ChatGPT: An Investors New Best Friend
Here's how AI can help the everyday investor make more money.
Seriously, more ChatGPT content? At this point your head probably hurts just reading the word. I know mine does. This ones different though, I promise. I’m not here to show you an amateur screenplay written by this artificial intelligence (AI), i’m here to show you how you can leverage this tool to make money.
As you might know by now, ChatGPT is a free to use chatbot developed by OpenAI. It was force fed an unfathomable amount of data and was taught to share that data with you in a conversational and human sounding way. Its what you would expect the by-product to be if you injected Smarter child with Liver King’s steroid stash.
Remember this guy?
How does it work? It was fed large amou…. ahh let’s just ask the AI. Here’s what it said:
To summarize: It can assist users in generating human like text and can provide knowledge to a wide range of topics. Oh, and it learned it the same way Neo did in The Matrix. Sounds cool to me.
The real beauty of this tool is that it can convey the knowledge it knows in any way you ask and it will generate original text. For example, I asked to to summarize 1984 to George Orwell in Dr. Seuss’ writing style, and it came up with this:
It’s now easy to see the power this AI has for investors of all skill levels. This is a tool that you can utilize when learning or making investment decisions. Here is a list of ways using ChatGPT can help you make better decisions immediately:
Educate yourself: ChatGPT holds huge amounts of financial and investment knowledge. If you need to educate yourself in any finance topic, I suggest asking the bot to explain the topic to you in simple terms. I.e. “Explain how bonds works in simple terms.”
Learn about different investment strategies: If you’re looking at different investment strategies and are stumped on which one to invest in, you can ask ChatGPT which strategies have worked in the past, and how they compare to each-other. You can then see which one best fits your financial goals.
Get industry and company overviews: Thinking of investing in your friends new venture? It’s a good idea to get to know the industry first. ChatGPT will give you a comprehensive industry overview. Be sure to ask who the big players in the industry are. Wait Microsoft is in the industry? Better pass on this one.
Explain complex topics in plain English: The next time somebody calls to sell you an adjustable rate, sideways, upside down, reverse mortgage, ask ChatGPT what the hell they are talking about.
ChatGPT is like Google, except it gives you the exact information you are looking for without having to sift though multiple pages. Getting familiar with this tool will surely help you make better investment decisions.
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I hope you learned something,
Tom
Very helpful, thank you!