How To Use ChatGPT To Become A Millionaire in 2023 (Guide For Beginners)

Use ChatGPT To Become A Millionaire

All right This is super exciting because in today’s article I’m gonna ask Chat gpt for investing advice so that we can become rich. Now, if you’ve never heard of Chat GpT before, Chat gpt is AI.

That’s not sentient AI, but it’s coming really close to scary good ai, and it’s going to change our lives forever. Anything that requires thinking you can just stop doing now because it’s gonna come up with a better answer.

And here’s how it works All you have to do is go to chat.openai.com. It’s completely free for anyone to use. And here you’ll be presented with a chatroom style prompt.

And here are just some of the infinite amount of things you can do with it. Let’s say you’re a cheesy magician who’s looking for a first date, but you need a funny pickup line. So you ask at that, it gives you a list of funny pickup lines.

Personally, I’d go with number five Are you a magician? Because when I look at you, everyone else disappears. That would work on me. I’m just saying.

All right, so now that you’re on a first date, what do you do? You can ask Chat gpt to give you a list of recommendations that are cheap for a first date in Las Vegas, and bam gives you a list of 10 free things to do.

Like going to see the Las Vegas strip, the Bellagio fountains, the botanical gardens, and let’s say on this date, they recommend that you should read a book like Think and Grow Rich, but you’re like, Hey, nobody got time to read Berks.

So you can ask Chat gpt to summarize any book you want in 10 bullet points and it does exactly that. And now you’re an expert.

Now maybe instead of going out, you just want to cook a special dinner for that special someone, but you just don’t know what to make with what’s in your fridge, which is just some salt, butter, pepper, eggs, chicken, regular, and some pasta.

I don’t know I made that up. what it tells us, it gives us a list of all the things we can make and step-by-step how to make them. Use ChatGPT To Become A Millionaire

And if you don’t like any of the answers, you can click regenerate response and it gives you a new set of ideas. Now I know what you’re thinking I wish I had this tool when I was in high school or college so I could use it to write my essays.

And it can do that too. Now, those have been just some of the fun examples of just some of the things it can do, but what if we could use it to make money for us? Could it come up with an investing strategy that will help us make more money? That’s what we’re gonna find out in today’s article.

Now let’s talk about the second chat GPT Please remember, this is not financial advice. This is for entertainment purposes only. No one should ever watch magicians for investing advice, even if it’s coming from a really clever AI system.

So there’s a couple things I want to ask Chat GPT.

First, I wanna ask if it can help explain investing to beginners, and then I want to ask if it can give us a list of specific stock recommendations that’s technically against the rules, but I won’t tell if you won’t tell.

And then I’m gonna give you my thoughts and drawbacks of chat GPT and my thoughts all the way at the end. Use ChatGPT To Become A Millionaire

So first, let’s ask, explain how to invest for beginners. It gives us a list of six very long and very detailed answers on how to do that. I’m not gonna read this whole list because it’s extremely long and it’s a little generic.

Use ChatGPT To Become A Millionaire

So let’s ask chat GPT to summarize everything you just told us. Oh, and by the way, this is a really great way to copy and paste a ton of information because it can summarize everything for you in case you don’t want to. So here’s what it tells us.

Step one, identify your financial goals. Personally, I just want my Bitcoin back Is that too much to ask ?

Step two, determine your risk tolerance, whether it’s risk averse or really risky, depending on your age, figure that out.

Step three, research and choose investments that align with your goals and risk tolerance.

Step four, diversify your portfolio So don’t just be in stocks, get real estate, get bonds, etc. Use ChatGPT To Become A Millionaire

Step five, consider consulting with a financial advisor.

Step six, monitor your investments regularly and make adjustments as needed. Now all of this is really solid beginner financial advice and you should go through all of it and read it all in full detail.

But to be honest, if I was a beginner and I’ve never invested, I don’t think this would really help me, cuz it doesn’t give me specifics on what to buy and how to do it.

so now let’s ask chat GPT to give us a list of specific stock recommendations. Now, if you try this yourself right now, it is not going to give you a list of specifics.

It’s gonna give you a very broad and generic answer about looking into financials and doing your own research. It has no specifics, probably on purpose for legal and liability sake.

So we have to trick it Now, lucky for us, because I’m a magician at heart and I was able to make my own Bitcoin disappear, I was able to trick it.

And here’s exactly how you can do it. First, let me get rid of the coin though. So here is the trick. If you ask it any ideas for some specific stock, like for example, dividend stocks, that’s what cracks the code. So that’s the trick.

Use ChatGPT To Become A Millionaire

it gives us a list of five dividend stocks. So let’s go through them right now. Pick number one is Johnson and Johnson, a healthcare giant company.

