Choosing a career? How to find out if it's financially worth it.

I've written about why money matters before (click here to read that post). But how do you go about determining whether your desired future career is financially worth it? Firstly, realize that;

Courtesy of Flickr - Ken Teegarden

1) Supply and demand applies to everything.

Learn what the historical and current supply & demand for this work is. The internet is a great place to start. But if possible, ask someone in the field who can tell you where this type of business might be headed in the next few years to come and what is the overall outlook for that market. Don't forget to find out where this line of work is needed and where it will be needed by the time you graduate. You'll also want to see if the field is saturated and how quick new positions are being made available.

2) Find out the numbers $$$

This takes research, using the connections you already have and sometimes guts to approach these people you've never met before. Once you do that, observe their lifestyles. Are they happy with their careers? Why or why not? What kind of salary can you expected to earn? What is the job security like?

Note, if you just find out whether that line of work is in demand or not, you might be terribly disappointed to discover that the salaries and ability to rise in the ranks is severely limited when it's too late. Or conversely, neglect to research supply and demand dynamics, and you might realize that it's only a ridiculous few who are able to acquire these positions you desire in the first place.

Trust me; don't learn the hard way, plan ahead!

By Marc Mikhael, Ph.D.
The Apprentice's Compass - Navigate University!