Jul 13, 2016 01:19 AM EDT

Expensive Career Mistakes Made By Millennials: Learn From These Experiences

By Jane Reed

If people are not careful enough, they might find themselves in a situation where they cannot come back from. And when it comes to career and job hunting, there are mistakes that can cost job candidates and applicants dearly, as well as those gunning for a stable career.

There are reasons why talented people like millennials fail. But then these can also be applied to other generations. In this case, venture investor, Patrick Mathieson, from Toba Capital, compiled some surprising points as to why talented young people fail:

1. Debt - Those fresh from college or university often carry student debt. The student debt crisis forces people to make decisions to satisfy their short term debt. It will compromise their long term opportunities.

2. Choosing the wrong times to get focused - There are different stages in your career that needs intense focus. It takes a smart approach when it comes to spending your time. You can waste a lot of time by focusing when it's better to go broad, or staying broad when it's better to focus. An example of the former is slaving away working 80-hour weeks at a company that doesn't value your work and will never provide you with opportunities as a result of that hard work. An example of the latter is prioritizing work-life balance when you have an amazing opportunity right in front of you if you'd only hunker down for six months to complete a huge high-visibility project.

3. Cannot control your own burn rate - Your job may be awesome but if your personal expenses are higher than your income then you will burn yourself out.

4. Having the wrong partner - Having a partner outside your work is a force multiplier on your career growth.

5. Alcohol control - It is an unavoidable thing when you are networking but practice control so you still have focus.

6. Relying too much on brand-names - Your resume may shine with the brand-name logos but you should not be defined by the logos on your resume. It could make you look anxious to jump into something bigger when you are in a less prestigious company. It's important to remember that the ideal time to join a company like Google was before anybody had a clue who they were.

7. Not reading enough or not mingling enough - Networking is crucial when it comes to the industry you are working in. It widens your knowledge base and network of people. Join events, conferences and mingle with people and get some insights or tips.

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