Australia’s unemployment rate is at its lowest level in a decade. Granted, some industries are still doing it tough as we continue the recovery from the COVID recession, however, there are also industries experiencing a significant shortage of workers.
The latest National Skills Commission report identified 265 jobs that are considered to be in high future demand. Of these, 51 jobs were both in national shortage and forecast for strong future demand.
So, what industries and jobs made the list?
In broad terms, the service industries were most in demand, IT, aged care and disability workers, as well as labourers.
In terms of the jobs themselves this included gardeners, electricians, locksmiths, chefs, butchers, agriculture and horticulture workers, childcare, health care, accountants, engineers, multimedia specialists, software developers and programmers, and veterinarians.
It’s an eclectic list. It’s also a list that likely resembles the changes in spending habits of companies and consumers as a result of COVID, as well as the void left by the return home of overseas workers on temporary visas.
[Full list here].
In addition to those 51 jobs in shortage and with future demand, the NSC identified 25 emerging careers in Australia today. An emerging career is one that didn’t exist until recently and is being frequently advertised.
That list included digital and social media specialists, data scientists and architects, logistics analysts, agile coaches (Google result on that one here), energy auditors, nurse liaisons, biostatisticians, solar installers and wind turbine technicians.
Perhaps an even more eclectic mix which reflects the trends toward digitalisation, e-commerce and renewable energies.
[Full list here].
Picking a career can be hard. Changing career can be even harder. COVID has caused a lot of people to hit refresh on their career pathways; some by choice, others forced.
What I have come to learn personally and from observing thousands of successful Australians over the years, is that the amount of money you earn has nothing to do with how successful or unsuccessful you are when it comes to your personal finances and wealth. It’s far more important to have security and fulfillment from your job.
Which brings me to my bulletproof tip for this week:
Bulletproof tip
DEFINE YOUR WHY
Take the time to think about what will deeply motivate you to build wealth. It’s important that this wealth benefits others as well as you. This selflessness will generate a true and lasting sense of satisfaction. This is your ‘why’. Sit down with your partner, your loved ones and your mentor and engage them in your ‘why’.
In Bulletproof Investing I mention this tip in the context of getting control of our personal finances and building our wealth. However, it equally applies to the job we take or the exercise and diet we implement.
My uncle John helped me figure out my why by asking ‘what do you want?’ Such a simple question that is hard to answer for most people (myself included).
I believe that if you want to achieve any form of success in life – career, health, wealth, anything – a good, well thought out answer to this question is at the core of our success or otherwise.
We’re going to be challenged. It’s unavoidable, there is always a level of struggle that precedes success. When we get challenged, it becomes so important to fall back on our why.
My why when it came to gaining control of my personal finances was to never worry about money. I wanted to go to work because I enjoy it, not because I needed the money. I wanted to own my own home with backyard and pool, capable of hosting friends and family with a spare room for a friend or family member if they ever fell on hard times.
As the answer crystallised, I could feel it, see it and taste it. The happiness of never having to worry about money. The laughter of friends and family gathered around my pool in the sweltering heat of the Queensland summer, the smell of steak wafting from the barbecue. The switch flipped inside me. Suddenly I couldn’t wake up early enough, with every day being one step closer to my very specific, emotionally charged ambitions.
When I was challenged – which inevitably happens – I would think about and visualise my why.
All of the bulletproof tips in my book are important, but this one is probably the most important one. All the other tips revolve around it, and I think it’s the hardest one to implement. It involves tapping into the right side of our brains. Not an easy thing to do, particularly if you’re an analytical lawyer come accountant like me!
Buying at Auction
Question
We’re trying to buy our own home. We’re seeing more and more sales being done via auction and wonder is there anything we can do / avoid when it comes to buying at auction?
Answer:
I’m not sure where you live but here in my hometown of Brisbane, I’ve been noticing a similar trend. Auctions are a good way to sell a home if there are multiple buyers interested in the property. When it comes to buying at auction there are two things to take into account.
Firstly, at auction you have to buy on an unconditional basis (i.e. not subject to finance). Therefore, it’s really important to have a good idea of what you can borrow before going to the auction. I’d recommend seeing a broker and getting a pre-approval from the bank they recommend to you prior to bidding at auction.
Secondly, the emotion at auctions can make you feel like paying an extra $5,000 to $10,000 is nothing. Make sure you set yourself a hard limit on what you are willing to spend. Seeing a broker and having your pre-approval will help with that, because you either have the required deposit and borrowing power or you don’t.
It’s never too early or late to grow your wealth
P.S. Personal finance is cited as the single biggest cause of stress for one in two Australians. It doesn’t have to be the case for you. Get the book.
