Shocking Secrets Every Worker Needs to Know: How to Future-Proof Your Job, Increase Your Income, Protect Your Wealth in Today's Digital Age

By Patrick Ow

Are you concerned about job security and work prospects in the digital age?
Is it possible to increase your income and preserve your wealth as the century rolls on?
Would you like to be able to future-proof your job from intense disruption and change?

The fear, ever since computers were invented, has been that eventually automation will do the jobs that many of us do and see millions lose their jobs.
What can you do about it?
Inside Shocking Secrets Every Worker Needs to Know you will learn about the 62 shocking secrets faced by workers.
More importantly, you can find out how to make sure you aren’t one of those who sees a dramatic drop in income or loss of job.
There's information for you on how to future-proof jobs, improve job security, increase income, and preserve wealth and income streams.

If you are worried about what the future holds for you and your employment prospects don’t delay.
Get a copy of Shocking Secrets Every Worker Needs to Know now and start planning for your future. You’ll be glad you took the time to read it!

About Patrick OW

Patrick Ow is a Risk Specialist and a corporate and personal trainer and coach at Practicalrisktraining.com.
As a Chartered Accountant with over 25 years of international risk management and corporate governance experience in the private, not-for-profit, and public sectors, he helps individuals and organizations make better decisions to achieve better results.

Patrick has authored several eBooks including Strategic Risk Management Reimagined: How to Improve Performance and Strategy Execution, Things Parents Wish They Knew Earlier: The Family Risk Management Handbook and Shocking Secrets Every Worker Needs to Know: How to Future-Proof Your Job, Increase Your Income, Protect Your Wealth in Today's Digital Age.

Contact - [e-mail]

• Language: English
• Publisher: Patrick Ow
• Release date: Feb 26, 2018
• ISBN: 9780992392789

Patrick Ow

Patrick Ow CA Risk SpecialistRisk & Performance Management Specialist | Corporate & Personal Trainer & Coach at PracticalRiskTraining.com | Corporate Planning | Strategy Execution | Business Continuity | Workshop FacilitatorHelping organisations and individuals make better decisions to achieve better results.Professional profile• A Chartered Accountant with 25+ years of experience in governance, management, risk and performance.• Worked in public sector, not-for-profit and for-profit organisations with budgets of up to AUD25 billion and a workforce of up to 12,000 employees.• Adept in helping organisations and individuals make better decisions to achieve better outcomes and results.• Strengths in big-picture strategic thinking and strategy translation and execution.• Recognised for being practical, understanding of issues and knowing what to achieve.• Proven track record for encouraging open discussions in a friendly and trustworthy manner.• Managed a team of up to four professionals and influencing stakeholders for action.To learn more about how I help corporate executives and individuals, go to Practicalrisktraining.com or email [e-mail].

Book preview

Shocking Secrets Every Worker Needs to Know

How To Future-Proof Your Job, Increase Your Income, Protect Your Wealth In Today's Digital Age

Patrick Ow

Founder of Allmoneymakingideas.com

Copyright © 2018 by Patrick Ow

All rights reserved. This eBook or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the writer except for the use of brief quotations in a book review.

The information contained within this eBook is strictly for educational purposes. If you wish to apply ideas contained in this eBook, you are taking full responsibility for your actions.

The author has made every effort to ensure the accuracy of the information within this eBook was correct at time of publication. The author does not assume and hereby disclaims any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from accident, negligence, or any other cause.

ISBN: 978-0-9923927-8-9

Allmoneymakingideas.com

www.facebook.com/allmoneymakingideas

www.pinterest.com.au/allmoneymakingideas

Table of Contents

Why read this eBook?

Chapter 1 — Challenging times ahead

Chapter 2 — 62 Scary facts workers really should know

Chapter 3 — What happens if I lose my job?

Chapter 4 — How to future-proof my job and improve my job security?

Chapter 5 — How to increase my income?

Chapter 6 — How to preserve my wealth?

Chapter 7 — Planting 10 seeds for the future

List of 369+ money making ideas

Why read this eBook?

In this digital age, workers with jobs are now more at risk than ever before with a growing list of challenges.

In mitigating these challenges, they should anticipate the future and implement the right strategies and plans to:

1. Future-proof and secure their jobs.

2. Increase their incomes.

3. Preserve their wealth and income streams.

Future-proofing is the process of understanding and anticipating the future and minimizing the effects of shocks and stresses of potential events on jobs, careers and employment. Workers have to mind their own business. They must find innovative ways to increase their incomes by taking on second or third jobs, freelancing or starting side businesses. They then protect their wealth from adverse impacts of job losses, unexpected expenses and economic downturns.

Well-designed strategies and plans will help workers get to their destination and achieve their desired goals. Plans reduce the level of worry and fear.

The reality is that people don’t plan to fail, lose their jobs or remain unemployed for long periods of time. Instead, they just fail to plan and take the required action.

And it's not a question of if, but when.

Note that the inevitable will occur.

Technologies will define what, how and where work gets done. The gig economy will define who does the work. Organizations adapting to changing marketplaces will define what gets done and by who. **

Jobs of the future will be flexible, entrepreneurial and dynamic. They will fall into three types:

1. Future jobs that are new and focused on digital specialization and technical skills.

2. Changing jobs that are similar to current jobs but with new activities focused on high touch, high care and high tech.

