WEBVTT - How to Upgrade Your Finances with A.I. 0:00:03.120 --> 0:00:04.480 Hello Sunshine. 0:00:04.720 --> 0:00:07.600 Hey fam Today, on the bright side, your financial planning 0:00:07.840 --> 0:00:10.680 just got an upgrade. Okay, Sis, we're talking AI and 0:00:10.720 --> 0:00:14.640 the groundbreaking new ways you can utilize technology for financial planning, 0:00:15.120 --> 0:00:17.759 get yourself out of debt, plan for that dream vacation, 0:00:18.040 --> 0:00:20.759 and learn the surprising ways that we can lean on 0:00:20.800 --> 0:00:25.000 AI for budgeting. It's Wednesday, January twenty ninth. I'm Simone Boyce. 0:00:25.560 --> 0:00:28.200 I'm Danielle Robe and this is the bright side from 0:00:28.280 --> 0:00:30.720 Hello Sunshine. 0:00:32.120 --> 0:00:35.280 Okay, Danielle. It feels like AI is one of those 0:00:35.320 --> 0:00:38.879 things that we just cannot escape right now. It's ever present, 0:00:39.159 --> 0:00:43.240 It's in our Google searches, it's popping up in Instagram features. 0:00:43.960 --> 0:00:46.280 And today we're talking about how we can use AI 0:00:46.320 --> 0:00:48.480 for financial planning, which I think is pretty cool. 0:00:48.840 --> 0:00:50.720 Simone, I'm so obsessed. 0:00:50.760 --> 0:00:53.720 I can't stop thinking about what AI is going to 0:00:53.840 --> 0:00:57.360 change in our world, and we're already experiencing some of it. 0:00:57.520 --> 0:01:00.880 As you said, in terms of financial planning, people are 0:01:01.000 --> 0:01:03.880 really utilizing this as a tool. According to a study 0:01:03.920 --> 0:01:08.040 by Experience, nearly half of consumers said that they have 0:01:08.240 --> 0:01:11.800 or are considering using AI for financial management help, and 0:01:11.959 --> 0:01:14.640 ninety six percent of people who used it said they 0:01:14.680 --> 0:01:16.760 had a positive experience. 0:01:17.680 --> 0:01:19.960 I'm into this. Is this something you would ever use? 0:01:20.360 --> 0:01:25.119 Yeah? Absolutely. I think the future for AI and financial 0:01:25.160 --> 0:01:28.200 planning is very bright. Like I do see a future 0:01:28.240 --> 0:01:33.440 in which AI replaces brokers, which obviously that is there 0:01:33.480 --> 0:01:36.479 is an unfortunate downside to that. We're losing you know, 0:01:36.760 --> 0:01:40.760 human labor. But I don't know. Is AI going to 0:01:40.840 --> 0:01:44.440 become smarter than the market one day? I mean, imagine 0:01:44.760 --> 0:01:47.440 how that's going to upend the power dynamic in this world? 0:01:47.840 --> 0:01:50.080 And can you trust it? I feel like we're going 0:01:50.160 --> 0:01:52.800 to get into all that today, but I'm open. 0:01:53.160 --> 0:01:55.040 I feel the same way about AI as they do 0:01:55.120 --> 0:01:57.279 about space, like I'm scared of it, but I'm open. 0:01:57.760 --> 0:01:59.720 I think that's such a great sentiment because when I 0:01:59.760 --> 0:02:03.280 think back in history about all of the times that 0:02:03.400 --> 0:02:08.320 have been these like monumental shifts in technology, the first 0:02:08.560 --> 0:02:11.919 reaction is to fear it. Like everybody felt that way 0:02:11.919 --> 0:02:16.280 about TV, about radio, about microwaves, And here we are 0:02:16.520 --> 0:02:19.480 utilizing all that stuff smartphones even right. 0:02:19.639 --> 0:02:21.600 AI is just the next frontier. 0:02:21.960 --> 0:02:25.120 Right and we've all seen the research on how early 0:02:25.160 --> 0:02:28.400 adopters wind up becoming much more successful. You know, the 0:02:28.440 --> 0:02:31.560 people who remain open and are willing to learn the 0:02:31.600 --> 0:02:35.920 new technology. There are just numerous benefits, that's for sure. 0:02:36.000 --> 0:02:38.639 We have to remain open. Well, we're going to get 0:02:38.639 --> 0:02:41.160 into so much of this today. Joining us to break 0:02:41.160 --> 0:02:44.840 it all down is Melissa Jean Baptiste. She's the founder 0:02:44.880 --> 0:02:47.880 of the financial literacy blog Millennial in Debt and the 0:02:47.880 --> 0:02:50.640 author of the personal Finance book So this is why 0:02:50.720 --> 0:02:51.120 I'm Broke. 