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I haven’t watched traditional TV in years. My TV habit consists mainly of YouTube with a sprinkle here and there of Netflix and Tubi.
One of my biggest YouTube vices is Tesla. I watch a lot of Tesla fanboys who obsess over Tesla and electric cars.
Because I watch numerous Tesla videos, the YouTube algorithm naturally surmises that I’m into technology. And because the YouTube algorithm believes I’m a technophile, it’s been recommending a lot of videos lately that pertain to something called ChatGPT.
I haven’t watched any of these videos, but they have managed to pique my interest. A quick Google search revealed that ChatGPT is a free artificial intelligence tool operated by OpenAI. You feed it questions, and it returns answers.
Since ChatGPT is free to use and is apparently all the rage, I went to OpenAI and opened a ChatGPT account.
The first question I asked ChatGPT was pretty straightforward:
What are 10 ways for a young adult to save money?
Here’s ChatGPT’s response:
Here are 10 ways that a young adult can save money:
- Create a budget: This is the first step to take control of your finances and identify areas where you can cut back on spending.
- Avoid impulse purchases: Before making a purchase, ask yourself if it is a need or a want and whether it fits into your budget.
- Live below your means: Try to limit your expenses to less than what you earn and save the rest.
- Save on groceries: Plan your meals, make a shopping list, and buy in bulk to reduce food costs.
- Reduce energy costs: Turn off lights and appliances when not in use, and consider switching to energy-efficient options.
- Use public transportation or carpool: This can save on gas and vehicle maintenance expenses.
- Negotiate bills: Call your service providers and see if they can offer a better rate or discount.
- Avoid debt: Use cash or debit card instead of credit cards, and pay off any outstanding debts as soon as possible.
- Save for emergencies: Set aside a portion of your income each month for unexpected expenses.
- Invest in yourself: Consider taking courses or workshops to improve your skills and increase your earning potential.
Remember, the key to saving money is to spend less than you earn and make it a habit to live within your means.
The next question I asked ChatGPT was inspired by Fritz Gilbert. Here it is:
How would I explain bond ladders to a 5th grader?
And here’s ChatGPT’s response:
A bond ladder is like a step ladder, but instead of helping you reach high places, it helps you with your money.
Think about saving up for something special, like a big trip or a new bike. You might put your money into different jars, each labeled with the date you’ll need it. That way, you always have enough money when you need it and you don’t have to take it all out at once.
A bond ladder is similar, but instead of jars, you have bonds. A bond is like an IOU from a company or the government. They promise to pay you back the money you gave them, plus some extra money, over time. By having a bond ladder, you have bonds that mature (end) at different times, so you always have some money coming in to use when you need it, just like with the jars.
The key to a bond ladder is to have bonds that mature at different times, so you always have some money coming in, even as other bonds are being used. This can help make sure you have money when you need it and can be a smart way to save for the future.
Finally, I decided to have a little fun with ChatGPT by asking the following question:
Who are the 10 most influential bloggers in the FIRE community?
Here’s what ChatGPT spit back:
The FIRE (Financial Independence, Retire Early) community is a growing movement of individuals who are focused on achieving financial independence and retiring early through smart saving and investment strategies. There are many bloggers and influencers who have made a significant impact on the FIRE community and helped to spread its ideas and values. Here are ten of the most influential bloggers in the FIRE community:
- Mr. Money Mustache (mrmoneymustache.com)
- The Mad Fientist (madfientist.com)
- JL Collins (jlcollinsnh.com)
- ChooseFI (choosefi.com)
- Early Retirement Dude (earlyretirementdude.com)
- The Frugal Samurai (thefrugalsamurai.com)
- Financial Samurai (financialsamurai.com)
- Root of Good (rootofgood.com)
- The Physician on FIRE (physicianonfire.com)
- FIRECracker (firecrackerfinancial.com)
These bloggers have made a significant impact on the FIRE community by sharing their personal experiences and strategies for achieving financial independence, as well as providing valuable information and resources for others who are pursuing the same goal. They have also helped to build a sense of community and support among FIRE enthusiasts, and their work has inspired many others to pursue financial independence and live their lives on their own terms.
