Dying Careers You May Want to Steer Clear Of

No one has a crystal ball, but we are in a time of great change, and we want our skills to be relevant and needed moving forward. And just as important, we want our kids and grandkids to have happy and fulfilling jobs.  Which brings us to an important question: What jobs are likely to disappear or become obsolete over the next decade or so?

Jobs That Disappeared

If you were a carriage maker in the 1900s, it would be a hard conversation to have with your kids who came home to tell you about this new machine that was invented, the automobile.  You may have said, “It’s a fad. It’s noisy, it breaks down, it goes slow, it gets stuck in the mud and manure, it’s expensive … it will never replace the horse and buggy.”

Can you imagine when people first saw the airplane?  It may have been impossible to think that it would change the way people moved across the ocean.

Or, remember when you saw the first cordless phone, and it looked like a shoe box?  Did you ever think that your trusted home phone could be replaced by a cellphone?

You get the point.  What I want to highlight is that all of these new ways of doing things greatly impacted the jobs and people who worked in these soon-to-be obsolete industries.  Think of all of the farriers (horseshoers) who lost their jobs as the car took over the world of local transportation. Think of the cruise ship owners and workers who were replaced by the advent of air travel.  And we know how the world of the internet exploded the world of personal and business communication. If you are not knowledgeable about computer technology, you may not have a seat at the new worktable.

What Industries Will Become Obsolete in the Future?

I want to put a disclaimer on this list. No one knows for sure which professions will or will not exist or how they will morph into new incantations of themselves.  Here are some that I have been thinking about:

  • Real Estate Agent: The old days of having a person pick out a home for you to tour are swiftly slipping away.  There are so many sites to help you choose the location, school system, amenities, etc. of a new home, that real estate agents are starting to disappear.  As the final stages of where you want to live come closer, you may want the help of a real person, but the fees they charge are coming under pressure as their value diminishes. 
  • Truck/Taxi Driver: Driverless technology is advancing quickly. It’s estimated that roughly 33 million autonomous vehicles will be on the road by 2040.
  • Doctor: This is controversial, because so many people want to be taken care of by a live person.  The pandemic ushered in the transition to telehealth.  I believe that we are about to witness another revolution.  No one doctor has all of the knowledge to diagnose a patient, and they do not have all of the historical data and possible treatments at their fingertips.  As soon as global medical data becomes available, the computer can diagnose, research DNA, and set about a cure for the vast majority of people.  Today, not all medical data is shared.
  • Librarian:  It pains me, but gone will be the days of researching or reading in a library.  The digital library is at everyone’s fingertips.
  • Cashier: In the old days, there had to be a person to check you out, take your money and give you change or charge your credit card.  We are rapidly moving into becoming a cashless society.  Gone will be the need to even learn the life skill of making change; our computers will perform all of the banking needs we have. Amazon, through its Amazon Go brick-and-mortar stores, is experimenting with a new checkout system.  You scan an Amazon Go app at a turnstile when you enter and just exit without checking out when you leave.
  • Delivery Driver/Mail Carrier: As drones get more sophisticated, there will not be a need for humans to deliver packages and mail. Much of your junk mail has already been converted into junk email. Even Social Security has abandoned physical checks, and many utility companies are moving in that direction with their billing, too.
  • Bank Worker: Banks are going to physically downsize, as much of our monetary transactions are done digitally.  Bank branches will begin to close as online banking increases.  Millennials are also using digital solutions for their investing needs. The fin tech world is exploding with new mobile investing devices, as well.  As people become more comfortable with investing digitally, it will mean there will be fewer and fewer live financial advisers and bank personal.
  • Sports Referee/Umpire: Even soccer’s governing body, FIFA is relenting to pressure to introduce more technology into the game with video assistant referees.  Many other sports, such as tennis, also have been using technology to make real-time decisions.
  • Fishers: We have overfished our waters in many places, and global warming is negatively impacting remaining species of fish. If we are to eat fish in the future, it will most likely be farm raised.  The typical fisher will no longer be able to go out and fish.
  • Lawyer/Legal Secretary: Deloitte has indicated that over the next 20 years, 114,000 legal jobs could be automated.  It is similar to the medical profession.  Our digital world can instantaneously provide case history and feed your data into a system to find your legal solutions. The documentation could also be filed electronically.
  • Factory Workers: Automation is already interrupting these professions.  It is estimated that there will be shrinkage of over 204,000 jobs by 2029.
  • Travel Agent: Before the internet, it was really great to talk to a live person who could help you cobble together your whole vacation.  That professional could get you the best hotel and accommodations at the best rates.  Today, there are many easy-to-use websites and apps that can help you research and book every part of your vacation. Employment for travel agents is expected to fall 26% from 2019 to 2029.

Don’t Be Bummed, Be Inspired

My goal was not to depress you if you or your loved ones are in any of these industries.  It is just to get you thinking about the future so that you can be on the forefront of the new world with new job opportunities.

This can make for great dinner conversation with your kids.  Ask them what they see in the future and what jobs will disappear and what others will be created.  Part of being a parent is to help our kids to be resilient to change. 

Remember the words of Albert Einstein; “The measure of intelligence is the ability to change.”

President & CEO, Children’s Financial Network Inc.

