Five Trends Shaping Our Economy and Society

My latest Star Tribune column on the five major trends I believe will shape our economy and society for the next decade or so. They are: Globalization; technological innovation; inequality; aging of the population; and sustainability.

These five trends have broad implications for managing our money in coming years, as well as our jobs. For example, these trends suggest the economy will be increasingly volatile. One way to deal with a volatile economy is to construct a household balance sheet that is heavy on cash for downside safety and upside opportunity, with very little to no debt, and an embrace of a diversified equity portfolio for long-term returns. It’s also important to maintain and add to your skills.