New Rules For The Information Age Lyrics

So during the industrial age the rules were

You go to school you got a job

And you worked really hard

You stayed with the company for all your life

And when you retired then the company would take care of you for as long as you lived

Well the rules have changed

In the information age suddenly

You go to school you get a job

You may work there for the rest of your life

You may get downsized and all this

But the big change is now that your retirement is up to you

So if you retire at age 65 and you have no money

It's not the company's responsibility anymore

Whereas in the industrial age it was

So I have many friends who are part of my generation

The baby boom generation they're all pushing into their 50s

And suddenly they realize time is running out

They don't have enough money set aside to retire on

They don't have that financial security

So what I'm saying is in the information age

The issue is not job security

Because most of us know that's pretty well shot and gone

But the real issue then is long-term financial security

Because we will live longer

In other words if you retired at 65

The good news is you might live to 100

The bad news is you might not have enough money

So my point of view is this:

To be successful in the information age we need better education

In the industrial age our educational system focused on two types of education

Number one was scholastic education Very important

The ability to read to write to do simple math

Do research things like that Very important education

The second part the industrial age educational system focused on

Was professional education Should you be a secretary a doctor a dentist?

And those were the skills or education you got so that you could work for money

In the information age we need a third type of education

And that's financial education

In other words how do you have money work hard for you?

And the problem is our educational system is still sort of in the industrial age

But we're in the information age

And because of this lack of the third type of education financial education

I have many friends of my age who have no money set aside

There are many financial planners who say oh don't worry

Because when you retire your expenses go down

Well that's true for some people

That's true that your living expenses may go down

You may not have your kids anymore

The expenses go down but there's another expense that goes up

And it goes up every year That's called medical expenses

And the problem with Medicare as most of us know

It is technically bankrupt

And with 75 million baby boomers in America

Suddenly coming onto the Medicare system saying hey I'm here to collect the check

I do not know if Medicare and the social security system can handle the load

Of 75 million baby boomers saying payback time

I've come to collect the check

Because if you figure it out if 75 million baby boomers collect a thousand dollars a month

That comes up to I think 75 billion dollars per month

The other thing about medical care is this

If you need full long-term old age you know like nursing home care

What is considered low-cost nursing home care is now about $3500 per month

So for those who are fortunate enough to live into the ripe old 80s and 90s

Your biggest expenses are still yet to come

So one of the main focuses or reasons for creating *Choose to Be Rich*

Is to give you that financial education that our school system is not currently providing

To give you that financial education so that as you get older

You become more financially secure because you're increasing your financial education

And your financial intelligence and that is the purpose of *Choose to Be Rich*