The Personal Finance Podcast - How the A.I. Revolution Will Impact Your Money and Investments (Mind Blowing!)

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Starting point is 00:00:30 On the Sun presents, Laura versus Fruit Flies. Swarming your fruit and terrorizing your kitchen, these little freaks multiply at a rate that would make a rabbit say, yo. Chill. But Laura shopped on Amazon and saved on cleaning spray, countertop wipes, and fly traps. Hey, fruit flies, your baby boom ends here. Save the Everyday with Amazon. On November 30th, 2022, there was a massive shift in the world.

Starting point is 00:01:09 This massive shift was that artificial intelligence became accessible to the public through a tool called ChatGPT. And this is the crazy part. Chat GPT went from zero to one million users in just five days. To put this into perspective, this took Facebook two years. This took Instagram, two years. This took Pinterest four months for the same results, and this took Angry Birds 35 days. Now, if you don't know what ChatGPT is, I personally used ChatGPT to completely replace Google.

Starting point is 00:01:44 This allows you to talk to a robot, and the robot gives you back specific answers of what your inputs are. It is absolutely amazing, and it is a really, really cool way to get your information. So say, for example, on the finance space, you want to learn all about the Roth IRA. You could enter in a prompt. Tell me all about the Roth IRA. And Chat GPT will give you a very detailed breakdown of a Roth IRA. But in addition, what GPT can also do is you can say, write this in a tone that sounds like the King James Bible,

Starting point is 00:02:17 and it will spit that back out in 30 seconds to you. And this may sound like it's a simple thing, but the AI revolution is here, and it's not going away. And it is actually accelerating. And what you have to learn here is you have to learn how to embrace the AI revolution. How can you actually capitalize on the AI revolution? But in addition, how can it help you manage your dollars? That's the only way to think about AI because AI is here and it is only going to get more powerful.

Starting point is 00:02:46 And so today, what we are going to be talking about is how AI is going to impact your money. 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 are going to be talking about how the AI revolution is going to impact your money. If you guys have any questions,

Starting point is 00:03:28 make sure you hit us up on Instagram or TikTok at MasterMoney Co and follow us on Spotify, Apple Podcasts, or whatever podcast player you love listening to this podcast to, and if you want to hop out the show, leave a five-star rating and review. on Apple Podcast. So today, I am so incredibly excited to talk about this topic because I haven't heard anybody cover this topic yet. And this is one that I think is going to be a massive, massive shift in the way that we manage our money, in the way that we invest our dollars, and in the way

Starting point is 00:03:58 that we just handle money in general. So we're going to be talking about the AI revolution. And as you heard at the top of the show, we were talking about a tool that just came out called JATGPT. And if you don't know what chat GPT is, it's a tool from OpenAI. And what they do is that you can have a conversation essentially with a robot. That's the easiest way to put it. And you can actually go through the process of extracting a ton of information. But in addition, this robot can also write copy for you. They can write a tweet for you if you want them to.

Starting point is 00:04:25 They can do all these amazing different things that goes way deeper than even what I'm talking about. Now, there's either coders out there who put specific code inside of chat GPT that they can't figure out how to fix some of the problems within this code. And chat GPT will solve those problems for them. And there is so many more deep levels to this, and it's absolutely incredible. So this is just a small part of the AI revolution, but this is the first time AI has been open to the public. Whereas a lot of companies already use AI. You could think of things like self-driving cars that is using AI technology to utilize self-driving cars.

Starting point is 00:04:57 Healthcare, AI is used to help doctors analyze medical images. There's customer service where AI chatbots are used. There's manufacturing, where AI is used in factories to help with tasks like inspection and quality control, different types of things. In finance, we're going to talk about those things in a minute. In agriculture, AI is used to monitor crops and irrigation systems and yield. In education, now, AI is used to personalize learning experiences. So even now, people have put grading papers into chat GPT, and it's grading papers at a level that an instructor can be grading papers at a college instructor's level. It's absolutely amazing, a college professor's level.

