ChatGPT Wrote this BlogSubmitted by Moneywatch Advisors on April 10th, 2023
I steadfastly ignored articles about Artificial Intelligence (AI) and the new ChatGPT – the language processing tool that can assist you with composing emails, essays and, yes, blogs. I ignored it until I listened to a podcast that described some of the ways AI may help transform the economy. Autonomous vehicles is an obvious one that leaps to mind. But think about AI personalizing healthcare treatments with data analytics to provide better diagnosis and treatments.
It will very likely be years and years – maybe even decades – before we fully realize the potential of AI but, let’s face it, the world is ready for a major jolt to economic productivity. Think of the epochal moments where the economy changed – internal combustion engine, electrification, the internet, personal computing – and how they dramatically changed the economy and how we live. Along with increased, wholesale electricity storage, AI could be that next transformative moment.
I asked Google’s ChatGPT to write a 250-word blog on the benefits of having a financial plan. Here is what it produced:
Having a financial plan is essential for anyone who wants to achieve their financial goals and live a comfortable life. A financial plan is a comprehensive roadmap that helps you to identify your financial objectives, assess your current financial situation, and develop strategies to achieve your goals. Here are some benefits of having a financial plan.
Firstly, a financial plan helps you to set realistic goals. A financial plan allows you to prioritize your financial objectives and set a timeline for achieving them. This can help you to avoid making impulsive decisions and focus on the things that matter most.
Secondly, a financial plan helps you to make informed decisions. With a financial plan, you have a clear understanding of your income, expenses, assets, and debts. This enables you to make informed decisions about how to allocate your resources and invest your money.
Thirdly, a financial plan helps you to manage your risks. A financial plan takes into account potential risks such as job loss, disability, or market fluctuations, and helps you to develop strategies to manage these risks. This can help you to avoid financial setbacks and ensure that you stay on track to achieve your goals.
Fourthly, a financial plan helps you to stay on track. With a financial plan, you have a clear roadmap that you can use to monitor your progress and adjust your strategies as needed. This can help you to stay motivated and focused on your goals, even when faced with unexpected challenges.
In conclusion, having a financial plan is essential for anyone who wants to achieve their financial goals and live a comfortable life. A financial plan can help you to set realistic goals, make informed decisions, manage risks, and stay on track to achieve your objectives. If you haven't already developed a financial plan, it's never too late to start.
Now, clearly, it reads a bit like a high school sophomore paper on a subject the author has no interest in but the beauty of AI is that it continues to learn. So, theoretically, if I continue to engage with it, my crisp, witty style will start to find its way into its responses. And that will leave more time for me to increase the productivity of…my naps.
Steve Byars, CFP®