Ep. 42 How to Use AI as Your Free Financial Advisor (3 Moves Wealthy People Already Make)

Most people don't talk about their debt — not with their partner, not with their friends. But what if you could talk to someone who knows finances inside and out, doesn't judge you, and is completely free?

In this episode, Jim kicks off a three-part AI mini-series with a foundational walkthrough of how to use tools like ChatGPT, Claude, and Gemini to close the financial knowledge gap wealthy people have always paid advisors to fill.

What you'll learn:

• The simple shift from using AI like a Google search to using it like a financial thought partner.
• How to plug your budget and bank transactions into AI to spot spending gaps you're missing.
• How AI can explain debt payoff strategies like the snowball and avalanche methods in plain language.
• How to use AI to research and prepare before any money conversation, including negotiation.
• How to use AI as a decision-making partner before major purchases.

Jim shares a personal story about using AI to negotiate a discount on a real medical bill. Including how the tool actually built a script for him, and what it secured.

📲 Take the FREE 2-minute Financial Pulse Check to find out where you stand: netwealthnest.com/pulse

New episodes every Monday. Subscribe wherever you listen.

Net Wealth Nest, LLC and the Net Wealth Nest Podcast are educational platforms committed to empowering individuals on their financial journey. We do not provide financial, tax, or investment advice. All financial decisions should be made in consultation with a qualified professional who understands your unique circumstances.

#NetWealthNest #PersonalFinance #AIForFinance #ChatGPTForMoney #FinancialLiteracy #FinancialEducation #MoneyMindset #BudgetingTips #DebtPayoff

Get your 2-minute Financial Pulse Check!

Visit us for info on our coaching!

