Money Rehab with Nicole Lapin - 3 AI Apps That Will Help You Crush Your Financial Goals

Episode Date: September 1, 2023

Nicole has spent her entire career connecting people with resources that will make their financial lives better. Of everything she's reported on, AI is the most promising resource she's seen yet. Today she shares her three favorite AI apps that will improve your financial life. Take control of your financial goals with your AI investing assistant Magnifi at: moneyassistant.com Subscribe to Nicole's new podcast Money Assistant here: https://link.chtbl.com/dA3CJ-Co Streamline your bookkeeping with Booke at: booke.ai Increase productivity with Motion at: usemotion.com Hear Nicole's full Money Rehab episode on AI here: https://link.chtbl.com/TsuoNykm

Money rehabbers, you get it. When you're trying to have it all, you end up doing a lot of juggling. You have to balance your work, your friends, and everything in between. So when it comes to your finances, the last thing you need is more juggling. That's where Bank of America steps in. With Bank of America, you can manage your banking, borrowing, and even investing all in one place. Their digital tools bring everything together under one roof, giving you a clear view of your finances whenever you need it. Plus, with Bank of America's wealth of expert guidance available at any time, you can feel confident that your

money is working as hard as you do. So why overcomplicate your money? Keep it simple with Bank of America, your one-stop shop for everything you need today and the goals you're working toward tomorrow. To get started, visit bofa.com slash newprosmedia. That's b-o-f-a dot com slash n-e-w pros p-r-o-s media. bfa.com slash newprosmedia. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. A few weeks ago on the pod, I tackled the question that a lot of us are asking ourselves. Should I be scared of AI driving down my net worth? My answer to that question is no. If you want to hear my full take on AI, I've linked the episode in the show notes, and there is a very good Devil Wears Prada reference in there that I think will explain my perspective. But I am choosing my words very carefully here. I didn't

say I think AI poses no threat to our job security, because it does. AI will replace some jobs. There's no way around it. But that's not what I said. What I said was AI won't drive down our net worth. That's because I don't believe AI has to be a losing game. It's not a net zero game. Some jobs will be replaced, which will mean some money-making opportunities will become obsolete, but some opportunities will be created. Through new jobs and technology, it will make it easier for you to do more with your money. That future is already here, so today I'm going to share three of my favorite AI powered apps that will improve your financial life. Number one, make your days more productive with Motion. Motion is like a calendar app on steroids. It claims to increase productivity by 137%. And I agree. It bills itself

as a calendar app because the AI technology manages your calendar, but not just helping you find empty slots in your day to book meetings. Motion actually helps you find time in your day to do your work. And this is a recurring problem that I have between meetings and interviews and podcast recordings and all the things. I have days where I am in back-to-back meetings for a full workday, and then I wrap my last meeting. I'm like, what the heck just happened? I have a full backlog of unanswered emails and deadlines. So Motion helps me make sure that I hold time on my calendar for things like writing money rehab scripts, shooting explainer videos for social, writing back to listeners, etc., etc., things that might get bumped for meetings otherwise. And if something unexpected

happens that throws off your whole calendar and your schedule like you get COVID, it's me, hi, that was my problem, Motion will automatically rearrange your calendar. So yes, Motion calls itself a calendar app, but I actually like it most for the to-do list features. It might come as a surprise to no one that I am an organizational freak. My label maker actually sits in a box that has a label on it made by the label maker. I am dead serious. And so I love a to-do list, but I don't love making a to-do list. Sometimes actually updating my to-do list is an item on my to-do list, which feels completely counterproductive. Motion makes your to-do list for you, which is a huge time saver, and it ensures that nothing falls between the cracks. Motion makes your to do list by indexing

any action items from your email or your Slack. So making my to do list is no longer actually on my to do list. Number two, automate your payroll with Book. Small business owners, this one is for you. Book is an AI program that helps you automate everything invoice related that eats up your time. Book, that's book with an E at the end, helps you communicate with customers, spot invoicing errors, and keeps your records super organized so that tax season is as easy as tax season can be. And you can integrate book

