Friday, April 8, 2011

"I Hate My Career"

Each Friday, The Echo Boom Bomb will feature a common question among Echo Boomers and/or their parents concerning economics or finance concerning the Millennial generation. These questions are often asked by Echo Boomers and/or their parents that I survey or can be directed to my email at echoboombomb [at] gmail [dot] com. If you email a question, please be sure to keep it concise and direct.

Question: I borrowed a large amount in student loans to be in a career that I hated. I couldn't stand my career choice and quit, but now am paying back my student loans. I'm not making the money I would be in my career field, so paying back the loans will take much longer. Are there any other choices for me?

The good news is that your story is not uncommon with Echo Boomers; many of them majored in something during college only to turn around and dislike it. While student loans are an unfortunate consequence, you have learned through doing what you like and what you don't like.

Let me stop here for a brief second and write something to my young readers that they should take note of here: before going into any career field, finding what you love doing - through doing - is imperative to avoid later regret. In other words, I wouldn't drop a dime on anything unless I knew that it was something I wanted to do.

If you're making much less money each month, keep in mind you have options that may help making repayment easier. For Stafford loans, you have forgiveness options on your loan as well. Keep in mind, however, that some of these may restrict your profession and you may enjoy those professions even less than your former one.

Given your situation, I'd recommend using this time to cultivate your character and develop sacrifice. While you may think this is hard at first, once you're beyond your student loans, you'll have developed key traits to financial success.