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Is It Smart To Use AI To Help Manage My Money?

Artificial intelligence is rapidly growing, and it’s only a matter of time before this software can do everything that we can do. You’ve probably seen images, videos, and even blog articles formulated in an instant purely by AI programming. But can AI manage your finances for you, too? The professionals at Maggi Tax are here to explain whether or not it would be smart to use AI to help you manage your money.


AI Chatbots And Finances – What Robots Can Do For You


There are a few popular chatbots that are frequently used every day. After trying out their first input, people become hooked to discover what more AI can do. Some individuals have even caught on to using AI to help them with their finances. But that’s rather risky, isn’t it?


AI can be effective in assisting with simple tasks, such as:

  • Providing general suggestions on investments
  • Performing simple money math
  • Offering advice on spending habits
  • Helping with some decision-making
  • Revealing tips on utilizing resources


That all sounds great and useful, and much of it is. However, there is plenty of need for financial assistance that AI is still unable to help with. Plus, there is still the topic of accuracy and security.


Putting Your Faith Into AI. Should You Do It?


Inquiring with a chatbot online can be useful when it comes to general ideas and concepts. By this, we mean that you can ask it how you can save money during the winter and it may suggest that you set a low budget for holiday spending. Such suggestions are harmless and may help people gather ideas. But that’s about as far as you should go if you want to play it safe.


AI hasn’t yet been perfected, so it still shouldn’t be relied on for important financial matters like making specific investments or filling out tax forms. There are many risks to be aware of with AI in financing:

  • Chatbots are renowned for giving out false information, including viable investment opportunities and other important financial decisions.
  • The data that AI is able to provide isn’t enough to go off of compared to human professionals with years of real-world experience.
  • Since AI is always connected to the internet, there is always the risk of sensitive information getting hacked into and used without consent.


The Real Reason AI Can’t Replace Financial Advisors And Accountants


The bottom line is, no, AI shouldn’t be used for financial services. AI is still a liability because it simply doesn’t have enough data yet. With countless reasons as to how people wish to utilize chatbots and how much information needs to be collected to effectively meet those demands, it’s going to be a long while before AI becomes trustworthy enough to handle money-related affairs. It also can’t compete with human experiences which is another reason why it’s still more effective and safer to seek financial advice from a qualified consultant.


Who Can I Trust To Manage My Money Near Me?


For reliable and trustworthy money-management services near you, contact Maggi Tax today at (727) 799-1701 to schedule a complimentary consultation! We will use our profound expertise and years of real-life experience to give you the best financial advice that we possibly can.


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