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5 Languages That Will Earn You The Most Money

5 Languages That Will Earn You The Most Money

Deciding to learn a new language is one thing.

Deciding which of the most useful languages to learn is another. This is the question we’re going to address today.

We’ve talked about the amazing benefits of learning a language, such as clearing our mind to improve our decision making skills.

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    But did you know that it can help you make more money?

    You’ve probably heard the popular saying by Warren Buffet, “the more you learn, the more you earn.” It turns out this rule applies more than ever for learning a new language.

    Even with the addition of over 295,000 jobs in the United States, there are millions of people struggling to find full-time work, or any work at all.

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    The good news is, learning a language has shown to not only increase your chances of finding amazing work opportunities, but it’s shown to increase your earnings.

    CareerBuilder.com’s hiring forecast showed that 39 percent of U.S. employers said they plan to hire bilingual candidates, and half said that if they had two equally qualified candidates, they would be more inclined to hire the bilingual one.

    Make more money

    Learning a language has shown to add between 10–15% to your wage, according to language specialist recruitment agency, Euro London.

    This only goes to show that learning a language is a wise investment for anyone, at any age, whether you’re preparing to enter the workforce, or looking to expand your opportunities.

    Assuming an average salary of around $45,000, a 2% “language bonus” average over 40 years, and also a 1% raise annually, you’d have an extra $67,000 by the time you retire. Since you can learn a new language quickly with the right solution, that’s a pretty good investment of your time.

    What’s more, salary bonuses vary depending on the exact language in which you’re proficient. Here’s a quick breakdown of a few different secondary languages and their annual bonuses as reported by The Economist:

    • Spanish — 1.5 percent bonus
    • French — 2.3 percent bonus
    • German — 3.8 percent bonus
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      This means that you can make an additional $50,000 to $125,000, just for knowing how to speak a foreign language!

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      Expand your career opportunities

      More importantly, with the rise of globalization, there’s an exponential demand for jobs that require a foreign language.

      Interpreters and translators are among the top five fastest growing occupations, according to the Bureau of Labor Statistics, with opportunities expected to increase by 46% between 2012 and 2022. For example, members of the U.S. military can earn up to $1,000 more per month if they are proficient in multiple languages.

      You can open your doors to new career opportunities, such as becoming a Game Translator for Nintendo, where you’ll be paid to translate video games!

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        5 of the most useful languages to learn

        Let’s dig into the 5 most useful languages to learn if you want to make more money and improve your career.

        1. German

        As we shared in the graph above, German is known to be the best language that will earn you the big bucks, earning you over 125,000 (Euros) in bonuses!

        This may come as a surprise to many people, because one would assume a language like Mandarin, Japanese, or Spanish, with a higher GDP (by language) will correlate to higher earnings. While this is true for most cases, German is a special case, as Germany is one of the three European powerhouses. This means that the language will be more economically valuable for an outsider than the language of a relatively more closed economy.

        fig2-gdp-ppp-by-lang

          2. French

          With over 200M people in 5 different continents around the world speaking French, you can see why it ranks as one of the most useful languages to learn.

          At first glance, French may appear to be spoken by only those living in France, but it happens to be the second most widely learned language after English. Knowing how to speak French opens the doors to French companies in not only France, but other French-speaking parts of the world such as Canada, Switzerland, Belgium, and North and sub-Saharan Africa. As the world’s fifth biggest economy and number-three destination for foreign investment, France is a key economic partner.

          For students looking to pursue their Masters or MBA degrees, knowing French can act as a big advantage. Renown French universities and business schools are ranked as some of the top higher education institutions in Europe and the world. Students who can speak French are eligible for additional scholarship opportunities, which can save you tens of thousands of dollars in the end.

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            3. Spanish

            Over the past decade, knowing how to speak Spanish has not only been an advantage for job seekers, but it’s become a necessity. In the United States and Europe, Spanish is the foreign language of choice after English, and it’s also the official language to over four continents around the world.

            population

              No matter what industry you are in, the numbers alone present a strong case to learn Spanish, especially in business. In addition to the sheer number of people you can reach by knowing how to speak Spanish, countries like Mexico, Chile, and Colombia are quickly becoming a powerhouse in the global economy.

              Here’s the cherry on top of the sundae: Spanish is the easiest language out of the most useful languages to learn, if you already speak English!

              4. Mandarin

              It’s no secret that China is the world’s new dominant economy, with a growing influence from Africa to the Americas. If you’re in business, then China is a goldmine of opportunities, with over a billion people that you can target.

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              According to London-based search firm Ascentator, demand for executive positions by American and multinational companies in China has risen 35 percent from the previous years, echoing similar figures from other recruiting firms.