0:02:51.480 --> 0:02:52.359 I love that title. 0:02:52.760 --> 0:02:56.080 She teaches millennials and gen z how to increase their income, 0:02:56.280 --> 0:03:01.320 how to build generational wealth, how to gain financial and 0:03:01.400 --> 0:03:04.800 what I really appreciate is that she's talking about this 0:03:04.919 --> 0:03:06.560 from a personal place. 0:03:06.919 --> 0:03:08.160 She has experience in this. 0:03:08.720 --> 0:03:10.840 Well, yeah, I mean I was fascinated to learn that 0:03:11.120 --> 0:03:14.120 a few years ago Melissa paid off one hundred and 0:03:14.120 --> 0:03:17.360 two thousand dollars in student loan debt and purchased her 0:03:17.400 --> 0:03:21.720 first home within thirty days of that milestone. She was 0:03:21.720 --> 0:03:25.080 actually a teacher at the time and started selling her 0:03:25.160 --> 0:03:27.960 lesson plans on the side as a side hustle, and 0:03:28.000 --> 0:03:32.440 then that extra income facilitated all of her other financial goals. 0:03:32.480 --> 0:03:34.240 Like that story is just mind blowing to me. 0:03:34.680 --> 0:03:35.360 It really is. 0:03:35.640 --> 0:03:38.840 Well, without further ado, we're excited to welcome the self 0:03:38.840 --> 0:03:43.760 proclaimed Beyonce of personal finance, Melissa Jean Baptiste. She's here 0:03:43.760 --> 0:03:47.760 to help us with our bills. Bills, bills, Melissa, welcome 0:03:47.760 --> 0:03:48.640 to the bright Side. 0:03:48.760 --> 0:03:50.920 Thank you, Dane. That was a fantastic intro. 0:03:51.080 --> 0:03:54.000 I love, I love the little nods of Beyonce Disney's child. 0:03:54.160 --> 0:03:55.520 We had to we couldn't resist. 0:03:57.040 --> 0:03:58.880 We have to start by asking you about your journey 0:03:58.960 --> 0:04:01.680 because you heard it out like so many Americans in 0:04:01.720 --> 0:04:04.960 debt from student loans. But we mentioned that you actually 0:04:05.000 --> 0:04:07.760 paid off over one hundred thousand dollars in student loans 0:04:07.800 --> 0:04:10.440 and bought a house all on a teacher's salary, which 0:04:10.480 --> 0:04:13.400 is just mind blowing. How did you make that happen? 0:04:13.800 --> 0:04:18.880 Don't tell me coupons, Melissa, No, I can't handle that. 0:04:19.040 --> 0:04:22.279 And don't tell me you skipped on seven dollars lattes. No. 0:04:22.640 --> 0:04:24.680 I did skip out on a lot of things, but 0:04:24.920 --> 0:04:26.920 it wasn't that that helped me reach the end goal, 0:04:26.960 --> 0:04:29.120 which I think is a lot of the miscommunication and 0:04:29.200 --> 0:04:31.839 the finance. We're all like, yeah, just don't buy coffee 0:04:31.880 --> 0:04:33.479 and you could buy a million dollar house. 0:04:33.560 --> 0:04:35.320 That's that's not true. 0:04:35.720 --> 0:04:38.400 So it took a lot of discipline and also a 0:04:38.440 --> 0:04:40.479 lot of really sitting down with myself. 0:04:40.800 --> 0:04:42.039 And what even led. 0:04:41.880 --> 0:04:44.640 Me to start this during and paying down my debt 0:04:44.680 --> 0:04:46.000 is I tried to buy a house. 0:04:46.400 --> 0:04:47.240 I live in New York. 0:04:47.520 --> 0:04:49.320 I tried to buy a house at twenty five years old. 0:04:49.360 --> 0:04:52.920 I had no savings account. I didn't know anything about 0:04:52.960 --> 0:04:56.279 anything regarding money. And the real estate agent was just like, 0:04:57.320 --> 0:05:01.240 maybe you need to call your loan provider because there's 0:05:01.279 --> 0:05:02.680 nothing we could do for you here, Like, you're just 0:05:02.720 --> 0:05:04.840 not going to get approved for a mortgage that's big 0:05:04.920 --> 0:05:08.120 enough to buy anything besides like a Barbie house in 0:05:08.200 --> 0:05:11.040 New York. And so when I called my loan provider, 0:05:11.400 --> 0:05:14.520 they were just like, oh, you owe eighty thousand, and 0:05:14.839 --> 0:05:15.919 that was strange because. 