• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Job market

Brent once owned an advertising agency that he claims generated $500,000 a year in revenue. Everything was sailing smoothly until his apartment burned down. He had no insurance.

“I just completely broke down,” he said.

Brent claims the trauma distracted him from work and he had to let his clients go to other agencies. He has struggled to land a job ever since.

He might not find something that perfectly matches his creative media background, but the fact of the matter is there are more job openings in the U.S. right now than there are unemployed people. The latest Bureau of Labor Statistics (BLS) data shows there are 6.1 million unemployed workers compared to 9 million job openings.

In January, professional and business services added 74,000 jobs, after last year’s average monthly increase of 14,000. The retail trade sector added 45,000 jobs. The leisure and hospitality sector, which Brent seems to be avoiding, added an average of 39,000 jobs a month in 2023, according to the BLS.

Brent might try his luck finding a job at his desired level in a professional or high-level retail setting while making money in service and hospitality, but he refuses to take a “step down” in the meantime.

“Something better is going to come along and I just know it,” he said.

Hammer wasn’t convinced.

“If your option right now is nothing or something, I’d pick something. Even if that something is not absolutely fantastic,” he said.

Kiss Your Credit Card Debt Goodbye

Millions of Americans are struggling to crawl out of debt in the face of record-high interest rates. A personal loan offers lower interest rates and fixed payments, making it a smart choice to consolidate high-interest credit card debt. It helps save money, simplifies payments, and accelerates debt payoff. Credible is a free online service that shows you the best lending options to pay off your credit card debt fast — and save a ton in interest.

Explore better rates

Financial situation

Brent says he takes on odd jobs for income, but it’s not enough to pay rent, which is covered by his parents. That makes him part of another unfortunate cohort. One in four millennials say they rely on their parents to pay their rent, according to a survey by OnePoll for the Chartway Credit Union.

Brent’s situation isn’t unusual, but he seems to make it worse with bad spending habits. He acquired roughly $3,000 in short-term, high interest loans and frequently purchases online lottery tickets.

The situation is bleak, but not hopeless, at least according to Hammer.

“What I would do in general is I would just go get a job today. I would start driving Uber Eats,” he said. “I would also just go work a billion hours a week, every moment that you’re not sleeping.”

Hammer also recommends cutting back on gambling purchases, such as the lottery tickets, and online subscriptions. This could give Brent some room to pay off his debts quickly and stop relying on his parents for financial assistance.

“No more spending money on fun” until the debt is gone, Hammer suggested.

Sponsored

This 2 Minute Move Could Knock $500/Year off Your Car Insurance in 2024

Saving money on car insurance with BestMoney is a simple way to reduce your expenses. You’ll often get the same, or even better, insurance for less than what you’re paying right now.

There’s no reason not to at least try this free service. Check out BestMoney today, and take a turn in the right direction.

Vishesh Raisinghani Freelance Writer

Vishesh Raisinghani is a freelance contributor at MoneyWise. He has been writing about financial markets and economics since 2014 - having covered family offices, private equity, real estate, cryptocurrencies, and tech stocks over that period. His work has appeared in Seeking Alpha, Motley Fool Canada, Motley Fool UK, Mergers & Acquisitions, National Post, Financial Post, and Yahoo Canada.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.