March 25, 2025 • 22 mins
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Episode Transcript
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Speaker 1 (00:01):
Welcome to the Fiscal Physical Podcast.
Join us each week as we sitdown with the founder of Alchemy
Wealth Management and author ofyour Fiscal Physical, Ryan
Nelson.
Tune in to gain valuableinsights and practical tips as
we simplify complex financialconcepts into digestible lessons
(00:22):
.
From budgeting to retirementplanning, this podcast is your
go-to resource for masteringfinancial literacy.
Aaron Hoisington (00:33):
Welcome everybody to this week's episode
of the Fiscal Physical Podcast.
My name is Aaron.
I am joined, as always, by RyanNelson.
Ryan, we are on our 65thepisode.
That's what this one is here.
How do you feel?
Ryan Nelson (00:50):
about that.
It flies by.
That's crazy, that's a longtime.
Aaron Hoisington (00:53):
Yeah, it's a lot of episodes.
Yeah, that's like darn near.
Ryan Nelson (00:56):
I mean that's like more than 64 and almost 66
episodes.
Aaron Hoisington (01:00):
It's right there, yeah, but yeah, it's been
a blast doing these.
I've told this to you off airand I've probably told it on air
, but I really enjoy likelearning these certain things
and even if I, you know, by thetime I get home I can, I'm
always excited to tell my wifeabout what we recorded and then
she's like she'll ask like aquestion about it.
Ryan Nelson (01:19):
And I'm like I don't remember.
Speaker 1 (01:20):
You'll have to wait until the episode comes out to
check it.
Aaron Hoisington (01:22):
But anyway, I wanted to say thank you to that
and ask you, how are you doingtoday on this wonderful,
wonderful, whatever day of theweek?
it is I'm doing well, how areyou doing?
I'm doing good, man, I'm doinggood.
I'm ready to dive into this onehere, and you know we've
plugged before and we will againabout.
We love our listener questions.
That's a big piece of somethingthat we enjoy here at the
(01:46):
Fiscal Physical Podcast.
So today we have a listenerquestion from one of our
listeners sent it in to us here.
It's actually a text question,so I'm excited to kind of read
this one here.
So I'll go ahead and read thishere and then we'll get your
thoughts on it.
If that works for you, ryan,that sounds great, let's do it.
Awesome.
So I'm going and read this hereand then we'll get your
thoughts on it.
If that works for you, ryan,that sounds great.
Let's do it, okay.
Awesome.
So I'm going to read this andimagine me in the voice of a
(02:08):
listener here too.
So I heard your podcast todayand it was awesome.
Keep up the hard work.
Man.
Want to ask a question?
This could be a topic or yourside question.
Now, this text was to you, sokeep up the good work, ryan.
Excellent job.
This is the meat and potatoesof it.
He said so.
I've been scrolling throughTikTok and I know people use
(02:29):
artificial intelligence, ai, tohelp with investing and I just
wanted your opinion on it.
I know this is new unchartedterritory and it just had me
thinking, because AI is such anew thing in today's era and
this individual works in themedical field and he said and
for us in the medical field, itcan be useful and a curse at the
same time.
What are your thoughts on itwhen it comes to investing?
Ryan Nelson (02:52):
Yeah, it's a great question.
Ai is cool.
I think overall it's like ahuge partner right.
We can leverage it to increaseour efficiency.
So overall, I'm a hugeproponent of AI and how it will
help in the financial servicesindustry and really I see it
just helping me provide more andmore value to my clients.
(03:14):
So in general, I really amquite optimistic.
I think we're on the beginningsteps, or whatever you want to
call it of AI, so I'm sure moreof the tools will start coming
out right.
But it is funny to see everysingle technology platform out
(03:34):
there now has AI.
Yes, every single technology Iuse now is technically an AI
product or platform Powered byAI.
Yeah, and it's like well, theproduct doesn't seem to have
changed much but, but where areyou?
using the ai yeah, um but uh,like one of the one cool example
, for instance so, um, sothere's something called ocr,
(03:55):
it's uh, optical characterrecognition, it basically it can
.
That's like if you look at youriphone and you take a picture
of a sign and then you can, like, you can copy and paste words
from the sign.
Have you ever seen that on youriPhone?
Aaron Hoisington (04:07):
Yeah.
Ryan Nelson (04:07):
Yeah, oh, yeah, yeah, yeah, yeah.
Or or if you take a picture oflike uh, let's say you took a
picture of your pay stub, andthen you go on your iPhone and
you search like pay stub it'llprobably pull your pay stub yeah
.
It's like that's using OCR, uh,optical uh character recognition
, and so you can use similarthings like in the industry,
right?
And so if you were to provideme your tax return, right,
(04:29):
there'd be lots of information Iwould want to take out of that
tax return and then we couldstart making financial decisions
with it, right?
So there's a lot of sort ofadministrative steps that are
required before we can actuallyget to the meat and potatoes and
start providing you real value,right?
And so AI like there'stechnology out there now where I
can take your tax return,upload it to this software that
(04:49):
uses AI and OCR opticalcharacter recognition, and it
will just basically pull out allthe relevant information from
your tax return.
You know more or lessimmediately for us and we can
get right into the meat andpotatoes of providing you value.
So now it doesn't take me anhour of time to review the
document.
I can basically indicate how Iwant the document interpreted
and then use OCR to do itimmediately, and then just get
(05:11):
right into meat and potatoes.
And so now we could spend if ittook me one hour to analyze the
data and then one hour to workwith you.
Now, in theory, we could spendfive minutes analyzing the data
and an hour and 55 minutesproviding the value, right, um.
