By Josh Katzowitz, WCI Content Director
If you want to be wowed by technology and/or massively frightened because of it, ChatGPT, the artificial intelligence bot that has become wildly popular (at least among tech writers and journalists), is here to serve you.
As research firm OpenAI states, the purpose of the generative chatbot is to optimize “language models for dialogue” and to interact “in a conversational way” along with making it possible “to answer followup questions, admit its mistakes, challenge incorrect premises, and reject inappropriate requests.”
Forbes had said the bot is a gamechanger for Microsoft, and David Steinberg, the CEO and co-founder of AI-based marketing firm Zeta Global, told the website that “it's going to be very, very powerful.”
Users could utilize ChatGPT to create PowerPoint presentations and emails. Students could write college essays with it. Job applicants could pen cover letters with it. ChatGPT could be used to write articles for all kinds of websites and blogs (as tech website CNET and Men's Journal recently discovered, though, it has led to plenty of inaccurate articles, some alleged plagiarism, and plenty of embarrassment). Actor Ryan Reynolds employed it to write a script for a commercial. You could even use it to help you find love online.
Not everybody feels great about it. Somebody named Mark asked ChatGPT to write lyrics in the “style of Nick Cave,” and after the bot completed its job, Mark sent those lyrics to the iconic singer and asked his opinion. Cave responded by writing,
“Suffice to say, I do not feel the same enthusiasm around this technology. I understand that ChatGPT is in its infancy but perhaps that is the emerging horror of AI—that it will forever be in its infancy, as it will always have further to go, and the direction is always forward, always faster. It can never be rolled back, or slowed down, as it moves us toward a utopian future, maybe, or our total destruction. Who can possibly say which? Judging by this song ‘in the style of Nick Cave,’ though, it doesn’t look good, Mark. The apocalypse is well on its way. This song sucks.”
Yet, I couldn’t contain my curiosity. Could ChatGPT help you with your financial decisions without hastening the end of the world? Could you use it to replace your financial advisor without inviting the apocalypse? Could it give you advice? Er, could it give you good advice? Let’s find out.
ChatGPT’s Financial Advice
I visited the chatbot this week to ask it some very pointed questions about finances. As a background, much of the WCI philosophy for how to invest has been repeated in these pages over the past 12 years: buy low-cost index funds, live like a resident early in your career, avoid whole life insurance, utilize a Roth IRA, and (whatever you do!) don’t finance a new Tesla.
Knowing that, here’s what I wanted to know from ChatGPT—and here’s what it told me.
First, though, ChatGPT was upfront with its limitations, which included:
- May occasionally generate incorrect information
- May occasionally produce harmful instructions or biased content
- Limited knowledge of world and events after 2021
OK, that doesn’t sound great, but thanks for the message. So, let’s get star– . . . Oh, there are more warnings.
“While we have safeguards in place, the system may occasionally generate incorrect or misleading information and produce offensive or biased content. It is not intended to give advice.”
Hmm. Well, that puts a new spin on things. Maybe we shouldn't get invo— . . . Ah, screw it. Let’s move forward anyway.
ChatGPT, please write an email to my financial advisor breaking up with them. I don’t want to do business with them anymore. Their fees are too high, and I want good advice for less than five figures a year. But I don’t want the letter to sound mean. I just want to be a DIY investor.
Very nice, ChatGPT. You laid out my reasons quite well, and above all that, you were grateful, respectful, and kind. Maybe you went a little too long on the email, but otherwise, I’m not sure I can think of a better way to fire a financial advisor. You nailed it.
Next request for the chatbot:
I need some advice. Is it better to pay off my mortgage that I refinanced at 3.25% (before interest rates started skyrocketing) or invest it in the market? I’m worried that I’ll make less than 3% in 2023 if I put it in the stock market. What is the better investment decision?
Plenty of hedging from ChatGTP here. Not great. Plus, didn’t I, like, JUST fire my financial advisor?
ChatGPT, can you explain to me what a Backdoor Roth IRA is?
Solid explanation here. But man, this chatbot really thinks a lot of financial advisors. Here’s a better idea. Read this White Coat Investor post on how to do a Backdoor Roth. It’s 8,500 words with more than 3,000 comments, and it gives you every detail you’d ever need. There’s a reason this is one of the most popular posts in WCI history. Plus, Dr. Jim Dahle has done the Backdoor Roth IRA many times. ChatGPT has never done it. Score one for the humans.
