Episode introduction
Steve Rhode: Hello everyone, I’m Steve Rhode, the old, authentic, original Get Out of Debt Guy, and with me is the new Get Out of Debt Guy, Damon Day.
Damon day: What’s going on?
Steve: Today we’re diving into something that’s on a lot of people’s minds: artificial intelligence. That’s the same technology that writes, codes, drives and even talks to you. But here’s the big question: is it for your work?
If you work in an industry where automation is taking hold – and honestly, that’s pretty much everywhere now – you need to think about what happens next. When change comes – layoffs, budget cuts, career changes – that debt can quickly turn from a monthly headache to a full-blown financial crisis.
The warning signs
Damon: You start seeing articles everywhere: Target laying off large numbers of people, Amazon, Meta. CNBC has articles on “the top warning signs that your company is preparing for a layoff.” Especially if you are in middle management, work in an office or have a job that is quite repetitive, things could look very different in the coming years.
The trickle-down effect
Damon: People tend to think, “AI can’t do what I do.” But you also have to think about the trickle-down effect. As more people are laid off and struggle to find new jobs because they don’t have the right skills, it will hurt the economy.
Even if your job wasn’t directly affected by AI, your employer might look at that and say, “we need to scale back, the economy is slowing.” You could still lose your job if this wave of layoffs occurs.
Steve: Companies are cutting labor costs to finance the construction of data centers. Many people don’t lose their jobs because AI does their job; they are losing their jobs to build data centers so AI can do their job.
Learn AI skills
Steve: I wasn’t a computer programmer who coded at first, but now I code every day thanks to AI. At 3am I woke up with an idea, and within an hour I had a complete game plan on how AI was going to write the necessary Python coding I needed. That’s a million dollar hour.
Damon: If someone like Steve can learn this, so can you. You just have to start somewhere. This is where the future is heading.
Steve: Here’s the easiest way to get started: Go to ChatGPT (it’s free) and ask, “What are the steps I need to take today to learn how to use AI?” You can use AI to teach you something. You do not have to pay for a course.
Became indispensable
Steve: At your workplace, the person who is going to lose their job is the one whose work can be replicated. The person who’s going to be invaluable is the one who says, “Yes, I can do that. I can set that up. I can brainstorm that.”
Damon: Your boss probably doesn’t know how to implement AI; he just knows he needs to streamline. They need someone to show them how. You want to be that someone.
Huge work for extra income
Damon: Uber, Lyft, DoorDash, Instacart – an hour or two a night, $50. You don’t need any skills or AI training, just a car and a phone. You could literally have money in your bank account tonight.
Last week I worked 23 hours and earned €1230. For many people listening, imagine having an extra $1,230 a week to take on debt or retire. These capabilities will be gone in a few years with autonomous vehicles, but right now they are available.
The real story
Steve: I read about a 33-year-old who had been laid off from technology sales, a field he had been in for more than a decade. He looked for work for ten months and submitted thousands of applications. He has a wife and three children.
He emptied his 401k, sold stocks, cryptocurrency and even Pokemon cards he collected with his son. His house was foreclosed. Eventually a friend referred him to a car dealer – now he commutes two hours a day to sell cars on the floor for 12 hours.
Getting your financial house in order
Damon: Imagine that next week you are told that you are being fired with two months’ severance pay. How long can you keep your mortgage covered? For most people that is less than 30 days.
What I would challenge you to do: Look at your budget and think about how much you could realistically cut. If you pay $12,000 a month, is there a way to reach $10,000? Take that extra $2,000 and spend it on your future.
Steve: Focus on building your emergency fund before aggressively paying down debt. Cash in the bank is more than just a little debt relief right now.
Close
Steve: AI is not going away. But what doesn’t change is how smart money decisions protect you when life gets unpredictable. If you want real help that is judgment-free and math-based, contact Damon at DamonDay.com.
Damon: Peace.
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