How would you earn wealth in an AI dominated society

in #economics7 years ago

Imagine, it's the year 2050. AI of all types has been created to do all the work that humans years prior have done. From basic low skill jobs to professional white collar and even the arts! How would you build wealth in such a world? Is it even possible?
As a mentor once told me "The path to wealth requires you learn 3 things. How to earn money, how to keep money, and how to multiply it (invest it)." So what does that look like now vs the future, were it's very likely that bots will do all the work. So here are my thoughts on the matter.

Today:

Earning money today comes in many forms and in many variations. You could works a job digging ditches or use that degree you've earned/earn a degree. You can also do odd jobs and freelance. Problems are abundant and there's many to be solved. There's a lot of technology around to slightly automate this process but it's still in it's infancy. For now you can pick up a job or sell a product with the help of technology. Keeping it has gotten harder however. Right now, more than previous generations, marketing with the use of the internet has encouraged reckless spending for stuff you don't need. Investing it has been very easy! The same technology that has hindered keeping it has greatly helped in investing money. With advances in blockchain technology and smart contracts, this will only get better. The verdict? Earning money isn't too hard, keeping it is, and multiplying it is at an all time high.

2050:

Earning money becomes very hard. There almost nothing that a human can do that a bot cant do better. There's no need for humans to work on anything. Top hits are produced by bots using history's most popular artists, paintings made int the styles of the greats and manufacturing has been totally dominated by bots producing insane amounts of goods at unbelievable paces from many different producers both large and small. This makes goods very cheap. Hydroponics and bots make gmo food very efficiently so the cost of food and it's distribution, by self driving transports, make the cost of food and many other necessities very cheap. The only options left available are niche industries that cater to those who still wish to hold onto the last bit of personal interaction offline and in everyday life. These jobs are extremely hard to get and require a formal education. The pay varies greatly, but there's not enough of those jobs to go around. The rest rely on a universal basic income from their government. This income comes from bots, who are taxed like workers in the past. The amount is enough to get by on but there's much controversy on this practice. Keeping money is near impossible. Your everyday behaviors will attract the attention of bots who know their every want need and preference. Investing it is insanely easy. Bot ownership is on the rise and investors are buying them and using them like assets to generate passive income. The sharing economy is alive and well and one of the primary ways to make money. The verdict, earning money is hard, keeping it is hard, and investing it is extremely easy.

These are just my thoughts. See where the direction of AI advancements are going it's more than likely we'll have a very huge AI workforce ready to produce on our behalf. What do you think? Leave it down below. If you liked this article, give it an upvote, resteem it, and follow me (I follow back). Are you ready for the future?

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If you buy and store silver for the future, you will be fine. All the AI and robots need large amounts of silver. So you will get paid to do nothing. @silverbug

That is very true, same with gold and other precious materials, but what happens if you go bust? Usually you stomach the loss and take a small job, but the point here is that you cant take a small job because advanced bots will always do better than human labor (except for niche markets). Not only that, but there could be advancements in bot who dig up the metals which means a hopped up supply matching a hopped up demand. What are your thoughts there?

I think the only advantage man has over the machine is our creativity, I don't think this can be programmed into a computer. A computer is basically just an on, and off switch. The ones who will flourish in the future will be the most creative people. @silverbug

I thought that as well, but there's already bots out there who can make wonderful sounding music and even some that can draw pictures by itself. Creativity is also at risk here. Imagine needing a marketing video. Bots can make the music, edit it, even make the person talking in it using graphics and a chatbot to talk about the product. No human creativity involved.

The human creativity was already programmed into the computer from the start, The computer is just mimicking what humans have already created in the past.

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