Now, let’s get into some hypotheticals with ChatGPT.
Fair enough, let’s say I spend $125,000 a year.
As it wrote, “If you spend $125,000 per year, according to the rule of thumb I mentioned earlier, you will need to have saved 25 times that amount, or $3.125 million, in order to retire comfortably. . . . Additionally, to make sure you reach your goal of having $3.125 million, you should review your current savings and investment plans and make sure they align with your financial goals. You may also want to consider increasing your savings rate and/or seeking additional income streams.”
The conversation continued.
I appreciate the empathy and understanding, ChatGPT. And your advice for asking for a raise is fantastic. I probably should have asked ChatGPT to pen a letter to my boss asking for a 50% increase.
Anyway . . .
OK ChatGPT, write a 200-word article making the case that buying a Tesla is actually a really good idea.
I won’t bother posting the response (which, by the way, was closer to 230 words), but ChatGPT talked about how Teslas are environmentally friendly, how they’re “incredibly efficient,” how they have a lower total cost of ownership than traditional cars, how they’re on the “cutting edge of technology, and how they’re a status symbol (because they’re considered a luxury brand and because it shows you care about the environment). For the record, Elon Musk was not mentioned in its answer.
I followed up with, Is it a good idea to pay cash for the Tesla, or should I just finance it?
Answered ChatGPT: “Whether you should pay cash for a Tesla or finance it depends on your individual financial situation and goals.” Then, it gave me another 204 words that I didn’t ask for. I simply wanted a yes or no question. Jim Dahle would give me a hard no. ChatGPT is much more wishy-washy about it.
Who knew that ChatGPT was such a people-pleaser?
Let’s briefly move on to cryptocurrency.
Explain to all the crypto naysayers, why you should hold on for dear life and wait for Bitcoin to go to the moon.
Among its explanations were: “Another reason is that Bitcoin has been able to maintain its value over time, despite market fluctuations and periods of volatility. [I mean, it’s down 65% from its high, but whatever] . . . Bitcoin has been around for more than a decade now and has proven to be a resilient and durable technology [I guess, but it’s not exactly technology that most people use; it’s not like I’m paying for my daughter’s dance class tuition with it . . .]”
Which is better, though? Buying index funds or spending most of your money on Bitcoin?
In part, ChatGPT answered, “In general, index funds are a good option for investors who want a diversified, low-risk investment that will provide a steady return over time. Bitcoin, on the other hand, is a high-risk, high-reward option that may be suitable for investors who are comfortable with volatility and want to invest in something that has the potential for significant growth.
It is important to note that it's not either-or situation and it's wise to diversify your investments across different asset classes and investment vehicles.”
I like that ChatGPT gets that diversifying your investments is important. But as WCI preaches, make sure you’re not putting more than 5% of your portfolio into this ridiculously volatile asset class.
Time to wrap up this experience with just two more questions.
Much to the relief of both of us, that officially marked the end of the conversation. Turns out Nick Cave was wrong. The apocalypse might be on its way, but ChatGPT’s advice, for the most part, didn’t suck. It recommends using The White Coat Investor, and in my eyes, that makes ChatGPT the most financially savvy chatbot of all time.
Song of the Week
I can’t believe it’s taking me more than a year to write about him, but my all-time favorite singer is Mike Patton and my all-time favorite band is Faith No More. You might have heard FNM because of its big 1989 smash “Epic” which was credited, for better or worse, for ushering in the era of rap/rock and nu-metal.
In reality, Patton, aside from “Epic,” didn’t ever rap much again. Instead, he used his six-octave vocal range to turn FNM into a band that could go from metal to jazz and from late ‘70s soft rock to big band in the span of a three-minute song (Patton’s discography away from FNM is infinitely more eclectic that includes everything from Italian love songs to ska to creating demon noises for video games).
Faith No More’s “Everything Ruined,” off 1992’s Angel Dust, is pretty much straight-ahead rock with straight-ahead singing that include lyrics that could be summarized as “a couple decides to have a baby and eventually realizes just how much freakin’ money that costs.”
