AnonEMouse
Recycles dryer sheets
- Joined
- Apr 21, 2015
- Messages
- 100
If your job is bearable, would you work longer after you hit your number to provide a leg up for your children/future generations? Or would you just quit then and there and let the chips fall where they may? I'm more interested in your reasoning than a yes/no response though.
The reason why I ask is that in the past it was assumed that the market would return at least 10-11% per annum on average. Now we're told it'd be 6-7% if we're lucky. Add to that the unprecedented negative interest rates, increasing automation and AI advances (self-driving cars, AI beating humans in fields previously unimaginable [Go, Jeopardy, etc.]) and it seems current and future generations may have a bit of a rough time ahead.
Owners of financial capital would undoubtedly do much better than labor (as in all of history) especially if an automated/AI future comes to fruition. So, having some capital in the family would help mitigate hardships for future generations, especially if said offspring(s) aren't the ones creating those AIs.
Of course things could go the other way and AI/automation ushers in an era where human labor is no longer necessary and the benefits are shared in some form like the Universal Basic Income, making your sacrifices to work more now to pad your finances moot. That seems rather unlikely from today's perspective though. I'd be more inclined to believe a SkyNet future as more probable. Either way, your financial savings would be moot.
The other thing is that even if we don't plan on it, we'll likely leave something. It's rare to be able to live to the last cent with our dying breath. Maybe the house and whatever is left of the portfolio is enough for the next generation.
The reason why I ask is that in the past it was assumed that the market would return at least 10-11% per annum on average. Now we're told it'd be 6-7% if we're lucky. Add to that the unprecedented negative interest rates, increasing automation and AI advances (self-driving cars, AI beating humans in fields previously unimaginable [Go, Jeopardy, etc.]) and it seems current and future generations may have a bit of a rough time ahead.
Owners of financial capital would undoubtedly do much better than labor (as in all of history) especially if an automated/AI future comes to fruition. So, having some capital in the family would help mitigate hardships for future generations, especially if said offspring(s) aren't the ones creating those AIs.
Of course things could go the other way and AI/automation ushers in an era where human labor is no longer necessary and the benefits are shared in some form like the Universal Basic Income, making your sacrifices to work more now to pad your finances moot. That seems rather unlikely from today's perspective though. I'd be more inclined to believe a SkyNet future as more probable. Either way, your financial savings would be moot.
The other thing is that even if we don't plan on it, we'll likely leave something. It's rare to be able to live to the last cent with our dying breath. Maybe the house and whatever is left of the portfolio is enough for the next generation.
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