Wednesday, 22 April 1970

The Changing Nature of Work

I really enjoy reading the OfTwoMinds blog by Charles Hugh-Smith. He really taps into the changing nature of the work force and the economy, and more importantly, how to adapt in it and perhaps even thrive.

Things are changing in the world. The old models of creating a paycheck are disappearing, as well as wealth creation and retirement strategies. Hey, at 2% interest, you've got to save three million dollars to retire with only a mere $60,000 income, and the vast majority of us aren't going to be doing that. When you look at it in that way, what's more valuable to you? A website that generates you $500/month income or $300,000 in a retirement savings account? They are both worth the same income value, of $6,000/yr - but which do you think is easier to make happen? I suspect that this is the way we're going to have to start looking at generating a solid income to last into the future, rather than conventional methods of working 9-5 for a steady salary, socking away 10% for a growth/retirement portfolio. What good is saving all that money if you can't compound the interest? Japan has stayed at ZIRP or close to it for over two decades now, and we will likely do the same, since raising interest rates will surely bankrupt our nations.

Anyway, here's a video with Charles Hugh Smith discussing the changing labour markets, and how to adapt to them.

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