So that's just like one smallexample of how AI could be used
in financial services andalready is being used in
financial services with atechnology I already have, um.
(05:34):
But that's just like a, I think, a small glimpse in the.
The technology just seems likeit's going to get more and more
efficient, but so much ofrunning a business is like not
even you know.
I just think there'll be somany efficiencies, even from
like, uh, like spam filters inyour email inbox, like if AI is
filtering out spam versus notspam, that's going to be a
better filter, right, yeah, iflike crafting emails right, like
(05:57):
it's, you know, if you want towrite a nice email, that sounds
really good.
You know it may take me 20minutes to craft this really
nice email.
Instead, I could craft a AIprompt in 30 seconds, have it
generate an email, spend fiveminutes editing that email and
now I've crafted a really niceemail in seven minutes instead
(06:18):
of 20, you know, and so I thinkthere's just so many levels of
efficiency from that standpointthat just like trickle through,
like the world in general, andobviously financial services
will be a beneficiary of it.
The medical field will be abeneficiary of it.
Like there's just so many likejust universal changes I think
there'll be that will justaddress every industry and then
obviously some specific tofinance.
(06:40):
Um, I will say, like the financeindustry sort of lags behind we
, you know, us in the medicalindustry, both are just it's
it's two of the most regulatedindustries, right, so we have a
lot of personal information andyou know, and so I can't just go
use any sort of AI, right, likeI can't, I can't just go find
this cool new tech and use it.
(07:02):
Um, I need to, it has to, ithas to be robust enough where
data is secure and stuff.
And so, specifically, like youwere waiting until, like,
financial services platforms areadopting the AI.
So we're probably lagging alittle bit behind the the like
you know, weging a little bitbehind the eight ball there, but
also it's making sureeverybody's data is safe and
(07:24):
stuff which is clearly importantso if you're behind the eight
ball for whatever six months,but make sure everybody's
information is secure, that'sprobably a good trade-off right,
so yeah.
I'd say a lot of that AI stuffmaybe hasn't trickled quite into
the financial service industryquite as much as I'm excited for
it in the future because itwill get there.
(07:44):
But again, just being soregulated it's just a slower.
Aaron Hoisington (07:48):
It trickles in slower, yeah, no, I think that
that's a good piece of it tonote about the financial
industry, the medical industry,in these different areas where
it potentially is more regulated, and I think even with my
company I work for a customapparel company we have our own
internal AI platform that we useand we're shutting it down.
(08:11):
Recently we just shut it downbecause it was not secure.
And even just like, and sothey're like, hey, we need to do
some maintenance on it, we needto get it to where it needs to
be, and I was like, okay, Idon't really understand like the
stuff behind it, but it waskind of like rolled out like
that.
It's like we need to get thismore because there is customer
data and these certain thingsthat we don't want out there
financial resources and such too.
So it's just it's reallyinteresting to see.
(08:34):
I think you really hit it onthe head.
We're just still at thebeginning of what this is and
where it's going to take us, andwhat it looks like 10 years
from now, five years from now.
I think it's going to be sodifferent for that too.
But kind of getting back tothis individual's question here
do you use any programs?
Can AI be useful for investing?
(08:55):
I've never actually typed intochat GPT to be like hey, what's
the best way to invest my moneyLike that kind of thing?
Yeah.
Ryan Nelson (09:01):
So yeah, so I think a lot of people when they think
of AI, they think of like achat GPT type, and I think one
use of AI is these like botthings and I don't know.
I'm a little more skeptical ofthat and sort of my logic is and
this was true with Google youdon't know what, you don't know
right.
So, similarly, if we weretalking about making Roth IRA
(09:25):
contributions, which we talkedabout in a previous episode, and
it's possible that you can earntoo much to qualify to make a
Roth contribution, and so again,I run into people all the time
who are high income earnerscontributing to their Roth and
I'm like hey, you know, you maketoo much to contribute to their
awesome.
They're like, no, I never knew.
Speaker 1 (09:44):
Like I look it up online.
Ryan Nelson (09:45):
It says, if I can contribute this much money, it's
like well, yeah, If you don'tknow what to look up, right when
you don't know what you don'tknow, it's really hard to
educate yourself on somethingyou don't know, because you
don't know what to look up Like.
Would you just one day startthinking like if you never had
the slightest thought, would youjust one day be like oh yeah, I
wonder if I earned too much tocontribute to a rock?
Speaker 1 (10:05):
No, like you know, you would never think to Google
that, or?
Ryan Nelson (10:08):
like how much can I earn?
And unless you've learned itfrom somebody else, if somebody
else has told you or something.
And so from a similar kind ofvein, you know, it seems like
these, like chat, gpt forexample, the responses you get
it's kind of like garbage in,garbage out, right.
The responses you get are morevaluable based on how you prompt
it right.
And so there's like, in theory,the new, like you know, the
(10:29):
cutting edge of these new techcareers is like prompt engineers
and it's becoming an expert inhow to prompt these things.
But if you don't know how toprompt it, then you may not get
the best responses, and when youdon't know what you don't know,
you might not know what toprompt it with right.
And so if you're looking to doa Roth conversion or something
or a Roth contribution andyou're not giving it the correct
(10:50):
information it will probablygive you, at this point it seems
like the answers are prettyaccurate.
So it'll probably give you apretty accurate answer with the
information it has, but it'srelying on you to provide it all
the relevant information.
And if you don't know what youdon't know and you don't know
how to properly then prompt it,it's just going to be really
challenging, right?
So that'd be.
My biggest fear is, I think itcomes.
(11:11):
It's still like it's not justfabricating a response out of
nowhere.
