The Personal Finance Podcast - 15 AI Prompts That Will SUPERCHARGE Your Finances

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Starting point is 00:00:30 on this episode of the Personal Finance Podcast, 15 AI prompts that will supercharge your finances. What's up, everybody, and welcome to the Personal Finance Podcast. I'm your host, Andrew founder of MasterMoney.com. And today on the Personal Finance Podcast, we're going to go through 15 AI prompts that will supercharge your finances. If you guys have any questions, make sure you join the Master Money newsletter by going to Mastermoney.com slash newsletter. And don't forget to follow us on Spotify, Apple Podcast, YouTube, or whatever your favorite podcast player is. And if you're getting value out of this show, don't forget to leave a five-star rating and review on your favorite podcast player. Now, if you want to watch this episode, see some of the prompts on the screen, for example.

Starting point is 00:01:36 You can just check us out on YouTube. Just search my name, Andrew Jincola, and the YouTube channel will pop up there. We have a bunch of great content on the YouTube channel in addition to the podcast. Now, today, we're going to be diving into 15 AI prompts that will supercharge your finances. And I want to show you some of the possibilities and some of the things that you can do to leverage AI to help you get data for your finances. And I think this is going to be something where a lot of you may not have thought of some of these ways that you can use AI to help you with your finances. Now, typically what I use is I just use chat chip. I have the paid version, but a lot of this stuff you can also do with the free version.

Starting point is 00:02:12 But there are other AI tools out there, but chat GPT has just gotten so much better over the course of even the last year or so that really it gives you some amazing, amazing things when you start to plug in your various finances and when you start to add PDFs and give it the data that it needs. And so what I want you to do first is understand that we are going to craft these prompts out for you so that you can use these in a very specific way. These prompts are written in a specific way so that you can get the answers. that you need. So if you want a copy of all of these prompts, if you want to just be able to, hey, copy and paste this over so that I can utilize these prompts, we will create a PDF for you

Starting point is 00:02:52 so that you can take all these prompts, any of them that you want or need, and you can add them to your chat, GPT, or whatever other AI tool that you like to use, and you can go in there and be able to use some of these prompts. Those of you who don't know what a prompt is, it's just you telling the AI what you want it to do. But you got to do it in a very specific way, and you got to do it the right way to get the correct answers. If you do it in the wrong way, then you may not get all of the answers that you want. Another thing to note is that AI is getting better and better and better. There is going to be a lot of amazing things that AI can do for your finances. And I think automation is going to be a huge factor, which is why we're building money on autopilot,

Starting point is 00:03:28 because that is going to be something that evolves over time and is going to be a big difference maker for most people. So that's enough talking for now. Let's get into all 15 of these prompts. Number one. is a spending audit. So we talk about this all the time in the show, and we just had an episode about this recently about doing a spending audit, meaning you're looking at your finances and you're seeing all the areas that you spend, maybe where you spend on housing or food or transportation or maybe some of your subscriptions or all those different things. Well, AI can help you through this process. If you don't use a budgeting app, I like to use Monarch Money. Wine app is another one

Starting point is 00:04:05 that a lot of us like to use. If you don't use a budgeting app to help you do some of this stuff, AI can help you do a spending on it. So here is what it would do is, first, if you don't have a clear idea of where your money is going, you can identify patterns, you can cut unnecessary expenses, and you can optimize spending for better savings. So here's the prompt. Analyze my last 90 days of bank and credit card transactions and categorize my spending into fixed expenses, variable expenses, and highlight any recurring subscriptions, large one-time expenses, and potential cost savings opportunity. Then provide a summary with percentages of income spent on each category. So what do we talk about all the time? You need to know what percentage of your income you're spending on housing. You need to know

Starting point is 00:04:46 what percentage your income you're spending on food or transportation because we want to make sure we are staying within the parameters in order to build wealth. And so when you go through this process, this can tell you pretty much instantly over the course of the last three months. Now, you can give it even more data than the last three months, but just starting with the last three months can be very powerful. So here's one thing you need to know, though, is you need to to take your bank statements and upload them in there, but you also need to take your credit card statements in any other way that you spend money, those also need to go in. You can't forget one and not have the other because you will not have the proper data. And so taking those statements,