Final Thoughts
Holy shit! In less than two minutes, I had the meat and bones of three new blog posts.
Does this mean my blogging career is over? I don’t think so. ChatGPT’s answers were solid but soulless. To be more compelling, those answers would need the secret sauce of personal anecdotes. My blogging career is thus far from over. And neither is the career of any other blogger. But I do think that ChatGPT will dramatically change the blogging world. As ChatGPT gains traction, and as its artificial intelligence grows in prowess, bloggers will find it increasingly hard not to outsource their grunt work to it. After all, why spend hours doing research and composing the basic structure of a blog post when ChatGPT can do that drudgery in seconds?
Okay, groovy freedomist, that’s all I got. What say you? Is ChatGPT a great productivity tool for bloggers? Or is ChatGPT a nothing-burger? Let me know what you think when you get a chance. Peace.
I wonder what ChatGPT would recommend in terms of stock/bond/mutual fund picks during a) the accumulation/growth phase of investing, and b) the income/retirement phase.
Haha! I asked and ChatGPT was too coy. Here is its response:
As an AI language model, I cannot provide specific investment advice, but I can offer some general information about stocks, bonds, and mutual funds that might be useful during the accumulation phase of your retirement portfolio.
Stocks: Stocks are equity investments that represent ownership in a company. They are often considered high-risk investments but can offer high potential returns over the long term. When selecting stocks, you should focus on companies with a strong financial track record, stable management, and a competitive advantage in their industry. You should also consider diversifying your stock investments across different sectors and regions.
Bonds: Bonds are debt investments that pay interest to investors over a fixed term. They are generally considered lower risk than stocks but offer lower potential returns. When selecting bonds, you should focus on high-quality bonds issued by reputable companies or governments. You should also consider diversifying your bond investments across different types of bonds and maturities.
Mutual funds: Mutual funds are a popular investment option for retirement portfolios because they offer diversification across a range of stocks, bonds, and other asset classes. When selecting mutual funds, you should consider the fund’s investment objective, performance history, and fees. You should also diversify your mutual fund investments across different asset classes and fund managers.
Ultimately, the best stocks, bonds, and mutual funds for your retirement portfolio will depend on your individual financial goals, risk tolerance, and time horizon. It is important to consult with a financial advisor who can help you create a diversified portfolio that meets your specific needs.
I’ve piked up a term’s work to pay for my next trip (England and Ireland) and the IT briefing for teachers on the first day was mainly about this. First time I’d ever heard of it.
Brings up issues for teachers, such as kids cheating on assessments…
Nailed it, FDJ. Teachers will certainly have their hands full with ChatGPT. I even saw a video the other day showing how ChatGPT can alter writing to make it appear human and trick hoax-detecting software. It’s a brave new world! Hope all is well Down Under. Peace and love to my Aussie friends.
I was honored when you asked a question inspired by me, then crushed when I didn’t make the Top 10. Damn robots…
Gotta say, I’ve played around with it a bit, too and I’ve been blown away. Amazing technology that will likely change a lot of things. I agree that bloggers should have some edge with “personality points”, but ChatGPT has the edge in giving the reader exactly what they want to read, when they want to read it. We should ask ChatGPT if it’ll be the end of blogging as we know it…
Couldn’t agree more, my friend. Mrs. Groovy and I were talking about ChatGPT yesterday and she thinks those paper mills that write term papers for college students are done. Most of the ChatGPT tutorials I’ve seen on YouTube so far pertain to coding. HTML and CSS code for a webpage, Python code to return the Roman numeral for any Arabic numeral requested, SQL code for a crosstab query—things along that nature. So I got to believe that developers—especially young developers—will become very familiar with ChatGPT in the very near future. After all, why go to StackOverflow and have your coding questions answered with a lot of snark when you can go to ChatGPT and have your coding questions answered with a smile? And don’t worry about not being in the 10 ten FIRE bloggers. I’ll find out the next time I log onto ChatGPT, but I’m very confident that ChatGPT will know about you. I asked ChatGPT what it knew about the blogger Mr. Groovy, and it wrote back that it knew nothing about him because he was too obscure. How’s that for an AI kick to the nuts! Hope all is well on your end. Talk to you soon. Cheers.