{"id":12755,"date":"2026-07-21T07:00:59","date_gmt":"2026-07-21T12:00:59","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=12755"},"modified":"2026-07-20T17:36:01","modified_gmt":"2026-07-20T22:36:01","slug":"wealth-podcast-ep-297","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/wealth-podcast-ep-297\/","title":{"rendered":"AI and Job Evolution &#8211; Ep. 297"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"12755\" class=\"elementor elementor-12755\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-60e5fd6c elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"60e5fd6c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-10b5ecf3 ae-bg-gallery-type-default\" data-id=\"10b5ecf3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7c37bebc elementor-widget elementor-widget-heading\" data-id=\"7c37bebc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Understand how AI is reshaping industries without eliminating jobs. <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-39ef462b elementor-widget elementor-widget-text-editor\" data-id=\"39ef462b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div><span class=\"TextRun SCXW107738531 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW107738531 BCX0\">In this episode of the Accumulating Wealth podcast, hosts Hunter Satterfield and Judson Crawford delve into the question on everyone&#8217;s minds: is AI replacing all our jobs? Through a thought-provoking discussion, they explore the role of technology shifts throughout history, focusing on the Jevons P<\/span><\/span><span class=\"TextRun SCXW107738531 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW107738531 BCX0\">aradox and its implications today. The episode provides real-world examples and data to illustrate how AI is leading to\u00a0<\/span><span class=\"NormalTextRun SCXW107738531 BCX0\">a<\/span><span class=\"NormalTextRun SCXW107738531 BCX0\">\u00a0transformation rather than elimination of jobs. The guys analyze new business formations and discuss shifts in various sectors, emphasizing the\u00a0<\/span><span class=\"NormalTextRun SCXW107738531 BCX0\">importance<\/span><span class=\"NormalTextRun SCXW107738531 BCX0\">\u00a0of understanding and adapting to AI.<\/span><\/span><span class=\"EOP Selected SCXW107738531 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/div><div>\u00a0<\/div><div>Have questions or ideas for Hunter and Judson? Reach out at <a href=\"http:\/\/cainwatters.com\/wealth\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">cainwatters.com\/wealth<\/span><\/a>.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-12279cc5 libsyn elementor-widget elementor-widget-shortcode\" data-id=\"12279cc5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><iframe title=\"Embed Player\" src=\"https:\/\/play.libsyn.com\/embed\/episode\/id\/42154955\/height\/128\/theme\/modern\/size\/standard\/thumbnail\/yes\/custom-color\/0c2340\/time-start\/00:00:00\/playlist-height\/200\/direction\/backward\/download\/yes\/font-color\/FFFFFF\" height=\"128\" width=\"100%\" scrolling=\"no\" allowfullscreen=\"\" webkitallowfullscreen=\"true\" mozallowfullscreen=\"true\" oallowfullscreen=\"true\" msallowfullscreen=\"true\" style=\"border-width: medium; border-style: none; border-color: currentcolor; border-image: none;\"><\/iframe><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-427c0ad0 elementor-widget elementor-widget-heading\" data-id=\"427c0ad0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">WHAT YOU\u2019LL LEARN<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c1bc8c3 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"4c1bc8c3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">How AI adoption correlates with new business creation <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Examples of Jevons Paradox in modern industries <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The impact of AI on job roles across sectors <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Changes in employment statistics related to AI <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Strategies for leveraging AI in professional services <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-231dad37 elementor-widget elementor-widget-heading\" data-id=\"231dad37\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Questions Answered in this Episode<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6082c5fd elementor-widget elementor-widget-text-editor\" data-id=\"6082c5fd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">Is AI going to take\u00a0all of\u00a0our jobs?\u00a0<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">No, AI is reshaping jobs, creating new\u00a0opportunities\u00a0and reallocating labor rather than\u00a0eliminating\u00a0it.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">What is the Jevons P<\/span><\/b><b><span data-contrast=\"auto\">aradox?\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Jevons P<\/span><span data-contrast=\"auto\">aradox\u00a0demonstrates\u00a0that increased efficiency in resource usage can lead to higher consumption rather than lowering it.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">How is AI\u00a0impacting\u00a0various industries?\u00a0<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">AI is leading to growth in sectors with higher adoption rates, like business services, healthcare, and education.