with your bookkeeping software like QuickBooks or Xero so you don't have to start from scratch with a whole new app, which as a business owner myself is music to my ears. Number three, meet your financial goals with Magnify. Magnify is an AI-powered investing app. It's like ChatGBT, but specifically programmed to answer your finance questions and make personalized plans to help you meet your money goals. And that's Magnify with an I at the end, Book with an E, Magnify with an I. These Silicon Valley-ified names have gone quite far, but I digress. Before I explain why Magnify is useful, let me address the elephant in the room. I am pretty obsessed with Magnify. At this point, you've probably heard me mention the app once or twice. Let's take a step back so I can explain. The big aha moment in my career was

discovering that turning money into more money isn't actually that hard, but the toolkit to build wealth is only accessible to the wealthy. And through my podcasts and books, I've been democratizing wealth through information. Magnify is democratizing wealth through technology, which is really badass. I see my mission in their work, which is why I decided I wanted to partner with Magnify, tell all my friends about Magnify, and launch a new podcast with Magnify. So yeah, pretty obsessed. The new podcast is called Money Assistant, and the link to listen is in the show notes. If you need a little extra help meeting your financial goals, you should subscribe to that pod, if I don't say so myself. Anyway, enough about me. Let me tell you why you should care. And I'm going to go a little

deeper on Magnify than with Book or Motion because Magnify is specifically a tool for money. And while productivity and invoices are so cool, I think we can all agree that money is the coolest. So here's how Magnify works. Once you subscribe, you can open the app on your computer or on your phone and chat with the AI investing assistant. In the app, you can tell Magnify about your goals, and Magnify will create a personalized plan to help you meet those goals. So I could say, hey, Magnify, I want to buy a $500,000 house in two years. Create an investing strategy that helps me build the down payment.

Or Magnify, all of this natural disaster stuff is scaring the heck out of me. Help me put together a portfolio that generates six months of my salary as an emergency fund. But my favorite feature in Magnify is the retirement resources. You can hit up Magnify and say, I want to retire with a million dollars. Make me a portfolio that puts me on track for that goal. And then from there, Magnify helps you with three things that are super important. One, Magnify crunches the numbers for you to determine how likely you are to reach your retirement goals. Two, if you're not on track to meet your financial goals for retirement,

Magnify will then give you recommendations on how to boost your chances like retiring later or contributing more aggressively to your retirement accounts. And three, Magnify creates a custom recommended investment portfolio based on your goals. This triple threat is very important. Over 55% of Americans say they feel like they're behind on retirement. But with Magnify, you actually know if you're behind on retirement. And not only that, but you get a customized plan to help you catch up, delivered to you right on your phone or your computer. And as I mentioned, I'm a Magnify partner, which means that I do have an

in, so you better believe I got Money Rehabbers the best deal possible. So Money Rehab listeners can get Magnify for only $7 a month for the first six months at MoneyAssistant.com, or I link that in the show notes. And y'all know me by now. I am really bearish on telling you to go out and buy something. This checks out, right? The show is called Money Rehab for a reason. When was the last time I recommended that you go out and buy something with your money? Rarely ever. It's because I want to help you protect and grow your hard-earned money at all costs. But the reason why I'm out here waving this flag is because it's a tool for investing, and therefore you can earn back the

cost of a subscription through smart investing. Here's how I see it. I am a paid subscriber to Magnify. I get the very same deal I'm recommending to you. And including our six-month discount, I'll spend $114 on Magnify over the course of a year. If Magnify helps me invest $1,500 so that I get the stock market's historical 8% return, it already paid for itself. So if you want to try Magnify or Book or Motion or any of these tools, check out the link in the show notes and get your AI on. For today's tip, you can take straight to the bank.

Don't let AI be your side hustle. Let AI be your side hustle. I know that writers are worried about AI replacing them. But have you ever used ChatGBT? I'll own it. ChatGBT can't write as well as me. AI pieces can be formal and weird, but companies are now looking at AI as a first draft writing service and are actually paying copy editors to fact check and judge AI's writing. For anyone looking for new side hustle, AI Fact Checker is pretty perfectly suited for a Fiverr or an Upwork. So get after it. Money Rehab is a production of Money News Network.

I'm your host, Nicole Lappin. Money Rehab's executive producer is Morgan Lavoie. Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest, we all do. So email us your money questions, moneyrehab at moneynewsnetwork.com to potentially have your questions answered on the show or even have a one-on-one intervention with me. And follow us on Instagram at moneynews and TikTok at moneynewsnetwork for exclusive video content. And lastly, thank you. No, seriously, thank you. Thank you for listening and for investing in yourself, which is the most important investment you can make.