*Parenting in an AI world*
One thing I've been thinking about a lot is what our responsibility as parents really is, especially in a world that AI is likely to reshape dramatically over the next 15-20 years.
My son is five today. By the time he enters the workforce, the world could look very different. Having money will undoubtedly help. It can provide opportunities, security, flexibility, and a head start in life. But money has never solved every problem, and I doubt it ever will.
We often treat financial goals as if they are the ultimate destination. First comes the emergency fund, because we're worried about paying rent if we lose our jobs. Then comes buying a house. Then retirement. Then children's education. Once those are covered, we invent new goals: an AI fund for our children, a startup fund for our children, a down payment fund for their future home, and eventually perhaps philanthropy or legacy planning.
The goals keep changing because the search for purpose never really ends.
Human beings are remarkably good at moving the finish line.
From childhood, most of us are taught to earn more, accumulate more, compete harder, and keep climbing. We are taught how to be ambitious. We are rarely taught how to be satisfied. We are rarely taught how to recognize when enough is enough.
This is why understanding the marginal utility of money is so important. At some point, each additional rupee contributes less to our happiness and wellbeing than the previous one. Yet many of us continue the pursuit indefinitely because we have never stopped to ask where we actually want to stop.
The challenge is that there is no universal answer. Research studies and books can provide useful frameworks, but most are written from a global, often American, perspective. Even within India, two people with identical net worths can want completely different lives.
Ultimately, each of us has to define our own version of "enough."
And when that point arrives, choosing to stop, or at least choosing not to continue the race, can be one of the most powerful decisions we make. Even if an exit is involuntary, it may be possible to simply stay out of the game rather than rushing back in.
Perhaps financial planning is not really about maximizing wealth. Perhaps it is about creating the freedom to decide when we have enough and the courage to believe ourselves when we say it.
Parents who can afford to need to start building an AI fund for their children.
This fund will take care of their children if AI makes them irrelevant.
This strategy is easier to implement than trying to figure out which degree will continue to keep their children relevant as AI progresses and keeps doing more and more things.
Control the controllable.