Strategies to Prosper or Survive when they take your job

Techcrunch describes the situation where technology is now destroying jobs faster than it’s creating them.

Some propose a basic income or negative income tax as updated versions of the communist iron rice bowl.

There are strategies for individuals for creating more sources of income –
1. Purchase stocks and other investment instruments which will provide dividends or interest
2. Have property that will pay rents
3. Try to set things up where your expenses are flexible and variable. Have superior financial management when you have a job or income and pay down debt or restructure debt.
4. If a worse case scenario starts to unfold (looking at a long period of no salary or reduction in rents or asset values) then try to anticipate and sell assets that can cancel out debts.
5. Try to have other skills developed and alternative career planned out. Part time work could be more rapidly transitioned into new full time work. Ideally this is like a hand off in a relay race where the previous runner runs alongside the next runner as he gets up to speed.
6. Have close relations with family or close friends where you can get help until you get back on your feet.
7. Find ways to more rapidly re-educate /retrain for the next job
8. Be more mobile so that you can move to another city or region or country where your skills are still needed.

What capabilities should be more enduring
* being able to start a profitable new business on your own
* real estate rents and property values in highly productive locations
* being able to efficiently sell and trade
* stock – corporate values in winning companies

Strategies for countries
1. Developer faster and more effective training and retraining
2. Create a stronger entrepreneurial capability and ecosystem
3. Develop a more resilient position in emerging industries
4. Develop more flexibility and faster response in the social safety net

If you liked this article, please give it a quick review on ycombinator or StumbleUpon. Thanks

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