degree/job fits what I call “who they are”. The result is the forty five year old with a big mortgage, auto loans, kids in school, family obligations and a decreasing number of options to deal with the sad fact that they hate the job they ended up taking.

It’s no wonder so many hate their jobs. Often the job taken is the desperation decision at the end of a string of choices that started at the wrong point in the first place. To avoid this sad state of affairs you need to reverse the sequence.

Rather than beginning with the decision to attend a specific college or university, a better path is to begin with understanding “who you are” in the first place. From there, the best sequence is to select a career based on the match between “who you are” and future career prospects. The selection of a major to prepare you for the career that fits “who you are” is next. Last comes the choice of the university with the best major – tuition cost combination.

In the end, your goal is to immensely improve the odds that as a forty-five year old your state of mind is not “I hate my job”. You want to be able to say what the vast majority of employees at Google say, namely “I love my job”. There are actually people in the world who say that everyday. Your main goal should be to become one of them.

Oh, by the way, there’s an outcome at least tied for worst with “I hate my job”. It’s having huge student debt, a worthless degree and no job at all. My advice is to avoid this outcome at all costs. Work conditions at Google cannot help you here. Only you, and the decisions you make today, can produce the better outcome. GO FOR IT!

What You Need to Know Before You Pick a Major or a University

“Is College Worth It?” The answer is yes only if you chose wisely. College graduates had, on average, over $32,000 of debt upon graduation in the spring of 2013. The major on their degree had a lot to do with their ability to earn an attractive living and manage that debt.

Buzz TodaySource: American Institutes for Research. An analysis of the earnings of recent college graduates in five states finds that those who went to elite institutions do not necessarily earn higher salaries than their peers, that some certificates and associate degrees are far more lucrative than four year degrees, and that when it comes to science, technology, engineering and math (STEM), students who study biology or chemistry will earn far less than those in the other three fields.

The traditional sequence for individuals going to a college or university has been University – Major – Degree – Career. The reality is that for over half of those receiving a bachelor degree in America the sequence is actually more like: College – Major 1 – Major 2 – Major 3 – College 2 – Major 4 – Degree (finally) and then look for a job.

Has this been your experience? There a couple of things to observe about this typical sequence. The first thing is how much emphasis is placed on the reputation of the college or university. It is as though getting into a prestigious university is all one needs to do to have the golden ticket to a successful life. What we see in the BUZZ Today here is that this is not true.  The research shows that the major/career you select is far more important to your earnings future.

So if being accepted by an elite (highly selective university) does not assure you of economic success, what does it tell you?  Being accepted by a highly selective university tells you that you are among the smartest people in the country. That is nice to know this and does tend to make one feel good about ones self. But in the end, you are smart whether you go to university A or a less prestigious school B. Your smartness goes with you, it doesn’t stay with the university you decide to attend. The bottom line is that you do not have to pay the high tuition costs of the elite university when it comes to having the best chances of making a decent living. Conversely, you are not destined to a substandard living standard if you do not get to go to Harvard or Yale. What is far more important than where you go is what you study – your major.

The major you select is closely tied to the career you are targeting for yourself. To pick the right career you first must know “who you are” – something I discuss in detail in my book “Your Future is Calling.” I will defer a more detailed discussion of the “who you are” challenge for a later post. For now lets return to the career/major discussion.

The amount of earning power related to specific majors/degrees is truly amazing. Data from the very valuable web site CollegeMeasures is loaded with very important information about what specific majors and careers are actually worth in the real world. For now let me leave you with one direct comparison for bachelor graduates in the state of Virginia. On average, such graduates with a psychology degree (one of the most popular majors in American universities) had first year earnings of $29,040 compared to first year average earnings of $51,378 with an engineering degree.

In conclusion for this post:

1. You need to learn to prosper

2. What you study is far more important to your income than where you study.

3. You can save a lot of your education expenses by avoiding Major – Major – Major in combination with selecting your career/major before enrolling in any specific program or any university.

Three Things You Need to Know to Have a More Prosperous Life

Having a college education is by far the most important thing you can do to have more income than your parents. This is especially true for those who come from families in the lowest income group.

Buzz TodayOnly 5% of children born into the bottom quintile who don’t graduate from college end up in the top quintile. By contrast, 30% of bottom-quintile children who graduate rise to the top quintile. But only 7% of those born to parents in the bottom-quintile get a college degree. Source: The Federal Reserve bank of San Francisco “College graduates were over 5.3 times more likely to leave the bottom rung than non-college graduates.” Source: Research by Pew Trust

With all of the attention on the question “Is College Worth It?” it is easy to become confused about what to do. The research in the Buzz Today is unambiguous. If you want to have the best chance of improving the economic well being of your family you need to get a college degree. The confusion sets in when the question becomes: “Does a college degree guarantee a better life for me and my loved ones?” The answer to this question is that there are no guarantees in life. Having a college degree vastly increases your chances of a better income but it is not a sure thing.

So the three things of importance to you are:

1. Earn a college degree

2. Earn the right college degree that has good employment prospects

3. Earn a college degree for the lowest cost possible

These three things are all possible for anyone committed to their own future. But to take advantage of this opportunity, the first thing you must have is the motivation to get an education – to earn your degree. Without motivation you cannot reach these goals. My main reason for sharing this data on earning power from a degree is to create the motivation you need. Having a goal always helps provide guidance on a long journey.

In addition to motivation, you need good information on careers and college costs. For career choices, you can go to a government site titled O*Net where there is great detail on employment prospects. For objective data on what it actually costs to go to various colleges and universities go to College Navigator

But it is not sufficient to merely have the data. You need to know how to find the specific information that fits “who you are”. You also need to know how to navigate your way through these massive data bases. You can get that specific guidance from my book Your Future is Calling. Learn and prosper as the data in Buzz Today shows.