Would you trust ChatGBT

[Anonymous]

I use these stupid things all day every day and they can do some stuff great but then lie to you because something they indexed said it was true.

Use it to do research, provide you links for you to follow up on and test different theories.

For retirement, there are great calculators that do monte carlo simulations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. We have actually had a real meeting with a real financial advisor. ChatGPT’s analysis and recommendations are basically the same. I can understand why so many are concerned that AI will put everyone out of work . . .

AI is a joke when it comes to personal finance. If you think it's a replacement for a person with experience and knowledge, go on bogleheads and look at the crazy responses AI came up with when passed with basic questions. The only people I know using AI in this way are crypto bro types.

Yea well I disagree. If you know nothing about the subject then yes you’re taking a chance. But if you approach the discussion with ChatGPT with some knowledge it can be extremely useful and accurate.

To me, it’s like using an Internet translator. If you know nothing about the language you’re asking to have translated it can make big mistakes. But if you know the language a little bit, you’ll catch them easily. Same with Chat GPT.

I was at a holiday dinner with two of DS GenZ friends who are experts on ChatGPT (one is a manager running it for defense contracting and one is an ethics expert with a math degree on his way to a phd) and both said it’s expertise is telling you what you want to hear. Based on my limited use, that sounds correct. Caveat emptor.

[Anonymous]

I’ve found it most useful for decorating advice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Chatgpt is accurate until it isn't - all of these llm's are the same and can make profound wrong statements with full assurances that they are right.

As can humans. And those human professionals are increasingly using AI to inform/augment their work in the first place.

These why you either learn the subject yourself or use the services of someone who is competent. Comparing a dumbass to chatgpt isn't the best argument.

You're naive if you don't think professionals across disciplines aren't using AI more and more in their everyday work. It's being embedded across platforms.

That's not the same thing as using chatgpt as a replacement for a financial advisor. Do you know any financial advisors extensively using chatgpt? I don't.

[Anonymous]

Anonymous wrote:I’ve found it most useful for decorating advice.

What?! How?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’ve found it most useful for decorating advice.

What?! How?

It will mock up a pic of a room with different paint or piece of furniture, tell me if my bookshelf is too cluttered, suggest under-cabinet storage solutions, suggest window treatment styles, etc.

[Anonymous]

absolutely not. I’m not a professional, but i do have a degree in finance and my decisions are always informed with a large dose of gut instinct.

[Anonymous]

I plugged my numbers into Gemini and it said I was essentially "indestructible" by most retirement standards. It then said I had transitioned from "well-off" to the territory of "generational wealth" or more accurately defined as a self-sustaining financial engine that outlives its creator.

[Anonymous]

I’ve been using it to run monte carlo simulations to prepare for conversations with our financial planner but I would 100% not rely on it alone.

[Anonymous]

No.
They tell you want you want to hear, and you have to be extremely specific when asking things.

[Anonymous]

I increasingly use ChatGPT for a lot of things from exercise routines to improving recipes and assessing csr issues. I even used Chat to assess the progress of my father's health decline and remaining life expectancy. It's been excellent, even amazing and in the case of my father, more informative then anything told to us by his doctors.

But you have to understand the limits and always verify with other sources. The advantage of ChatGPT is the clarity and directness.

If the Chat is telling you the same thing as your financial advisor, then you know it's pretty reliable. I'd be more hesitant when it comes to things like specific stock investments as that involves forecasting and that is where Chat is much more limited.