[sparknlaunch]

> [Campbell talks about boom and bust cycles...]

People always dismissed it, when I told them - if only I was born x years earlier I would have graduated at the start of the boom cycle. I would have landed a high paying role out of college/Uni and earned enough cash by the end of the cycle to see me through the bust years. With the work experience I would have a better chance competing against new grads. Considering the value of money etc, benefiting from a 2/3 boom cycle could put you well ahead financially.

While this is rather simplistic and exceptions to the rule, timing can make one hell of a difference.

[excuse-me]

That's also the reason why the job-hop to get a raise is so common.

Pay rises are multipliers on your current salary - which is based on when in the boom/bust cycle you got hired. If you were hired in a bust you can get the maximum raise every year but at the end you will still be getting less than someone hired in a boom.

[dredmorbius]

Which economists are now starting to realize has permanent lifetime effects on individuals (at least in aggregate): http://www.nber.org/digest/nov06/w12159.html