Prioritize Context
Lucas Ochoa, founder and current CEO of Automat, claims that it’s essential to be aware of context when asking ChatGPT questions.
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“When asking a financial question, mention things about your current financial situation, like your earnings, spending, assets, and debts. These details can change the advice you get. Giving this information helps the advisor or AI model give a more fitting response,” he said.
Give Me the Best Plans for My Goals
Ochoa argues that the world has changed drastically in the past few decades. AI tools like ChatGPT can be used to prioritize the goals that will ensure business owners have the most success.
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The CEO shared a prompt someone might use on ChatGPT: “I’m a business owner who just sold their business for $100,000. I want to invest this to get a monthly income that covers my living costs and still grow my capital. I don’t want more than 25% of the $100,000 in one type of asset. How should I arrange my investments? Give me the best plan for my goals.”
Be Sure to Ask the Right Questions
While school teachers often claim there’s no wrong answer, this isn’t necessarily true when it comes to working with ChatGPT. “Asking wrong questions leads to wrong answers,” says Ochoa.
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The ChatGPT expert offered us an example that focuses on being as specific as possible. His prompt said, “I want you to pretend to be a world-class and top investor with many years of experience in investing and making a lot of money, like Warren Buffett.”
Make the Most of ChatGPT by Using Plugins
According to Ochoa, if you want to work towards becoming a self-made millionaire with help from ChatGPT, you’ll need to understand the best plugins to pair with the AI software.
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“These extra features can greatly improve ChatGPT’s abilities, making it even more useful for many things,” he said.
Don’t Be Scared to Seek Investment Advice
Ochoa believes that seeking investment advice plays a crucial role in accomplishing long-term financial goals. Yet, if this is sought from a professional, it could be expensive.
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However, he claims this is where ChatGPT can help. “It can look through financial reports, understand market trends, and give investment ideas based on these. In short, ChatGPT could act as your own investment advisor,” said Ochoa.
Have Clear Financial Goals
According to Andrew Johnson, an expert digital strategist, Chat GPT’s ability to analyze vast amounts of data in seconds makes it the ultimate financial advisor. He claims AI software works great for those with clear financial goals.
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“Although people have reportedly used it to generate money, it is not recommended to fully rely on it,” said Johnson. “ChatGPT still has no real-time access to data. This puts it at a disadvantage, but you can use its ability to analyze data to your advantage.”
Build Start-Ups with ChatGPT
Ethan Keller, President of Dominion, a network of legal advisors, believes ChatGPT helps “to revolutionize the entrepreneurial landscape by enabling the expansion of businesses more expediently and cost-effectively.”
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According to Keller, AI tools can help users bring together their areas of interest and expertise and create a unique business concept from this.
In-House Savings Using ChatGPT
Keller believes that AI tools such as ChatGPT will be able to perform numerous functions for those interested in starting their own business someday. This ranges from help with sourcing assets to creating a catchy name for the company.
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“Additionally, AI can assist you in keeping a greater number of tasks in-house, which may result in cost savings at the expense of quality and individualization,” said Keller.
Chat GPT as a Brainstorming Tool
Hataish Kumar, founder and CEO of CouponGot, believes that ChatGPT could work for those brainstorming potential business ideas and everything from product development to marketing.
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“It can even help you analyze data and identify trends you might have missed. But remember, it’s just mimicking human thought, not generating genius. You need the human touch, the intuition, the experience, the hustle to translate those ideas into tangible results,” he said.
Sophisticated Thesaurus for Brainstorming
Kumar, who has spent the past few years building an e-commerce empire, argues that while ChatGPT can help everyone achieve their financial goals, it shouldn’t be considered a shortcut.
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The e-commerce expert says to think of ChatGPT “as a sophisticated thesaurus for brainstorming, not a shortcut to success. It can help you refine your thinking, not replace it.”
Kumar Puts It Plain and Simple
The E-commerce expert went on to put it plain and simple for his audience by suggesting that no AI tool will make you rich overnight, nor will it ever if you don’t put in the work.
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“Becoming a millionaire requires grit, resilience, and a willingness to learn and adapt. No amount of AI-powered brainstorming can substitute for that, said Kumar.