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a093a3 elementor-widget elementor-widget-heading\" data-id=\"3a093a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Key TakEaways<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a4359b9 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"6a4359b9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">AI enhances productivity, but is not necessarily replacing jobs <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Embrace technological shifts for improved business growth <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">AI adoption supports new job creation <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Task automation is not the same as job automation <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34f10b9b elementor-widget elementor-widget-heading\" data-id=\"34f10b9b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Who's this episode for?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ae56ed3 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"ae56ed3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Business owners exploring AI integration <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Professionals in finance and business services <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Healthcare and education sector professionals <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"3 4 18 14\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.55 17.2a1.2 1.2 0 0 1-.85-.35l-4.9-4.9a1.2 1.2 0 1 1 1.7-1.7l4.03 4.03 9-9a1.2 1.2 0 1 1 1.7 1.7l-9.85 9.87a1.2 1.2 0 0 1-.83.35z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Anyone curious about AI's impact on jobs and economy <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d58fcc7 elementor-widget elementor-widget-heading\" data-id=\"7d58fcc7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">ABOUT THE HOSTS<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-70be701f elementor-widget elementor-widget-text-editor\" data-id=\"70be701f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #003366;\"><a style=\"color: #003366;\" href=\"https:\/\/www.cainwatters.com\/hunter-satterfield\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>Hunter Satterfield &#8211; CPA &amp; Partner<\/strong><\/span><\/a><\/span><\/p><ul><li>Financial Advisor with Cain Watters &amp; Associates since 2007<\/li><li>Chief Investment Officer<\/li><\/ul><p><span style=\"color: #003366;\"><a style=\"color: #003366;\" href=\"https:\/\/www.cainwatters.com\/judson-crawford\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>Judson Crawford &#8211; CPA &amp; Partner<\/strong><\/span><\/a><\/span><\/p><ul><li>Financial Advisor with Cain Watters &amp; Associates since 2004<\/li><li>Public speaker, New associate mentor, Marketing Committee member<\/li><\/ul><p>Reach Hunter and Judson here: <a href=\"https:\/\/www.cainwatters.com\/wealthpodcast\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">cainwatters.com\/wealthpodcast\/<\/span><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-613aa5d1 elementor-widget elementor-widget-heading\" data-id=\"613aa5d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">About the show<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-527df0b9 elementor-widget elementor-widget-text-editor\" data-id=\"527df0b9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The Accumulating Wealth Podcast helps business owners and professionals make smarter financial decisions through insights on tax strategy, investing, and long-term wealth planning.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-68699e82 elementor-widget elementor-widget-heading\" data-id=\"68699e82\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Additional Resources<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d24062e elementor-widget elementor-widget-n-accordion\" data-id=\"2d24062e\" data-element_type=\"widget\" data-e-type=\"widget\" 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Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-7570\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-7570\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Podcast video <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-5255f632 e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" role=\"region\" aria-labelledby=\"e-n-accordion-item-7570\" data-id=\"5255f632\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5db818b elementor-widget elementor-widget-text-editor\" data-id=\"5db818b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><a href=\"https:\/\/youtu.be\/GE62jGcF3P4\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration-line: underline; color: #33cccc;\">Podcast Video<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-7571\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-7571\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Full transcript <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-ae5119 e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" role=\"region\" aria-labelledby=\"e-n-accordion-item-7571\" data-id=\"ae5119\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5d7d67c9 elementor-widget elementor-widget-text-editor\" data-id=\"5d7d67c9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Welcome to the Accumulating Wealth podcast. I&#8217;m Hunter Satterfield. And I&#8217;m Judson Crawford. We&#8217;re CPAs, wealth advisors, and partners at Cain Watters and Associates, a financial services firm here to help business owners navigate the decisions they face every day.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">You know, one of the questions we&#8217;re getting more and more from clients is, &#8220;is AI going to take all of our jobs?