E The Crucial Case For Long-Term Family Wealth Generation

Disturbing factors about today's economy are telling us to explore ways to create systems for the generation and protection of family wealth through coming decades. If we can't depend on lifetime employment or pensions or Social Security, we'd better create our own backup systems.

I see at least ten disturbing economic factors that threaten the incomes of both workers and retirees..soaring public debt, soaring private debt, pension-fund shortfall, unpredictable firings, unemployment, employment without retirement benefits, Artificial Intelligence, robotics, "gig" employment, and the soft-pedaled (so far) government plan that would take Trillions in cash from private retirement accounts and replace it with whatever scant "government guaranteed" income could be derived from Treasury IOUs. 

Only fifty years ago, a worker employed by a corporation could look forward to guaranteed lifetime employment followed by guaranteed retirement and medical benefits.

How things have changed.

Maybe we've outsmarted ourselves with our "labor-saving" devices. In today's world more and more work is being done by fewer and fewer workers.Just think about how many fewer workers would be required to build The Pyramids today. I'm thinking this could be one of the last generations in which a massive human workforce is required... and, IF SO, today's workers may be among the last who have the opportunity to create and fund private, family wealth generation systems.

Our Futurists may already be able to tell us what potential employees have to look forward to during the next fifty years. It's easy to see how the Industrial Revolution brought obsolescence and extinction of jobs and professions... the pace of which is accelerating. Of course, Futurists would say the trend will also birth some new jobs and professions, but the process of change is so fast that it may be difficult for anyone to anticipate what the nature of work will be even five years from now.

1 2 3 4
View single page >> |

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.