Medical students in U.S. faced an average of $180,000 in debt after graduation. By 2025, the Association of American Medical Colleges projects that the U.S. will have a shortage of 130,600 physicians. More than half of the shortgage will be in primary care as more medical students choosing subspecialites for higher pays. Due to higher economic barrier, some students are ditching America for medical school in Cuba. The Latin American Medical School is free for students with no tuition, room, or board. Over 100 American students have joined this medical school route and and Sarpoma Sefa-Boakye is one of them. “I called the office asking how much the program cost, how much the application fee was. They were just like ‘free, free,’” says Sefa-Boakye. “It boggles my mind they make it so expensive and so hard to be a doctor” in U.S. says Darnna Banks, who recently graduated in Cuba and matched to a pediatrics residency program in Chicago. (wired.com)
Career
Law Graduate Who Says She Can’t Get a Lawyer Job After Applying to 150 Firms Loses Her Lawsuit Against Her School
After applying to 150 firms without getting an attorney job, law graduate Anna Alaburda sued the school for fraud. The San Diego Union-Tribune reported that the 37-year-old graduate of the Thomas Jefferson School of Law loses her lawsuit against her school. She was seeking $92,192 in lost income and $32,475 in tuition and fees reimbursement. Jurors ruled 9-3 in favor of the school and “rejected the claim that she based her enrollment decision on misleading information, and one juror said he also was influenced by Alaburda’s decision to turn down a law firm’s job offer in 2008.” (sandiegouniontribune.com)
Victim of Fourth Industrial Revolution: Blue-Collar Workers and the Poor
From manufacture to the oilfield, automation is gradually taken over the manual labor. Sooner or later artificial intelligence and robots will be capable of doing the same work as financial advisors, taxi drivers, bartenders and speechwriters. Bryan Wright writes on Lost Angeles Times that “the so-called Fourth Industrial Revolution has found its first victims: blue-collar workers and the poor.” Most occupations that pay less than $20 an hour are likely to be “automated into obsolescence.” Consulting firm McKinsey & Co. forecast that 45% of today’s workplace activities could be done by robots and AI. According to a report from the 2016 World Economic Forum, by 2020 7.1 million jobs around the world will be destroyed by these technological changes. The simple reason is that robots don’t need paychecks, health insurance, pensions, and vacations. Meanwhile, most workers are in denial as they think their job will still be there in 50 years and only 11% worried about job loss to automation. (latimes.com)
How to Make Six Figures a Year
While the median household income is $53,657, making $100,000 a year or more can seem like a far-off goal but it is possible. The Practical Saver writes: “When you think that making six figures a year is impossible, think again. If you want to make a lot of money, there are necessities that you need to be aware of and that you need to take control of. While I do believe in luck (just like winning in the lottery), I do believe that earning six figures is directly tied to a ton of hard work and some or combination of other factors.” The key ingredients on how to make six figures a year are your abilities, education, career and network. (thepracticalsaver.com)
10 Things to Do When You’re About to Be Laid Off
Instead of being blindsided by HR, savvy professionals always are on the lookout for signs that their jobs are in danger. Business Insider has excellent tips that you can do as soon as you realize you’re about to be fired. Here are 10 things to do to reverse the bad news before it’s too late:
- Don’t panic
- Ask your boss for honest feedback
- Do your best work possible
- Keep your boss and others in the loop
- Brush up on necessary skills
- Get stronger — mentally and physically
- Document everything
- Stay visible
- Never assume you are safe
- Start working on your resume and looking for references
Harder to Getting A Job If You’ve Tattoos
Although the debate still goes on about whether job seekers’ tattoos matter or not, employers and co-workers continue to pay attention to candidates’ appearances. Recruiter Amanda Dobson told Recruitment Grapevine that one of her candidates that is well-qualified with exceptional experience. He passed both the first and second interview, until the clients saw the tattoos. “Halfway through, my candidate rolled up his sleeve because it was quite warm and he had tattoos on his arm,” Dobson says. Afterwards, the client stated that the candidate was great but not “a good fit for the company”. Some might argue that employers have the right to not hire workers with tattoos. Matt Wheeler at the executive search firm Granger Reis said: “Tattoos are not the same as gender, skin color or ethnicity, those you have no choice over. Tattoos are something that you choose to do.” (recruitmentgrapevine.com)
Why Do We Work So Hard?
