AI Agents & the New Frontier of Finance – Episode 663

This transcript was auto-generated and may contain errors.

[00:01] Welcome to the Prosperity Podcast. Prosperity thinkers, welcome to the podcast. Today, we’re gonna be talking about the new frontier. So here, setting the stage, we’re in a world now where AI agents are going out on their own and they’re hiring humans to do work for them. And it used to be us hiring the AI. We’ve now become the product. Kim, this is something that is actually related to the finance world. But first, do you wanna set the stage of where you got this information and why we’re talking about this? Absolutely, I’m so interested. If I step back and I look at myself, it interests me that I’m interested in this space because it would be pretty easy for me to not be, right? I live in the middle of nowhere on physical land

[01:03] that requires a lot of physical labor. And I work in an industry that is so old that the computers are just absolute, based in legacy systems that were literally done by hand and pencil and slide rule, et cetera, the life insurance industry, in case somebody’s not clear, that’s the industry that I’m talking about, which precedes any financial services industry. The life insurance companies have been around literally 150, 60, 70, 80 years, longer than any bank, any brokerage house, anything that handles money. So why am I interested in this? And I honestly can’t answer, except that I have been from day one. So I get a lot of my information from a man named Peter Diamandis, who we have talked about on this podcast numerous times.

[01:58] I met him through Dan Sullivan at Strategic Coach, probably about 15 years ago, I would guess. And in the early stages of Peter’s transition from being a keynote junkie, like he would go out and give keynotes, to a community builder, I got to be involved in his community. And I’m so grateful because I got to know him as a person, not just a talking head or the popular figure that he is today. And let’s be very clear, I do not still pay the money to attend his community. It’s exorbitantly priced, although all good things, not for the value that it provides. So he creates this event, it’s called Abundance 360, and I used to go every year when it first started and had still pretty high ticket prices,

[02:51] but reasonable, and I’m so grateful that because I was in Strategic Coach, I got access to attend those and really learned about not only who he is as a person, but equally importantly, who he surrounds himself with. And so he calls them faculty members, you could call them comrades, whatever term you wanna use. There are brilliant minds brought to bear on the problems that are at play. And so this space, and there’s probably, I don’t know, I’m gonna say 10 different, there’s probably 20, but let’s say 10 different arenas that have been coming together and coming together, and it’s things like material science. I didn’t even know what that was, but it’s basically the materials that come from Earth

[03:41] and how we use them into 3D printing, into then the computers that create artificial intelligence, when that was a brand new thing. Think back to when the internet was a brand new thing, if you’re old enough to remember that. I remember it, I remember sitting in a conference room and having somebody come to the podium and say, this is like 1995, or give or take, here’s this thing, it’s gonna be an internet, and you can email, and all of us went, what? Same thing happened then, I just glommed onto it. I don’t know why, it just interested me, and I was one of the first to adopt it, in fact, I literally, especially in our industry again, very legacy-based, very face-to-face industry, I was one of the first that figured out

[04:26] how to work, quote, over the web, right before Zoom existed. There was a software called Placeware, and it allowed screen share, you couldn’t share your picture, but you could share your screen, and I was able to work remotely and help people all over the country, and that was just unheard of at that time. And so this has just been a space. Now, let’s be clear, I’m sorry, this is a little bit of a long answer. When you lead into that kind of thought space, you get arrows in your back, right? That’s what happens sometimes, and I have them. I’ve spent ridiculous amounts of money pursuing the AI space. Nevertheless, for whatever reason, I will not give up. I love it, I continue to learn about it,

[05:08] I read widely about it from a variety of sources, Peter being one, of course. My other favorite source to follow is a company called NFX, as in Nancy, Fred, Xylophone. NFX.com, I believe. The network effect is their platform. And then I read anybody else I can get my hands on. I’m a reader, I don’t wanna watch, I don’t wanna listen, I wanna read. I consume a vast amount of material in this space, and I come here with you today, with Spencer, to help you understand how you can learn from it, benefit from it, be open-minded to it, because my friends, being closed-minded to this space, is not the way forward. No, it’s definitely not. And we’ll just, it depends on when you listen to this episode, because this is rolling out,

[06:00] but within the last little bit of time, big changes has happened. So a company, Block, which was founded by Jack Dorsey, who started Twitter. Block now takes care of square payments and Cash App. They made a huge announcement. They let go of 4,000 members of their staff. That’s no small number. It’s because of these AI agents. So, Kem, you’re an innovator in this space, and we have to be really clear, for all of our listeners, innovating in a space doesn’t mean that you have to be the coder. There are innovators that are the eloquent speakers, or the educators, or the tinkerers, or the builders. They’re all in there. So you’re one of the pioneers. So the question I’m asking for you is, we aren’t necessarily talking tech,

[06:59] but we’re talking, what are the things that people don’t know that’s gonna hurt them? It’s often, we overestimate what we think we know, but it’s really what we don’t know. How do we put it in that box with this world? It’s just to continue to be curious, and to approach this like a kid would, and ask why, and why again, and ask the thing that you’re asking the why about what they think. So for example, if you’re literally brand new, then go into one of the various AI spaces that you hear about or read about, and say to it, teach me how to use you. Speak to it, type into it, get involved with it. That’s the best way to get your hands on and your brain engaged. And then continue to be open-minded and curious.

