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Crulefuture t1_jdwwfjk wrote

Where is the "money doesn't matter, there's no way to predict or properly prepare for the near future anymore" option?

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TotalMegaCool t1_jdwo46d wrote

The ideal amount of money to have saved is as much as you can afford.

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YaAbsolyutnoNikto t1_jdx5yta wrote

I’ll not be homeless for sure because I have my fully paid off home. Other than that, I can’t guarantee I won’t starve if things go south.

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D_Ethan_Bones t1_jdx9pcg wrote

So you won't be homeless, but will you be secure in an environment where vast multitudes are? This is the picture AI-pessimists tend to paint. (Disclaimer: AI-optimist here.)

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YaAbsolyutnoNikto t1_jdxcm1l wrote

For sure not. Government could be overthrown and my property rights simply be nullified for sure. Who knows.

I am assuming those things won't happen.

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Loud_Clerk_9399 t1_jdwwuxe wrote

As much as possible. Make sure you use it before it becomes worthless

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GoodAndBluts t1_jdxcx36 wrote

Why will it become worthless? It seems counterintuitive

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Loud_Clerk_9399 t1_jdxr9l2 wrote

If we're in a massively deflationary cycle and money goes away, it's not going to matter how much you have. There will be a shorter term period of time where it will matter a lot If you believe the doomers

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GoodAndBluts t1_jdxvkew wrote

deflationary means money becomes more valuable over time- or am I confused?

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Loud_Clerk_9399 t1_jdxw505 wrote

Yeah the value of the dollar goes less so whatever you have becomes more valuable

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GoodAndBluts t1_jdy4vnw wrote

that is the opposite of deflation, but I get what you are trying to say

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Loud_Clerk_9399 t1_jdy50z6 wrote

Sorry I meant to say the value of each dollar went up. That was a this statement in my explanation. But thank you for correcting

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naivemarky t1_jdx518h wrote

The vast majority has almost no money saved, and owns almost nothing. You have listed options for the top 1%. If that's what it takes, then the general population is doomed.
The economy resides on the premise that everybody needs money and that they can survive with money aquired by working. If this is not possible for 80% of population, money will no longer have value. If the vast majority has a survival problem, guess what, everybody has a problem.

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yaosio t1_jdxjevh wrote

At any moment you could contract cancer and it would wipe out all the money you have. There is no amount of money that will keep you secure as the world falls apart.

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Koda_20 t1_jdygzlp wrote

Invest in property instead

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3z3ki3l t1_jdyra3p wrote

I’m just here to point out that “At least $1,000,000” and “More than $1,000,000” are the same thing.

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Xbot391 OP t1_jdyrh5b wrote

You’re right, I meant to write “Much more than $1,000,000”

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3z3ki3l t1_jdyrlb6 wrote

Interestingly, considering the vote differences, it appears most people understood.

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phriot t1_jdxbp71 wrote

I don't think anything is a given during this period. That said, I think the possibility of society becoming even more stratified over this time is very real. Between "living off wealth" and "living off UBI," I know what side I'd prefer to be on. I don't plan on having much more actual cash/cash deposits than I would otherwise, but I absolutely want to own as much of other assets as I can before my own job is disrupted.

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Lawjarp2 t1_je3cu0i wrote

Depends on how early in the transition you lose your job and how long the transition is.

I think the transition could be anywhere between 5-20 years. Depending on how efficient and proactive a government is.

White collar jobs, except those at the very top of each field, will lose their jobs first. Or atleast start to make less.

Given this, you should have 5-20x your yearly expenses saved. Wealth in currency or assets may not be stable either. So really your only hope is that the government gets it's shit together

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Xbot391 OP t1_jdwkf9w wrote

If you pick the last option, what would you say? I’ve heard 10 years worth of cost of living expenses before.

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S3ndD1ckP1cs t1_jdwy155 wrote

Generally if you’re young, at least 25 years worth of cost of living expenses in a diversified portfolio of low-cost equity funds earning at least the U.S. market average of 8-11% annually.

When you’re living off of this, try to keep withdrawals at or below 4% of your portfolio’s value each year.

