Blog | Entrepreneurship, Personal Finance

Will You Lose Your Job to Robots?

Hint: Rapidly evolving technology won’t impact those on the correct side of the CASHFLOW® Quadrant

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Have you noticed how everything seems to be automated these days?

You probably have a gadget that dedicates its days to sweeping your floors, a coffee maker that preps your perfect brew while you shower, a back-up camera in your car so you don’t even have to turn your head while reversing, virtual assistants and smart speakers in each room of your house that play music on command or add things to your grocery list, and thermostats and lights that are programmed to go on and off on a schedule of your choosing.

It’s so liberating not having to worry about these mundane tasks, which frees up your time to focus on more important things. But do you ever stop to think about the long-term ramifications of technological advancements on our lives? For instance, if they’ve already taken over our minor chores, will all of our jobs be replaced by robots eventually?

Is technology replacing human jobs?

When you think about robots taking over jobs, you’re probably picturing blue-collar workers on an assembly line at a large manufacturer. Well, according to analysis firm Oxford Economics, robots could replace up to 20 million manufacturing jobs around the world by 2030 — so you’re not wrong. But assembly lines aren’t the only jobs that could get caught in the technology crosshairs.

A Brookings Institution report says roughly 36 million Americans hold jobs with “high exposure” to automation — meaning at least 70 percent of their tasks could soon be performed by machines using current technology. This includes cooks, waiters and other food services roles, short-haul truck drivers, and clerical office workers. If you’ve been in an Olive Garden, Applebee’s or Chili’s recently, you probably noticed its tabletop tablets, which allows customers to order and pay at their tables through the device — goodbye servers and cashiers!

Dozens of other professions are also at risk, as technology replaces human jobs across the board. For example, cab and Uber drivers will need to find new employment once self-driving cars become more common (it reduces human error and makes companies more profitable, so it’s going to happen), telemarketers and customer service agents are being replaced by chatbots that are getting smarter by the minute, and even healthcare workers are being shoved aside by robots that can perform surgery with enhanced precision. There’s speculation that lawyers, journalists, soldiers, and pilots are on the chopping block, too.

No job is safe from robots

It seems that almost everyone will have to face the reality that their job today might be gone by tomorrow. For Robert and I, this is nothing new. We've been saying for years that the traditional job is becoming obsolete, and a surefire way to stay stuck in the rat race. But many people aren't prepared for the radical changes coming our way.

If you look at it from an employer’s point of view, robots are ideal employees. They don't get sick. They don’t take long lunches. They don’t watch kitten videos on YouTube throughout the day or chit chat at the water cooler. They don't have Social Security or healthcare. They don’t need an annual bonus or a raise. They show up on time, are more efficient, and often safer than human workers. It’s starting to make sense how jobs will be replaced by robots, isn’t it?

Move to the right side of the CASHFLOW Quadrant

Now, if you’re an Employee or Self-employed (the left side of the CASHFLOW Quadrant) this all sounds pretty scary. But, for those of us on the right side (Business owners and Investors), it's music to our ears. Which side of the CASHFLOW quadrant are you on right now?

If the coming automation scares you, maybe it's time to make the move to the right side of the quadrant. What I mean by that is, leave the traditional career and job behind and become a B (business owner) or I (investor).

Quadrant

Robert and I aren't afraid of being replaced by robots. In fact, Robert's rich dad used to say, "You know you're rich when you don't need a job to make a lot of money."

When you make the move from the left side of the quadrant (those who pay the most in taxes and trade their time for money) to the right (those who pay the least in taxes and create or invest in assets that produce cash flow for them even when they’re sleeping), you'll no longer be dependent on a job that could easily be done by a robot. Instead, you can build your own wealth-generating vehicles — like a big business, or real estate investment properties that generate cash flow. The best part? You can position yourself to take advantage of the coming disruption, and use technology to help you achieve financial freedom.

Let the robots do the work

Instead of fearing this new technology replacing human jobs, embrace it, and use it to help you build your business. What used to take millions of dollars and an office full of people can now be done by one person with a laptop and an Internet connection. The developments in technology make starting your own business easier and more lucrative than ever before.

In addition, robots are cheap and efficient labor. When you're on the left side of the quadrant, that's scary, but on the right side it's an incredible opportunity — you can let robots do the work while you sit back and enjoy the cash flow.

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.

Change your perspective

The worst thing you can do is sit back on the sidelines and watch your job disappear. I believe there are two keys to financial security: entrepreneurship and real estate investing.

At its core, entrepreneurship is based in innovation — finding ways to make money solving problems both large and small. This is difficult to automate because it is not predictable. In the future, the highest-paid people will be those who don’t do predicable tasks but instead will be those who create new solutions and opportunities.

As for real estate investing, once you create monthly cashflow, you’ll no longer be a slave to an employer because you’ll have money you can count on flowing into your account each month. And once your monthly cash flow exceeds your monthly expenses, you’re financially free!

And there’s so many opportunities in the real estate industry right now. For instance, think about all those corporate buildings that have been sitting empty for the last two years due to Covid and the shift to remote work. While some companies are making moves to bring workers back to their brick-and-mortar locations, many are going to stick with the remote set-up (in large part because employees are demanding that flexibility or threatening to join the Great Resignation). Likewise, a staggering number of small businesses had to close their doors over the last few years, and that space is just sitting there waiting to be reimagined. Thinking of unique ways to repurpose vacant commercial properties — perhaps into co-working office space, housing or even e-commerce fulfillment centers — is a brilliant way to make your mark in real estate investing.

Heck, you can even start buying real estate in the metaverse if you’re feeling like going where few investors have gone before! Yes, you can actually buy virtual real estate — and just like in real life, it’s all about location, location, location. Since there’s a lot to learn in this brand-new space, it’s definitely wise to study up before jumping in.

No matter what you decide to do, 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. Jobs being replaced by robots won’t affect you, because you’ll offer something no amount of AI can compete with.

So start today!

Start a business online. Use technology to invest for cash flow. Build or create something new using robots. Look for problems you can solve and profit from — the bigger the problem you solve, the more money people will pay you. Embrace the technology coming your way and use it to put you on the path to financial freedom.

Original publish date: October 13, 2016

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