artificial intelligence (ai) seems to be in its peak season although it has been around for a while not truly noticed. We have seen many use cases in several industries and how it is meant to even disrupt many sectors creating a new economy. With AI having a closer bond with blockchain and cryptocurrency much more expectation is on the table.
We've heard of AI-fi and when finance is mentioned everyone's eyes are always out of sockets, you know money is involved we'll love to know more. We have seen AI projects soaring with green candles. One thing is for sure, despite its negative use it has positive impacts that should be well leveraged.
Speaking of which, one area I have been looking at is the spending habits of individuals; creating a budget and not being able to follow through. We all know how frustrating that can be and most times even leading to abandoned budgets. It not easy I must say especially when unexpected expenses hits you hard. Mostly it just us being too soft and emotional about making an expense deeming it necessary when actually it's not.
This is where AI can play a huge part. What would it look like if this powerful AI's where to run our daily financial lives? Let's take for instance, you are planning to serve X amount of money for X years or invest X amount of money in a project everyday for X years and hand over all your transactions to pass through it. Giving it all the necessary details like how much you earn every month and what are your daily expenses.
Yes, you may have to link your financial details like wallet and accounts for proper monitoring. Could this powerful AI help in the process to promote financial discipline? You may be asking why not directly use the current available means to get it done? Maybe get it subtracted from your monthly salary directly from the bank for savings account and maybe your preferred investment?.
The truth is, sometimes we save or invest without actually showing a sense of connection to why we are doing so. That's why a lot save and at the other end are deeply in debt; the belief is simple, when I get my savings out, I'll first clear the debts. It's been happening, saving and investing for years without any tangible return and in the end we feel it was all a waste of time.
When you have that financial discipline, you don't need stocks to skyrocket by 1000% before you can boast it was profitable, even a 20% increase can be enough to pull it out and do something better for yourself.
Artificial intelligence which will be like your spending partner powered into robots could always help to tell you why you shouldn't make a purchase. They'll lack that human emotions which is of advantage at this stage. Imagine you working into a grocery stores to get an extra egg to eat and being advised by your AI friend that you ate two yesterday and there may be a need to skip that today.
You may think this is nothing but in proper spending, that can go a long way. A lot of us spend carelessly because there is no one at the moment to tell us why we should avoid those expenses. A friend just gave you an unnecessary call that he needs some funds to do what really makes no sense and you just tried to forward the money but have to pass through your AI friend to know how necessary it is to make that transaction? How trustworthy is that friend with money? How important that savings and investing is to your future? Why you should tell him you don't have spendable money at the moment which is very true?. You may think you know all this off hand but believe me, you may need someone (or something at this point) to echo this to your head like it is a meditation.
A powered robotic AI financial friend to me would be fitting, having something to handle this spending hassle. You know sometimes I personally try to be tough but in the end you can't just completely be. I guess inventors should look into this sector. It could be a money booming industry if it could be built up. The massive adoption may take some time I know yet you can't underestimate what testimonials from others can do.
Financial discipline is why a lot of people end life poor and in despair. Our mobile phone is full of send options and as easy as that can be done it keeps deterring our aspirations. AI is the next big thing, you can't just undermine that the technology has entered into a large part of our lives, we should use it and shape our spending habits.
To conclude, let me add, yes AI can shape deterred spending bringing forth successful planners and budgeters. The economy is getting tougher every day and the need to show lots of discipline can go a long way in the future generation. As easy as it is to send money nowadays comes at the expense of unnecessary spending. Tech has made this easy and I feel it also can help curb through AI powered robots which may deny us unnecessary access to funds. These procedures being interactive is going to be educational, creating value and a tangible reason for every financial decision.