Is Your Career Choice A Dying Industry?

A lot of people like to go into the career path that their friends and relatives are recommending for them. What they often fail to recognize is whether it is a profession that will bring in the money. Sadly, many graduates leave school to find that there are no good jobs in their major. They […]

A lot of people like to go into the career path that their friends and relatives are recommending for them. What they often fail to recognize is whether it is a profession that will bring in the money. Sadly, many graduates leave school to find that there are no good jobs in their major. They end up flipping burgers with a bachelor’s degree. If you do not want this to be you, it pays to do some research before entering a particular field. Consider the following:

The List of Highly Paid Fields

Choosing a career based on passion is fun, but it often leads to below-average pay. Why? It is likely that your passion is also the passion of several million people like you. All that competition tends to lower pay rates for that particular field. Check out a good list of careers that pay the highest. It can do you a lot of good in picking a career. Knowing what careers are paying people the big bucks at the start can help with paying back student loans. Another good thing to look at is the list of highest-paid majors. Knowing what to do is the best way to start your career on a positive note.

What Am I Good At?

Think about what you are naturally good at. These are usually things that you like to do in your free time. It is usually possible to find a job doing something that you are good at if you are clever enough. If you do not know what you are good at, take a test like Dr. Dario Nardi’s keys2cognition. The test will give you an XXXX code that summarizes your natural skills. Once you have the code, a career site can explain what jobs you should be doing.

What is My Natural Market?

If you are serving a market that desperately wants what you are good at, you might end up with employee recognition awards. You will likely be fired if you are in a field that does not want what you are good at. Figure out what market desperately wants what you are good at. A talker should find people who love to listen. A listener should find people who love to talk. An adventurer should find people who are desperate to go on adventures. All of these things will give you a higher income than most of your competition.

What are My Competitors Afraid to Do?

This questions is also very important. Figure out what your competitors are afraid to do to help the natural market. Many people do not like to take low pay, serve, obey, help, suffer, and be patient. Practicing all of these things will put you miles ahead of the competition in your particular industry. A good place to go to see what everyone else is eagerly seeking is a list of the worst-paying jobs. As you can see, life is not always simple. Sometimes you have to suffer to get above the competition. Warren Buffett emphasizes this in his major law of investing. There are a lot of opportunities out there that most people miss because they give into the common fears that plague humanity. Refuse to be crippled by these fears.

Conclusion

Whether or not your career choice is a dying industry largely depends on how many competitors there are. Your goal is to have a lot of employers desperately looking for your skills and only a handful of competitors like you to provide it. This is the ideal market situation for a laborer — high demand for your work, and low supply of it from the competition.