How the Internet has Rewritten the Rulebook

Lifestyle design as we know it is greatly enabled by modern technology, particularly the Internet.  The web has created boundless opportunities for those savvy enough to recognize and utilize its potential.  Here are several key ways in which Internet has changed the game:

 1.) Diminished importance of Location:

 Not all that long ago, physical location was vitally important for most of the commercial world.  Brick-and-mortar business requires the attendance of owners and/or employees to run the show, and the market for the company’s services is determined by the demographics of the region.  From members of the corporate sector to owners of in-home businesses, the Internet has eliminated many of these geographical limitations. 

Let’s consider employees first.  Workers of all types are benefitting from remote-work assignments, which continue to grow in popularity, and for good reason.

If an employee can submit quality work by digital transmission, why should their physical presence at a specific site be required?  Correspondence, documents, and other data can be transferred via email, and meetings can be conducted cheaply online.  Thanks to modern technology, intangible work can be done anytime, anywhere, and I think the corporate world is slowly realizing this.

I expect remote-work to expand further as companies realize the benefits of giving their employees previously unimaginable levels of flexibility.  This will grant hordes of traditional white-collar workers a tremendous amount of time and location freedom, and in effect create many more lifestyle options. 

The web has also been an incredible boon for the entrepreneurial -minded.  Once unreachable niche markets are now able to be tapped from anywhere.  For example, an in-home graphics design business might struggle in a town of 500 in rural Montana- the market simply too small.  However, the net eliminates many of these concerns; as long as you have a connection, you can reach your desired market from Timbuktu.

2.)  Self-Publishing:

I mentioned this in passing in my last post, but it’s worth noting again.  There are almost no barriers to entry into the online business world; the only true prerequisite is a web connection.  It is possible to establish your online presence with little to no monetary investment. 

With a $10 domain name and $5-8 a month web-hosting, you can have your private piece of online real estate.  Then with a lot of good old-fashioned hard work, anything is possible.  Steve Pavlina is prime illustration- he invested in a domain, busted his butt to build a business and his credibility, and is now hugely successful. 

It’s an economics 101 principle that the markets will become flooded and oversaturated when there are low barriers to entry.  There is certainly a gargantuan amount of stuff on the net, but it doesn’t mean there aren’t ample opportunities.  There may be low barriers to entry, but the requirements of success are no different than in any other undertaking; hard work, discipline, persistence, etc.  If you employ these traits, it’s possible to rise above the crowd.

3.)  Online Banking:

This development has been a convenience for sure, but more than just that.  This has enabled people to take much greater control of their financial situation. 

If you followed me at all on YD, you probably know that I’m an ING fanatic.  It is easily one of the most innovative banking institutions in the world, and their setup is immensely beneficial to lifestyle designers (the key reason why I included online banking in this list).  Much more will be said about ING in the future. 

4.) Investment Innovation:

The explosive growth of online investing capabilities over the past 10-15 years has created vast opportunities for wealth-creation (as well as wealth-destruction).

User-friendly, inexpensive online brokers and readily available, free research and investment data make it possible for complete beginners to learn to invest on their own.  Granted, this innovation has also made it easier to make big, costly mistakes.  This is bound to happen when grandmas are day-trading tech stocks at the height of the tech bubble or when commercials air with a baby touting how easily he makes a fortune trading the markets.

Sure the actions of some are just plain stupid (’a fool and his money are soon parted’), but that is their own fault.  For those who act with more common sense, recent innovations in the investment field have provided regular people with powerful tools:

A. Discount brokers.  Gone are the days when one was required to fork over outrageous commissions and be at the mercy of their full-service broker.

B.  Abundant information.  20-25 years ago, it’d be a pain in the butt to pull together the necessary information required to make informed investment decisions.  Not anymore.

C.  ETFs.  Not necessarily an Internet-facilitated change, but worthy of note nonetheless.  I’m a huge proponent of ETFs, especially compared to regular mutual funds. 

For more than ever before, the investing world is extremely open to even the smallest of players, thanks by and large to the wonders of modern technology. 

The Future?

Any attempts to explicitly predict where the technological future leads will probably turn out to be comical, so I won’t do that.  I think the world is still catching up with the developments we’ve witnessed so far, and as time passes more and more people will recognize ways to utilize the available resources in creating their ideal lifestyle.

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