This young woman wants to be a nun. But she can’t become one until she pays off her student loans. This is just one more example of how student loans can hold you back. Unless a student is going into a field where a steady, decent income is virtually assured, borrowing money to go to college is a huge risk in the current economy.
In my last post I referred to the current slowdown of the previously strong healthcare and education industries. Additional proof comes from graph-loving Charles Hugh Smith, who illustrates this trend quite effectively.
As I wrote in Thriving in the 21st Century, healthcare and education are two of the few growth areas seen in this economy. This has been true for quite a while now. But it appears that things are changing. A combination of lower birth rates and Obamacare seem the most likely culprits, but whatever the causes, this does not bode well for future employment in these areas.
I believe healthcare workers will continue to be needed as the enormous Baby Boomer generation ages, so it’s still worth encouraging kids to go into this field if they’re so inclined, and particularly if they’re gifted in the area of caring for others. That said, the pathetic performance of other segments of our economy, when combined with news like this of declines in the best-performing sectors, makes it clear that raising kids with multiple skills as well as an entrepreneurial bent (side businesses could keep them from going hungry) is more important than ever.
Here’s a great infographic that explains how to check your change to look for silver content. Given the price of silver these days, and the volatility of our financial markets, collecting silver coins is a good activity to get your kids started on.