🤖 Will AI replace you at work? What you can do to get ahead of the curve.

Stat Of The Day

76%

Here’s the bad news…credit card interest rates are at an all-time high. The good news? If you ask for a lower rate, odds are you’ll get it. According to a recent survey from LendingTree, 76% of cardholders who asked for a lower interest rate on a card got it (the average reduction was 6.5 points…not too shabby). As the saying goes, it never hurts to ask.

This Week In Your Wallet

How do you feel about using AI to manage your money? The answer to that question changes with age, according to a new study. "More than half of Gen Z'ers (57%) and Millennials (55%) say they are excited about the impact AI and generative AI (GenAI) tools could have on their financial lives," notes Northwestern Mutual, which commissioned the study. "Meanwhile, older Americans are more skeptical – only 38% of Gen X'ers and 23% of Boomers say they are excited." As AI and its uses become more common, what else do you need to be aware of when it comes to your money? Read on to find out.

Move over, book clubs. Savings groups, which are popular in South Korea, are helping to strengthen friendships and save for social activities ranging from fancy dinners out to luxury trips. Here’s how the groups, also known as a "gyemoim," work: "Each member of a gyemoim contributes what are essentially "club dues" — often between $10 and $50 each month, with the amount decided by the group," reports The New York Times. "As the balance increases, the members discuss how to spend it together." Why do they work so well in South Korea? And could the trend catch on in the U.S.? Reporter Krissi Driver dives into those questions, here.

How much money do you need to live comfortably? Most Americans say the magic number is $186,000 per year, according to a recent survey from Bankrate. As The Hill reports, the range varies depending on gender, with the average man saying $197,000 is the ideal salary, compared to $176,000 for women. For those concerned they’ll never make enough to live comfortably, the key could be a shift in priorities. "Our culture is one where there is much focus on material possessions, and that does not tend to lend itself to a satisfying life," Mark Hamrick, a senior economic analyst for Bankrate says. "Overspending on a larger home, a fancy car, or unneeded clothing, consumer electronics, etc. are not part of a winning game plan."

Things That Save You Time

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Summer travel season is in full swing. Despite what your dad says, you don’t need to arrive at the airport 4 hours before your flight. Here’s when you actually need to get there.

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Put the cocktail shaker back on the shelf. Here are the best canned and bottled margaritas, Moscow mules and Negronis. Cheers!

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Swap your family’s "chore chart" for a "notice and do list." The brainchild of therapist and mom of three Sam Kelly, a "notice and do list" helps children become proactive about pitching in at home; giving moms a much-needed opportunity to put their feet up while the living room gets vacuumed.

AI and the Future of Financial Planning: What You Need to Know

Together with

A recent survey from Forbes found that 43% of people use AI to get answers to their financial questions. But should they be doing so? If you’re the type to fire up ChatGPT and ask about things like which stocks to buy or the best credit card to apply for there are certain caveats to be aware of.

Ron Shevlin, Chief Research Officer at Cornerstone Advisors and Senior Contributor at Forbes has been closely tracking the AI boom. He says one of AI’s biggest limitations is the fact that the data used by the technology is only up to date to a certain point.

"[Researchers and scientists are] continually updating the models based on the data," explains Shevlin. "But [what you get when you ask ChatGPT or another form of AI a question is] not real-time access to the Internet. It’s only real-time access to the model dataset." Despite its shortcomings, Shevlin says there are uses for AI that can help us save time, and possibly even money.

Ask Jean

Today's question comes from Kortnee. She writes: When it comes to luxury items, like a handbag or watch, what are your thoughts on buying new or used?

Thanks for your question, Kortnee. This one really boils down to a few factors–your budget, priorities and preferences.

Whether you go the new or used route, there are pros and cons to each. Here are some of the big ones:

Buying new pros: You won’t have to wonder if an item is genuine. Your new item will also be free from any wear and, oftentimes will come with a warranty. Oh, and we can’t overlook the experience that is shopping for a luxury item.

Buying new cons: Obviously, buying new will cost you more. Plus, just like a new car depreciates as soon as you drive it off the lot, so too will your luxury item once you start wearing/using it.

Buying used pros: Used luxury items can be way, way cheaper. On the used market, you can also find items that are vintage, if that’s something important to you. And, of course, buying used is more environmentally friendly.

Buying used cons: The big one is the risk of buying something that isn’t authentic. If you go this route, make sure you’re buying from a reputable source (one of my personal favorites is The RealReal–they vet every item for authenticity). Of course, there’s also the possibility that a used item will have signs of wear and/or damage and no longer have a warranty.

Submit your questions to Jean here.

Will AI Replace You At Work?

"Some people will be replaced by other employees who know how to use AI to be more efficient."

A recent report found that women are significantly more likely than men to need to find new jobs by 2030 because of AI. Why? The industries where AI can most commonly fill roles are food service, customer service, sales and office support; all areas where women are overrepresented.

The big question is, how do we get ahead of this? This week on the HerMoney Podcast*, host Jean Chatzky sits down with Hilke Schellman, author of The Algorithm: How AI Decides Who Gets Hired, Monitored, Promoted, and Fired and Why We Need to Fight Back Now.

Schellman says one of the biggest things we can do to stay ahead of the AI boom is to flip the script. Or, in other words, start using AI to our advantage instead of getting anxious about what it will do to our careers. "Some people will be replaced by other employees who know how to use AI to be more efficient," she explains. "I think dabbling with these AI tools and trying to use them to understand how they could be helpful in your work or in the work of your company is important."

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The HerMoney Podcast is made possible by Edelman Financial Engines.

More For You To 💛

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*The HerMoney podcast is proudly sponsored by Edelman Financial Engines. Unlock your wealth potential with our sophisticated wealth planning. Continue your journey at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines – Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM3579878.

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