You may have noticed a lot of news stories (and tweets, for that matter) about ChatGPT – the newly released “chatbot” from the folks at OpenAI. It is noteworthy because it uses artificial intelligence (AI).
Many people are trying it with interesting results. For example, one person used them to write cover letters for jobs. It was reasonably well received, but doesn’t reflect much character.
I decided to give it a try myself, to see how it would handle my personal finance issues. The results surprised me.
questions and answers
Here are some of the questions I asked, along with the chatbot’s answers:
How do you get out of debt?
Getting out of debt requires discipline and a commitment to developing a sound financial plan. Start by creating a budget, making a list of your debts, and prioritizing which debts need to be paid off first. You should also consider talking to a financial advisor to develop a debt repayment plan tailored to you.
I was surprised by this answer because it is somewhat correct. Discipline and commitment are underappreciated requirements Get out of debt. The answer was a bit imperfect, though it didn’t say exactly how to prioritize debt or what it would do with the budget you created.
However, the recommendation to consider consulting a professional was fine. Those who are unsure of how best to manage their finances can greatly benefit from the services of professionals.
What is the best age to start collecting Social Security?
The best age to start collecting Social Security benefits depends on your individual financial situation. Generally, you can start collecting early when you’re 62, but you’ll get reduced benefits. If you wait until age 67, you will receive the full benefit amount. It is important to consider how your choice will affect your retirement income and to speak to a financial advisor to make sure it is the right decision for you.
This answer, too, is not entirely wrong. It is true that most people can start collecting Social Security benefits As early as age 62 and up to age 70 and their benefits will be greater or lesser depending on when you start collecting.
He. She he It’s important to keep in mind how your choice will affect your retirement income, but there was no simple explanation for how that would affect you. I saw what would be a pattern also with another recommendation to consider consulting a professional.
What is the best personal finance advice for 2023?
My best personal finance advice for 2023 is Create a budget And keep track of your expenses. In addition, it is important to save and invest for the future, take advantage of tax-deductible accounts, and speak to a financial advisor to ensure that your financial decisions are appropriate to your individual situation.
Again, this is fairly nice and very basic advice – but not bad advice. This is not the best for everyone, as we are all different, with different circumstances. Some people, for example, should spend 2023 paying down debt and building an emergency fund before saving and investing for retirement.
Admittedly, it was fun to ask the chatbot questions and see what it had to say. I asked him about myself: “Who is Selina Maranjian?” And I got a partially wrong answer: He said I’ve been writing about personal finance since 1987. (I actually started around 1996).
“She’s a longtime contributor to The Motley Fool, helping readers make smart decisions about their money.” That part is true – I hope! Selina is also the author of several books on personal finance, including The smartest investment book I’ve ever read.” I Morning Author of many books – but not this book.
I kicked it up a notch too, with this question:
What are the best places to travel to?
The best places to travel depend on your individual preferences and budget. Some of the popular destinations include Paris, London, New York City, Barcelona, Tokyo, and Bangkok. There are also many lesser-known destinations worth exploring, such as Marrakech, Bali, and the Galapagos Islands.
I’m not sure how they arrived at these answers, but they sure look like promising destinations.
Is a chatbot your next personal financial advisor?
Should you start consulting A chatbot trained on artificial intelligence about your money? I do not recommend it. Give some good general advice, but without examples and details. Nor was she 100% trustworthy, because she got some things wrong.
Go ahead and ask him some questions for fun, and know that you’ll likely get some decent advice. But for the best results, you can delve more deeply into your financial situation by reading about personal finance and investing and by — yes — consulting a financial advisor if you’re not sure of your best move.
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