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Overestimating Starting Salaries

In our June 1st local paper, an article discussed that 78% of students overestimate what they’ll make at their first entry-level job. One study found that Gen Z undergrads figure on making nearly $85,000 their first year. They also refuse to work for less than $72,000. The expectation of earning $205,000 annually in a decade is also part of their plans.

Returning to reality, the average starting salary for recent college grads is $55,911. The mid-career actual wage is more like $98,647.

The suggested spending grid I used in my book, “Say No! to College Debt,” indicated that they will have difficulty making ends meet. Things cost more than the suggested budget can handle. The student debt to get the jobs that aren’t always there throws a monkey wrench into the plan. Many Gen Zers are putting off marriage, having children, or buying a home to deal with their debt.

Think many times before signing on those student loans. Too often, the grief they cause exceeds the benefit of the education.

Thanks for reading, and please pass this on to anyone you know who could use it. And may God bless your efforts to achieve financial freedom as it leads to spiritual freedom.

#CollegeDebt, #CollegeLoans, #saynotocollegedebt, #WealthOfGeeks, #FranklinSchnieder,


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