Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
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Kind: captions Language: en for most people thinking about money all day long is two words fun or exciting and in fact it’s quite stressful the standard of what I want to see built I don’t believe that there’s a company that is close there’s a couple united states that’s starting to think about this and in doing a good job also called tally where the jason the founder is wonderful and it you know he he was helping people he started with credit card debt pay off the credit card debt faster which was the court clean point and starting automation around it but um you know I think I want to I want to like fast-forward the decade ahead where we actually get to Instant Streaming money it you know I call it liquefied money you’re calling it streaming money where your money can always be optimizing to the right place and that gets pretty powerful when that begins to happen but most importantly not only is it powerful it meaningfully changes the life of American families oh yeah I’ve heard this idea before about basically hey what’s a category of what you built it’s like P P P F am something like that yeah pfm personal finance manager and the theory is basically you have things that clarity money and learn vast and others that were basically all like hey we can suggest some things we can show you some charts and analysis but like fundamentally you the user make the decision and what you’re talking about is the software makes the decision right self-driving basically like it’s not it’s not you’re sitting in your car and your car suggests to you how you should you know turn or change lanes the car changes lanes because it knows where you’re trying to get is your destination and so I’ve heard before that hey what we need is for to get get AI basically to the point where it can actually make the decisions and optimize the money for you so that the user doesn’t have to make decisions user says I want I have these financial goals for myself this is my income coming in here’s my bills and it basically does it and what I’ve what you added on was the reason that can’t happen right now is because the transfer is too slow but it seems like there’s a middle step just right now the software doesn’t decide the user decides and most users don’t want to think about that or make those decisions that most people are not active with their money management much to your chagrin I’m sure so is it more about software deciding versus users deciding or is it more about liquefied money so liquefied money matters but then to your point so I’m gonna like I want to answer that with a with a visual question when we imagine money right now we imagine money by saying okay I’m gonna log into my you know my etrade account and I’m gonna stare it on my grass and and you know look at things and I’m in a top to an advisor and tell them my goals and then like a lot of things are gonna be executed I almost think that we are thinking about the limits in the sound of what technology offers today as opposed to what the customer really wants if you ask the customer what they really want they want enough money to do what they need to do and they want everything else to be taken care of and like for most people thinking about money all day long there’s a sort of fun or exciting and in fact it’s quite stressful I’m so imagine and so I almost think we visualize money based on what exists but imagine a thought exercise and I’ll use an Amazon Alexa since I literally there’s like 17 in my brother’s house and he just likes to yell at me all day anything’s it’s so funny but basically let’s use an Amazon Alexa and imagine you could walk in your kitchen every morning and just say you have surveillance so you’ve rules that you’ve set it around your wallet so has anyone broken my identity has anyone done anything bad or on tour restrictions that you put on to like my kids credit cards can eat only you know spend fifty dollars a month and whatever it may be and then you’ve already clearly laid out goals and it just does it for you and so you walk in like why do I even need to look at my money all I care about is are there any crises no are the rules I’ve set up in place so any extra money you know I need four hundred dollars in my savings account for checking for you know if I need cash we’re gonna obviously go away from cash permanently at some point um and then everything else just optimize for me and that’s math the thing I love you know I am a math geek I’ve all liked math growing up I always loved it math is really beautiful because this isn’t you know we’re not trying to cure something a disease that we don’t this isn’t a kovat situation where we don’t know that we don’t know what to do yet we are looking for a vaccine to use that as an analogy this is math for every American wallet I can mathematically tell you where their next dollar should go to save to save them money make their life better and outside of them telling us what their goals are then the math can do it and it can do it every hour or every minute and at some point when you get there that is better for the American rollit and so that’s the vision of that’s literally the picture in the back of my head is like when do we get to a place where my money is just doing what it should do at all times and right now there’s wild amounts of friction move it from here put it in the savings account sweep it into this do this with this pay off the credit card to pay off your student loans you have to make two payments and tell them please pay the principal not just the intern friction everywhere and at some point it will go away and I motto services be candid it will be selling my life Doris you’re very uh persuasive I feel like I’m ready to like get behind you and say let’s go to war you’re very you’ve got a very good [Music]