Can AI make me rich?

I am not a financial adviser. This post is for educational and entertainment purposes only and describes my personal journey using AI tools. It does not constitute financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how this information relates to your unique circumstances. For more information please see the Terms of Service and Privacy Policy.

I am a millennial. I repaid HECS for 16 years and bought my first home with my partner at 35 with a 10% deposit and LMI.

My parents are boomers. They studied for free, lived through 11% inflation and 17% mortgage rates, and have used a financial advisor since their mid-20s. They retired before super preservation age and are now told to spend more.

Their experience shapes how I think about money. But my tools are different.

I follow Lacey Filipich’s Financially Independent, Time Rich philosophy: spend less, save more, invest simply, and buy time and freedom. The question for me was straightforward:

Do I outsource this to a financial advisor, or do it myself with AI?

Option A: Financial Advisor (FA)

“My greatest strength as a consultant is to be ignorant and ask a few questions.” Peter Drucker

After data forms and meetings with AFS-licensed firms, I received a 15-page engagement proposal from the frontrunner.

• Upfront fee: $3,498
• Ongoing annual fee: $8,976
• Scope: investments, super, cashflow, property, insurance, estate planning
• Estimated time to Statement of Advice (SOA): ~6 hours

In return, the firm provides comprehensive management in the form of professional oversight, structure, and behavioural guardrails.

Option B: AI-assisted DIY

“If you want a wise answer, ask a reasonable question.” Johann Wolfgang Von Goethe

Over a week, I spent ~12 hours using large language models (LLMs) to interrogate my portfolio, goals, and knowledge gaps. Cost: $30 for a month of premium access.

LLMs were useful, but imperfect. They can be confidently wrong, overly agreeable, and sensitive to how questions are asked. Clear prompts, iteration, and scepticism were essential.

What AI gave me was not answers, but clarity:

• What I did not understand
• What my portfolio was actually doing
• How to visualise different asset allocation models
• Where my behavioural and tax risks were

Deciding

“A diamond cannot be polished without friction, nor a person perfected without trials.” — Warren Buffett

10-year cost and time estimate:

*Includes ETF MERs, trading costs, and periodic AI access for annual review.

**Includes upfront “learning curve”

The trade-off is clear: capital versus labour. Am I willing to pay for professional guardrails, or do I have the temperament to build my own?

My portfolio is intentionally simple, my time horizon is long, I prefer control, and I enjoy learning. I decided on AI-assisted DIY.

Not because advisors lack value, but because in my situation trade of time for money makes sense. Managing my portfolio a few hours each month keeps me engaged with my goals and spending decisions.

I accept that I will make mistakes. To reduce risk:

• I use a chartered accountant for tax oversight
• My investment strategy is rule-based
• I periodically review assumptions with professional input if needed

Why I felt comfortable with AI-assisted DIY:

• Portfolio simplicity with straightforward structure
• High time-equity (I enjoy the “work” of learning about my finances)
• Disciplined temperament with emotional stability through market volatility
• Long runway with cushion to learn

I know that DIY has limits, and I would pivot to an FA in certain conditions, including:

• A portfolio that includes multiple structures
• Drawdown, income protection, estate planning become significant
• Time poverty

The Bigger Picture

This is not AI vs advisors. Advisors are already using AI in their workflows. Research suggests a large portion of advisory tasks can be augmented by it. The likely future is:

AI-enhanced advisors and AI-assisted investors.

The tools are converging.

For now, AI gives motivated individuals access to structured thinking, education, and scenario analysis that previously required paid professional time. Whether that translates into wealth depends less on the tool, and more on the user.

So… Am I Rich?

The short answer is: no. I am clearer, more capable, and more confident in managing my own finances.

For me, that was worth the subscription fee.

Reading

1. Filipich, L. — Financially Independent, Time Rich
2. Financial Planning Association — Generative AI in financial planning practice
3. Microsoft Research — AI task coverage analysis in knowledge work
4. Maloo, A. — World models and AI progression