IS YOUR PERSONAL ECONOMY IN A FINANCIAL DOLDRUM?
Kruti Thakore
Author, Influencer, NBC-HWC, Board-Certified Health Coach, Chopra certified Perfect health Ayurvedic lifestyle Instructor, Life & productivity coach, Optimal wellbeing instructor. Empowering people around the world.
There is no better time than now to discuss this topic when the whole world is trying to combat the chaos created by the Coronavirus pandemic. At the same time, we must realize that the economy is cyclic. After every couple of years, recession hits. Unemployment rises and the stock market crashes. In 2001, the recession was due to 9/11 and the dotcom bust. In 2008, it was due to the real estate crash and the subprime mortgage crisis. In 2020 it will be due to the Coronavirus pandemic. By this time, anyone who has been wise enough to follow the trends would have realized that there is no such thing as job security.
Even when the economy is doing great, jobs will be lost to automation, outsourcing, artificial intelligence, mergers, and acquisition or something else. Capitalist economy means corporate America is always looking for ways to increase their profits. The best way to increase the profits is to cut down on expenses and for these companies, employees are the biggest expenses. Recently, I had seen a robot in the aisles of stop and shop. Guess what? Whose jobs are at risk once this trend takes off? The stop and shop robot, Marty, takes inventory, reports spills, debris, and potential hazards. The technology has not been perfected yet and he does make errors but, in the next 2-3 years, it will be costing people their jobs. 6 major hotel brands are using robots for room service delivery, to carry the luggage, as a butler, and as a concierge. Robots don’t need a vacation, paid leaves or medical benefits and will work 24/7. This will drastically reduce expenses for corporations and increase their profits. Tesla is working on self-driving trucks which will put more jobs at risk. In short, automation and AI are here to stay and there is no such thing as job security. The definition of insanity is doing the same thing again and again while expecting different results. People who do not change with the changing times will become obsolete. In the world, there are 3 types of people. The first group consists of those who make things happen. The second group consists of those who watch others make things happen. The final group consists of those who wonder what happened.
So, what is the solution? In today’s day and age, a 10-year-old Youtuber makes more money than a 35-year-old who is not willing to change with the times. Leaders are the ones who make things happen. That is why a majority of people these days have side hustles or are always looking for entrepreneurship opportunities. So, if you are truly anxious about your current situation, take charge of your future instead of depending on corporate America or the government to take care of you.