&#8221; And it&#8217;s a great question, so today we&#8217;re\u00a0going to\u00a0cover it. And you&#8217;re\u00a0going to\u00a0introduce us to the Englishman William Stanley Jevons. That&#8217;s right. We might even give some real data that&#8217;s showing that the Jevons paradox is in fact in play. Let&#8217;s go.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0Top of the morning to you, Hunter. I don&#8217;t think that&#8217;s English. This poor man is English. Top of the\u00a0mornin&#8217;. Wouldn&#8217;t that be something that Sir William Stanley Jevons said? There&#8217;s no sir. There&#8217;s no sir for this poor man. Oh, goodness.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">If you are listening to this and you are in front of your phone or computer, you should just\u00a0Google who\u00a0William Stanley Jevons&#8230;\u00a0the\u00a0picture of\u00a0him. He looks like just your classic- An Irish\u00a0nobleman. That could be Dickens, that could be\u00a0Darwin,\u00a0it could be any of them, right?\u00a0Yeah, true. Oh.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well, yeah, and we&#8217;re getting this question a lot. You&#8217;re seeing it everywhere. Is AI\u00a0going to\u00a0take all of our jobs? I mean, we&#8217;re accountants. We&#8217;re supposed to be out of business, right? Totally. Yeah. But it&#8217;s actually a super fascinating topic, and so we thought we&#8217;d cover it with some real-world examples.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">In fact, there&#8217;s a lot of studies now that we are seeing, listeners, where in fact job growth is accelerating.\u00a0So,\u00a0we&#8217;ll talk about some of those things as well. But this is something we talked about at Annual Meeting, so if you were at Annual Meeting, you&#8217;re\u00a0going to\u00a0be very well informed here.\u00a0If\u00a0you weren&#8217;t, this is the riveting stuff you get when you come\u00a0see\u00a0us in Scottsdale. go.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">All right, so who is William Stanley Jevons? 1865, folks. And let me set the background very quickly. So\u00a0basically,\u00a0at that time, England was going through the Industrial Revolution. We were going through the end of the Market Revolution here in the States.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And the expectations&#8230; A part of that Industrial Revolution is that you had steam power getting much more efficient.\u00a0So,\u00a0you had a brand-new steam engine that was called the Watt steam engine. It was much more efficient than Thomas Newcomen&#8217;s earlier design. And\u00a0so,\u00a0as a result, everybody thought that coal consumption was\u00a0going to\u00a0go down.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But Judson, it didn&#8217;t go down. What? Isn&#8217;t that amazing? It actually went up. And\u00a0so\u00a0this cat, William Stanley said, &#8220;Top of the\u00a0mornin\u2019\u00a0to you,&#8221; and he was like, &#8220;Something&#8217;s weird here,&#8221; and he came up with Jevons paradox. Jevons.\u00a0So\u00a0what does Jevons paradox say? Well, at the core of it, it was, hey, coal became more cost-effective, so it actually led to increased use.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So broadly speaking, listeners, as the price goes down of something,\u00a0its\u00a0usage goes up. Or another great example, if things get more efficient, you actually get more use up.\u00a0Judson,\u00a0what&#8217;s a good modern-day example of what this would look like?\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Well, I think in today&#8217;s society, we have more fuel-efficient cars, right?\u00a0Which\u00a0leads to more actual miles driven. Exactly. And I think that folks would think, oh, hey, look as fuel efficiency goes up, you would say, &#8220;No, we&#8217;re not driving as much.&#8221; But in fact, now it&#8217;s like, oh, we can go further, we\u00a0can go\u00a0explore the country, et cetera, et cetera.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Another good example of one would be that the more- or I should say the faster network speeds get, the more we\u00a0want to\u00a0log on and use bandwidth, right? Because it&#8217;s like, oh, I can get things- Immediate feedback &#8230; immediate feedback. That&#8217;s right.\u00a0So,\u00a0at our Annual Meeting we actually went through this, and we said, &#8220;Okay, what does this look like in historical examples?&#8221;<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And there were two really good ones. The first was the cotton gin, right? So, all of us know the cotton gin, Eli Whitney, 1793. The fascinating thing about the cotton gin\u00a0is that\u00a0it actually allowed for faster separation of cotton fibers from seeds.\u00a0So,\u00a0you would think that it would actually reduce the need for labor, but in fact, it increased the need for labor because the demand for cotton skyrocketed, right? So, Judson, pre-cotton gin, we had 15,000 cotton workers in the US. Post-cotton gin, whoa, look at that number. 2 million. I think it&#8217;s more than 15,000. Yeah.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Another\u00a0great example\u00a0from the Market\u00a0Revolution would be the Erie Canal, right?\u00a0So\u00a0the Erie Canal, for those up in the Northeast\u00a0know,\u00a0basically connected\u00a0the Atlantic Ocean over to the Great Lakes. That allowed\u00a0us to get shipping freight all the way out to the Midwest, and that was basically &#8211; before that, Chicago\u00a0didn&#8217;t\u00a0exist because we\u00a0couldn&#8217;t\u00a0get stuff out there. It was so expensive to get freight over land. In fact, prior to the Erie Canal, it cost $100 a ton to get freight over land, and it dropped all the way to $10 a ton via the canal.