[akg_67]

IMO, you are on the right path by looking beyond hyper specialization. There is a devaluation trend for all type of labor. Sooner or later your hyper specialized labor will also be devalued. Will this devaluation happen in your lifetime, that is the only open question?

In the end, we all are either a labor provider or capital provider. With the ongoing devaluation of all type of labor, instead of moving from one type of labor to another type of labor that may get devalued in the future, you should be thinking and planning about moving from being labor provider to becoming capital provider. You might want to consider exploring labor to capital conversion path.

- Maximize labor to capital conversion rate. Favor "love what you do" over "do what you love."

- Maximize storing of capital. Favor much lower spending than what you make.

- Maximize capital generation through stored capital. Favor experiences over things.

Once your capital is generating enough capital, you no longer need to focus on the devaluation of labor. You can focus on doing what you love irrespective of the value of that labor.

[chii]

I fail to see how a majority of people can generate money via capital. Investment income only works when there are people willing to take the investment money and produce goods or services. In a world where the majority have an over abundance of capital, and little to nobody to actually work to produce, where would the value be created? The system works right now because most people are poor and have to work to live rather than invest to live.

[meric]

We have an appearance of abundance of capital, but not an actual abundance.

An actual abundance of capital will mean people can consume their capital instead of participating in the labor market. But they cannot, as you said, because they're poor, which means they lack capital.

You can see this in the hockey stick graphs of all sorts of debt in the global economic system. A lot of that debt, is counted as "capital". There's so much debt, so central banks and government think we have an abundance of capital.

But, a lot of that debt is never going to be paid back. That debt is only an appearance of abundance capital. An analogy would be the Venezuelan government giving out tons and tons of food coupons that can be redeemed next year. It appears there's an abundance of food, so the price of food initially drops. And then people realise the coupons are never going to be redeemed, the price of food will skyrocket.

Once there's a Minsky moment where everyone realises this, it will be a lot easier for people to generate money via real capital - for now the returns on capital are price controlled by the central bank, which exacerbates shortfall in real capital. When people realise there's a shortage of real capital, the price control mechanism will collapse.

And then, people will learn to invest again.

I'm not saying everyone can live off capital income, I'm saying there's potential for more people to do so.