The Expert Podcast

Artificial intelligence this week and also EVs. But mostly AI every week now it seems like. There is more and more and more. Risk. Danger warnings for the employment market.

What is it today Sounds like a broken record. Well, it's not only or no no Other than the inventor of chat GPT, this is the person who invented the most well-known AI platform. What does he say Jobs are definitely going to go away…

Advocates are fooling themselves If they think technology's only going to be good for workers this is the inventor of it…

And he doesn't even think it's going to be good for workers. Jobs are definitely going away. I'll bet you when you read that. It makes you think of something, you have an opinion. You have some kind of thought about…

Put it in the comments below. Well not only. Is it obvious this is true from what this guy saying you know he's this is just a prediction. Right He may be an insider. But this just a proposal…

Well if you're a news anchor in India, it's a reality It's not hypothetical It's not maybe it's not. You know a a projection. Because now they have AI news anchors. From this article it's clear that news presenters are in trouble. How much trouble.

Well we'll take a quick look at an example and you can see for yourself. Here is a news anchor. In India…

We're here on the left…

That's the news anchor. Do a new stories…

Right. So. It's not hypothetical. It's not in the future It's happening right now…

That. Companies are using AI to replace employees not actual humans They're using AI to do this. In fact it's such a…

Big plan for many companies. That some companies are hiring. High level executives Netflix has a job where you can make almost a million dollars a year. To manage. AI in their company.

They have a job listing right now and Netflix for 900,000. For a job managing AI. That's $300 at three. 3,500 a day actors would make it 200. So.

The position pays an annual salary of 900,000 When many actors make 200 a day. The job posting for a machine learning platform product manager. So this is kind of run the AI. At Netflix…

What does that tell you? If they're looking to pay that much money for somebody to run AI? It's it's not like…

The future isn't going to include artificial intelligence. They're planning on using this a lot If they want to hire a new position. For it…

So it could be actors it could be newscasters. we're seeing it You probably already saw in fast food. Can I replace humans? The wall street journal went to fast food drive-throughs to find out chat bots are working in restaurants across the us. They put in 30 orders all across the country.

And come to find out…

It is good. How did the work pleasantly surprised on how well it worked in my test substitution to hold the pickles holding it only The onions in order changes work without a Hardee's human bailing out the bot. Even when I blasted sounds of dogs barking babies crying. The order was accurate…

Can I really take over for humans. Restaurant managers say that the technology isn't going to replace workers as it's going to make up for a lack of them That's what the people in the restaurants are saying. But remember what this guy said, you're fooling yourself. If it's going to be good for workers jobs are going away. Right.

So what do you believe…

Our workers Okay With Bach colleagues some workers are, are okay with it. As long as you still have a job. Is this the start of an AI dominated dystopia…

It's what's happening in other industries…

On the other hand you look at as a way for big companies to lessen their dependence on lower paid employees. And smooth the ups and downs What does that mean Cut costs That's what that means…

It's going to be a slow process but it is going to happen…

So. What are your thoughts? Even if your job or your business is. directly related to AI or, or in that industry right now. Do you think it's going to be at some point…

Right…

And if AI wasn't enough to worry about in your job…

Which apparently it is…

The federal reserve with interest rates is going to make some moves this week. They're going to make a big decision probably raise rates a quarter point. And they're predicting it's going to be devastating for the economy throw Americans out of work So if AI isn't going to throw your job out of work. The federal reserve. Rate increase might throw your job out of work…

And you wouldn't even know that's where it came from You're just going to know that your company maybe can't afford as many employees may be doesn't want to have as many actual humans. In their workforce want to have AI, maybe streamline you know what. What did they call? it here? They called it…

They called it smooth out the ups and downs…

Right Isn't that what they call it? Well anyways. they call it a smooth out the ups and downs That means cutting expenses. I think that's true…

All right. So enough on. AI for now. Six minutes Is it plenty of time to talk about AI? I'm sure it'll come up again.

Tomorrow next day. Tune in. To describe TV you will see AI. Happening in real life You'll see the movie happening unfolding right in front of your eyes…

And don't say that it's a surprise because all these things have been out there for months or years really. Right The guy. James Cameron said last week, I warned you about this in 1984. So it's nothing new…

What else? Is happening to. The world we live in Well one of the things that people want to know about is what's going on with electric vehicles. Am I going to have to have one. Well, it seems like here's another…

Place. Or another example of where…

The. Powers that be government industry. Is planning. For a future including mostly our all AIS big automakers plan thousands of BB chargers, they're investing a billion dollars whether it be kind of like Austin Powers billion dollars. So general motors Honda is still at this which is, you know Chrysler Jeep.