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So, when we were looking at the stats on\u00a0this,\u00a0there was actually no measurable freight volume before the Erie Canal, like it wasn&#8217;t a measurable statistic. The\u00a0best thing we could find is in 1825, which is several years after, that we were moving 217,000 tons per year. Just 30 years later, 2.3 million, so it 11x just 30 years later.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0I think the takeaway here, Judson, is that technological shifts they don&#8217;t steal labor, right? They just reallocate labor. Yeah, but Hunter, this is AI. It&#8217;s\u00a0going to\u00a0replace everything, and we&#8217;re just\u00a0going to\u00a0sit here. We&#8217;re not\u00a0going to\u00a0do anything. It&#8217;s like the movie\u2026\u00a0That&#8217;s right. What&#8217;s the Disney movie? We will all be jobless. The Pixar movie? Oh,\u00a0Up. Not Up. WALL-E, right, where we&#8217;re in our chairs in space, and we don&#8217;t do anything. Gotcha. You have daughters. How do you not know this? Yeah, I saw it a long time ago. I don&#8217;t remember it. Yeah. I\u00a0kind of\u00a0remember what he looks like. Yeah. That&#8217;s about it.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, I mean, I think the big takeaway is what the Jevons Paradox teaches us is that you shouldn&#8217;t confuse task automation with job automation, right? And again, we don&#8217;t necessarily know where this is going. All we can do\u00a0is\u00a0follow this and say, &#8220;Okay, well, for basically the last 200 years, Jevons Paradox has rung true, and so it presumably rings true here in some respect,&#8221; right? Prove it. Oh, okay.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah. Well, look, I think we&#8217;re starting to see statistics that have started to drop on this, right? And what&#8217;s really interesting about it\u00a0you\u00a0have to\u00a0go\u00a0a couple different places to find this stuff. One really great one is just new business creation.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0you would think that when AI comes in, people do &#8211; they just sit on their hands and they don&#8217;t do anything. But in\u00a0fact\u00a0what we&#8217;re seeing is there&#8217;s almost a direct correlation between AI adoption rate and new business creation in those same sectors.\u00a0So,\u00a0there&#8217;s a really good stat about the number one sector thus far in business applications since December of 2022, so\u00a0what are\u00a0we, like three and a half years,\u00a0is\u00a0professional and business services.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Which everybody&#8217;s basically said that&#8217;s the one that&#8217;s\u00a0going to\u00a0be replaced, right? Incidentally, it is the second highest of all on AI adoption rate. So\u00a0highest\u00a0on new business formation and second highest overall in AI adoption rate. What other ones, Judson? Let&#8217;s see. We&#8217;ve got the information sector, which is the number one adopter. Damn, 42% AI adoption rate thus far. Yep.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And yeah, it&#8217;s\u00a0what? It&#8217;s second.\u00a0Second\u00a0overall\u00a0in business applications. I think this is another good one- healthcare and social assistance.\u00a0So,\u00a0it&#8217;s third highest in new business and\u00a0it&#8217;s\u00a0top five overall in AI adoption rate.\u00a0So,\u00a0I mean, again, I think you go and you look at probably the least\u00a0one on\u00a0there, which would be\u00a0like transportation or mining, basically no adoption rate from an AI perspective, and no new businesses either, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I mean, I think the reality is, and we&#8217;ve talked about it on the podcast before, we&#8217;re already seeing like, &#8220;Oh my gosh, what could we do with this and expand our business, not reduce it?&#8221; Yep. Well, I think the other one that&#8217;s interesting because it does align so much with what we do in professional and business services in general, is the education services, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s not the highest, but high adoption rate and high growth, right? Because we can&#8217;t have&#8230; this purely, it can make it more efficient, it can do everything, it cannot actually teach a person everything. Absolutely. No, you&#8217;re exactly right.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The Balaji, who&#8217;s this sort of world thinker, he\u00a0said AI is a middle to middle. It&#8217;s not top to bottom, right? You still have to have the interface of people on each side, and I think that&#8217;s the whole purpose of Jevons paradox, is that you actually still have to have people involved, whether it&#8217;s feeding the model or taking the results of the model out. But again, folks, that&#8217;s real information from the Census Bureau as well as information from the government on business formation.