finbit$: Will AI make my job obsolete?
So I informed my wife yesterday that AI would make her obsolete in the near future. Yes we’re still married, but our conversation went downhill from there! You’d think after 30 years of marriage I’d learn to filter the limited thoughts from my brain to my lips. Nope. We were having a family discussion about ChatGpt, the AI software that is changing the world. It can write books, create music, and analyze financial documents. Therefore I made the comment that her job as an accountant would be obsolete. What I meant to say is “Many professions will incorporate AI more and more which may lead to certain professions changing dramatically and possibly being eliminated entirely.” What my dipstick mouth said was…”You’re gonna be obsolete soon!” She fired back with you’re gonna be obsolete sooner! Glad I wasn’t standing in front of her SUV or she may have finished me off right then. All in good fun. Yes she appreciated dinner out that night and the couch was reasonably comfortable that night.
We’re #1. We’re still pretty much #1! Well ‘Merica is trying to stay on top with the strength of the U.S. dollar, but we’re starting to slip. According to the Intercontinental Exchange (ICE) U.S. Dollar Index, which is a gauge of the U.S. greenback against a basket of major currencies, the U.S. dollar peaked in September of 2022 and has declined about 11%. Is that a bad thing? What in the heck am I talking about? When the U.S. dollar is strong it allows us to buy foreign goods for a cheaper price. Your croissant that you had in France last fall cost less than if you bought it today in Paris. However it makes exports like Ford F150s more expensive for purchasers outside of the U.S. If the dollar starts to decline then your pint of Guiness might cost more this year if you travel to Dublin, but for U.S. exporters it makes our products more attractively priced. It’s a balancing act that we can’t necessarily control. What’s your point JB? My point is that as an investor we tend to have a home country bias. I’m as much of a U.S. homer as anybody, byt it is also prudent to consider international funds as a part of your portfolio as currencies and economies fluctuate. Everyone’s risk tolerance and time horizon is personal, so consider all factors before making a change.
Hey JB?
HEY JB? - I’m thinking of canceling myself before someone does it for me. I mean I haven’t done or said anything horribly terrible that I’m aware of, but its just a matter of time for all of us. Before I completely cancel myself, I thought I’d reign in my credit cards and cancel a few. Probably don’t need my Star Trek Visa that I got at ComicCon last year or my Hello Kitty Platinum card that I’ve kind of outgrown. Does closing a credit card affect my credit score or ability to get more credit? Signed Trekkie for life
Dear Trekkie - Quite the dynamic having a Trekkie card and a Hello Kitty card! Whom am I to judge?! Yes you should reduce the amount of credit cards you have to simplify your finances. If you cancel a card it could impact your credit score temporarily because it will reduce the available credit you have. The credit bureaus may look at your financial ratios and decide your score should go down because you don’t have as much open credit available. That’s not a terrible thing if your spending habits are out of control. Also you could switch products with the same card provider. For example switch from a card with an annual fee to no fee or from a high annual interest rate to something more competitive. If you have more then two cards, then you probably have too many. Be smart and just keep the cards that make sense for you. Not sure anybody needs a Hello Kitty Platinum!
quote bit$
“Son, if you really want something in this life, you have to work for it. Now quiet! They’re about to announce the lottery numbers.” - Homer Simpson passing along financial wisdom to son Bart
marketbit$
