098: The Impact of AI on Your Money and the Global Economy with Jim Rickards

12/13/24 • 43 min

Whether we like it or not, AI and ChatGPT are here, and they’re not going away. Most of us forget that AI has actually been around for years. While there’s plenty of potential and room for progress with AI, there are many concerns about what AI means for our finances, and that’s what we’ll be covering today.

We’re honored to have Jim Rickards on the podcast today. Jim is an economist, Wall Street veteran, former DOD advisor, and bestselling author of The New Great Depression and Currency Wars. We discussed Jim’s newest book, MoneyGPT, the future of AI in financial markets, and its ripple effects on your portfolio.

We explore the pros and cons of AI in the financial world. From hedge funds outsourcing decisions to AI to potential market meltdowns driven by algorithms, Jim lays out what’s at stake—and how you can protect yourself. We also dive into how AI intertwines with national security and why decision-making matters more than ever.

If you’ve ever wondered whether your 401(k) or investment portfolio is ready for the AI-driven future, this episode is for you.

In this podcast interview, you’ll learn:

The impact AI and ChatGPT could have on saving for retirement.
Why Jim believes that a new world of AI isn’t all doom and gloom.
How hedge funds use AI to pick stocks.
Why the lack of human empathy from AI is a valid concern with critical decisions.
Jim’s advice for the new administration on how to protect investors against a run on banks and financial markets.

How Fit Is Your Retirement Plan?

We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com

If you’ve ever wondered whether your 401(k) or investment portfolio is ready for the AI-driven future, this episode is for you.

In this podcast interview, you’ll learn:

The impact AI and ChatGPT could have on saving for retirement.
Why Jim believes that a new world of AI isn’t all doom and gloom.
How hedge funds use AI to pick stocks.
Why the lack of human empathy from AI is a valid concern with critical decisions.
Jim’s advice for the new administration on how to protect investors against a run on banks and financial markets.

How Fit Is Your Retirement Plan?

We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com

Previous Episode

097: Inflation: The Greatest Challenge for a Generation of Retirees with Robert Kiyosaki

Today, I’m talking to Robert Kiyosaki. I read his hugely influential book, Rich Dad Poor Dad, for the first time back in 1998, and his philosophy–that rich people don’t work for money–seems like it’s never been more true than it is now in today’s economy.

In our conversation, we dig into the biggest challenges like inflation and that national debt that is facing retirees today, why Robert has never invested in the stock market, and what he’s learned over the course of his 25+ year friendship with president-elect Donald Trump.

In this podcast interview, you’ll learn:

How inflation is making it so much harder for his generation to retire.
Why Robert built a portfolio focused almost entirely in real estate, precious metals, crypto and other alternative assets.
The issues that are preventing the U.S. from keeping the national debt under control.
Why Robert wouldn’t change much of Rich Dad Poor Dad if he was publishing it today.

How Fit Is Your Retirement Plan?

We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com

Next Episode

099: Housing Market Insights and a Recession & Inflation Reality Check with Danielle DiMartino Booth

As we approach the end of 2024 with a new President-elect, many people wonder what’s in store for the stock market, housing market, and inflation. What’s really happening behind the scenes with the Federal Reserve, inflation, and the economy?

We’re thrilled to have Danielle DiMartino Booth on the podcast to get her insights on these hot topics. Danielle is the CEO and chief Strategist for QI Research, a former Federal Reserve insider, and the author of Fed Up: An Insider’s Take on Why the Federal Reserve is Bad for America.

In this episode, we discussed some of the Fed’s controversial policies, the reality of a potential recession, and her outlook on the housing market, especially with the influx of real estate investors. Danielle shares her unfiltered insights on wage inflation, government layoffs, and how bond yields are a potential signal for trouble ahead. She’ll also explain why she believes we could already be in a recession—and what it means for your investments.

In this podcast interview, you’ll learn:

Why Danielle believes that inflation and recession concerns are far from over.
The purpose of the 2% inflation target and how it’s tied to deflation fears.
What rising bond yields mean for your money.
Danielle’s outlook on the housing market and mortgage financing, especially for investment properties.
Danielle’s views on the bond and stock market for 2025 and beyond.

How Fit Is Your Retirement Plan?

We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com