Wealth Building Strategies with AI Helping – Episode 573

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[00:01] Welcome to the Prosperity Podcast. Prosperity thinkers, welcome to the podcast. Today, we’re going to be talking about wealth building strategies for us in our modern times. We have the help of AI. We have the world’s greatest resources of education from our phones now. So we can essentially have a university in our car or on a walk with a dog. And we have community, people that we can actually talk with, that we can grow with. So Kim, I want to lead out and say, okay, we have these tools, these resources. We have a finite amount of time. How do we take advantage of this? Maybe we can throw in a couple of other bits and pieces that will be helpful. Absolutely. Well, it is so helpful to have technology and the tools that it create to guide

[00:55] us human beings in living the best lives that we want. And so one of the pieces that I am just so grateful for that I truly have wanted for the first 30 years of helping people with their finances, because now it’s been a little bit more than 30, and this tool became available to us a couple of years ago, is the arena of cash flow control. I’ve said for years, budgeting doesn’t work. Don’t budget. Just save first. Us human beings, we’re just frankly not very good at that. I mean, some of us kind of figured out how we develop systems, basically overcome the human tendency to want to push the buy button. I forget if I’ve shared this on the podcast. Did you know that Amazon’s one click buy button is their most valuable patent?

[01:46] Amazing. Amazon’s one click buy button. Ah, and I get it. Thankfully, I don’t fall prey to it very often because I have both my business credit card and my personal credit card on my Amazon account, and I’m forced to pick one or the other based on what I’m buying to keep all the books straight. And so I don’t get to use the Amazon one push, one click buy button, which is a good thing. Nevertheless, it is the ability to overcome human tendencies. And there’s now research, behavioral finance research that shows that that Amazon buy button gives us a dopamine hit, just like exercise does. Well, there is a counterpoint to it, and it is called Current, C-U-R-R-E-N-C-E. And this is a buy invitation only app.

[02:36] Now you can go look at the website, livecurrents.com. It’s L-I-V-E-C-U-R-R-E-N-C-E. Maybe we can put that link in the show notes. Livecurrents.com or livecurrent, live, but looks the same. And that will give you a sense of what the AI space can do for your human habit of saving first, because what it does is it gives you excitement just like the dopamine hit that you get from the Amazon buy button. You get to go to your Currents app, which is right there on your phone, and see your liquid accounts called the reservoir grow daily or monthly or every two weeks. If you could pay that way, whatever your pace is, you can get literally behavioral finance proven dopamine hit impacts for seeing your reservoir grow.

[03:35] We know that cashflow control is where it’s at. It doesn’t matter if you’re making millions a year or only a small amount of money per year. Cashflow control is what makes the difference and the Currents app drives behavior. And so this is a very helpful space in our lives because human beings operate on habits and we operate with behavior that becomes habitual. And so if we get habitual about putting all of our income into the Currents app and then letting that account drip into our checking account, only the amount of money that we need to live, you will get proven statistically proven, so much better results than the best budgeting system out there. And we’ve got the proof that budgeting really doesn’t work.

[04:25] So the systems don’t work. They might for a couple of months, but it’s very, very short lived. The average Currents user is saving hundreds of percentage points more than your typical saver. So your typical saver, as we know, in America, usually two to five percent. I mean, it’s sad. Is it really that that’s it? Yeah. If you look, if you just go Google, what’s the average saver in America saving of their income, percent of income, it’s, it’s definitely very, very low single digit. Oh my gosh. I’m shocked. Yeah. During COVID, it kind of creeped up a little bit, and then it’s come back down again, and, you know, it’s depending on how, what research you’re looking at, you know, what the timeframe has and et cetera, but it’s

[05:12] going to be low single digit. The average Currents user is saving 30 plus percent of their income. And yet they’re living the same lifestyle that they were living before they got on the Currents app. There’s no change in lifestyle. There’s just a skim the cream off the crop AI that helps you be motivated, which enables you to save more and build the good habit of saving first. And it’s because we live out of our checking account. And if we only have a slightly smaller dollar figure in our checking account, then we will only spend those smaller dollars. And there are times in our lives, like if you take your basic employee that maybe they’ve overcome the FICA threshold. So you’re say November, December, paychecks are larger.

[06:01] That money just gets blown. We don’t even know it. Or let’s say you’ve got a two week pay cycle. Well, that means a few months out of the year, you get three paychecks. That money just gets blown. We don’t even know it. Or maybe you’re a business owner and you’ve got dividends or you’ve got bonus structure where you’re a salesperson or what have you. Often that money just gets blown. Make it purposeful. Make the savings happen on purpose. Make the spending happen on purpose. This is not saying you can’t take your bonus and do a family vacation. This is saying, do it on purpose. That is the difference that the Currents app enables you to have. So for people that are interested, like I said, it’s by invitation only.

[06:47] Spencer, I’m sure you’ve got some addition and a good commentary that you want to add, or maybe questions that I’ll field and then we’ll give people a way to get invited if they’re interested. Yeah, absolutely. So, you know, when it comes to the structure of this, we’re talking primarily habit. So you’re developing, you’re rewiring the brain, we’ll call it. And then once you’ve rewired the brain, there’s a gamification to it. And so it’s taking someone from being passive or not active in a way of when you budget with an Excel spreadsheet, it’s one thing, like, at least from what I’ve seen, unless you’re like an engineer, like you might do it, setting it up and then follow up a couple of times, then it goes away.