It's fabricating a responsebased on your prompt, and if
you're heading into that promptwith ignorance around something,
it's not going to solve thatissue per se.
But yeah, I'm still impressedwith it.
I mean, I think it's reallyreally cool.
(11:31):
I'd be pretty hesitant, though,just to cut somebody loose and
say, hey, just take a topic youknow nothing about.
Speaker 1 (11:39):
Cause you also don't know how to fact check it.
Ryan Nelson (11:41):
then Like you know, like there's all these like
quote what do they call them?
Phantom or not?
Phantom, uh, mirages or what?
Speaker 1 (11:47):
do they call?
Ryan Nelson (11:47):
it when they come back with the false responses.
Anyways, um, you know, if Istart looking up something, I'm
like, hey, I have a, you know, Ihave an infection on.
Well, what if this infection isa different type of infection?
What if I don't know what I'mprompting?
(12:08):
How do I even know these thingscombining together and putting
it on my arm will be good.
I don't have the knowledgenecessary to really verify.
The information is providing meas good, which is just kind of
a dangerous world to start justtotally relying.
So, yeah, I think it's, atleast at this stage.
Obviously it's going tocontinue to advance and so, as
the years go on, our views on itwill probably change, but at
(12:30):
least at this stage it seemslike it's an awesome supplement.
I would be, hesitant to use itas a standalone investment
advisor, for example?
Aaron Hoisington (12:41):
Yeah, definitely, and I think you can
equate that to a lot ofdifferent things, like with,
like you know, with craftingemails.
Like you, sometimes I'll getemails and I'm just like, all
right, like you didn't writethis, like I know who that other
person is, who's sending thatemail, and I'm like you did not
write this.
Like it's like and it soundsgreat, it sounds really eloquent
in these certain things and I'mlike awesome, Like that.
(13:04):
You use a lot of big words andit's great, looks good, but
that's not how you talk.
Like and so, like you, you getinto meeting with these people
and you're like all right, whatare we doing here?
So I think that there are it'sa great, like you said, a great
substitute, a great addition toreally elevate certain things.
I think about it.
With a couple episodes back, wetalked about spelling and I and
(13:24):
I think about, like a lot oftimes I'm like trying to word
something, I'm having a toughtime, like oh my gosh, like how
do I say this?
And like 90% of the time it'slike, oh, that's way better than
I would say it, and I take itand then I just convert it to
what I was trying to do.
So it's like a supplement towhat I like it's a super cool,
powerful tool.
It's a powerful tool and itsaves time and you hit on the
(13:46):
efficiency piece of it and Ithink that's the biggest thing
about, like man, something thatmaybe you know I'm trying to
Google a formula to plug into aGoogle Sheet, versus I can just
say, hey, this is what I want todo with Google Sheets, and then
it will spit something out soquickly and I can test it and
then like, hey, this didn't workand it gave me this error.
It's like, oh, this didn't workand it gave me this air.
(14:07):
It's like, oh, okay, and itlike you could do it.
It's awesome, it's so cool withthat.
Ryan Nelson (14:10):
Yeah, it's an incredible.
It's an incredible tool that Ithink needs to be leveraged for
sure.
Um, you mentioned, sometimesyou'll receive these emails and
you're like I don't think thiswas really.
Did I ever tell you how?
Uh?
So when I had so, my book cameout like right around when chat
GPT first got launched, and so Ihad people doing beta testing,
(14:30):
right, or beta reading, sure,and so some of the people I knew
well, some people I didn't knowso well and stuff, and so I was
asking for feedback on the bookand where I could improve it
and stuff like that.
And so one of the responses Igot back from somebody was
something to the extent of likethis book will be like received
excellently among inmates andcan provide a lot of value and
(14:53):
uh, I was like that just doesn'tmake any sense, like it's not
relevant to the topic.
Aaron Hoisington (14:59):
I don't remember any inmates.
Speaker 1 (15:01):
There's just nothing that alludes to that whatsoever.
Ryan Nelson (15:04):
Um and uh.
I was just like.
I just A was like I think thatsomebody just copied and pasted
my book in the chat gpt andasked for feedback and then b
that uh and this was like.
This would have been like chatgp, like 1.0 or whatever you
know, when it was.
It's continually getting better.
But, um, I was like, did thisperson also not like even read
the response that came out ofchat gpt and and like proofread
(15:28):
so?
So it was pretty, it was prettydarn funny.
But I was like I don't, yeah,like that, you know.
It's just an example of aresponse where it's like that,
you know it's not.
Speaker 1 (15:39):
It's not a standalone tool, yet it's just.
Ryan Nelson (15:41):
It's a great supplement but just not quite
ready to go standalone.
Aaron Hoisington (15:46):
That's hilarious.
Just like this will bewell-received among the inmates
You're like really.
Ryan Nelson (15:51):
Yeah.
Aaron Hoisington (15:52):
Is there an untapped market that I'm missing
?
Speaker 1 (15:54):
Yeah.
Aaron Hoisington (15:56):
A lot of money behind bars, apparently.
Yeah, Awesome.
Well, I appreciate it, Ryan,Appreciate you sharing the
thoughts.
Really, a shout out to thelisteners who sent that over.
That's great.
It's something I probablywouldn't have had a topic on, to
be honest.
It's something that.
So just anything that you guyshave send us a text, shoot us an
email at podcast atalchemywealthcom.
(16:17):
We're happy to check that out.
Please let us know.
We'd love a good voice questionif you want your voice on here
as well but text will work too,so awesome.
Speaker 1 (16:33):
We'll go ahead and pause for a quick break here and
we'll be right back.
Aaron Hoisington (16:36):
And now to put the personal in personal
finance.
