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The Weekly Update 4/5/2024

| April 05, 2024

The Weekly Update 4/5/2024

 Written by Brittany Jarocki CFP, (Jim's business partner, daughter and the succession plan Jim hopes he never needs).


If you haven’t heard of the AI (artificial intelligence) craze by now I have to assume you are living under a rock. Though AI has existed and been in the works for many years, it seems that one day we woke up and AI was everywhere all at once!

The rise of AI has propelled companies forward on all levels and, in my opinion, is just getting started.

What, exactly, is Artificial Intelligence? In simple terms according to IBM, “AI is a technology that enables computers and machines to simulate human intelligence and problem-solving capabilities”.

Many folks believe that AI will replace human bodies in the workplace, which it may to some extent, but I believe the true power of AI lies in the form of growth and opportunity - the ability to have companies work much more efficiently and quickly than ever before. Plus, for every job that AI may takeover, it likely adds tenfold in the careers it will create for people working in the industry.

The statistics above show just how powerful AI is today and how much more influence it is expected to have on our world going forward. Keep in mind that AI is only as good as the information we feed it. So, just like a snowball, the more people that use it and feed information to it, the more it learns, and thus the more people that use it.

Even for those of us who live simplified lives use AI each day without even seeking it out. For example, your Gmail now gives you predictions on finishing the sentence so you don’t have to type the entire sentence, your cell phone can unlock with face recognition, Google takes note of your searches and makes recommendations to you based on them.

On a more abstract level, our trash removal companies use AI to help sort waste materials, our delivery companies use AI to track the best routes, our hospitals use AI to aid in diagnoses and provide more accurate care. Just a few examples of how AI is everywhere, even if it doesn’t seem obvious.

We have all experienced these things, and while they may be creepy, they also make our lives more convenient. 

This month I encourage you to embrace AI, as it will become more of our future than we all think!

I’m interested in your thoughts, comments, and observations.  Feel welcome to call, email, or stop by the office and say Hi.

Respectfully,

James O. Lunney, CFP®

CERTIFIED FINANCIAL PLANNER™ Professional  

Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.