In other words – The old has to make way for the new !
Technology can be a great thing for society in general but there is almost always “victims” as the result of the changes it brings. Some happen quickly and some die a very slow death.
Remember the days of Pagers, Typewriters , Printed Encyclopedias, Drive In Movie Theaters & Boom Boxes? How about 8 track tapes or cassette tapes, or even VHS tapes? These are just a a few items that have been quickly replaced as technology evolves.
Recognizing changes that are occurring are important for Investors and those of us that like to have multiple incomes streams. In some cases it can determine which direction to invest or to develop our income streams. You certainly don’t want to invest in a dying company with obsolete products.
Here are some everyday items that will eventually go the way of the Dodo Bird :
- Libraries – Thanks to digital books it won’t be long before libraries are a distant memory, but don’t expect it to happen overnight because libraries are taxpayer funded. As books are no longer published in paper format the libraries will become non functional or will evolve into digital store houses.
- CD’s – Compact Discs are quickly fading from the music scene being quickly replaced by digital devices.
- DVD’s – Just like CD’s they are being replaced by streaming services. (Anyone remember the Video Rental stores that were on every corner?)
- Watches – Frankly I am surprised they are still around today. I believe they smart watch fad gave this category a brief reprieve but there is doubt this is a dying industry.
- Land Phone Lines – Telecommunication companies have for sometime been ridding themselves of the old land lines. These lines cannot carry data and are very expensive to maintain. Very few households even have landlines and when 5-G comes along I am will to bet you will see most businesses dump lanlines in favor of wireless.
- Yellow Page Books- When was the last time you bothered to use a Yellowbook? Mine goes straight into the recycling bin as soon as I receive it.
- Newspapers – absolutely no one under the age of 35 is reading newspapers ! Its very antiquated and by the time you receive it the news is old news!
- Printed Magazines – I know a lot of people love the mindless dribble that is published in magazines but take my word for it, because of publishing and distribution costs you will not see them in the grocery check out lines in the not too distant future. ( As a side note I started to pick one up in the grocery the other day – The price, $13.99, – I quickly put it back on the shelf!
- Brick & Mortar Stores – Online stores like Amazon are the future. Physical stores will be forced to adapt, as a result they will become much smaller and serve a primary role of as that of the electronic store hub for the warehousing of goods that are for pickup by consumers or as an ordering hub. It is unclear to me exactly how they will evolve but they will evolve or face extinction. Smaller stores that survive will only serve in a micro niche capacity.
- Checks – Checks are on their way out and my prediction is that banks will not accept paper checks at all by 2025. All banking transactions will be digital.
- Paper and coin Money – The governments of the world will most certainly convert to all digital currency soon. I would predict in the next twenty years. Why? To fight counterfeiting, and for the ability to control all aspects of the money flow. The government loses Billions of dollars to “under the Counter” transactions that are not taxed. Digital transactions will eliminated a lot of fraud.
- DVD Rental stores & Kiosks – I know the rental stores are mostly gone but a few are still holding out and the Kiosks will soon follow.
- The US Post Office – This one will hold out for quite some time but the writing is on the wall, its just a matter of how long the government will keep this dinosaur going.
- Jobs – Technology has been eliminating jobs at a rapid pace but just wait until the robotic revolution kicks in. Jobs will be far and few between. Robots will replace factory workers, store clerks, security, and even reduce military jobs.
- Taxi Drivers, Bus Drivers and Truck Drivers – Driver-less cars and trucks will eliminate the need for these professions as well as many other related jobs. Uber and Lyft as well as other companies are working hard on the testing and implementation of this technology now and maybe in as soon as five years – say 2022 we will start to see the effects.
It’s coming folks and if your job is one that might be affected you should start developing Multiple Streams of Income now to prepare yourself. The days of relying on single income sources to support yourself or your family will quickly become a thing of the past. Start thinking of ways to develop income sources – like blogging, making money from hobbies, real estate investing or one of my favorites – Dividend Income Investing. Start today by following us for many more great ideas on Investing and developing Multiple Income streams!
Thoughts or Comments ? We would love to hear from you !