Welcome back to this side ofthe fiscal physical podcast.
Uh, ryan, today I got aquestion as far as um
communication goes.
I value communication almostabove anything just in life.
I think that if somebody is agood communicator they can
really exceed in a lot ofindustries and a lot of areas of
opportunity and just be arelatively well-rounded person.
(16:58):
If you can communicate, it's ahuge skill.
So I'm curious what yourpreferred form of communication
is.
Is it text, phone, email,carrier pigeon what, what do you
think it?
Ryan Nelson (17:11):
is Sure.
I mean carrier pigeon soundspretty cool.
That'd be fun to explore.
Uh, what's?
Uh?
Is it an African swallow orwhat's the?
I don't know, okay, uh somebodyout, there will get that, but um
, yeah, professionally, I'd say,like phone calls is.
You know, I think, like if aclient texts me or sends an
email, oftentimes they're likeasking a question or something.
(17:33):
It's like just the thought oflike drafting this email is like
overwhelming.
It's like there's way too muchcontext and nuance and like it
will take me 40 minutes to craftan email, whereas I could just
call them, pick up the phone andhave a conversation.
Definitely so anything I meanclearly like phone calls are
just a richer form ofcommunication than texting or
emailing.
Um, you know, there's you cansense the intonation of
(17:53):
somebody's voice and pick up onother cues.
And so, yeah, I think, likealmost anything business related
, I prefer phone calls because,again, I just can't.
It's like it's hard tocommunicate certain topics or
certain ideas.
Um, you know, and, and whenyou're having a conversation
with somebody, it's like, yeah,you can start talking about
something.
They're like, yeah, okay, I getit.
(18:14):
That totally makes sense, andthen you don't have to keep
going down that rabbit hole andthen you can move to the next
thing and start talking aboutthat, whereas if you're crafting
like an email or a text, it'slike how in depth do you go on,
each of them incredibly valuable.
So, uh, almost like almostentirely, my communication
through work is done via thephone, um, but uh, I don't know,
personally, I guess it's alittle different.
(18:34):
I don't, you know, I I guess Iget most of.
I'm obviously not having tocommunicate like as complex
topics with my friends orwhatever Um, and you know,
texting, sort of this short likealmost stop gap thing until I
like meet somebody in person.
It almost feels like and thenI'm having that rich
communication with them inperson.
But so, yeah, like on thepersonal level, certainly
(18:55):
texting is far and away my mostpopular way.
I almost never call anybodyever, um, but business, almost
entirely phone.
So, business phone, personaltext and email, I could, I could
, I don't even.
You're like all right, it's forthe birds, yeah, I'd say it's
for the pigeons, what about you?
Aaron Hoisington (19:13):
I would say for myself.
I'm similar At work.
I run a team of customerservice agents, so we have about
15 people on my team and I haveto deal with a lot of stuff
that goes on with them, and wehave this like big giant text
conversation that happens likeand it's just it's so convoluted
with certain things that I'mjust like, oh my gosh, like I
(19:35):
just someone's like asked aquestion, I was like, hey, shoot
me a message, let's hop into ameeting, let's get this done.
Speaker 1 (19:40):
Like kind of thing versus like going back and forth
.
Aaron Hoisington (19:43):
So I'm, I'm still and maybe I'm old school.
Whatever, I love a good phonecall, like I just think that
there were a, you know a videomeeting, whatever it is, where
you can hear someone'sinflection, you can see
somebody's like um, it's reallyvaluable and I think it's
important because you can losethings within like uh, you know,
communication like that.
I know that when my my wife andI first started dating uh well,
(20:05):
she was just my girlfriend atthe time Like she just did not
want to talk on the phone, justdidn't like talking on the phone
, but we were getting like oursignals crossed a lot of times
with like text messages and she,like she would think it meant
and.
I was like, and so I was like ohno, this is urgent.
Like how do I convey that thisis urgent?
Like, is it more exclamationmarks?
Like I was like, all right, wejust need to.
(20:26):
Until we actually know eachother, we just need to talk on
the phone.
So like I was like if there'sanything that's relatively
important, I need you to call meabout this, and so it was.
now we can just text and likeshe reads it how I speak and I
read it how she speaks, and I dothe same thing when I read your
text messages.
I read it in your voice, and Ithink that that's awesome when
you can kind of get to thosecertain times.
(20:47):
So I would say personally,though now, like with everybody
that I've established with, Itext all the time Like that's
what I use, and I think that'scool too, because you can hear
people talk and see what's kindof going on.
So I like communication, butI'd say I'm very similar Phone
(21:16):
if it's something reallyimportant, Text if it's just
personal and kind of just likewhatever, Yep agreed, Awesome.
Well, you got anything else forus here, Ryan.
Speaker 1 (21:24):
Before we wrap up, as always, stay the course.
Thank you for joining us forthe Fiscal Physical Podcast.
Until next time, happylistening and, as always, stay
the course.
If you have a question or topicsuggestions, please email us at
podcast at alchemywealthcom.
If you enjoyed today'sdiscussion, subscribe to the
(21:47):
podcast to ensure you never missan episode and consider leaving
us a rating and review on yourfavorite platform.
This helps other listeners likeyou find the show.
For more resources, you canvisit Alchemy Wealth
Management's website atwwwalchemywealthcom or find your
fiscal physical the book onAmazon.
We'd be remiss if we didn'tmention that personal finance is
(22:10):
just that personal.
Please don't take anything wesay as advice.
The preceding content is forinformational and entertainment
purposes only.
It's not an offer or asolicitation, nor should it be
construed or relied upon for tax, legal or investment advice.
