A false economy, essentially, is making short-term savings that will cost you more money in the long run.
When you first look into false economies and learn how to spot examples, it’s like looking at the world through x-ray glasses. You’ll see it everywhere: buying cheap batteries instead of rechargeable ones, paying for multiple car repairs for a vehicle that should be replaced, or paying the bare minimum off your credit card bill while interest costs climb.
There are countless more everyday examples, big and small.
Another classic false economy is scrimping on education, especially in adult life. We often think that once we finish our full-time education, that that part of our life is over. But in truth, we are frequently required to upskill, either because of job changes around us, we want to become more competitive, or our trade might even be on the verge of dying out.
A few thousand euro is a lot of money, for just about anyone. But if it’s used for upskilling, it’s a fallacy to look at it merely as money spent. It’s money invested. Upskilling and making yourself more employable opens up doors and delivers a return on investment almost instantly, and for years to come. Let’s look at some numbers.
Minimum Wage vs Coding Wage
The minimum wage in Ireland is €9.25 (for instance), which amounts to €19,240 (before tax) per year. The pre-tax, entry-level wage for a coder ranges from €25,000 to €45,000 (according to MorganKinley.ie) – this figure has the potential to be much higher as you progress (more on that below). A salary bump of €10,000 early in a coder’s career (not guaranteed, but definitely possible) would mean €400,000 over a 40-year career.
A €400,000 Lotto win would be cause for celebration (to put it mildly!) and lottery odds are much slimmer, at nearly 14million-to-one. Sticking with the lottery comparison, every one of our courses is cheaper than playing the Lottery every day for 5 years.
In other words, the course will have paid for itself by the time you land your first industry job.
Even if you don’t work a minimum wage job, the benefits of a coding career are clear, such as…
The phrase “dead-end job” sounds dramatic until you really delve into it. With inflation and increased financial responsibilities through life (from children to mortgages to pensions and unwelcome surprises), your salary should regularly grow in healthy increments to compensate. Add to that the psychological effect of working the same job with no promotion and no personal growth, and the “dead end” phrase feels even more accurate.
Coding is one of the most in-demand skills in the modern job market, and it’s one of the best for career progression.
Here’s a conservative estimate of salary growth based on real statistics: Entry level coders commonly make about €30,000 a year in their first three years. With 3-5-years’ experience that number climbs to an average of approximately €47,500. And after 5 years, it’s not uncommon to earn a salary north of €62,500.
The Cost, Broken Down
Modern workers are neurotic and inconsistent when it comes to money. We flinch at spending a few hundred euros on a home repair, while we squander thousands on incremental costs like cigarettes and coffee.
The average spend on takeaway coffee is €597 a year. So our online course (€375 per month) costs about 4 years worth of coffee. That’s right – drink hot beverages at work instead of outside it and you can easily pay for a life-changing new career direction.
Careers and skills are often vulnerable to change in technology and culture. The modern world has fewer washerwomen and town criers than in years past, for instance. And we’re seeing more community managers, content editors and (especially) coders.
Changes in skill demands are an inevitable part of modern life. Think of upskilling as insurance against obsolescence. You insure your home, your car, and even your electronics. Why not insure your career?