[07:58] And then continue to be open-minded and curious. And don’t stop there, because as you stated, change is occurring in the AI industry right now on a weekly basis. It’s not yearly, it’s not quarterly, it’s not even monthly, it is weekly. And literally from the time that we record this to the time that it comes out, the information is potentially old. And that’s okay, you can still learn from that, and you must continue to be curious. And it is going to be a very interesting 2026 and 2027 as our society and worldwide, not just the US, navigates this arena and you will benefit from it if you will continue to be curious. Adopt every young person in your life that you can, because they’re the ones that often pick this up

[08:52] more natively than sometimes older people do, just because of their natural curiosity. So your children, grandchildren, Sunday school kids, nieces, nephews, the neighbor kids, whoever you can get a hold on, it’s not them programming your VCR anymore. It’s them coming and showing you how to use artificial intelligence in your life. Totally. I’m gonna give two examples in my life and then I’m gonna ask for you to share an example of what works for you. And so I’m gonna share two examples of where I’ve used AI recently. One, my tractor broke. So I was having problems and I could not fire up the tractor and I knew the area where it would be. And so what I did is I pulled out ChatGBT video camera

[09:46] and I pulled it out and I said, now listen, here’s the problem, here’s what’s going on, what do I look at it? And I diagnosed the problem and it gave me feedback and I fixed the tractor myself. And I’m not a mechanic, I can do basic things. But it’s not as much the mechanic fee. Like that, I’d happily pay a mechanic 150 bucks to do a call to just come up to the house and look at it, that’s fine. It’s the time. Because in traditional setting, I have to wait a week or I have to put it on a trailer, it’s time, that’s huge. So that’s one example. Here’s my second example. And it was this, I recently rented a car and a sign blew into the car door. So it wasn’t bad, but it was a dent and I knew it was gonna be a problem

[10:43] and it was in a foreign country. And I never get the car insurance, my credit card covers everything. So what I did is I used the AI, it said, hey, take a picture next to the dent using a coin, so you have a size reference, and it went through and I screenshot the entire process, copy, paste, copy, paste, text, filed the claim, taken care of, I didn’t get hit with the fees, my credit card took care of it, all good, again, time, and that one had a cost to it. It was amazing. And here’s the kicker. The first response, the credit card company said, this is gonna cost $600. My rebuttal from the AI pushed it to them and they came back and they said, actually it wasn’t as bad, I guess it’ll be 95.

[11:36] And the insurance covered the whole thing, amazing. So- That’s a big difference. Big difference. Now, if it was me writing this, I would have done a horrible job and probably forgot. So how about for you, Kim? What’s an example of you using AI? So my favorite right now is one that you have helped me with and that is to create audio versions of a new document that we have made from every single one of our books. So we took all of our books. So a lot of our listeners know this, we have Perpetual Wealth, it’s a 250 page book, all the way down to, I think our smallest is probably Live Your Life Insurance, that’s, I don’t know, call it 75 pages. And in the past, I have read those books into a microphone for the Audible’s version.

[12:28] And Amazon still requires a human voice to do an Audible’s version. Fine, that will change at some point. Spencer and I have played with one of the books where we got to be a beta tester for the Audible’s version of a book. However, we now have 52 tips, in theory, one for each week, from each of our books, which we also got some AI help on. We have a private Kim Butler AI, and we used that to get us started, and then a human went through and edited them. And that was fun, but was more fun, is that because these 52 tips are not on Audible’s, we just wanted an audio of them for people that like to learn by listening, as opposed to people that like to learn by reading. Your company, Spencer, was able to help me

[13:18] in my voice create an audio version of these 52 tips. I spent absolutely zero time, because you were using podcasts that we had already recorded, and we now have an audio version of 11 different documents called the 52 tips of live your life insurance, or 52 tips of perpetual wealth, or busting the college planning lies, or pick the book that you want. And so I am so excited about this. The final versions will be out in about a week, because we’re tweaking them a little bit. I wanted to make them a little bit more in alignment with what I feel like my voice is. And of course, we will say these are AI read. We’re not trying to hide anything. But you talked about time. I can’t even fathom. It’s been a while since I’ve read a book

[14:05] into a microphone. I would do it, and I’m actually reasonably skilled at it, such that the editor doesn’t have to edit very much, because I don’t make very many mistakes. But the thought of having to do that, it’s such a waste of my time, and now I don’t have to do it. And so that’s huge. It’s just so exciting, because now I can go pet the dog outside, or write another book, or do something that me as a human can do. And yes, AI can write books, but this is where it’s so important, is be very clear on what you want to use an AI for, and what you don’t. And while I may use an AI to do research, or provide some editing, all books that come, and blog posts, and podcasts, like what we’re doing right now,

[14:53] that come out of this operation, have me at the beginning, and or Todd if it’s Todd’s book. Yet we’ll still use AI to do all the good collateral that comes after the book. So good. What an example. And I enjoy it, because you’re figuring out the right things to apply it, so that you reduce friction, and move so much faster. And it’s more valuable for all of the users that are going through it. For any of you listeners out there that are on the fence, you set the stage perfectly at the beginning of this episode, which is being curious, and leaning into this world. We cannot fight it. We learn it. We embrace it. That’s pretty awesome. For any of our listeners that want to get the 52 tips, how can they do that?

[15:47] What’s the best thing to do? They should email hello at prosperitythinkers.com, and please tell us which book you would like. So go on Amazon, look at all the books, decide which books 52 tips you would like, and we will happily email you the link to both the written material, as well as the audio version. Ooh, that’s cool. All right, Kim, thank you for sharing this today. And for all of you listeners, thank you for being a loyal listener on the podcast. Thank you for listening to the Prosperity Podcast. To take control of your money and have it work for you, visit prosperitythinkers.com.