What would you do if there are no jobs?
I was catching with my reading and news, and came across some interesting facts provided by 2020 Democratic hopeful and tech entrepreneur Andrew Yang as he makes the case for why he should be the next president of the United States.
First and foremost, a disclaimer. This is not a political blog and I am not an American citizen. Therefore, I have no vote and no interest to gain from whatever the political outcome would be.
However, as a citizen of the world, we know the decisions and policies made by politicians will impact to our lives wherever we are in the world. The trend on how we earn an income today and in the future is the subject of this blog.
In summary, some of the facts laid out are as follows:
- Today, most of the world earn income through jobs
- Automation and Artificial Intelligence will obsolete many jobs
- 4 million manufacturing jobs is already eliminated in the U.S.
- Main street retail jobs will disappear in the millions next as e-Commerce and Amazon continue to grow
- There are 3.5 million truck drivers in the U.S. and the majoring of driving jobs (cabs / Uber etc) will risk losing their jobs to autonomous vehicles over the next 10 years as A.I. becomes more pervasive
In summary, it will be a challenge to create jobs today and in the future. Technology will replace most of the jobs. Therefore, what should one do with these dooms and gloom economic news?
If you have a job, be thankful and keep earning... it would be wise to invest NOW and BUILD an ADDITIONAL INCOME STREAM.
If you have the resources, build multiple income streams to hedge the risk of losing anyone
"As the economy is shifting, you need to have legitimate and creative sources of extra income. There are opportunities available that people have been using for years now"
- Franklin Gillette
This quote by Frankin Gillette aptly describes WA.
It is the platform that offer that opportunity to create that extra income stream.
Invest in building the extra income stream when you do not need it, for when you do you will be thankful for it.
If Andrew Yang is saying all that and not many politicians and business leaders disagree, there is a lot of truth in that.
He offers his solution, IF he gets elected.
I do not know about you but I am not putting my fate in the hands of politicians.
That is why I am building an online business for myself to build that extra source of income.
Here at WA, we have a community of online business builders on the same and yet different journey.
The platform is the same, the niches are different.
The creativity and hard work is up to you!
I will leave you with this quote by T.S. Elliot,
“Only those who will risk going too far can possibly find out how far one can go.”
- T. S. Elliot
Wish all a great weekend,
Stanley Ng
As always, do comment and share your views...
Recent Comments
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Very well said. And thank you for sending me the link to your blog. I never thought of building my own websites for this reason, but it really does make a lot of sense. It hits hard.
Hopefully Amazon cashes in on the AI tidal wave and pays a dividend to shareholders
There will always be jobs, that is how the rich get richer, nothing will change about that, it has been that way since the birth of commerce.
The key is to sit back and think how can I make the shifting economy work for me.
Best wishes Stanley.i
Thanks for the comments, Alex. That is why the topic is a question... it will also hit some of us harder than others.
The way this world Is going I agree to try and make as much money as you can and more than one source is smart....
Hi Stanley. This whole scenario is not to far in the distant. That is why some European countries are experimenting with a system called a 'Universal Basic Wage' ,where the theory is that everyone will receive a basic wage to live from, and they have the right to further education and earn from other possible sources. The only thing I worry about is who is going to pay the taxes to support this. Jim
Yes, the challenges are there. Bill Gates was asked, if robots are taking jobs away from humans... what do you do? He answer was tax the robots to pay humans... the answer to your question on Universal Basic Wage...
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Quite true. Seems the only way to survive and thrive is to continue learning and reinventing ourselves. But it will involve working hard and working smart.
Yes, and build that extra income stream...