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0another one that I thought was interesting, Judson, is radiology, and I actually have a client who is a radiologist, and this is a conversation we were having years ago. Like, dude, AI could easily take this out, but the data shows differently, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0Yeah, absolutely. And what we see is that really\u00a0since\u00a020 years ago, that the trajectory of the number of radiologists has not slowed down one bit, right? The income of radiologists\u00a0have\u00a0lagged a little bit, but in recent years with the onset of AI, income has actually caught\u00a0back up\u00a0with that long-term trajectory, and we&#8217;re seeing that radiologists are making now, again, more than $500,000 per year, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah.\u00a0I think that this\u00a0is\u00a0probably the\u00a0best, especially since so many of our listeners are\u00a0going to\u00a0be in the medical field.\u00a0I think this\u00a0is the best example of\u00a0Jevons\u00a0Paradox at work. So now we can read X-rays much more quickly and much more efficiently.\u00a0So again, theoretically, you would need less radiologists, but what you actually can do, because you can do it much more quickly, is just read more of them.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:360,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">That&#8217;s\u00a0right.\u00a0Right?\u00a0The same radiologist can actually read more of them.\u00a0If that person is reading more X-rays, they are making more money because it\u00a0is a\u00a0per\u00a0X-ray. Even if that unit cost comes down, their overall productivity has gone up.\u00a0So,\u00a0I mean,\u00a0it&#8217;s\u00a0perfectly aligned with what\u00a0Jevons\u00a0Paradox looks like.\u00a0Absolutely.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:360,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Okay, two more, listeners. Before we get to the summary of what we think you ought to do here.\u00a0So,\u00a0I thought this one was great. This came out from U.S. Bureau of Labor Statistics just recently, and basically what it looked at was it actually looked at the unemployment rate for young people. Now, why would it look at young people, Judson?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Because they&#8217;re young. No. Because they&#8217;re entry level Yeah, they&#8217;re entry level, they&#8217;re very high level of adoption. We see that here at the firm. Like, our young folks are the ones that are trying all the things on AI. They&#8217;re experimenting, they&#8217;re playing with it, whereas us old folks are struggling a little bit more. Takes time. It does. It takes time for us, you know?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But what was fascinating is the BLS data showed that the unemployment rate for 16-year-olds and then 20 to 24-year-olds, those are two ones, and they almost are always in correlation. For the last 35 years, they\u00a0are\u00a0in direct correlation. So\u00a0basically,\u00a0what that means is your\u00a016 to\u00a018-year-old unemployment rate&#8217;s damn near the exact same as 20 to 24.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">In this case, over the last six months, all of a\u00a0sudden,\u00a0they&#8217;ve started to converge. The 16, 17, 18-year-old rate is actually rising slightly on unemployment. The 20 to 24 is plummeting, and that&#8217;s completely counterintuitive to what we would think because you would think all those entry-level jobs are being taken out because of AI.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But in fact, what&#8217;s happening is that everybody&#8217;s saying, &#8220;I need the 20 to 24-year-olds not only to fill those entry-level jobs, but to start because I just started a new business, and they&#8217;re the ones that understand AI adoption,&#8221; and et cetera, et cetera.\u00a0So\u00a0I mean, again, I think that supports the narrative quite nicely.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The final one before we get to some takeaways, listeners, is there&#8217;s been this huge shift since probably 2015, 2016 and some of you I\u00a0know listening\u00a0do this. You basically are outsourcing some of your work to the Philippines for call centers.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And we see that too- and it&#8217;s other places, not just the Philippines, but we see that too even, Judson, when we make a call, right?\u00a0Like to\u00a0a call center, we&#8217;ll get somebody that&#8217;s over there. And that&#8217;s been a big shift since 2016. What&#8217;s fascinating is that there are now almost two million workers that are doing work\u00a0in the Philippines on call centers and it&#8217;s basically doubled in the last eight years.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And again,\u00a0that&#8217;s\u00a0counterintuitive because you would say, &#8220;Oh, now a lot of this work can be done by AI.&#8221; But in fact,\u00a0what&#8217;s\u00a0happening is that the lower cost per interaction does not mean fewer interactions. It means more customers are being served, right? So that is, again, that&#8217;s\u00a0Jevons\u00a0Paradox at its core.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:360,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So the takeaway from all this is that the data, Judson, is supporting that the same things that happened to the Market Revolution or the Industrial Revolution in England or the dot com era when we had fiber optics or the internet mobile cloud era when we saw an explosion of jobs even though the internet came around and we theoretically wouldn&#8217;t necessarily see that, the same stuff is happening again.