The Phasing Out of Bank Tellers
Why I believe banking professional need to learn how to create wealth NOW
If you work in the banking industry, your next phase of professional development shouldn’t be a trade magazine or another stuffy banking seminar. It should be learning how to create wealth. According to the Wall Street Journal, only about 10% of the bank branches that currently exist will exist in another ten years. It is unfortunate, but the job of a bank teller can effectively be done by a computer. There are currently about 97,000 bank branches dotting neighborhoods all over the country. In a few years, that number will dwindle down to 10,000.
If the average bank branch has 10 employees, we can expect 870,009 jobs will disappear, outpaced by technology and globalization. Don’t think it’s possible?
Fifteen years ago, if I needed a secretary or an office assistant for my business, I had to hire someone to sit in the office for me. These days, I have assistants all over the world from Asia to North America, Europe and Africa. My virtual assistants report to me on a daily basis just as they would if they were physically in the same building or sitting in the next cubicle. Sometimes, I hold online meetings with two three or even four of them at a time while they are all looking at my screen. I even provide training to some of them as far away as the Philippines
as if they are sitting in my office.
Years ago, I ran a client-facing business wherein every one of the 300 clients with whom we interacted on a month-to-month basis had to physically show up at our office to sign up. That’s not the case anymore. Today, I run the same business completely in the cloud. I have my cell phone and two assistants. That’s the power of technology and automation.
Now, here is my question to you: What are you going to do when automation or globalization takes your job from you? Do you already have a plan B in place to generate income for your family? How many months would you be able to survive without the income from your job?
I wonder how many of you would have the boldness and the drive to pick up and change directions in a heartbeat. How many of you could swap out your current skill set for another without bellyaching or retreating in fear?
Think about your current skill set and be objective. How long before your skill set or your job becomes obsolete? How fast would you be able to acquire a new skill if push comes to shove? Why not start building your skill set today while you don’t need a plan B?
Having the ability to adapt to new situations and new circumstances is a necessary behavioral skill to strengthen. Things change rapidly in today’s world. It’s not too far-fetched to look at your current job, which may seem secure and somewhat permanent, and envision that job being automated or outsourced. It may happen sooner than you think. So, what is stopping you from honing another set of skills? I am talking specifically about the ability to make money.
Regardless of your current job situation, your education, or professional background, if you are working for someone else, you play a dangerous game by simply relying on your boss to come through for you. It really is incumbent upon you to learn how to make money, create income streams and acquire wealth. How can you leverage what you have into a successful money-making venture?
For example, when I first got out of college, I could never imagine that I would be able to turn my degrees into any money making venture besides getting a job like most folks and working for someone else for the rest of my life. But the moment I learned how to create wealth, I have turned each of my college degrees into money making ventures. My first degree was in food technology. Today, I am co-founder of a health and nutrition company where we teach people to use food to manage their weight and to prevent and cure diseases.
I have turned my business degree into various businesses that I grew from zero to several million dollars. My highest grossing business grew to over $50 million dollars. I turned my 6 month law school education into a business that had nine attorneys on payroll and generated over $2 million annually.
Whether you are an engineer, a lawyer, a teacher, or even am army sergeant, you can use every skill in your arsenal to make money WITHOUT having to work for someone else. The only thing stopping you from making optimal use of your current abilities is developing the mindset and habits of a wealth creator.
Do it now. The powers that be are sounding the alarm and your secure job in your stable industry could be phased out in a few years. The time is now to make a change.
