The Top Jobs With Salaries Projected To Rise the Fastest:
What’s #1? It’s Not What You Think!
While we usually focus on investing advice here at Wiseinvesting.org, another great way to ‘make oodles of money’ is to simply get lots of raises from your current job! With the occupational landscape changing so rapidly, we thought we would take a look at the best ‘solid bets’ for the next five years: jobs whose salaries are expected to rise, and technology is not expected to ‘replace’ those occupations anytime soon.
Top 3 Jobs Projected To Grow in Salary:
2. Personal Care Aides
3. Home Health Aides
– Notice a trend? These occupations are strongly correlated to the rapidly aging population in the U.S. The salary of an average Phlebotomist is expected to rise 27% in the next few years. Personal care aides and home health aides are also expected to grow along the same lines, according to the Bureau of Labor Statistics.
As the population ages the demand for these occupations will rise, and so will their salaries grow along with that demand.
Two Drawbacks: Technology and Population Shifts:
While these occupations will grow sharply over the next ten years as the baby boomers age, one thing no one seems to mention is that, as the baby boomers reach their expected life expectancy…they will die. The population will drop sharply as baby boomers reach 76 years of age (78 for women). It’s not a happy thing to think about, but it’s coming…and what happens to all those health workers when it’s the significantly smaller Generation X that needs health care?
Demand will drop.
Next there is technology: we may soon have medical devices and technologies in our homes that will assist or even replace the need for personal-care aides. Sounds crazy?
Just imagine if you could travel back to 2005 and tell your younger self about smartphones and all the things you would be able to do with that little device (ex. GPS navigation, connect to anyone in the world, take videos and send them across the world, etc.).
Just because personal consumer technology advanced at a rapid rate over the last decade doesn’t necessarily mean that medical technologies will. But there are suggestions that personal health technologies may be the next big thing. Researchers at North Carolina State University are developing a painless blood collection method inspired by mosquitoes. Mosquitoes are able to draw blood from your body without breaking the skin or, even you feeling it at all (the itch afterwards is a venom that the mosquitoes dump into your blood…because they are jerks).
What this technology means is that you could put your arm into a machine at home that could painlessly extract and analyze your blood.
With medical advances happening so rapidly, this home machine may be able to detect early signs of disease and prescribe treatments for you so that you cure the disease before you even show symptoms of it.
Now this machine doesn’t replace what a care-aid would do in your home, but it does give you an idea of how advances in medicine and health care could massively change the job landscape in 20-odd years.
More Jobs With the Fastest Growing Salaries:
Outside of the medical field, the strong economy in the U.S. has led to some upward pressure on a few surprising occupations:
We know: once Tesla (or some other company) makes a self-driving truck, there’s going to be a seismic shift in the economy. Currently, there are 3.5 million truck drivers in the United States. How long before the allure of having human-error free transport vehicles makes most (or all) of them unemployed?
That’s a debate for another day. For now, the strong economy has resulted in a median salary of $51,577 for truck drivers, which is up 2.7 year over year. Right now, driving a truck has your salary growing way ahead of inflation.
With an economy where more people have more money, what would be an in-demand occupation? Someone to count it! Right now it’s good to be an accountant. The median salary is at $55,747, which is a 3.7% year over year increase. Accountants aren’t entirely automation proof, but for right now they’re jobs are in no danger of disappearing.
It’s one of those occupations that always seems to be in demand, and the salaries always seem to be increasing. The median salary? $86,391. That’s pretty darn high. It’s a 3.7% increase over last year. Which is pretty darn good, but you’d think it would be higher with how in-demand it is. Essentially, you know how many jobs will soon be automated? It’s software engineers who are making the software needed to make the machines smart enough to replace humans. It doesn’t just happen! People have to actively work to make software smart enough to do what we want it to.
Why is tenure so desired? Not only is it job security in an increasingly unstable workforce, it creates a situation where salaries are quite fat. How fat? Well, the median salary for Professors is–get this–$90,007. Which is a 5.8 percent year over year increase. Now, Universities tend to keep entry-level Professors’ salaries down by calling them sessional instructors and keeping their costs low. But once you get some seniority?