#123. I, for one, welcome our new AI robot overlords.

03/21/23 • 62 min

What happens after AI replaces labor?
In this episode, Trishul and Aaron imagine what happens when robots and AI put everyone out of a job. What careers could still exist? Does everyone get custom computer-generated content? If wealth inequality continues on an exponential path, what will the median household do? If the costs of everything in life are driven to a de minimis level, do most people even need jobs? If not, how do they spend their time?
Episode References
AI Copywriter
Wealth Inequality in America
Trends in Income and Wealth Inequality
U.S. Wealth Distribution Over Time
(Graph error; total wealth in Trillions, not Billions)
AI reading X-rays
Music AI
Exams Passed by ChatGPT
AI Makes Basic Coding Obsolete
ChatGPT FAQ

Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.

Previous Episode

#122. The robots are here! Seriously, now what!?

Is AI going to replace Aaron and Trishul?
In this episode, Aaron and Trishul discuss the implication of ChatGPT on their (and other) careers. It will likely replace the knowledge they have gained through the CFP program and can answer most client questions directly. Just like a student can outsource a test and a CPA can outsource data entry. The future value may not come from their knowledge but from the ability to help clients who don't know what they don't know. In asking better questions, both about their lives and specific topics, the ability to help guide along the way to make better decisions will be how advisors [and doctors] thrive in the future.
Episode References
AI Copywriter
AI Video
AI Lawyer
AI Blogs
Arthur C Clarke's Quote
ChatGPT on Final Exams
ChatGPT passes Wharton Exam
AI Robot Lawyer
ADA Health AI Tool
ChatGPT will change automation jobs
AI Lawyer in action
AI Podcast
ChatGPT adoption rates

Next Episode

#124. Are my bank desposits safe?

What happens to Silicon Valley Bank customers and will this affect my cash?
What does the failure of Silicon Valley Bank mean? On 3/15/23, Aaron and Trishul answer client questions regarding the news about SVB. They discuss FDIC insurance and how some risk-free instruments are safer than other risk-free instruments. They address how specific regulatory and economic factors affected SVB and how they may or may not apply to other banks and money markets. In the end, SVB may be suffering the consequences of the risks they took on, but customers probably don't need to worry about losing any money.
Episode References
AI Copywriter
SIPC
SVB Weakens Risk
SIVB Stock
SVB Balance Sheet
SVB Relative Size
MaxMyInterest
US Reserve Requirement Ratio
Investopedia: Reserve Requirements
Did WaMu customers lose money?