ATTN All Employees: Your Job May Not Be Safe, But THIS Is
Amazon.com, Inc. is considering a plan to open as many as 3,000 new Amazon Go cashier-less stores in the next few years, Bloomberg reported. This expansion is expected to rival convenience chains like 7-Eleven, Inc., Subway and Panera Bread. With this expansion it would make Amazon Go among the biggest chains in the U.S.
When the first Amazon Go store opened in Seattle, Washington, it wasn’t without issues. With the high number of security cameras unprepared for congruent customer body types and “naughty children” as stuff business reported in January, the unmanned stores had some kinks to work out. It seems that over the last nine months or so, they’ve been mostly resolved.
Your local convenience store—perhaps even grocery store—may be in trouble.
The fear of machines taking over is more prevalent than ever, and soon everyone will have to face the reality that their job today might be gone by tomorrow.
Amazon Go and its cashierless technology may be to old school grocery stores what Uber and Lyft are to cab companies…
It’s a good example of the evolution of a job.
Prior to 2011, if you wanted a ride to the airport because you didn’t want to pay to park your car, you called a taxi. If you live in New York, Yellow Cabs were a mainstay in the landscape of Manhattan. When rideshare company hit major cities in 2011, cab drivers didn’t see them as a threat. The mindset was that there was room for both in the market. Who could imagine a city like Manhattan without cabs?
In 2014, cab drivers are joined labor unions, labor organizers and cab companies lobbied jointly, and rival taxi executives all shared notes and filed complaints and lawsuits. Collectively they were resisting an industry that they say threatens their livelihoods and the well-being of consumers.
Ride share companies and their technology threatened the taxi industry that has been slow to modernize.
No one expected the end of drivers for companies like Uber and Lyft to be within a foreseeable future. But Uber, in 2015, started building its self-driving cars. These autonomous cars rely on artificial intelligence with little to no input from a driver.
And just like that, companies have evolved through technology—eliminating jobs in the name of convenience for customers.
Kim and I have been saying for years that the traditional job is going to become obsolete. We believe this only guarantees that more people will be stuck in the rat race. Because they don’t recognize their other options.
Let the Robots Do the Work
Robots are cheap and efficient labor. They don’t complain, and you don’t have to provide health insurance to a kiosk. What used to take millions of dollars and an office full of people can now be done by one person with a laptop and Internet connection.
Technology also makes it easier to invest. Whether you’re interested in stocks or real estate, there are new developments every day that make it easier to be in control of your investments.
You can change your money-making quadrant…
I showed you this image the other day. Working in a job, living off a paycheck, puts you on the left side. The side where you have to work for money instead of allowing money to work for you.
If you have a job, and automation scares you, maybe it’s time to move to the right side of the Cashflow Quadrant. What I mean by this is to leave the traditional career and become a business owner or investor.
Today, more than ever, being an employee is the least secure position to be in financially. This is in huge part because of the rise of automation and AI. Most employees, however, have no idea that their job could be in jeopardy. Many experts are likening the coming wave of robots to the Industrial Revolution.
In an article in Wired last year, Martin Ford, author of “Rise of Robots,” said, “I see the advances happening in technology and it’s becoming evident that computers, machines, robots, and algorithms are going to be able to do most of the routine, repetitive types of jobs. That’s the essence of what machine learning is all about. What types of jobs are on some level fundamentally predictable? A lot of different skill levels fall into that category. It’s not just about lower-skilled jobs either. People with college degrees, even professional degrees, people like lawyers are doing things that ultimately are predictable. A lot of those jobs are going to be susceptible over time.”
When you move quadrants—from the left to the right—you’ll no longer depend on a job that can easily be replaced with by a robot. Instead you’ll be generating your own wealth and positioning yourself to take advantage of future disruptions.
All You Need Is a Change of Mindset
Once you move from the left to the right side of the quadrant, robots and other developing technologies become exciting opportunities, not threats to your security.
Sounds easy right?
Just as with investing, start small. No business has gone from nothing to huge overnight.
After achieving my goal of making my first $1 million, I began thinking about setting the next goal. I knew I could go on to make $10 million doing things much the same way. However, $1 billion would require new skills and a whole new way of thinking.
That is why I set the goal of $1 billion, despite much personal doubt. Once I had the nerve to set the goal, I began to learn how others had made it. If I had not set the goal, I would not have embarked on the journey of learning. Once I committed to the goal, my mindset changed, and that alone was extremely valuable.
Money doesn’t make you rich. Mindset does.
In fact, mindset most often is the dividing line between those who are successful in life and those who are not. They show up, put in the work, and continually learn and grow. They surround themselves with smart people who lift them up instead of pulling them down. They have a mindset of success.
Unlike employees, entrepreneurs don’t rely on the safety net of a paycheck. They study, learn from their mistakes, solve problems, and get results. Shift your mindset to be like an entrepreneur and it will help you change the way you look at life and investing.
It doesn’t matter where you are now in life. What matters is the mindset you bring to your investments. Think like an entrepreneur. Your investments are a business, and you need to treat them like that in order to reach your financial goals.