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Feel that? It was Chat GPT Shifting the World

Feel that? It was Chat GPT Shifting the World

| January 13, 2023
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Doing Good Through Financial Planning Chat GPT... (and five thoughts on this new AI.)

As 2022 wound down, one of the tasks I meant to do, but didn't get done, was to write a blog post about how you can "do good" through financial planning. At BMG, our internal motto/culture is built on the saying, "Do Good by Doing Good." (Yes, I know it's not grammatically correct... ha.) When I agree to do something, especially when I tell others I'll do it, it eats at me to not keep my word. So not having this blog written was bugging me as I drove down I-70 to see my family for the holidays. That's when I heard a story on NPR about this new AI (artificial intelligence) chat bot that had just come out. It's called Chat GPT (Generative Pre-Training Transformer,) and it was created by a company called Open AI

So I decided to test it out. And, holy cow. For example, I asked it to "write a blog about how people in Kansas City can do good through financial planning." Here's what it wrote for me in about thirty seconds:

"Kansas City, Missouri is a vibrant and diverse city with a strong sense of community. One of the ways that residents of Kansas City can make a positive impact on their community is through financial planning. 

Financial planning is the process of creating a plan for managing your money to pursue your short-term and long-term financial goals. It can help you to save for retirement, pay off debt, and even contribute to charitable causes. 

One of the best ways to start financial planning is to create a budget. This will give you an idea of how much money you have coming in and going out each month. Once you have a budget, you can start to make adjustments to your spending to free up money for savings and investment. Another important aspect of financial planning is saving for retirement. The earlier you start saving for retirement, the more money you will have when you need it. There are many retirement savings options available, including traditional and Roth IRAs, 401(k)s, and other employer-sponsored plans.

In addition to saving for your own future, financial planning can also help you to give back to your community. Many people in Kansas City choose to donate to charitable causes that they are passionate about. By setting aside money each month for charitable giving, you can make a real difference in the lives of others. 

Overall, financial planning is an important tool for addressing your personal and financial goals while also making a positive impact on your community. Whether you're looking to save for retirement, pay off debt, or support charitable causes, financial planning can help you to pursue your goals and make a difference in Kansas City.

It's important to find a financial advisor, who can help you in your journey of financial planning, who is trustworthy and understands your financial situation. They can help you navigate the complex world of personal finance and ensure that you're on track to meet your goals. With the help of a financial advisor, you can take control of your finances and make a positive impact on your community.

In conclusion, financial planning is a powerful tool for working toward personal and financial goals, as well as for giving back to your community. It can help you to save for retirement, pay off debt, and support charitable causes, and make a real difference in the lives of others. If you're looking to take control of your finances and make a positive impact in Kansas City, start by creating a budget and seeking the help of a financial advisor today."

And now I'm like... Whoa. ´╗┐What just happened? How is this real? So of course, I played around a little more. I had it write a haiku, a story about my business partner, Jen Malone and her kids, a historical fiction piece about Jesus, etc. It gave me relatively accurate, conversational, and interesting text. All within seconds. I've been enthralled ever since. At this point, I have far more questions answers. Who does this replace? Is this good for society? How will kids learn when this thing can literally do their homework for them? And candidly, my feelings are evenly split between the excitement I felt the first time I dialed into a modem, and the nervousness I felt when my first son was born seven weeks early. 

This is all still very new, both to the world and especially to me. But here are five things I think are important takeaways, especially as it pertains to your personal wealth and happiness, now that Chap GPT is in the world.

1) This tool will eliminate entire industries, and create new ones. ´╗┐Approximately half of the companies in the S&P 500 didn't exist 30 years ago. Think about that. The deck is always shuffling and this technology´╗┐ will most certainly help new companies move up the list, and laggards to fall off. Whether you're an executive or a paralegal, this will affect you someday. At the very minimum, this is worth paying attention to. BMG certainly will.

2) Chat GPT is still a ways away from world-wide use. The computing power it takes for one query varies between 10-100x the power to run a Google search. So you have time to learn, imagine, and evolve.

3) It has the potential to let you or your organization move upstream. Think of all the things this technology can do to save you and your company time. By now, you know time is correlated to productivity. I remember thinking "who really needs a smart phone?" Now, I can't imagine my life without one. 

4) This AI puts an even greater importance for you to focus on two things: Your overall knowledge base, and your human/social skills. Generalists may very well take a bigger share of the pie over specialists in the near future, and although quite good, Chat GPT is still a robot. It cannot build personal relationships. You can, and should.

5) For the last point, I thought I'd ask Chat GPT to answer the question, "What is the biggest takeaway of this new technology?" but I couldn't. I got this message instead...

So I'll reiterate my previous point. It's time to start paying attention.


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.  All indices are unmanaged and may not be invested into directly.

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