Can Artificial Intelligence Help You With Personal Finance?

People depend on devices for almost everything these days.  Artificial intelligence algorithms predict which news stories you would be most interested in reading, until you can’t imagine reading anywhere else.  When you get into your car, your smartphone guesses where you plan to drive and how long it will take to get there, and it is usually correct.  The apps on your phone probably also have algorithmically generated opinions about your money, also.  It is fine to listen to what they have to say, but like anything online, you should take it with a grain of salt.  Just as the impossibly gorgeous influencers online only look the way they do because of expensive cosmetics and digital alteration of their appearance, and just as the perfect life that your former classmates try to project on social media is not real, the bots in your personal finance apps do not truly know the consequences of spending, saving, and investing the way that they advise you.  If you need more reliable financial advice than you can get from a smartphone app, contact a Miami debt lawyer.

The Bot-Generated Budget

The area where smartphone apps can be the most helpful is when it comes to budgeting.  By itself, a budget is just a suggestion; budgets were made to be adjusted until you find one that works for you.  Plugging different numbers into a budgeting app can help you see your financial situation from multiple perspectives.  It might even help you make the decision to give up your apartment and move in with family members, if doing this would make a big enough dent in your expenses to enable you to pay down your debts.

Plugging in your income and expenses into an app and then letting it use its automated imagination might be good for a laugh, too.  How much does something that has never eaten a meal think is a reasonable amount to spend on groceries each month, and has it seen the prices at Publix?  If anything, this exercise might help you see clearly that your debt problems are too big to fix with budgeting alone, leading you to consult a debt lawyer about solutions such as debt settlement or debt consolidation.

Don’t Take Legal Advice or Investing Advice From Bots

If you decide to file for bankruptcy protection, don’t just download a legal documents app.  Using an app instead of hiring a lawyer if you are looking for an inexpensive divorce after a brief marriage in which both spouses have always been broke, but in bankruptcy court, you have too much to lose.  Likewise, the biggest way that people’s phones get them in financial trouble, aside from one-click impulse purchases, is by dispensing dubious investing advice free of context.

Work With a Debt Lawyer About Offline Solutions to Your Debt Problems

A South Florida debt lawyer can help you get out of debt in ways that phone apps cannot.  Contact Nowack & Olson, PLLC in Miami, Florida to discuss your case.

Source:

cnbc.com/2024/11/04/how-to-use-artificial-intelligence-for-personal-finance.html