0:05:15.760 --> 0:05:16.840 I had only board fifty. 0:05:16.960 --> 0:05:19.760 And that's when they really started explaining, you're on an 0:05:19.800 --> 0:05:23.359 interest only payment plan. You you know, even paying these payments, 0:05:23.440 --> 0:05:25.880 but it hasn't been going to the principle. And I'm 0:05:25.920 --> 0:05:27.560 just like, I don't I don't know any of these 0:05:27.640 --> 0:05:29.560 terms mean. I just you sent me a bill. I 0:05:29.640 --> 0:05:31.960 paid the bill, Like what are we talking about? And 0:05:32.040 --> 0:05:35.400 so that moment, that conversation is really what made me 0:05:35.480 --> 0:05:39.240 sit down and look at my numbers calculate my net worth, 0:05:39.279 --> 0:05:44.000 which was in the negatives. And in that moment, I 0:05:44.040 --> 0:05:47.000 looked at all of my spending. I looked at my budget, 0:05:47.040 --> 0:05:50.560 which was terrible. I looked at my debt, I looked 0:05:50.560 --> 0:05:52.559 at my income, and I came up with a plan 0:05:52.720 --> 0:05:55.800 where I would essentially side hustle and figure out how 0:05:55.880 --> 0:05:58.920 much I needed to make every single year to pay 0:05:59.000 --> 0:06:02.240 down this principle, pay down this amount that my monthly 0:06:02.279 --> 0:06:04.560 payment was just not doing. And so I ended up 0:06:04.560 --> 0:06:07.880 selling my lesson plans in unit plans and making an 0:06:07.880 --> 0:06:10.040 additional ten thousand dollars a year that I would put 0:06:10.080 --> 0:06:11.240 towards my student loans. 0:06:11.520 --> 0:06:15.000 I'm really curious about, like how you sold the lesson plans. 0:06:15.200 --> 0:06:18.320 Yeah, So initially I started off, like I said, doing 0:06:18.400 --> 0:06:20.040 any side hustle that would make me a little bit 0:06:20.040 --> 0:06:22.440 of extra money. I was walking dogs, I was tutoring, 0:06:22.720 --> 0:06:25.720 and I'm like, listen, I'm already spending forty fifty hours 0:06:25.760 --> 0:06:28.480 making lesson plans and unit plans. And I started doing 0:06:28.520 --> 0:06:31.960 some research. And there's this platform called Teachers Pay Teachers, 0:06:32.440 --> 0:06:36.360 where it's literally built for educators to sell really great 0:06:36.360 --> 0:06:38.840 things that they've created and you can purchase from other 0:06:39.000 --> 0:06:42.839 educators who've actually taught and used these materials themselves. 0:06:42.880 --> 0:06:44.800 So that's how I ended up there. 0:06:46.600 --> 0:06:49.360 Melissa, what were some of the mistakes that you were 0:06:49.440 --> 0:06:53.640 making before you were getting your finances on track? 0:06:54.440 --> 0:06:57.960 So I really was a mind that if I pay 0:06:58.000 --> 0:06:59.799 all my bills, or if I can pay all my bills, 0:06:59.800 --> 0:07:01.320 that I know how to operate money. 0:07:01.360 --> 0:07:02.120 So I wasn't. 0:07:01.920 --> 0:07:05.520 Saving, I wasn't budgeting, I wasn't planning, and I would 0:07:05.520 --> 0:07:07.520 literally be like, Okay, I have this money, I'm going 0:07:07.600 --> 0:07:07.960 to spend it. 0:07:07.960 --> 0:07:09.320 I'm getting another paycheck. 