Though many people use ChatGPT like it’s a search engine similar to Google, it can actually be used to simplify and streamline not only your finances, but also your life. Since the revolutionary chatbot was released for public use, many innovative strategies for utilizing it have been revealed.
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It’s not just about being able to access artificial intelligence (AI) anymore; it’s about discovering how to use this AI-powered resource to help yourself. Here are several ChatGPT prompts that you can follow to increase your wealth.
Personal Finance Basics
Asking ChatGPT to explain something like you’re five can actually be beneficial when it comes to distilling complex financial topics. Rather than getting bogged down in the jargon and details, let ChatGPT assist you in developing a comprehensive financial plan that includes saving for retirement, buying a home or starting a business.
If you’re new to money management, let ChatGPT explain concepts to you so you can become more aware of how to navigate them and begin growing your wealth. Here are some prompts to put into ChatGPT to help get you started on your financial planning journey:
- “How can I improve my credit score?” If you want to improve your credit score, you can have the AI bot help you out, so you know what steps to take next.
- “How can I start saving money?” The chatbot can help you plan to start saving money for the first time if you’re just getting started.
- “How can I save money on my grocery bill?” The next step involves asking ChatGPT for specific help on saving money. You can ask for tips on saving money on your grocery bill or replace this category with every other spending area based on your lifestyle.
- “How can I build wealth?” If you want a summary of building wealth, you can simply prompt the chatbot to explain the entire process to you. From there, you can ask specific questions based on anything that comes to mind.
- “Can you create a budget for me?”Based on this prompt, the chatbot will ask you for relevant information, so you will need to gather everything.
- “What are some effective strategies for paying off debt?” If you’re at this stage, you can ask for various strategies to help you pay off debt.
- “What are the best ways to save money on a tight budget?” If you’re on a budget, you can ask for assistance in finding ways to save money.
- “Help me save up for a home.” If you’re looking to save up for a new home, ChatGPT can help you make a plan to prepare for this large expense.
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Investing Advice
Once you have the basics covered, it’s time to get ChatGPT to help you with your investment strategy. Here are 10 more prompts to use to get you on the path to making informed decisions:
- “I’m interested in learning more about investing. Where should I start?” This will help you get started, so you have some ideas for what to look into.
- “How can I start investing with a small amount of money?” If you’re looking to start from scratch, you can prompt the chatbot to help you figure out how you can make your money work for you.
- “What are the possible risks and rewards of different investment options?” Before you start investing your money, you could gather insights on the risks involved, so you know what you’re getting into.
- “Suggest sectors worth investing in right now.” If you’re not sure where to invest your money, you could gather advice on sectors and industries that could see some growth.
- “Explain the basics of investing in cryptocurrency.” If you want to invest in speculative assets, you can learn about cryptocurrency, so you don’t blindly get caught up in the hype.
- “How can I invest in real estate with little savings?” If you want to invest in real estate, you can gather information on how to begin without significant capital.
- “Evaluate the long-term performance of investing in stocks vs. mutual funds.” Once you start debating between investment vehicles, you can have ChatGPT evaluate their performance, so you can compare your options.
- “Evaluate this investment option.” If you’re ever stuck on a particular investment, you can share the details so the chatbot can analyze it.
- “Can you help me develop a financial retirement plan?” If you want to plan for retirement, you can have ChatGPT share suggestions and details based on your age and situation.
- “Suggest investment strategies for generating passive income.” Once you’re ready to get to the next level of building wealth, you can look for suggestions on creating passive income to make money in your sleep.
Just remember, as is the case with any investment advice you may receive, you need to assess your personal situation and always proceed with caution. It’s always a good idea to consult with a human financial advisor, as well.
Martin Dasko contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: 18 ChatGPT Prompts To Use To Increase Your Wealth
