The richest person in the world and tech billionaire Elon Musk, has an unusual and unconventional piece of advice for people: they shouldn’t build a retirement corpus. Musk, in the Moonshots with Peter
Diamandis podcast, urged people not to worry too much about long-term retirement savings. He further said it won’t be relevant.
For a long time, the mutual fund industry and retirement planners have pushed harder to encourage people to begin investing and reduce spending for a better future.
A concept of retirement corpus has been in the fashion where people try to invest and achieve high returns in order to retire early, leaving the 9-to-5 hustle.
Now, here comes the unconventional advice from the richest person in the world, having a net worth of around $600 billion.
He explained that if the current technological trend continues as expected, the productivity of machines will increase dramatically and will perform tasks faster, cheaper and more efficiently than humans.
He said the world will move to a place where scarcity will no longer a problem, offering every person on the planet enough resources. Musk pitched the concept of “Universal High Income”, ensuring a comfortable standard of living for people across all income groups.
He said that people would have anything they wish for in the next few years, with a tremendous improvement in health care. He said that everyone would get better treatment and healthcare service than what they are getting now. . According to Musk, learning about any subject would become free and accessible to all.
Musk, however, cautioned about another problem that might arise with this kind of world – not economic but psychological. He believes that having everything available easily would cause people to question the purpose of life. He raised the concern, asking, “If you truly have access to everything you want, is that the kind of future you desire? Because it could mean your work no longer holds meaning.”
