Which would you prefer – $1M today or a penny that doubles every day for 30 days?

0829 Sooner Solutions logo email and webThat’s the question put by Bill Bachrach this morning in an email about The Singularity Conversation that his Financial Adviser clients need to have with their clients (us).  That’s because we’re all going to live a lot longer than we think, thanks to the accelerating advances in biotech, nanotech, and computer science, particularly artificial intelligence.

The Singularity, a term coined by Ray Kurzweil, is to technology what compound interest is to money, which brings us back to the question about your preference. The correct choice is the penny, because by the 30th day, it’s over $5.3M! Compound interest is an accelerating return. The Singularity is accelerating technology. Accelerating or exponential advances in technologies are disrupting everything, and Kurzweil predicts that we will have the ability to stop or reverse the aging process in the late 2030s or early 2040s.

Kurzweil, who is known as one the world’s leading inventors, has predicted what the future will look like before. In the ’90s, he made 147 predictions for 2009. In 2010, he reviewed his predictions, 86% of which were correct.