20-video series #15: Go to where the money is: the first rule of fishing is to go to where the fish are
Feb 18, 2023
Welcome to my new 20-video series, on the 20 Next Level Wealth steps to designing and then living your dream life.
The dramatic landscape changes over the past few years have created a unique opportunity for you to design and live your dream lifestyle.
In this 20-video series, which I filmed while travelling around Europe, I've aimed to articulate everything important that I've learned about personal finance, business, wealth, and designing an ideal lifestyle...into just 20 short blog posts!
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STEM careers and higher pay
When considering what to study at school and university, it’s often said that for those with the skills the STEM subjects are the way to go: science, technology, engineering, mathematics.
Why?
Because that’s where many of the highest paying jobs are.
Medicine, law, IT, engineering, and accountancy are a few of the professional careers where there is potential to earn big dollars, for those with the desire and the tenacity to see it through.
I’ve tried to follow this principle through my journey.
When I was young I kept my options open by qualifying as a Chartered Accountant and working at one of the ‘Big 4’ accountancy firms, then I held professional roles in the healthcare and later mining sectors during the resources boom years.
And then my businesses have focussed on real estate and wealth creation.
All of these have been growth sectors.
If you’re following a career because you have a passion for it, then you’re fortunate and that’s a great thing.
Otherwise, go to where the money is!
Considerations in following the money
What about if you’re thinking of running your own business.
Big, established industries can be difficult to disrupt, if they require large amounts of capital to get started.
On the other hand, new and growing industries can be a very profitable place to begin your search.
Glamour versus growth
Industries don’t have to be glamorous by the way, to be profitable.
There are plenty of bread and butter sectors of the economy where you can make a handsome living.
Often the wealthiest clients I’ve had come from a trades background: carpenters, plumbers, electricians, builders, and so on.
Sometimes there is profit to be found in the industries where others dare not tread.
In fact, some of the most glamorous industries can be among the lowest paid, because staff are willing to work for low pay, or even for free as volunteers, just to get a toehold on their dream career ladder.
If you work for a fashion magazine, in a zoo, or in some of the more trendy arts sectors, you may know what I’m talking about.
Go to where the money is
If you’re going to start and run your own business, follow the money.
You’ll find the journey unnecessarily hard if you’re working in a shrinking or dying industry.
On the other hand, if you get to work in a growth industry with low entry costs, then you may be on the way to a winning ticket.
Print media is an example of an industry which has been in decline over the past decade or two.
It’s a difficult place to make a business work.
On the other hand, real estate, health, safety equipment or services, IT, online food or tech businesses, climate and energy solutions, or green manufacturing companies…these are some of the many examples of growth industries with a strong tailwind.
Go to where the money is.
I discussed this further in the short video below.
Tune in here.
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Whenever you’re ready…here are 4 ways I can help you manage your own money and go next level wealth:
- Boom or Bust in 2023 – 20 minute online workshop for investors
Register for my next free online training - Boom or Bust? How to change your investment plan for 2023 - book in here
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- Work with me privately
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If you’d like to work directly with me directly to help you map out and action your next level wealth plan… just send an email to [email protected] with the word “private”…tell me a little about your situation and what you’d like help with, and I’ll get you all the details!
