Introduction

Two things are for certain, (1) we all want to be rich and  fund a life worth living and (2) Artificial Intelligence (AI), once considered science fiction, is now a reality and will change the world forever.  The question is how can we as individuals stay ahead of the curve and benefit from this revolutionary technology.

While there are numerous financial tools on the market designed to help you achieve financial independence, one set of tools are beginning to pull way ahead of the crowd; those powered by AIs.

This article describes how you can begin, right now, to use AI powered tools to massively improve your financial status.

1. Budget control

If you want to get off the treadmill, retire early and have enough money to do the stuff you love to do then you need to start managing your budget today.  There is no substitute for it.  

Personal Budgeting: the key to savings and peace of mind

Personal budgeting is the most important thing you can do for financial success and stability. It allows you to track your income and expenses, identify areas where you  can cut back on spending, and set financial goals. By creating and sticking to a budget, you can avoid overspending, reduce debt, and save money for emergencies and long-term goals such as retirement. Personal budgeting also helps you gain a better understanding of their financial situation, which can reduce stress and improve overall financial well-being.

Become a budget master with AI

Using AI is a powerful way to budget more effectively. By using machine learning algorithms to analyze spending patterns and identify areas for improvement, AI-powered tools can provide personalized recommendations for saving money and reach financial goals.

Here are a list of AI tools/apps that can help you take control of your budget: 

1. Mint - This personal finance management tool uses AI to help you budget and track your spending. It can also provide personalized financial advice based on a user's spending habits. 
2. PocketGuard - This budgeting app uses AI to analyze a user's spending habits and provide personalized recommendations for saving money. It can also help you  track your bills and subscriptions. 
3. Albert - This AI-powered financial assistant can help you create a budget, track your spending, and save money. It can also provide personalized financial advice and help users negotiate bills. 
4. YNAB - This budgeting tool uses AI to help you create a budget and track your expenses. It can also provide personalized financial advice and help users save money. 
5. Cleo - This AI-powered chatbot can help you  track your spending, create a budget, and save money. It can also provide personalized financial advice and help users negotiate bills.
6. Emma - This personal finance management app uses AI to help users track their spending, create a budget, and save money. It can also provide personalized financial advice and help users cancel subscriptions. 
7. Spendee - This budgeting app uses AI to help users track their expenses and create a budget. It can also provide personalized financial advice and help users save money.
8. Personal Capital - This financial management tool uses AI to help users track their spending, create a budget, and manage their investments. It can also provide personalized financial advice and help users plan for retirement.

2. Automate your savings for a safe, fun future

There is no getting around it.  If you want to be financially free and do fun stuff some time down the track, you need to regularly save money.

Don't be caught out: save for emergencies

First and foremost, regularly saving a portion of your income, however small it may be, can help build financial security and stability. By setting aside money on a regular basis, you can create an emergency fund to cover unexpected expenses such as medical bills or car repairs. This will reduce financial stress and provide peace of mind.

Save your way to long-term financial freedom

Saving money will also ensure you achieve your long-term financial goals. Whether it's buying a home, starting a business, or retiring comfortably, saving money is an essential step in achieving these goals. By regularly putting money into a savings account or other investment vehicle, you will accumulate wealth over time.

Save you way to peace of mind

In addition to these practical benefits, saving money can also have psychological benefits. It can help you feel more in control of your finances thus reducing general stress and anxiety about money. It can also provide a sense of accomplishment and pride, as you see your savings grow over time. 

Let AIs help you save

Again there are a growing number of AI powered tools that can help you save more and on a regular basis each with varying levels of functionality.

Here are some to get started with:

1. Digit is an automated savings app that analyzes what goes in and out of your checking account. Then, it periodically moves funds from checking to savings in amounts its algorithms believe are safe to save.
2. Qapital: This app lets you set up savings rules and round up your change on purchases, with a visual goals-based approach.
3. Long Game is an app that helps you save money by redirecting funds you would have spent on things like lottery tickets, with games and savings missions to reach goals.
4. Chime is an innovative digital-only bank that offers several auto-savings features, including the ability to move a percentage of your income into savings.
5. Current A mobile banking app that offers savings goals and a highly competitive interest rate on balances up to $2,000 per pod.  It also allows you to buy and sell cryptocurrency.
6. Acorns An app that puts your spare change into an investment account, with the ability to set up recurring transfers and also offers a retirement investment account and an FDIC-insured checking account.

