Money & Me

How AI Can Upgrade Your Relationship with Your Finances

Our connections with others are built on emotional understanding and shared experiences, but for many of us our relationship with money is strained. Unlike other aspects of life, we rarely receive formal education on personal finance, and sometimes the topic is even shrouded in secrecy or shame. This lack of knowledge and open communication can leave us feeling confused, overwhelmed, and ultimately disconnected from our finances.

Here's how I see we can leverage the power of AI for good to improve our relationship with money, transforming it into a stronger, more fulfilling one.

1. Understanding Your Financial Personality:

• Breaking the silence: AI can help break the cycle of financial secrecy by providing a safe, judgment-free space to explore your financial habits, goals, and anxieties. Through personalized assessments and interactive tools, you can gain valuable insights into your unique financial personality, fostering a sense of ownership and understanding of your financial situation.
• Financial education made accessible: AI-powered platforms can tailor financial education to your specific needs and knowledge level. Gone are the days of generic advice or overwhelming textbooks. Instead, AI recommends engaging and relatable resources, making learning about personal finance an enjoyable and empowering experience.

2. Building Financial Confidence:

• Demystifying complex concepts: AI-powered tools act as your personal financial translator, breaking down complex financial jargon and concepts into clear, easy-to-understand language. This allows you to ask questions freely, gain a deeper understanding of your options, and confidently navigate the world of finance.
• Proactive money management: AI algorithms can continuously analyze your financial landscape, identifying potential areas for improvement or opportunities to save. This proactive approach empowers you to address challenges before they arise and make informed decisions about your hard-earned money, fostering a sense of control and confidence in managing your finances.

3. Making Finance Accessible and Engaging:

• Tailored financial tools: AI-powered tools can automate tedious tasks like expense tracking, budgeting, and bill payments, freeing up your time and mental energy to focus on bigger financial goals. This allows you to engage with your finances in a more meaningful way, exploring different options and strategies without feeling overwhelmed by the minutiae.
• Personalized advice engagement: AI that's leveraged by Human AI (Advisor Intelligence) can help you dig deeper into your unique needs and goals. This personalized approach empowers you to make informed decisions about your finances, moving away from generic solutions and towards strategies that truly align with your financial personality and goals. It also feeds the human connection we all desire by being able to talk with a human about what's important to you.

4. Finding Your Financial Partner:

• Beyond basic filters: When seeking a financial advisor, AI goes beyond simply matching you based on location or investment minimums. It delves deeper, considering your financial goals, risk tolerance, communication preferences, but also equally important things like values, shared commonalities, and experiences. This increases your chances of finding a long-term advisor who understands your unique needs and can provide personalized guidance on your financial journey.
• Rapport & Trust: AI can also speed up the process of building rapport and ultimately trust with the right advisor for you. This empowers you to make informed choices about who you entrust with managing your financial future, fostering a sense of trust and confidence in your financial partnership.

Remember:

• AI is your partner: It should be used to supplement your efforts, not replace your financial judgment and responsibility.
• Financial literacy is key: While AI offers support, building your financial knowledge and understanding remains crucial for making informed decisions.
• Choose your tools wisely: Ensure you use reliable and trustworthy AI tools that respect your data privacy and financial security.

By leveraging AI strategically while building your financial literacy, you can break the cycle of financial uncertainty and secrecy. AI can be your wingman, helping you navigate the complexities of personal finance with confidence, understanding, and ultimately, a stronger relationship with your money.

Best Regards,

Derek Notman

PS Here's a small sampling Money/Advice/Literacy/Behavioral Tech Tools I'm paying attention to:

• Absolute Engagement
• Asset-Map
• Bento Engine
• Couplr AI
• Orion
• Wealth Management GPT

What tech tool would you add to the list?