Why knowledge is new money and how to develop continuous learning skills

Products and services are depreciated, but knowledge is not

We are at the beginning of an era of rapid demonetization. Technology makes products and services that were expensive become cheap or even free. For example, a photo and video camera, a clock, an audio player, maps, encyclopedias - all this used to cost money, but now it is in every smartphone.

This process will continue to accelerate. Virtual reality will make expensive pleasures such as concerts and sporting events cheaper. CRISPR technology, AI diagnostics and genome sequencing will revolutionize healthcare.

In such a situation, those who recognize and quickly acquire the skills needed for the professions of the future will benefit. And those who do not learn new things will be at risk. They can get stuck at the bottom of the competition and lose their jobs due to automation.

The fundamental level of knowledge becomes a separate form of currency. Knowledge is new money.

The difference is that when you use or transfer knowledge to someone, you do not lose it, unlike money. You can "transfer" knowledge anywhere in the world instantly and completely free of charge. They can be converted into something that money cannot buy. For example, a sincere relationship or feeling well. They help you achieve your goals faster. It is interesting to acquire them. They expand vocabulary and improve communication skills. They help to look at the world from a new perspective and live many lives.

6 lifelong learning skills to help you in the new economy

Alvin Toffler is a futurist, writer.

Illiterate in the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn and relearn.

1. Identify valuable knowledge in time

The value of knowledge depends on its rarity. When new technologies change an industry, there is a shortage of people with the right skills - and high compensation for those skills. Over time, more people acquire them and the amount of compensation decreases.

2. Get new skills quickly

Opportunities come and go unexpectedly. Therefore, it is important to learn new skills quickly. Understanding and applying mental models is a universal skill that everyone needs. Mental models form a knowledge base that will be useful in any field. They will help you learn faster.

3. Explain the value of your skills to others

People with the same skills sometimes receive completely different salaries and occupy different positions. It depends on the ability to convince others and explain. Most spend years mastering technical skills but forget about communication skills.

4. Convert knowledge into money and results

There are many ways to turn knowledge into money. For example, finding a job with a good salary, getting a raise, starting a successful business, becoming a consultant or expert in some industry.

5. Invest in training so as to get the most profit

To achieve their goals, everyone needs to find the right books, online courses, and training programs. To create such a "portfolio", use financial terms in relation to self-education: return on investment, risk management, minimum acceptable rate, hedging, diversification.

6. Be able to learn

Learning rate determines how quickly your knowledge accumulates over time. For example, compare those who read one book a week versus those who read a book every ten days. A difference of 16 books will accumulate over the year.

Create your own learning ritual

Set aside time for training: one hour, five days a week. If you have a very busy schedule, break this hour into several parts.
Exercise regularly. For an hour, resist procrastination and the urge to have fun.
Use life hacks to remember and apply the information received. This will increase the benefits of your activities.

Stop thinking that knowledge is gained only from 5 to 22 years old, and then you can move through inertia and hard work. To succeed in this age, you need to learn constantly.