Technology Transforming Finance

0:00 Ralph: So the question today is how is technology. Transforming the world of personal finance in 2024. well get ready for a front row seat to the latest FinTech innovations from AI financial assistance to immersive shopping experiences. Join us as we explore the promise and potential pitfalls of things like crypto, digital health tracking and more, you don't want to miss this tour through the tech. That's changing how we manage our life and our financial lives.

0:58 Welcome back to the show on this technology Tuesday. I was looking forward to technology Tuesday, cause I'm a bit of a techno nerd. I'm excited to dive in today's topic with you. We're jumping into the fascinating world of high tech finance in 2024. And don't worry folks, I'm going to break it down in easy to understand. discussions. So from robo-advisors to crypto, The way we spend invest and manage money is looking more and more like Sci-Fi future every day. Well together, we're going to separate FinTech hype from reality. And explore how followers of Jesus can navigate this brave new world of digital money wisely. But most importantly, biblically. If terms like DeFi NFTs in VR shopping, make your head spin.

1:41 They make mine. Don't worry. We'll break it down and focus on the human side of tech. The financial landscape is shifting fast. But our call to stewardship. Community and trusting God remains as relevant as ever. So let's dive in today's topic. How technology is transforming personal finance in 2024. Before I get started, don't forget to subscribe to the show and join our email list. That's at askralphpodcast.com. So you don't miss tomorrow's show. When we're going to have a funny wacky Wednesday where we're going to discuss the most ridiculous business expenses that people have actually tried on their tax return. Let's dive into today's topic. one of the biggest changes we're seeing is the rise of AI powered financial assistants.

2:23 You see these everywhere, this app now with AI. These are apps and programs that act like personal CFOs, helping you manage your money. And make smart financial decisions. you can think of them like a supercharged mint or personal capital. These robo-advisors can analyze your income. The analyze your spending habits, your investments, your debt. And financial goals. They provide tailored advice and money management strategies. Some AI systems can even answer basic questions about your finances. Make recommendations and complete simple tasks like paying bills or checking account balances. The key benefit is that this automation.

3:05 And analysis can spot problems and opportunities. A human might miss, you're not going to see these things. If you're looking at them from your perspective, but the AI tools can really crunch the numbers and find these things. And some AI systems learn your behaviors. Now that can sound a little scary. But over time, they increasingly customize guidance based on your. Particular situation. But don't forget. There are risks to, you're still trusting an algorithm, Which is a fancy way of saying you're subjecting these things to. Technology. And it's not a substitute for human financial advice. Well, let's talk about immersive shopping experiences. Another way technology is advancing.

3:46 Transforming mundane, shopping into immersive digital experiences. For example, did you know some clothing retailers? Now let your create a virtual model of yourself. That's kind of a scary thought. But you can use this avatar to quote try on items digitally before you buy now. That's kind of cool. you create the Ralph avatar and have him try on different suits or different clothing, different apparel items and see how they look. Beyond clothing, think of furniture and home goods to. Apps allow you to visualize that new couch or that decor item in your actual living room. Some even offer virtual walkthroughs of stores and malls. The goal is bringing that tactile, in-person shopping, feeling into the digital world.

4:27 basically you have that same experience. without having to leave your home. And let's not forget about virtual and augmented reality. VR headsets that you feel like you're actually browsing store aisles and showrooms. while, AR overlays digital images on the real world. Like seeing that new fridge in your kitchen before pulling the trigger. For savvy shoppers, this means less guesswork and fewer returns, but be aware of impulse buying when everything is just a click away. Now let's talk about crypto NFTs and digital money. Let's talk about an area of transforming finance. It didn't exist a decade ago. Nobody heard of this digital money. One of the things I have to ask. Every client that comes in during tax season in is do you do any cryptocurrency trading?

5:07 Cryptocurrency and NFTs are now mainstream investments. You see them everywhere. With major financial institutions offering exposure to these things, but make no mistake. These are highly volatile assets. So caution and abundant caution is still needed. On a more practical level though. Digital wallets and payment apps have taken off. I mean, we see these every, from apple pay to Venmo to cash app. We are absolutely less resilient on cash and cards and services like PayPal. Now let you even trade crypto, you can invest in stocks and even spend with crypto. We were at a local pizza shop and they actually have a crypto ATM machine. It's the blending of traditional and digital finance together.

5:49 Now let's talk about something called DeFi. That's decentralized finance is unlocking new opportunities. These are financial activities like landing and barring that happened peer to peer, person to person. Without banks as the middleman. The potential is opening financial access, but it comes with added risk to. what's the key takeaway here. While exciting. Ensure digital assets and tools integrate with your broader financial plan and knowledge. don't chase after F O M O alone. Well, how about health and wellness monitoring? That's something a lot of people don't think about, but there's a huge advancements in technology in this area. Let's shift gears to talk about how technology is intersecting with our physical health and wellness. Wearable fitness trackers have been around for a while.

