I Asked 3 AI Tools How To Build Wealth on $75K per Year — They All Said This

Meet your new bank teller: a bot.

According to a new TD Bank U.S. survey, 69% of Americans admitted that they would allow bank-provided AI tools to complete a financial task on their behalf. The results also showed that 49% used some form of AI assistant to help make a personal finance decision in the last year.

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In light of this, MoneyLion prompted three different AI tools to ask how one can build wealth on a $75K salary to see what advice they would provide.

• Prompt: How can one build wealth on a $75k salary?

• Follow-up prompt: Can you summarize the key points for an article?

ChatGPT’s Advice on Building Wealth

“You don't need to earn six figures to build wealth,” said ChatGPT. “A $75,000 salary can be enough to build a strong financial future if you manage your money strategically.”

Here are the key points:

• Spend less than you earn. You want to start by creating a budget that covers your essentials and leaves room for fun.

• Invest consistently. Once you create a budget, aim to invest 15%-20% of your gross income.

• Buy assets that can grow. The chatbot recommends diversified, low-cost index ETFs, affordable real estate and investments in your career.

• Increase your income. You should strive to develop skills and negotiate raises to earn more to invest more.

• Avoid lifestyle inflation. When your income increases, you should focus on your investments instead of treating yourself.

• Build an emergency fund. This will help you deal with what life throws at you, so you don’t have to rely on credit cards.

• ChatGPT also said that you should think long-term because consistency and compound growth matter more than trying to get rich quickly.

“Building wealth on $75,000 isn't about getting rich overnight or cutting every little pleasure out of your life," wrote the LLM. "It's about creating a gap between what you earn and what you spend, investing that money consistently and increasing your earning potential over time.”

Gemini’s Advice on Building Wealth

Gemini provided the following takeaways:

• Design a "conscious spending plan.” The focus should be on defining your fixed costs, savings goals and guilt-free spending buckets in advance, rather than tracking every penny.

• Automate your wealth system. You should set up automatic contributions on any day so that your funds are moved into your investment accounts before you can spend them.

• Focus on high-ROI actions. You should utilize employer matches and let low-cost index funds do the work.

• Guard against lifestyle creep. When your income increases, you should increase your investments instead of upgrading your lifestyle

• “The discussion focuses on shifting away from restrictive budgeting toward an intentional, automated system that prioritizes long-term investments and sustainable spending,” wrote Gemini.

Claude’s Advice on Building Wealth

“Investing about $940 a month (15% of $75K) and earning an average 7% a year grows to roughly $1 million in 30 years,” wrote Claude.

• Focus on the gap, not the salary. Claude said that $75K after tax is roughly $4,700-$4,900 per month, so you want to start by investing what you can.

• Secure the foundation first. The goal is to build an emergency fund, pay off high-interest debt and save up.

• Automate saving. Invest 15%-20% of gross income on payday.

• Invest simply and cheaply. It’s recommended that you choose low-fee, diversified all-in-one ETFs or robo-advisors.

• Control the big three expenses. Your housing, transportation and food expenses matter most.

• Grow your income and invest your raises. If you invest your raises, you can build wealth.

• Claude said that starting early and staying consistent does the heavy lifting because most of your wealth will come from the power of compounding.

The Most Realistic Financial Advice

It’s worth emphasizing that chatbots won’t always be accurate when it comes to personal finance. However, it’s safe to say that the following tips are universally accepted as excellent financial advice:

1. Set a clear budget so that you have a plan for your money.

2. Automate your savings and put your investments on autopilot.

3. Choose simple investments because time in the market is more important than trying to time the market.

4. Avoid lifestyle inflation by consistently increasing your savings.

5. Let time do the work and remain patient.

If you follow these general personal finance tips, you can build wealth on any salary. If you want detailed numbers, it’s recommended that you work with a financial advisor who can help you create a plan for your unique situation.

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice. It was created with the assistance of artificial intelligence and reviewed by our editorial team for accuracy. However, AI-generated content may be inaccurate, incomplete or outdated. You should independently verify important information through reliable sources before making any decisions based on this content.

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