Starting point is 00:05:22 you can upload them in like a PDF or you can upload them in a CSV, a spreadsheet, and you can stick them into something like chat GPT, and it will actually go through the data, like a data analyst, and figure out exactly how much you're spending based on your income and your expenses. You can do it in a bunch of various ways. cool thing is once you start doing this and you start to implement all of your financial data, what it can do is then you can start to ask it question. You could say, hey, you know, what are some things that you see here that I need to kind of cut back on based on averages across the country or those types of things? So you can actually ask it questions based on doing

Starting point is 00:05:57 this spending option. So upload your transaction data. You could do it via CSV if you don't want it to see your account information or anything like that. You could do it via CSB. And then you can run the AI categorization, meaning just tell me what I'm spending. in each category and what percentage of my income is going to that. You can identify problem areas and then you can do what is the next step. So the number two thing that you can do with AI is you can create a budget. So if you want to create a budget and be able to kind of know how much you should be spending, well, you just put in all the data of where you're spending. So you can say to it, hey, using my spending data, create a zero base budget where every dollar has a job. Allocate

Starting point is 00:06:34 income into the following categories, things like Essentials. So maybe you put in housing, food, transportation, but you give it the details that you want, savings. So investments, emergency funds, maybe even sinking funds, and discretionary spending. So things like going on date night or eating out, those types of things. Now, adjust the budget based on my financial goals, ensuring that I allocate at least 20% toward future wealth building. So I love this portion because you want to make sure that you're allocating 20% towards future wealth building. That is the minimum that we recommend here at the personal finance podcast, is 20% goes towards your emergency fund and your investments. Now, a zero-based budget allows you to allocate every dollar intentionally. And so what

Starting point is 00:07:12 this is going to do is it's going to take, hey, here's how much you make every single month. I'm going to put it in these categories based on how much you spend so that you know how much you're spending. And then here is how much you can actually put towards your future. Here's 20%, put this towards your future so that you can do that. Here are the steps to take in order to do this, is you set that monthly income amount. And so what it's going to do is it's going to allocate that monthly income amount. It's going to assign every dollar a purpose, meaning that every single dollar needs to have a job. Every time you make a dollar, it needs to go towards something. And so when you do this, this actually is freeing with your money. Because once you start to allocate dollars towards what you want it to do,

Starting point is 00:07:48 instead of just kind of frivolously spending money, this will change your financial life. Then you can start to automate your budget, put it into different budgeting categories as well. So I like to do this sometimes, even though I use budgeting tools, sometimes I will throw it into chat GPT and kind of look at percentages and allocations and see exactly how I want to adjust it slightly. So I do this if I feel like something is out of whack or something is not working properly, I will start to actually ask questions there. So you can actually do that over time. Now, this leads into the third thing that you can do. Number three is have a smart debt payoff strategy. So analyze my debt balances, interest rates, and minimum payments, and recommend the best payoff strategy, avalanche or snowball, and provide

Starting point is 00:08:28 an optimized plan to eliminate debt in the shortest time while minimizing total. interest paid. I love this because those of you who are in debt, maybe you have high interest debt, you can upload all of your debts, you can talk about your interest rates, and you can actually get this analyzed. You can get all of your information analyzed via chat GPT. So you can list your debts and your interest rates. You choose the strategy that you want to go with. So the avalanche strategy is you pay the highest interest rate first. We also call this the debt wrecking ball here at the personal finance podcast because just like Miley Cyrus, we're going to come in like a wrecking ball on that debt. But there's also the debt snowball strategy, which Dave Ramsey made pretty popular. And I

Starting point is 00:09:07 actually love the debt snowball strategy. I think it's a very great way to master money psychology. And you get quick wins. So you pay off the low and balance first. Then you move on from there. So either one works out fine. You know why? Because it's not that big of a difference between the two in terms of how much money you're going to save. And so you got to pick one, go with which one seems like the best option for you. And then ask it to help you kind of automate extra payments where you you can automate extra payments based on what budget you put in there and your spending plan and then track your progress monthly. So you can ask it those questions and it can help you kind of go through that process. And so these three for sure are a great starting point. Just helping you

