In the United States, wage stagnation has become a serious issue that impacts millions of households, making it difficult for many individuals to achieve financial progress despite hard work and long hours. But to say the American Dream is dead would be an overstatement. Instead, it’s about choosing the right careers with unlimited potential.
The Wage Stagnation Problem
In the simplest form, wage stagnation is what happens when average salaries do not increase in spite of one or both of the following: (1) The economy is doing well enough to support wage growth, or (2) There’s high inflation, which is devaluing the dollar and hurting the spending power of current earnings.
Today, America’s wage stagnation problem can be rooted in both of these issues. Over the past three or four years, the economy has done fairly well (more than recovering from the temporary dip of the pandemic). However, there’s also been sky-high inflation, which has eroded spending power. Unfortunately, this has left the lower and middle classes behind, as wage stagnation effectively means they’re learning less than ever while products and services cost more than ever.
“One study, in particular, shows a 12.6 percent increase in wages since 2006, but when you take inflation into account, those wages have actually dropped by 9.3 percent,” Professional Alternatives explains. “In essence, this means that even though we’re making more, we can buy less.”
Wage stagnation is as much a political issue as it is a community issue. At the end of the day, most people would agree that it’s probably not a good idea for political leaders and government officials to step in and set wages for employees (beyond the obvious – minimum age). Instead, it’s up to industry leaders, business owners, and communities to figure out how to fairly and justly reward people for the value they add. Unfortunately, that’s a lot to ask. In the meantime, many would be better off pursuing careers that allow them to escape from underneath the thumb of wage stagnation and discover better earning potential.
3 High-Earning Career Paths
While wage stagnation is a very real thing, there are avenues to generating income and building wealth in ways that are much more immune to what’s happening on a macroeconomic level. Here are three career paths that offer virtually unlimited income-earning potential on an annual basis.
- Real Estate
Real estate is a prime example of a career with potentially unlimited earnings. As a real estate agent or broker, your income largely depends on commissions from buying and selling properties. The more deals you close, the more you earn.
Success in real estate requires a deep understanding of the market, strong networking skills, and a knack for negotiation. There are also plenty of training resources, platforms, and lead generation systems that make it possible to build a booming client base. For example, HouseJet has exploded onto the scene as a platform for connecting local real estate experts with people who are actively looking to buy and sell homes.
Agents who can consistently find and close deals often see huge financial rewards – compensation that can easily extend into the high six-figures or even seven-figures. Additionally, specializing in luxury properties or commercial real estate can further boost your earning potential due to higher property values and larger commissions.
- Sales
Sales is another career where your earnings reflect your performance. Whether you’re selling cars, pharmaceuticals, or tech solutions, high-performing salespeople can earn serious income through commissions, bonuses, and other incentives.
The key to success in sales lies in your ability to connect with customers, understand their needs, and persuasively present products as solutions. For those with a passion for sales, developing these skills can lead to earnings that far surpass the typical salary in other fields.
- Entrepreneurship
Entrepreneurship offers perhaps the most direct control over your financial destiny. Starting your own business means you’re not working to increase someone else’s profits — you’re building your own. The potential for growth and earnings as an entrepreneur is limited only by the market and your ability to innovate and scale your business.
While entrepreneurship comes with its risks, the rewards can be substantial. Whether you’re launching a tech startup, opening a restaurant, or starting an online retail store, successful entrepreneurs never have to worry about wage stagnation.
Putting it All Together
There’s no excuse for wage stagnation – and something needs to be done to encourage 99 percent of other industries and businesses to keep up with inflation by incrementally raising wages. That being said, it’s foolish to think that the American Dream is dead. As these three career paths show, it’s still possible to generate income that outpaces the deteriorating effects of inflation.
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