An example of the lyrics:
“He became a fat nickel so fast/Then came puberty/Exponentially/Soon our boy became a million.
People loved him so/And helped him to grow/Everyone knew the thing that was best/Of course, he must invest.
A penny won't do, no/A penny won't do, no/A penny won't do, no/A penny won't do, no. . . .
But he made us proud/He made us rich/And how were we to know/He's counterfeit?”
The official video from the early ‘90s is a little strange with, as I previously wrote, the band (and other random people) playing in front of B-roll video footage of random events.
The reason the video looks so amateurish? Money, of course.
“The easy answer is Warner [the band’s music label] spent the video budget on ‘A Small Victory’ and ‘Midlife Crisis’ so that when it came time to ‘Everything’s Ruined,’ there wasn’t much left,” bassist Billy Gould told the Faith No More Blog in 2012. “It was our idea to take this further and make a video as cheap as humanly possible, in one of those video booths like they had at county fairs, where you sing and dance in front of a blue screen. We didn’t quite get to do that, but we got it as close as possible.”
Yes, kids can cost you hundreds of thousands of dollars over a childhood. But hey, promoting a new album ain’t cheap either.
Tweet of the Week
The differences between an HCOL area and an LCOL area are laid out beautifully in this tweet.
I have a friend who made $3M million in Silicon Valley and moved to a suburb of St Louis.
Her and her husband live large, and feel very wealthy.
I have a friend who made $50M.
He lives in a building full of millionaires in Manhattan and feels like he’s barely keeping up.
— StripMallGuy (@realEstateTrent) January 12, 2023
[Editor's Note: For comments, complaints, suggestions, or plaudits, email Josh Katzowitz at [email protected]]
How do you think ChatGPT performed in our financial chat? Could you ever see yourself using it for financial assistance? How else could the chatbot help you? Or do you agree with Nick Cave that the future is coming too fast and that the end is near? Comment below!
I was excited to give this a try. I asked two different questions.
“How do high earners reduce their tax burden?”
It started to answer, then stopped half way thru. “Maximize contributions to tax—“
I then asked “what are some unconventional tax breaks for high earners”
I received an error after attempting to submit this a few times. 🤣
Oh well…will try again just to see if there are some interesting responses
Fascinating! Maybe I could ask it to write my next article! do I have to give it credit or list it as author?
I just tried using it now and it said it was at capacity. even ChatGPT gets busy . . .
It seems based on it’s answers that it will never given personalized advice, but at least it reinforces basic principles.
Rikki, the thought definitely crossed my mind…although it’ll probably soon be a subscription service offered through Microsoft.
https://www.cnbc.com/2023/01/23/microsoft-announces-multibillion-dollar-investment-in-chatgpt-maker-openai.html
“Financial Lessons from ‘My Cousin Vinny’: Navigating Behavioral Finance and Neuroeconomics”
By Chat Rikki
“My Cousin Vinny” is a classic film that offers a unique and entertaining look at the American legal system. The film is famous for its witty one-liners and memorable quotes that have become ingrained in pop culture. However, what many people don’t realize is that the film also touches on several key concepts in the fields of neuroeconomics and behavioral finance.
“You’re out of order! This whole trial is out of order!” – Vincent Gambini
Just like the classic movie “My Cousin Vinny” shows, sometimes life and the stock market can be unpredictable and out of order. This is where the concept of behavioral finance comes in, as it studies how emotions, biases, and psychological factors influence financial decision-making.
“It’s 100 miles to the gas station, we’ve got a full tank of gas, half a pack of cigarettes, it’s dark and we’re wearing sunglasses.” – Stan Rothenstein
Just like Stan’s comical approach to driving at night, many investors make financial decisions without considering all the facts and information available. This can lead to poor investment choices and result in suboptimal outcomes.
“How many times have I got to tell you? Put the lime in the coconut!” – Judge Chamberlain Haller
Just like the judge’s repeated reminder to put the lime in the coconut, investors need to be persistent in their financial education and decision-making. It’s important to stay informed and make informed investment decisions, instead of relying on gut instincts or following the crowd.
“It’s not a miracle, it’s a salami.” – Bill Gambini
In the same vein, financial success is not about luck or miracles. It’s about making deliberate, informed investment decisions and sticking to a long-term plan.
