ChatGPT (Chat Generative Pre-trained Transformer) is less than four months old, but it has already taken the world by storm. Microsoft’s Bing has, for the first time, got something that Google hasn’t (at the time of writing). AI-based tech startups are popping up like mushroom after rain: There’s an AI for that.
It seems someone is discovering something brilliant or bizarre about ChatGPT every hour! Even since my brother-in-law introduced me to it soon after its launch on Nov 30, 2023, I have been obsessed with one thought: How do I leverage its power to benefit freefincal readers and freefincal (in that order)? How do I leverage it to build something useful?
As a first step, we are now close to releasing the freefincal ChatGPT bot trained with over 1000 selected freefincal articles (we have over 2500 published articles). More about this journey and our experiences in another article. I am pleased to know that Morgan Stanley has also done the same.
This is a screenshot of a freefincal bot in action (I am thrilled that this question and response is a lot more complex than the example from Morgan Stanley).
We are currently assembling five AI bots to see which works the best. Here are links to two of them. You can ask it any question related to freefincal. Please do not ask for specific investment advice. The tool cannot handle it. Please send your feedback to freefincal [AT] gmail [DOT] com.
Now imagine the possibilities:
- Anyone can learn about any aspect of personal finance by interacting with the bot. They can be guided to the relevant source, or the bot can fully answer the question. Naturally, there must be checks and safeguards to minimize incorrect answers and AI hallucinations. It is hard but eminently doable.
- A bot can be trained on Indian laws, the entire income tax act, SEBI, RBI, or PFRDA (NPS regulator) circulars (knowledgebase), and users can get simple answers free from legalese. At the time of writing, any person can do this, not just the central bank or regulators.
- Bots can drive calculators. Specifically codeless calculators. A set of text instructions should be enough to compute. Retirement planning or a full financial plan can be done with voice inputs. There could be (should be?) regulatory roadblocks for this, but how long can an idea whose time has come be held back? AI advisory can be significantly more nuanced than Robo advisory.
- Bots can file taxes. This was recently demonstrated in the GPT-4 Developer Livestream.
- Bots can draft wills (they can do so now, but it needs to be trained in Indian law, the same with taxes).
- Bots can be used to trade based on a clear set of rules without any human emotions.
The possibilities are mind-boggling and limitless. Please comment on other personal finance venues where AI can make an impact. What is most scary is all of the above are “trivial” actions for CHATGPT 4! It is capable of much more complex operations. I firmly believe fin-tech companies should immediately start adopting this but test it extensively before unleashing it on us. As they say, be there or be square!
Do share this article with your friends using the buttons below.
🔥Enjoy massive discounts on our courses and robo-advisory tool! 🔥
Use our Robo-advisory Excel Tool for a start-to-finish financial plan! ⇐ More than 1000 investors and advisors use this!
New Tool! => Track your mutual funds and stocks investments with this Google Sheet!
- Follow us on Google News.
- Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
- Join our YouTube Community and explore more than 1000 videos!
- Have a question? Subscribe to our newsletter with this form.
- Hit ‘reply’ to any email from us! We do not offer personalized investment advice. We can write a detailed article without mentioning your name if you have a generic question.
Get free money management solutions delivered to your mailbox! Subscribe to get posts via email!
Explore the site! Search among our 2000+ articles for information and insight!
About The Author
Dr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over nine years of experience publishing news analysis, research and financial product development. Connect with him via Twitter or Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.
Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter what the market condition is!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
Our new course! Increase your income by getting people to pay for your skills! ⇐ More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts you and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos!
Our new book for kids: “Chinchu gets a superpower!” is now available!
Most investor problems can be traced to a lack of informed decision-making. We have all made bad decisions and money mistakes when we started earning and spent years undoing these mistakes. Why should our children go through the same pain? What is this book about? As parents, what would it be if we had to groom one ability in our children that is key not only to money management and investing but to any aspect of life? My answer: Sound Decision Making. So in this book, we meet Chinchu, who is about to turn 10. What he wants for his birthday and how his parents plan for it and teach him several key ideas of decision making and money management is the narrative. What readers say!
Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. – Arun.
Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
Want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or you buy the new Tactical Buy/Sell timing tool!
We publish monthly mutual fund screeners and momentum, low volatility stock screeners.
About freefincal & its content policy Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified from credible and knowledgeable sources before publication. Freefincal does not publish any paid articles, promotions, PR, satire or opinions without data. All opinions presented will only be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
Our publications
You Can Be Rich Too with Goal-Based Investing
Published by CNBC TV18, this book is meant to help you ask the right questions and seek the correct answers, and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now.
Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want
This book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at a low cost! Get it or gift it to a young earner.
Your Ultimate Guide to Travel
This is an in-depth dive analysis into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, and how travelling slowly is better financially and psychologically with links to the web pages and hand-holding at every step. Get the pdf for Rs 300 (instant download)
