Crisis of Underemployment - How it relates to Mustachianism and RE

[Trudie]

I found this article/interview with William Galston of the Brookings Institution on the crisis of underemployment illuminating:
http://www.cobank.com/Newsroom-Financials/~/media/Files/Searchable%20PDF%20Files/Newsroom%20Financials/Outlook/Outlook%202014/Outlook_0614.pdf

My spouse works in higher education, so the value of a college education and skills-based training is a frequent topic at our house.  I am not an economist, but I am an accountant and frequently think about labor markets.

Some food for thought and some of my opinions:
By pulling back on our consumption can we "right-size" our jobs to create more opportunities for decent part-time and professional work?  That is, can we create more jobs in the pipeline?

I have long felt that RE will allow me to step aside and make an opportunity for someone else, particularly a younger college grad.  I think that affordable health care coverage that is not tied to employment is an important public policy initiative if we are to create opportunities for the next generation.

I love college and I have the credentials to show for it.  But, many people could find rewarding skills-based careers that require 2-year or technical degrees and be all the better for it.  Too many kids pursue expensive college education and have no idea what the hell they're doing.  It's a social expectation.  I've seen other kids go the 2-year route and they're loving their work -- as electricians, respiratory therapists, and bookkeepers.  Two of the three are working for organizations that will pay for them to continue their educations.  They have no debt.

I may be cynical and opinionated, but I agree with William Galston that it doesn't always work to "follow your dreams."  I'm not advocating being in soul-crushing jobs, but I've seen a great number of kids graduate with expensive four year degrees who do not have marketable skills or good prospects.  A friend's kid just graduated with a B.A. in Anthropology (with debt) and is interested in sustainable foods and food deserts but really has no idea how to craft his interests into a career path. 

Maybe we need to modify this message.  Maybe we need to modify what "dream" means.  Maybe you can't have everything you want at the same time?  Maybe deep satisfaction from a career is not to be had?  Maybe we're supposed to find it in other ways?

I have no kids of my own, but I have nephews.  My advice to them is this, figure out what you love to do, then do it.  Find a way to minimize your debt.  If you want to do something artistic or a path less trod, great -- but find a "side hustle" that will allow you to pay the rent while you do what you love.  Learn self-sufficiency skills (cooking, home repair).

Kind of a ramble...

[TexasAggie]

I remember being very interested in being a professional football player in high school.  I took stock of my abilities and realized it was not going to happen, so I chose a large state school with a good engineering program rather than "following my dream" and playing college football at a small private school.  That engineering degree has served me well.  I don't regret it one bit.

[sly]

I didn't read the report but underemployment is real and has reached crisis level. I would say it is directly related to MMM ideas, many younger people (including myself) grew up thinking they would naturally reach a certain level of material comfort. I always thought I could get always get "a job", some sort of job that would at least pay the bills. I did not realize that you could go to high school, college and do everything right and still not make a living in the traditional sense. I am lucky to have a high paying job now, but I went through a period of unemployment recently and it was scary, there are so few opportunities, so many incredibly low paying gigs. MM and other frugal living movements are key to re-adjusting expectations and learning to live with less (and still be happy). In a way I wish more people would use their underemployed status as a way to re-invent themselves and become Mustachian superstars. I don't really see that happening, but maybe I'm being unfair.

[libertarian4321]

I remember being very interested in being a professional football player in high school.  I took stock of my abilities and realized it was not going to happen, so I chose a large state school with a good engineering program rather than "following my dream" and playing college football at a small private school.  That engineering degree has served me well.  I don't regret it one bit.

Same here regarding the football, but my abilities pretty much topped out in Pop Warner football. 

One year of riding the pine pretty much told me I wasn't going to be playing for the Giants on Sundays.

So I too went for the engineering degree, which worked out well.

[Erica/NWEdible]

I have no kids of my own, but I have nephews.  My advice to them is this, figure out what you love to do, then do it.  Find a way to minimize your debt.  If you want to do something artistic or a path less trod, great -- but find a "side hustle" that will allow you to pay the rent while you do what you love.  Learn self-sufficiency skills (cooking, home repair).

What I tell my daughter is that not having enough money will stress you out and make you unhappy. ("Enough" isn't a number, of course, but FIRE is easier on $70k than $17k a year.) Having a job you hate with people you hate and hours that stop you from doing anything else will stress you out and make you unhappy. Find something that won't make you either of those versions of unhappy and do it.
I'm all for well-paying part time work "underemployment" - but the key is well paying, and that's hard to come by. But in theory, I think that might be the best thing for families. If both partners could work part time and parent part time and still make enough to live on I think quality of life would be better for most families.