              However, unlike Spanish, Mandarin is a complicated language to learn.

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                The good news is, everyone knows it. If you can manage to learn Mandarin, you can bet that your future boss and co-workers will be impressed.

                5. Arabic

                The Arab world is recognized as one of the wealthiest regions in the world, with over $600B in GDP. The size of the Middle Eastern economy alone as a whole has increased by approximately 120% in the five year period from mid-2003 to mid-2008.

                arabic-alphabet_picture_chart

                  Due to the abundance of market opportunities in the Middle East, Western Arabic speakers are in very high demand, but in very low supply. Those who speak Arabic have the opportunity to develop an international career in a variety of industries such as education, finance, journalism, foreign services and more.

                  What’s your favorite out of the 5 most useful languages to learn?

                  We’d love to hear from you below.

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                  More by this author

                  Sean Kim

                  Sean is the founder and CEO of Rype, a language learning app. He's an entrepreneur and blogger.

                  12 Surprising Benefits of Learning a New Language 7 Best Languages to Learn to Stay Competitive 7 Hardest Languages to Learn For English Speakers What’s the Easiest Language to Learn for English Speakers? You Are What You Listen To: 11 Podcasts To Inspire Yourself

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                  Last Updated on October 22, 2019

                  How to Make a Career Change at 40 and Get Unstuck

                  How to Make a Career Change at 40 and Get Unstuck

                  There are plenty of people who successfully made a career change at the age of 40 or above:

                  The Duncan Hines cake products you see in the grocery store are a good example. Hines did not write his first food guide until age 55 and he did not license his name for cake mixes until age 73.

                  Samuel L. Jackson made a career change and starred alongside John Travolta in Pulp Fiction at the age of 46.

                  Ray Kroc was age 59 when he bought his first McDonald’s.

                  And Sam Walton opened his first Wal-Mart at the age of 44.

                  I could keep going, but I think you get the point. If you have a sound mind and oxygen in your lungs, you have the ability to successfully make a career change.

                  In this article, I’ll look into why making a career change at 40 seems so difficult for you, and how to make the change and get unstuck from your stagnant job.

                  What’s Holding You Back from Making a Career Change?

                  There are a flood of amazing reasons to make a career change at 40. Heck, you could argue the benefits of making a career change at any age. However, there is something a little different about making a career change at 40.

                  When you are 40, you probably have lots of “responsibilities” that come into the decision-making process. What do I mean by responsibilities, you ask?

                  Responsibilities tend to be our fears and self-doubt wrapped in a bow of logic and reason. You may say to yourself:

                  • I have bills to pay and a family to support. Can I afford the risk associated with a career change?
                  • What about the friends I have made over the years? I cannot just abandon them.
                  • What if I do not like my career change as much as I thought I would? I could end up miserable and stuck in a worse situation.
                  • My new career is so different than what I have been doing, I need additional training and certifications. Can I afford this additional expense and do I have the time recoup my investment?
                  • The economy is not the best and there is so much uncertainty surrounding a new career. Maybe it would be better to wait until I retire from this company in 15 years, and then I can start something new.

                  If you have experienced any of these thoughts, they will only pacify you for a short period of time. Whether that time is a few weeks, a few months, or even a few years.

                  Since you know that you prefer to do something else for a living, you start to feel stagnant in your current position.

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                  Your reasons for inaction that used to work are no longer doing the trick. What used to be a small fissure in your dissatisfaction in your current position is now a chasm.

                  Ideally, you never stay in a situation until that point, but if you did, there is still hope.

                  4 Tips To Change Your Career at 40

                  You do not have to feel stagnant in your current role any longer. You can take steps to conquer your fears and self-doubt so you can accomplish your goal of changing your career.

                  The challenge of changing your career is not knowing where to begin. That feeling of overwhelm and the fear of uncertainty is what keeps most people from moving forward.

                  To help you successfully change your career at the age of 40, follow these four tips.

                  1. Value Your Time Above Money

                  There is nothing more valuable than your time. You are likely receiving a pay-check or two every month that is replenishing your income. Money is something you can always receive more of.

                  When it comes to your time, when it is gone, it is gone. That is why waiting for the perfect situation to make a career change is the wrong mindset to have.

                  Realistically, you will never find the perfect situation. There will always be something that could be better or a project you want to finish before you leave.

                  By placing your time above money, you will maximize your opportunity to succeed and avoid stagnation.

                  If you feel disconnected when you are at work, understand that you are not alone. According to a Gallup Poll, only 32% of U.S. employees said they were actively engaged at work.[1]

                  Whether you think your talents are not being properly utilized, the politics of promotion stress you out, or you feel called to do something else with your life; the time to act is now.

