Using AI for financial advice - my experience

sassman

Hi all, 

I've been using AI for getting mortgage free by May 2027 and it's awesome, with some caveats.

I had some other financial payments which I also included in the question was resulted a large paragraph of sentences.

Three AI models (Claude, ChatGPT, Bing) suggested a schedule of mortgage overpayments which hadn't occurred to me.

Of course, I don't trust anyone with my money, let alone an AI.

I tested the suggested payment schedule which was just a couple of columns of dates and amounts in Excel plus income/expenditure data pasted in from another Excel file I use.

I even sent this spreadsheet to a trusted friend who confirmed it.
She's a financial advisor that's leaving the industry due to AI and retraining as an AI developer (on my advice). She's good a maths and AI Modelling is 95% maths.

Long story short, the AI was right, and I've implemented the changes! 

Yes, there's tons of hype around AI but there is lots of practical good using it.

Some family and friends have asked me about AI but are too nervous to use it.

• Try ChatGPT, Claude, Bing and other free services around. Don't focus on one service.
• Get used to using it - use it as often as you can.
• Include it as tool that can help make decisions, in my case, pay off my mortgage.
• Confirm facts and figures yourself, and separately.
• A lot depends on the quality of your question. Rephrasing a question may result in an excellent answer or a crap answer.
• Ask it work out interest payments, questions about savings, debts etc. The answers may not work but it will get you started.
  
• My best advice is to avoid google search like terms and be more natural but that's based on my experience.

We use AI at home with all our documents, bills, LPAs', wills etc.

I did a one-off task of scanning all historical paperwork and downloading all electronic docs to the same folder on the same PC. A single AI read it all in seconds, the result being we can chat/type to the AI about our stuff.

As a test, I typed "Summarise my energy usage".

It's summarised the bills for this this year and the last four years and spotted an increase of electricity usage in December 2020 - a "plateau" it called it.

The next question typed was "what did buy that uses electricity in December 2020" and it suggested the culprit which was my 1000W power hungry PC.

Even my non-tech wife likes it and uses it.

Search for "chat with your documents" on youtube if you want more info.