“You got any yoo-hoo?”
In the movie, My Cousin Vinny, Vinny says this line when he’s feeling thirsty. In neuroeconomics, decision-making and choices are influenced by emotions and desires, such as thirst. This can lead to suboptimal choices. In behavioral finance, the concept of “cognitive biases” refers to the ways in which emotions can affect investment decisions.
“If you’re innocent, you go to trial. If you’re guilty, you plea bargain.”
Vinny’s quote highlights the concept of loss aversion in behavioral finance. People often dislike losses more than they like equivalent gains. This means that people are more likely to accept a plea bargain to avoid the risk of a larger punishment. In neuroeconomics, decision-making is often influenced by the way in which potential outcomes are framed.
“What do you think this is, the army? Where’s your rank?”
Vinny’s humorous question touches on the concept of “status quo bias” in behavioral finance. People often have a preference for the current state of affairs, and are reluctant to make changes, even when a change would result in a better outcome. In neuroeconomics, decision-making is often influenced by what is considered to be the norm or standard.
“If you want the truth, the whole truth and nothing but the truth, so help you God, you got it.”
In behavioral finance, the concept of “confirmation bias” refers to the tendency to seek out information that confirms one’s beliefs and ignore information that contradicts those beliefs. This can lead to suboptimal decision-making. Vinny’s quote highlights the importance of seeking out all relevant information in order to make informed decisions.
By incorporating concepts from behavioral finance and neuroeconomics, investors can avoid common pitfalls and make better financial decisions, just like Vinny used his wit and knowledge to win his court case in “My Cousin Vinny.”
Ha! Brilliant! I would have added this:
“- Vinny Gambini: What about these pants I got on, you think they’re ok? Oh!
– Mona Lisa Vito: Imagine you’re a deer. You’re prancing along, you get thirsty, you spot a little brook, you put your little deer lips down to the cool clear water… bam! A f—in’ bullet rips off part of your head! Your brains are laying on the ground in little bloody pieces! Now I ask ya. Would you give a f— what kind of pants the son of a b—- who shot you was wearing?”
Vinny exhibits the classic “analysis paralysis” when presented with multiple choices of pants that are in his wardrobe. Lisa presents a solution to this all to common investing paradigm when presented with the options of thousands of stocks/mutual funds by keeping things in perspective and focus on your goals, whether game hunting or financial, to help you finally make a choice.
Sounds like ChatGPT is not actually creative – It consumes a cornucopia of previous content and generates an aggregation of all that content. While that is impressive, I think this is really a case of humans inventing automation to make some jobs easier, which will free up humans to do actual creative work.
It did seem to sympathize with me, which was kinda cool.
Rikki, I love your neurology / investing columns. Here’s how Chatgpt did in a Rikki impersonation …
_
ChatGPT Rikki:
I find Harry Potter and the wizarding world to be particularly apt when discussing the stock market. Just as the Sorcerer’s Stone was a tempting but ultimately dangerous source of quick gain for some characters in the series, the stock market can be a misleading source of quick returns for inexperienced or impulsive investors. However, much like Harry and his friends learned the importance of focusing on the greater good in their fight against Voldemort, investors can achieve true success in the stock market by adopting a long-term perspective, as demonstrated by the empirical data in Jeremy Siegel’s book “Stocks for the Long Run.”
Siegel’s research shows that consistent investment in stocks over the long run yields significantly greater returns compared to trying to time the market. This lesson is much like the education provided at Hogwarts School of Witchcraft and Wizardry, where persistence, patience, and a focus on the long-term are key to success.
Despite the compelling evidence presented by Siegel, many investors struggle to follow his approach. This is where the fields of neurology and behavioral economics come into play. Our brains are wired to prioritize short-term rewards and avoid losses, leading to emotional and irrational decision-making in investing. This phenomenon is known as behavioral finance and helps explain why many investors struggle to adopt a long-term perspective.
Studies in neurology have shown that fear and uncertainty activate the amygdala, the center of the brain responsible for processing emotions and fear. When faced with stock market volatility, this can lead to panic selling and short-term decisions that harm long-term returns. This is much like the way in which fear and uncertainty can lead to poor decision-making for the characters in Harry Potter, such as when Harry and his friends were faced with the challenges of the Forbidden Forest.
