👋Hi Friends,
AI could change what you job looks like in the next five years.
📆This Week’s Topic
I wanted to talk to you about AI today and how it is going to affect the job market both good and bad. Today, I wanted to break it down for you while explaining how it actually affects you. Ever since AI was introduced to the world the fear that AI would replace human workers. has loomed large. Now when AI is more relevant than ever, it is important to understand what this means for workers.
💳 The Issue
In early 2007, the first iPhone was released, and it changed everything. It has created endless opportunity and brought significant tradeoffs. Nevertheless, the invention of the iPhone has changed humanity. AI is feeling like a similarly defining shift. For example, AI has increased productivity for many businesses and people and is overall a great tool. But, there has been tradeoffs including academic dishonesty and misinformation.
Primarily, AI does two things for the job market: it creates jobs for people who work with AI and takes away jobs for people who don’t work with AI. For example, companies like Box which is a cloud storage and file management platform. AI has created 13 new types of positions in their company just to manage their AI model.
📊 How Does This Affect My Wallet?
This increased usage of AI affects your wallet primarily through your job. The example I gave of Box is a company where AI usage allowed to hire more employees to help train it. But, like I mentioned before there is a trade off. When these models are trained and when AI becomes more capable it could start to take over the job market. According to the U.S. Bureau of Labor Statistics reported the between 2023 and 2033 that some industries will significantly decrease available jobs due to AI. This is cause workers to start watching their fears materialize. This will affect everyone’s wallet by competing with AI for your job. If you can offer creativity or skill that AI can’t match it would mean that it would be harder for AI to replace and those are valuable skills.
But, on the other side of the spectrum this may also increase jobs as well. AIs often have trouble executing full tasks on their own on a large section so it also means AI could open more roles to create, train, improve, and collaborate with these systems. So, in reality this means people who know how and work with AI will replace workers who don’t know or use AI. This means that learning how to use and benefit from AI is one of the most important skills that most people should know how to do. It could make you a more valuable employee/employer and could benefit your wallet as well.
⏳ Final Summary
In summary, soon workers who don’t use AI will be replaced with workers who do use AI and it will transform the job market. AI like all things has a good side and a bad side. The bad news is it could very well start replacing jobs for tasks that are repetitive and AI can replicate easily. The good news is that companies will need employees that can create, train, and help the AI function and if you are experienced with working alongside AI tools you could be a very valuable asset to that company.
🙏Thank You & Important Information
Anyway, thank you so much for reading this edition of Friday Finance. I am considering designing a course or webinar on the usage of AI and how it can make you more productive if you have any comments, suggestions, or opinions feel free to hit reply and tell me. Please let me know if you would like this! Have a great week!
Best,
Jacob Gans & Grayson Stein
Friday Finance
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