NEW YORK (Reuters) – With over 100 million users, the globe has recently been hit by an artificial intelligence (AI) meteor – ChatGPT.
The platform has sent shockwaves across the information economy, leaving knowledge workers all over the world wondering how generative AI will affect their working lives.
The site took off quickly, breaking records within days of its launch in late November of last year. Netflix took three and a half years, Twitter two years, and Instagram two months to achieve one million users. In just five days, ChatGPT hit the coveted milestone.
Google Trends shows that search inquiries for “ChatGPT” peaked in late March, with a score of 100 indicating the highest peak popularity. According to traffic analytics research, it became the fastest-growing site among the top 50 most visited sites on the planet that same month, and by May, it was recording about 1.8 billion views each month.
The stratospheric ascent of the world’s premier generative AI platform has been both astounding and disruptive in its scope. While some are concerned about the technology’s ability to replace humans, many are enthused about its ability to automate chores, potentially lightening workloads or assisting with financial concerns.
According to a recent Yahoo Finance/Ipsos survey, 19% of young investors have used ChatGPT for personal financial advice.
Like Wildfire
ChatGPT not only dominates headlines, but its responses can become the primary material of whole news articles.
A slew of news stories has simply demonstrated what ChatGPT can accomplish, with journalists copying and pasting the bot’s responses to various queries. ChatGPT has written protest songs, designed a diet plan, planned a vacation, predicted the outcomes of Indian elections, and even created its own fake emotions.
Because of the news media’s preoccupation with the bot, most people are aware of it, but not everyone is utilizing it.
According to a March Pew Research Center survey, while 68% of US adults had heard of ChatGPT, just a small percentage have used the technology for productivity. However, the majority of ChatGPT users stated that it was at least somewhat useful to them.
Show Me the Cash
While Pew showed that just a small number of Americans utilized ChatGPT for amusement, learning, or work, other research show that it is more popular for investing advice.
According to a later survey done by Motley Fool in April, 47% of Americans had requested investment suggestions via ChatGPT. According to the statistics, Millennials, Generation Z, and high-income Americans were the most inclined to seek ChatGPT’s investing advice.
“High-income earners are often more financially secure and can more comfortably allocate risk capital to newer, if riskier, stock selection strategies and technologies like ChatGPT,” senior analyst Asit Sharma says of the findings.
ChatGPT’s capabilities, however, go beyond portfolio creation. It can be used to help with a wide range of personal money difficulties.
It can help you budget for both short-term and long-term goals, such as retirement or a down payment on a property. Personal finance specialist Jacob Wade described the cues that inspired ChatGPT to develop highly personalized debt payback plans.
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ChatGPT, according to the University of Illinois’ Tax School, can help users prepare for specific tax scenarios as well as hypothetical situations. It can analyze a person’s prior tax data and advise them on prospective tax-saving opportunities.
These could include making advice on deductions to help an individual optimize their federal income tax band or providing improved techniques to help high-income individuals decrease taxes.
ChatGPT is increasingly being used by solopreneurs to get ideas for their next profitable endeavor.
YouTube is brimming with videos demonstrating how to use modern AI to kickstart new online businesses. Writing e-books, locating niche e-commerce markets, creating sales copy, producing online courses, and a variety of other jobs help entrepreneurs create even more residual revenue.
Actual Limitations
However, like with any new technology, enthusiasm can approach fever pitch. It’s tempting to get carried away and exaggerate the platform’s capabilities.
Yann LeCun, Meta’s AI leader, recently poured cold water on the hype, claiming ChatGPT is “missing something really big” to achieve human-level intelligence and is still not as smart as a dog.
Similarly, AI researcher Rodney Brooks claims that while ChatGPT is excellent at connecting words, it lacks an underlying model of the real world. This means that ChatGPT can only tell you “…what an answer should sound like, which is not the same as what an answer should be.”
ChatGPT obviously has flaws, but this is only the beginning of the AI revolution. The platform’s creativity has astounded the world, prompting individuals to think about what comes next and plan.
When used appropriately, this extraordinary tool may provide individuals with a variety of insights and methods, increasing their confidence in navigating the complex world of personal finance. ChatGPT is anticipated to improve further, allowing for higher benefits for individuals who are ready to take their financial well-being to the next level.
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