0:07:09.000 --> 0:07:12.120 In two weeks, without ever really thinking like, hey, maybe 0:07:12.160 --> 0:07:14.680 you can invest this money, or maybe you could put 0:07:14.680 --> 0:07:17.320 it towards saving. You want to travel, but you don't 0:07:17.320 --> 0:07:19.880 want to take on more debt. Maybe create a sinking 0:07:19.960 --> 0:07:23.080 fund for you to travel in the next six months 0:07:23.160 --> 0:07:25.600 or the next year. I was literally getting a paycheck 0:07:25.960 --> 0:07:29.440 and spending it on anything and everything, just because like, oh, yeah, 0:07:29.440 --> 0:07:32.520 I paid my bills. And it wasn't until besides that 0:07:32.520 --> 0:07:35.480 that conversation with the real estate agent. I overdrafted my 0:07:35.800 --> 0:07:38.000 account for a pair of coach speakers. 0:07:38.520 --> 0:07:40.280 And I was just like, oh, girl, you. 0:07:41.480 --> 0:07:43.160 Maybe you need a plan if you're going to be 0:07:43.160 --> 0:07:44.640 I're embarrassing yourself like this. 0:07:44.840 --> 0:07:48.560 So I was just a big spender, very big consumer. 0:07:48.800 --> 0:07:50.040 It's not embarrassing. 0:07:50.120 --> 0:07:53.080 It's really like if you don't grow up learning this stuff, 0:07:53.080 --> 0:07:57.040 it's really hard to find digestible information later on. 0:07:57.080 --> 0:07:58.800 It that's confusing. 0:07:59.520 --> 0:08:03.040 I had not a similar experience to you, but a 0:08:03.040 --> 0:08:06.400 different experience where I realized, like I got to get 0:08:06.400 --> 0:08:07.240 my shit together. 0:08:09.000 --> 0:08:11.680 We all have that moment, Yes, I think. 0:08:11.760 --> 0:08:15.720 So I know that you also use chat GPT to 0:08:15.920 --> 0:08:18.440 facilitate your side hustles. How do you do that? 0:08:19.400 --> 0:08:20.880 So you can do one of two ways. 0:08:21.040 --> 0:08:23.080 One you could do the quiz route, where you can 0:08:23.120 --> 0:08:25.600 say chat GBT create a side hustle quiz that will 0:08:25.600 --> 0:08:28.840 help me figure out what my skill sets are or 0:08:28.880 --> 0:08:31.160 what I might be interested in. But if you already 0:08:31.240 --> 0:08:33.200 know the skills that you're really good at, like for myself, 0:08:33.200 --> 0:08:35.640 I was an educator, so I might type in give 0:08:35.679 --> 0:08:38.360 me side hustles that are really great for people in education, 0:08:38.600 --> 0:08:40.120 and then you know, it gives me a list. 0:08:40.360 --> 0:08:41.920 Or I can say, give me side hustles that I 0:08:41.960 --> 0:08:42.280 can do. 0:08:42.360 --> 0:08:46.520 Remote remotely for experience with education, and it'll give me 0:08:46.600 --> 0:08:49.760 different options. So whatever your skill set is that is 0:08:49.800 --> 0:08:52.199 where you want to lean into for side hustling, because 0:08:52.240 --> 0:08:54.200 a lot of times online you'll hear just like. 0:08:54.440 --> 0:08:56.600 You could do Uber eats and all of that is like, well, 0:08:56.600 --> 0:08:57.440 maybe I don't want to. 0:08:57.440 --> 0:08:59.920 Go outside, right, so maybe I want some side hustles 0:09:00.120 --> 0:09:03.000 I could do inside. But I don't know they even exist, 0:09:03.040 --> 0:09:05.000 Like a lot of people don't even know that they 0:09:05.040 --> 0:09:07.760 can sell their lesson plans and unit plans and adding 0:09:07.760 --> 0:09:11.560 that into AI and really getting specific into what you do, well, that. 0:09:11.520 --> 0:09:12.960 Is going to give you options that you might not 0:09:12.960 --> 0:09:13.800 have even known about. 0:09:15.600 --> 0:09:17.240 We've got to take a quick break, but we'll be 0:09:17.320 --> 0:09:20.240 right back to our conversation with Melissa Jean Baptiste, So 0:09:20.280 --> 0:09:35.360 stay with us and we're back. So I'm skeptical, Melissa, 0:09:35.400 --> 0:09:39.760 I gotta be honest because because I have not been 0:09:39.880 --> 0:09:44.480 privy to AI platforms that I would feel comfortable in 0:09:44.520 --> 0:09:48.880 trusting with my financial situation or even with my investing decisions. 