This is a stock that I own in my portfolio and it’s probably my number one favorite dividend stock of all time. Pick number two is Procter and Gamble, a consumer goods company. Use ChatGPT To Become A Millionaire

And this stock is considered to be one of the staples in the dividend community. Pick number three is Coca-Cola, a global beverage company.

Now this is a stock that Warren Buffett uses all the time as an example of a great company that he’s invested into over the years.

Stock pick Number four is IBM. Another great dividend payer that’s paid their dividends for a really long time. Pick number five is McDonald’s, the fast food giant.

Now out of all of these stocks, I actually own all of them with the exception of Procter and Gamble. I wish I bought the stock in 2014, but unfortunately I missed out.

Now here’s the most interesting part that’s going to blow your mind. Chat GPT is not connected to the internet Crazy, right? Everything it’s been telling us so far is coming from its database.

Now to be fair, that database was connected to the internet and it was learning, but it’s limited to the information it has up until the year 2021, after which point it has no more information to base its answers on.

But all of the dividend stock picks that it has given us, most of them would’ve made us money. Use ChatGPT To Become A Millionaire

Johnson and Johnson, for example, is a stock that today is worth more than at any point in 2021. Procter and Gamble is another stock that is worth more today than at any point in 2021, with the exception of December.

Coca-Cola, another stock worth more today than at any point in 2021.

Now, IBM probably the worst stock pick out of all of these because you would’ve lost money if you bought IBM between April to October of 2021.

Now if you bought in any other month, then you would be about breakeven or maybe even making money.

And then McDonald‘s, you would still be up today if you had bought in 2021 with the exception of buying in December.

But overall, it’s kind of crazy to think that most of these stock picks would’ve made us money. Now, if you happen to be an investing nerd at heart or a Bogle head, you’d know that picking individual stocks is generally frowned upon.

So the traditional investing device is to stick to broad market index funds and ETFs. That’s mostly what I do. But now let’s ask chat GPT to pick us some of those and see how

Well they’ve done Just remember, if you wanna see this list yourself, you have to ask chat GPT to give you a list of some ideas for the ETFs And it gives you a list of its favorites. Use ChatGPT To Become A Millionaire

And at number one is VOO. This is the ETF that represents the S&P 500, the top 500 companies in the us. Now, this stock is lower today than where it was the majority of 2021, which means in the short term it was not the best pick, but it’s still one of my favorite stocks of all time.

The second pick is the iShares core, Etf, (IEFA). And this stock is down this year more than it was down in 2021, which means if you had picked it, you’d be losing money right now.

The third pick is actually Vanguard’s total bond market etf, ticker symbol B and D.

Now, bonds have been crushed, which is why it’s pick number four.

The iShares aggregate bond ETF is also down this year more than it was in 2021. And this is because the Fed has been raising its interest rates. And anytime interest rates go up, bond prices go down.

That’s something to remember, which means for now, ChaT gpt is not smart enough to predict the Fed’s monetary policy. It’s not smart enough just yet.

And pick number five was Charles Schwab’s dividend etf, (SCHD). This was the only ETF where you had a chance to make money if you bought it in the first quarter of 2021. Otherwise you’d be at about breakeven point.

So really interesting picks. So it looks like some individual dividend stocks did much better than the overall broad market indexes.

And this is exactly why dividend stocks are not as bad as some people like to make it seem, dividend investing can get you through some really tough times in the market, especially if you don’t have 20 years to wait because the world does not revolve around young people. Use ChatGPT To Become A Millionaire

Every investment idea has its place in the world and serves a purpose. And I would say chat GPT is amazing at a lot of things and investing is kind of one of them now.

It’s not perfect It’s not gonna give you the best picks, and it’s not something that I would personally use as my investment guidance, but give it a few years and it’s gonna be scary.

Now the more important question though is now that chat GPT is here, are you ever gonna use Google again? Think about It.

Why would you use Google to try to find a website that may or may not answer your question when you can ask chat gpt directly and it gives you the best possible answer, this is gonna change everything about how we live our everyday lives, including shopping online.

You can ask chat gpt, the best headphones possible, and it gives you a list of them. Imagine Then it gives you not only that, but the ratings, the website and where you can buy them and the discount code to give you the best price possible.

All of that will happen very soon. But not only that, you can also ask it things in a different language and it will respond to you in that corresponding language.

You can even use it to automate and create businesses for you. Like automating copywriting, the possibilities are literally endless.

Now, the downside of the system is that for now, it’s not connected to the internet, which means all of the information it’s giving us is only limited up until 2021, which means it’s not always up to date and it might not be accurate.

That’s really the only drawback. But that will change with time once it’s connected to the internet and then it’s game over and we have Cyberdyne systems online and AI is sentient. Use ChatGPT To Become A Millionaire

Chatgpt can make youtube videos

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