                  Do not wait until you retire in another 10 to 20 years to make a career change. Put a plan in place to make a career change now. You will thank yourself later.

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                  2. Build a Network

                  Making a career change is not going to be easy, but that does not mean it is impossible.

                  One benefit to being further along in your career is the people you associate with are further along in their career as well.

                  Even if most of the people in your immediate network are not in your target industry, you never know the needs of the people with whom they associate.

                  A friend of mine recently made a career change and entered the real estate industry. The first thing he did was tell everyone he knew that he was a licensed real estate agent.

                  It was not as though he thought everyone he knew was getting ready to sell their home. He wanted to make sure he was in the front of our mind if we spoke to anyone purchasing or selling their home.

                  You may have had a similar experience with a financial adviser canvasing the neighborhood. They wanted to let you know they were a local and licensed financial adviser. Whether you or someone you knew was shopping for an adviser, they wanted to make sure you thought of them first.

                  The power of your network being further along in their career is they may be the hiring manager or decision-maker.

                  You want to let people know you are considering a career move early in the process, so they are thinking of you when the need arises.

                  Let me put it to you in the form of a question: When is the best time to let people know you have a snow shoveling business?

                  In the summer when there is not a drop of snow on the ground.

                  Let them know about your business in the summer. Then ask them if it is okay to keep in touch with them until the need arises. Then you want to spend the entire fall season cultivating and nurturing the relationship. As a result, when the winter comes around, they already know who is going to shovel their snow.

                  If you want to set yourself apart from your competition, start throwing out those feelers before the need arises. Then you will be ahead of your competition who waited until the snow fell to start canvasing the neighborhood.

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                  Learn about networking here: How to Network So You’ll Get Way Ahead in Your Professional Life

                  3. Believe It Is Possible

                  One of the greatest mistakes people make when they want to try something new, is they never talk to people living the life they want.

                  If you only talk to friends who have not changed their career in 30 years, what kind of advice do you think they will give you? They are going to give you the advice that they live by. If they have spent 30 years in the same career, they most likely feel stability of career is essential to their life.

                  In life, your actions often mirror your beliefs. Someone who wants to start a business should not ask for advice from someone who never started one.

                  A person who never took the risk of starting a business is most likely risk adverse. Consequently, they are going to speak on the fact that most businesses fail within the first five years.

                  Instead, if you talk to someone who is running a business, they will advice you on the difficulties of starting a business. However, they will also share with you how they overcame those difficulties, as well as the benefits of being a business owner.

                  If you want to overcome your fears and self-doubt associated with changing your career at 40, you are going to need to talk to people who have successfully managed a career change.

                  They are going to provide you a realistic perspective on the difficulties surrounding the endeavor, but they are also going to help you believe it is possible.

                  Studies show the sources of your beliefs include,[2]

                  “environment, events, knowledge, past experiences, visualization etc. One of the biggest misconceptions people often harbor is that belief is a static, intellectual concept. Nothing can be farther from truth! Beliefs are a choice. We have the power to choose our beliefs.”

                  By choosing to absorb the successes of others, you are choosing to believe you can change your career at 40. On the other hand, if you absorb the fears and doubts of others, you have chosen to succumb to your own fears and self-doubt.

                  4. Put Yourself Out There

                  You are most likely going to have to leave your comfort zone to make a career change at 40.

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                  Reason-being, your comfort zone is built on the experiences you have lived thus far. So that means your current career is in your comfort zone.

                  Even though you may be feeling stagnant and unproductive in your career, it is still your comfort zone. This helps explain why so many people are unwilling to pursue a career change.

                  If you want to improve your prospects of launching your new career, you are going to need to attend industry events.

                  Whether these events are local or a large conference that everyone attends, you want to make it a priority to go. Ideally you want to start with local events because they may be a more intimate setting.

                  Many of these events have a professional development component where you can see what skill-sets, certification, and education people are looking for. Here you can find 17 best careers worth going back to school for at 40.

                  You can almost survey the group and build your plan of action according to the responses you receive.

                  The bonus of exposure to your new industry is you may find yourself getting lucky (when opportunity meets preparation) and creating a valuable relationship or landing an interview.

                  Final Thoughts

                  Whatever the reason, if you want to change your career, you owe it to yourself to do so. You have valuable in-sight from your current career that can help you position yourself above others.

                  Start sharing your story and desire to change your career today. Attend industry events and build a mindset of belief. You have everything you need to accomplish your goal, you only need to take action.

                  More About Career Change

                  Featured photo credit: https://unsplash.com/photos/HY-Nr7GQs3k via unsplash.com

                  Reference

                  [1] News Gallup: Employee Engagement In US, Stagnant In 2015
                  [2] Indian J Psychiatry: The Biochemistry Of Belief

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