Artificial intelligence seems ubiquitous, but nearly half of the country has no hands-on experience with this emerging technology.
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A new survey of over 1,000 adults by GOBankingRates found that 45% have never used AI.
“Often people are using AI without realizing it,” says Marvue Brown, business expert, founder of The Customer Obsession Advantage, and author of Blueprint for Customer Obsession.
“Anyone who has used an Apple Maps/Apple CarPlay combo has used AI. Virtual assistants like Bank of America’s Erica and Chase Digital Assistant take customer requests in natural language and help them complete personalized tasks like replacing a lost or stolen credit card or locking and unlocking a debit card.”
But even if people use AI carelessly and indirectly, they can use it intentionally to manage their money, improve their financial lives, build businesses, and increase their wealth.
Create a budget and spending plan that aligns with your savings goals
One of the easiest ways to use AI as a financial tool is to join the 11% of survey respondents who use AI for budgeting and the 15% who use AI to save money.
International powerlifter, professional trainer and fitness blogger Alexander Sachs uses AI to improve personal and business finances.
“AI helps users track their spending patterns, identify potential cost-saving areas, and optimize budgets to save money more efficiently,” he said.
Well-known budgeting programs like Mint, YNAB, Cleo, and PocketGuard all use AI, but you can get personalized results without downloading an app. Using platforms like Google Bard and ChatGPT, you can simply enter details like your income, expenses, and savings goals (the more accurate the better) and ask them to create a plan based on your specific goals, like saving a down payment or building a retirement plan.
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become a better investor
As with budgeting and savings, there is no shortage of AI-powered apps designed to help human investors succeed, including familiar platforms like Acorns, Betterment and Wealthbase.
“AI-driven robo-advisors offer lower fees, diversified portfolios and personalized recommendations, making investing more accessible and efficient,” said Nathan Clark, co-founder of generative AI tool provider Gate2ai.
But again, it can be run independently using a platform like ChatGPT.
“AI is revolutionizing various industries, including finance, by providing data-driven insights, automating processes and enabling personalized financial services,” said Clark. “By leveraging AI-powered tools, individuals can make more informed investment decisions and identify cost-saving opportunities.”
More than 11% of the survey respondents are doing just that to become a better investor.
AI is not an investment advisor and ChatGPT cannot build a $1 million portfolio from a $100 investment. However, it can quickly and efficiently teach you the basics of options trading and forex, help you devise investment strategies based on your risk tolerance, and make wise suggestions for asset allocation based on your retirement schedule.
start a business or run a side business
Big ideas are a big part of entrepreneurship, but running a successful business or side hustle takes time and skills that many people don’t have. That’s where AI comes in.
“I have seen first-hand the tremendous opportunities presented to online entrepreneurship, from e-commerce to content creation to start-ups,” said David Chicarelli, technology entrepreneur and founder and CEO of Voices.ai. “AI-powered tools like ChatGPT are revolutionizing digital business.”
This is especially true if you have the talent to create things to sell online, but not the talent to sell online.
“In e-commerce, AI helps us every step of the way, from analyzing trends, product design, marketing copy, and even customer interactions,” said Ciccarelli. “It’s like having a 24/7 virtual assistant for him to ensure the success of your online store.”
Regardless of what you do or sell, the online economy needs to be backed up with blogs, videos, and social media posts, and AI can handle much of that work.
“For content creators, AI generates scripts, invents topics, and creates posts to monetize through ads and subscriptions,” Ciccarelli said. “For remote workers and freelancers like me, AI can improve productivity by handling routine tasks, allowing us to focus on complex tasks and attract more customers.”
cheap travel
About 11% of survey respondents use AI in their travels. If you’ve ever booked through a popular flight and hotel comparison site, you may already be using AI without realizing it, but are you making the most of it?
“Tools like Google Flights use AI to analyze billions of data points and issue alerts when fares for the flights they monitor drop,” said Paul Wood, chief technology officer of the new Web3-based cryptocurrency COG. “By letting our algorithm monitor multiple routes 24/7 and notify us as soon as we find a good deal, we’ve saved about $1,800 on future flights to the Philippines. Previously, we had to manually check for price changes on flights.”
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This article first appeared on GOBankingRates.com: 45% Say They Have Never Used AI – What Economic Benefits Are They Missing?
