The unemployment rate has dropped below 8% nationwide for the first time in over three years. However, amongst the United States population, our youth in the age group of 18 – 29 comprise the highest rate of unemployment than amongst any other age groups. For the group in the age category of 18 – 19 years old, the unemployment rate is an astounding 22.6%. For the age group of 20-24, 12.8% remain unemployed. Just looking at these two age groups together, ages 18 – 19 and 20 – 24. These groups unemployment rate remains twice as high as the nation’s unemployment average.
For the age group of 25-29, 8.3% remained unemployed. At a quick glance, it is easy to see that even amongst the age group of 25-29, although it is much lower than the rest, it is still above the national average.
In the past, many of our youths have been able to avoid being included in the unemployed by attending colleges and universities. However, that doesn’t provide an immediate solution for many in today’s economic climate. According to the Economic Policy Institute, in 2011, the unemployment rate amongst college graduates was 9.4 %. Again, it is more than 50% of the total of the unemployed in the U.S.
The statistics for high school graduates is even more bleak. The percentage of youths that have recently graduated from high school but are unemployed is a whopping 31.1%. And, then there is the population that has dropped out of school. According to the Wall Street Journal, more than 50% of high-school dropouts are swelling the ranks of the unemployed.
What is the answer?
Many of the nation’s unemployment have chosen to join the ranks of the underemployed. This is an unfortunate choice. Why, you may be asking.
Well, first let’s consider what is the definition of underemployed. According to Merriam Webster dictionary, the definition of underemployed is “not doing work that makes full use of their skills and abilities. Now, just considering the definition of the word underemployed, it is easy to see why this is an unfortunate situation. It is already predicted that we use only 10% of our mental capability. This means that those included in the underemployed are using even less than 10% of what they are capable of achieving. One way to counteract this percentage is by reading non-fiction regularly and educating ourselves on a daily basis. But honestly, how many people actually spend the time to do this on a daily basis?
Starting Your Own Business
Those who have not wanted to join the assemblage of the underemployed have chosen to start our own businesses. Is this a viable option? Well, of course it is. But when starting your own business, there are so many options to be considered that makes starting your own business a pretty undesirable choice.
You will need an advertising budget. No one knows who you are. They don’t know that you exist; and unless you pick a business franchise, most potential consumers will not know that you are open for business. Advertising budgets are very costly; you have pay-per-click, video marketing, facebook marketing, twitter marketing, and so much more. Unless you have been saving for a long period of time, there is a strong chance that you don’t have a budget for this type of marketing. So why not a franchise?
For most of us, franchises are not within our financial reach. Let’s consider Subway’s Restaurant. At first glance, it appears that a Subway’s franchise may cost as little as $15,000 with only 30% of our own cash – that’s only $4,500. Only?! How many of us have $4,500 laying around.
Now, why do I say at first glance? Well, that is the low end. Truthfully, the actually cost is more around $50,000. Now we are talking about having $15,000 of our own cash. When starting the entrepreneurial endeavor, most financial experts will advise you to have six months of business and financial cost set aside. Now, when you consider the cost of insurance, employee wages, your own wages, personal living expenses, the overall savings that we need to have set aside is over $100,000. That is only for a six month period. What if you don’t make a profit within the first six months? Well, the obvious answer is – I hope you have more than six months of financial obligation set aside.
Is Network Marketing a Solution?
For any of the questions that I have posed, the answer will always be, it depends on your financial circumstances, your determination, your personal network, your family support, and so many other variables. However, many financial experts will say – yes, this is the most logical solution. Financial experts from Robert Kiyosaki, David Bach, Donald Trump, Bill Gates, Bill Clinton, and many others say that Network Marketing is the financial solution for today’s economic collapse. Why is that?
Well, Network Marketers don’t have to worry about a large advertising budget. If you have chosen to join the right company, there will be so many internet hits, you will only need to direct a potential sign –up with the name of the company, allow them to do their own research, and the rest falls into place.
Also, Network Marketing companies provide turn-key business solutions. You will not need to hire developers to design websites. You won’t need to do market research to find out what you should charge for your product. There is no need to hire a Marketing Director. Most Network Marketing Companies have Chief Marketing Officers in place to take care of the marketing needs.
And, in the 21st Century, Network Marketing has produced more millionaires than any other industry in the history of United States commerce.
At the end of the day, it is important to find the solution that works best for you. Do your homework, learn your options, study your options, and make the best choice for you.
One alternative to help you make the best decision is to seek out a Success Coach. Most will give you one session for free or as much as one month for free. Many will continue to answer your questions as they come periodically. After all, establishing Networks is the command of the day.