Books I’m currently reading: “The One Thing” by Gary Keller
Biggest Investment Return: 2 SPDR S&P 500 ETF (SPY) calls expiring 4/24/19 for a return of $104 (41.6%)
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On my mind: Innovative Progress
What is automation? How does it affect our economy? What is Universal Basic Income (UBI)? What would you do if you had an extra $1,000/ month to use towards your housing, groceries, car payments, student loans? These are some questions we will cover on this post.
With the adaptation of technological advancement in our economy, we are experiencing efficiency at a substantial rate. Where as before, when we would want to purchase a notebook or a new phone, we would go a physical location to purchase it, we now have Amazon. At the convenience of our homes or wherever we have internet access, we can jump on our phones or laptops to buy what we need.
We can expect our purchases online to arrive as usually stated, 1-3 days. As you might know, Amazon has an incredible system where hundreds of thousands of packages are sent to enormous warehouses which are then shipped to the consumer through individual drivers. This process is highly efficient but has room to be more so with the current wave of tech development.
With the example provided above regarding Amazon’s efficient system in providing products and services to consumers, there is only one path forward, automation. Although, there are various forms of automation, for simplicity sake, it’s the creation of process where human effort is minimized. In the example of Amazon, a potential next step of automation might be the introduction of drones to deliver packages to customers.
Automation’s Impact on Economy
Automation as stated before is the process of eliminating the need for human effort, which may provoke worry – rightly so. So what happens when jobs that are held by human beings are taken over by automation? Efficiency comes at a cost but there is an interesting take on this very issue by a potential presidential candidate for the United States, Andrew Yang.
Andrew talks about how the impact of automation is going to take over the jobs of 1 out of 3 citizens in the United States in the next 12 years. So, does that leave those who are not keeping with the trends and learning progressive skills hopeless? Not exactly…
Universal Basic Income
Universal Basic Income (UBI) is becoming an increasingly talked about concept. “Universal Basic Income (UBI) is a form of social security that guarantees a certain amount of money to every citizen within a given governed population, without having to pass a test or fulfill a work requirement.” (www.yang2020.com) Learn more about UBI here.
UBI is not a new idea. In 1969, President Richard Nixon introduced the idea of giving any family with $0 income annually to be given free income each month equating to about $11,000/ year today. However, it was rejected by both the Democratic and Republican party. The luxury we have to introduce UBI for all, regardless of income level is only possible due to automation.
$1,000/ Month for Everyone!
What would you do if Andrew Yang becomes president of the United States and you have an extra $1,000 in your pocket a month?
Would you travel more? Make sure to check out my post on traveling for free, “Traveling Free Made Possible”. Would you set aside an emergency fund? Would you use the money to pay for rent? tuition? groceries? Netflix?
What would you do with an extra $1,000 a month?
Please note: We don’t have an affiliation with or personally endorse any of the services linked to in this post.