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Absolutely. And I think that, again, it may be lessening to a degree, but I think that the last thing that you listeners, our clients can do is be afraid of this, right? Or think that it doesn&#8217;t have a place in your business. Does it mean that your job will likely change? Yes. Does it mean that some of your staff members&#8217; jobs will change? Absolutely, right? And some of those are hard but ultimately what you have to take that for is keeping up and also the efficiency that you can gain and what else you can\u00a0do.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, and I think a lot of the jobs are\u00a0going to\u00a0change for the better, right? Like you and I, when we were starting out here at Cain Watters, there was a ton of data entry. Some of these tools we&#8217;re now\u00a0seeing\u2026\u00a0it&#8217;s a button. You click, and then it automatically inputs all the data. Well, what is that\u00a0going to\u00a0do? I mean, are we all of a sudden\u00a0going to\u00a0just go\u00a0fire\u00a0all of our advisors? No. It gives our advisors the opportunity to be more intentional, more one-on-one with clients, whatever else it is.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">So,\u00a0I mean, I think again, it&#8217;s\u00a0going to\u00a0be\u00a0make\u00a0for happier employees. It&#8217;s\u00a0going to\u00a0make for\u00a0happier clients, but you can&#8217;t get there, I think number one is to Judson&#8217;s point. I think number two is this: You can&#8217;t get there if you don&#8217;t try it, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Listeners, I mean, if you are out at a dental show that you might go to, or if you&#8217;re not in the dental industry, if you&#8217;re not out doing some CE on what this looks like for you and your business, you are going to fall behind because everybody else is out there doing it right now. That&#8217;s right.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And if\u00a0you&#8217;re\u00a0in the middle or the latter half of your career,\u00a0don&#8217;t\u00a0let that stop you. Again, your competitors are using those things. But I think the other thing to think about, and\u00a0we&#8217;ve\u00a0talked about this before, is to make sure you even know what the capabilities are that are in your current\u00a0software\u00a0and systems that\u00a0you&#8217;re\u00a0using in your practice.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Because a lot of times, like for\u00a0instance,\u00a0let&#8217;s\u00a0take\u00a0a practice\u00a0software. The practice software has been\u00a0investing\u00a0in AI tools that you could have in your office right now that you may not be using to make you more efficient, right? And if you\u00a0don&#8217;t\u00a0know how to capture those things, you are missing out.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0Yeah. If you are not partnered with the right vendors in your life that are already integrating and doing this hard work for you in your software tools or your supply ordering or whatever else it is, they will either\u00a0very\u00a0quickly or there&#8217;s somebody out there that is, right? And so, I think that&#8217;s a big takeaway. Like, you have to do it, but then you also have to lean on your relationships that you have to say, &#8220;How are you doing it as well?&#8221;<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">I think one of the things that for you and I is most scary, and this is probably best summarized by our good partner, Dan Wicker. He&#8217;s a great, great partner. We love this man. He is getting older for sure. Yeah. If you&#8217;ve seen him recently&#8230; When Copilot was downloaded to his computer &#8211; I&#8217;m telling the story and I don&#8217;t care, guys. When Copilot was downloaded to his\u00a0computer\u00a0he actually asked Copilot, he says, &#8220;Hey, Copilot, is it actually possible to teach old dogs new tricks?&#8221;<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And Copilot responded with this great, funny bounce back, but basically it was like, &#8220;Yes.&#8221; And you know what, Dan, and you and me and others, like, it&#8217;s taking us longer but we&#8217;re doing it, and it&#8217;s working brilliantly. So even if you&#8217;re on the older side, get in there, ask your younger employees, &#8220;Hey, how are you using it?&#8221; Ask your friends, &#8220;How are you using it?&#8221;<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">But the takeaway is AI&#8217;s not taking all of our jobs. Don&#8217;t confuse task automation with job automation. Get out there and work your butts off, and it&#8217;ll end up being a really good thing for you.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Yeah, I agree. And one thing to loop back just a little bit that it reminded me of is, and this is even going back a little bit before the onslaught of all of the AI technology but when there were\u00a0software\u00a0that were helping our clients with billing and that became more and more popular, the biggest reason that many clients didn&#8217;t want to do that is because they said, &#8220;Well, I&#8217;ve had so-and-so\u00a0doing my billing for all this time and I don&#8217;t want to replace her job. I\u00a0don&#8217;t\u00a0want to lose this person. She&#8217;s been with\u00a0me for\u00a0all this time.&#8221;\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Never once did I think we see people that all of a sudden just had somebody sitting in\u00a0the front\u00a0of their office and not doing anything, right? Absolutely. It freed them up to better their business in other ways, right?