Just finished a great book by Ric Edelman called The Truth About Your Future, The Money Guide You Need Now, Later, and Much Later. Here is an overview of the book and highlights:
“Exponential Technologies” will change every aspect of human life in the coming decades, actually it is coming faster than we know. Overall this is hopeful news and could lead to greater health and quality of life for millions if not billions of people.
To capitalize on exponential tech, we must act now and invest now in it so we can reap the rewards over the next 20 years. We must invest for compound growth and to beat inflation.
What is exponential technology:
- Artificial Intelligence
- Internet of Things
- Virtual and Augmented Reality
- Robotics, Drones
- Medical breakthroughs
What are some implications:
- Millions of jobs will be lost to robotics
- Cars will be smartphones
- Don’t buy municipal bonds, they will have a hard time generating revenue when parking infractions go down
- Learn to safeguard your privacy, there is no privacy anymore
- Be prepared for greater financial turmoil as people can trade stocks with a tap on a smartphone
There are 4 types of skills that will be required for future employment:
1. Analytical thinking
3. Communicating in all forms
4. Managing things
Consider these things as your prepare for your own exciting future of new technology and opportunity. Rich also recommends an investment vehicle, the exponential technology exchange traded fund, ticker XT.