Starting point is 00:09:46 build that financial foundation and get some ideas in your head. Now all through this episode, you're going to hear me say this. Is this going to get you 100% away there? No. This is going to get you about 90% of the way there, maybe 80% depending on how you prompt this. And so then it's up to you to kind of finish off the plan. And so that is kind of how I want you to think about this. This is going to get you much further ahead, much faster than you ever thought you would. We just got to make sure that we kind of tweak some of the intricacies when we start to implement some of these things. Next is number four is we are going to be looking at automated bill payment optimization. So this is another thing that AI can help you do because it has your information. You can say analyze my monthly bills

Starting point is 00:10:27 and suggest which should be automated via credit card for points and rewards and which should be paid through a checking account. Identify potential bill negotiation opportunities. So phone, internet insurance. So this is one I absolutely love. So what you're going to do is you're going to put in your information and it's going to optimize your bill payments based on how much cash and rewards you can get. You can tell what credit cards you have. It's going to optimize based on should I just pay my checking account for some of these because they don't take a credit card. Which date should I pay some of these? And you can even think through some of the negotiation opportunity. So when it looks through all of your bills, identify which ones are highly likely to be

Starting point is 00:11:06 reduced based on me negotiating these bills. This is going to help you tremendously when it comes to reducing some of your costs, but also making sure you're paying your bills on time and automating your bills. And so I love this prompt because it just helps you through that process and organize your thoughts. All we got to really do when it comes to our money is just get a little organized. And if you get a little organized and actually have some help or it only takes you five minutes to get organized, it is so much easier to manage our money. Just imagine how much easier it would be if you just had an assistant helping you out. Now eventually, AI is going to be advancing even more. So the big thing this year in AI is what we call AI agents. And AI agents are going to be literally

Starting point is 00:11:47 like you having a personal assistant helping you through specific problems. And so AI agents will be helping us through our finances in the future. Money on autopilot is going to be talking about this a lot, but we're going to have AI agents being able to help us in the future. So websites like Lindy.AI, for example. That is a company that is trying to optimize AI agents to help you do specific things. It can already do things like customer service for businesses. It can do things like helping you book meetings and calls and that kind of stuff. And so this is going to be very interesting how that evolves over time. Number five is the AI savings plan. So here's the prompt. Based on my income and expenses, create an automated savings plan that prioritizes my one-month emergency fund first,

Starting point is 00:12:29 then my three-month emergency fund, then my six-month emergency fund. I also want to prioritize whatever else so you could say things like vacation savings or a large upcoming purchase and then allocate specific savings percentages towards each goal and recommend the best savings vehicle. So should I put it in a high-yield savings account? Should I put it in a CD, a brokerage account? Now, what I want you to do is when it gives you some of these recommendations, take the recommendation with a grain of salt because it may say,

Starting point is 00:12:54 just because you mentioned this puts X or Y into a CD. But you just got to make sure if that, fits your lifestyle. Say you're saving up for a vacation and you want to go on that vacation six months and then chat GPT tells you, hey, put that in a CD for six months. Well, what if you want to go on that vacation a little bit earlier and have that flexibility or what if you want to start booking stuff six months ahead? Got to make sure that you actually have that down in the right spot. So just think through this. But what we want to do is remove willpower out of the equation. We do not want our willpower to be involved in some of these things. And so if we can remove willpower

Starting point is 00:13:27 from our equation, start a savings plan that is automated, this can be really, really cool. And so I want you to determine kind of your savings percentages of what you want for each allocation. And then I want you to kind of prioritize some of your big goals. So emergency fund first, then we're going to go into starting to pay off high interest debt. Then we are going to go into, you know, saving and investing, those types of things. So just think through that process of how you want to do it. Number six, this is a fun one. And a lot of times chat GPT will tell you and kind of give you a head start on how you want to think about this. But it is a tax efficiency audit.