6:32 But they've got incredibly sophisticated, As we record this right now, I'm wearing an apple watch. It tells me all kinds of things. It tells me my heart rate. It tells me how much oxygen I have in my body. Many now provide detailed tracking, not just the activity and sleep, but vitals like your heart rate. Like I just said, your blood oxygen levels and ECG, some are even capable of identifying signs of conditions like sleep apnea. You know, one of the things my doctor had me do is wear my apple watch at night to see how I was sleeping and. Atrial fibrillation. That's a big word and I'm not a physician, but I think it's kind of important. On top of that, you can share this data with your doctor for regular monitoring. Now one of the things that I do when I go and meet with my doctors.

7:13 I bring in my iPhone and all my fitness data on there, and I show it to her. that's kind of like bringing the clinic directly to your wrist. Now beyond health, several apps now offer meditation. Mindfulness and even counseling through virtual assistants. The potential here is helping people incorporate mental wellness habits into their daily routine. And that's great. But there are a few things to watch out for. Don't fully self-diagnose from a wearable, don't make that your doctor. And be cautious about oversharing biometrics and health data. As insurance providers could potentially access this down the road. And that's something to think about. If insurance carriers are able to access that data. They may charge you more based on the data that you're providing to them still.

7:55 Used wisely. This technology has huge potential empowerment. For people in managing their wellness proactively. Well, let's talk about bringing human connection to digital finances. With all of these technological advances, it's easy to see finance becoming fully automated, impersonal. That's why I'm encouraged to see an emphasis on human connection. Even in digital experiences, for example, Many robo-advisors now offer access to human financial planners for guidance. Customer service chatbots can handoff conversations to a real person when needed. Alternatives to mainstream social media are gaining popularity by focusing on genuine relationship building, not just talking to some machine.

8:37 And churches, communities and peer groups are finding new ways to foster meaningful connections. Even if they're remotely. As followers of Christ, we're called to live in relationship with God and others. So surrounded by new tech, let's keep investing in the irreplaceable currency of human relationships. Let's not ever let that go. So, how do we navigate these changes? And maintain our biblical values. And that's one of the core things we talk about here on this. Ask Ralph show. With so much change. It's easy to feel overwhelmed. There are days when I see technology coming at me and it's overwhelming. So I want to close our time today by grounding ourselves in biblical values that transcend any financial trend or technology.

9:17 First and foremost. God's love and sovereignty. He knows the plans he has for us. So we can find peace and hope in any circumstances when we trust in him. Next stewardship and generosity. Using what God has given us wisely and blessing others reflects his kingdom. And you have to have faith over fear. The wall street rises and falls, but God remains the same, never let that become something that defines where you are. You got to have faith that God has a greater purpose. one of the things I talked to a client about yesterday, We had a long discussion about where's the economy going? Where's this country going? And I said, well, as long as Jesus Christ is still in charge, I'm not worried.

10:00 Yeah, there's some fear, but you have to have faith. And you have to develop community over isolation. Money management. Shouldn't be a solo act. We need brothers and sisters to lean on. I hope this program is a place where you can come and find, peace and you can find ideas to help you build that community. And finally, Can't stress this enough. I say this routinely. It's all about contentment. No gadget or investment can satisfy our soul. But finding joy and purpose in Jesus is true wealth. So hold onto these anchors and you'll have the foundation to navigate 2024 and beyond even in this technology age. Well, before we wrap up, I want to remind all of our listeners to visit our podcast page.

10:44 That's at askralphpodcast.com. There you can leave a review, share your thoughts, send us a message. Click on that microphone icon at the bottom and tell us what you want to talk about, and maybe you'll even be on the show and make sure while you're there, you want to join our email list. But why do you want to do that? Well, we're offering a $25 Amazon gift card drawing weekly. So enter yourself and enter anybody else that you know, who might find value in this program, you know, share this program with them. We've got over 300 episodes on our website of all kinds of topics that can help you improve your financial situation. If, while you're there, if you want, you can also take a look at our store. That's at askralphpodcast.com/store.

11:25 I have a couple of books there for sale, as well as the opportunity to schedule an appoint with me. If you want to talk about specific things that I can help you with individually. Well, as we wrap up today, I want to encourage you to approach these AI finance tools thoughtfully. Take time to research and understand how they work before handing over your data or decision. you need to kick the tires on these things and understand. Really what they are. Start with limited functions like budgeting before exploring more advanced features like investing. And always maintain that human connection. Never let an algorithm fully replace real financial advisors Who can provide wisdom and accountability. At the end of the day. AI is a tool. It's a great tool. To aid our growth, not determine our path.

12:07 With wisdom and discernment, it can expand our opportunities without compromising our values. And as followers of Jesus, we remember that no app or algorithm will ever replace his perfect. Loving guidance. Our finances are merely a means to walk in faith and bless others. Well, thank you for listening today. I hope you feel empowered to navigate this changing financial landscape. Please reach out. If you have any thoughts or questions and tune in next time. As we talk about some funny and outrageous tax deductions that people actually tried on their tax return. And as I always say, stay financially savvy. May God bless you. And may your money decisions reflect his glory?