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D_Ethan_Bones t1_jdwoefy wrote

Everybody dismisses the idea of free product. Big brands already hand out free tshirts when it costs them full price to produce, if the production cost were leveled to the ground then companies will be throwing smartphones at you just to see you carry their logo around.

The big crunch of today is housing, because there isn't enough of it, because our pyramid scheme overlords do not make maximum profits if the rest of us have sufficient supplies. The thinking machine will boost supply long before it abolishes human work.

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Special_Freedom_8069 t1_jdxp146 wrote

It depends on your living expenses. It may not be completely relevant in this case, but in the r/financialindependence community they have the so called "4% rule" where you can withdraw 4% per year from your portfolio indefinitely. So, let's say you need $30000 per year, you would need $750000 in your portfolio to not having to work ever again. But if you are just planning to ride out a few years the amount is much smaller of course.

I also foresee that the 4% rule or even the whole FIRE (Financial Independence, Retire Early) movement will die out once UBI arrives, for obvious reasons.

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phriot t1_jdxt7a4 wrote

>I also foresee that the 4% rule or even the whole FIRE (Financial Independence, Retire Early) movement will die out once UBI arrives, for obvious reasons.

Maybe, but I'm not so sure. If it does die out, it will be because the kinds of upper-middle class jobs that support the effort disappear. UBI won't be enough to kill it alone. Most FIRE people seem to want to keep those upper-middle class lifestyles. Fewer seem to want to get to $500k in order to live off $20k/year in the rural Midwest for the rest of their lives. UBI will provide for barely more than subsistence living until we get to a post-scarcity economy.

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mangoo6969 t1_jdzn3rg wrote

I don't think most people can reach 100k savings let alone 500k.

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thatokfeeling t1_je0la4l wrote

If people need a significant amount of savings to reasonably survive the next few years, then almost no amount of money will save you, because civil unrest will kill millions.

Best way to avoid that is to not disrupt things too much, make sure people can keep a standard of living, and keep hope for the future. Hopefully governments know that.

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Smellz_Of_Elderberry t1_je18olm wrote

I would take a page out of the peppers handbook, and store essentials, and get as self sufficient as possible.

Even after ubi is implemented, it could be very shitty.. maybe it only give you the bare minimum.. or any number of things.

Buy a house in the countryside, learn to grow and store your own food long term, purchase solar panels or some other power generation technology, that isn't reliant on the grid, and have a clean source of water.

Best way to weather the storm, isn't to save dollars, it's to save actual physical goods.. money in, say, an economic collapse (which is very likely considering the amount of chaos which will ensue from millions losing their jobs overnight) is worthless. You could have a million dollars, if I think it's got no buying power, I won't be trading you my chickens for it. Lol.

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br0kenhack t1_je3ogqk wrote

UBI will last about 3 months before it’s null

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S3ndD1ckP1cs t1_jdwxnh4 wrote

Generally speaking, at least 25 times your preferred annual salary in a diversified portfolio of mainly stocks or low-cost stock funds, especially if you expect to need this money for longer than a few decades.

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errllu t1_jdzpot4 wrote

Maybe requalify? Holy fuck, you UBI ppl rly dont want to work ey?

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JusttryininMR t1_jdzt6qz wrote

IMHO there is a lot of unmitigated bullshit in responses to fears of AI killing entire job classes. The idea that governments, especially in the US, will change policies is ludicrous. There is little to NO chance of UBI being implemented in the next 10 years.

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LemonLime67219 t1_je30ywp wrote

I'm skeptical your last point. UBI is becoming a hotter topic, at least in the anglosphere. Hell, even the "evil overlords" of AI (who themselves are relatively powerless to stop a sufficiently intelligent AI from doing away with them) are interested in UBI. Money matters.

https://www.reddit.com/r/singularity/comments/10p8unc/sam_altman_on_how_to_pay_for_ubi/

https://analyticsindiamag.com/path-to-ai-utopia-openai-founder-sam-altman-chalks-out-a-wealth-for-all-plan/

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JusttryininMR t1_je4veme wrote

Geeks Interested in UBI and thing AGI is a panacea for mankind are not old, white men in the US Congress and White House.

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