Artificial Intelligence is a hot topic right now. Turn on the news or scroll through LinkedIn and you’re bound to hear how advances in AI technologies are set to revolutionize every industry (and eventually mankind!) AI-powered text tool ChatGPT just became the fastest-growing app in internet history, making some folks wonder if the robot takeover is imminent.
But AI is already so deeply embedded in our daily lives, from the way Alexa checks our weather and the shows Netflix suggests to what we see in our social media feeds, that we may not even realize all the ways we rely on it.
Read on as we unpack what AI actually is and how it can benefit us, with pointers for using machine learning tools to get smarter about money.
Terms to Know
(AI) refers to the ability of machines to perform tasks that typically require human intelligence, such as learning, reasoning and problem-solving. Virtual assistants like Siri, chatbots like Alexa, facial and voice recognition, streaming and social recommendation systems are just some of the tech powered by AI.
An AI language model that uses deep learning to generate human-like responses to text-based prompts. ChatGPT is used for language processing tasks like translating, question-answering or generating creative writing ideas.
A piece of text used to elicit a response from a computer program like ChatGPT. Prompts can be a question, a statement or a longer paragraph. The more input you give, and the more you interact with the program, the better it gets at understanding what you mean, giving you more helpful responses.
Understanding all the AI Chat
AI technology has been advancing at lightning speed, and text creation tools like ChatGPT are the latest disruption making headlines. This tech is widely used in customer service and language translation platforms already, but since ChatGPT launched in late fall, the smart ask-me-anything app has become a go-to source for advice on nearly every topic on the internet. It can also perform tasks like debugging code, conducting research, and writing content, marketing and articles in an astoundingly human tone. (Money Courage is still written by a real person, but ChatGPT’s output has gotten so good, you’d be hard-pressed to tell if it wasn’t!)
According to a UBS study, ChatGPT has hit an estimated 100 million monthly active users, growing faster than any consumer app in history. Further proof that AI isn’t just the future, it’s already here. To stay.
AI is becoming such an important part of our daily lives that we may not even realize it’s presence. One of the most popular utilities helping us humans is virtual assistants like Siri and Alexa, which use AI to understand our commands and carry out a variety of tasks. In the entertainment world, AI algorithms help us discover new music, movies and TV shows we are likely to enjoy. AI powers fraud detection, self-driving cars and machines that can diagnose medical conditions based on images. And let’s not forget about AI-powered chatbots, which are popping up everywhere from ecommerce and financial services to tourism and dating apps.
What makes Artificial Intelligence so beneficial to humans is its ability to automate repetitive tasks, save time and resources, and provide personalized and efficient experiences. AI can also help us make better decisions by analyzing vast amounts of data and identifying patterns that humans might not be able to detect.
Try AI to get Smarter about Money
Ask for money-saving ideas
ChatGPT is trained on a vast amount of data, including personal finance articles and tips. You can ask ChatGPT for advice on how to save money in specific areas of your life, such as groceries, entertainment or travel. It may be able to offer unique insights and strategies that you haven’t considered before.
Use ChatGPT to negotiate bills and fees
Many companies use automated chatbots to handle customer service inquiries, and ChatGPT could potentially be used to negotiate bills and fees on your behalf. By providing ChatGPT with the relevant details of your account and the issue you’re facing, it could generate a response that helps you save money.
Get customized budgeting advice
You can tell ChatGPT about your income, expenses, and financial goals, and it can provide you with personalized budgeting advice. This could include recommendations on where to cut back on expenses or how to prioritize your financial goals.
For example: Mike at TradeWinds uses ChatGPT for vacation planning. Think about an upcoming trip and have it put together an estimate for you.
Tip: The more you input, the stronger the output
- Some details to include in your prompt:
- Where you’re going
- How long you’ll be there
- Your travel dates
- How you plan on getting there
As ChatGPT will tell you, it can only give a rough estimate and doesn’t have the most up to date pricing or information. Nonetheless, we think it’s a great starting point for creating your own trip budget before you consult with a travel agent or begin booking!
- Instagram and Tiktok have lots of ChatGPT hacks for budget & trip planning, like this video. Search these hashtags: #chatgpthack #chatgpttricks #chatgpttutorial
- Read this to learn more about how ChatGPT can help with your personal finances
- Once ChatGPT has helped you get a handle on your financial goals, get in touch with our advisors here for a personalized plan to put it in effect
As a forward-thinking investment planning firm, we’re all for embracing technology and tools to help make our money work smarter. However, nothing can replace that human touch and the personalization that only your own advisor can provide. We’re with you on this journey to a better future, and you can count on our people for the expert guidance and support that best meets your individual needs.
Onwards with Optimism, The TradeWinds team