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the benefits of graduating during the financial crisis

The Benefits Of Graduating During The Financial Crisis

Last Updated on August 24, 2021June 24, 2019 12 Comments
This post may contain affiliate links. Affiliate Disclosure.This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

The other day, I was listening to a Planet Money podcast about how the United States is nearing full employment and it got me thinking about how different the world is today compared to the world I graduated into a decade ago.

To set the scene for you, I graduated from college back in 2009, which, if you remember, was right at the very bottom of the financial crisis. Lehman Brothers had collapsed a few months earlier. The unemployment rate was nearing 10% (and would actually hit 10% later in the year). And, like many (maybe most?) new grads, I had no job and no real prospects. 

I ended up moving back home and got a job at my local golf course, working about 30 hours per week so that I wouldn’t be eligible for benefits. That one job wasn’t enough for me – about $800 per month – so I grabbed a second job at a currency exchange at the mall where I made $13 an hour. Between those two jobs, I worked about 60 hours per week, making something like $2,000 per month.

My friends did similar things, moving back home and finding very basic jobs that made us heavily underemployed. One of my best friends ended up going back to his old job at a bookstore (which surprisingly, did offer him benefits). Another friend got a job at a bar and also got an unpaid internship with a pretty big company. I only remember one friend that got a “real job” – I think he made something like $40k a year, which to 22-year old me, made me think he was rich.

Graduating into that environment was very different compared to the next group of graduates that entered the workforce just a few years later. These folks graduated into a world on the upswing, one where it was actually possible to get a job and start a real career coming out of school.

You can see this difference in many of the personal finance/financial independence blogs written by the current crop of 20-somethings that graduated from college after the recession came to an end. Many of them started on their path to financial independence almost immediately. That was something that I and many others in the 2009 graduating class couldn’t even imagine. For us, that period during the recession really felt like a sort of purgatory, waiting around for things to get better so. The idea of financial independence – well, that wasn’t even something many of us could even think about. 

There’s a lot of data that demonstrates the long-lasting, negative impact of graduating during a recession. Just like with retirement, there’s a sort of sequence of returns risk that comes with graduating and entering the workforce during a recession. Lifetime earnings tend to be lower, with studies showing that recession-era graduates often don’t catch up when it comes to salaries for a decade or more (anecdotally, I know this is true simply by looking around at my own cohorts, even in the legal field). Resumes also tend to look worse, with gaps, underemployment, and employment with companies that simply aren’t as big and prestigious. When I was interviewing for summer associate positions back in 2011, I had to really BS to make my job history sound better than it was – golf course worker and currency exchange kiosk worker didn’t really sound impressive.

All of this would make it seem like nothing good could have come out of graduating during the financial crisis. But like with most things, there’s always a silver lining. And when it comes to the recession, it actually came with some unexpected benefits that I think have helped me on my own path towards financial independence. 

Benefits of Graduating During the Financial Crisis 

It Taught Me How To Be Scrappy. One of the things that graduating during the financial crisis did was teach me how to be scrappy and get by using whatever means necessary.

I didn’t have a lot of options back then, so I went and got my old job at the golf course. When that wasn’t enough, I jumped on Craigslist and found a second job that fit in well with my schedule – I could work at the golf course in the morning, then head to the currency exchange for the afternoon and evening. I even contemplated trying to snag a third job at the Proactive kiosk that was located right next to my currency exchange kiosk (I swear I could have probably worked both jobs at the same time). 

It seems like this background is why I got so into the gig economy and figuring out how to fit things into my schedule and monetize my life. I was figuring out how to fit different sources of income together even before the whole on-demand gig economy thing existed.

A lot of people will give up when things get tough. The recession didn’t give me a lot of choices. I had to be scrappy if I wanted to make any money.

It Taught Me How To Be Humble. Graduating during the financial crisis did something very important that I think serves me well today. It helped me to understand how to be humble.

There’s a lot of value in having a sense of humbleness in your life. When you think about it, a lot of the things we do aren’t really for us – they’re often done for other people. And doing things solely to satisfy other people can sometimes be detrimental, not only to your wallet but to your own happiness as well. We buy things we don’t actually want. We put ourselves in situations that don’t make us happy. Sometimes (maybe often), we choose careers because of this.

Pursuing financial independence means doing things differently, and in a way, it requires some sort of humbleness and ability to say you’re happy with what you have. Because, if you aren’t able to say enough is enough, financial independence simply isn’t possible.

Interestingly enough, this sense of humbleness seems to be backed by data. I found this article from the Harvard Business Review that pointed out that people that graduated during a recession tend to be less likely to develop a “grandiose sense of self” due to having to face setbacks and adversity.

I’m not saying people shouldn’t be confident in themselves or their abilities. It’s just that, on the path to financial independence, I think it helps to have a sense of humbleness. And nothing made me more humble then graduating with no job, no prospects, and living at home, working a job that I could have done in high school.

It Led To Way Less Lifestyle Inflation. This is a bit of a corollary to the humbleness thing mentioned above, but the financial crisis led to way less lifestyle inflation, mainly because I had no money and had no way to inflate my lifestyle.

I was living at home. I had no money to buy fancy things. None of my friends had money or nice things either, so there was no pressure to keep up with others. 

Lifestyle inflation is going to happen – that’s just a fact. But the recession made that happen a lot slower compared to what it could have been.