Starting point is 00:14:02 So analyze my current investment accounts, retirement contributions, and taxable income. Recommend tax efficient strategies, including tax loss harvesting, Roth first traditional contributions and ways to minimize taxable investment gains. Now, I like this because it's going to start to educate you on your financial situation. And it's going to take your specific situation, start to just give you some tips and advice on what you can do. Is it going to be perfect? Absolutely not. These are the types of things where if it gives you specific recommendations,

Starting point is 00:14:31 you are much more likely to get a better recommendation by either learning more or just having a human interact with you. But it is going to give you some great information to get started. It's going to give you a wonderful starting point and educate you more. If you have no idea how to become tax efficient whatsoever with your financial situation, oh my gosh, the difference making this will do, just doing this one prompt alone, will give you information that you probably didn't even think about. And so this is a great way to get some.

Starting point is 00:14:56 started to help you through that process. And I really, really like doing a tax efficiency audit with chat GPT. You just got to give it the right information. You got to give it your investment accounts. If you have a lot of them, I know it's a little bit annoying. But once you start to download all this stuff, you can do this during tax season or when you're already kind of looking at this stuff, and then just start downloading it and moving it towards chat GPT. And every year, this may be something that I start to implement into some of the workflow that I have for the year-in money checklist is kind of utilizing some of this stuff, put it into chat chbt, tell chat chbt to memorize it or whatever else you use. There's going to be some great AI tools that are probably going to be better than

Starting point is 00:15:35 chat chbt eventually coming out. And so once that happens, you could start to do that as well. Number seven is an investment allocation review. So analyze my portfolio's asset allocation and compare it to the ideal allocation based on my risk tolerance. You could say conservative, moderate and aggressive and time horizon, and then recommend rebalancing strategies if needed. So if you don't know where to start, if you don't have an asset allocation yet, you can start to have a conversation with chat, GBT, saying, hey, I am very conservative, I do not want to lose money whatsoever. What is a good asset allocation for me? What would that look like if I invested $500 per month? What would that look like over the course of 30 years if I invested in some of these

Starting point is 00:16:16 things based on the average rate of return? And you can start to ask it questions and it will list portfolio holdings. It will kind of help you compare target allocations. It'll start to say, hey, here's what the risks are that are involved, if you're conservative, and here is some rebalancing options for you. And so I like that when you want to do a review of some of your asset allocations, just to kind of get an idea. The whole goal of this is to get a starting point for each and every single one of you to just start to get seated and think through the process of how you want to handle things. Number eight, I like this one a lot too, because it's twofold. It's one, thinking through your HSA and two, thinking through your medical expenses. So calculate how much I should

Starting point is 00:16:55 contribute to my HSA annually to cover expected medical expenses while maximizing tax-free growth and provide a strategy to invest excess HSA funds for long-term compounding. So this is one of two-fold. If you utilize your HSA for medical expenses, I don't. I actually utilize it to grow my wealth over time and I just save the receipts for my medical expenses. So I pay them out of pocket. and then long term, my goal is to save those receipts and then reimburse myself later on with my HSA. But if you do use your HSA or if you do use an FSA, you can swap in an FSA for here, you can say, hey, how much do I spend every single year on medical expenses based on some of the information that I gave you? And let me know how much it should be contributing into this account.

Starting point is 00:17:36 The big thing is, for something like a flexible spending account, the FSA, you cannot roll that money over. So you need to put in what you think you will be getting out. Otherwise, you could have money stuck in there and you can't roll it over into the next year. So you always have to use it or lose it type of thing. So you just want to make sure that you optimize some of this stuff. And it's also going to give you a great indicator of what your medical costs are. And what I like about this prompt is over time, you can start to kind of analyze your medical costs year in and year out and see if they go up or do they go down based on some of your health habits. So I am really, really plugged into health right now. It's a big thing that I've been doing over the course of the last five or six months.