Starting point is 00:05:35 Entertainment, it's used to create music, generate content for video games, write screen, plays, all of these different amazing things. You can now develop websites and at one click with AI and just tell it what you want to do. You can develop art prints with AI and just tell it what to do. AI is really advancing very quickly and you can even listen to this where there is a lot of very affluent people who have been talking about AI is actually accelerating very quickly. Now, there's two ways to think about AI here. One is you can think of artificial intelligence as something that is going to be as a detriment to society and that may be one side of it. It's a very scary thing to actually think about if you go through this process. But at the same time, you can also

Starting point is 00:06:13 think of AI as a way that's really going to help you accelerate your path to becoming a better person. And that is the way I prefer to think about AI because AI is here. AI is going to be happening. Artificial intelligence is going to be part of our day-to-day life. And in 10 years, it's really going to be accelerating. So we need to know how to work with it and how to understand it. And it's really going to make a major impact on your money in positive ways that I see so far. Now, there may be some negative ways as well. We're not going to kind of talk about the negative stuff here because we focus on the things that we control here at the personal finance podcast and a lot of the negativity we could push back against. But at the same time,

Starting point is 00:06:47 I want to focus on the positive sides of this and see what we can do with our money. So this is going to be a really cool episode and I think you're going to see a lot of these things happen. I'm going to do some predictions in here. You know I'm not a big prediction person, but I will do some predictions as here as well just because that's what this episode entails. And in addition in this episode, we're going to talk about everything that it has to do with impacting your money and your investments. And maybe we'll do some bonus on real estate as well, real estate investing, because I think there's some really cool use cases for real estate investing as well. So if that's something you're into, let's get into it.

Starting point is 00:07:20 All right. So the first use case we're going to talk about is on the personal finance side. Then we're going to go to the investing side on the second half of the show. But on the use case of the personal finance side, the first thing that's going to happen is you're going to notice that there is going to be personal finance assistance. So the cool thing about this is AI can be used to develop. personal finance assistance to help people manage their money in a better way. Now, this is something where you can even see this happening with chat GPT. You can ask chat GPT personal finance questions and it'll spit out information.

Starting point is 00:07:50 But what's going to happen once this gets better and once it starts to learn exactly what you want to do with your goals or your finances or how you can actually set up goals to get to get to, this is going to be the amazing part about having these personal finance assistance. Now, on the financial assistance side, I've already seen videos come out that Google is utilizing and they're unreleased videos which is kind of weird but i've seen videos come out already where google is using a personal assistant to for example schedule a hair appointment for somebody and when they do that you can listen to the personal assistant make a call to a hair salon and it has very human gestures and i mean when someone says please hold it says mm-hmm and it does things like

Starting point is 00:08:30 it does very specific human gestures that are very interesting we'll link up that video down below so that you could check that out because it's very interesting it goes it sounds exactly like a person. So having this available for just scheduling appointments and your day to day needs is going to be really cool. But on the finance side, on the personal finance side, this could help you pay your bills on time. This could help you manage your money in specific situations. And once it learns exactly what your goals are and once you want to do with your money, it could do pretty much anything for you so that you don't have to spend your time worrying about some of your dollars and some of these other things. That is going to be a very powerful thing to have at your fingertips because

Starting point is 00:09:04 it's really, really cool to have that available. It's going to help you with your income. What if you knew how your income fluctuates seasonally. It can help you tell you that, hey, maybe your income may go down as it does typically during this time of year. With expenses, when there's fluctuation in your savings or anything else along those lines. With investments, your personal finance assistant could help tell you how you're performing. It could tell you how your net worth is impacted based on specific purchasing decisions. It can help tell you all these various things that will impact your investments. And then in addition, it can provide recommendations for how to save more money or spend more money based on your spending

Starting point is 00:09:37 habits as well. So this is some crazy stuff. It's crazy some of the videos that I've already come out on how advanced this is. It's just not released to the public yet. And so it's very interesting to see how you can actually have something like this in play, a personal finance assistant that was going to help you in your day-to-day task. This can make your day-to-day life that much easier by having this in play. Now, number two is budgeting apps. Now there's obviously a lot of budgeting apps that give you a lot of information now. I love Wynab, for example, gives you a ton of information, shows you a nice dashboard. I also like using Rocket And what Rocket Money does is it alerts you when your bills are due.

