A world where investing in you will become your best personal financial plan.
The world of personal finance in 2030 is going to change in many ways. We will work longer and differently, and many of us will have the burden of paying for those that have not managed their own personal finances to accommodate for an extra five or ten years’ work presents a whole range of challenges for us as a society?
The podcast with Joseph Deitch, the founder of the Commonwealth fund ($160bn in assets), is a window into how we can rebalance ourselves towards a future where enormous leaps in biotechnology and more traditional technologies like 3D printing of organs will become daily realities. See this podcast as a guide to what we should be doing as leaders in organizations to help our people best prepare for a financial future that will need to be managed differently.
Joseph S. Deitch is an American business executive and philanthropist and the author of Elevate: An Essential Guide to Life. In 2018, he founded the Elevate Prize Foundation, whose mission is to “empower individuals and organizations whose ideas and endeavors elevate the human experience.
AI and the Internet of things, Quantum computing, the cloudification of near everything will change our lives. We should expect both of these technology engines to change how we think about our financial management models for 2030 and beyond. We will be tracked by healthcare companies, rewarded for the right behaviors we have to manage, and will live longer because of it.
financial stock market graph on technology tacking financials and digital currency
The next ten year needs us all to invest differently for our financial futures. As leaders, we need to help others get to this new world. Think about these facts from Joe Deitch: · Life spans will increase with leapfrog advances. There are 69,000 people in Japan over 100 years old. How many more will there be in Japan and across the world by 2030?
· Every year, science finds ways to increase life spans by a year. Will we be able to help fund our new levels of longevity?
· 60% of those over the age of 50 have no money set aside for retirement. The next generation will pay for this with increased taxation. How will this help them save for the future?
· College debt will age out and go down because political solutions will be needed for some level of debt forgiveness by 2030. Colleges themselves will be a convergence of physical and digital experiences to cut costs down. We will move from a brick to a
· We will need to think about the ideas of self-management very differently. Careers, personal development, and finance will need to core parts of managing life as it increasingly falls in our hands. Leaders in companies can play a significant role in helping their employees learn these self-management skills.
· Investment portfolios will be AI-driven and all very similar. Differentiating on your personal portfolio will need super niche knowledge. To many of us, this will just put too much pressure on each of us unless you know a local, professional, or niche market knowledge.
Trevor Noah from The Elevate Prize. The Elevate Prize is powered by MIT Solve, a marketplace for ... [+]
Deitch’s Elevate prize is designed to recognize people globally who have remarkable skills but need political, resource, and management consulting skills all in one network for significant change. Change is invariably best expressed and understood through stories. On a flat planet where we can see, feel, and start to understand each other through these stories, this is vital to build empathetic and supportive systems that don’t just give back but can solve massive problems.