3. Fading jobs that will be replaced by automation in time.

What we are experiencing today is due to the significant pace of labor force growth far out-striping new jobs creation. It’s just a case of more demand over a very limited supply.

Rising productivity solves one problem but creates another. Technological trends have the potential to reconfigure the labor market more rapidly and more dramatically than ever before.

In 2018, 9% of U.S. jobs will be lost to automation. This is only partly offset by a 2% growth in jobs supporting the automation economy. In particular, the labor force participation rate for prime-age men (age 25 to 54) in the U.S. has declined dramatically since the 1960s because of advancements in technology.

Instead, we should be creating many more new jobs than ever before because many jobs are being replaced or transformed by machines and the population is substantially growing and aging.

Between now and the year 2030 the world economy needs to create close to 520 million new jobs in order to match the projected increase in the size of the labor force.

Aging populations will likely increase government transfers through existing programs. This will likely cause higher taxes.

Because of under-funding of social security and pension programs, governments will face their first real cash-flow dilemma in the 2020s as the baby boomer generation retires. Tax increases reaching 15% to 25% per U.S. worker by 2030 will be required to offset changing demographics.

The world population is estimated to increase from 7.6 billion in 2017 to 11.8 billion by 2100. People aged 60 years or over are projected to grow by 56% by 2030. This will result in an additional 2.7 million unemployed people.

Between 400 million and 800 million individuals could be displaced by automation and they need to find new jobs by 2030. The rapid deployment of technologies is likely to exceed the pace at which economies can reabsorb and redeploy the millions of workers who may lose their jobs to automation.

In fact, current trends could lead to a net employment impact of more than 5.1 million jobs lost to disruptive labor market changes over the period 2015 to 2020 with a total loss of 7.1 million jobs.

Technological advancement is fast replacing full-time employment with short-term contracting work. This is one key reason why wage growth has stagnated for many years.

Automation is causing significant labor displacement and increasing the skills and employment gap between high-skill and low-skill workers. Low-cost labor is losing its edge as automation drives down cost.

If your work involves doing complex or manual work on a computer daily, then you are most likely to be out of work sooner than you think.

Outdated education systems are to be blamed. In fact, there should be a complete overhaul to all education systems to bring them into alignment with the expectations of the 21st-century.

Youth aged 15 to 24 are one of the most vulnerable segments of the population when it comes to automation. Just 22% of Americans with a bachelor’s degree or higher believe their own education prepared them well or very well to work with artificial intelligence in the workplace.

Graduates are finding it much harder to secure their first full-time job because of the changing nature of work. In fact, one in five employed university leavers are unhappily working part-time and in jobs that are not their field of study. They will most likely be in debt acquiring outdated skills and knowledge over many years from costly universities or colleges that are no longer required by future employers.

It is not surprising that people in jobs are less likely to push for higher wages when they know that there’s someone else waiting and willing to work for less or for nothing. In fact, a large proportion of young people engage in unpaid work just to get a foot in the door, which makes it harder for those who cannot afford to work for free.

Workers have also accepted a lower standard of employer behavior. Workplace violence and harassment, pay inequity, bullying and discrimination are becoming more common.

Pay packets may be growing in pure numerical terms. But once you factor in interest, you can see that wage growth has been steadily declining since the 1970s.

Without wage growth, workers are unable to financially save and invest for their retirement. Inflation and the increasing cost of living and medical cost will certainly eat into their savings and wages.

Many people are living paycheck to paycheck with zero savings to their names. Because they lack financial literacy, they are living in survival mode.

If you are expecting your own government to fund your retirement through welfare payments, don’t count on it. You may be in for a shock.

Social security and pension funds will be running out of money sooner rather than later.

Governments are keeping interest rates low in the hope that it will stimulate economic growth. The opposite unintended consequence is higher consumer and household debt. Growing debt is pushing hard working workers to the edge.

Lower wage growth will lead to lower consumption growth and lower economic and business activities. All these will drag down economic growth for many years.

Income volatility is becoming an emerging issue as workers face increased instability and unpredictability.

Older workers delaying retirement, younger workers delaying entry into the workforce and baby boomers moving into retirement are causing low workforce and global growth. Workers delaying retirement will not fill labor force gap to maintain historical GDP growth.

For capital markets, the increased spending by an aging population could spell trouble. As people retire, they will be liquidating savings and assets en masse. Financial savings are only backed by the real output potential of the economy. Too much capital drawdown will be chasing too little real capacity. There will be insufficient real growth to meet future obligations.

Businesses and investors are likely to face an unstable macro climate in the coming decades. Growth rates, inflation, interest rates and unemployment may swing up or down rapidly and unexpectedly.

To survive, businesses are forced to reduce costs by eliminating workers. Older workers are at the disadvantaged end.

When wages do not increase, workers are forced to find alternative income sources. Over time, workers will acquire new skills and migrate toward the jobs in demand.

They may be asking their employers for pay raises or promotions, or just switching to higher paying jobs.

The growth of digital disruptors like Airbnb, eBay, Fiverr, and Uber are fueled by people wanting to earn money outside their current