It doesn't consider yourpersonal financial situation or
objectives and may not besuitable for you.
Welcome to the Fiscal Physical Podcast.
Join us each week as we sitdown with the founder of Alchemy
Wealth Management and author ofyour Fiscal Physical, Ryan
Nelson.
Tune in to gain valuableinsights and practical tips as
we simplify complex financialconcepts into digestible lessons
(00:22):
.
From budgeting to retirementplanning, this podcast is your
go-to resource for masteringfinancial literacy.
Aaron Hoisington (00:33):
Welcome everybody to this week's episode
of the Fiscal Physical Podcast.
My name is Aaron.
I am joined, as always, by RyanNelson.
Ryan, we are on our 65thepisode.
That's what this one is here.
How do you feel?
Ryan Nelson (00:50):
about that.
It flies by.
That's crazy, that's a longtime.
Aaron Hoisington (00:53):
Yeah, it's a lot of episodes.
Yeah, that's like darn near.
Ryan Nelson (00:56):
I mean that's like more than 64 and almost 66
episodes.
Aaron Hoisington (01:00):
It's right there, yeah, but yeah, it's been
a blast doing these.
I've told this to you off airand I've probably told it on air
, but I really enjoy likelearning these certain things
and even if I, you know, by thetime I get home I can, I'm
always excited to tell my wifeabout what we recorded and then
she's like she'll ask like aquestion about it.
Ryan Nelson (01:19):
And I'm like I don't remember.
Speaker 1 (01:20):
You'll have to wait until the episode comes out to
check it.
Aaron Hoisington (01:22):
But anyway, I wanted to say thank you to that
and ask you, how are you doingtoday on this wonderful,
wonderful, whatever day of theweek?
it is I'm doing well, how areyou doing?
I'm doing good, man, I'm doinggood.
I'm ready to dive into this onehere, and you know we've
plugged before and we will againabout.
We love our listener questions.
That's a big piece of somethingthat we enjoy here at the
(01:46):
Fiscal Physical Podcast.
So today we have a listenerquestion from one of our
listeners sent it in to us here.
It's actually a text question,so I'm excited to kind of read
this one here.
So I'll go ahead and read thishere and then we'll get your
thoughts on it.
If that works for you, ryan,that sounds great, let's do it.
Awesome.
So I'm going and read this hereand then we'll get your
thoughts on it.
If that works for you, ryan,that sounds great.
Let's do it, okay.
Awesome.
So I'm going to read this andimagine me in the voice of a
(02:08):
listener here too.
So I heard your podcast todayand it was awesome.
Keep up the hard work.
Man.
Want to ask a question?
This could be a topic or yourside question.
Now, this text was to you, sokeep up the good work, ryan.
Excellent job.
This is the meat and potatoesof it.
He said so.
I've been scrolling throughTikTok and I know people use
(02:29):
artificial intelligence, ai, tohelp with investing and I just
wanted your opinion on it.
I know this is new unchartedterritory and it just had me
thinking, because AI is such anew thing in today's era and
this individual works in themedical field and he said and
for us in the medical field, itcan be useful and a curse at the
same time.
What are your thoughts on itwhen it comes to investing?
Ryan Nelson (02:52):
Yeah, it's a great question.
Ai is cool.
I think overall it's like ahuge partner right.
We can leverage it to increaseour efficiency.
So overall, I'm a hugeproponent of AI and how it will
help in the financial servicesindustry and really I see it
just helping me provide more andmore value to my clients.
(03:14):
So in general, I really amquite optimistic.
I think we're on the beginningsteps, or whatever you want to
call it of AI, so I'm sure moreof the tools will start coming
out right.
But it is funny to see everysingle technology platform out
(03:34):
there now has AI.
Yes, every single technology Iuse now is technically an AI
product or platform Powered byAI.
Yeah, and it's like well, theproduct doesn't seem to have
changed much but, but where areyou?
using the ai yeah, um but uh,like one of the one cool example
, for instance so, um, sothere's something called ocr,
(03:55):
it's uh, optical characterrecognition, it basically it can
.
That's like if you look at youriphone and you take a picture
of a sign and then you can, like, you can copy and paste words
from the sign.
Have you ever seen that on youriPhone?
Aaron Hoisington (04:07):
Yeah.
Ryan Nelson (04:07):
Yeah, oh, yeah, yeah, yeah, yeah.
Or or if you take a picture oflike uh, let's say you took a
picture of your pay stub, andthen you go on your iPhone and
you search like pay stub it'llprobably pull your pay stub yeah
.
It's like that's using OCR, uh,optical uh character recognition
, and so you can use similarthings like in the industry,
right?
And so if you were to provideme your tax return, right,
(04:29):
there'd be lots of information Iwould want to take out of that
tax return and then we couldstart making financial decisions
with it, right?
So there's a lot of sort ofadministrative steps that are
required before we can actuallyget to the meat and potatoes and
start providing you real value,right?
And so AI like there'stechnology out there now where I
can take your tax return,upload it to this software that
(04:49):
uses AI and OCR opticalcharacter recognition, and it
will just basically pull out allthe relevant information from
your tax return.
You know more or lessimmediately for us and we can
get right into the meat andpotatoes of providing you value.
So now it doesn't take me anhour of time to review the
document.
I can basically indicate how Iwant the document interpreted
and then use OCR to do itimmediately, and then just get
(05:11):
right into meat and potatoes.
And so now we could spend if ittook me one hour to analyze the
data and then one hour to workwith you.
Now, in theory, we could spendfive minutes analyzing the data
and an hour and 55 minutesproviding the value, right, um.
So that's just like one smallexample of how AI could be used
in financial services andalready is being used in
financial services with atechnology I already have, um.
