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AI tools like ChatGPT get a little bit more effective every day, many of them learning as they go. If you’ve got dreams of becoming a millionaire, you may be able to use ChatGPT as a kind of virtual mentor, aiding and assisting you on that path.
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Experts explain some tips and strategies for how to use ChatGPT to set, achieve and maintain financial goals on your path to millionaire status.
Ask the Right Questions
Lucas Ochoa, CEO and founder of Automat — a Y-combinator backed AI startup — suggested that to truly use ChatGPT as a digital financial advisor, you need to ask the correct questions. “Asking wrong questions leads to wrong answers,” Ochoa said.
For example, he offered a specific prompt you might ask of ChatGPT to imitate Warren Buffett’s investing approach: “I want you to pretend to be a world-class and top investor with many years of experience in investing and making a lot of money, like Warren Buffett.”
The more specific you can be, the better results you’ll get.
Read Next: How I Make $5,000 a Month in Passive Income Doing Just 10 Hours of Work a Year
Context Is Important
Ochoa clarified that it’s important to give context to ChatGPT when asking questions designed to help you reach millionaire status. “When asking a financial question, mention things about your current financial situation, like your earnings, spending, assets and debts. These details can change the advice you get. Giving this information helps the advisor or AI model give a more fitting response,” he said.
He gave an example of a prompt you might use: “I’m a business owner who just sold their business for $100,000. I want to invest this to get a monthly income that covers my living costs and still grow my capital. I don’t want more than 25% of the $100,000 in one type of asset. How should I arrange my investments? Give me the best plan for my goals.”
Seek Investment Advice
Investment advice is usually expensive if you seek it from a professional. This is where ChatGPT is valuable, Ochoa said.
“It can look through financial reports, understand market trends and give investment ideas based on these. In short, ChatGPT could act as your own investment advisor! Of course, you shouldn’t just buy stocks because the AI suggests it. But it does give a strong objective base for you to build upon.”
Maximize ChatGPT With Plugins
If you want to fast-track your millionaire goal with ChatGPT, Ochoa suggested using ChatGPT plugins to really maximize the AI tool.
“These extra features can greatly improve ChatGPT’s abilities, making it even more useful for many things,” he said. For example, he recommended the PortfolioPilot plugin, a sophisticated AI investment helper. “I’ve been using and experimenting with it, and it can provide current information about specific stocks — like asking, ‘Can you tell me about current Apple stock?’ — check how well a set of investments is doing, list the top 20 ETFs and more.”
That said, he urged you to never take ChatGPT’s final word on anything. Verify the information.
Clearly Define Your Financial Goals
ChatGPT is an excellent financial advisor, as it has the ability to analyze large amounts of data, according to Andrew Johnson, a digital strategist with expertise in online promotions, trend forecasting and consumer behavior analysis, as well as the owner of Giveaways.org.
“Although people have reportedly used it to generate money, it is not recommended to fully rely on it,” he said. “ChatGPT still has no real-time access to data. This puts it at a disadvantage, but you can use its ability to analyze data to your advantage.”
ChatGPT will work best if you clearly define your financial goals for it, he said. “One way to use it is to feed it regular data about stocks. Ask ChatGPT to learn about market trends using the provided data. Then, prompt it to predict which stock will perform well in the future.”
Develop Concepts for Startups
AI tools like ChatGPT also have the potential “to revolutionize the entrepreneurial landscape by enabling the expansion of businesses in a more expedient and cost-effective manner,” suggested Ethan Keller, president of Dominion, a network of legal and financial advisors.
ChatGPT may enable you to establish a new venture by pulling together and making connections between your areas of expertise and passions into a business concept, he suggested.
You could use other AI tools to create some of the assets you need in a startup, such as design, proposal deck refinement or even business name generation.
“Additionally, AI can assist you in keeping a greater number of tasks in-house, which may result in cost savings at the expense of quality and individualization.”
Use It as a Brainstorming Tool
ChatGPT can also be a brainstorming buddy, spitting out creative ideas for marketing, product development, and customer engagement, said Hataish Kumar, an e-commerce expert and founder and CEO of CouponGot. “It can even help you analyze data and identify trends you might have missed. But remember, it’s just mimicking human thought, not generating genius. You need the human touch, the intuition, the experience, the hustle, to translate those ideas into tangible results.”
He suggested it’s better to think of ChatGPT “as a sophisticated thesaurus for brainstorming, not a shortcut to success. It can help you refine your thinking, not replace it.”
Ultimately, Kumar said, “Becoming a millionaire requires grit, resilience and a willingness to learn and adapt. No amount of AI-powered brainstorming can substitute for that.”
So, use ChatGPT like you’d use any tool: strategically, critically and with a healthy dose of skepticism. “But remember, the real magic happens when you combine its potential with your own unique blend of hustle and human ingenuity,” Kumar concluded.
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This article originally appeared on GOBankingRates.com: How To Use ChatGPT as a Virtual Mentor To Become a Millionaire
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