Dodge truck Ram truck. Companies investing in a joint venture This is an addition to what Tesla already has. So if they're planning a billion dollars worth of thousands of Eby chargers what does that tell you? It means they're playing. on those being needed.

One way or another. Right now people are falling over themselves Buying these EVs at the dealerships are starting to backup and pile up on dealers lots, but the dealers and the manufacturers I should say the manufacturers. Are going to put a billion dollars That's not chump change. They're putting it out there Maybe they're thinking that you have to have the chargers in order to sell more. Maybe they're thinking well, we know we're going to sell them one way or another.

Probably because we won't be selling gas vehicles still anthis as we know we talked about this a few weeks ago He already has said we are not shipping gas vehicles to dealers. In some major states 14 major states. More than half the population of the country live in states where there are no more gas vehicles from still Lantis Jeeps, Dodge Chrysler. Right. So what do they know that we don't know?

I think they know that. It's all going to be EVs, whether you like it or not. Is that a good thing? Well, One of the risk is for…

Claims are turning Eby project to Ash. Lithium ion battery fires are casting a shadow over new technology There's a picture of one burned to the ground. Right whatever you think about EVs or why they're catching on fire This is a real thing. We have this. We have this in our queue.

For today to talk about the fires and. Within moments after that there was an article about a boat, a ship with Mercedes vehicles. The whole ship caught on fire. One guy in the boat died. Did it have to do with DVS Well if you read down here…

There were 25 electric vehicles One of the EVs may have caught on fire…

Ship bird. Cars burned. Is that a thing I don't know Maybe it's something they'll fix…

Maybe it's something they'll fix with time…

I'm sure you haven't appear. about that too Don't you? You usually do. Our viewers usually have some pretty significant opinions about this…

This is all has to do with your money your job, what kind of car you have what it's going to cost you to drive all have to do with your money. One last thing about your money which. most people who have any money saved up for retirement And yesterday we talked about how a million dollars for retirement isn't enough We did the math for you Look at the video yesterday We did the math $1 million You're coming up short on retirement, probably way short. So watch the video, but weather…doesn't matter how much money you have It also makes a difference where you have it. but what they're saying is stop contributing to IRAs and 401ks.

We've talked about this before…

With 401ks. you put money into 401k It sounds good because. You get to save on taxes, right? If you. 500 bucks a month 400 bucks a month And you put it in your 401k.

You don't pay tax on that money. Today. But it's a deferred tax bill. So people don't realize we've talked about this before. Furred tax bill, what does that mean?

Because the balance is increase. On the amount and you have to pay tax on the whole thing, deferring the tax. Is a short-term savings in the long run. If the retirement accounts grow so will the tax bill and the bill will be paid at a higher tax rate. Finally, somebody's picking up on this We talked about this going back years, year and a half at least.

How does it work? Well if you take that $400 from your. Paycheck put it into a 401k. You don't pay the tax on that 400. That's good…

But. As that 400 grows five years 10 years 20 years it might be worth 1500 maybe 2000. You know, in 20 years it could be worth three times. What it is today. Plus your tax rate is going to be higher right now You might have a tax rate of 17 18 20%…

20 years from now the tax rates will probably be higher You don't think tax rates are going to go down Do you. You think tax rates are going to be less. In 2050 than they are today. Likely not Do you think there's excess budget in the government that. They can save you on taxes.

If anything the deficits going up. So they're going to have to charge more taxes. So now instead of…

Let's say 20%. Even on. $400 which will be a hundred dollars in taxes you would have paid…

25 years from now or 20 years from now. You're paying taxes on 1600 and maybe you're paying 25%. 25% of 1600 is $400 in taxes. So your entire original investment is wiped out…

You only have $1,200 now granted you still made $1,200, but is it better to go other ways That's why this article is talking about Roth and some other options. Whatever you decide to do just make sure you're calculating that tax. Potential. Loss or cost or expense into your projections for your retirement, because you're going to have a tax bill hanging over You have to pay. When you least expect it, if you've built up a million dollars in your 401k and that's what you're gonna use for retirement, even that million dollars we talked about yesterday is going to be short.

The D math, you can watch that video. But now when it comes time to take it out you don't have a million dollars anymore. At 25% you maybe have seven 50 which means you even going to be more short. Than you thought…

So don't count your chickens in your 401k. Until you can hatch them because. It's probably not going to be. What you thought it was? As always.

Keep the comments coming keep your emails coming So we know what you prefer to talk about. AI EVs finance investments investigations Those are the kinds of things that we normally hear, but we want to make sure we're keeping up with what your.