Starting point is 00:18:13 and I am trying to optimize my health. And so some of the things I want to see is because I'm trying to optimize my health or my medical expenses going down personally. Like, am I going to the urgent care less because I get sick less because I'm optimizing my health and I'm making sure I'm eating right and exercising regularly, getting enough sunlight, all those types of things. That's great information to know. And if you know that information over the course of the next 10, 20, 30 years, because you just

Starting point is 00:18:38 keep inputting this information, it's going to give you a long-term picture of kind of where your health is going based on how much you're spending on your health. Now, how valuable is this going to be? Because if you keep doing that year over year, as you start to approach retirement age, you're going to have a very good idea of how much money you need saved for health care expenses, because health care expenses, as we talk about on this podcast, a number of times are rising at about a 7% rate every single year. And so this is a cost we do not want to play with. This is a cost that we need to know exact the numbers in a lot of situations. And so as you start to age or as you get older, you can start to know more and more about health data. And in turn, you can also know more

Starting point is 00:19:18 about how much your health care is going to cost. And so that is a big, big strategy, I think, for a lot of people. Let's take a break and then we're going to jump into number nine. I remember when I needed to hire someone fast, but finding the right person quickly felt impossible. And if you've ever been there, you know how stressful this can be. That's where indeed comes in. When it comes to hiring, indeed is all you need. Instead of struggling to get your job post noticed, Indeed's sponsor jobs help you stand out and hire faster. Your post jumps up to the top of the page, making sure it reaches the right candidates. And it makes a huge difference.

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Starting point is 00:22:49 Compare the long-term financial impact of making extra mortgage payments versus investing the same amount in the stock market and calculate expected ROI for each scenario over 10, 20, and 30 years. So what this is going to do is kind of just tell you the ROI difference. It's going to give you the hard numbers if you're trying to think through, should I pay off my mortgage early, this is going to give you the hard numbers and data for you to make a decision. And having an educated decision is really, really important. So you want to know your mortgage interest rate. You also want to think through opportunity costs and consider what that opportunity

Starting point is 00:23:21 cost would be if you invested the money. And then lastly, you can make a hybrid plan if you want to pay off your mortgage early, but also make sure you're investing. You can create a hybrid plan that will allow you to do that. And you can also automate contributions. And so this will give you ideas of how to automate your contributions based on the data you get. So I love that one because it just helps you identify certain scenarios and how you should be approaching them and giving you just a starting point. Now, if you guys put some of these prompts into chat GPT, it gives you the information and you're like, hey, is this good information? Send me kind of the responses that you get. And what I can do is maybe we'll do a special

Starting point is 00:23:58 money Q&A and see how good chat GPT is at answering some of your questions. So if that's you, feel free to shoot those in and we're going to do some cool stuff there. Also, another quick announcement. while I'm thinking about it. We are working on a community, a personal finance community where everybody can kind of come together and be able to ask questions about the things we're talking about. You're going to be getting live access to me. We're going to be building out a bunch of really, really cool stuff. And part of that community is also going to have live Q&As that we will also post in the podcast, but the only way you can get on those live Q&As is if you're in the community. So it's going to be kind of like, if you've ever listened to like other shows out there where

Starting point is 00:24:34 listeners ask questions in live, that's what it will be like inside of the community. where you'll have access to ask those questions. And so I am pumped for that community and hopefully we'll have it out in the next couple of months. Number 10 is you can do retirement projections and financial independence timelines. So this is very cool because what you can think through is you can think through, hey, if I want to achieve financial independence, what are some of the things I need to be doing, but also how long is it going to take? Let's do some math on this. So here's the prompt. Based on my current net worth, income, annual savings rate, and expected investment returns, calculate my financial independence number using the 25x rule.

Starting point is 00:25:12 So chat GPT knows what the 25x rule is, which is annual expenses times 25. And estimate when I will reach FI based on different savings rates. So if you increase your savings rate to 30%, or if you increase your savings rate to 50%, or what happens if you increase it to 70%? Use all the percentages so that you know, even if it's out of reach, so you know what the possibilities are if you make some changes. Then tell it to and provide a breakdown of how to adjust savings, spendings, or investment growth that would impact my timeline.

Starting point is 00:25:43 Also, calculate my safe withdrawal rate under different market conditions. It will tell you, hey, you can withdraw 4% under these conditions, you could withdraw 5% under these conditions and 3% under these conditions. And you can even ask it to calculate my safe withdrawal rate based on the age I retire, which I think is kind of cool. Now, this helps you protect how long you need to work and how much you need to retire comfortably. So the steps to take are it's going to help you calculate your fine number. It's going to help you estimate your time to financial independence or freedom.

