What Determines How Much You Make
Money For the Rest of Us
J. David Stein
4.5 • 1.4K Ratings
🗓️ 28 November 2018
⏱️ 29 minutes
🧾️ Download transcript
Summary
#231 Why different occupations pay differently or even the same occupation in different countries. Why the same occupation can pay differently for different companies that reside in the same city.
For show notes and more information on this episode click here.
- [0:12] A bit of background on today’s question for Money For the Rest of Us
- [2:28] Why do certain occupations pay more than others?
- [11:36] Wages vary from county to country - here’s why
- [20:09] Even jobs in the same city pay different wages, and there’s a good reason behind it
- [25:52] You can do a few things to protect your own employability with respectable wages
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Transcript
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| 0:00.0 | Welcome to Money for the rest of us. This is a personal finance show on money, how it works, how to invest it and how to live without worrying about it. |
| 0:10.0 | I'm your host David Stein. Today is episode 231. It's titled What Determine How Much You Make? |
| 0:17.6 | Pearl and I have been in Mexico in Touloum for the past week. |
| 0:23.4 | We're staying at a 28-room boutique hotel. |
| 0:28.3 | Just steps from the beach, and there is a gentleman who I've met had a number of conversations with his name is |
| 0:36.6 | O'Nay. He is the security guard on the beach. He's essentially guarding these seven buildings 28 rooms. |
| 0:44.4 | She's making sure, I'm not actually sure what he's protecting us against. |
| 0:49.8 | Certainly at night perhaps it makes sense but during the day it just doesn't really make any sense, but that's what he does and I talked to him about his job and asked him do you like it. He says more or less. I could tell he's bored. He works 12 hour shifts. |
| 1:08.6 | It gets two meals a day, two meals a day as part or two breaks, 30 minute breaks, they give them some food. |
| 1:15.0 | And then every eight days he switches from the day to the night shift. |
| 1:20.0 | During the time when they transition from day to night, they work 24 straight hours. |
| 1:26.0 | He typically works two to three months and then he returns to his home, which is in Chiappus, Chiapa de Corso, is the name of the town where he lives. |
| 1:37.0 | Now, Nae, lived in Maryland for a while in the United States, working at a hotel, but had to return because a family member was sick and wasn't able to get |
| 1:46.5 | back in. |
| 1:48.8 | O'Nay asked me, why does he and other Mexicans make so little money? |
| 1:57.0 | Yes, is the owner of the hotel keeping all the money? |
| 2:09.0 | I try to explain a little bit what I discussed in episode 142 on why are some nations wealthier than others we discussed the impact of productivity, of investment, technology. |
| 2:17.8 | But O'Nay brings up some good questions and I want to kind of revisit some of what I covered |
| 2:21.2 | in that episode and also look at it from just |
| 2:26.1 | certain occupations. Why do certain occupations pay more? Why does an engineer make |
| 2:30.9 | more than a teacher and a teacher more than a security guard? |
| 2:37.1 | Why do the same occupation pay different in different countries? or even within the same city in a given country. |
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