Forget Jobs — This Is How You Actually Get Rich in the AI Era

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2:07At Baja Mar, you'll find every pleasure under the sun and one-of-a-kind experiences for the entire family, like Baja Bay, our 15-acre lush tropical water park, interactive wildlife experiences, including our daily flamingo parade, world-class golf tennis spa and so much more visit bahamar.com today and discover a vacation destination where memories are made for a lifetime bahamar life spectacular first we started off with um you know the millionaire blueprint and i want to talk to college students and that just the college maybe people that just got out of college because i know you you know you talk about what a broke college student mindset really means right and why it's important to keep that even keep that that level of hunger so what is what is a broke college student mindset what does that mean and what and talk about that you know uh when you go to college and you got to eat ramen noodles because you ain't got no money you know it's like that mindset that frugal mindset is so valuable when you first come out of college because it allows you to practice living below your means and so you know one of the things that you know when we go to college we come out we're excited about not being a broke college student.

3:17So we can think of all the things that we can buy. But to be honest with you, that is the mindset that young college students need to have graduating. That's exactly the mindset I had when I came out of college. I was living on a very, very tight budget. I was saving everything I could. I wasn't investing much in the stock market at the time because I didn't start until a little bit later. But the point is I was saving like crazy because I wanted to, you know, I wanted to kind of build wealth. I wanted to follow the footsteps of my millionaire mentors. And I was saving money. I got married right out of college.

3:49I was saving. My ex-wife was saving like crazy. That's probably why I didn't stay married is because I was too intense about living on this budget and not spending much, much money. And I bought a condo right out of college. So that was, that's where that mindset, that's just so key to young people. If they could start that way, man, when they come out of college, continue that, knowing that they're going to be rich sometime that's going to put them on the road way ahead of everybody else so the part of what we're seeing and said i want to get your opinion and is if we look at the overall market right we talk about ai we talk about a lot here on the show we talk about how disruptive it's going to be obviously you're an entrepreneur you've navigated 30 years of business how should people be looking at this market right like first is having the mindset of being frugal like that college that broke college student but now going into a space where You might be walking out into the career field and there's nothing there for you.

4:41How should we be preparing our young adults, our young students, our children, right? Like you have children who are in this space to walk into this new job market. Yep. That's a great question. I think the AI is going to change. You guys have been reporting on this for years. It's going to shift the job landscape significantly. But the one thing that we all know that AI can't do is that it can't verify that the results are 100 % right. So it's going to require people that have, you know, analytics skills and data science skills and really industry knowledge. You know, for example, there are people who work in the medical field, so to speak, and they know what the data means.

5:24You know, so, you know, AI and computers are just basically machines that process information based on how they're programmed. But they can't, you know, to this point, create meaning around that. And that's where the real opportunities are going to be. You know, my degree is in computer science. And I took AI back in, you know, the early 80s on a program called LISP. But, you know, there wasn't processing speed. There wasn't enough data to basically leveraging it. But now, you know, I have a buddy whose son that wants to go to Howard and he's looking to major in computer science. He got accepted there.

5:58And I says, you know, you might want to shift that really more to data science or to, you know, something related around analytics, because AI is programming better than the best coders out there. Right. So there's no purpose in really having coders. You need people that can disseminate the data. In fact, that's exactly what my son is doing. He's going into medical informatics and getting a master's in that area. The other area is, like I said, healthcare is going to be strong. AI is going to enable healthcare to another level, but you still need nurses. You still need caregivers, people in that space as well.

6:32Another thing that people don't think about is construction management. There's still going to be a need to construct and build things. AI is going to help in terms of project management and being able to predict when you can get things done. And also, you guys talk a lot about real estate. you know, AI is not going to really, you know, it's not going to buy an apartment building. So it's still going to take owners and people are going to still need a place to live. So there's a few things that people should kind of focus or look into, but they should really focus on the data side of things. One of the things I get a lot of pushback on is when I tell people you got to take 25 % or 50 % of your money and put it away into the market.

7:10It's one thing we really have always connected on. Can you talk to the man about why that's important, maybe taking a half a decade or a decade to do so. Yeah, it's so huge that, you know, that 25%, I mean, here's the best way to describe it, and if you put 10 % of your income in the market, and you put 10 % of your market for a 43-year career, right, now you basically have, you know, 10 % times, you know, times a career of 43 years would probably have you at about four years in retirement, 4.3 years of retired. Now you add compounding to it. Now maybe you got eight to 10 years. That's just not enough.

7:48You need about 25 times your desired salary to have enough money to retire, assuming you're going to use the 4 % rule. Can you give that math again for those who didn't catch it? So yeah, 25 times your desired salary, right? So for example, if you want to make $200 ,000 a year, you're going to need about$5 million put away because you take four years percent of five million that gets you 200 000 the interesting thing about that ian is that's today so if you're gonna retire right 20 years from now right the future value of five million dollars today could be closer to seven seven and a half million now a lot of people get afraid of those numbers i know you guys have shared these numbers and people like oh it doesn't take all that yeah you could back out some money if social security is going to be there you can back out some money if you have multi-family properties you could back out some money if you have a pension which you're quickly going away.

8:42But the reality is we're going to need real money to retire. And so putting 25 % of your income away is just the start. For these college grads, you could do it and not even feel it coming out of college. But when you talk to college grads, they're like, well, when I make more money, I'll save more money. But what happens when you make more money? You end up having more bills. And you're not able to put that kind of money away. You really need to put that kind of money away. It's a serious thing. So I want to ask you a question about real estate, But before, can you just list, this is important.

9:13You said the degrees that people need to be getting now. Yes. Just reiterate that. Right. I would reiterate it's analytics and data science, right? So that's the study of data and how to process and manage and understand data. I think anything related to healthcare, the healthcare system, people are getting older. My dad is 94 years old on May 1st. On Friday, he turns 94 years old. He's in great health. He's still driving. So people are living longer and healthcare workers are in great demand. Something that AI can't do. You know, construction management and working in construction. These are people that help manage the construction of buildings, whether or not they're homes or whether or not they are new office buildings.

9:56You know, that's something that AI has a difficult time. And then real estate in general, in terms of real estate, you know, property management or real estate ownership or, you know, syndications along those lines. Those are just a few. If your best finance people are doing expense reports, chasing receipts, or spending time on month-end close, it's time to get Brex AF, a gentic finance that eliminates that work before it starts. Learn more at brex.com slash AF. I'm U.S. Transportation Secretary Sean Duffy. The sound of a seatbelt. It's one of the most important sounds in our car. It means everyone is ready and everyone is safe.

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