There are of course other apps in the marketplace, but this list should give you an idea of what is out there and the options available.

The most important thing, though, is to begin saving a reasonable proportion of your income on a regular basis.  Remember, as the old much used clique goes “Rome wasn't built in a day” ..  and neither is wealth.

3. Get smart with insurance

Insure yourself - life is a risky business

There is one thing you can be sure about: life is a risky business.  That is why, to avoid financial ruin and getting stuck in a brutal poverty trap you need to manage risk.  That is where insurance comes in.  It allows you to financially deal with and recover from unexpected events such as accidents, illnesses, natural disasters, and theft. Thus insurance  provides peace of mind because  you know you are protected against financial loss or even ruin.

Imagine the scenario of neglecting to insure your car.  You crash into a Lamborghini and it is your fault.  Suddenly you are up for tens of thousands of dollars of crash repair bills.  Or, what if you are unlucky enough to live in a country with poor public health care (like the US) and you break your leg.  Can you afford the hospital care and subsequent physiotherapy? 

Choose an insurance policy that is right for you 

Thus it is safe to assert that having insurance is essential to protect your financial future and the well-being of your family.  The thing is not all insurance policies are equal.  You can end up paying way too much for insurance you may not actually need.

Let AIs help choose the right insurance package for you

This is where AIs can help you assess a level of risk that you are comfortable with and analyze policies so you can make informed and smart decisions about insurance that meet your risk profile.

Here are some AI powered apps that are worth having a look at:

1. PolicyPal, uses AI to provide personalized insurance recommendations based on individual needs. The app analyzes user data to identify gaps in coverage and recommends policies that provide the best value for money.
2. Insurify is an AI-powered insurance comparison platform that allows users to compare insurance policies from multiple providers in real-time. The app uses natural language processing to understand user preferences and provides personalized recommendations based on individual needs. Insurify also provides a virtual assistant feature that can help users with policy questions and claims.
3. PolicyGenius is an insurance comparison platform that uses AI to provide personalized policy recommendations for auto, home, and life insurance. The app analyzes user data to identify gaps in coverage and recommends policies that provide the best value for money.

In addition to specific independent apps many insurance companies provide AI assisted decision making to decide on a policy that fits individual needs.

4. Spot the bargains and shop smart with AIs 

Shop smart and pocket the savings

To live you have to spend, right?  To live well and enjoy your life you are going to have to spend more.  But what if you could get what you need and some of what you want and save thousands by making smart informed choices.  Thousands that could be saved or used to build an investment portfolio.

Let AIs take the work out of finding a bargain

There are a growing number of AI powered apps and AI assistants that can help you save on your monthly spend. 

Here are a few examples:

1. Truebill is an AI-powered app that helps users save money on their bills by identifying and canceling unused subscriptions, negotiating bills, and finding better deals. The app analyzes user spending and identifies areas where users can cut costs, and provides personalized recommendations for savings.
2. Shopbrain is an AI-powered shopping assistant that helps users find the best deals on products by comparing prices across multiple retailers The app uses machine learning to analyze user search queries and provides real-time price comparisons, helping users find the best deals and save money.
3. Price.com is an AI-powered shopping platform that helps users find the best deals on products by comparing prices across multiple retaileThe app uses machine learning to analyze user search queries and provides personalized recommendations based on user preferences, helping users find the best deals and save money.
4. Honey is a browser extension that uses AI to find and apply the best coupon codes to your online purchases. The app automatically scans the internet for discounts and applies them at checkout, helping you save money on their purchases.
5. Trim is an AI-powered financial assistant that helps users save money on their bills and subscriptions. The app analyzes user spending and identifies areas where users can cut costs, such as by canceling unused subscriptions or negotiating bills.
6. Earny is a personal shopping assistant that uses AI to track prices and get refunds for users when prices drop. The app scans user receipts and monitors price changes to identify potential savings opportunities, and automatically requests refunds on behalf of users.
7. Paribus is a service that uses AI to monitor online purchases and get refunds for users when prices drop. The app scans user emails for receipts and tracks price changes to identify potential savings opportunities, and automatically requests refunds on behalf of users.

Again, this list is not exhaustive, rather it is intended to show you that there are options out there that can seriously help cut down your monthly spend.

