6 Reasons Why You Should Use an AI Financial Planner

Artificial intelligence (AI) is no longer a thing of the future; it’s here and people are using it in numerous aspects of their lives, including how they plan their finances.

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While it’s always a good idea to exercise caution when using AI, especially when it comes to advice or fact-checking information, and there’s no substitute for the experience of a human financial planner, financial planners at AIs are becoming more and more sophisticated.

Here are 6 reasons why you should use an AI financial planner.

When you can’t afford a financial planner

Every human financial planner charges differently and some will charge an hourly rate, others will have financial planning packages that you can purchase. If you don’t have the money to spend, an AI financial planner is better than no financial advice at all (fees and prices may also vary for AI financial planners).

Be careful to check anything yourself before making any financial moves based on their advice.

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When you have a lot of information to sort through

One of the main strengths of AI is being able to analyze large data sets quickly and efficiently. If you have a lot of financial information to sort through, an AI financial planner may be able to help you faster than a human. This could be anything from trying to figure out your total assets to helping with tax planning and more.

When you want to consider a variety of scenarios

Let’s say you want to think about multiple financial scenarios, such as how to save for multiple goals at the same time, such as retirement, buying a house, and sending your kids to college. Or you might want to look at different retirement savings goals based on whether you started saving at different ages.

You can ask an AI financial planner to consider different options with predictive savings goals and timelines to get an idea of ​​which path might make the most sense for you.

Analyze and predict economic patterns

If you’re an investor, even at the most modest level, trying to figure out how to make changes to your portfolio based on economic factors, AI financial planners can help by analyzing economic trends and data to give you an idea of ​​possible moves to do so may bear fruit.

AI can also be useful in analyzing real estate market trends and data if you are interested in buying or selling a home or property. According to the Chicago Booth Review, large AI language models can even predict market dips.

When you need stock market advice

While AI can’t give you any more insider information than humans can (at least legally), it can analyze known information about various stocks and the companies behind them based on the criteria you’re looking for to help inform decisions. of investment

As always, be very careful to never bet on something the AI ​​recommends and do your own research, but it can be a great way to narrow down your decision making process.

For budgeting advice

If you need budgeting advice, an AI financial planner can easily help you do things like choose a budgeting method that works for you, find expenses to cut, and even point you to any side gigs.

As long as you approach an AI financial planner with a lot of caution and never make a drastic move without checking that it’s not risky, this can be a great option for people who need help with quick and easy financial planning. low cost

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