It Made Me Realize The Worst-Case Scenario Isn’t So Bad. There’s a thing a lot of people do whenever they’re trying to do something different. They think about all of the bad things that happen and overreact to them, acting like the worst-case scenario is going to be life-ruining. 

The truth is, there are very few things that will ruin your life. I graduated during the worst recession since the Great Depression. I couldn’t get a job. None of my friends could get jobs. We all had to move back home and get retail or food service jobs that basically paid us minimum wage. 

And despite this, the world didn’t end for us. It took us longer than we thought it would – but we eventually all got on our feet. When I think about it, even if my wife and I fail in all of the stuff we do, our lives won’t be ruined. We’ll figure things out. There just aren’t too many things that will ruin our lives.

The Financial Crisis Helped Me On My Path Towards Financial Independence 

If I could have picked any time to graduate from college, it wouldn’t have been in 2009. Long-term, I’d probably have been better off graduating a few years earlier or a few years later. I’d be willing to wager money that when economists do studies of what year was the worst year to graduate college, 2009 will probably be right up there as one of the worst this century. 

And yet, despite how bad it was to graduate during the financial crisis, it did something very important. It gave me qualities that I might not have picked up if I had graduated during a more profitable time in history. Humbleness, scrappiness, an understanding of what a bad economy is really like. These are all things that have helped me on my path to financial independence. 

I can’t read the future, but eventually, there’s going to be another class of graduates that enters the job market at the absolute wrong time. It won’t be a great time when that happens – but you’ll probably come out better than you expected. Even in crappy times, there are benefits.

This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

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financial panther

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

  • SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
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  • US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
  • M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
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Feel free to send Kevin a message here.

Filed Under: Career, My Story

Reader Interactions

Comments

  1. Debt Ascent says

    July 23, 2019 at 5:11 pm

    What a great post! I also graduated from undergrad in 2009. I recall three (out of 50ish) of my peers in my degree program were able to find a job out of school. I didn’t have much in the way of location independence since my wife was going to attend dental school, and I never received a single reply to the 10s of applications I sent out. The lack of job prospects is a large part of what eventually drove me to pursue an advanced degree.

    It’s fantastic that you’ve found the good in your experience. I suppose I’ve tried to do the same, but you’ve made me think back more about how different things might be now had I graduated during more typical circumstances.

    Reply
    • Financial Panther says

      July 23, 2019 at 8:41 pm

      Us 2009 grads graduated in such a different world – the grads today can’t even imagine it. But it made us scrappier for sure – definitely a good quality for those of us chasing FI.

      Reply
  2. Joel says

    July 15, 2019 at 6:00 pm

    Thanks for sharing your perspective! I resonate with your points on humility and scrappiness. I also graduated from undergrad in 2009. I got a job working as an instructional assistant at a special education school, making $11 an hour with no benefits. I worked there for about a year and a half before getting a contract job with a large tech company. While it was an unconventional starting point, I really valued the time I had at that school. I learned how to value what others had to teach me, including those who had fewer “credentials” than I did. I learned a lot from my colleagues who only had high school diplomas or were working toward their GEDs. Also, if I have a tough day at my current job, at least I can say that no one tried to bite me today.

    Reply
    • Financial Panther says

      July 16, 2019 at 12:56 pm

      It’s amazing to think how different our paths are compared to a young graduate today. Really helps to look at the bright side of things.

      Reply
  3. Jasper Stojanovski says

    June 27, 2019 at 11:53 pm

    What was that old lifestyle quote that is crossing my mind?
    “Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.”
    —G. Michael Hopf

    Thanks for sharing, it’s good to see that you’re humble about your journey—despite your current success online!

    Reply
    • Financial Panther says

      July 1, 2019 at 1:34 pm

      Thanks! And still working on the success part. I’m just trying to be better every single day.

      Reply
  4. Julia says

    June 27, 2019 at 12:24 pm

    Another upside- you had no money to lose in the crash, and if you started investing right away, the stock market has gone up incredibly since then.

    Reply
    • Financial Panther says

      July 1, 2019 at 1:36 pm

      For sure – good point. Unfortunately, with no job meant no money to invest. I didn’t get my first real job until fall of 2013 and didn’t invest my first penny until December 2013 – over 4 years after I graduated from college. Bummer! Now people who kept their jobs during 2009 and kept investing – they are killing it!

      Reply
  5. Emily says

    June 24, 2019 at 10:37 pm

    This is a great perspective and I hope one a lot of people take to heart! – a 2010 grad

    Reply
    • Financial Panther says

      June 25, 2019 at 8:15 am

      Thanks Emily! Glad it resonated with you!

      Reply
  6. Abigail @ipickuppennies says

    June 24, 2019 at 2:29 pm

    Sounds like some good things came out of a pretty bad situation. Humility is huge when it comes to personal finance. A bad starting scenario means you’re a lot less likely to feel entitled to things once the money does start coming in. It sucks that you’ll have to play catch-up for so long when it comes to salary, but I guess at this point you’re mainly thankful to have found work that’s steady and offers benefits, eh? I imagine even all these years later that’s a relief.

    Reply
    • Financial Panther says

      June 24, 2019 at 4:54 pm

      There’s definitely something to be said about humility. Coming out of college with a triple major (yes, I had three majors) and not being able to find a real job hits you. I still remember interviewing for an administrative assistant position at a small CPA firm that paid $15 per hour and not getting hired. Contrast that to today where employees are literally ghosting employers.

      Reply

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