All over the internet, there are stories of people earning money with AI. ChatGPT and the AI revolution have ushered in the passive creation of wealth and success. This is because AI is a great tool to help you generate passive income and earn good money. People make thousands of dollars by applying the strategies and insights offered by ChatGPT. So it’s true that AI can help you build a sustainable side hustle — but your earnings may not make you rich.
According to strategy consultant Dr. Fio D, ChatGPT doesn’t seem particularly impressive at generating in-depth or extremely specific recommendations. This means there’s little or no chance of it producing multi-million dollar strategies to make you rich.
The Potential of AI in Wealth Creation
People are making thousands of dollars through the use of ChatGPT prompts, so there’s no doubting AI’s potential to generate income streams. However, this potential to make money can only be explored by investing quality time — there’s a lot of work required. ChatGPT produces mostly generic ideas, so you’ll need some creativity and ability to run your new business, as well.
Millionaire agency owner Iman Gadzi, in his YouTube video on how to get rich with AI, emphasized that the potential of AI to create wealth lies in implementing it to increase output without increasing input.
So if you were hoping you could just relax while AI prints dollar bills that make you rich, you might want to think again.
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Pair AI’s Strengths With Your Own
The potential to make money with AI depends on the skillset you’re hoping to use. If you work in a creative field, AI is a great tool to build more income. Dr. Fio says, “ChatGPT is super valuable for running textual analysis, extracting topics from large datasets and detecting language patterns. If that’s part of your tasks as an editor, writer or researcher, you can use it to make your life simpler by earning more income while doing less.”
You can use AI to streamline operations in a variety of ways beyond just providing you with prompts — the right AI can answer simple customer queries, for one, freeing your time to spend on other aspects of your business.
Legal Considerations in AI Applications
AI tech like ChatGPT has interesting ramifications for intellectual property (IP) in business — and potentially could land you in legal trouble. The model for ChatGPT is trained on created works. Forbes reported that it’s not yet clear what the legal precedent may be for the reuse of this content if it was made from the intellectual property of others.
There are also questions about who can copyright or claim ownership of AI-generated works, whether it’s the requester who used a tool to generate text, the creator of the tool or someone else.
Katie Charleston, founder of Katie Charleston Law, says, “For a work to enjoy copyright protection under current U.S. law, the work must be the result of original and creative authorship by a human author.”
Hence, you should exercise caution while using ChatGPT to earn money, since it gets information by scouring the internet for what’s already available. Passing an AI work as yours to make money could result in serious legal problems for you and your business — and the last thing you want if you do manage to get rich with ChatGPT is to lose it all in lawsuits for copyright infringement.
Limitations and Risks of AI Technology
The main limitation of AI is that its knowledge is largely based in events from late 2021 and earlier — its access to data beyond this point is more limited and relies on plugins that aren’t yet widely available. So you’ll have to be careful about using outdated information. It’ll be difficult for you to leverage outdated information or trends from ChatGPT to build a successful business and become wealthy in 2023.
Another risk is the quality of data. There have been reports of ChatGPT simply making up information or citing sources that do not exist. You’ll need to fact check every piece of information you get by conducting extra research. And this simply goes to prove that AI as a standalone cannot build a sustainable get-rich scheme. Human input and effort will always be valuable.
ChatGPT and other AI can be best used as an assistant to streamline your work process.
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