0:09:50.040 --> 0:09:53.599 But I know that we're there already and these resources 0:09:53.640 --> 0:09:56.120 are only going to become more available to us in 0:09:56.200 --> 0:09:58.480 the near future. So what are some of the ways 0:09:58.520 --> 0:10:01.560 that you would suggest use AI to get a better 0:10:01.600 --> 0:10:02.760 handle on our finances? 0:10:03.520 --> 0:10:07.040 Yes, I completely understand I was there, But I think 0:10:07.160 --> 0:10:09.960 at no matter whichever you know space you are with AI, 0:10:10.040 --> 0:10:11.480 whether you really trust it and you love it and 0:10:11.520 --> 0:10:12.959 you want to figure out how to navigate, or you're 0:10:13.000 --> 0:10:15.360 just trying to like maybe dip your toe in and see, 0:10:15.559 --> 0:10:18.000 like I don't know yet. There are tools in so 0:10:18.120 --> 0:10:20.559 many different ways for you to kind of figure out 0:10:20.559 --> 0:10:22.800 a financial plan on whatever goal it is that you're 0:10:22.840 --> 0:10:26.000 trying to achieve. So, for example, if we're using CHADGBT, 0:10:26.120 --> 0:10:28.520 which is the one that we all know. If we're 0:10:28.600 --> 0:10:31.640 using CHADGBT, you can use it to ask questions about 0:10:31.640 --> 0:10:34.120 things that you might not understand. So you can use 0:10:34.160 --> 0:10:36.800 it strictly as for definitions, right, I can ask and 0:10:36.840 --> 0:10:40.720 say like, oh, I really want to understand these five 0:10:40.840 --> 0:10:43.000 investing terms. Can you break this down like if you 0:10:43.000 --> 0:10:45.480 were talking to a tenth grader, break this down if 0:10:45.520 --> 0:10:47.360 you were talking to a twenty five year old, And 0:10:47.400 --> 0:10:50.560 if there are things that the output comes out you're like, 0:10:50.800 --> 0:10:51.720 I still don't understand. 0:10:51.760 --> 0:10:53.520 You could absolutely use it as a learning tool. 0:10:54.640 --> 0:10:57.680 So I'll give you a hypothetical like, yeah, top of 0:10:57.679 --> 0:11:00.240 this here, one of my goals is to god a 0:11:00.240 --> 0:11:03.200 really comprehensive budget together so that my husband and I 0:11:03.240 --> 0:11:07.320 can just get a handle on our spending. Where would 0:11:07.360 --> 0:11:10.199 you recommend I go to create a budget? Is there 0:11:10.200 --> 0:11:11.760 an AI option out there for me? 0:11:12.640 --> 0:11:14.640 There are a couple of different tools, so come. Filent 0:11:14.720 --> 0:11:16.920 money and monarch money are really great as like little 0:11:16.920 --> 0:11:20.720 assistant tools. You do typically have to connect your accounts 0:11:20.720 --> 0:11:23.360 and if you're like not, you know, comfortable connecting the accounts, 0:11:23.400 --> 0:11:25.600 you can input and estimate. The only thing is with like, 0:11:25.720 --> 0:11:28.320 we estimate a lot when it comes to finances, so 0:11:28.400 --> 0:11:30.160 you want to try to get as close as possible 0:11:30.200 --> 0:11:33.480 to your accurate numbers and then create that like, hey, 0:11:33.559 --> 0:11:36.240 you know I bring in five thousand dollars a month, 0:11:36.360 --> 0:11:38.400 I want to save five hundred dollars. 0:11:38.480 --> 0:11:41.400 These are my expenses, these are my goals. What do 0:11:41.480 --> 0:11:42.000 I need to do? 0:11:42.080 --> 0:11:44.600 And it'll create this plan and create this budget for you. 0:11:44.920 --> 0:11:47.520 And then as you're navigating the month, so as you're spending, 0:11:47.600 --> 0:11:49.240 as you're doing all that, it'll tell you like, hey, 0:11:49.720 --> 0:11:52.520 you're eighty percent to your grocery budget. You might not 0:11:52.640 --> 0:11:55.440 want to spend another two hundred dollars at target. You 0:11:55.520 --> 0:11:57.559 might want to reel it in this week. If we 0:11:57.600 --> 0:11:59.440 want to stay on target. So that's what I really 0:11:59.480 --> 0:12:01.280 like is that it gives you the plan and it 0:12:01.280 --> 0:12:03.480 also gives you the reminders like, oh, you're you're. 0:12:03.320 --> 0:12:06.240 Not following the plan, so let's let's change it up here. 0:12:06.840 --> 0:12:10.040 And then when it comes to investing, are you looking 0:12:10.080 --> 0:12:14.319 to AI for suggestions as to how to invest so. 0:12:14.400 --> 0:12:17.440 That you want to be really careful. 