“The progression of technology is going to drastically change the economy. It's going to drastically change the stock market and drastically change our lives in general. We think it’s very important to have these changes on your radar. Start thinking about how you’ll adapt your financial plan accordingly.”
As we look ahead to the year 2030, we can expect to see technology grow and play an even bigger role in our lives. In this episode, Joseph Sachetta, Eric Sachetta, and Mike Callahan, Sachetta Callahan financial advisors, continue the discussion on 2030: How Today's Biggest Trends Will Collide and Reshape the Future of Everything by Mauro F. Guillén, a guide to the global economic and cultural changes to come.
When considering the growth of technology as we head into the future, we can be assured that these changes will greatly effect the stock market. New technologies could potentially put today’s big-name companies out of business and create new enterprises in their place. These changes could happen faster than one may think and adds a level of uncertainty when deciding where to invest funds. Financial advisors often recommend diversifying investments and buying into mutual funds, allowing the portfolio to weather any unforeseen changes as a result of emerging technologies.
In the previous 10 years, the job market has changed as technology replaced manual tasks like taking orders in chain restaurants. This mass of jobs that are now being carried out by programmable robots can be expected to grow by the year 2030. Industries like manufacturing and truck driving, and the employment of their workers, could be changed significantly by 3-D printing and self-driving cars. Recent breakthroughs in Artificial Intelligence will have an extraordinary impact on the jobs market, also affecting the economy at large. This startling trend raises moral and ethical questions that humans will likely grapple with. Taking the long view and starting to think about the changes ahead, as well as the financial plans in place, could be a benefit as we encounter technological advances that change the world as we know it.
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2030: How Today's Biggest Trends Will Collide and Reshape the Future of Everything by Mauro F. Guillén
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel.
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At Sachetta Callahan, we take the long view when considering your financial plans. Our advisers are here to offer guidance for the road ahead. Contact us today.