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“When you have a financial plan, you can look at how much money you have and what you actually want. Own the things that might give you some value, either financially or things that make you feel good. And the rest of it, maybe you share! You can choose to focus on experiences, but unless you have a financial plan and are looking at how all these decisions fit in, it's all hypothetical.”
The old adage ‘sharing is caring’ may still ring true in the year 2030, as the gig economy continues to grow. In this episode, Joseph Sachetta, Eric Sachetta, Matt Stead, 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.
Technological advancements make an economy based on sharing more prominent and helpful for both consumers of shared resources and workers in shared enterprises, alike. Those who buy rides in shared cars or drive for an app-based company like Uber maximize the efficiency of the economy. This type of sharing can be cost-effective for those customers who live in densely populated areas and don’t want the burden of owning a car, and for workers who desire flexible hours.
Culturally, this sharing mentality has produced a generation of younger people that may be happier renting and not being tied-down by home ownership. The old marks of success, like having a 9-5 job, buying a house and a car, and having kids, has become less important for some young people who strive for new marks of success like travel, special experiences, and flexibility. Employees working in the sharing-economy gain flexibility when it comes to choosing when and how often they work. For consumers, buying into shared resources, instead of committing to full ownership, may be a key part of financial plans going forward.
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2030: How Today's Biggest Trends Will Collide and Reshape the Future of Everything by Mauro F. Guillén
RETIREMENT PLANNING FOR FREELANCERS AND INDEPENDENT CONTRACTORS
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Having a flexible financial plan and somebody to turn to as changes impact your life and your investments becomes more and more important with time. We’re here to help. Reach out to the financial advisors at Sachetta Callahan today.
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