Starting point is 00:10:10 It tells you if you have subscriptions that you're not using. It alerts you with your recurring subscriptions. It'll kind of go through your money and kind of track some of the stuff that you're doing. This is one just form of how technology can help you with your money. But with AI, you can really master this stuff down and master your budgeting. It can take how much you spend every single month and all you have to do is tell it a couple of prompts and it'll create a perfect budget for you. Imagine like you talk about based on your historic spending habits, if you can have a perfect

Starting point is 00:10:35 budget in play with maybe some cushion there. as well. Well, that's what AI is going to be able to help you do is nail this stuff down where it's exact. Where I talk about all the time, budgeting is not a perfect thing. It is almost impossible to have a perfect budget. But the closer we can get to that, the more we can actually become successful with our money. So having these budgeting apps in play where you can put together a perfect budget to allow you to stop overspending can be a really, really cool key thing that we can have there based on what your income is. So you can say, hey, create my standard budget this month. But in addition, my family's going on vacation at Disney World, so make sure you add some extra capital

Starting point is 00:11:10 over to that as well. And it'll just create that for you, so you don't have to spend your time going line by line into all of those things. So that's going to be really cool. And the apps that are, they are developing for that are very interesting as well. The next thing is financial planning. Now, you guys know that your boy is not the biggest fan of you paying a financial advisor 1%, 1.1%, 1.5%, 2%. I think that you are wasting more money away by doing that. And you're spending a large amount of money on advisors that may not really be giving you the benefit. And it's a six-figure decision to do that. If you spend 1% on advisor, it's well over six figures of your income going towards that.

Starting point is 00:11:45 But what if you could have a certified financial advisor that is at your disposal at any point in time that you want? They can recommend personalized financial planning advice. They can take into account an individual specific goal or circumstances. And they can include recommendations for things like investments. So they can recommend your investments and what you should be doing based on your risk tolerance.

Starting point is 00:12:07 You put in some inputs. They know what your risk tolerance is and they recommend investments to you. Maybe it's retirement planning. They can recommend retirement planning for you. We're put together a nice financial plan as well. So these are some of the key things that you can have is financial planning at your fingertips.

Starting point is 00:12:20 Maybe it's that financial assistant. Maybe it's a different thing that you work with to get that financial planning and play so that you can really have this stuff dialed in. The next one, and this is an incredible one as well, is fraud detection. Now, you know, we've been talking a lot lately about avoiding financial fraud, and for very good reason, because you want to make sure that you are not at the disposal of some of these fraudulent things that are happening online. And AI can help detect fraudulent activity.

Starting point is 00:12:48 It can already do this now on financial accounts or alert users of any petitional issue. So you can see banks are already using this, where there's AI scanning your accounts. And if you have some major transaction, you've seen your bank send you a text message or an email, and it's alerting you fraud. And so this is one cool thing that you can have in play as well, but they can also help protect you with identity theft and financial loss. And let's get real, all of us want robocalls to stop. So all of these different things, they can be reduced or your information can be wiped off the internet by your bot or by AI when you prompt some of these things as well. And some of this stuff is work through and AI is really making advancements on that side because we really do need fraud

Starting point is 00:13:29 detection on that side. It's a major thing that we need because it is getting so powerful. So you got to make sure that you protect yourself against fraud. Saving money. AI is going to be able to help you save money when you're just out shopping, for example. Say for example, you're out shopping and you're like, I don't know if this thing is the cheapest I cannot possibly get it. So a lot of people, what they do is they pull up Amazon and they pull up their Walmart app and they pull up their Target app and they go through all the shopping things that they can do to see if this is actually a good price. Well, what if AI could just tell you? It can help you price compare while you're shopping. shopping in the store or while you're shopping online. Now, sure, there's a bunch of tools out

Starting point is 00:14:02 there that can do that now like Honey or Brickseek or all these different things. But at the same time, what if you could do this instantaneously and know that this is the information, the exact information that you need at the very lowest price? Because a lot of those tools, they aren't telling the lowest price. They're telling the lowest price that they know of. But what if you knew where exactly to get the lowest price? That's another very cool thing to help you find deals. You can say to AI, hey, I am looking to buy a new pressure cooker, for example, and it's going to find you the lowest price pressure cooker in the brand that you want, the type that you want, the size that you want, all of these different things. So that's a very cool way to save money on the AI side as well.