5. Don’t let the tax man take what is yours

Are you paying more tax than you have to

There is no getting around it, unless you are mega wealthy and can game the system, the tax man will come for his share of your pie.  But don’t let him take more than he is entitled to.  You can legally minimize your tax liability and keep more of your hard-earned coin in your pocket.   By taking advantage of deductions, credits, and other tax-saving strategies, you can reduce your taxable income and ultimately pay out less at tax time. Tax optimization can also help you better manage your cash flow and improve your financial stability.

Let AIs do the heavy lifting at tax time

Because the taxation system is governed by a set of clearly defined rules it is a perfect scenario for AIs to help you with.   They can help you optimize your tax by  identifying potential deductions and credits that you may not know you are entitled to, provide real-time tax advice, and even automate the tax filing process. By leveraging machine learning algorithms, AI-powered tax software can also provide personalized tax strategies tailored to your individual unique financial situation.

Here are some AI-backed apps that can help with tax optimization:

1. TurboTax - an AI-powered tax preparation software that assists users in preparing and filing their taxes.
2. TaxAct - an AI-powered tax preparation software that provides personalized tax advice and guidance.
3. H&R Block - an AI-powered tax preparation software that offers tax planning and optimization services.
4. TaxCaddy - an AI-powered tax organization app that helps users gather and store their tax documents in one place, making it easier to prepare and file their taxes
5. Keeper Tax - an AI-powered tax savings app that automatically identifies tax write-offs for users' expenses, such as business travel, subscriptions, and more.
6. TaxDome - an AI-powered tax automation software that streamlines the tax preparation process for both individuals and businesses, offering features such as automated document collection and real-time tax advice.

Bottom line, get savvy with taxes and reduce your reliance on accountants by identifying a Tax AI that suits your needs.

6. Improve your financial IQ

Increase your financial IQ to be rich

Have you ever wondered why super rich people can afford their Lamborghinis?  It is not all about daddy giving them a bunch of cash and a property or two. It is because they have a high financial IQ. They know how money works and how to leverage what they have to make a lot more.  

Make smarter financial decisions 

If you want to be financially free you need to get smart about money. This means understanding how to manage your money, make informed investment decisions, and create a solid financial plan for the future. By improving your financial IQ, you will better understand financial concepts and strategies, such as budgeting, saving, investing, and managing debt. This will allow you to make smarter financial decisions, avoid costly mistakes, and achieve your financial goals faster. 

Let an AI be your financial teacher

And yes, AIs can help you to improve your financial IQ.  Firstly a straight forward chat bot that is hooked up with the internet can rapidly answer just about any question you can think of associated with finances.  Some prompts to get started with could be

1. You are my private financial adviser tell me 10 ways to minimize debt
2. You are my private financial adviser give me advice on the best way to save money
3. You are my private financial adviser. I am earning $60K per year. Design a financial plan to maximize my wealth by the time I am 40 yo.
4. You are my tax consultant I want you to give me a strategy to minimize my tax but first ask me 10 questions about my financial status and lifestyle to help you design the strategy
5. You are my private financial adviser. I have 10K in the bank that I want to make work for me, give me an investment strategy that is a balance between risky and blue chip assets. Ask me appropriate questions about my financial objectives before you give the advice
6. You are my private financial adviser. Give me 10 ways in which I could improve my budgeting practice.  Ask me appropriate questions about my financial objectives before you give the advice

There are also financial education platforms designed to teach you about finances, for example check out Zogo Finance - an AI-powered financial education app that uses gamification to teach users about personal finance. The app offers a range of financial literacy modules, quizzes, and challenges to help users improve their financial knowledge and skills

Further, when you start using  AIs, as suggested above, to manage your personal finances you will learn as you go.

7. Invest and make your money work for you

Banks don't have your best interests at heart

Wealthy people do not keep the bulk of their money in the bank.  While the bank is a relatively safe place to keep your money (well not always), the return you get for lending the bank your hard earned pay is crap.  Banks will pay you as little interest on your coin as they can and charge like a wounded bull when you want a loan.  What is more, they are lending out more money than they actually have.  In essence, they are creating money out of thin air and charging you interest to borrow it.  The biggest scam in history.

Make your money work for you - its all about risk

No, the wealthy get rich by investing in vehicles that return more than if they had it in the bank while at the same time minimizing their  overall risk.  And there is the inescapable R word.  Risk.  The key thing to understand about investing is that it goes hand in hand with risk.  Low risk usually equates to low return while high return usually means you stand a greater chance of not getting a return or even  losing your investment.  You need to consider what level of risk you are willing to take.  If you are super risk averse then perhaps a good reputable bank is for you.  On the other hand if you are a little more adventurous then consider exploring investment options.