Starting point is 00:26:12 And it's going to test different savings scenarios for you and adjust investments if needed. So you can look at your portfolio and you can say to yourself, oh, this is going to take a little longer. Maybe I need to add more stock so that my portfolio can grow more over the long term. Or maybe it's growing too fast and I'm okay being a little more conservative. And I want more bond exposure. You can kind of make some of those decisions based on that prompt, which I love that prompt for those reasons. Number 11 is stock picking versus index funds ROI comparison. This is going to be a

Starting point is 00:26:41 fun one. So compare the long-term financial impact of investing in a broad market index fund like the S&P 500 or the total stock market versus picking individual stocks. Use historical market data to show the probability of outperforming the S&P 500 over 10, 20, or 30 years. Include risk-adjusted returns, tax efficiency and the impact of expense ratios on final net worth. Why is this cool? You know that we talk about the impact of your portfolio over time and how it's going to impact your retirement. But the difference between stock picking and index funds,

Starting point is 00:27:17 I am a huge advocate of index fund investing. Even some of my stock picking friends, someone like Brian Ferraldi, who's coming on this podcast shortly, Brian Ferraldi is a huge stock picker. He's been on the show three times already. but if you've heard him, he's a huge stock picker. He even says 99% of investors should be index funds investors. But I want you to kind of know and look at the data. I don't want you to just take my word for it. I want you to do your research and understand why is that? Why is it

Starting point is 00:27:42 that Andrew always, always tells us to invest in index funds? Ask chat, GPT, utilize this prompt, and it'll analyze past stock picks. It can calculate risk-adjusted returns. It can factor in the fees and the taxes for you and decide on a future strategy. It can help you with all of those different things to help you make an educated decision on what you might want to look into next. Number 12, I've done this one so many different times because my problem is I am a shiny object guy. I am a guy who I want to start a different business every single day and I always have to stop myself from doing that. And one way I can just get it out and try to move past trying to start another business every single day is the side hustle profitability analysis prompt that I use.

Starting point is 00:28:24 So here's what I do is I will come up with an idea and let's say for example, I just had one today. I said, hey, my studio is in a specific location. Right next to me, there's another place for rent. What if I opened up a coffee shop? And it's just a little tiny coffee shop. Could I actually make $50,000 per year on that coffee shop? And I'm like, you just got to stop yourself, Andrew. A, you don't want to own a restaurant or a coffee shop. But these are just the thoughts that go through my head. And so one way I kind of get through this is I will say, evaluate the probability of my side hustle based on revenue, expenses, and time spent. Time spent is the key one there. Calculating.

Starting point is 00:28:57 my true hourly wage after accounting for all business costs, recommend whether I should scale, automate, outsource, or shut down based on projected future earnings and effort required. This is going to tell you if your side hustle is worth your time and effort or if it's better spent elsewhere. And you can do this with a bunch of different side hustles and start to plug them into this prompt and be able to figure out, hey, does this make a lot of sense for me or how much can I actually make? I have done this so many different times with various things and it just kind of killed the idea so I don't have to think about it anymore. And I just kind of go in there and use it almost as my side hustle therapist. And that's kind of how I approach these because I have way too

Starting point is 00:29:33 many business ideas. I am a business dreamer when it comes to a lot of things. So I have big ideas. I try to implement those big ideas. Sometimes they work. Sometimes they don't. And so when I do some of this, that comes as a blessing and a curse because sometimes I can get shiny object syndrome. And so I have issues focusing if I think about something too long. So I got to make sure I get it out of my head onto paper, analyzed, and out the door. So that's something I think about all the time. 13. Is portfolio reconstructing analysis? So what do I mean by that? What's portfolio reconstructing analysis? What I like to do sometimes is I will take a portfolio and I'll say, based on my current holdings and you list all of your funds, analyze how I can restructure my

Starting point is 00:30:12 portfolio to match one of the following models. So what there is is, there's a bunch of different portfolio models. And I think we're going to do an episode ranking these based on my opinion. This is all going to be my opinion, but we're going to do an episode ranking these, but things like the three fund portfolio, which is having U.S. stock exposure, having international stock exposure, and having total bond market exposure. Or the Warren Buffett two fund portfolio. You can analyze 90% S&P 500 and 10% stocks and bonds or a Ray Dalio, you know, all-weather portfolio. And you can have it analyze that compared to your portfolio and just kind of see some of the comparisons long term and what the expected rate of return is and what the outcome would be long term if you actually restructed.

