We all know that different people get paid or earn varying amounts of money depending on the work they do and how well they do it. Typically, the job you get or the business you have would depend on a wide variety of factors such as your physical attributes, skills, education, experience, network, family background and other credentials.
You should maximize what you are worth by doing something that provides the highest rate of return based on what you are qualified and can do. Some basic questions you need to ask yourself are: am I qualified to do this? Is there anything else I can do that will make more money? Is this something I would like to do? Is it worth it? Is there a demand?
There are certain things that you need to be qualified for to be allowed to legally do the job. Such as you need to be a trained and licensed pilot to fly for an airline, you need to pass the bar exam to practice law and so many other professions that requires certain credentials such as doctors, professors, engineers, architects, CPAs and so on. Remember, you need to invest a lot of time and money to get your degree and pass the government mandated board exams, make it worth it!
It would also be nice if you could select the highest paying job you are qualified for. While you may know how to do the laundry and know how to captain a ship, you will be better compensated as a Ship Captain than being a laundryman. Leave the lower paying jobs to the less qualified workers.
While the money you earn from doing a certain job or getting into a particular business may be substantial, you should also consider if this is something you would like to do. This should take into account your personal preferences, family life, religious and ethical considerations. For example, doing something illegal will have long term mental health consequences for you and your family.
This brings us into our next consideration where we think if what we are doing is worth it? Will you be able to make enough money to have the life you envision for yourself and your family? Are there any physical, psychological and legal risks involved in what you are doing? Is the time, effort and risk you are putting in worth the compensation you are getting for the work you are doing?
Finally, in whatever you decide to do, take into account the long-term demand of your work. Is this just a fad? Will what you are doing become obsolete? Will there be updated requirements in the future that you will need to undergo additional training? You should also update yourself in new apps, trends and technologies. Learn how to read the writing on the wall and do something about it while you can.
(The views and comments of the author are his own and not of the newspaper or FINEX. Dr. George S. Chua was 2016 FINEX President, 2010 to 2020 FPI President, an active entrepreneur, regular member of the National Press Club, Professorial Lecturer 2 at UP Diliman and BGC, Trustee of the FINEX Foundation, Vice Chairman of the Market Governance Board of the Philippine Dealing & Exchange Corp. and loves playing golf. Comments may be sent to [email protected])