Taxes and Why I Love Them

Jill on Money with Jill Schlesinger

In this email-based episode, Jill Schlesinger and Mark address listener concerns ranging from the potential for AI to disrupt banking systems

Key takeaways

• Financial institutions utilize cyber risk protocols to defend against AI-driven banking threats.
• Long-term care insurance claims can be difficult to activate due to insurer 'wiggle room' regarding Activities of Daily Living (ADLs).

Main topics

• AI threats to financial systems
• Long-term care insurance pitfalls

Notable quotes

Taxes pave our streets and educate our children.

Conclusion

The episode highlights that while technology like AI offers powerful n

Transcript preview

Speaker 3 (0:03) Welcome to the Jill on Money show. It's Tuesday, September 29th, and we are here answering your financial questions. If you have one, just go to our website, jillonmoney.com, click the contact us button. And if you'd like to join us on the air, do me a favor, check the box. Audio is the one that is for this show. Video, if you're young, you're starting out, you want to come on the air and... kind of just show your face and have fun with me and Mark. That is for our Money Moves show, which is on YouTube. And we'd love to hear from you. And you know what? I get it. People are shy. That's why every so often we've got to do an email episode, which is what we're going to do today. So before I do that, I just want to remind everybody that our next webinar for Jill on Money Live is coming up October 6th. That's a Tuesday at 7 p.m. Eastern time. Marsha Mantel is going to walk us through the Medicare process. I can't wait, Mark. I'm going to be taking so many notes for myself because it's just around the corner happening soon. five more years for me. Okay, let's do some emails. This is from Don who writes, this is about threat to AI financial systems. He says, some experts are warning that rogue AI is a threat to all of us. Yeah, I mean, go to our website. You should see the blog post. I got some comments about that. The question is, what precautions should we take in the event of AI interfering with the banking? or other financial systems? Should we stockpile cash, precious metals, food? And he says that I plan to keep plenty of cash on hand, similar to my actions during the pandemic, to mollify some of my doomsday fears. What more would you recommend? Well, I certainly wouldn't recommend gold because what's that going to do for you? I mean, gold is fine. It's just like a 2 % holding in your portfolio. I always like to have a little bit of cash. just generally speaking. But that's me. I'm an oldster. Mark does not use cash. When's the last time you used cash, Mark? Speaker 2 (2:08) Yeah, you're right. I don't use cash at all. Unless for some reason I have to. Yeah. Speaker 3 (2:13) You know, we've talked about this, not so much about the AI part of it, but just like, is there a hack that is going to put financial systems and banking at risk? The real issue is you cannot do anything to defend against that. You really can't. But what you hope for is that the financial institutions themselves are. And to be honest with you, I happen to know that every financial institution has a whole cyber risk protocol and they are trying to beef up security. If everything goes haywire, I mean, let's not think about doomsday and that they're going to kill us all, the AI bots. But if there is something. I would always say that having good records is not a bad place to start. And that said, I'm not sure there's much more. What do you think, Mark? Speaker 2 (3:02) Yeah, maybe I'm just naive, but I don't worry about it. It doesn't concern me. You know, it's not keeping me up at night. I guess I'm just kind of assuming that these massive financial institutions are doing what they should be doing. Yeah, Speaker 1 (3:15) I Speaker 2 (3:15) like to Speaker 3 (3:15) hope because I don't know if we have much more control over it. That's the other issue. So I'd rather think of that as well. Tammy is asking about long-term care insurance. And she says, Hi, Mark and Jill. First off, let me say that I'm one of the many fans who listen to you on a daily basis. Aw, Speaker 2 (3:33) thank you, Tammy. Love Tammy. Speaker 3 (3:35) I love Tammy so much. Your solid advice has taught me so very much. So thank you. This morning, you advised a couple who have plentiful assets.