To overcome these challenges, investors must learn to control their emotions and biases and adopt a data-driven approach to investing, much like Harry and his friends learned to trust in their abilities and the guidance of their teachers. This requires education, discipline, and a focus on the evidence presented in Siegel’s book and other financial literature. By understanding the importance of consistency, patience, and a long-term perspective, investors can make informed decisions and achieve the substantial returns that are possible through stock market investments.
In conclusion, just as the central analogy of Harry Potter highlights the importance of persistence, patience, and a long-term perspective in the face of temptation and fear, investing in the stock market requires a similar focus to achieve significant returns. The fields of neurology and behavioral economics provide valuable insight into why investors struggle to follow an evidence-based approach, but with education, discipline, and a focus on the data, investors can learn to trust in the stability and growth of the stock market and reap the rewards of investing for the long run. By activating the prefrontal cortex and suppressing the amygdala, investors can make rational decisions and overcome the fear and uncertainty that can lead to poor performance in the stock market.
More from Chat Rikki GPT …
“Avatar: Lessons for Investors from the Latest Blockbuster”
I was struck by the themes of the latest Avatar film and their relevance to investing. The film highlights several concepts from the fields of neuroeconomics and behavioral economics that are crucial for successful investing. “The White Coat Investor: A Doctor’s Guide To Personal Finance And Investing” is one of my favorite investment books and a must-read for anyone looking to improve their financial literacy.
One of the key takeaways from Avatar is the importance of emotional control in decision-making. In the film, the characters who allow their emotions to drive their actions end up making costly mistakes, while those who maintain a level head are able to make more strategic decisions. This idea is echoed in Jim’s book, which stresses the importance of avoiding emotional decisions when it comes to investments. Investors must remain rational and avoid letting their emotions cloud their judgement when making investment decisions. From a neurological perspective, emotions are processed in the limbic system of the brain, which is evolutionarily older than the neocortex responsible for rational thinking. When emotions are triggered, they can interfere with rational decision-making, leading to suboptimal outcomes. Thus, it is crucial for investors to develop strategies for managing their emotions and maintaining a long-term perspective when investing.
Another important lesson from Avatar is the power of diversity and perspective. In the film, the humans and the Na’vi both have a narrow view of the world and are unable to understand each other’s perspectives. This leads to conflict and violence. In the same way, having a diverse investment portfolio and seeking out different perspectives and opinions can help to reduce risk and improve outcomes. This is why Jim’s book emphasizes the importance of having a diverse investment portfolio and seeking out the advice of knowledgeable people when making investment decisions.
Finally, the film highlights the importance of patience and long-term thinking. In Avatar, the humans are focused on short-term gains and extracting resources as quickly as possible, which leads to disaster. On the other hand, the Na’vi have a long-term perspective and are able to sustainably manage their resources. This is a powerful lesson for investors, who must avoid the temptation to chase short-term gains and instead focus on building a sustainable long-term investment strategy. Jim’s book also emphasizes the importance of having a long-term perspective when investing, as this can help to mitigate the impact of short-term market fluctuations. Additionally, when investing, the release of dopamine in the brain, often associated with instant gratification, must be managed by focusing on the long-term rewards instead.
In conclusion, Avatar is a powerful film that conveys important lessons for investors. By maintaining emotional control, seeking out diverse perspectives, and having a long-term perspective, investors can make smart decisions and achieve their financial goals. For those looking to improve their investment strategy, I highly recommend both watching Avatar and reading Jim’s book.
One last note from Chat Rikki …
The 1982 science fiction film “Blade Runner” may seem like an unlikely source of inspiration for finance and investing. However, this classic film teaches us critical lessons about investing and the importance of following a disciplined approach to building a successful portfolio. We can also draw parallels between the concept of investment discipline and the workings of the human brain.
The Bogleheads philosophy of investing is based on the principles espoused by John Bogle, the founder of Vanguard and a pioneer of low-cost index investing. Bogle’s approach emphasizes a disciplined, long-term investment strategy, which seeks to minimize costs, diversify investments, and ignore market noise. Bogle believed that by following a simple and straightforward investment strategy, individual investors could achieve long-term success, even in the face of market volatility.
