With ongoing uncertainty of job market with economic downturns, no code tools and AI. How do you can be financially Secure?
I am mid level engineer started working in a booming phase of economy with not much hiccups. 2000 and 2008 crisis was already over. Job looked Secure. Now with 2020 crisis and 2023-2024 crisis where so many people have been laid off and fired including me. Some are even fired twice or thrice and more. The AI and no code tools coming in, though it is more of hype but still there is some impact.
Economy is definitely a wave of economic ups and down and they will keep coming in. You will be fired, rehired and all. Side hustle is also difficult traditional business are dead. All of their kids are coming into jobs as well. India has a very big workforce. It is tough to differentiate yourself in job market.
I firmly believe there are better ways than traditional way of save and invest over 20-30 years of job. This way definitely suit corporates and being sold to middle class.
What could be done to get out of this. Business, side hustle, working on AI. Please share your idea đŸ’¡about how life should be lived. Personally for me, my goal is being financially Secure other than enjoying life as it unfolds. Please let me know if I am missing an important piece of this puzzle. I am interested in perspective as answer for this can be subjective or not clear.
As per me, real estate is still a good way to grow wealth. I am not talking about buying a flat in a gated community, but rather individual house/open plots.
Historically, our ancestors used to own 2-3 acre, then the next generation had individual home with a small gardens, then come to our parents generation, most don't own even a flat. Or even bad, they are in debt for a flat., which has little uds.
They also have little exposure to owning a family business, while working on their corporate job simultaneously. I know many people died, but Covid was a boon to folks working in IT. You got your salaries inflated, you had an option to WFH/hybrid even now.
The above is only for the folks having a corporate job.
I've been there lot of times man , i think job security and stable life is not something which private sector can give u anyday , if you are eligible for any class A or class B govt services , please consider applying and appearing. If not , it's pointless to foresee future as nothing is certain , just enjoy your present life and keep upskilling yourself in your domain. The ways things are being invented in today's times , there's no point of speculations.
