an over/under qualified millenial

If you are reading this, you must be on the same boat or atleast in similar boat as me. Hi, I am a Master of Science in Electronic Engineering and a post grad student, pursuing their PhD, yet I find myself not qualified for any job. Anything I apply for either lists me over qualified or under qualified and rejects me. I have applied to entry level posts only to be told that they dont trust me to stick around and everything else that basically says I need more industry experience. I have more than a year of industry experience with mutiple year teaching experience. 

They say I need to be fluent in multiple programming language, be social, have masters (phd preferabled), have multiple year industry experience, be fluent in multiple languages (including english and french), have leadership qualities and so many things that I wonder if I'd be able to match those requirments in my whole lifetime. The moment I acquire a skill, they add another to the requirements and I fall back of the line again. Yesterday alone I applied yo several positions got rejected by 2 different companies for a position that I fil all the requirements for, bacause there is always someone more qualified for the role. At this rate I wonder if I'll ever get to do anything with my life as slowly but consistently all enthusiasm for doing anything new and all passion for innovation os being sucked out of me. I am stuck at level 1 of my PhD as well as my professor keeps postponing my comprehensive exam, despite my 3 years being completed this term. He keeps insisting that I don't need to worry about anything as I don't have to worry about money. He seriously insists that what is pays me, which is less than mininum wage btw while expecting 12+hours of work , is enough to pay rent, take care of my food and take care of my family. Hence I am stuck in this purgatory of being over yet under qualified for anything I apply to. Have solution to this limbo of a life anyone?