First off, I have a confession to make...
When I was growing up, I hated going to school. Unlike most of you, learning was not fun for me. Not at all. I remember going home with my first elementary (in Singapore, it's called primary school) school report card and proudly showing to my Dad.
What came next was 10 strokes of the most excruciating pain of my life. (If you have never been caned before, and you had to choose thin or thick, I highly recommend you choose the thick one!)
And guess how much I scored? 90/100. Yes! I was flogged for missing 10 marks.
I grew up hating my father, because I was always getting caned for falling short of his expectations.
He kept telling me that if I did not do well in school, I would end up working as a rubbish cleaner or toilet cleaner.
This is what many uneducated parents tell their kids in the past to create fear so they would study hard.
Looking back, I have come to realized that it was out of his good intentions because life was hard in the previous generations and opportunities to study was a privilege as oppose to a norm today.
He said if I did well in my studies, I would be able to get a good stable job because he only had primary 2 education. (Yet he had some good success running his own business)
Fast forward 33 Years later, I'm glad I took the path less traveled. I did not pursue a stable job. Why? Because my father made studying so punishing that I practically lost interest in studying and failed most of my subjects throughout my academic life.
I always joke that I have a PHD! (Polytechnic Half-way Dropout!)
If I couldn't get a good job then perhaps my ONLY path was entrepreneurship.
Thank God I took the path less travelled because here is what's happening out there in the JOB world.
Robert Kiyosaki, the author of Rich Dad Poor Dad coined the term JOB (Just Over Broke). At first it kinda felt insulting but if you look at what's happening in the world today, a stable job for life is a really a Myth.
But are you ready for change?
Although our Singapore government says that our current re-employment age is 67, but the real truth is once you're over 50, it is very challenging to get a job once you lose your job at 50.
According to Channel News Asia, unemployment in Singapore has gone down. However, the unemployment for 50 and over has Gone Up for 4 consecutive quarters and is still increasing.
And here are the reasons given:
- "....older workers is that their compensation packages may be higher than for younger workers with less experience, which may play a role when companies are trying to cut costs..."
- "...perceptions by companies that older workers may have outdated technical skills and may be less adaptable to switching to new roles within their company.."
- "..Businesses may hold the view that even if these younger workers are “not exactly the right fit, maybe I can train them..(at a lower cost)”
- “But if you hire somebody who’s 40 to 50 years old (with) significant management experience … what if he can’t do his job? It’s going to be a total disaster..."
And according to TodayOnline...
"...just four(increasing) in 10 laid-off residents aged 50 and above re-entered the workforce within six months, compared with more than six in 10 (61.2 per cent) among those below 30.
This means there is a “significant chance” middle-aged white-collar workers, who are far more specialised than their younger counterparts, would not return to work at a level commensurate with their previous positions, said Dr Theseira....."
"Manpower Minister Lim Swee Say said as much about a week ago when he weighed in on the MOM report. “My main concern is for those unemployed — the longer they stay unemployed, the harder for them to come back because the market keeps changing, technology keeps changing, the workplace keeps changing,” he said."
The KEY to take note is to think like a Boss or an Employer.
With technology ever changing and as more work can be done over the computer, it would certainly be cheaper to hire someone younger who is more adaptable to the latest changes.
China has been eliminating millions of jobs because of automation via artificial intelligence. Although, new jobs would be created, it would be new "lesser jobs".
Business owners would do that for profitability sake (Which is the reason business exists in the first place).
In my business, I have outsource many of my task online to younger and cheaper people based overseas with lower standard of living. They work harder because, for many of them, having a job is a privilege.
And if you think that you're highly trained, you should read this Straits Time Article "Highly trained, middle-aged and out of work!"
The World has Changed, Have You?
The number 1 mistake people make in Jobs, is "Relying ONLY on Jobs for Long Term Stable Income."
So what should you do?
You must have a PLAN B. Perhaps starting a part time business.
One way is to NOW start future proofing yourself by learning how to start your own profitable eCommerce Business.
The info is out there, just use Google!
About The Author:
Winston Yap is a serial entrepreneur from Singapore. Having started his career with family debt. He raise himself from rock bottom to building multiple million dollar businesses. His online business expanded to 60 countries and generated over 60 Million USD in revenue. Now he spends most of his time with his 3 daughters and his beautiful wife while occasionally empowering other entrepreneurs to succeed.