The purpose of this book is to inform, enable and empower individual investors and families to successfully plan and manage their medium-to-long-term finances—including college savings, retirement and real estate—in the era of Cryptocurrency, Artificial intelligence, and Mixed Reality. These three factors serve as “disruptive innovations” that will empower those investors when compared to the past era of manual “traditional finance.”

One of the most significant transformations in finance is the introduction and use of machine learning, artificial intelligence capabilities, and software robotics. Right now, many traditional financial management tasks have been automated. These include task management, item digitalization, audit trails, invoicing, compliance, accounts payable and receivables, and other complex payment processes. Software robots work around the clock and efficiently handle twice as much work as humans possibly could. Studies show that up to 90 percent of global firms will take advantage of software robotics and implement them into their systems by 2025. By 2027, the software robotics imprints on these organizations will have probably tripled. As it is, AI, mixed reality, and software robotics have already met and surpassed expectations.

Positions that handle rote tasks are being reduced, and this impacts overall employee headcount, which means that those extra resources can be channeled into other strategic and conceptual roles. Personal finance and overall finance functions are still evolving. Operations are being automated, and finances are being doubled down on business services and insights. This book explores those functions–the technological transformations of this century and how they are becoming the voice of change in finance and business in general.

The new technologies described throughout this book demonstrate that they have the power to quickly and effectively overcome huge obstacles faced by traditional systems. Many are not even affected by these problems in the first place. These technological advancements in the financial space have set new standards, driving innovative ideas and solutions forward. These innovations are created with customer cooperation and satisfaction in mind. That's why many are easy to use and accessible to everyone. This is what traditional banks should be doing.

AI

A study done by Verified Market Research showed that the ai-powered personal finance market could grow to a whopping $1,420.96 million by 2026. There’s also a chance that this figure could grow to $1.80 billion by 2030, with a compound annual growth rate of 6.1 percent in the next ten years.

Mixed reality

Imagine sitting on a beautiful beach in a popular tourist destination. The birds are chirping around you, and the humid breeze blows in your face. A flock of seagulls hover nearby, and you know it will be a beautiful day. You turn to your partner who's sitting next to you, "does this make you feel happy?” you ask them. “Oh yes! It makes me feel like I’d like to retire early," they say. You point to the distance, and some amazing graphics appear out of the blue, showing your partner that achieving this goal is possible. You both talk about how you two can make this dream come true. Then you end the meeting, remove your virtual reality headset and find yourselves sitting in your living room. Sounds like a thing from fairy tales, right? But integrating mixed reality into financial planning processes may become commonplace reality in the near future.