Graham Stephan: Here’s How To Become a Millionaire in 2024 Using ChatGPT
ChatGPT has taken the world by storm as one of the most advanced large language models ever created. With its ability to generate human-like text on virtually any topic, many are wondering whether ChatGPT could actually help them get rich.
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According to popular YouTuber and real estate investor Graham Stephan, there are ways that ChatGPT’s unique capabilities can be leveraged to make you a millionaire.
Do Your Research Better Than Anyone Else
One of ChatGPT’s strengths is synthesizing complex information quickly. As Stephan explained, “I could also see ChatGPT being incredibly useful for simplifying information and making it much more digestible for the average investor who doesn’t have the time to read earnings reports, charts and graphs.”
Rather than spending hours combing through SEC filings and financial statements, you can describe the basics of a company and investment thesis to ChatGPT and get back a neatly summarized analysis in seconds. As Stephan said, it can process “information that you wanted to consider, the relevant macroeconomic information, interest rates, employment, the global economy, basically whatever you think is important in order to make a good decision.”
With ChatGPT, you can research potential investments far faster than going the traditional route. This allows you to evaluate more opportunities and make better informed decisions.
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Get Actionable Investment Ideas
While ChatGPT may avoid making specific stock picks, depending upon the prompt, Stephan believes it could still be useful for generating investment ideas. As he said, “It should in theory be able to form an opinion on what’s likely to happen based on prior movements.”
You could describe your investing style and criteria to ChatGPT and ask for a list of stocks that may fit. It can quickly analyze markets based on your factors and provide a shortlist to research further. This allows you to uncover promising opportunities you may have otherwise missed.
However, Stephan cautions that you still need to vet any AI-generated ideas yourself, saying: “When you build a portfolio you should incorporate your investment objectives, time frame and risk tolerance.” Simply put, ChatGPT cannot fully assess your personal financial situation.
Automate Trading Strategies
For advanced investors, ChatGPT could potentially help code automated trading algorithms. As Stephan explained, “ChatGPT is looking for patterns based on past performance and with enough data at its disposal it should in theory be able to form an opinion on what’s likely to happen based on prior movements.”
With the right prompt, ChatGPT can output detailed trading code optimized around key indicators and patterns you specify. This allows you to systematize proven investing strategies and remove emotion from your trades.
However, Stephan shared that “eventually it’s no longer going to work” as more adopt the same tactics. So, staying ahead of the crowd will be key.
Become an Influencer
ChatGPT could also help build a personal brand and income sources like sponsorships or affiliate marketing. As Stephan said, its language capabilities allow it to “generate human-like text on virtually any topic.”
You can use it to quickly create quality content around your investing insights and money tips. Building a YouTube channel, blog, newsletter or social media presence is made much easier with ChatGPT’s content skills. Monetizing through ads, sponsors and partners then provides passive income.
Of course, it’s important to provide disclaimers on AI-generated content and ensure you comply with platform guidelines. But used properly, ChatGPT is an influencer toolkit.
Master Real Estate Investing
According to Stephan, a real estate investor himself, ChatGPT can automate critical tasks like lead generation. He explained it can “analyze and buy a new set of stocks every Monday… and repeat this on a weekly basis.”
The same principle applies to real estate. You can prompt ChatGPT to create weekly buying criteria tailored to your investing goals and market. It can generate targeted lead lists of motivated sellers, expired listings, probates and more based on your ideal deal parameters. This provides a regular pipeline of potential investment properties.
ChatGPT can also help create rental property marketing materials, analyze deals and automate administrative tasks. Its versatility makes it a real estate investor’s secret weapon.
In summary, Stephan said, “I am all for ChatGPT taking over the world” when used properly. While maintaining reasonable expectations, ChatGPT does open up exciting possibilities for enterprising investors to maximize research, content creation and operational efficiency. If leveraged strategically and thoughtfully, ChatGPT could very well help propel you into wealth.
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This article originally appeared on GOBankingRates.com: Graham Stephan: Here’s How To Become a Millionaire in 2024 Using ChatGPT