Starting point is 00:30:51 structured and did some of this stuff. And so what it would do is just kind of analyze risk management on that, reduce risk, optimize returns, those kind of things. I love doing it just because it gives you some great ideas on your portfolio and how you can actually develop a plan that really, really works. No, number 14 is wealth building by age. And I like this one because it can be personalized based on where you are in life and it can be personalized based on your age and what you could be doing with the amount of time that you have left before retirement age. And so you can say create a custom wealth building roadmap based on my age. So if you're in the 30s or your 40s or your 50s and include recommendations for ideal savings and investment rates, best asset allocation

Starting point is 00:31:31 for my stage of life, retirement planning adjustments, side hustle or business expansion opportunities, and break the plan into five-year increments with specific milestones and action steps. Cool, cool prompt there, isn't it? Because if you break it down into five-year chunks, you can get some really interesting things out of that that can help you with your finances in terms of hitting specific goals. So you could do this for five years and be like, I don't know if this is working. I probably need to tweak this a little bit

Starting point is 00:31:57 and kind of go from there. Now, is this going to be perfect? When you give ChatGPT a big old prompt like that or any other AI source currently right now, sometimes it starts to throw things in that you really don't need. Like it could say something like drive for Uber maybe. I don't think you should be doing that.

Starting point is 00:32:11 There are some things you just need to read between the lines and it might be just giving you information that it's throwing out. But it'll set age-based financial goals for you. It'll help you adjust your investment strategy. it'll help you with tax optimization based on your age, and it'll help you increase income streams, which I love, and that's one big one too.

Starting point is 00:32:27 Now, here's the last one. For all your parents out there is the generational wealth strategy. So this one is create a generational wealth building plan that ensures my children and future heirs can manage and grow inherited assets wisely. Cover tax-efficient wealth transfer strategies, trusts, gifting, Roth conversions, things like that, and then estate planning basics

Starting point is 00:32:46 and methods for educating my children about financial responsibility. and provide action steps for implementing a wealth transfer plan while minimizing tax advantages. Why is this great? Well, this is great because many families lose generational wealth by the second generation. In fact, 79% of families lose it by the third generation. And I think that is a sad statistic. And if you can learn how to put together a plan and a strategy, hey, make a family crest if you want to and kind of change your family's dynamic on how you think about money and about wealth and all those different things.

Starting point is 00:33:19 So what you want to do is kind of list out your assets. You want to choose the best transfer strategy for your family and building generational wealth, because we talk about that so much on this show. You can minimize estate taxes. This can help you through that process and just get you the starting point. You can talk to attorneys after that and all those types of things. And then you can create an education plan to teach your kids financial literacy and on investing and then review and update annually.

Starting point is 00:33:42 And so this is going to be very, very cool stuff that you can do to help build generational wealth for you and your family that I think could make a huge impact. on their lives. Well, listen, these are the 15 AI prompts that will supercharge your finances. Again, go to mastermoney.com slash resources if you want a copy of this or just check the link down below and we will give you that link so that you can download these prompts and see why some of these are important. And I think that this is a really great way to get you started on some of your financial goals. So if you guys have any questions, though, please reach out to me. Join the mastermoney newsletter by going to mastermoney.com slash newsletter. If you want to learn how to invest, we have a

Starting point is 00:34:18 course called Index Fund Pro. You can learn how to invest. It's our investing for beginners course. And please, again, we are here to bring as much value to you as possible. So if there's something you want us to talk about, please let us know. And thank you guys so much for listening today. And we will see you on the next episode. Rosen lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play. Feel the fun with Playojo. The online casino with all the latest slot and live casino games. What you win is yours to keep. With no wage, Requiring requirements, instant payouts, and no minimum withdraws. Hey, I just won.

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The Personal Finance Podcast - 15 AI Prompts That Will SUPERCHARGE Your Finances

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