I would say Australia has a good pension but that is not true. Baby Boomers currently have a good set up but many believe they are poor. I asked a relative for some contribution to X-mas dinner (I usually fund the whole thing but I am now economically impacted by inflation, mortgage, cost of living) They with all their debts covered, retired, part pension and a large chunk of cash said they couldn't because they had a $AUD300 a day limit. I don't even spend that much on myself per day now and my partner and I both work full time.
Not sure what to expect of the automated labour economy. Things will remain same but will be very different for the next generation. I wonder how my kids will navigate the economy that is coming up.
People will need to find other items of value to offer. I think we're seeing some of that. It used to be that only so many people could be journalists, authors, moviemakers. I think music has always been somewhat democratic as evidenced by buskers. But technology, especially now with AI, has made these valuable information products more accessible for most people to make and distribute. I think what will change is where we find value.
yup unfortunately
And that is where the crash for many will enter. When labor income is lost, what is going to replace it.
I would say Australia has a good pension but that is not true. Baby Boomers currently have a good set up but many believe they are poor. I asked a relative for some contribution to X-mas dinner (I usually fund the whole thing but I am now economically impacted by inflation, mortgage, cost of living) They with all their debts covered, retired, part pension and a large chunk of cash said they couldn't because they had a $AUD300 a day limit. I don't even spend that much on myself per day now and my partner and I both work full time.
What few ask with pensions is what is the counterparty risk?
The people in the EU are going to find this out the hard way in my opinion. The economic zone is screwed.
I am worried the young kids are also growing up in the system that was designed for us. Financial freedom means you break the system chain.
There is no doubt the world is based upon the exchange of labor for money. What happens when labor income disappears due to automation in many fields?
This is a major problem.
Not sure what to expect of the automated labour economy. Things will remain same but will be very different for the next generation. I wonder how my kids will navigate the economy that is coming up.
With how fast things are going, especially with robotics, we could see a massive shift by the end of this decade.
May be that's the reason young generation is relying on internet of things to make money and career which was unheard of while I was growing up.
People will need to find other items of value to offer. I think we're seeing some of that. It used to be that only so many people could be journalists, authors, moviemakers. I think music has always been somewhat democratic as evidenced by buskers. But technology, especially now with AI, has made these valuable information products more accessible for most people to make and distribute. I think what will change is where we find value.