This image shows the damage that can be done to employees when new technology transforms the way work is done.
Self driving vehicles are coming. We are not there yet, but five years ago a self driving car wasn't even a thing. The most common job in America, the truck driver, is about to go the way of the horse and buggy.
Yes there will be new jobs created servicing and manufacturing these new self driving vehicles, but the skill set needed for those jobs do not intersect with the skill set of a truck driver. And along with the truck driver, what happens to the waitresses and cooks at truck stops across America? What happens to the landlords who lease the buildings for the truck stop? What happens to the CB radio manufacturer?
Technology is wonderful, globalization is wonderful in the long run, but society must find a way to ease the economic pain of those displaced by technology or geography in the short run.
As the Summer Olympics in Rio kicked offed this past weekend, it is time again for us to marvel at the prowess of the best athletes in the world. They deserve all the awe we can muster, training that hard for that long- many of them all their lives- to finally compete for their respective countries in front of millions and millions across the globe. The process is truly amazing, and the reward of just competing on that big a stage is just as memorable.
Whether you’re a veterinarian, bus driver, CPA or welder- everyone can be their own champion when it comes to their finances. If you practice determination, discipline and hard work in your financial planning you too can achieve a level of awe in yourself.
The level of achievement will be different for each circumstance, but the feeling of being in control of your retirement planning, college savings for your children, investments or debt management, can be just as remarkable as the Olympians we’ll be watching over the next month.
So challenge yourself to start, or continue, a healthy routine with your finances. This may require speaking with a financial advisor, reviewing your current financial plan, or simply saving an extra $10 each week. However, with enough tenacity and hard work, you too can bask in the glory that is being financially comfortable and prepared for the many obstacles everyday life will throw your way.