Early retirement community knows all too well about the one more year syndrome. Even with more than enough nest egg to last a lifetime, some still compel to stay in the workforce. The Economist tries to provide an explanation on what drive people to work so hard: “Working effectively at a good job builds up our identity and esteem in the eyes of others. We cheer each other on, we share in (and quietly regret) the successes of our friends, we lose touch with people beyond our network. Spending our leisure time with other professional strivers buttresses the notion that hard work is part of the good life and that the sacrifices it entails are those that a decent person makes. This is what a class with a strong sense of identity does: it effortlessly recasts the group’s distinguishing vices as virtues.” (1843magazine.com)
5 Highest-Paying Careers
Glassdoor compiled a list of the highest-paying jobs in America based on job and company reviews from the beginning of 2015 until January of this year. They found that the most lucrative careers tend to cluster in healthcare, technology and finance. Indeed, the higher salaries requires more skills and responsibilities. “This report reinforces that high pay continues to be tied to in-demand skills, higher education and working in jobs that are protected from competition or automation. This is why we see several jobs within the technology and healthcare industries,” said Dr. Andrew Chamberlain, Glassdoor Chief Economist. “There’s no doubt that pay is among the leading factors most job seekers weigh when determining where to work.” Here are the five highest-paying careers:
- Physician: $180,000
- Lawyer: $144,500
- Research & development manager: $142,120
- Software development manager: $132,000
- Pharmacy manager: $130,000
How to Start A Side Hustle
Starting a side business isn’t easy when you already have a job, but it could be a way to increase financial security with a deep sense of satisfaction. Personal finance blogger Lauren Bowling noted that “most millionaires have an average of seven income streams” and many personal finance bloggers also have a side business. She puts up the comprehensive guide on how to start a side business with details for these steps:
- Determine your side business
- Start small
- Deliver great work
- Get a website
- Start networking
- Get an LLC
- Have the right tools
- Set up an email list
The 4 Jobs People Quit the Most
It’s not a secret that low-skilled, repetitive and stressful jobs have higher than normal turnover rates. On Wise Bread, Damian Davila listed 4 jobs people quit the most and the reasons for their high turnover rates.
- Most jobs at Amazon
- Jobs in life insurance industry
- Registered nurses
- Jobs in leisure and hospitality industry
Don’t Delegate Your Life Decisions to Someone Else
Author Ramit Sethi makes a case in his newsletter to not get an MBA unless it’s in the top 5 school. Sometimes heading to graduate school might be the right decision, but don’t waste a lot of money and time for a chance to delay what to do with your life. “What’s really going on is our tendency to delegate our life decisions to someone else – in this case, a business school. It doesn’t cost $150,000 to figure things out.” Make sure you “investing” in your career for the right reason, not just using it to procrastinate major decisions in life. (lifehacker.com)
The $100,000 Job: Garbage Workers
As mentioned before, best paid jobs with no experience needed are out there. Here’s another one: Garbage workers making $100,000 annually. Both Noel Molina and Tony Sanka were high-school dropouts. Molina made $112,000 last year as a garbage truck driver and Sankar made $100,000 as a helper, riding on the back of the truck. By starting at an entry level and working hard at the graveyard shift, they outearn many people with a college degree. In fact, the waste industry offers long-term job security for working class folks with health care coverage and a 401(k) retirement account. (cnn.com)
Peter Adeney, the Man behind Mr. Money Mustache, Earns $400,000 a Year on His Blog
The New Yorker has a long article detailing the life story of Peter Adeney, the Man behind Mr. Money Mustache, who retired in 2005 at age thirty. He is, by his own reckoning, a wealthy man, without want, but he and his wife Simi, who have one child, spend an average of just twenty-four thousand dollars a year.
Adeney presents thrift as liberation rather than as deprivation. Living a certain way is his life’s work. His goals, he says, are as follow:
- To make you rich so you can retire early
- To make you happy so you can properly enjoy your early retirement
- To save the whole Human Race from destroying itself through overconsumption of its habitat.
The blog Mr. Money Mustache, which he started five years ago, is currently one of the top blogs on the list of Top Personal Finance Blogs. His blog is now earning around $400,000 a year and he plans to donate the money away some day.
[Read more…]
Don’t quit your job if you work in 1 of these 5 industries
Some industries are easier to get hired than others such as health care and finance industries. On average there’re 14 workers looking for work for every 10 job openings according to the Economic Policy Institute. However, people in 5 industries may have a harder time securing work should they quit or get laid off from their jobs. For instance, there are 4.3 unemployed workers for each job opening in the construction industry, and 2.8 unemployed workers for each job opening in the entertainment industry. Real estate and education services are also hard to get hired. The worst job prospect of all is the mining and logging industry. (marketwatch.com)
France to Allow Employees to Ignore Work Emails While Off Duty
Employees who maintain a sensible work-life balance perform better when working than those who do not. But with new technology in hyper-connected, 24/7 world, a lot of workers have a hard time preventing work to spill over into their private lives. France is to give employees the right to ignore work emails while off-duty to preserve the boundary between professional and family life. Among younger employees, work-life balance becomes the single most important consideration when deciding whether to join or remain with an employer, even more important than the opportunity for financial growth and advancement or skill building and professional growth. (metro.co.uk)