Thousands of investment vehicles - but which one to ride.

The thing is there are literally 1000s of ways to invest your money, some ultra risky promising the moon right through to a host more conservative blue chip options with more moderate returns but lower risk.  Investment advisors make a living out of analyzing various investment vehicles and designing investment strategies tailored to individual needs and charge big bucks for it.

Use AIs to research and plan a winning investment strategy

With the advent of  AIs however you don't have to be a George Soros to identify good investments and make savvy choices.   In this context, if you want to grow your wealth through investing, it would be well worth your while to do some research on what AI powered investment advice apps might suit your financial situation and apparitions.    Here are a few to get started with:

Here are 8 AI-powered investment advice and analysis platforms:

1. Wealthfront - is  an AI-powered robo-advisor that uses machine learning algorithms to create and manage personalized investment portfolios for its clients. The platform also offers financial planning tools and retirement planning services.
2. Betterment - an AI-powered robo-advisor that uses algorithms to create and manage diversified investment portfolios for its clients. The platform also offers financial planning tools and retirement planning services. 
3. Kensho - is an AI-powered investment research platform that uses natural language processing and machine learning to analyze market data and provide investment insights to its clients. The platform can help investors make more informed investment decisions and stay up-to-date on market trends and news.
4. AlphaSense - is an AI-powered investment research platform that uses natural language processing and machine learning to analyze market data and provide investment insights to its clients. The platform can help investors make more informed investment decisions and stay up-to-date on market trends and news.
5. EquBot - is an AI-powered investment research platform that uses machine learning algorithms to analyze market data and provide investment recommendations to its clients. The platform can help investors make more informed investment decisions and improve their investment performan
6. Kavout - an AI-powered investment research platform that uses machine learning algorithms to analyze market data and provide investment recommendations. The platform can help investors make more informed investment decisions and improve their investment performance.

8. Protect yourself against savvy scammers 

Scammers are coming for your money with AIs

While AIs can make you smarter with your finances they have also made scammers smarter.  Yes, the internet has enabled innovative criminals to reach out anonymously in increasingly sophisticated ways to relieve you of your hard earned coin giving you nothing in return except rage and humiliation.  Now they are just going to get better at it by tapping into AIs to do what they do more efficiently.  Beware.

Let AIs guard your money

Luckily we can also use AIs to counter the AI using scammers.   AI can help you protect your identity and finances by detecting fraud, identifying phishing scams, and keeping your personal information safe.They can identify potentially fraudulent activities, such as unauthorized credit card charges or identity theft, and notify you promptly to take appropriate action

These platforms can analyze large volumes of financial data and identify patterns and anomalies that may indicate fraudulent activity. AI-powered fraud detectors can also learn from past fraud cases and adapt to new fraud schemes, making them more effective at detecting and preventing fraud. For example, biometric authentication is an effective way to close an obvious gap in authentication security, making it more difficult for fraudsters to do what is currently fairly easy for them. 

Check out the following AI powered apps:

TrueIdentity is an app that provides comprehensive identity theft protection for individuals. It constantly monitors personal information such as Social Security numbers, credit cards, and bank accounts to detect any suspicious activities that may indicate identity theft. Additionally, the app offers real-time credit monitoring, which alerts users of any significant changes to their credit report, such as new accounts or inquiries. This feature helps to detect unauthorized access to credit profiles. TrueIdentity also scans the dark web for any instances of personal information being bought, sold, or shared illegally.

Other services that provide similar protection include:

1. LifeLock - https://www.lifelock.com/
2. IdentityForce - https://www.identityforce.com/
3. Identity Guard - https://www.identityguard.com/
4. Experian IdentityWorks - https://www.experian.com/identity-identity-works
5. Zander Insurance Identity Theft Protection - https://www.zanderinsurance.com/identity-theft-protection.aspx
6. NortonLifeLock - https://us.norton.com/identity-theft-protection
7. PrivacyGuard - https://www.privacyguard.com/
8. ID Watchdog - https://www.idwatchdog.com/
9. IDShield - https://www.idshield.com/

In conclusion

To conclude, AI will provide you with a host of unique opportunities to improve your financial standing. The key, however, is to find an AI driven service that fits into your lifestyle and is not just another thing on your to-do list. Luckily there are many great services out there at different price points that can be tailored around your financial goals. The most important thing though is to take action. Prioritize key areas of your finances that need attention, identify an appropriate app and dive into it.