Additional Coverage:
- Elon Musk says people shouldn’t save up for retirement as money won’t matter in the future (marketrealist.com)
Elon Musk: Forget Your Retirement Fund, AI Will Make Money “Worthless” by 2030
Local residents, hold onto your wallets (or maybe not, according to Elon Musk!) The world’s richest man and tech visionary, Elon Musk, has dropped a bombshell that might make you rethink your financial planning. Appearing on the “Moonshots” podcast with Pete Diamandis, Musk advised listeners to stop “squirreling money away for retirement in 10 or 20 years,” claiming it simply “won’t matter” in the future.
Musk, who is currently seeking a hefty $139 billion compensation package, predicts that the rapid advancement of Artificial Intelligence (AI) will lead to an unprecedented abundance of goods and services. This, he argues, will drive down costs to such an extent that money itself will become obsolete. “If any of the things that we’ve said are true, saving for retirement will be irrelevant,” he stated, envisioning a future where everyone will enjoy “universal high income” and “can have whatever stuff they want” thanks to robot-supercharged productivity.
But don’t pack away your piggy bank just yet for this utopian future. The Tesla CEO warned that the transition will be a “bumpy” one, potentially marked by “jarring changes and social unrest.”
He even posed the thought-provoking question, “Now, if you actually get all the stuff you want, is that actually the future you want? Because it means that your job won’t matter.”
When asked about the timeline for this “singularity,” Musk confidently declared, “we’re already there.” He believes humanity is “at the top of the roller coaster, and it’s about to go down,” predicting that Artificial General Intelligence (AGI) will arrive as early as next year, in 2026. By 2030, Musk is convinced that AI will surpass the combined intelligence of all humans.
Musk’s bold predictions, however, stand in stark contrast to the current economic realities faced by many Americans. With persistent inflation, elevated interest rates, and stagnant wage growth, a significant number of people are struggling with the affordability crisis. Concerns about healthcare, homeownership, and even starting families are prevalent, and research consistently shows that many Americans are not saving enough to ensure a comfortable retirement, especially with increasing life expectancies.
So, while the future envisioned by Elon Musk is certainly intriguing, it begs the question: how do we navigate the present challenges while contemplating a world where money might, indeed, lose its value? Only time will tell if Musk’s crystal ball is truly accurate.