<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">And probably &#8211; we may be talking about in future episodes, just because you have\u00a0a software\u00a0or something that&#8217;s helping doesn&#8217;t mean it&#8217;s foolproof, right? Which is something that I think that we may want to explore in future episodes is like, can we use this? Can we rely upon this for everything, right? Because we&#8217;re talking about how &#8211; today we&#8217;re talking about how this can be used to make us more efficient and everything else like that. Maybe we should talk about what it looks like to use this in certain ways, like in financial planning or tax advice.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u00a0Yeah. No, that&#8217;ll be a great future episode. We need to mark that one down and maybe record it next week. How about that? It&#8217;d be weird. Top of the morning to you. Top of the morning to you, Englishman.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The best way to keep up with this is to subscribe to this podcast. That way, you&#8217;ll never have to miss an episode, and you can go back and listen to all the others. If you&#8217;re enjoying it so far, leave us a review. Have a question, comment, or suggestion for a future episode? Drop us a line at cainwatters.com\/wealth. We really do answer these. And if you want to learn more about what we do when we&#8217;re not recording these episodes, visit cainwatters.com to see how we&#8217;re helping over 3,500 clients reach their long-term financial goals.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:360}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">We actually do know the difference between England and Ireland, just in case you&#8217;re wondering. Good day, mate. Put another shrimp on the barbie.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-7572\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-7572\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Timestamps <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-34727eff e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" role=\"region\" aria-labelledby=\"e-n-accordion-item-7572\" data-id=\"34727eff\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-39a28d91 elementor-widget elementor-widget-text-editor\" data-id=\"39a28d91\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"none\">00:00<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211;\u00a0Is AI taking our jobs?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">01:42<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Meet Jevons Paradox<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">02:55<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Jevons Paradox\u00a0Examples Today<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">03:32<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211;\u00a0Cotton\u00a0Gin\u00a0and\u00a0Erie\u00a0Canal<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">05:19<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211;\u00a0Task\u00a0Automation\u00a0vs Job\u00a0Automation<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">06:06<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Data on AI and New Businesses<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">08:35<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Radiology Case Study<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">09:54<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Youth Jobs and Outsourcing<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">12:23<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; What to Do Now<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">17:21<\/span><\/b><span data-contrast=\"none\">\u00a0&#8211; Main Takeaways<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"has_ae_slider elementor-element elementor-element-74ba07f0 e-flex e-con-boxed ae-bg-gallery-type-default e-con e-parent\" data-id=\"74ba07f0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-10b08496 elementor-widget elementor-widget-text-editor\" data-id=\"10b08496\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Have questions or ideas for Hunter and Judson? Reach out at\u00a0<a style=\"background-color: #00295b;\" href=\"https:\/\/www.cainwatters.com\/wealthpodcast\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: bold; line-height: inherit;\"><span style=\"text-decoration-line: underline; color: #33cccc;\">cainwatters.com\/wealth<\/span><\/span><\/a>. Don\u2019t miss an episode, subscribe and leave the guys a review on Apple Podcast, Spotify, or wherever you listen.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Understand how AI is reshaping industries without eliminating jobs. In this episode of the Accumulating Wealth podcast, hosts Hunter Satterfield and Judson Crawford delve into the question on everyone&#8217;s minds: is AI replacing all our jobs? Through a thought-provoking discussion, they explore the role of technology shifts throughout history, focusing on the Jevons Paradox and [&hellip;]<\/p>\n","protected":false},"author":50,"featured_media":12757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[44,18],"tags":[],"ppma_author":[60],"class_list":["post-12755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-podcast","category-financial-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AI and Job Evolution - Ep. 297<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/wealth-podcast-ep-297\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AI and Job Evolution - Ep. 297\" \/>\n<meta property=\"og:description\" content=\"Understand how AI is reshaping industries without eliminating jobs. 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