So I’m 20 and I’ve started looking at the salaries of jobs/careers, and this is the impression I’ve gotten. Like that you could spend years cramming a ton of knowledge about a very niche field, and still only get 2-3x what a run-of-the-mill job makes. Is this true? If yes then I guess this route to wealth would only make sense (due to the diminishing returns) if the topic truly spoke to you, right? Are there alternative career paths to good pay than being really good at something really specific?
Is there a field where that red curve is flipped so that each extra aquired unit of expertise earns you exponentially more money?
Continuing to work for the same company will only provide +2% to +4% per year regardless of knowledge gained. You aren’t paid for how much you know.
To get the large gains in income, you have to re-set your salary by changing jobs, at which point you get one big bump, then go back to +2% to +4% per year.
Or instead, form a union and demand better pay and retention incentives.
Con man? CEO? Hedge fund manager?
But seriously, generally anything having an exponential return in this world is pretty unusual and generally not guaranteed if it’s a desirable outcome.
Particularly in a capitalist economy, the business only has to pay you just enough to not leave for a competitor, they don’t need to pay you the true value of your ability unless you’re basically the only person on the planet with the necessary skills.
On the flip side, in booming industries that require specific skills such as tech, you can generally get a pretty linear progression for a while before it plateaus in a good number of organisations.
When Epic started hiring every software engineer in video games they flipped that red curve, at least to the right of that blue line.
Trades. If you are a plumber or an auto mechanic you can make a killing. Doubly so if you own the business. If I had it to do over again I would get a business degree and then become an electrician.
Corrupt politician.