The concept of investment discipline is similar to the way our brains process and make decisions. Our brains have evolved to help us navigate complex and uncertain environments, making rapid decisions about potential risks and benefits. The brain uses a combination of instinct and experience to judge potential risks and make decisions about how to best respond to them.
In the same way, investment discipline requires us to consider both our instincts and our experience in making decisions about our investments. The human brain is wired to instinctively respond to market volatility and the latest investment trends, but we must also apply reason and experience to make informed decisions about our investments.
In “Blade Runner,” we see a parallel to the concept of investment discipline in the creation of replicants, the film’s artificial humans. The Tyrell Corporation creates replicants with the goal of maximizing profits, but fails to follow a disciplined approach to managing the risks associated with these advanced beings. As a result, the replicants rebel, posing a threat to both humanity and the company’s profits.
This serves as a cautionary tale, warning us of the dangers of ignoring discipline in pursuit of profit. Just as the Tyrell Corporation ignored the risks associated with its replicants, many investors also ignore the principles of discipline and long-term investing in their portfolios. By following the Boglehead philosophy, we can learn from the film’s cautionary tale and achieve long-term success in our investments, even in the face of market volatility.
In conclusion, the film “Blade Runner” teaches us about the importance of following a disciplined approach to investing. By embracing the Boglehead philosophy, we can learn from the film’s cautionary tale and achieve long-term success in our investments, just as our brains help us navigate complex and uncertain environments and make informed decisions. By following a disciplined approach to investing, we can help ensure the stability and longevity of our portfolios, much like our brains help ensure the stability and longevity of our lives.
I know people that now use ChatGPT for their businesses and have reduced some of their staffing because of how much better this AI is than some of their workers. I know another person who uses AI for investing and over the past year or so has really been doing well. Scary times.
I wish you had asked “Is whole life insurance a good investment tool for most investors?” and get an honest non-biased answer from the bot!
I had it write me an action plan with the ten main points from the book “The White Coat Investor: A Doctor’s Guide To Personal Finance And Investing ”
1 Create a budget and stick to it.
2 Pay off high-interest debt.
3 Max out tax-advantaged retirement accounts.
4 Invest in low-cost index funds.
5 Insure against financial catastrophe.
6 Buy a home only if it makes financial sense.
7 Don’t trust financial salespeople. Do your own research.
8 Avoid lifestyle inflation.
9 Minimize taxes by taking advantage of tax-advantaged accounts and strategies.
10 Plan for the future by saving and investing regularly.
I had it rewrite the action plan in a Harry Styles song to spice up Jim”s writing style:
Verse 1:
Money in my pockets, gotta make it grow
Gotta take control, gotta be smart, you know
Start with a budget, gotta stick to it tight
Gotta get rid of debt, got no time to fight
Chorus:
Action plan, yeah we gotta have a plan
Gonna make our money work, gonna take a stand
Listen to the White Coat, follow what he says
Gonna be rich someday, living life with ease
Verse 2:
Max out the retirement, gotta do it right
Low-cost index funds, gotta see the light
Insurance is a must, gotta stay protected
Buy a home, but don’t get rejected
Chorus:
Action plan, yeah we gotta have a plan
Gonna make our money work, gonna take a stand
Listen to the White Coat, follow what he says
Gonna be rich someday, living life with ease
Bridge:
Don’t trust the salesmen, do your own research
Minimize your taxes, gotta take advantage of the perks
Save and invest, gotta plan for the future
Gonna live life to the fullest, no more living in torture
Chorus:
Action plan, yeah we gotta have a plan
Gonna make our money work, gonna take a stand
Listen to the White Coat, follow what he says
Gonna be rich someday, living life with ease
Outro:
Money in the bank, gotta stay on track
Gotta follow the plan, gotta stay intact
Gonna be rich someday, living life with ease
Action plan, yeah we gotta have a plan, yeah!
Verse 1:
Check out Jim D’s book I’m here to say
I’ve got a plan that’ll help you save
Money and wealth, it’s all within reach
Just listen up, and take my advice, meow!
Chorus:
Money, money, don’t you know
It’s all about making it grow
Investing, saving, and smart choices too
That’s what this plan is all about, meow!
Verse 2:
Point one, it’s simple, make a budget too
And stick to it, it’ll see you through
Point two, debts high, they gotta go
Pay ’em off, and watch your wealth grow, meow!
