I’ve been tinkering with ChatGPT and I’ve got some big takeaways from it. The media headline is that ChatGPT is going to revolutionize the world. However, while there are some things that need disrupting by artificial intelligence, like retail operations and customer service, there are also useful applications. For instance, you can use ChatGPT to generate a basic will or other legal documents. It can provide boilerplate templates that you can customize with your information.
But when it comes to more nuanced questions or complex financial planning, ChatGPT may not provide definitive answers. It lacks the human element that is crucial in retirement planning and investment advice. While AI may disrupt certain jobs, good financial advisors and planners who understand tax code, healthcare, and real planning will still be valuable.
It’s important to note that secondary education institutions are not adequately preparing students for the real world. Many college graduates are not equipped with the necessary skills for the job market. Entrepreneurship and sales are closely related, and students should understand the importance of selling their ideas and skills.
In the field of estate planning, ChatGPT can be a useful tool for simple wills and basic legal documents. It can save you time and money, but it’s important to consult with an estate planning attorney for more complex situations. While a boilerplate will may not be as comprehensive as one created by an attorney, having a will is better than not having one.
Overall, ChatGPT has the potential to be a valuable tool in various aspects of our lives. It can automate certain tasks and provide quick solutions. However, it’s important to recognize its limitations and the importance of human expertise in certain areas. Good financial advisors and planners will continue to thrive, while those who rely solely on AI may face challenges. It’s up to us to adapt and leverage technology to our advantage.
