What are you doing to help you and your family prepare for the future?
Yesterday’s article discussed the upcoming “3rd Revolution of Workplace Automation” and how a high percentage of jobs that require repetitive tasks will likely be replaced by automation. What are you doing to build a safety net that can be used as a backup during changing times? Are you investing in your future? What forms of Capital are you investing in? Who controls those forms of Capital? The steps you take today give you flexibility in the long run and will help provide more flexibility for you and your family in the future.
While most people think about a single form of Capital, financial, there are actually 8 forms of Capital. Ethan C Roland of AppleSeed Permaculture identifies these 8 forms as Social, Material, Financial, Living, Experiential, Intellectual, Cultural and Spiritual. Thinking about investing in more ways than just the financial form will help you be more resilient as the culture evolves. If you have a diverse Capital “portfolio”, the impact of disasters and negative events will be diminished. Whereas if you invest in just the financial form and your financial savings go sour the impact will have a severe impact on you and your families life.
Today our society focuses on saving for the future in mainly in one form, financial saving and investing. This approach is one dimensional and leaves the individual susceptible to risk. This aspect becomes riskier because the supermajority of individuals relies on third parties to manage their Financial Capital until and through retirement. How exposed is their savings to market fluctuations? Do you know how your savings or investments are allocated? What will happen to your Financial Capital when there is another market correction?
Building on other forms of Capital will build incredible flexibility in your life. Have you developed your social network that be can be a source of support when you need it? What about Material and Living Capital? You can save nonperishable food and materials that you know you will need in the future. This also applies to Experiential and Intellectual Capital; are you taking the effort to learn something new, developing experience or skills by accomplishing interesting projects that add value to your life?
It is important to take control of your future to avoid behind left behind as the new culture emerges. This ensures you can be agile and flexible in life. If you rely on third parties and other entities to manage your Capital for the future, then are putting you and your family at risk. Only YOU care about YOU the most. Thinking otherwise can only lead to disaster and unpleasant surprises in the future.