Living off investments

[Anonymous]

I believe AI will have substantial upside benefits to earnings and stock prices. Revenue per employee will increase. I feel less certainty about overall employment or specific sector employment. Plowing money into the market in this environment seems like a good idea, and you can live on the investments if the worst case on your employment situation materializes.

[Anonymous]

Anonymous wrote:
The most important skill they need is adaptability. Tell them the ground is going to shift under their feet: they have to seize opportunities when they come and never expect any situation to stabilize for long.

This is where a solid college education helps. It teaches you the principles and a good foundatoin.

[Anonymous]

Here’s the thing I don’t see anyone mention in the AI job apocalypse scenario. Our economy cannot survive with high levels of unemployment, because then people don’t buy things. If it gets to the point where AI is causing mass unemployment, businesses or the government is going to step in and do something. There may be a period of uncomfortable transition, but it’s not the end of gainful employment.

And as far as lawyers being cooked - if you’ve used AI at all as a lawyer, you know we are some time away from being replaced.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You need to relax. The AI doom and gloom is ridiculous. On a lark I asked Chat GPT to write my Uncle’s obituary last week (he was a well-known figure in the city where he lived for 60 years). Chat GPT gave me a 100% fictional Obit! I’m not worried about Chat GPT anymore than I am about dinosaurs coming back to life lol

I work at a company where there is a huge focus on getting the prompts right. With that our US based workforce has been cut in half by attrition and buy outs. That's been replaced at about 50% with humans in India and 50% with AI. It's working well. I'm managing a team that will go from 14 people to 8 over the next year with no decrease in quality or production. Of the remaining 8, 4 will be in India. I'm at the end of my career and I can use the next 3 years to figure these solutions out and then be done, but what will be left is a huge reduction in US based workers doing the work that used to be squarely here.

What happened when there’s no water? The business dies????

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You need to relax. The AI doom and gloom is ridiculous. On a lark I asked Chat GPT to write my Uncle’s obituary last week (he was a well-known figure in the city where he lived for 60 years). Chat GPT gave me a 100% fictional Obit! I’m not worried about Chat GPT anymore than I am about dinosaurs coming back to life lol

Did you use a paid version? Did you input your uncle’s information into ChatGPT and then ask it to write it?

I don’t know what a well known figure in that city means vs a well known figure in general.

I wouldn’t expect ChatGPT (unpaid) to write a great obituary without prompts if my uncle had been the mayor of Peoria…but it would be different if my uncle was Henry Kissinger.

Paid version, included relevant details and it spit out literal garbage. Of course some jobs will be replaced by AI but I don’t believe that jobs requiring critical thinking are in danger in the slightest.

That doesn’t make any sense. I use it all the time…it may hallucinate a single thing but it won’t just create an alternate life for your uncle.

The only time that ever happened was a person that shares the same name as a famous person…so it wasn’t hallucinating but rather assumed that was the Tom Cruise you meant…not Tom Crews.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This might be crazy talk but with AI taking jobs I think work is going to dry up and stocks are going to soar as companies become more profitable. I don’t even know what jobs will be available in the near or long term and I’m starting to think seriously about living off investments and planning for my kids to do the same. I’m a lawyer and lawyers are cooked with AI.

Wow! I'd expect a lawyer to know their history better. With every innovation throughout history people have said this, yet the jobs just changed from one industry to another. This will be no different. Computers didn't create mass joblessness. Farming equipment didn't create mass joblessness. The industrial revolution didn't create mass joblessness. There is a period of uncertainty and jobs rise in a different industry.

Most lawyers are very well versed in history. I'm confused how you would get to the conclusion you did.

+ 1. eDiscovery didn’t exist 20ish years. Its existence created a whole new sectors of the legal field and dozens of new jobs.

[Anonymous]

I think people who are 50 need to prepare to retire in 5 years. The AI wave to us is the equivalent of the internet and computers being introduced to boomers - we will adapt, but not well, and not as fast as the youngest generation. It is going to leave us behind. I said what I said.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
The most important skill they need is adaptability. Tell them the ground is going to shift under their feet: they have to seize opportunities when they come and never expect any situation to stabilize for long.

This is where a solid college education helps. It teaches you the principles and a good foundatoin.

Or be willing to adapt to doing a more physical less intellectual job or taking up something we don't envision yet as a job.

[Anonymous]

If nobody has a job, then nobody will have any money to spend, meaning companies will have no profits at all.

[Anonymous]

Whose paying all these AI companies and buying their stock when no one has a job?

[Anonymous]

Anonymous wrote:If nobody has a job, then nobody will have any money to spend, meaning companies will have no profits at all.

Correct. So, the notion that businesses and stocks will thrive through mass unemployment, plunging tax receipts, and riots in the street is not possible. Either AI is an apocalypse that will radically restructure every aspect of society or it’s an incremental technology that will change some things, but leave social and economic fundamentals in tact. Unless it’s unlike anything the world has ever seen, it’s the latter.

[Anonymous]

Anonymous wrote:This might be crazy talk but with AI taking jobs I think work is going to dry up and stocks are going to soar as companies become more profitable. I don’t even know what jobs will be available in the near or long term and I’m starting to think seriously about living off investments and planning for my kids to do the same. I’m a lawyer and lawyers are cooked with AI.

That's a good strategy. Just prepare for dips and don't overspend.

[Anonymous]

Anonymous wrote:If nobody has a job, then nobody will have any money to spend, meaning companies will have no profits at all.

That's not how the modern business world works now. It's changed in the last 15 years. Big Gov props up a lot now. Big corporations own the strings to channel money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You need to relax. The AI doom and gloom is ridiculous. On a lark I asked Chat GPT to write my Uncle’s obituary last week (he was a well-known figure in the city where he lived for 60 years). Chat GPT gave me a 100% fictional Obit! I’m not worried about Chat GPT anymore than I am about dinosaurs coming back to life lol

Did you use a paid version? Did you input your uncle’s information into ChatGPT and then ask it to write it?

I don’t know what a well known figure in that city means vs a well known figure in general.

I wouldn’t expect ChatGPT (unpaid) to write a great obituary without prompts if my uncle had been the mayor of Peoria…but it would be different if my uncle was Henry Kissinger.

Paid version, included relevant details and it spit out literal garbage. Of course some jobs will be replaced by AI but I don’t believe that jobs requiring critical thinking are in danger in the slightest.

Your anecdote makes no sense. Either you don’t know how AI works, don’t know how to use it, or you’re the one hallucinating a story.

[Anonymous]

Way ahead of you, but I did it for different reasons. I was overworked and underpaid for ca two decades. By the time I got my green card, my energy to work or interest to learn something new, was nearly gone.
I sold the 3 properties I had bought at different times and jumped into the market in March 2020. I still work, but very part time. I did manage to get a finance degree before turning 42.
My older kid just turned 18. We are starting him off with an investment account, great credit, a low wage job, and he starts community college in September. I have enough money in 529. Can't wait to empty it; lousy return compared to what I get in the market.
Younger one inherited some retirement accounts and has more money coming at 18. Money comes from investments mostly and then some from a job.
Kids are not spenders and I will retired to a very low cost country. Heck with the career and climbing the ladder.