Earned Income and Skill Demand
You will learn while completing your MoneySKILL assignment, there are huge differences in the amount of money people are paid for their work in the United States. Please consider the below examples.
Poor Joe
Maintenance worker
Earns minimum wage - U.S. Min wage is $7.25 Total hours worked - Works 40 hours a week at 50 weeks a year (2,000 total) Total earned annually - $14,500 |
Rich Kobe
Professional Athlete
Earns - Salary of $25 million a year Breakdown of earnings to hourly amount -$12,500 (If worked 2,000 a year like Joe) |
As you can see, Kobe makes a considerable amount more than Joe. It is important to remember that this is earned income. The amount of earned income you make can drastically effect how much unearned income is available to you. So in other words, the rich have an opportunity to get even richer in this situation.
The U.S. Bureau of Labor Statistics produces annual wage estimates for more than 800 individual occupations. Below are the 10 highest-paying jobs in the nation, based on average annual pay. You will see that the top nine are in medical related.
1. Anesthesiologists - $232,830
2. Surgeons - $230,540
3. Obstetricians and Gynecologists - $216,760
4. Oral and Maxillofacial Surgeons - $216,440
5. Internists, General - $191,520
6. Orthodontists - $186,320
7. Physicians and Surgeons, All Other - $184,820
8. Family and General Practitioners - $180,850
9. Psychiatrists - $177,520
10. Chief Executives - $176,840
Why do some jobs pay more than others? Is it fair that there is such a wide gap? Why or why not? Does having skills that very few other people have allow you to earn more? How does someone obtain these skills? Are there many folks in the U.S. who have the skills to mow lawns? Are there many folks in the U.S. who have the skills to perform open heart surgery?
Assignment
Please describe to me your thoughts on skill demand and skill supply. Think about the above questions before making your response. Also, how does this relate to you and your future? Will you need to consider this topic when making future decisions? Responses should be a detailed, grammatically correct, and a minimum of 150 words. Type your response in word and copy/paste to the comment box below.
The U.S. Bureau of Labor Statistics produces annual wage estimates for more than 800 individual occupations. Below are the 10 highest-paying jobs in the nation, based on average annual pay. You will see that the top nine are in medical related.
1. Anesthesiologists - $232,830
2. Surgeons - $230,540
3. Obstetricians and Gynecologists - $216,760
4. Oral and Maxillofacial Surgeons - $216,440
5. Internists, General - $191,520
6. Orthodontists - $186,320
7. Physicians and Surgeons, All Other - $184,820
8. Family and General Practitioners - $180,850
9. Psychiatrists - $177,520
10. Chief Executives - $176,840
Why do some jobs pay more than others? Is it fair that there is such a wide gap? Why or why not? Does having skills that very few other people have allow you to earn more? How does someone obtain these skills? Are there many folks in the U.S. who have the skills to mow lawns? Are there many folks in the U.S. who have the skills to perform open heart surgery?
Assignment
Please describe to me your thoughts on skill demand and skill supply. Think about the above questions before making your response. Also, how does this relate to you and your future? Will you need to consider this topic when making future decisions? Responses should be a detailed, grammatically correct, and a minimum of 150 words. Type your response in word and copy/paste to the comment box below.