#WealthManagement #jobs #JobSecurity #JobChanges #investments #savings
“Alex” is about in his early 20s.
He’s just gotten a promotion, and can now think about his financial future.
He hires a good financial adviser who sets up three accounts for him: one for now, one for later and one for retirement.
Alex is, the TV ad says, a real client of JP Morgan Wealth Management.
The scenario of Alex laid out in the ad seems perfectly normal. A young man starts a promising career and begins to save for life’s eventualities, like a home (“barndominium,” according to the ad), a family and, of course, retirement.
But, as discussed often here, that scenario is hardly typical for a 20-something today.
If Alex is completely independent from his parents’ financial assistance, he’s very lucky and very unusual.
If Alex can get through, say, 40 more years of working, advancing in his career, saving and investing his money wisely – with an adviser’s help, of course – he will be among a small percentage of people in his generation who will do so.
For most of his and other generations, careers will veer in wild directions over time. Technology, particularly AI at the moment, will change the employment landscape. Some jobs will be created. Others will be eliminated.
It’s unclear in the ad what Alex does for work (he looks as if he’s in construction), but just about every workplace will change over his adult life.
And most, if not all, of those changes will come when employees are not expecting them.
That may mean people like Alex, if they can start saving and investing now, should. But, they may need that money much sooner than they had planned.
Alex may think he can plot his career now. But, more than likely, his best laid plans will be disrupted through no fault of his own.
Some disruptions can be planned for. For example, if you see things about your job, or how you do it, that you believe will change in your working life, do what you can to mitigate or even take advantage of those changes.
If you see productivity gaps in what you do, chances are your employer will eventually see them, too. When that happens, it may not bode well for you. Try your best to fill those gaps.
Still, you cannot stop the progress of technology. It is like running water. You may be able to divert it (perhaps to your advantage), but you cannot stop it.
If you can anticipate it, you’re ahead of the game and can make changes. But, more than likely, you will be surprised at least once in your career that the job that you like will change. Those changes likely will not benefit you – at least immediately.
So, if Alex in the ad is a real person, his financial adviser should be talking to him about all eventualities that he may see in his working life.
As “The Gambler” put it in the Kenny Rogers song: “The best thing you can hope for is to die in your sleep.”
Alex’s adviser should be telling him: The best thing he can hope for is to work as long as he wants to, advance when opportunity comes and retire on his terms.
If that happens, Alex will certainly be very fortunate.
Peter