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I’m both excited and scared about the concept of Artificial intelligence (AI) including ChatGPT, which is currently all over the technology news.
The technical and engineering side of my brain is fascinated by the whole idea. The potential of artificial intelligence growing up and being able to make our lives easier in different aspects is incredible.
We have 3 of those Google Nest Minis in our apartment (we got 1 for free and paid $1 each for the other 2). They’re useful and convenient – we play music through them, check the weather, set timers while cooking, ask them questions (which is usually when I end up shaking my head at its lack of comprehending what I’m saying), and other small things.
They’re great for small “easy” tasks like that and we do tend to miss the convenience when we’re somewhere without them. An Amazon Echo Dot with Alexa is similar if you’re familiar with those.
But that’s nothing. That’s artificial intelligence in its infancy. The impact of AI is going to be profound. It’s going to have a dramatic effect on the world that most of us can’t even comprehend yet.
And that’s the part that scares me. Could we have a Terminator “Rise of the Machines” revolution happen in real life?
Or could an “I, Robot” type of plotline happen?
Those might be a little extreme (though fun movies to watch!) but there’s still a very legitimate concern as artificial intelligence takes a more prominent role in the world.
Attention on AI because of ChatGPT
Right now, artificial intelligence is getting a ton of press with the beta release of ChatGPT. ChatGPT is a chatbot with AI built into it that’s blowing people’s minds.
Microsoft has already backed the company behind ChatGPT, OpenAI, with $1 billion in 2019. It’s now looking like they’ll be putting in another $10 billion for a bigger stake in the company.
Imagine if they baked that kind of technology into their Bing search engine. They could, if they were smart, change the whole dynamic of search. Instead of digging through search results, you could just get the answer presented to you right then and there.
Google sometimes does this with small snippets like if you ask something minor…
But imagine if you were trying to code something or figure out an Excel formula for example and needed some help. You could just tell it the specifics of what you’re trying to do and it could give you exactly what you want right there in front of you. No need to sift through tons of articles first or try to modify the code to work in your own scenario.
You might already be hearing about the controversy of whether teachers and schools should ban this new technology (that won’t work) or embrace it. Kids can create book reports or summaries instantly with no effort at all but why not find ways to work with it instead of against it?
This is just scratching the surface, too. Artificial intelligence like ChatGPT and others (and there are others out there) is going to change the world. We’ll be hearing more from Google as well who’s been treading carefully on this up until now.
So here’s what’s cool. You can toy around with ChatGPT for free right now while it’s in beta. It isn’t up to speed on current events as it doesn’t pull new information from the internet (for now). But you can throw a lot of cool and complex questions at it and it does an impressive job handling it.
Be aware though that it’s not guaranteeing the information to be 100% correct as of now. So don’t just copy what it says and hold that to be the holy grail of truth.
That leads us to this post. I’ve been messing around with ChatGPT for a little while now just to learn more about it… and it’s pretty impressive! So I thought it would be fun to put ChatGPT on the task of creating a personal finance post for Route to Retire. Folks, we’re already seeing AI being a big part of what you’re reading out there so you better get used to it!
So what you’re about to read is a simple article that’s 100% generated from ChatGPT… in seconds.
Take a read below and see what you think. I put my requests in red and ChatGPT’s responses in blue. This is 100% as is without any editing…
ChatGPT’s article on the importance of saving and investing
Write an article that’s roughly 1,500 words that talks about the importance of saving and investing. Target the audience to be people in their 30’s with just a basic understanding of personal finance. Talk about why compound interest is and why it can make all the difference, especially for younger people. Use an example of saving $200/month and what it would be worth in 30 years. Make the article informative but motivational and exciting with a little bit of humor.
Saving and investing: it’s the ultimate power couple of personal finance. But why should you care? Well, if you’re in your 30s, the time is now to start thinking about your financial future. And compound interest is the magic ingredient that can turn a small savings account into a big nest egg.
First, let’s talk about why compound interest is so powerful. Simply put, it’s the interest you earn on interest. So, if you invest $100 at a 5% annual interest rate, after one year, you’ll have $105. But in the second year, you’ll earn interest not just on your original $100, but on that extra $5 as well. And the more time your money has to compound, the more it grows.
Now, let’s look at an example. Let’s say you’re 30 years old and you start saving $200 per month into a retirement account that earns a 7% annual interest rate. By the time you’re 60, you’ll have saved $144,000. But with compound interest, your account will have grown to over $500,000. That’s right, you could have half a million dollars just by saving a few hundred bucks a month.
Now, I know what you might be thinking: “But I’m in my 30s, I have other things to worry about right now.” And yes, of course you do! You have a life to live and bills to pay. But the beauty of saving and investing is that you can start small and gradually increase your contributions as your income and priorities change. Even if you can only save $50 a month to start with, it’s better than nothing. And as you get raises or pay off debts, you can increase your savings.
Another thing you might be worried about is the stock market. It can be scary to think about putting your money into something that can be so volatile. But here’s the thing: the stock market has historically been one of the best ways to grow your money over the long term. And if you’re saving for retirement, you have time on your side. Even if there’s a market downturn, it’s likely that things will recover before you need the money. And remember, you can always diversify your investments to reduce risk.
So, what are you waiting for? Start saving and investing today. Even small contributions can make a big difference over time. And remember, compound interest is your friend. The earlier you start, the more it can work in your favor. And with a little bit of patience and discipline, you’ll be well on your way to a comfortable retirement. And who knows, maybe you’ll even be able to retire early and spend your golden years traveling the world or pursuing your passions. So, what are you waiting for? Start saving and investing today and watch your money grow!
And one last thing, with all the seriousness in this article, I must remind you, don’t forget to enjoy your life too. Invest in experiences, memories and good times. After all, life is too short to be all about money.
In summary, saving and investing is crucial for your financial future. Compound interest is the magic ingredient that can turn a small savings account into a big nest egg. Even if you start small, it’s better than nothing and as you get raises or pay off debts, you can increase your savings. Diversify your investments and don’t forget to enjoy your life.
I then asked it to create the title for this post…
Provide a catchy title for this article that’s good for SEO about how ChatGPT wrote this article and include a positive power word in it.
Masterfully Crafted: How ChatGPT Wrote a Compelling Article on the Power of Saving and Investing
So, what you’re seeing is what you get. Did ChatGPT nail the title and article? I’ll let you be the judge of that.
I think the title’s a little pompous but hey, maybe that’s a good thing. I think the article’s not bad though. It hit on a lot of the points that most personal finance bloggers like to stress to readers on saving and investing. It was pretty well written, too. In this example, it might be hard to discern if it was written by a person or AI.
That said, it didn’t really care about my request to make the article about 1,500 words – it made it only 547 words. And where’s the bit of humor I asked for in it?
What’s really cool though is that you can then refine any answer it gives. Let’s say I read the article over and want it to be a little more advanced on the topic – I could just say “redo the article for a more advanced reader” and it’ll be done. Or maybe “redo the article with more humor” and just like that the changes will be made.
I think we’ll see a lot more writers utilizing artificial intelligence like ChatGPT in the near future. Some will use it for ideas or a rough draft while others will use it to churn out articles left and right.
I can’t say that it’s all good or bad but be prepared as we’re about to see some major shift in how the world works with AI.
Plan well, take action, and live your best life!
Thanks for reading!!