Young Americans could benefit from incorporating their own businesses

January 05, 2015

Despite recent improvements in the economy, there’s no question that the current job market is tough. Young people who have spent thousands of dollars on education are now finding that their prospects are less than stellar. The numbers bear this trend out: while more than 84 percent of today’s 27 year olds have some sort of college education, just one in 10 say that they’ve filled their career goals.

And that vast majority, who are stuck struggling in roles that aren’t where they’d like to be? They’ve paid handsomely for that privilege. Of those that attended college, some 60 percent took out loans to do so. Over half are more than $10,000 in the hole. Nearly four out of every five owe some sort of money.

The jobs market holds little promise for them escaping this struggle. As of 2011, 27 year-olds were more likely to be pulling in less than $15,000 annually than they were more than $40,000. During the Obama Administration, 40 percent have spent some time unemployed. At least 80 percent described their financial situation as somewhat stressful.

These harsh realities all underscore one of the primary benefits of incorporating a business. Instead of being forced to wait for a job market that may never materialize, forging out on your own allows you the freedom to succeed on your own merits. It’s hard work, but instead of the efforts being futile and unproductive, they all go directly into improving your own situation.