Dominance or Dependance | Wealth Transfer Pt.4

For those who haven’t realized it yet, we are in the midst of the 4th industrial revolution, driven by AI technology. This will forever change how we live, impacting every industry and aspect of life, especially the workforce.

 

AI is projected to take over more than 2 million jobs in the US alone by 2030, with the number increasing drastically over time.

 

We will witness a massive shift from a labor workforce to one dominated by entrepreneurs. Those reluctant to transition from working for a company to owning one will find themselves competing for a small number of highly competitive positions or reliant on the government, living on a universal income.

 

So, what does this mean for our country?

 

Do we panic?

 

Do we protest?

 

Do we start seeking positions or trades that we believe robots can’t perform?

 

We could.

 

But why position ourselves to fight for the handful of jobs that will remain when we could instead position ourselves to run companies and utilize the technology?

 

AI technology offers unique opportunities unlike any other time in history. One is the ability to start and run a profitable business in a shorter period, with minimal investment and experience. It also allows for running highly profitable businesses with low labor costs, which are typically the highest operating expense in most companies.

 

We can continue to complain about what big companies do, as we have for the past 60+ years, or we can seize this opportunity and do what big companies do. We are far better off playing the capitalist game than trying to overthrow it.

 

Here are three key strategies to ensure we don’t become economic slaves in this era:

A sharp focus on ownership and creating multiple income streams

Ecclesiastes 11:2 says, “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.” This scripture emphasizes the danger of relying solely on a single income source. Multiple revenue streams should include a mix of passive and semi-passive sources that require far less attention than your primary source.

 

Be intentional about where you source your news. 

If we are what we eat, this applies to the media we consume as well. All news isn’t created equal. Much of it is designed to misinform, make you fearful, and distract you with gossip. Read what the wealthy read, watch what they watch, and keep an eye on the markets. “Follow the money,” as I like to say, because the movement of money tells the real story.

 

“Pay less attention to the wealth gap and more attention to wealth behavior.” 

This quote, from retired police officer and YouTuber Nathan Daley, refers to the Black community. There’s no point in highlighting what other racial groups have if we refuse to acknowledge the strategies they used to get there. 

 

There’s no point in pointing at someone’s wealth if you have a consumer mindset.

 

The wealth gap comparison doesn’t empower the Black community; instead, it exacerbates racial tension. This is evident from the fact that the majority of research and articles on the subject fail to offer sustainable solutions.

 

It’s a distraction from real economic change and the overall financial health and well-being of American families.

 

Instead, let’s fix our focus on ownership, innovation, building generational wealth, strong families, and most importantly, serving the Lord—for it is He who gives us the power to produce wealth.