Neale Godfrey is a New York Times #1 best-selling author of 27 books, which empower families (and their kids and grandkids) to take charge of their financial lives. Godfrey started her journey with The Chase Manhattan Bank, joining as one of the first female executives, and later became president of The First Women’s Bank and founder of The First Children’s Bank. Neale pioneered the topic of “kids and money,” which took off after her 13 appearances on “The Oprah Winfrey Show.” www.nealegodfrey.com

Source: kiplinger.com

Mint Success: Transitioning from College Kid to Young Professional

Photo Credit: Lawrence Peart

“Mint is so crucial to my personal finance I honestly have no idea where I would be without it.” That’s what Austin, TX photography consultant Lawrence Peart says when reflecting about his transition from college student to young pro, financially speaking. His experience so far shows that it is possible to graduate from college without debt, and to adjust to the higher cost of living as a young professional, while also saving money for your future.

But Peart stands out from the crowd. We looked at Minters’ numbers to see how college students and recent graduates use their money or handle debt, and found that there’s a big shift in many categories from ages 18 to 25 – incomes increase, spending categories fluctuate, and debt repayment – well, you know how that goes. Student loan payback time for many!

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College Grads Make More Money…

Depending on the field that graduates enter, incomes can be across the board, but a majority of our Mint users in that age range earn between $25K and $50K annually.

Student ChartGraduate Chart

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…and Spend More Money!

The newfound earnings may seem like a lot of money to a recent grad but, when faced with the sticker shock of life outside school, the typical Mint user experiences an accompanying increase in spending on rent, entertainment, and education related expenses – mostly student loan repayment. That bill averages about $300 per month.

Most grads continue to use credit cards after graduation. In fact, their card charges increase from $1,200 to $1,900 on average. But most of them don’t pay finance charges, which means these savvy Mint users are the ones who pay their balances by the end of the month. This explains why Mint’s young users have an average credit score of 690, considerably higher than the national average of 630 for the same age group*.

Good work, Minters! But while you’re paying off your college debt and adjusting to life on the outside, don’t forget to save for your future. Only 2% of college students have significant long-term savings, and that number only goes up to 7% among college graduates 25 and under. It might seem daunting to set aside those crucial dollars, but that money will grow over time and make your older self thank your younger self.

Moving Forward

Peart is in that 7% – he follows the mantra “Save, invest early and often, reap the benefits later.” With a goal to live debt-free and retire in his 20’s (he just turned 26), Lawrence uses Mint to budget and find extra money to sock away for the future. While his income falls in the same range as the majority of recently graduated Mint users, his experience both during school and in the few years since graduation defies many of the statistics, so naturally we asked him all about it.

What kind of shift in spending did you experience between college and post-college life?

I think it might surprise most people to hear that I spend far less money now than I did in college. Once you start earning an actual income and developing a clearer sense of your relationship to money it becomes much easier to save, and feels more rewarding to do so. While in school I never had much cash, so in a way it had less value and I spent it more freely. You expect to be broke in college, which becomes a self-fulfilling prophecy, and unless you’re careful that can then extend past your college years into your working life. I even had a little saying for it: the closer I am to zero, the less I have to lose.

The average college graduate spends about $300 per month on student loan repayment. What’s your bill?

$0. My experience paying for college was a mixture of some good fortune, a little bit of privilege, and tons of hard work. I chose a public school in a reasonably cheap city, I received decent grants, I applied for every scholarship available to me every semester (and made sure I had the grades to qualify) and for all but my sophomore year I worked at least part-time to have a source of income. I graduated broke, sure, and maybe missed out on some fun things here and there, but at least I didn’t owe anything.

 Invest Young

What was the most shocking financial realization you experienced once you left college?

That you can save quite a bit of money not doing the stuff everyone seems to think you have to be doing. If you don’t buy fancy clothes, go out for drinks every day, feel the need to keep up with the newest phone every 6 months etc., all of that extra cash starts to add up.

What are your thoughts about retirement savings, and what do you practice?

I half-seriously tell myself that I want to retire in my 20’s. I don’t mean “retire” in the way most people would think of retirement, I always want to be creating and applying myself to something, but I’d like to have the ability to not work for long periods of time. To be able to wake up one day in the near future and say “I am comfortable not working the rest of the month, time do something creative” and not feel guilty about it. That’s the goal.

I set up a Roth IRA almost immediately upon getting sustained income and contribute the full amount each year into basic low-cost index funds. I admire my parents in a lot of ways and don’t question their decisions and what life events influenced them, but while they are both doing fine in retirement age they are doing so without any long-term retirement account holdings. It might be hard to imagine 40 years down the line, but the math regarding investing when you’re young is compelling.

How does Mint help you stay on track?

I worked for about nine months before I came across Mint, and even though I thought I was being good with my money, you truly have no idea until you see it categorized and laid out in front of you. Those little purchases each day, the subscriptions, the monthly payments, it all adds up fast. You might think you’re saving money, but you’re not. It really does take hard work. Mint makes it easy, and I’ll tell everyone who listens: it’s even made paying bills fun. The first week of each new month is like Christmas. I get paid, I pay off my recurring expenses and then allocate how much I want to save that month before organizing more flexible costs like groceries, entertainment, etc. I follow one maxim above all else: you don’t save what is left after spending, you spend what is left after saving.

You can be like Lawrence

Does the idea of watching the savings pile up get you excited? Try setting up a goal with your Mint account and making that progress bar move!Don't save what you don't spend - spend what you don't save
We would like to hear your story! Contact us at Editor_Mint@intuit.com with “Mint User Story” in the subject.

Kim Tracy Prince is a Los Angeles-based writer who is pretty jealous of Lawrence’s early progress. It took her many years to pay off her student loans. She celebrated by finally framing her diploma.

*Source: https://www.creditkarma.com/trends/age
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