You are in the midst of a revolution!
Occurring right before your very eyes is one of the most impactful technological advancements any of us will experience in our lifetimes. You won’t always see it happening, but it has already begun to infiltrate your life. It’s growing and cannot be stopped. It’s insidious, and it’s smart!
Artificial Intelligence (AI) is set to transform the world and how you live. It will impact everything, including how you work, receive healthcare, invest, and deal with life’s challenges.
What is AI?
What is Artificial Intelligence? Just as the name implies, it’s a computer or machine which can learn to perform much like a human. The software or “algorithms” are trained to gather and analyze vast amounts of data and then learn from identifying patterns and relationships.
This is very similar to your cognitive learning process, but with one significant difference: the computer can do it much faster and, oftentimes, more accurately.
Consider a medical research doctor set to analyze 8,000 records of patients with a rare autoimmune condition, this would take him months or years.
Today’s AI computers could accomplish the task in hours or even minutes and likely identify patterns and relationships missed by the limitations of the human brain. The researcher gets better results and has more time to modify the AI to dive even deeper into newly established patterns and relationships in the data.
It’s important to recognize that AI is just a tool. While AI can do many tasks better than humans, there are even more that it can’t. AI doesn’t have emotional intelligence, critical thinking skills, or the ability to see many of the nuances of life. In short, it lacks some of the “magic” you have as a genuine human. While you will soon have a self-driving car and a robot lawnmower, AI won’t replace your ability to soothe an upset child.
AI and your wallet
The impact of AI on your wallet and investments will be significant.
Imagine your next financial plan being crafted by a “robo-advisor” providing you with automated investment advice.
AI algorithms will analyze mountains of market data finding patterns and correlations enabling you to make smarter investment decisions. AI budgeting tools will help you manage your wallet on a day-to-day basis, analyzing spending patterns and suggesting ways to save money.
RELATED: Investing in Artificial Intelligence: Is it a Good Idea?
The benefits of AI tools in your personal finances are powerful, leading to cost savings, wiser decisions, and a reduction of human error.
Will AI replace you?
Will you lose your job because of AI? Maybe not at first.
Mundane tasks will be automated first, so jobs like customer service, assembly line workers, bank tellers, fast-food workers, and garbage collectors will likely be the first impacted.
AI is gunning for some white-collar jobs too including college professors, low-level software designers, financial analysts, journalists, and graphic designers (just to name a few).
However, for months many experts have been waving a red flag about AI programs like ChatGPT, citing that it would lead to an increase in misinformation.
Online misinformation “is only going to get worse” as artificial intelligence platforms evolve and spread, billionaire investor Mark Cuban warned on Jon Stewart’s podcast, “The Problem with Jon Stewart.”
Regardless, the impact is likely to be far-reaching, but you can protect yourself by learning new skills and embracing the AI revolution.
Microsoft offered us a hint of what to expect when they recently announced a $10 billion investment into AI while simultaneously laying off 10,000 employees (that’s $1,000,000 invested into AI per each employee laid off).
AI is set to transform the entire economy and offers the possibility of improving lifestyles and standards of living for billions of people around the globe. The impact on your life will depend on a willingness to embrace change and “adjust your sails.”
You can start your journey by taking AI for a test drive. Just go to the OpenAI website and click on “Try ChatGPT” (all you need is an email address).
Thanks for reading and let us know what you think in the comments below.
The opinions, beliefs, and viewpoints expressed in this article do not necessarily reflect the opinions, beliefs, and viewpoints of Red Rock Report. Red Rock Report is not a financial advisor, is not licensed to provide investment advice, and neither provides investment nor financial advice. You should consult with your financial advisor before making any financial decisions or investments.
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