Visit Our YouTube Channel

Transcript

Jim 0:00

Most people don't talk about their debt, not with their partner, not with their friends. It can be embarrassing. It sometimes feels like a personal failure, but what if you could talk to someone that actually knows everything about finances, doesn't judge you and. Is potentially free AI tools like Chat, GPT, Claude, or Gemini. You've probably used those to look up stuff. Today we're gonna talk about what they can actually do for you with your money. By the end of this episode, you'll have three specific ways to put AI to work on your finances starting today for free. Welcome to the Net Wealth Nest podcast. I'm your host, Jim LeBoeuf. Thanks for joining again today. We're gonna cover our first episode in our little three episode mini series around ai. I'm excited to share some of my, learnings around AI with you all. Rich people, they've always had access to financial advisors, attorneys and accountants who could answer questions sometimes on demand, and that access, it costs money, which meant it was out of reach for a lot of people. AI doesn't replace the professionals, but it closes the knowledge gap in a way nothing has ever before. Most people are using ai like a Google search type in a few words, and then maybe hoping for a link or a website to visit. It's kinda like using a Ferrari to drive down the block to get your mail. The shift is really simple. Talk to it like you would talk to anybody else. Give it context and tell it about your situation. Today we're gonna walk through three areas where AI can immediately change your financial picture, and none of them require you to be a tech person. The first one is let's just see and understand your full picture. If you've been listening to this podcast, I've been very encouraging on always building a budget and tracking your budget. And one of the coolest ways that I've seen AI used in this is taking your Excel spreadsheet or however you're housing your budget, plugging that into an AI tool, and then downloading your transactions through your bank account or your credit card. Make sure you do this in a secure way, like into an Excel spreadsheet as an example. So you can delete if there's any account numbers or any of that. You shouldn't be sharing that stuff online. But they download that sheet, they put both of those in there, and then they ask a basic question of, I have this budget. This is what I'm spending. Can you help me identify any gaps or any misses I have in my budget where I'm maybe spending more than I. Said I was, or I'm not accounting for a category that I am spending an amount on. That's a super powerful way to have data looked at in a very, unemotional way, where the AI can look at both of those spreadsheets and say, Hey, this is what you said you're gonna do. This is what you are doing. Here's the miss. Here's the things that you're not even accounting for in your budget, and you might not even be tracking. And here's where you might have next steps that will help you in what you're doing. It's a super powerful way to use the data analysis, portion of an AI chat bot. You can also do things like, Hey, pull all of the reoccurring charges that you see provided, you're giving it multiple months of transactions, and list those out for me so that I can easily find those and decide which ones I should keep and which ones I should get rid of. All those are different use cases that you could use AI for very, very easily. Another thing you can use it for is to explain concepts to you. Maybe you're struggling with how to pay off credit cards or loans and don't exactly understand how, the snowball method or the avalanche method would benefit you. Inputting a few things. Again, keeping the data relatively anonymous. You shouldn't be putting in, account numbers or any of that, but saying, Hey, I have two credit cards and here's the amount and here's the interest rate. Walk me through why I should choose either a snowball or an avalanche method and what that means and how I could execute, and it will lay all those options out for you. And you could almost have a conversation with it where, oh, well, what if I do this, or, what if I do that? And it'll rechange it's output for you. These are all super powerful ways that you can use AI just in your day to day to help increase your knowledge. I wanna stop right here for a second. If you haven't used AI to do some of these things, I would encourage you right now to do so. Try it today. It might feel like homework, but this is a tool that. Is almost unprecedented in what we've seen in technology and can do so much for you to help bridge your gap between what you, don't know and what you could know. Another way I've used AI is to research what I'm doing when I'm trying to negotiate. a fixed cost or a bill. previously I've shared that I had a medical bill that had a decent amount of cost to it, and I was curious what would be the process of trying to negotiate and get a discount on it. So I literally just talked to the AI chat bot as I have this bill, here's how much it is. I'm interested in potentially either doing a payment plan or paying it off all at once. But I'm curious if hospitals or medical centers give discounts. If they do, what would those discounts look like and how would I approach negotiating that or having that conversation and who should I contact to do that? I provided all that context into my chat and it spit out all the different things that I could do to try to secure a discount on that medical bill. And it even asked me, would you like me to create a script for you? And I said, yes. And it built out an entire script with the verbiage that it recommended using on all of these things. Lo and behold, I used that script and I secured a small discount on my medical bill, but again, even though it was a small discount, better than nothing, and I was able to do that without having the knowledge prior on how to actually get that discount. And that's just one use case of using it. There are many others out there and many that I've never heard of or used. And again, it's something where you could use the AI to research those things. I'm looking to figure out ways to lower my bills, what things can you recommend? All of those items are super powerful ways to use this technology to benefit your financial picture. So the third thing I would recommend is. Using AI as a thought partner and as a advisor when you're making decisions or researching things. A couple of easy use cases that I've seen for this, a major purchase, a car, an appliance, a phone plan. You can ask AI things like, what should I know before I buy this? What questions should I be asking the salesperson? Are there hidden costs that I'm not thinking about? AI can price shop, it can compare options. It can surface things that you might not ever Google on your own. An example of this is us helping a client that was looking to purchase a new vehicle and they. I had a couple of different ideas and so I used AI to not only compare the quality of the vehicle that they were looking at, the year, make and model, what did that compare to other vehicles, that they were looking at? what kind of costs were involved from not only maintenance, but also things like gas mileage. What would it look like? If they bought, a vehicle and how would a warranty transfer over 'cause they were looking at a used vehicle, if it would, if it wouldn't. and then I also looked at what would be a good price point for this, and it broke it all down for me. So that was able to work with that client and then help them research all of those items. I asked it some things around what types of things should I be thinking about. Yeah, if I'm going to buy that vehicle, and it talked about, you know, you should think about what kind of warranty do you want on the vehicle? Are you willing to purchase an extra warranty or are you happy with the manufacturer's warranty, assuming it has one. is it worth looking at, trading in your old vehicle, or is it better to sell it? by yourself versus trading it in. It also gave me some talking points about what a good price was, what a great price was, and then how to negotiate that price. Now, some of that experience I had myself in doing that, but also it was nice to get some ideas from AI that I might not have thought of or might not have Googled if I was just doing it by myself. Another use case that I've seen people use on this, and it's a really basic one, but when they're looking to pay off debt, they ask question, if I put an extra a hundred dollars, a month on my credit card, how much sooner could I pay this credit card off knowing the total and the interest rate and what would I save an interest? And it'll run the math for you. These types of models and scenarios are a lot of times done by financial planners. Now it's a free conversation that quite honestly lives on your phone in your pocket. Before we wrap, here's what I want you to do. Everything I share on this podcast is meant to help you understand the game of money, but knowing where you stand in that game is actually what changes the next 30 days. That's why I built the financial pulse check at netwealthnest.com/pulse. It's two minutes, a handful of questions. It'll show you whether the biggest leak in your financial life right now is your spending, your income, or your follow through, because the fix is different for each one, and most people are working on the wrong one. I've been on the other side of this. I know what it feels like to be doing all the right things and still feel stuck. The pulse check is the same diagnostic I start every coaching conversation with. Take it. It's free. Netwealthnest.com/pulse. All right, let's wrap it up So recapping The intro to AI portion. Use your AI to see your financial picture, look at your budget, your spending patterns. How does it help you differentiate between the two? And see if there's anything you're missing. Then use AI to research and prepare before money conversation. Similar to what I did with like the medical bill. Can you negotiate a different way? Are there different discounts, promos, any of that stuff? AI can be used to research that stuff. And then lastly, use it as a advisor in your pocket, like before you spend or commit to anything financially. Even just a simple run through on this will help you shape some ideas and shape a thought process of what steps you wanna take next. Who do you need to talk to after that? How should you approach certain situations? All of that is a great way to use ai. to help your financial picture. Now I wanna preface one last thing here. AI is not a financial advisor. It is not a person. It is not replacing those specific individuals. It is helping you bridge a gap between knowledge you don't have and knowledge that those individuals have. That doesn't mean they're not still experts in their field. Even using AI doesn't necessarily make somebody an expert at what they're doing. It gives you a leg up and helps you understand what questions to ask next, and how to work with other individuals, either professionally or through sales or whatever it might be to get the outcome in your financial picture that you are working towards. Remember this is the financial education system working for you, not against you. These tools exist and now you have an idea on how to start using them and take advantage of the technology. if you haven't yet, please subscribe to our YouTube channel, like share with somebody who needs it. If you're on Apple or Spotify listening to us, leave us a review. Let us know what you're thinking. We respond to every comment and love to hear your opinions and your suggestions. Just a little teaser. Our next episode is gonna go one step deeper in the AI world because once you know how to use AI for your finances, the next question is, what don't you even know to ask? We're gonna talk about using AI to fill the financial education gaps that nobody has taught you. Don't miss it. Thanks for joining. My name's Jim. Bye everybody.

12:29

Net Wealth Nest LLC and Podcast is an educational platform committed to providing resources and information to empower individuals on their financial journey. Please note, we do not provide financial, tax, or investment advice. All financial decisions should be made in consultation with a qualified professional who understands your unique circumstances. Seeking personalized advice is a smart and necessary step before making any major financial commitments. Thanks so much for joining us today. If you found value in this episode, please like and subscribe to our YouTube channel, Net Wealth Nest, and leave us a review on your favorite podcast platform. We read every comment, and they help us improve and guide what topics we dive into next. And hey, if you-- something you heard today resonated with you, don't keep it to yourself. Share it with a friend, a family member, a coworker, your barber, your barista, even a stranger in line. You never know who might need this message. Remember, building net wealth is a journey, but you don't have to do it alone. Stick with us, and together, let's grow your net wealth nest.