More people are unemployed and looking for work. Based on our current economy that could spread and affect more in the years ahead, writes Peter Watson.
The new world of Artificial Intelligence (AI) is threatening to absorb jobs previously done by humans. When people lose their jobs they lose their paychecks, which can be an immediate financial problem.
Many families do not have access to cash to continue paying for living expenses. Those families are encouraged to think of new ways to solve their current financial struggles.
But first, let’s put these challenging times in the proper perspective.
We have a history of this type of catastrophic change. Years ago, steam power revolutionized the nature of work. That was followed by the technology of electricity and then the introduction of computers combined with the internet.
Now the current demon of change is AI. What we can learn from history is the world, including the type of jobs available, will adjust as it always has.
If you are in danger of losing your house because mortgage payments are not possible, consider two families pooling their resources and share a house. Yes, that could be a difficult adjustment, but likely less difficult than losing your house.
Think offensively, think of how you can pivot in an AI world. That will depend on your strengths and weaknesses. Can you make use of AI to be more productive or to train yourself on how to use AI so you can use that skill to get employment.
AI is here to stay. Consider how it will affect your life and act accordingly.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com
