How can AI help you with your finances?

Hey, GPT chat: Explain to me in one line how I can be rich and better manage my personal finances.

Sorry, but there's no magic formula for getting rich quick in just one line.

If we continued the conversation and asked specific questions, it would be clear to us that Can an AI help us with our personal finances. And since at Goin we love being at the forefront of technology, we are going to review the issue.

Everything an AI can bring to your personal finances

Las artificial intelligence they know a lot, because they can successfully incorporate and manage a volume of information that no human being could handle.

Come on, they can be read All the personal finance books in the world, whenever they are within reach. And blogs. Also journals and all kinds of scientific publications. All of that, for later Give you an answer to any question. It sounds great, because it is.

So, if you put any AI to the test, you'll notice that their advice, although somewhat generic, does go in the right direction. They give you a prudent, logical and useful vision for making financial decisions. Another example that illustrates this:

• Question from the editor: I have a salary of 3,000 euros per month. Can I afford a mortgage of €1,500 per month?
• AI response: In general, it's recommended that your mortgage payment doesn't exceed 30% of your monthly income. If your salary is 3,000 euros per month, 30% would be 900 euros. Therefore, if we only consider this rule, a mortgage of €1,500 per month would be higher than recommended.
• Question What if I earn €1,000 a month?
• AI response: If your salary is 1,000 euros per month, a mortgage of 1,500 euros per month would be very difficult to assume.

Although the advice seems generic, You are really very right. So consulting good questions can lead to appropriate answers for the general public.

The problem with generic advice

So, is everything ideal for combining AI with personal finance?

Perhaps it is very interesting for savings, everyday organization or decisions such as a loan. However, on issues such as investment, artificial intelligence doesn't get wet (no, they won't tell you the stock that will rise 1,000% tomorrow). This is the case for reasons ethical and safety for the user, of course.

In addition, today, their methods are generic. The same for everyone. Therefore, if you base your savings or investment strategy on AI, You'll be the same as the rest. This is great for some things, but for others... not so great. Investment is a good example of its limitations.
In short, Artificial intelligence is revolutionizing everything. Although perhaps not as much as we would like yet, they can become excellent financial advisors and help us make smarter decisions. Time to time, because what we are experiencing in 2023 is only the beginning of a huge change at all levels.