Starting point is 00:14:39 And then personalized recommendations. So AI is going to be really useful when it comes to personalize recommendations for how to save money based on your specific needs, situations, and your goals, you input all your needs, situations and goals. And it's going to tell you, hey, here's some ways where you can shave $5 off here, $15 here, $100 here, $1,000 here. and you can reduce your expenses based on the things that you value because AI is going to know what you value and it's going to be able to tell you back based on the things that you can value. And it can also suggest cutting expenses or maybe putting some of these money into a high yield savings account to optimize the amount of interest that you can make or optimizing this savings by putting it into investments. It's going to talk through all of those different things, which is really, really cool as well. And then in addition, AI can help you get out of debt as well by putting together personalized debt repayment plans.

Starting point is 00:15:26 Maybe you have student loans in place and you're trying to figure out how do I get rid of these? And speaking of that, if you do have debt, we have a free debt course linked up at mastermoney.com slash courses. You can look at our courses and we have a free debt course for anybody in debt. But AI can help you work through putting together a debt plan so that when you have this in place, then all you have to do is just follow that plan. It's going to show you how to prioritize your debt, for example. Maybe you want to prioritize high interest debt or low interest debt.

Starting point is 00:15:52 It's going to tell you how to negotiate lower rates. It's going to show you how to take steps to pay off debt faster. going to show you how to optimally pay off your debt. Like we've talked to people in the past. We've talked about optimizing your mortgage paydown and how to use specific accounts to do that as well. So that is another very cool way that you can learn exactly how you can do this.

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Starting point is 00:19:03 I wonder if my out of office has a forever setting. An IG Private Wealth Advisor creates the clarity you need with plans that harmonize your business, your family, and your dreams. Get financial advice that puts you at the center. Find your advisor at IG Private Wealth.com. So AI is already being used with a lot of very large investment firms. but it is going to be so much better in the near future. And there's a couple of ways we can talk about investing with this. At first, we're going to talk about market investing.

Starting point is 00:19:31 And if we have time on the back, and we're going to talk about real estate investing as well. So the first thing is that AI will be able to help you with portfolio optimization. Now, you can think of things like your asset allocation, for example. You want to put together the perfect asset allocation for your risk tolerance. And a lot of people don't know how to do this. And there's companies like Wealthfront who can help you do this. And there's companies out there that have robo advisors that can help you do

Starting point is 00:19:55 this, but this can be so much better than it even is now. So with portfolio optimization, AI can select the exact asset allocation that you need based on your risk tolerance, based on your goals, based on when you want to retire and kind of walk you through that stuff so that you don't have to worry about that stuff. That's a big one as well. The next thing to do is if you are interested in individual stocks, maybe you're interested in, you know, growth stocks or dividend investing or value investing. This is going to probably take value investing out of the equation because there's not going to be much value left anymore because with stock picking, AI is going to be able to tell you, hey, all these stocks across the board are trading below

Starting point is 00:20:31 book value and or they're trading at a level that would qualify with Benjamin Graham's philosophies or Warren Buffett's philosophies and show you exactly how you can hit that mark. They have good management in place. Here's the manager score, all this different types of stuff. So with stock picking, this could be a very major interesting thing that could come into play as well. In addition, obviously they have some things like this already, but at the same time, it could put in financial models so that you'll be able to pick the perfect stock for your perfect situation. It's already doing some of this right now already. The next one is risk management.

