The new 21st century economy

The world is changing fast, very fast, here is a sobering bit of information for you. Up to 120 million jobs could to be lost in the UK and US alone to automation and AI by 2030. ref: ‘Surfing the Techno-Tsunami’ by Paul Hornsey-Pennell

Paul says, “we have entered a new era, possibly even a new age/civilisation”. He goes on to say, “we have time, but we need to act now and spread the work, because everyone is going to be impacted”.

Working from home

Becoming self-employed and working from home will become the new reality for most people. Working from home is something that has been around for many years. In the past this was a small percentage of the working population. Over the next 10-20 years this is going to be flipped 180 degrees with many more people working from home. We are returning to the situation as was the case before the industrial revolution. In the 21st Century we are now calling this the gig economy.

A gig economy

A gig economy is an environment in which temporary positions are common and organizations contract with independent workers for short-term engagements. This trend has begun. A study by Intuit predicted that by 2020, 40 percent of American workers would be independent contractors.

That’s 2020, it’s happening now, the world has changed, the career has gone. It is the new reality and it is going to freak out people, no job, no wage, what do I do?

There is time to act (not a lot) and if we get this right we can liberate ourselves from the mundane. Whilst at the same time enabling us to achieve an unprecedented quality of life.

How do we embrace the new economy?

Governments are currently not discussing this, they don’t want to scare people and as a consequence there is no vision for the future. We are at the mercy of the new mega corporations (Google, Amazon, Microsoft et al) that are carving up the business world.

They are going to determine whether you are going to have a job or not. It is therefore down to all of us to take personal responsibility for our actions and our futures.

The new reality for most people in the future will be:

• Self-employment, working from home or are part of a local community business hub

• Have a number of microbusinesses, providing services into their communities, ideally businesses that provide residual income opportunities to provide long term security and pension pot income streams

• Have short-term gig engagements with companies using the skillsets they have built up over the years, (if they are still relevant and have not been superseded by AI or Automation which is highly likely)

If you get this right what you can also achieve is:
• Empowerment
• Residual income / pension
• Your own work life/balance – you set the hours you work
• You are going to become part of a community of like-minded people
• You will be able to leave a legacy
• Freedom

It’s your call
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