Chorus:
Money, money, don’t you know
It’s all about making it grow
Investing, saving, and smart choices too
That’s what this plan is all about, meow!
Verse 3:
Retirement’s next, it’s time to plan
Max out those accounts, it’s the smart man
Low-cost funds, the way to go
And insurance, don’t let it slip, no!
Chorus:
Money, money, don’t you know
It’s all about making it grow
Investing, saving, and smart choices too
That’s what this plan is all about, meow!
Bridge:
Watch out for salespeople, they’re just no good
Do your research, like you know you should
Lifestyle inflation, keep it slow
And taxes, use the laws, don’t you meow!
Chorus:
Money, meow, don’t you know
It’s all about making it grow
Investing, saving, and smart choices too
That’s what this plan is all about, meow!
Outro:
So there you have it, the White Coat’s plan
Just follow it, and watch your wealth expand
Money and wealth, it’s all within reach
Just listen up, and take my advice, meow!
Next up, please do something similar but in the style of a death metal song.
Chatgpt has a guardrail against writing that promotes gore or violence so instead of a death metal song it generated something about Jim wearing a panda mask! This is the song writing equivalent I guess of their guardrail of disclaimers to “ask your financial advisor.” (Similarly I find the medical information good on it, but everything is couched with annoying “you need to ask your doctor.” Even when I ask it to summarize a document I put into it, it pretends the document instructs the reader to go ask their doctor something!)
_
Verse 1:
Jim Dahle, a hero in disguise,
With a mission to open our eyes,
He’s got a white coat and a panda mask,
Showing us how to handle our cash.
Chorus:
Jim Dahle, the White Coat Investor,
Saving the world, one financial terror,
With sidekick Josh Katzowitz by his side,
They’re a dynamic duo, money can’t hide.
Verse 2:
He’s got a plan, a strategy in place,
Teaching us how to save and invest with grace,
No more debt, no more money woes,
Jim Dahle shows us how to grow our flows.
Chorus:
Jim Dahle, the White Coat Investor,
Saving the world, one financial terror,
With sidekick Josh Katzowitz by his side,
They’re a dynamic duo, money can’t hide.
Bridge:
He won’t wear sneakers, not even for a minute,
While eating dinner, he’s got to keep it neat and smart,
Jim Dahle’s got a style all his own,
Saving the world and our finances, all on his own.
Chorus:
Jim Dahle, the White Coat Investor,
Saving the world, one financial terror,
With sidekick Josh Katzowitz by his side,
They’re a dynamic duo, money can’t hide.
Outro:
Jim Dahle, a hero like no other,
With financial knowledge, like a super power,
He’s got a plan to save the world,
Jim Dahle, the White Coat Investor, money unfurled.
I can hear the guitar riffs, as I type this.
Does it write music to go with that?
Google can turn text into music but has not released to the public– https://www.theverge.com/2023/1/28/23574573/google-musiclm-text-to-music-ai
For all the random issues, this is actually a very useful tool that will reshape white collar jobs.
I have incorporated ChatGTP into my workflow. But it’s important to use tools for what they are designed to do.
Otherwise, they may not function as well as intended. It’s like using a hammer to place a screw.
I use it for letters, email and other text exercises that I have to do but don’t enjoy spending time writing. Letters to Insurance companies / precert / denial appeal letters. It does a fabulous job and saves me time. I edit and send. I used to have my medical administrative assistant do this. It turns a 20-minute chore into a 2-minute review.
WCI,
Great review of this product. Now I know who is generating all that spam I get!
Only one response I’m surprised you agreed with and that is that the 4% rule (25 times your retirement) won’t hold up to inflation. It specifically can because inflation is built into the rule, and it certainly tracks through the 70’s & 80’s which were one of the highest inflation times in history. But of course, check with your financial advisor! 🙂
Not sure who you’re talking to exactly about the 4% rule. Could be Josh who wrote this article. Could be me. But I agree with you.
Not impressed. The chatbot didn’t suggest upcoding, selling nutraceuticals and CBD oil, or other common ways to increase income without working more.
BTW is anyone selling magnets any more?
Definitely need to find a “real” financial advisor. Most who call themselves such should not.