Starting point is 00:21:02 Now, AI can be used to monitor investments and identify potential risks. If there's risks coming into play with some of your investments, like market fluctuations and if you're an individual investor, this can be something else could happen to play. Now, here at the Personal Finance Podcast, we love index funds in ETS. We're not picking very many individual stocks outside of maybe, some dividend stocks, but at the same time, risk management is a massive part of investing and understanding how to do this. Most people, they just invest in index funds and ETFs. They're cool with it. You don't have to do any risk management. But if you're investing in

Starting point is 00:21:31 individual stocks, you've got to do a lot more management of your portfolio to understand exactly what's going on. In addition, AI can help you with personalized advice, talking through what your goals are, how you want to get there, specific stock, specific index funds, specific mutual funds, ETFs, and they can talk through all these different investment vehicles so that you can figure out exactly what's best for you. Automated investing. Now, you guys know, when we invest our dollars, we love for people to automate their money. The way we have to do it now is manually. You have to go into your brokerage account. You have to set it up so that you automatically send dollars to your brokerage account. And then typically on a lot of brokerages now, you still have to go in there and

Starting point is 00:22:09 manually invest the dollars every month or every other month if it doesn't allow you to just automatically invest. Now in your 401k and your IRAs, a lot of times they'll let you automatically invest. But when it comes to your standard brokerage account, you can't automatically invest right away. AI can change that. AI can change the way that you invest your dollars. It can help you automate the exact amount that maybe is optimal for your portfolio. It could take that exact amount. Or maybe you say, hey, I want to spend as much as I want to spend and then I want the rest of it just to come out. Whatever I have left over at the end of the month, I want AI to take that out for me every single month. You can have it set up to do that.

Starting point is 00:22:43 And it will know what bills are coming up so it doesn't take too much out or too little out, all of those different things, so that you can have the exact maximum amount that you can get out of that account so that you can invest those dollars, get those dollars working for you as well. So this is another powerful tool that could be utilized for AI as we go through. This is automatic investing. And you guys know how important to automatic investing is when it comes to building your portfolio and when it comes to doing this at the right time. streamlining your investment process is a massive, massive thing. Now, another way, we're going to talk about real estate here. When it comes to real estate, I think there is going to be massive

Starting point is 00:23:19 implications where you can invest in a lot more real estate. Now, people who get a hold of some of this technology first may have a way bigger upper advantage than people who do not have this technology, because the first thing is that it can help with property selection. So finding the right property and analyzing market data and identifying properties that are within your exact criteria, is going to be absolutely imperative, and AI can be able to do that. You can put in, hey, here's the exact data that I want you to look for,

Starting point is 00:23:48 and here are properties that I want you to look for, and can you spit out the information for me? Or it can even go nationwide and do the same thing. Or imagine if AI could go and you put in cash flow numbers exactly what you want to cash flow, and it will take the rents of every property in that area, figure out what this property would actually rent for,

Starting point is 00:24:05 and you can be conservative on that. And it will tell you every property in the country that fits your criteria, will cash flow that you can afford. Imagine if you're going to get that list instantaneously. You'd be investing in properties left and right if you could get that list instantaneously. Finding properties is one of the hardest parts. It's one of those time-consuming parts of investing in real estate. But if you can get that information in that data instantaneously, a lot more people will probably be investing in real estate because they'll have the time to do that.

Starting point is 00:24:30 In addition, imagine if AI could also tell you as you're running your numbers, it runs these cash flow numbers for you. And as you know, when you invest in real estate, the most important thing that you have to do is learn how to run the numbers. But what if you didn't have to know how to run the numbers because AI would do it for you? There'd be a lot more people entering in the market, but in addition, you could run the numbers on repairs. So when it runs the numbers on repairs, most people get repairs wrong. And repairs are something that you really got to nail down and understand and have experience in before you really get it right. And so nailing repairs down, what if it could tell you exactly what the repairs would cost based on what people pay for plumbers

Starting point is 00:25:07 in that area. Say you have a plumbing issue. it talks about a bunch of different plumbers. Here's how much they would charge. It gives you the plumbers phone numbers and says here. Within this pro forma, here's all the plumbers numbers that you would need to call. Here's how much they would charge for this exact work. That, my friends, would be something that would be absolutely amazing as we go through this process as well and what AI could do for the real estate investor.

