As commencement season unfolds, we take a moment to reflect on the journey ahead for graduates. While no institution has invited us to share thoughts with the Class of 2014, we believe that some insights, free of charge, can be beneficial as you embark on this new chapter of your lives.
Congratulations! With your academic journey behind you, you are now set to enter the real world, often referred to as the school of hard knocks. You have all officially enrolled, and while some will rise to the challenge, others may stumble along the way.
One of the first truths you’ll encounter is that your academic experience may not fully prepare you for what lies ahead. The world you’ve been promised—a place of abundant opportunities and lucrative positions—often exists only in fragments. Moreover, the older generation has placed burdens upon you, leaving you to balance their retirement needs along with your own.
So, where do you begin?
Firstly, it’s important to recognize that the school of hard knocks is not a four-year endeavor. You have approximately 40 years or more in the workforce ahead of you. During this time, you will face challenges, earn your scars, and experience setbacks. The world can be unforgiving and often does not align with your expectations.
However, it’s not all bleak. Despite the unpredictability, how you respond to life’s hurdles can lead you to unexpected and rewarding destinations, perhaps even surpassing your initial dreams.
How to Get After It
We encourage you to approach each day with a smile, tackle challenges with confidence, and greet failures with optimism. Cynicism rarely serves anyone, including the cynic.
If you have accumulated significant debt to fund your studies, consider it a lesson in investment. Avoid borrowing money without a clear understanding of the potential returns. Even with a thorough understanding, remember that outcomes may not always meet your expectations.
In the school of hard knocks, your expectations can frequently lead to disappointment. Owing to common narratives, you may believe that incurring debt for a college education guarantees you high-paying jobs. The reality has shown many graduates that repaying student loans without a solid job can be daunting, and even with a good position, student loan repayments can hinder wealth accumulation.
Additionally, the timing of your entrance into the U.S. economy presents its own challenges. The prosperity seen throughout much of the 20th century has diminished, making it increasingly difficult to purchase homes, fund education for children, or save for retirement—except for a fortunate few.
To The Class of 2014
Despite these hurdles, don’t let them deter you. Instead, view them as opportunities for creativity. With persistence and a willingness to fail, you can turn obstacles into remarkable successes.
Legend has it that Thomas Edison encountered thousands of failures while developing the modern incandescent light bulb. Rather than viewing these as setbacks, Edison saw them as steps towards understanding what does not work.
As traditional corporate roles dwindle, you’ll encounter many chances to stumble. Ultimately, these experiences will enrich you. Instead of climbing a corporate ladder or remaining a cog in a bureaucratic machine, you have the chance to forge your own path and create something meaningful.
This means embracing the necessity of becoming your own brand and enterprise, often on a tight budget. Taking on debt before validating an idea is not a calculated risk; it’s unwise.
In that spirit, like Edison, pursue opportunities for failure. Be willing to experience setbacks as a stepping stone to success. Although the journey may take time and involve hardship, if you remain committed and learn from your trials, you may find yourself celebrated as an overnight success by the end of your journey—even if your bank account doesn’t reflect it.
Sincerely,
MN Gordon
for Economic Prism
