Thursday, May 11, 2017

What skills have the highest hourly pay?

For example, if I didn’t want to work full-time anymore and instead work only one hour per day, which skills/professions would give me the highest income?

(Skills/professions that can actually be done in few hours per day, rather than full-time)

A man came to visit famed investment banker James Wolfensohn in the 1980s. That man had a problem. He needed help in unblocking a barrier that had been impeding his business for many years. It took him 5 minutes to explain the problem. Wolfensohn thought about it for a second and said “let me make a few calls. In the meantime, enjoy some coffee in the conference room next door.”

Fifteen minutes later Wolfensohn came into the conference room and said “problem solved. You are good to go.”

The man was flabbergasted. “Wow. Thank you. I have been trying to solve this problem for years.” As the man was about to leave, he casually asked “what do I owe you?”

Wolfensohn replied: “thank you for asking. The bill is one million dollars.”

The man was taken aback. “One million dollars??? That seems like a lot of money for just 20 minutes of work.”

Wolfensohn calmly explained: “it took me thirty years to get this done in 20 minutes.”

The skills that have the highest hourly rate are usually those that have tens of thousands of hours of practice around them. They are also things that very few other people can do … or at least there is a perception that others cannot do them.

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