How do you feel about driverless cars? If driverless cars become more common, could they destroy the economy? Think about it:
- Will driverless cars exceed the posted speed limit?
- Will driverless cars run stop signs?
- Will driverless cars allow you to drive without the seatbelt on?
- Will driverless cars cause traffic accidents?
Here’s my take on driverless cars and how they will impact the economy:
Many cities rely on revenues from traffic citations to pay their bills. Did you know traffic tickets are far and above the biggest money raisers for the local governments? How will they manage if there are no more traffic fines and citations?
Consider this interesting statistic:
There is approximately $6 billion dollars a year generated by traffic citations, and the majority of citations come from speeding tickets. Of all the citations written, there are around 40 million speeding tickets issued annually.Source: Free Traffic Citation Search
Every Action Has a Reaction
Ask yourself: if driverless cars won’t speed, run yellow lights or cause other traffic infractions, how are these cities going to make money? They will raise taxes.
This is another way the middle class gets squeezed and don’t realize it.
It’s little things like this that could have a big impact on the middle class: more money spent on taxes means less money spent on food, housing, and other expenses. This could be another instance of the rich getting richer and the middle class getting squeezed.
When will driverless cars exceed the number of gas powered vehicles? We could be several years away, but the key is to start preparing now. Relying on one income to pay all your living expenses and maintain your lifestyle is a mistake. Having passive income and multiple streams of income is more important then ever.
When I was a financial advisor years ago, we were told to look at current events and anticipate what investments will outperform in the future. That same rationale can be applied here as well. Driverless cars could cause a dramatic shift in many areas of our lives:
- Less need for delivery drivers
- Fewer gas stations
- Fewer truck, cab, Uber, and Lyft drivers
- Less gas and oil exploration workers
Driverless cars could cause a dramatic shift in employment opportunities. Many industries could be phased down or eliminated altogether, while others could flourish. By creating multiple streams of income now, a person could be better prepared for an uncertain future.
Call To Action
Don’t wait until the changes in the economy are obvious before you start make adjustments . The time to prepare is now. By thinking ahead, you can better prepare yourself 9and your finances) for the future.
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