2020 has been a year of unprecedented change. And for all the challenges, the world has found countless opportunities. In fact, I believe we’re living in a time of rapid change that we never anticipated. Trends that had been in motion prior to 2020 have launched 10 years into the future, in the space of six months. The need for connection has brought new innovations to life. In 2020, we’ve made things work that we had previously though impossible, or at least implausible.
What it Means to Be 10 Years in the Future
Working remotely is a stellar example of how previously conceived industries have been launched into the future. Home offices existed. Virtual meetings and webinars were not unusual prior to 2020. My hypothesis was that by 2030, many of us would be working almost exclusively from home. Commuting to an office and staying all day would be virtually obsolete. In fact, studies show that people who work from home are often happier and more productive. These same studies showed that people lived a more balanced life and did not have as much stress as those who worked in an office all day.
The concept of working remotely is not new, nor are the benefits. However, necessity has created a rapid demand for the expansion of the remote workspace. Video conferences, webinars, screen capture technology and more have developed beyond their previous capacity, and almost the entire world has adopted this technology overnight. Even schools have adapted to a remote atmosphere.
The Digital Online Economy
Yet another example of an existing space that has been launched into 2030 is the digital online economy. The concept is nothing new. Since the internet kicked into gear in the early 2000s, companies have begun to build their online presence. Some businesses were ahead of the curve, operating entirely online. And while it was apparent that more and more businesses would follow suit, it’s happened far sooner than anyone could have anticipated.
In the space of six months, many businesses have moved online—whether closing brick and mortar stores, or having employees operate remotely. And now, new businesses will likely begin online as the standard, because we’ve paved the way for that to be possible in 2020.
The Age of Disruption
The world of today is in constant disruption. Industries that have disrupted their practices, will be the ones disrupted. Here’s what I mean. From the ashes of the 2007-2009 downturn, the sharing economy was born. Companies like Uber were disrupting their industries. The taxi industry was unprepared. Then you have companies like Airbnb, which disrupted the hospitality industry. They’ve disrupted it so much, in fact, that Airbnb has been outlawed in some cities and states. CouchSurfing was a similar endeavor, that allowed a younger crowd to travel the world on a budget.
Now, these disrupters are being disrupted. The catch is, they see it coming, and they are evolving with the disruption. Uber, for example, recognized that they’re not simply a taxi company, but one that delivers goods from Point A to Point B. Initially, that meant people. Now, Uber delivers food as well, in a circumstance where in-person dining isn’t possible. They know who they are, and they see the changes coming in a way that the status-quo taxi industry did not.
The disrupters will be disrupted, and they will evolve or be replaced. Looking beyond 2020, it’s clear that change will be constant and rapid pace. It’s important you understand this if you’re an entrepreneur, because the disrupters will succeed in this climate.
Get Your Mindset Right
Now is not the time to get comfortable with the status quo, now is the time to be adaptable. Keep your eye toward the trends as they emerge and position yourself to capitalize on those trends. Make no mistake, these are not slow-burn trends; these are trends that will be happening at a rapid pace. You’ve got to keep up. Innovations that appear now will likely take over or eliminate entire sectors.
If you’re an entrepreneur or business owner, my advice is to stay up to date on where your industry is heading. Be flexible and adapt with the times before they adapt beyond you. If you are an investor, be aware of how your market is adapting and seek out opportunities.
The world is changing. If you already see it, you know that there’s plenty to be excited about. We’ve got AI growing at a breakneck pace. Robotics and 3D printing are getting ready for a disruption.
How Money is Being Disrupted
The wealth and money industry changes every 30 to 40 years. In 1913, the Federal Reserve Act was signed, and the Federal Reserve Bank came to be, changing the money system. Soon, central banks began popping up all over the globe. In 1944, the Bretton Woods Agreement was signed in Bretton Woods, New Hampshire, making the US dollar the world’s reserve currency. Then, in the 1970s the dollar became a fiat currency, meaning it was no longer backed by gold.
Now, it’s been almost 50 years. We’re due for another disruption in the financial sphere. I think that disruption will be decentralized finance, or DeFi. This is an age of disruption, and it’s not slowing down. So, buckle up and prepare to adapt with the times.
You can listen to my new podcast, Cashflow Investing Secrets here.
Live your Freedom, Live Your Legacy, On Your Own Terms,
M.C. Laubscher is a husband, dad, podcaster & Cashflow Specialist. He helps business owners and investors create, recover, warehouse & multiply cashflow. You can learn more about exclusive cash flow strategies in M.C.’s new video series at https://www.yourownbankingsystem.com/
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