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Business News/ Money / Personal Finance/  How to use ChatGPT for financial planning? MintGenie explains
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How to use ChatGPT for financial planning? MintGenie explains

If you are inclined to use a professional tool to help you decide on your finances, you can rely on the ChatGPT tool for professional advice.

Using ChatGPT for financial planning (Pixabay)Premium
Using ChatGPT for financial planning (Pixabay)

The world is on the brink of shrinking human intelligence to mere dependence on Artificial Intelligence (AI) tools like ChatGPT. Many people are now resorting to AI use to plan their finances as opposed to limiting their communications using chatbots and virtual assistants. As opposed to chatbots that will only take orders, ChatGPT has taken the leap to help people understand finances using the latest data and news.

The most important factor that AI uses is “Emotional Assessment", which means that it can tell about the kinds of investment decisions one is likely to make, thus, gaining an edge over the human interface that investment companies rely on to sell their financial products.

The use of ChatGPT is no more limited to learning new courses or improving editorials. It has changed the way we look at finances too. However, since this new tool uses AI to answer in your natural language, you must be specific in the information that you enter for the right answers.

For example, if you want ChatGPT to help you build a retirement plan, you must answer serious questions like your age, income, current retirement planning tools, and your potential to invest every month. Depending on your search history and the financial needs that you shared, you will be given various options that you can choose from and then decide accordingly.

ChatGPT crunches numbers to share details

While one may argue that learning personal finance can help decide on investments, is it possible to learn all about finance? You can save money using your knowledge of finance. However, ChatGPT crawls through the web to bring forth financial information in digestible chunks, thus, lending you a new perspective on how best you can secure your finances in the long run.

It is not that the AI-generated response must be respected as the last grain of truth though you can use its information to plan your finances. For example, ChatGPT can tell you how to have an expanded emergency corpus while advising you on ways to save more by spending less. Apart, this tool tells you new ways to invest based on your financial goals, risk tolerance, and time horizon.

Once you list down all your income, expenses, debt, and financial goals along with your investment horizon, ChatGPT shares personalized comments on your savings and investment habits. It then advises investments that you may evaluate to decide if they befit your scheme of things. However, it again comes down to how precise and detailed information you can share for this tool to analyze, assimilate and then decide.

You must remember that ChatGPT unlike its competitor Google is not for the naïve. You must be well aware of the fundamentals to use the information that this tool provides. This tool is an aid but must not be treated as an alternative to learning from books or the web the nuances of finance. It can give you professional advice based on sound fundamentals but cannot replace human wisdom and experience at the least.

 

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There are not many ways to invest in the artificial intelligence (AI) rally via the stock market. 
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There are not many ways to invest in the artificial intelligence (AI) rally via the stock market. 

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Published: 11 Jun 2023, 10:54 AM IST
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