(05:34):
But that's just like a, I think, a small glimpse in the.
The technology just seems likeit's going to get more and more
efficient, but so much ofrunning a business is like not
even you know.
I just think there'll be somany efficiencies, even from
like, uh, like spam filters inyour email inbox, like if AI is
filtering out spam versus notspam, that's going to be a
better filter, right, yeah, iflike crafting emails right, like
(05:57):
it's, you know, if you want towrite a nice email, that sounds
really good.
You know it may take me 20minutes to craft this really
nice email.
Instead, I could craft a AIprompt in 30 seconds, have it
generate an email, spend fiveminutes editing that email and
now I've crafted a really niceemail in seven minutes instead
(06:18):
of 20, you know, and so I thinkthere's just so many levels of
efficiency from that standpointthat just like trickle through,
like the world in general, andobviously financial services
will be a beneficiary of it.
The medical field will be abeneficiary of it.
Like there's just so many likejust universal changes I think
there'll be that will justaddress every industry and then
obviously some specific tofinance.
(06:40):
Um, I will say, like the financeindustry sort of lags behind we
, you know, us in the medicalindustry, both are just it's
it's two of the most regulatedindustries, right, so we have a
lot of personal information andyou know, and so I can't just go
use any sort of AI, right, likeI can't, I can't just go find
this cool new tech and use it.
(07:02):
Um, I need to, it has to, ithas to be robust enough where
data is secure and stuff.
And so, specifically, like youwere waiting until, like,
financial services platforms areadopting the AI.
So we're probably lagging alittle bit behind the the like
you know, weging a little bitbehind the eight ball there, but
also it's making sureeverybody's data is safe and
(07:24):
stuff which is clearly importantso if you're behind the eight
ball for whatever six months,but make sure everybody's
information is secure, that'sprobably a good trade-off right,
so yeah.
I'd say a lot of that AI stuffmaybe hasn't trickled quite into
the financial service industryquite as much as I'm excited for
it in the future because itwill get there.
(07:44):
But again, just being soregulated it's just a slower.
Aaron Hoisington (07:48):
It trickles in slower, yeah, no, I think that
that's a good piece of it tonote about the financial
industry, the medical industry,in these different areas where
it potentially is more regulated, and I think even with my
company I work for a customapparel company we have our own
internal AI platform that we useand we're shutting it down.
(08:11):
Recently we just shut it downbecause it was not secure.
And even just like, and sothey're like, hey, we need to do
some maintenance on it, we needto get it to where it needs to
be, and I was like, okay, Idon't really understand like the
stuff behind it, but it waskind of like rolled out like
that.
It's like we need to get thismore because there is customer
data and these certain thingsthat we don't want out there
financial resources and such too.
So it's just it's reallyinteresting to see.
(08:34):
I think you really hit it onthe head.
We're just still at thebeginning of what this is and
where it's going to take us, andwhat it looks like 10 years
from now, five years from now.
I think it's going to be sodifferent for that too.
But kind of getting back tothis individual's question here
do you use any programs?
Can AI be useful for investing?
(08:55):
I've never actually typed intochat GPT to be like hey, what's
the best way to invest my moneyLike that kind of thing?
Yeah.
Ryan Nelson (09:01):
So yeah, so I think a lot of people when they think
of AI, they think of like achat GPT type, and I think one
use of AI is these like botthings and I don't know.
I'm a little more skeptical ofthat and sort of my logic is and
this was true with Google youdon't know what, you don't know
right.
So, similarly, if we weretalking about making Roth IRA
(09:25):
contributions, which we talkedabout in a previous episode, and
it's possible that you can earntoo much to qualify to make a
Roth contribution, and so again,I run into people all the time
who are high income earnerscontributing to their Roth and
I'm like hey, you know, you maketoo much to contribute to their
awesome.
They're like, no, I never knew.
Speaker 1 (09:44):
Like I look it up online.
Ryan Nelson (09:45):
It says, if I can contribute this much money, it's
like well, yeah, If you don'tknow what to look up, right when
you don't know what you don'tknow, it's really hard to
educate yourself on somethingyou don't know, because you
don't know what to look up Like.
Would you just one day startthinking like if you never had
the slightest thought, would youjust one day be like oh yeah, I
wonder if I earned too much tocontribute to a rock?
Speaker 1 (10:05):
No, like you know, you would never think to Google
that, or?
Ryan Nelson (10:08):
like how much can I earn?
And unless you've learned itfrom somebody else, if somebody
else has told you or something.
And so from a similar kind ofvein, you know, it seems like
these, like chat, gpt forexample, the responses you get
it's kind of like garbage in,garbage out, right.
The responses you get are morevaluable based on how you prompt
it right.
And so there's like, in theory,the new, like you know, the
(10:29):
cutting edge of these new techcareers is like prompt engineers
and it's becoming an expert inhow to prompt these things.
But if you don't know how toprompt it, then you may not get
the best responses, and when youdon't know what you don't know,
you might not know what toprompt it with right.
And so if you're looking to doa Roth conversion or something
or a Roth contribution andyou're not giving it the correct
(10:50):
information it will probablygive you, at this point it seems
like the answers are prettyaccurate.
So it'll probably give you apretty accurate answer with the
information it has, but it'srelying on you to provide it all
the relevant information.
And if you don't know what youdon't know and you don't know
how to properly then prompt it,it's just going to be really
challenging, right?
So that'd be.
My biggest fear is, I think itcomes.
(11:11):
It's still like it's not justfabricating a response out of
nowhere.
It's fabricating a responsebased on your prompt, and if
you're heading into that promptwith ignorance around something,
it's not going to solve thatissue per se.