Starting point is 00:25:28 In addition, it could look at local taxes, tell you how much you're going to pay in taxes. You could look at your title company. Tell how much exactly how much you're going to pay in title instead of waiting for title to tell you. Just by running the numbers, before you even, get to that point. It could go through all of this stuff where you have your rental property numbers nailed down to a T. This would be incredible. And this is what's going to happen with AI, is my prediction, is that you're going to be able to just push a button and see the exact cash flow on a ton of different properties. And AI can already do quality control. So imagine if it could do

Starting point is 00:25:59 quality control on all these houses where it's going to be a federal requirement for AI to go into the house. It's going to scan the house. And the house is going to be able to detect where repairs need to be done, including repairs that nobody ever knows about. Maybe there's mold in the walls. AI will be able to detect that and tell you exactly what needs to be done so that we all have happier, cleaner, better properties that we can rent out to other folks. Same thing with flipping, same thing with apartments, all of these different things. It's an amazing, amazing opportunity that AI can produce, but who knows when it will roll out? Who knows when any of this stuff could actually happen? So this is something where you can see what the major impact of AI could be

Starting point is 00:26:36 when it comes to investing your dollars, when it comes to your finances, and going through exactly how this could be a major impact. Now, key takeaways here, you have to embrace this. You have to embrace that AI is happening. It is here. It is accelerating. And I've heard people, even like Elon Musk, for example, you can think whatever you want about Elon Musk, but the same time, he's been saying he thinks AI is accelerating too fast. Now, he has stake in Open AI, which chat GPT is under. And so when you think through this, a lot of people who are really well ingrained in AI know it's coming, know how powerful it can be. And this is something I think is way more powerful than any cryptocurrency or any new age

Starting point is 00:27:12 thing that has been coming out as of late. AI is something that you actually have to watch. And so that is definitely something that I would be interested in and I'd be interested in watching over time because it has a major impact on your day-to-day life. And it could be coming within the next decade or so or less. So that's what we're looking at here. They're saying that a lot of things will be coming out in the next three years that will blow your mind.

Starting point is 00:27:33 So this is a very interesting subject, and I think it's something where it's going to impact your money tremendously in terms of optimizing your portfolio, optimizing your personal finances, and figuring out how that's going to go. Now, when it comes to income, the other side of this is that you could optimize your income with AI and figure out what are the best side hustles for me that's going to take the least amount of time and how much money can I make per hour. There's another option there with AI figuring out how much money you can make on the side with a side hustle or how much more money you could do or you could do business pro forma and say, how well would this business. actually do within this location, how many customers do you think would come about? And you get a much more accurate depiction of what could possibly happen with a business. I think an online business would be easier to actually figure out what's going to happen there. But you could do this with a brick and mortar business as well and say, how much foot traffic is going by? If I do this based on percentages, what percentage of these people will come in and actually be customers? How much

Starting point is 00:28:24 money will they spend based on their income in that area? They can go through so many different details and have so much data on this stuff. It's absolutely incredible. So there are a lot of business opportunity that is going to come up with AI as well, that will impact your money. If you want to start your own business, you can do that as well. And there's going to be businesses that come out just because of AI. So people are fearing that a lot of people will lose their job, and that may be a possibility. It may be a possibility that certain people could lose their job. And that is something we all want to avoid. We all want to talk through, help out, and work through some of those situations. But it also could be an opportunity where

Starting point is 00:28:56 some people can start their own businesses, maybe in other industries that don't even exist yet. So there's a lot of different things where this could be a very interesting experience for a lot of people. Listen, I hope you guys enjoyed this episode. I hope you enjoyed this thought experiment. If you guys have any questions, make sure you hit us up on Instagram or TikTok at Master Money Co. And follow us on Spotify, Apple Podcasts, or whatever podcast player you love listening to this podcast. And if you want to hop out the show, leave a five-star rating and review on Apple Podcasts or Spotify. Thank you guys so much for listening to this episode.

Starting point is 00:29:29 and we will see you on the next episode. Before you knew what a stock was, you traded snacks, cards, turns. That instinct to trade didn't disappear. It just grew up. With no minimums, no monthly fees, and 100 free trades, TD Easy Trade taps into that instinct. Because you are made to trade, and TD Easy Trade is made to help.

The Personal Finance Podcast - How the A.I. Revolution Will Impact Your Money and Investments (Mind Blowing!)

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