🍽️ Artificial intelligence and our kids

Hey Future Funders Family,

Happy Monday!

Before we get started, we wanted to congratulate Nick from Florida for winning our $100 Amazon gift card referral sweepstakes. We appreciate everyone for participating and we will run another one soon so stay tuned.

Ok, let's get to it!

💬 Quote Of The Week 

📰  Headlines That Matter

Economy

A.I. And Your Kids

🚀 The quick version: We are still in the midst of earnings season but one report in particular this week caught our eye.

Chegg, a popular one stop shop for anything school related, saw their stock sink nearly 50% last Wednesday as they warned that chat GPT was putting pressure on their profits. 

The CEO stated, "Since March we saw a significant spike in student interest in ChatGPT. We now believe it's having an impact on our new customer growth rate...Yes, you can use ChatGPT to get some answers, which is what the customers that didn't come to us are doing, but to actually learn it, you need to use Chegg."

The A.I. disruption theme continued this past week as IBM also announced a pause on back-office hiring and said that about 30% of all jobs could be replaced by AI in five years. 

Lastly, the 'Godfather of AI' Geoffrey Hinton quit Google and has joined a growing list of people warning about the potential harmful future of an unregulated AI world.

👪 How it affects you:  Chegg is the first company we have seen come out and explicitly blame AI for their problems (and we don't think it will be the last).

For parents who remember, the current AI hysteria reminds us of the internet hysteria when it really came onto the scene in the mid to late 1990s. It is important to note that AI technology itself is not new (similar to the internet at that time), but everyday society is just now starting to get to interact with it.

While we think the media's current narrative that "AI will take everyone's job" is overblown and not helpful (as usual), this technology will shape our lives moving forward in a similar way to how the internet did.

Because of this, it is important that we as parents understand the broad implications of this technology, especially when it comes to our kids. To help, we put together the following short post: Artificial Intelligence: A Parent's Guide to Navigating the Brave New World.

For a more lighthearted look at AI with or without the kids, we also put together a quick list of 100 movies with artificial intelligence.

Family 

What Does Mom Want For Mother's Day?

We were surprised at the responses we got: they were not what we expected (well, maybe my wife expected them). The overwhelming majority of moms as it turns out don't need shiny gifts or expensive trips, they just want a little alone time and some peace and quiet. Here are a few of our favorite responses: 

"Sleeping in, no diapers, no meals. And to be left the f alone." - Darcy, mom of 3 

"My perfect day would be sleeping in, then going out to brunch. I would like my husband to chase our son around the restaurant while I get to sit and enjoy my meal. Then I would want to take a nap and not have to worry about what to feed my son for lunch and dinner. I also don't want to change any diapers or be in charge of bath time. At night, I want to drink some wine and watch a movie of my choice." - Mary, mom of 18mo 

"I'd like to check into a hotel, spend the day alone at the pool with yummy snacks and Aperol spritzes. I'd like to eat a delicious room service dinner in a cold, dark, air conditioned room all by myself with a bottle of wine and Netflix. A second room service order of ice cream will follow. My husband will not only handle all play dates, dinner, bath and bedtime for the twins, but will manage all overnight wakings and feedings with the baby. - Kayla, mother of 22mo twins and 2 mo

"My ideal mothers day would be sleeping in at a hotel, coming home and getting pampered by my family." - Lizzie, mom of 3 

Sleeping in, uninteruppted by my children. A day away from my children. A meal and drinks without my children. So basically anything away from my family. Actually... a night at a hotel would be magical." - Aidan, mom of 3 

"No work. Pampering. Meaningful cards and gifts from the kids thanking me for being a badass mom. And a hotel room for a night alone to use for another night." - Jess, mom of 2 

👪 How it affects you:  With so many companies trying to sell you the "perfect Mother's Day gift"... this speaks to a broader point we think about money and happiness.  

We believe that money is just a tool to be used to help you live the life you want. And for most people, even on Mother's Day, it's not always about having that shiny new watch or the latest car; what's really more important is the quality of life you have and learning how to use money effectively in order to build that life.

The problem that many of us face is that society never teaches us this. It's always a race to work harder, achieve, or earn money. We are not taught much about how to use it, invest it, or even deal with decisions on a day to day basis to shape our lives. But now that we all know this, it is important that we don't let our kids go through the same lack of knowledge. 

So, Dads (not putting anything else on Mom's plate this week!). use this weekend as an opportunity to talk to your kids about getting clear on wants vs. needs. We put together a few posts below to help you start teaching the kids about money (while your wife enjoys her much needed moment of peace): 

• Financial Literacy Questions: How to Answer Our Kids

• Interest Rates And The Stock Market: Explain It Like I’m 5

• How To Explain Inflation To A Six Year Old

Dinner Table ❓ For The Kids

💡 Few People Know...

📅 This 10 year old's financial plan is going viral. We would invest in whatever this kid wants to do one day and salute his initiative!

🏠 Want a new $2.2 million dollar home? HGTV is offering a sweepstakes and giving one away to one lucky person (enter before June 9th). 

📵 Kids in Utah now need parents' OK to use social media. This first in the nation law was passed recently and prohibits kids under 18 from using social media from 10:30pm to 6:30am (among other things). There are numerous states discussing similar bills.  

🪑 More going out of business sales. Tuesday Morning, a Dallas based home decor retailer with 500 stores in 40 states announced it's closing stores. They are offering up to 30% off with gift cards and merchandise to be accepted through May 13th.

💸 Free money from more class action lawsuits. AT&T, IKEA, Subaru, and Facebook are all big companies who have lately settled class action lawsuits with consumers recently. They don't advertise this but if you pay attention and sign up, you will get a check. 

🛏️ Single rooms available. Airbnb’s average home prices have gone up, so now it’s refocusing on single rooms to give users more affordable alternatives. 

🗓️ The Week Ahead

May 9th

The President will meet with congressional leaders to discuss the debt ceiling. We continue to think that this fight matters less for most families so don't let the media get you all hot and bothered.

May 10th 

Today we will get the Consumer Price Index (CPI) report for April. The Producer Price Index (PPI) will come Thursday May 11 so we will get a good look at how inflation numbers are trending. Here is a handy guide for more on these terms. 

May 14th

Yep, it's Mother's Day. We want to give a big thank you to all the strong mothers out there who make all our lives better each day.

🔍 Topic of Focus

Want to create wealth for your family?

We offer a quick breakdown and step by step guidebook to help you on the path to creating family wealth over the long term. 

Dinner Table ❓ For The Kids