Class of 2009 struggles with tough job market

According to the National Association of Colleges and Employers, there will be 22% fewer jobs for the class of 2009 than there were for the class of 2008.

Add in soaring student debt loads, a near-record sized graduating class, and a glut of laid-off veterans competing for entry-level jobs, and the 2009 job hunt is shaping up to be a real doozie. I wrote about this issue for TheDailyBeast, and appeared on CNN on Monday to discuss the job market and what young people can do to make it through.

You can watch the video below, but here's the most important thing young people can do: Don't panic, and don't sacrifice your dreams and goals for short-term gains. The job market is absolutely awful right now but eventually it will be better: I'd much rather see young people cut costs, live on Ramen, work an unpaid internship in the career they love while working at a convenience store at night than change paths and enter a field that they don't have passion for. In the long run, success -- financial and otherwise -- is most likely to come from following your passion.