Wages, affordability, and job openings are important factors to determine where a young adult can get a head start in life. Parents hope their child can make it on their own with a college degree rather than living back at home for several years.
This is where hard decisions need to be made as few job openings can be found in a densely populated city but the allure is the higher salaries. The shocking reality about this dilemma is, $56,000 per year sounds better than earning $48,000 but few will ever take the time to calculate how much more savings they will have after factoring for all their expenses. It almost reminds me of the decision newly admitted college students make with their parents about where to attend college. I bet if you were to survey 20 students in this scenario, at least 75% would argue that it’s better to attend a college that most people are familiar with. Now think about that same individual, 4 years later, deciding to work in either Seattle Washington or Raleigh North Carolina. One is traditionally known as a tech hub while the other not so much.
So what type of individual are you? Planning for the long term may provide more clarity on which scenario best positions someone to buy their first home, pay off student loans, or start a family. Or if the short term allure is to just have the highest W2 among your friends, then the decision could be an easy one. Give yourself a 5 year goal when you graduate to determine what best allows you to reach that milestone. For example: manage employees, create a network, gain knowledge through apprenticeship, have a company sponsor your pursuit of a masters degree.
Having a roadmap can allow you to see beyond just joining the rat race and making money. This allows you to position yourself for success beyond your entry-level job while never forgetting to continue learning. Most college graduates never pick up another book and read it from beginning to end. I guess they assume their quest for obtaining new knowledge stopped when they received their bachelors.
Here is a list of the worst cities for college graduates according to Moneywatch: Rochester / Virginia Beach / New Orleans / Fresno / Portland / Oklahoma City / Hartford / Memphis / Seattle / Salt Lake City
Here is a list of the best cities for college graduates according to Moneywatch: Raleigh / Baltimore / Austin / Atlanta / Charlotte / New York City / San Francisco / Cleveland / Nashville / Indianapolis
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