AI (Artificial Intelligence) is the newest Megatrend that is bursting into our lives, our job markets, and financial markets.
It’s no longer a science fiction – AI is a reality that’s transforming our lives, work, investments, and all industries in many unprecedented ways.
Before ChatGPT, almost no one understood what AI was and what it could do.
For most folks, AI was either an abstract concept or science fiction like… space travel… and would never become a reality.
But ChatGPT changed all of that!
For the first time ever, people can now interact with AI right from their computers… and see that AI is generating its own articles, its own answers, and its own ideas.
I believe that AI is the Megatrend of our lifetime!
In this article I’ll talk about the impacts of the AI on our lives and jobs.
The Impacts of AI on Our Lives and Jobs
The AI Revolution has arrived.
Let’s talk about its effects – the good, the bad, and the ugly…
Let’s explore specific examples of how the AI Revolution is shaping our present AND our future.
Hold onto your seat. It’s going to be an illuminating ride! LOL
AI is like having a brain in machines, enabling them to think, learn, and make decisions on their own.
And, as I mentioned earlier, one impressive AI example is ChatGPT, which is a chatbot that uses AI language model and generates its own content.
ChatGPT is at the forefront of the AI Revolution – it represents the first consumer application of a new kind of technology called “generative” AI.
Generative AI — like ChatGPT, for example – is a type of algorithm that generates a new output, like text or images, based on examples on which it’s been ”trained,” but it’s NOT a linear algorithm that is predictably programed by human beings!!
Yes, “Generative” AI can “generate” original content, including essays, fine art, software code, convincing educational or political advertising, and so much more.
Before ChatGPT’s debut in late 2022, researchers from the McKinsey Global Institute predicted that AI would create a $13 trillion uptick in the world economy by 2030 and boost global GDP by 16%.
But it looks like ChatGPT’s launch accelerated this timeline.
Now AI capabilities are doubling every three months, which means that breakthroughs in AI over the next six months will be 4X more powerful than everything leading up to today.
Since ChatGPT going public, numerous experts have come out with warnings about how rapidly AI is disrupting the world. Elon Musk, who has been leading the charge on AI development, stated “we need a 6-month pause in the development of AI.” Warren Buffet compared AI to the atom bomb…. Experts fear that AI is spreading so fast and unchecked – it’s going to lead to the biggest disruption in human history!
Without a doubt AI Revolution is impacting almost all human functions – from societal, cultural, economic, political, and militaries – and there’re many reasons to be very concerned.
I Invite you to read a fascinating book by Joe Allen called “Dark Aeon: Transhumanism and the War Against Humanity.”
Now… I don’t think the world is going to end anytime soon.
However, I firmly believe that AI will completely disrupt the entire financial markets including millions of savings and retirement accounts.
The Economic Impact of AI
The economic impact of AI, which is truly colossal.
AI-based innovations are boosting productivity, streamlining processes, and creating new revenue streams for businesses.
For example, in healthcare, AI is diagnosing diseases, discovering new drugs, and improving patient care.
On the other hand, we must be aware of MANY concerns that adapting AI introduces to our lives…
AI-powered surveillance, data privacy, information manipulation, and the impact on education – these are just a few concerns that are top-of-mind for many people, including myself.
And that’s not all…
While AI offers incredible economic opportunities, it’s also causing potential economic disparities – some professions will have to adapt or vanish entirely.
Sectors that are heavily dependent on manual labor will likely face challenges as AI drives automation.
For instance, roles like data entry, repetitive tasks, and even some customer service positions might be replaced by AI-powered systems.
So, which jobs are AI-proof?..
In my opinion, those jobs that involve creativity, emotional intelligence, human-to-human communication, and complex decision-making will remain essential.
Think artists, therapists, teachers, and creative professionals.
While some jobs will be automated, AI will also create new roles, such as AI trainers, data analysts, and human-machine collaboration experts.
According to the Goldman Sachs report, 18% of global work could become automated during this AI Revolution.
More than that, the report anticipates that AI could replace nearly a quarter of all jobs.
AI can take over a large amount of administrative work, like data entry and bookkeeping….
However, the good news is that millions of jobs and many sectors of the economy will remain relatively untouched by AI’s reach.
Jobs that emphasize human touch, empathy, and creativity will remain in demand, but will likely require to embrace AI in their roles.
I also believe that jobs that require human intuition and emotional connections will be in high demand.
Here’s the most important thing to understand about the jobs that will be overtaken by AI:
1. Professions that revolve around information processing will be the first to become obsolete.
2. Jobs that require sophisticated interpersonal relationships should not be at risk of an AI takeover.
Here’re 3 examples of Vulnerable Jobs That Might Not Survive AI :
Job No. 1: Software Engineer
Job No. 2: Paralegal Assistant
Job No. 3: Customer Service Representative
Many companies now use online chatbots or automated voice responses on the phone to help answer customer questions or complaints.
Multiple banks have made a big switch to AI-driven customer service in recent years, using chatbots to handle customer service requests:
TD Ameritrade brokerage and Bank of America’s chatbot named Erica now handles hundreds of millions of customer inquiries every year.
Here’re 3 Jobs That Should Survive AI
AI-Proof Job No. 1: Lawyer
AI-Proof Job No. 2: Agriculture
AI-Proof Job No. 3: Educator & Therapist
The Bottom line:
Not the Internet… not the cryptocurrencies boom…and not 5G technologies created the Megatrend effects as big as AI. And the AI revolution is just getting started. The rapid advancements and adoption of AI are changing societies and industries worldwide.
And, like with any revolution, AI revolution brings BIG changes in the way we live, work, and invest.
The Labor markets and workplaces will be completely changed.
A report from Goldman Sachs estimates that around 300 million jobs worldwide could be affected by generative AI…
But EVERYTHING has a front and a back – good and bad…
This new AI megatrend is creating incredible investment opportunities! J
Next week I’ll publish another article about AI where I’ll share the Effects of AI on Strategic Investing.
To your Health, Wealth and Freedom!
Millen Livis , MS, MBA