[07:36] And this is something that’s not taking a lot of time either. So what does that relationship with time and using this system look like? Well, that’s the beautiful thing about it. It will give you back an hour or two in your month, possibly every couple of weeks to be on how you handle your finances. I have had people come to me with amazing documents as to how they track things, you know, maybe they’re using an app, maybe they’re using Excel, whatever it is. I mean, it could be using a budget in yellow paper. It doesn’t matter. This will save you immense amount of time. And in addition, it will drive behavior and motivation and it gets spouses on the same page because you can have two currencies or one, depending on how

[08:20] your situation is set up, it is, it still enables you, like if you have a house account and then each spouse has their own account, it still enables you to have all of that. So nothing changes about your current structure, just something gets added at the high level that drives that behavior and saves immense amount of time and answers then the question. What percentage of our income are we saving? Because most people don’t know the answer to that. It’s a very difficult number to track. And yet the Currents app does it for us. Ooh, that’s cool. All right. I want to share a story not related, but somewhat related that may be helpful and then it will swing it back to Currents. Is that cool? Yes.

[09:01] So I saw this video probably three weeks ago. It was this lady that’s an interior designer. Yes, I, what I’ve done is I, it’s, it’s an AI tool. So I’m constantly, I’ve created these curated feeds to be able to get new information. So this interior designer, she used the chat GPT app, which you can take pictures with. And she took a picture of the room that she was redesigning. And the clients wanted to keep the same furniture. They just wanted to change up the color scheme and a few other pieces. So with the chat GPT app, it came back and it said, this is the color scheme that we suggest. She prompted a little bit more and she said, okay, great. Send me the hex codes of the paint. Sends her the hex codes.

[09:52] She goes, actually, you know what? Send me the paint from Sherwin Williams and from Home Depot. Sends it to her. So I took that idea and I thought, wow, well, how could this be applied to the real estate investing space? Cause that’s an area that I’ve been involved in for a number of years. My friend Victor, he flips houses. So I said, Victor, give this a try. So now when he is flipping the houses, he takes a picture of the front of the house and chat will tell it, tell him what he can do to flip the house in certain paint schemes, remodeling, how to do it, taking it further. He can go and say, I want the low budget version, the medium budget and the high, the luxury, all of that. I love it.

[10:40] Amazing. So he’s utilizing AI. He’s taking someone that previously that would have been a full-time employee, maybe a couple of employees to do, bringing that over into currents, having someone with that AI, that coaching ability, that orchestrating things in the right way. That would have been a full-time personal assistant in, you know, a previous life several years ago. Now it’s an AI. So what are some of the other, just give me maybe one, two other wealth building strategies. We’ve talked of currents. Is there anything else that you can think of? You seem like, oh, this is an area that will help someone. Absolutely. So the thing that I’m going to share is inside of our prosperity pledge

[11:31] membership, so it’s not available to just anybody, nevertheless, it is super valuable and people can figure out a way to do this on their own. And that is to have a single sheet of paper or could fit on a computer screen as well, that shows all totals. So not a detailed piece of paper at all, but the high level totals of assets, liabilities, income, and expenses, again, totals, and the entire protection component, which is all of the insurances and the LLCs, those five elements, assets, liabilities, income, expenses, then the entire protection component, insurances and LLCs, comprise your home economy, your personal financial space. And so to be able to have that in some summary form on a single piece

[12:22] of paper, first of all, is super valuable if you have, you know, one spouse is into the finances, one is not, that’s very, very common. Oftentimes one spouse handles all the assets and the other spouse handles the day-to-day living, but those two don’t ever talk. And so at least, well, quarterly, you know, a couple of times you’re at the minimum, get together and share your perspectives on things. And that single sheet of paper with that summary information is automatically created inside the paradigm portal for our pledge members. Nevertheless, you could create it on your own. You could rot out the crayon if you just have your information handy where you can summarize it. You can make better decision.

[13:05] You can be a more effective, prosperous thinker if you can see everything together, assets, liabilities, income expenses, and the protection component. I dig it. That’s good. So listeners, if you’re trying to, and again, all of us are trying to educate ourselves more, we’re trying to save more time. We’re trying to do more with what we have in a healthy way. If you’re not currently using Currents, livecurrents.com, I’ll put a link inside of the show notes. And if you have any additional questions, you know where to reach out. Hello, Prosperity Thinkers. And we want to thank you for being a loyal listener on the podcast. Absolutely. And I want to reiterate that you do need to be invited. So once you’ve taken a look at livecurrents.com, if you want to be

[13:54] invited, please let us do that for you. And if you’re curious more about the Prosperity Pledge and the Paradigm Portal that will automatically create that one-page summary, both of those requests can come through hello at ProsperityThinkers.com. Thank you for listening to the Prosperity Podcast. To take control of your money and have it work for you, visit ProsperityThinkers.com.