1 – Automation and machine learning is and will take over most jobs
You’ve read countless headlines and you see everyone talking about it in tech, but you never really took the time to really understood was automation and machine learning could mean to you. Well you need to wrap your head around this in 2020 if you don’t want to be left redundant.
When I first heard about automation, I imagined robots in a factory and the blue collar worker would be out of a job. Sad, but made sense if an economy was moving up the supply chain.
That was a decade ago, now, automation isn’t just that self check-out counter at the supermarket. Automation is coupled with machine learning, AI technology, and in all honesty it’s a huge threat to how our existing economy works.
Machine learning is cutting jobs in ALL sectors, from doctors to financial managers to the cashier. People thought white collar work and professionals were safe, but that’s not the case.
So its time to sit down and seriously understand what machine learning is and what it is capable of to keep yourself relevant in the world.
Even as a location independent entrepreneur, I’m asking myself what skills can I develop to stay ahead of the game.
2 – Betting your retirement on the state and big corporations is a pipe dream
Retiring at 60 no longer exists in most western economies. You’re looking at governments raising the pension age almost every other year and being more stingy on how payouts are calculated. (yet you still need to make your contributions…)
Big corporation pension plans still exist, though rare, the only problem is it’s even rarer for people to stay at one company for life, IF you do work for a corporation that provides a pension.
But I still hear people plan their retirement with a focus on the state or some there private pension plan.
It’s not reliable and its time everyone takes responsibility of their financial well-being in old age. Take some time to learn how to finance your golden years without relying on anyone, and you won’t need to lose sleep once you hit 60.
3 – Online marketing will just be marketing
Online marketing was seen as this novel, experimental sub-set of marketing activities at the start of 2000. Not anymore. Marketing budgets for online activities are getting bigger and bigger, so much so, online marketing is simply marketing now.
It’s time to forget about traditional forms of marketing and start catching up on online based marketing techniques.
If you run a business, big or small, you need to start learning your way around online marketing and online advertising. An ad in your local newspaper or passing out flyers isn’t going to be effective.
Stay ahead of the game and start utilising what online targeting to do for you.
4 – Traditional ways of investment will prove to be less predictable
Everything about the economy that made the 90’s so great is dying. The stock market will always go up if you look at it on a long enough timeline, but everything is saying the next decade is going to be very turbulent.
This means you need to be really careful if you’re preparing to retire with a heavy focus on paper assets to generate residual income for yourself.
Rate cuts might be the new trend, which makes traditional forms of investing more attractive. But with market conditions being so unpredictable, individuals looking to retire within the next 10 years need to think twice.
For everyone else, it’s time to read up and master your timing. Unpredictable markets only means opportunities to take advantage of for quick turnovers.
5 – Having only one stream of income is financial suicide
Salaries are not increasing but cost of living is increasing. This has been the case for many years now, but it’s only going to get worse with all global political signals indicating protectionism.
Globalisation is the big boogey man in international politics these days, with USA spearheading the movement of detangling what they created in the 90’s. Things are looking to become more expensive than they already are, and there’s no signs of salaries matching this increase.
Having one job or one stream of income just doesn’t make any sense anymore. The side hustle culture started only a few years ago out for those go-getters, but now it’s a necessity. Everyone needs multiple streams of income if they want to live beyond the month.