2 SURPRISING WAYS ARTIFICIAL INTELLIGENCE PROTECTS YOUR MONEY AND FUTURE
Most people who hear about artificial intelligence (AI) conjure up an image of a robot acting and thinking on its own. However, it’s far more than that. AI systems are used by businesses to identify human behavior patterns and tailor marketing messages. They’re also used by health care professionals to provide diagnoses and monitor trends. And now, AI is being used for financial security. RISK MANAGEMENT Many are concerned about the risk of someone hacking into their bank accounts and cleaning them out. While that can happen at any moment, individuals often have a number of safeguards in place to protect their finances and mitigate this risk. The same is true for businesses, such as banks, credit card companies, or online retailers, though the risks are often far higher for these companies than they are for individuals. How does AI help? It works with data faster and more accurately than a human ever could. By using AI to monitor financial transactions, a company can keep track of the real-
time activity of its customers and verify its authenticity. For example, someone who makes a large withdrawal from their bank account might get an AI-generated call, text, or email seconds afterward to verify the transaction. FRAUD DETECTION AI can also predict and flag unusual activity associated with fraud. By combining two of its processes — data management and pattern identification — AI can pinpoint oddities within a person’s finances. For example, if a card is used for a purchase in America then used a few hours later for a purchase in another country across the world, AI can detect this suspicious activity almost immediately and send an alert to the cardholder. Additionally, AI is created to learn , which means that over time, it will become more attuned to what is or is not fraudulent activity. Artificial Intelligence is a powerful and beneficial tool for business owners and individuals alike. Read more about what AI is doing in the financial world at MarutiTech.com/ways-ai- transforming-finance .
YOU MAY BE FINANCIALLY READY TO RETIRE BUT ARE YOU MENTALLY PREPARED FOR THE SECOND ACT?
In the years leading up to retirement, your anticipation will grow. You’ll notice your peers retiring, and you may begin fantasizing about sleeping in on a Tuesday morning, with no responsibilities or deadlines looming over you. (Or maybe that terrifies you.) This is the perfect time to start planning for what you’ll do once you retire — and we don’t mean financially. You’re already working on that strategy by partnering with Patriot Wealth. What we want you to think about is much more complex: Are you emotionally and mentally ready to retire? You may not be as settled as you think — and that’s okay! Gerontologist Ken Dychtwald reminds pre-retirees in a 2019 MarketWatch article that the pattern of going to work has been ingrained in them for decades. Unlearning that takes time, Dychtwald explains, but retirees can prepare for this massive change in the years leading up to retirement. Make a list of your goals, start creating plans, and seek advice from those who have already done it. You don’t have to reinvent the retirement wheel. As you transition into retirement, you’re going to feel exhilaration and possibly even a little anxiety. The next few weeks and months will feel like a vacation, where you can golf
when you want, sleep in, and sip coffee on the patio in your robe until 10 a.m. But that feeling will end. Like the monotony that gets to all of us at some point in our careers, your honeymoon phase in retirement will start to take on a new shape if you don’t prepare. Be flexible in these moments. That’s the advice of Chip Conley, author of “Wisdom @ Work: The Making of a Modern Elder,” in that same MarketWatch article. As you age, shift your thinking away from work being what defines you and find what passions redefine you. Conley encourages retirees to consider retirement as a chance to grow into someone new. Adapt to this period, and you’ll grow into a new pattern. Dychtwald also recommends staying connected with your loved ones and finding a social circle that encourages you to be active. Our goal at Patriot Wealth is to help you prepare financially for retirement, but we also understand that money isn’t the only focus of retirement. We want to help you prepare for this next phase of your life. If you have questions about how your portfolio is helping your goals, call our team today.
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