But yeah, I'm still impressedwith it.
I mean, I think it's reallyreally cool.
(11:31):
I'd be pretty hesitant, though,just to cut somebody loose and
say, hey, just take a topic youknow nothing about.
Speaker 1 (11:39):
Cause you also don't know how to fact check it.
Ryan Nelson (11:41):
then Like you know, like there's all these like
quote what do they call them?
Phantom or not?
Phantom, uh, mirages or what?
Speaker 1 (11:47):
do they call?
Ryan Nelson (11:47):
it when they come back with the false responses.
Anyways, um, you know, if Istart looking up something, I'm
like, hey, I have a, you know, Ihave an infection on.
Well, what if this infection isa different type of infection?
What if I don't know what I'mprompting?
(12:08):
How do I even know these thingscombining together and putting
it on my arm will be good.
I don't have the knowledgenecessary to really verify.
The information is providing meas good, which is just kind of
a dangerous world to start justtotally relying.
So, yeah, I think it's, atleast at this stage.
Obviously it's going tocontinue to advance and so, as
the years go on, our views on itwill probably change, but at
(12:30):
least at this stage it seemslike it's an awesome supplement.
I would be, hesitant to use itas a standalone investment
advisor, for example?
Aaron Hoisington (12:41):
Yeah, definitely, and I think you can
equate that to a lot ofdifferent things, like with,
like you know, with craftingemails.
Like you, sometimes I'll getemails and I'm just like, all
right, like you didn't writethis, like I know who that other
person is, who's sending thatemail, and I'm like you did not
write this.
Like it's like and it soundsgreat, it sounds really eloquent
in these certain things and I'mlike awesome, Like that.
(13:04):
You use a lot of big words andit's great, looks good, but
that's not how you talk.
Like and so, like you, you getinto meeting with these people
and you're like all right, whatare we doing here?
So I think that there are it'sa great, like you said, a great
substitute, a great addition toreally elevate certain things.
I think about it.
With a couple episodes back, wetalked about spelling and I and
(13:24):
I think about, like a lot oftimes I'm like trying to word
something, I'm having a toughtime, like oh my gosh, like how
do I say this?
And like 90% of the time it'slike, oh, that's way better than
I would say it, and I take itand then I just convert it to
what I was trying to do.
So it's like a supplement towhat I like it's a super cool,
powerful tool.
It's a powerful tool and itsaves time and you hit on the
(13:46):
efficiency piece of it and Ithink that's the biggest thing
about, like man, something thatmaybe you know I'm trying to
Google a formula to plug into aGoogle Sheet, versus I can just
say, hey, this is what I want todo with Google Sheets, and then
it will spit something out soquickly and I can test it and
then like, hey, this didn't workand it gave me this error.
It's like, oh, this didn't workand it gave me this air.
(14:07):
It's like, oh, okay, and itlike you could do it.
It's awesome, it's so cool withthat.
Ryan Nelson (14:10):
Yeah, it's an incredible.
It's an incredible tool that Ithink needs to be leveraged for
sure.
Um, you mentioned, sometimesyou'll receive these emails and
you're like I don't think thiswas really.
Did I ever tell you how?
Uh?
So when I had so, my book cameout like right around when chat
GPT first got launched, and so Ihad people doing beta testing,
(14:30):
right, or beta reading, sure,and so some of the people I knew
well, some people I didn't knowso well and stuff, and so I was
asking for feedback on the bookand where I could improve it
and stuff like that.
And so one of the responses Igot back from somebody was
something to the extent of likethis book will be like received
excellently among inmates andcan provide a lot of value and
(14:53):
uh, I was like that just doesn'tmake any sense, like it's not
relevant to the topic.
Aaron Hoisington (14:59):
I don't remember any inmates.
Speaker 1 (15:01):
There's just nothing that alludes to that whatsoever.
Ryan Nelson (15:04):
Um and uh.
I was just like.
I just A was like I think thatsomebody just copied and pasted
my book in the chat gpt andasked for feedback and then b
that uh and this was like.
This would have been like chatgp, like 1.0 or whatever you
know, when it was.
It's continually getting better.
But, um, I was like, did thisperson also not like even read
the response that came out ofchat gpt and and like proofread
(15:28):
so?
So it was pretty, it was prettydarn funny.
But I was like I don't, yeah,like that, you know.
It's just an example of aresponse where it's like that,
you know it's not.
Speaker 1 (15:39):
It's not a standalone tool, yet it's just.
Ryan Nelson (15:41):
It's a great supplement but just not quite
ready to go standalone.
Aaron Hoisington (15:46):
That's hilarious.
Just like this will bewell-received among the inmates
You're like really.
Ryan Nelson (15:51):
Yeah.
Aaron Hoisington (15:52):
Is there an untapped market that I'm missing
?
Speaker 1 (15:54):
Yeah.
Aaron Hoisington (15:56):
A lot of money behind bars, apparently.
Yeah, Awesome.
Well, I appreciate it, Ryan,Appreciate you sharing the
thoughts.
Really, a shout out to thelisteners who sent that over.
That's great.
It's something I probablywouldn't have had a topic on, to
be honest.
It's something that.
So just anything that you guyshave send us a text, shoot us an
email at podcast atalchemywealthcom.
(16:17):
We're happy to check that out.
Please let us know.
We'd love a good voice questionif you want your voice on here
as well but text will work too,so awesome.
Speaker 1 (16:33):
We'll go ahead and pause for a quick break here and
we'll be right back.
Aaron Hoisington (16:36):
And now to put the personal in personal
finance.
Welcome back to this side ofthe fiscal physical podcast.
