Liubomyr Vorona / Getty Images
Commitment to Our Readers
GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Trusted by
Millions of Readers
By now, you’ve probably used AI for something. Whether it be making a grocery list, writing an email or planning a trip. However, many experts say that more people should be using artificial intelligence (AI) to make money. Not sure where to start?
Here are some ways you can use AI to grow your wealth.
1. Suggest Investment Strategies
If you’ve been interested in investing in crypto, Hannah Arnold, the COO at Turnkey, said you can use AI to analyze crypto trends to provide money-making opportunities.
“AI agents can leverage their ability to rapidly analyze massive data sets to spot patterns and opportunities in crypto by executing automated trading strategies, providing predictive analytics, and aiding in portfolio optimization,” said Arnold. “AI agents being developed today can actually turn these insights and strategies into trades automatically, so investors don’t need to manually execute every move.”
Of course, AI’s investment help isn’t limited to crypto. Nick Heimlich, owner of Nick Heimlich Law, said AI can be a huge asset when it comes to any type of investment assistance.
“Large amounts of data can be processed by AI, and patterns and trends that are difficult to detect by a human individual can be identified. To present an example, AI-based trading programs can forecast the stock in real-time and help a trader to make better decisions,” he said.
2. Grow Skillset
Most people know that AI can take a look at the work you’re already doing and suggest ways to make it better. Brooke Triplett, the founder and CEO of She Sells with Brooke, said users can take this a step further and use AI to learn entirely new skills.
“Increasing your skills with AI feedback can lead to career advancement, which will, in turn, help grow your wealth.”
3. Streamline Systems
Triplett added that at her company, AI has identified the biggest problems and fixed them, so they can make more money with fewer obstacles.
“In my company, every sales call is reviewed instantly by AI. It identifies bottlenecks and moments where objections weren’t handled well, or the conversation lost momentum, and pushes that feedback straight into Slack. This alone has helped us generate more revenue by improving close rates in real time. The efficiency is unmatched.”
4. Identify New Income Streams
Not only can AI help remove the bottlenecks in your business, but it can also make suggestions on how to expand it.
“The other application of the AI can be to monitor market trends to establish new business opportunities,” Heimlich said.
This can help underscore trends that are making other companies money and how to apply them to your business model.