331–340 of 443 posts
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>The problem with giving financial advice to people is that many struggle to pay their rent. If you're struggling to pay rent... Your quality of life is too high and you need to reduce it. Straight up. This isn't a wealth inequality issue, it's a "you're overspending" issue.
It's illegal to be homeless.
Where?
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> You could replace the AI with a piece of paper […] This is actually the 'schtick' of a book that was written ten years ago: > Emails and comments on his blog asked for a real index card with financial advice, so Pollack jotted down nine rules in two minutes, took a picture of it, and posted it online.[1][4] The image went viral, and was covered on many internet news sites.[4][5][6] Pollack and Olen wrote The Index…
10. Teach the next generation to be responsible with money and their use thereof. This means all this akward conversations about why I don't spend money on stuff that I don't need just because some YouTubers want me to.
There's nothing awkward about the following advice in conversations:
> 1. There are two ways to use money. One is as a tool to live a better life. The other is as a yardstick of status to measure yourself against others. Many people aspire for the former but spend their life chasing the latter. […]
> 3. Spending money can buy happiness, but it’s often an indirect path. Money itself doesn’t buy happiness, but it can help you find independence and purpose – both key ingredients for a happier life if you cultivate them. A big, nice house might make you happier, but mostly because it makes it easier to have friends and family over, and the friends and family are actually what are making you happy. […]
> 6. Everyone can spend money in a way that will make them happier. But there is no universal formula on how to do it. The nice stuff that makes me happy might seem crazy to you, and vice versa. Debates over what kind of lifestyle you should live are often just people with different personalities talking over each other. Author Luke Burgis puts it another way: “After meeting our basic needs as creatures, we enter into the human universe of desire. And knowing what to want is much harder than knowing what to need.”
* https://collabfund.com/blog/my-new-book-the-art-of-spending-...
* https://www.goodreads.com/book/show/231148075-the-art-of-spe...
What's the best place to put money for my 6 year old son or best strategy to follow? ChatGPT: 529 college savings or custodial brokerage or custodial Roth IRA. 80-100% diversified in us. Optionally adds international. Advertisement: >SoFi Online Savings Account Better Banking is Here To Stay. Up to 3.10% APY and No Account Fees. Terms apply. GLM 4.7: 529 / Roth IRA / UGMA broad, low-cost index funds for example VTI.…
I wonder if telling (or somehow architecturally coaxing) the LLM it has 'skin in the game' will make it more risk-averse? I imagine it does. This makes me wonder too about the entire premise and worthiness of these evals. They orient themselves around normal one-shot interactions with a likely non-sys-prompted model with no built up context or memory of the person. I doubt the mentioned 'job loss' scenario is even co…
The more information you give pendragon the better your answers will be. Pendragon also produces a history of decisions, memories, and plans so it can keep you on track and have a better understanding of your overall financial health. Pendragon helps you achieve your goals by providing detailed financial advise and specific actions you can take to achieve whichever goal you have.
As an associate financial planner working under a lead planner at an RIA firm, this is an interesting article but I was very disappointed by the comments here in this thread, like "I don't understand why advisors still exist" (meanwhile the RIA world is absolutely exploding and our firm can't handle the amount of families contacting us for advice). The purpose of my job, and this profession, can be split into two hal…
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> Financial advisors and tax accountants Financial advisors giving generic advice, sure. Tax accountants though? I'd be careful. I know the mistakes that llms make when complexity gets involved (especially tax codes and laws) and frankly I don't know enough about them to be able to verify whether what I'm getting out of it makes sense. I could probably verify it with enough research but then I just could so it myself…
Yeah, Claude told me what a great idea converting my LLC to an S Corp would be and how much I would save in taxes. When I asked my accountant about he told me it would actually cost me more, because of NYC taxes S Corps. I didn’t tell Claude I lived NYC, because it didn’t occur to me that it was relevant. I find tax stuff is full stuff like this (often more subtle than where you live).
note this is financial advice not a crystal ball which some of you are perceiving this as. there's just no way to prompt your way into trading or any type of imperfect information situations where there is no nash equilibrium we might get there eventually but not with LLMs no matter how much RL or "skin in the game" you throw at it.
AI financial advice encourages people to save more, diversify their investing, and take on less risk as they age. sounds like pretty generic advice. I thought they meant it gives good stock picks or trading strategies. That would be noteworthy. This is just "meh".
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There is a universally agreed-upon approach, but is it actually correct? Usually, investing in the thing that people have invested in for the last 20 years is a good way to buy at the top.
Yes it tends to be correct because the other option, invent a trading scheme, tends to work out worse for investors who attempt it.