0:12:17.480 --> 0:12:20.839 I do love using AI to learn more about investing, 0:12:21.360 --> 0:12:24.160 and you can use AI to learn about historical performances, 0:12:24.320 --> 0:12:27.360 but I wouldn't necessarily not at this juncture, just because 0:12:27.360 --> 0:12:29.920 the stock market can change so quickly and so many 0:12:29.960 --> 0:12:32.839 things that's really hard to suggest like, yeah, you should 0:12:32.840 --> 0:12:34.360 do this because it'll definitely happen. 0:12:34.440 --> 0:12:36.480 We don't know them. Even AI doesn't know that. 0:12:36.720 --> 0:12:39.040 But if you want to look at historical performances or 0:12:39.160 --> 0:12:41.400 understand like how the stock market works as a whole, 0:12:41.720 --> 0:12:44.920 I would absolutely suggest using AI just to get that knowledge, 0:12:45.240 --> 0:12:48.440 but also double checking. I always saying like, Okay, I 0:12:48.440 --> 0:12:51.080 got this information on Chad GBT, let me go to 0:12:51.120 --> 0:12:52.880 Google and see some other Let me look at you know, 0:12:52.960 --> 0:12:55.160 Yahoo finance, or let me look at business insider to 0:12:55.240 --> 0:12:58.280 make sure that that information is accurate before I go 0:12:58.320 --> 0:12:59.920 and dive in and start doing things. I always want 0:12:59.960 --> 0:13:03.119 to double check, especially when it comes to money. 0:13:03.960 --> 0:13:06.760 Do you see AI as a replacement for a financial 0:13:06.800 --> 0:13:09.280 advisor or do you see it more as a support tool? 0:13:09.559 --> 0:13:10.040 Definitely not. 0:13:10.600 --> 0:13:14.440 So to become a financial advisor is extremely difficult. And 0:13:14.480 --> 0:13:18.400 I respect financial advisors and tax advisors because they have 0:13:18.480 --> 0:13:20.800 to go through so much training and they have to 0:13:20.840 --> 0:13:22.960 know exactly what they should say and what they shouldn't 0:13:22.960 --> 0:13:26.400 say because they take a percentage they do, and that's 0:13:26.440 --> 0:13:28.880 you also have to find a really good one. But 0:13:29.040 --> 0:13:32.800 you know, want to make sure that you are doing 0:13:32.800 --> 0:13:35.760 a thing that's best for your future self. So I 0:13:35.840 --> 0:13:38.640 still would always suggest, yes, use AI, and yes you 0:13:38.640 --> 0:13:40.480 can look at the outputs, but I would still go 0:13:40.520 --> 0:13:42.280 bring into a financial advisor and see, like, you know, 0:13:42.320 --> 0:13:45.079 are these suggestions really the best thing that twenty years 0:13:45.120 --> 0:13:46.720 in the future is going to be worth it for 0:13:46.760 --> 0:13:47.600 me in my retirement. 0:13:47.880 --> 0:13:49.679 Is there a way to fact check AI? 0:13:49.840 --> 0:13:54.040 Because like I've been using chat GPT a ton, but 0:13:54.160 --> 0:13:59.359 I saw this study actually that they took forty entrepreneurs 0:13:59.360 --> 0:14:02.560 out of Kenya and they were all using AI for 0:14:02.600 --> 0:14:05.160 a month. The people that knew how to use AI 0:14:05.280 --> 0:14:09.880 well increased their revenue by forty percent. The people who 0:14:09.920 --> 0:14:12.600 didn't know how to decipher what was good information versus 0:14:12.600 --> 0:14:14.200 what was bad and they just kind of went with 0:14:14.240 --> 0:14:19.280 it went down twenty percent, Like you really, and I 0:14:19.320 --> 0:14:21.800 don't know if we have enough self awareness nowadays to 0:14:21.960 --> 0:14:25.000 know if we're deciphering well or not right. 