Supply & Demand
To my children: It is very important to understand the principle of supply & demand. Pricing, one of the vaguest thing about life that you'll encounter in life, is highly affected by this. Supply is basically the amount of goods that is available in the market, and demand is the consumer's desire to purchase a particular good or service.
- Proportional ratio of supply & demand = stable price
- More supply + low demand = low price
- Low supply + high demand = high price
I use this principle to figure out the field of work that I picked. When one is entering early adulthood, there are so much suggestions being thrown regarding jobs:
"Work as civil servant, it leads to stable life", they said
Or
"Work in this particular field, it pays much", they said
However I believe if you want to be paid as much as you possibly can, you need to figure out field of work that:
- Not conflicting with your principles and morality
- In high demand but relatively low supply (for whatever reason; you need to be able to identify this reason)
- Offer room for growth and not repetitive. Thus you can start as x but as you work hard and practice more, in several years you can be XXXX
- Even better if the field of work is aligned with your strength and interest. To excell at something you need to work hard. It'll be easier to work hard if it is something you like or relate to.
All of this circles back to the need for you to keep eye on things and noticing the change: What's the market is. What's in big demand but low on supply. What will be replaced by AI. What'll survive in years from now.
Take a look around. Analyze carefully. Notice where the wind blows and where the waves are.
All my best wishes for you.
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