These Are the Best Ways To Use AI To Create Wealth, According to a Self-Made Millionaire
Written by
Gabrielle Olya
Edited by
Gary Dudak
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Matt Higgins, a self-made millionaire and CEO of investment firm RSE Ventures, believes that AI technology will create new paths to wealth.
“I’m so passionate about AI because I’m seeing all these little businesses that are being launched on the back of AI innovation that are really interesting, clever and are creating freedom for a lot of people,” he posted on Instagram. “That’s why I say AI will be the great equalizer and wealth creator of our time. There’s so much opportunity, but you’ve got to get your hands dirty and go into the weeds.”
Here’s how Higgins says we should be embracing AI to create more wealth.
Use AI To Cut Operating Costs
If you currently own a business, AI can be a major money saver.
“You can go on Twitter right now, and you’ll find 20 different tools that could potentially make somebody’s job a little bit easier, potentially take something that was outsourced and bring it in-house,” Higgins said while appearing on CNBC’s “Last Call.” “[For example, think,] can we use Midjourney to do PowerPoints? Why do we need that firm anymore?”
Use AI To Start a Business With Low Overhead Costs
In addition to helping create wealth for those who already own and operate businesses, Higgins believes that AI can help anyone start their own business with very low startup costs.
“It’s going to create a whole new class of entrepreneurs,” he said on “Last Call.” “AI is the great equalizer. When I was a kid growing up dirt poor, I sold flowers on street corners. Today, I [could] spend $100 and launch a business by tomorrow morning and roll it out to you.”
Higgins believes that AI will create “unfathomable opportunities” for new entrepreneurs.
“It’s the great excuse killer,” he said. “You no longer need money. You no longer need pedigree. You don’t need a team. So while we’re so focused on worrying about job displacement, what we should be celebrating is that you don’t need an education anymore to create a business, you don’t need a Ph.D. So I think it’s going to bring a whole new class of people up and create a whole new class of new entrepreneurs.”
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