In my career coaching work, one of the things I try to teach is how to spot these patterns of which way a market is going. This has some classic signs, and I can give plenty of examples of other industries in which this same pattern took place.
Examples would be appreciated. But this seems to be a case of trying to time the market and the usual objection applies; if you can time the market to within a year you can make huge piles of money. One of the contributors on HN, lsc of prgrmr.com talks about how he was calling the property bubble in the Bay area for years before it popped, and how if he had just got in at the frothy height of the dotcom bubble like everyone else, he’d still be ahead now on property, very far ahead.
As maia said, it’s not really about trying to time the market down to the year (or even trying to pinpoint it within 5 years)… but rather picking up on trends and trying to invest your time in the right places.
I started teaching the basic concepts after working with so many clients who had painted themselves into a corner by creating a great career in a dying industry. Some examples of industries for which the writing was on the wall:
-Print Journalism
-Almost any US manufacturing job, especially textiles.
-Projectionists
I suppose those are all jobs/industries which declined due to technology, although the example of technical manufacturing of computer hardware shares many similarities to programming/coding jobs today.
Here are a few jobs which have declined due to commoditization(is that a word?) of the knowledge:
-Typists
-Data entry specialists
-Computer Operators
Those are just the ones that have recently (past 15 years) continued to decline as skills have gone from specialist to commodity. If you go further back, you’ll find similar examples for most new technologies that initially have high pay for specialists who operate it, but which becomes very cheap to learn.
And here are some of the jobs and industries which, if my clients insist on taking them, I recommend they leverage to another job title or industry as soon as possible:
-Social Media/Community Manager
-Programmer
-Anything print journalism
I suspect that predicting trends in the pay for a certain career path doesn’t need to be that precise in order to be useful. If you can predict the year in which it’ll happen, you make huge piles of money. If you can predict the decade in which it’ll happen, maybe you can’t do that as well, but you could still make a choice to do something else.
Examples would be appreciated. But this seems to be a case of trying to time the market and the usual objection applies; if you can time the market to within a year you can make huge piles of money. One of the contributors on HN, lsc of prgrmr.com talks about how he was calling the property bubble in the Bay area for years before it popped, and how if he had just got in at the frothy height of the dotcom bubble like everyone else, he’d still be ahead now on property, very far ahead.
As maia said, it’s not really about trying to time the market down to the year (or even trying to pinpoint it within 5 years)… but rather picking up on trends and trying to invest your time in the right places.
I started teaching the basic concepts after working with so many clients who had painted themselves into a corner by creating a great career in a dying industry. Some examples of industries for which the writing was on the wall: -Print Journalism -Almost any US manufacturing job, especially textiles. -Projectionists
I suppose those are all jobs/industries which declined due to technology, although the example of technical manufacturing of computer hardware shares many similarities to programming/coding jobs today.
Here are a few jobs which have declined due to commoditization(is that a word?) of the knowledge: -Typists -Data entry specialists -Computer Operators
Those are just the ones that have recently (past 15 years) continued to decline as skills have gone from specialist to commodity. If you go further back, you’ll find similar examples for most new technologies that initially have high pay for specialists who operate it, but which becomes very cheap to learn.
And here are some of the jobs and industries which, if my clients insist on taking them, I recommend they leverage to another job title or industry as soon as possible: -Social Media/Community Manager -Programmer -Anything print journalism
I suspect that predicting trends in the pay for a certain career path doesn’t need to be that precise in order to be useful. If you can predict the year in which it’ll happen, you make huge piles of money. If you can predict the decade in which it’ll happen, maybe you can’t do that as well, but you could still make a choice to do something else.