Your Job Offer Was Revoked, Now What?
These are unprecedented times but there are things you can do to make the most of it
These past couple months have been crazy. Everyone has been hit hard, but a group that I believe has not been getting enough good advice is going to be our upcoming college graduates. A lot of these people did it all right: they got the grades, secured the job, and they were waiting for their start date. However, I have seen a lot of people posting on Linkedin that they got their job/internship offers revoked, and they are restarting the process of sending out their resumes. If you resonate with this story, this article is for you.
Posting your resume on LinkedIn is a great start, but I believe there are other options to pursue that will put you in the best position once we get out of this COVID-19 Collapse.
Start Making Money
I know most of you were on track to be doing this, but the recent events have derailed that. I get it, many of the ideal post-college jobs are not there right now. But there are a lot of other jobs to be had right now— you might just be looking in the wrong places.
Companies like Amazon, Walmart, Kroger, etc. are hiring people to work in their fulfillment centers, and they have been posting advertisements online for positions that are up for the taking.
If you just read that and said, “Yeah… but I have a degree; I can do better.” Sorry to be the bearer of bad news, but in a time like this, you might not be able to do better. Sitting at home feeling bad for yourself and not taking one of those jobs might potentially be one of the worst long-term financial decisions of your life. Let me show you how:
Before you completely dismiss that idea, I need you to understand the amount of money you are leaving on the table. Let’s say, for example, you take one of these jobs this summer and are making $15/hour, and you stay in that job for three months. You will earn approximately $7,200. If you then invested that money, in 45 years, it would be worth almost $350,000! That could potentially mean retiring 5 or 10 years early.
The way this happens is through the power of compounding. Compounding is when the money you have invested earns money, and then that earned money is reinvested and makes more money.
How this works:
You invest the $7,200 you made this summer into an S&P 500 Mutual Fund. And if this fund continues to grow at an average rate of 10% a year. After the first year, it is worth $7,920. Then the next year it grows another 10%. So, you are earning an additional 10% on last year’s 10% gain. When this occurs over many years, you can make some serious money.
If that seems confusing to you and you are a little suspicious of this money-making scheme. I have attached some articles I have written that explain that in more detail.
Article Link - What is the S&P 500 and Why Should You Care?
To get the most dramatic effects of compounding, you need money (that’s why you are working at a fulfillment center) and time (you are lucky because you are young).
Apply to Jobs
This one seems obvious, but I still have to mention it. You might feel like it is hopeless, and you just had the perfect job, and you think you won’t be able to get another one. Turn off that voice in your head and keep applying. But there are two things I would do differently this time around.
One, I would get an accountability partner. Set out a goal number of jobs that you want to apply for each week and report back to this friend. Stay with it - have a wager if you don’t meet your goal. For example, you may have to pay that accountability partner $5 if you do not meet your goal - something to keep yourself honest.
Learn a new skill
Now that you have been applying to a bunch of jobs and taking note of their preferred skill-sets. Take this time to learn a new skill. I know you just finished school, and you thought your learning days were done, wrong!
You probably noticed there were holes in skill-set when you were applying to your dream jobs, so this is the perfect time to fill them in. With a computer and the internet, you can learn dang near about anything. There are some great free courses on YouTube, and you can also use paid services like Udemy or Codecademy.
If your job does not require technical skills and is more knowledge-based, order some used books on Amazon. There is no excuse not to be learning over this break.
If you do the three things I outlined above, you will come out of this better than 95% of your peers. So here is a quick summary of what you need to do in the next couple of months:
Make Money - take any job you can get and make sure you are putting money in your bank account. To benefit from the power of compounding, you need money and time, so get that money!
Apply to Jobs - Get an accountability partner and apply to jobs. Also, apply to dream jobs and take notes of the skills they want that you don’t have.
Learn a new skill - based on the skills you saw from Step 2, devise a way to learn those skills through online courses or books.
Once this economy comes back to normal, it is going to be clear who sat at home watching Tiger King and those who made the best use of their time. Keep your head up and keep moving forward; nothing worth having comes easy.