Problem: Open trade jobs with no applicants
All the kids graduating from high school are going straight to college and the pool of skilled trade talent is running dry. Like sheep following a shepherd high school seniors graduate and march off to college in the fall because that is what everyone else does. Meanwhile, there are housing booms around the country and not enough skilled trade workers to get the jobs done. There are open trade jobs with no applicants, a considerable problem and missed opportunity for many.
When people can learn skilled trades and vocations in less time than it takes to earn a liberal arts degree, it can be easier to retrain people for the new lines of work needed in a variety of industries, not only construction.
A shortage of plumbers and air conditioning repair technicians is a real problem when the need exceeds the available skilled workers to solve homeowners’ emergencies.
College tuition is expensive, and the loans can be gigantic
When it costs $15,000 and more per year to attend a state school in Illinois the student loans can multiply quickly. Especially when many students borrow more than the money for tuition, books and fees and maximize their loans to also include rent and living expenses, the total cost of a four year degree can easily reach $100,000.
With a $100,000 student loan an average interest rate of 5.7% a student will pay $1,095 a month on a 10-year repayment plan and make combined total payments in the amount of $131,424. The interest alone would be enough to buy a dependable vehicle or a down payment on a home.
The earlier you start working, the earlier you build net worth and gain assets
A couple years out of high school, an iron worker in Seattle is earning more than $50,000 a year with no college degree required. His name is Morgan and he makes $28.36 an hour working on a jobsite with Pacific Northwest Ironworkers shop. He is already earning great benefits and a pension. Meanwhile all his high school friends went off to college and someday they will make as much as he does at age 20.
Because Morgan doesn’t have large student debt burdens he is able to save for a house and his retirement much earlier than his peers who went to college and want to continue to graduate school. Surely many of them will do well, but it will take them many more years to get into the red where they are getting out of debt and accumulating assets.
Joseph Wrobel wants you to make smart financial decisions and get a head!
About us: Joseph Wrobel, Ltd., works with clients to find out if they qualify for Chapter 7 or 13 bankruptcy, and their options and rights under the law. The firm will also advise and assist clients with questions and concerns about the collectors and their rights to pursue you.
Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. (312) 781-0996.