That Will Never Happen
That’s what the taxi industry said. That’s what the hotel industry said. These industries are being shattered by Uber and Airbnb. There is larger and more significant changes to follow.
Coal is dying (yay about time). Petrol will be next. Agriculture is slower, but change is coming.
Technology and the ability to use to use it, is changing everything. What you thought was once in concrete is no longer. Your job that you thought you would retire in? Unless you’re 64 and planning to retire at 65, I would not bet on it.
In Australia the retirement age is expected to be at 70 for 50 year olds and under employed right now. Let’s forget about you wanting to move around for your career for just a moment.
Let us envisage that your career goes up in smoke because the industry you are in – goes poof almost overnight.
Why am I flat broke at 52? Because I can’t get a job. I had to leave my employment for family reasons, believing that I would be able to return. After I am highly skilled across multiple industries, highly educated with a Masters degree and um, no, can’t even get an interview. I have heard anecdotally that this discrimination age creep is now starting at the 40’s. So people to be ’employed are between 14 and 39.
So you’re 50 and above and probably really good at your trade or industry – whatever it is you do. Are you in banking? 10,000 jobs will be cut by the end of 2018. Are you in insurance? 25,000 jobs will be gone by end of 2018. This won’t be natural attrition, you know people leaving and not being replaced and people retiring and not being replaced. These will be positions totally replaced by technology and Artificial Intelligence. It is moving way, way faster than we thought it would. It took longer to get here for sure, but now it’s here, watch out.
Hundreds of thousands of over 50’s will find themselves in my position any day now. No income, a mortgage and other debts still to pay off with no idea where all the money went. Your kids ate all that food and are wearing it. It’s in their mouths in those braces, in their minds in education, in their spirit with the secure environment you gave them. But yeah, there’s not much left because life is expensive. Just look at your power bill!
I urge to play the What If game. What if I lost my job tomorrow? What if I get sick? Don’t think it won’t happen because the odds are closer to it happening than not happening. It only takes a little bit of politics to undermine a middle management position. There is always someone better than you and someone who wants your job.
Start to formulate a Plan B. Now. Have it running alongside your employment just in case. Making money is easy. Finding people with money to spend – there’s the trick.
Take a look at this video by Ray Dalio. He explains how the economic machine works in 30 minutes. It is eye opening if you haven’t seen it before. When you’ve finished, answer me this. Do you think we are entering the debt cycle or not?
If so, how are you going to position yourself?
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