From shopping to applying for jobs to getting advice, artificial intelligence is transforming the way people live. No matter if you see it as a positive or negative, it’s here to stay. AI presents several golden opportunities for Americans to improve their financial futures. Here are four ways AI can give you an edge.
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Around the globe, more and more people are worrying that AI will affect their employment. Doug McMillon, the CEO of Walmart, agrees in part and believes AI will reshape every job he can think of. While he does admit Walmart will use more AI chatbots in areas like supply chain tracking and customer service, this doesn’t mean it will replace every employee.
McMillon believes workers who adapt to AI tools will be more productive and valuable to employers. Early reports indicate that companies that have replaced employees with AI have experienced problems, with frequent mistakes and inconsistencies from the tech. Learning how to pair AI with soft skills like communication and critical thinking can make you an asset to any company.
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When it comes to budgeting, AI tools can handle many tedious tasks, such as filling in and categorizing your transactions. The AI can then provide insights showing where your money is going and how you can make better use of what you have. You can even enter your financial goals, such as building up an emergency fund or getting out of credit card debt, and AI can find the best strategy for you and keep you on track to reach them.
Financially successful people and experts alike agree that making wise investment decisions is the key to unlocking lasting wealth. In the past, you’d need time, patience and good instincts to think a few steps ahead of the market. Using AI can simplify the process and produce quick insights to aid in your decision-making. Advanced AI algorithms can quickly analyze data sets to forecast how markets will react to news and events in real time. It can also improve your portfolio management and automate trades.
One specific type of AI you can use to improve your investing strategy is robo-advisors. These ask you questions to understand your long-term goals, risk tolerance and timeline to aid your decision-making. While robo-advisors charge fees, unlike popular free AI chatbots, they can offer much better advice and cost much less than hiring a professional financial advisor.