0:14:25.120 --> 0:14:28.000 That's that is a really As a former teacher, I'm like, 0:14:28.160 --> 0:14:32.760 it's so important to understand fucked opinion and just pure fiction. 0:14:33.720 --> 0:14:35.800 So I do think you need to fact check and 0:14:35.840 --> 0:14:38.480 that could be as simple as doing a quick Google 0:14:38.520 --> 0:14:42.080 search minus AI so you can see like the human information. 0:14:42.520 --> 0:14:46.200 But I'm also really good on reading books, looking for people, 0:14:46.280 --> 0:14:49.680 financial advisors, looking for other financial influencers online, just to 0:14:49.720 --> 0:14:51.480 ask the question and see is it coming up with 0:14:51.560 --> 0:14:52.320 similar answers. 0:14:52.400 --> 0:14:54.080 I know AI is. 0:14:53.960 --> 0:14:56.160 Definitely like you know, I want it quick. I want 0:14:56.160 --> 0:14:57.960 to quick, so yeah, I'm getting this quick output, but 0:14:57.960 --> 0:14:59.400 I also want to make sure I'm not going to 0:14:59.480 --> 0:15:02.480 lose like million dollars in the future. So I highly 0:15:02.520 --> 0:15:06.160 suggest asking the questions and looking up in multiple spaces 0:15:06.480 --> 0:15:08.520 to see what results you're getting and see if they're 0:15:08.560 --> 0:15:09.360 actually accurate. 0:15:09.760 --> 0:15:12.320 Are there any red flags? Like is there information you 0:15:12.320 --> 0:15:14.280 should not be sharing with AI. 0:15:14.560 --> 0:15:16.600 I would just say, if you feel that you are 0:15:16.640 --> 0:15:19.320 not comfortable, and that's just with everything online, not comfortable 0:15:19.320 --> 0:15:22.880 connecting your accounts, use it more for research, Like I 0:15:23.120 --> 0:15:26.160 wanted to tell me, you know a compound interest calculator. 0:15:26.280 --> 0:15:28.160 I am huge with that on AI. 0:15:28.200 --> 0:15:30.520 Because I'm like, math is math, right, so you're you 0:15:30.560 --> 0:15:32.800 can't really go too far off with math. So there 0:15:32.800 --> 0:15:34.080 are a lot of times where I'll say, Okay, if 0:15:34.080 --> 0:15:37.080 I invest one hundred dollars for the next ten years, 0:15:37.280 --> 0:15:40.600 how much fold does equate to if compounded by seven percent, 0:15:40.640 --> 0:15:42.600 if compounded by eight percent, and so it will give 0:15:42.640 --> 0:15:44.560 me that output, and I'll be able to say, Okay, 0:15:44.560 --> 0:15:47.600 maybe I'll invest two fifty three fifty, but I'm not 0:15:47.680 --> 0:15:49.680 necessarily like connecting. 0:15:49.160 --> 0:15:51.120 My four to one K to chat GBT. 0:15:51.200 --> 0:15:52.800 So if you don't want to connect your accounts, just 0:15:52.880 --> 0:15:55.720 using it for research or math purposes is the safest 0:15:55.760 --> 0:15:58.320 way and the most like, the most impactful way to 0:15:58.360 --> 0:15:59.960 help you really navigate your findance. 0:16:01.640 --> 0:16:03.800 We have to take another short break. We'll be right 0:16:03.840 --> 0:16:13.720 back with Melissa Jean Baptiste. And we're back with Melissa 0:16:13.840 --> 0:16:17.960 Jean Baptiste. Okay, I want to get practical for a minute, 0:16:18.040 --> 0:16:21.400 Can I ask you some nuts and bolts things? Yeah, 0:16:21.640 --> 0:16:24.360 can you use AI to boost your credit score? Are 0:16:24.360 --> 0:16:25.440 there any tools for that? 0:16:25.720 --> 0:16:29.120 So there are not any ways where you can go 0:16:29.200 --> 0:16:31.400 to an AI tool and it will fix your credit Like, 0:16:31.560 --> 0:16:34.240 that's just not going to happen. Our credit has five 0:16:34.400 --> 0:16:36.680 things that it's you know that are going into it. 0:16:36.720 --> 0:16:39.560 And the two major aspects of sixty five percent