We are all familiar with the obvious signs of the recent economic crash.
Loss of cars, homes, jobs and retirement funds.
Reduced quality of life.
People are traveling less and working more.
But there are a few unexpected effects of the downturned economy you might not have noticed.
The Question of College With the recession killing many retirement and college funds, and the cost of private schools rising by 70% over the past decade (according to the College Board), it's no wonder the value of higher education is in question.
Many students simply cannot afford the outrageous expenses college promises, with no guarantee that this "investment" will pay off.
When you couple this with the drop in employment for the newly graduated, it's a scary prospect.
We are not anti-college.
Those who aren't college educated had an unemployment rate that was over twice as high as those with at least a bachelor's degree as of July 2010 (10.
1% compared to 4.
5%).
Still, when you factor in loan repayments from $300 to $900 a month, it's still a tough sell.
The solution? First, be smart.
Kant is Kant whether at Harvard or your local city college.
Go community college and transfer to a state school to save money.
Second, be moderate.
Work hard and pay in cash if you can.
This is the best time in your life to really practice a budget and keep your expenses to a minimum.
You'll fair better in school and upon graduating.
Finally, be creative.
Start looking at alternative ways of creating a passive income like investing.
It's really the creative that will run the economic world.
College has its place, but it's not going to give you a solid financial education.
You have to find that on your own.
So, use the experience intelligently, and become self-educated in order to truly build wealth.