I’ve always been a bit slow to jump on the tech bandwagon, and AI was no exception. I figured I’d let the early adopters work out the bugs before I got involved. But then, at a kid’s birthday party, a finance guy asked me about my book. He was surprised to hear I was working on a second one and asked if I was worried about AI. His question caught me off guard. Instead of the usual congratulations, he seemed to suggest I was wasting my time.
This got me thinking about the impact of AI on our lives and jobs. As a parent, I started to wonder if I should be working more to secure my family’s future. My daughter will be starting school in September 2024, and I’ll have more time on my hands.
So, how can we protect ourselves from the potential job losses due to AI? One solution is to become so wealthy that you and your family don’t need to work. For a family of four, that might mean amassing a fortune of over $20 million.
I’m planning to invest in AI through private funds like the Fundrise Innovation Fund. This way, if AI does well, I’m covered. I plan to invest $500,000 in AI funds over the next three years.
We probably have about five to ten years before AI starts significantly impacting jobs. So, it’s crucial to save and invest as much as possible now.
But how can we benefit from AI and get richer? First, we need to understand which jobs are most at risk and least at risk due to AI. It’s sad to see that many teaching jobs are at risk. AI can help teach basic skills, but I believe that for higher levels, a human teacher would be more effective.
If you’re planning to go to college, choose a major that leads to a job that’s not at risk from AI. It seems that liberal arts degrees may be more at risk than STEM degrees.
I’m excited about the potential of AI to help with proofreading and editing. It could save me and my family a lot of time.
To benefit from AI, you could use it to learn new skills or to help run your business. For example, you could use AI to learn English, law, philosophy, chemistry, history, biology, anthropology, archaeology, communications, and business. Then you can use AI to do your PR, marketing, and fundraising for your business.
You can also invest in companies leading the AI revolution. An analysis by JP Morgan found that interest in AI, driven by ChatGPT and other large language models (LLM), has driven more than half the gains in the S&P 500 in 2023. And in 2024, AI continues to drive the majority of gains in the S&P 500 and the NASDAQ.
These AI companies include Microsoft, Google, Amazon, Meta, Nvidia, and Salesforce. You can easily purchase stock in these companies. I personally own all the above names except for Salesforce.
You can also invest in real estate in cities where the largest AI-related companies are based. As demand for AI grows, more jobs will be created at these companies, leading to more demand for housing and pushing up rents and home prices.
Finally, we can leverage tools such as ChatGPT to make our lives easier. When AI is finally able to write all my posts in the standard I want, it’ll be great! I’ll just spend more time traveling and playing tennis because I’ve built up a strong brand in the personal finance space.
I’m investing in private funds like the Fundrise Innovation Fund and several Kleiner Perkins Funds that are actively investing in AI companies. The Kleiner funds are through connections and invite only with a $200,000 investment minimum. But the Fundrise Innovation Fund is open to anybody and has only a $10 minimum.
I’m also looking for AI jobs in San Francisco. All the big ones, like Anthropic and OpenAI are based here. And then there are dozens of other AI companies looking to hire as well.
And if I fail to get a job in AI, at least I will have the rejection letters showing my kids that I tried! But hopefully, even with the rejections, what will happen is my $500,000 investment will 10X so that my kids are hedged.
So, is your job at risk due to artificial intelligence? How you protecting yourself from artificial intelligence? How are you benefitting? When do you think people will start losing their jobs due to AI in mass?