of 0:16:39.600 --> 0:16:42.280 what makes up your credit score is on time payments 0:16:42.320 --> 0:16:44.960 and your credit utilization. So how much of your credit 0:16:45.000 --> 0:16:47.080 limit are you using and how often are you paying 0:16:47.120 --> 0:16:49.640 on time? And those are just two things that AI 0:16:49.760 --> 0:16:52.400 cannot do. You can set up a reminder and a 0:16:52.720 --> 0:16:54.640 like on an AI tool to say, hey, pay your 0:16:54.680 --> 0:16:58.080 bill on time, but there's nothing that an AI tool 0:16:58.160 --> 0:17:00.720 can do that will boost your credit score like that. 0:17:00.880 --> 0:17:06.040 So just just don't do not say, somebody has ten 0:17:06.080 --> 0:17:09.880 thousand dollars of credit card debt. Is there a way 0:17:09.920 --> 0:17:12.520 to utilize AI to get a plan in place to 0:17:12.560 --> 0:17:13.280 pay it all off? 0:17:13.560 --> 0:17:16.119 Absolutely, and that is one of the best ways and 0:17:16.200 --> 0:17:19.120 best tools to do so. So putting in all your 0:17:19.119 --> 0:17:20.920 information because a lot of times we're like, yeah, I 0:17:20.920 --> 0:17:22.000 have ten thousand dollars in debt. 0:17:22.080 --> 0:17:24.359 I'm like, well, what's your interest rate? And we don't know. 0:17:24.560 --> 0:17:27.000 They're like, well, what's your your monthly payment? We don't know, 0:17:27.040 --> 0:17:28.479 what's your payoff date? We don't know. 0:17:28.680 --> 0:17:31.000 So when you use an AI tool like chat GBT, 0:17:31.160 --> 0:17:33.080 you implement all those pieces of information. 0:17:33.119 --> 0:17:34.520 You're not putting your account number or. 0:17:34.480 --> 0:17:37.080 Anything, but you can say I have ten thousand dollars 0:17:37.080 --> 0:17:41.040 in credit card debt with a seven percent seven percent 0:17:41.080 --> 0:17:41.680 of dream, with. 0:17:41.680 --> 0:17:43.560 A seventeen percent interest. 0:17:43.320 --> 0:17:45.840 Rate, and a minimum monthly payment of. 0:17:45.760 --> 0:17:46.919 Forty five dollars? 0:17:47.240 --> 0:17:49.080 How long will it take for me to pay off 0:17:49.119 --> 0:17:51.320 with this plan? And then it'll tell you like, okay, 0:17:51.359 --> 0:17:53.360 if you pay the forty five dollars, you're gonna pay 0:17:53.359 --> 0:17:55.560 it off in like twenty years. And then you can 0:17:55.640 --> 0:17:58.000 ask it to say okay, and what if I want 0:17:58.040 --> 0:17:59.639 to pay this off in the next three years, what 0:17:59.760 --> 0:18:01.600 month payments do I need to make? And it will 0:18:01.640 --> 0:18:04.399 tell you you need to increase your payments by this amount, 0:18:04.680 --> 0:18:06.879 and then you can start working with your budget like okay, well, 0:18:06.920 --> 0:18:09.600 if I need to make an extra four hundred dollars 0:18:09.600 --> 0:18:11.800 to pay off this credit card, what are some side 0:18:11.840 --> 0:18:13.840 hustles that I could do to help supplement my income. 0:18:13.920 --> 0:18:16.280 So there you just do all these follow up questions 0:18:16.560 --> 0:18:18.800 to help you set up this plan for your budget 0:18:18.880 --> 0:18:20.679 to pay off this debt in a timely manner. 0:18:21.119 --> 0:18:23.280 So it sounds like you can like list out all 0:18:23.280 --> 0:18:25.560 the questions that you would really ask a financial planner 0:18:25.680 --> 0:18:28.920 or a friend, like just things you're curious about. 0:18:28.600 --> 0:18:32.200 Yes, as long as they're like historical research or BATH related. 0:18:32.240 --> 0:18:35.720 So again, I wouldn't say, like, hey, what what is 0:18:35.760 --> 0:18:37.720 the stock market going to do in ten years, because 0:18:37.720 --> 0:18:39.120 a lot of people will ask that because it's kind 0:18:39.119 --> 0:18:41.840 of cool to see what the AI output might be 0:18:42.040 --> 0:18:45.080