What is my generation supposed to do?

So I recently graduated from law school and passed the bar exam in 2 New England states. I went to a public high school because it was all that my family could afford. Luckily my school was one of those rare public schools that offered exemplary education, often even better than the private schools in the area. During high school non-stop up until now I have worked at jobs, usually full time, in addition to school. Still broke, I went to my state's best public university. It was all that I could afford. I graduated summa and near the top of my class. I then went to law school and despite going to a lower ranked school because they offered me a substantial scholarship, I owe $100,000 in student loan debt. Other than that I have no debt. I paid off my credit cards before the bills became due and earned every penny beyond my student loans from working at numerous jobs.

I graduated near the top of my class from both the JD and an MBA program that I tacked on for only an extra semester of school. I kept costs low while in law school by living with family. In part it was great because it helped me financially but more so because it let me keep an eye on my elderly grandparents who had health difficulties. Now I am officially sworn into the bar and make $11.89 an hour with absolutely no benefits (no health insurance, etc.)beyond a very small amount I can afford to put into my 401(k).

I have a job lined up for the fall- I am very grateful for it as most of my friends don't have any- but the pay isn't nearly what most people would expect for an attorney. It is not enough for me to move out into my own place and be able to afford heat, electricity, food, etc. It would be enough but with taxes- 7.5% FICA, 28% Fed income tax and 5% state income tax- I can't afford it. On the other hand I am tired of having to rely on my family to survive. I am a grown man and should be able to go live on my own now.

By all intents and measures I think I have thus far followed all the rules one is supposed to. I stayed away from drugs, alcohol, casual sex, etc. and just tried to work hard and be a good christian. Now there's no jobs anywhere that would be enough to meet all my bills. I want to move to TX but it would require paying another $5000 to take a bar exam and I am not sure the job prospects are any better there.

Now I'm not stupid. I know the current debate is not fully over social security for the current elderly. The real issue for spending is in part over the fact nothing will be left when my generation is old enough. But what are the people in my generation supposed to do? Anyone? We are not all self-centered sex-obssessed morons in my generation. Yes some are but that would be akin to saying that I can blame all of the problems of today on every baby boomer because there are many selfish people in their generation.

I guess my point is how can I and people my age in similar circumstances survive in light of the government's enjoyment of destroying our future? A recap:

-the government undervalued higher education by demanding that social justice requires a higher ed for everyone - the government made loans thus jacking up the price of such a degree -the government said there weren't enough lawyers to provide social justice so demanded more law schools and lawyers - the government said everyone deserves a home regardless of whether they work for it, thereby causing the current economic mess we are in -the government spent excessively to "fix" the problem but just made it worse

How can someone like me who despite trying to do things the right way, to avoid government handouts, to work hard, to try to be a good christian survive when the government has forced us into working poor status and is trying to force us into dependence?

First, calm down about the future. My grandfather lived the first 43 years of his life before SS existed. He knew the only guarantee he had of making a living was to work as hard as he could, whenever he opportunity presented itself, starting at the age of 10 when he quit school to work in a sawmill. Moral of the story thus far: there are no guarantees save those you make for yourself.

As for advice, well, your experience reminds me of mine, but on a larger scale. (I didn’t come out of school with completely unmanageable debt, I was aiming at a lower-paid profession, and my lower-class background gave me lower expectations of life.) I didn’t get a job in my field immediately after college- no openings in the places I applied. So I went to work, paid my student loans, and lived at home. I eventually got a job in field- I was patient, and it took awhile. My student loans eventually got paid. At the time though, I felt much the way you sound- “I did everything right, why aren’t the good things happening?” I first counsel patience. You are beginning your life- don’t expect to have a lifetime’s worth of amenities laid on your lap, or to make the salary of the big dogs right out of the box. That’s an unreasonable expectation. Driving old junk cars is normal- although if one is giving a lot of trouble, it might be time for a different one- you can’t go to job interviews if the car falls apart. Notice I didn’t say new one. Also, there is no shame in living at home for a bit- you can save a lot of money that way, and you can do nothing without capital.

Next, I will counsel alertness. While you are working, saving money, etc, you need to look for the next opportunity. This may appear to be something you might want to scorn, but as Napoleon pointed out, “Fortune has to be wooed when she is in the mood.” If an opportunity is likely, give it a chance. Work hard at it, and do your best.

Finally, I counsel faith. When you are bogged down, seeming to make no progress, or no opportunity is on the horizon, ask the Almighty for direction, and He will show you where to go. We all hit points where we might think we are spinning our wheels, but we can move on from there.

Good luck to you- you sound like you have a chance at a good start, if you keep your expectations in line with your means.

One of my best friends was in the same situation during the great Carter recession. He dedicated himself to his profession. He established a record of excellence and integrity. Now he has a great private practice and can retire any time he wants but he keeps working because he can choose cases he is truly passionate about. Don’t get discouraged. Your peers, like most people will see the wisdom of conservatism with age.

BTW No matter what anybody says, earning the type of education you have is a great accomplishment. Good luck and don’t forget to have some fun during the way.

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