Uh, ryan, today I got aquestion as far as um
communication goes.
I value communication almostabove anything just in life.
I think that if somebody is agood communicator they can
really exceed in a lot ofindustries and a lot of areas of
opportunity and just be arelatively well-rounded person.
(16:58):
If you can communicate, it's ahuge skill.
So I'm curious what yourpreferred form of communication
is.
Is it text, phone, email,carrier pigeon what, what do you
think it?
Ryan Nelson (17:11):
is Sure.
I mean carrier pigeon soundspretty cool.
That'd be fun to explore.
Uh, what's?
Uh?
Is it an African swallow orwhat's the?
I don't know, okay, uh somebodyout, there will get that, but um
, yeah, professionally, I'd say,like phone calls is.
You know, I think, like if aclient texts me or sends an
email, oftentimes they're likeasking a question or something.
(17:33):
It's like just the thought oflike drafting this email is like
overwhelming.
It's like there's way too muchcontext and nuance and like it
will take me 40 minutes to craftan email, whereas I could just
call them, pick up the phone andhave a conversation.
Definitely so anything I meanclearly like phone calls are
just a richer form ofcommunication than texting or
emailing.
Um, you know, there's you cansense the intonation of
(17:53):
somebody's voice and pick up onother cues.
And so, yeah, I think, likealmost anything business related
, I prefer phone calls because,again, I just can't.
It's like it's hard tocommunicate certain topics or
certain ideas.
Um, you know, and, and whenyou're having a conversation
with somebody, it's like, yeah,you can start talking about
something.
They're like, yeah, okay, I getit.
(18:14):
That totally makes sense, andthen you don't have to keep
going down that rabbit hole andthen you can move to the next
thing and start talking aboutthat, whereas if you're crafting
like an email or a text, it'slike how in depth do you go on,
each of them incredibly valuable.
So, uh, almost like almostentirely, my communication
through work is done via thephone, um, but uh, I don't know,
personally, I guess it's alittle different.
(18:34):
I don't, you know, I I guess Iget most of.
I'm obviously not having tocommunicate like as complex
topics with my friends orwhatever Um, and you know,
texting, sort of this short likealmost stop gap thing until I
like meet somebody in person.
It almost feels like and thenI'm having that rich
communication with them inperson.
But so, yeah, like on thepersonal level, certainly
(18:55):
texting is far and away my mostpopular way.
I almost never call anybodyever, um, but business, almost
entirely phone.
So, business phone, personaltext and email, I could, I could
, I don't even.
You're like all right, it's forthe birds, yeah, I'd say it's
for the pigeons, what about you?
Aaron Hoisington (19:13):
I would say for myself.
I'm similar At work.
I run a team of customerservice agents, so we have about
15 people on my team and I haveto deal with a lot of stuff
that goes on with them, and wehave this like big giant text
conversation that happens likeand it's just it's so convoluted
with certain things that I'mjust like, oh my gosh, like I
(19:35):
just someone's like asked aquestion, I was like, hey, shoot
me a message, let's hop into ameeting, let's get this done.
Speaker 1 (19:40):
Like kind of thing versus like going back and forth
.
Aaron Hoisington (19:43):
So I'm, I'm still and maybe I'm old school.
Whatever, I love a good phonecall, like I just think that
there were a, you know a videomeeting, whatever it is, where
you can hear someone'sinflection, you can see
somebody's like um, it's reallyvaluable and I think it's
important because you can losethings within like uh, you know,
communication like that.
I know that when my my wife andI first started dating uh well,
(20:05):
she was just my girlfriend atthe time Like she just did not
want to talk on the phone, justdidn't like talking on the phone
, but we were getting like oursignals crossed a lot of times
with like text messages and she,like she would think it meant
and.
I was like, and so I was like ohno, this is urgent.
Like how do I convey that thisis urgent?
Like, is it more exclamationmarks?
Like I was like, all right, wejust need to.
(20:26):
Until we actually know eachother, we just need to talk on
the phone.
So like I was like if there'sanything that's relatively
important, I need you to call meabout this, and so it was.
now we can just text and likeshe reads it how I speak and I
read it how she speaks, and I dothe same thing when I read your
text messages.
I read it in your voice, and Ithink that that's awesome when
you can kind of get to thosecertain times.
(20:47):
So I would say personally,though now, like with everybody
that I've established with, Itext all the time Like that's
what I use, and I think that'scool too, because you can hear
people talk and see what's kindof going on.
So I like communication, butI'd say I'm very similar Phone
(21:16):
if it's something reallyimportant, Text if it's just
personal and kind of just likewhatever, Yep agreed, Awesome.
Well, you got anything else forus here, Ryan.
Speaker 1 (21:24):
Before we wrap up, as always, stay the course.
Thank you for joining us forthe Fiscal Physical Podcast.
Until next time, happylistening and, as always, stay
the course.
If you have a question or topicsuggestions, please email us at
podcast at alchemywealthcom.
If you enjoyed today'sdiscussion, subscribe to the
(21:47):
podcast to ensure you never missan episode and consider leaving
us a rating and review on yourfavorite platform.
This helps other listeners likeyou find the show.
For more resources, you canvisit Alchemy Wealth
Management's website atwwwalchemywealthcom or find your
fiscal physical the book onAmazon.
We'd be remiss if we didn'tmention that personal finance is
(22:10):
just that personal.
Please don't take anything wesay as advice.
The preceding content is forinformational and entertainment
purposes only.
It's not an offer or asolicitation, nor should it be
construed or relied upon for tax, legal or investment advice.
It doesn't consider yourpersonal financial situation or
objectives and may not besuitable for you.
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