Matt Appleman threw together a list of hacks to avoid a minimum wage gig.
Currently, about 8% of minimum wage workers have a bachelor degree or higher. A recent report by the Bureau of Labor Statistics shows that 260,000 college graduates worked minimum wage jobs in 2012, the lowest since 2008. This is slightly better, or rather less bad, than the peak in 2010 when 327,000 college graduates were paid the federal minimum wage of $7.25 per hour or lower. However, it is still nearly double the amount of pre-recession levels. Moreover, minimum wage jobs may lead to defaulting on college loans. The two-year default rate was 10% for Fiscal Year 2011 and the three-year rate was a record 14.7%. It has risen for six years in a row and is showing no signs of stopping. Putting this in perspective, the 10% two-year default rate means that about 475,000 people went bankrupt two years after they began paying off loans. Once someone defaults, or goes bankrupt, it will impact them for the rest of their lives. It will be very difficult to get a loan for a house or a car.
Eight Ways to Avoid Default:
1. Attend an affordable college (Also read: $10k degrees for students in Texas)
2. Get scholarships and grants
3. Obtain multiple internships & excel in them (view gigs)
4. Earn excellent grades
5. Don’t get in legal trouble
6. Save your money (spend wisely!)
7. Make an exceptional resume w/ cover letter & post it everywhere
8. Kill your interview(s) (view these interview tips)
Bonus hacks: It’s easy to write a killer resume and cover letter if you have the experience to back it up… Volunteer, get involved, build relationships and talk about ideas with thought leaders in your field. Learn by doing!
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