Are you currently unemployed or recently graduated from college but have not found a job yet? Then this post is for you! For those of us (including myself) who are just starting a career, this is the first time in our lives that we have no obligations. Hence, no more school or classes to attend. We are completely free to make our own decisions about what we do every day. This situation may be overwhelming, frustrating or exhilarating to you. This blog post will help you think about your unemployment economically and enable you to make informed decisions. Here are some key points to keep in mind while you are looking for your next job, changing careers or just enjoying the time between college life and entering the adult world of full-time employment.
First of all, time is scarce. Use your time, a scarce resource in the most productive and effective way. Spend your time in a way that either gives you the most satisfaction or minimizes the costs of the chosen action. Whether you get the most satisfaction from writing a blog post (like myself), reading a book, applying for jobs or catching up with friends, keep in mind that there are only 24 hours in each day. Use them wisely.
Tradeoffs. Every decision you make to choose an action involves an opportunity cost. Every time you choose to take action and make a decision, you are giving up the opportunity to do something else. Keep tradeoffs in mind when you make important decisions about the choices you make. For example, every time you apply for a mediocre job that you don’t exactly like, you are giving up the opportunity to search for another job. Be smart about the jobs you apply for and the ones that you let go.
Maximize satisfaction and net benefits. Each person has a difference preferences for the types of careers or jobs they want to pursue. If you don’t know what career path to pursue, take some time and do your research. Choose the career path that gives you the highest amount of satisfaction; maximize net utility. If you choose the career that maximizes your overall utility and gives you the highest net benefits, 30 years from now you will be thankful you made that choice.
Invest in yourself. Every day take the time to do something that makes you happy. Ultimately if you invest in yourself it will pay off. You will be inspired and will make a good impression during the next job interview and land the job. During your career if you invest in yourself, you will increase productivity, happiness and overall be a valuable employee.
Below are a few ideas to invest in yourself:
Read a book.
Start a blog
Find a new hobby or redevelop your love for a past hobby
Comments and discussion are welcome!