How to Use ChatGPT to Increase Wealth – Episode 598

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[00:01] Welcome to the Prosperity Podcast. Prosperity thinkers, in this episode, we’re gonna be talking about how to use chat GPT to create wealth. And I mentioned that topic to you, Kim, and it was like one of those, you put a smile on your face and you’re like, where are you coming with this stuff? Which I love. So let’s start with the foundation. Are you familiar with chat GPT and what it does? Have you been somewhat familiar with it? So yes, my answer is absolutely. I even pay for the extra so that I can have private GPTs, which I did at your suggestion, so that our voice can be captured, my voice specifically and Todd’s voice for his Truth Concepts community. And Elizabeth, our writer, is working with them.

[00:49] I pop on there every now and then. I will tell you that one of the favorite things it just did for me recently, which was to put in the Live Your Life Insurance book and pull from it 52 tips. So I wanted the tips pulled very specifically. There are two sentence tips. And the first tip is to have a certain type of question and a certain kind of statement. And the second tip is to have an equally important but different statement. And so I gave it all those instructions and it had it done like that. I was thrilled. It’s absolutely amazing. So I’m gonna be full transparent. If anyone thought that I was cool, I don’t know why they did, but they’re totally gonna realize that I’m not because I probably spend anywhere from two to three hours

[01:42] a day with ChatGPT or other tools. That much time. Yeah, that’s pretty nerdy. But I’ve heard that being a nerd is the new cool thing. So you’re probably safe. Yeah, so I’ll go to the extent of it and then we’re gonna talk about the ChatGPT stuff. So one, I wear a necklace that is tied to OpenAI and it listens to every single conversation that I have. It then figures out the summaries of conversations, the sentiment, the action items. I can have triggers from that. I know, super nerdy. Cool. Yeah, it’s cool. I don’t wear it, I don’t have it on me right now, but when I’m out and about and doing, I do. I use ChatGPT’s voice model for having conversation, which is incredibly useful, as you mentioned.

[02:36] But I, in preparation for this episode, I said, okay, well, what could ChatGPT do to be helping people generate wealth? So I’m gonna read a few things and then we’re gonna get your input. So some of the things it says is it can help create budgets. I know both of us are gonna look at that and go, eh, boring, that’s lame, okay? But the other things that it can do is help generate side hustle ideas, write resumes, research investments. I think one of the biggest things that it can do is it can extract out of us what we are trying to articulate that we don’t quite understand. So you’re nodding your head to that. How have you seen it work for you in the extraction process? Well, the idea that I just shared,

[03:29] where I gave it one of my books that I wrote eons ago, can’t even remember myself what’s in that book in any form of detail, and it pulled 52 tips from it so that we can share one a week on social media as it relates to helping people remember how valuable this tiny little book is. So I find that very helpful. Additionally, the copywriting space of, hey, I need an email to do this, especially once the GPT got trained and it had our voice in it, so mine separately from Todd’s, in that it would speak in a persuasive, yet humble, confident way, which is very important because I don’t want it to be over salesy. So those are the things that I’m most familiar with. Okay, that’s excellent. I think that the training and the having it speak,

[04:28] incredibly valuable. The side hustle idea is really interesting because you can literally take the images from your phone or you can use the app itself and you can go around and you could snap pictures and you could say, hey, with these tools that I have, what are some projects I could build? Or you can look at it and you can say, hey, how could I organize this space better? So I’ve literally seen it where people have become interior decorators, where they become organizers and they sell their services using this app. Really valuable. So it’s very limitless. Now, if we take the concept of this episode and the concept is using chat GPT to increase wealth, you have the wisdom of years, which chat has knowledge of years.

[05:32] What’s the difference between the two? I love it. I’ve always believed that information comes first, knowledge comes second and wisdom comes third. And so knowledge is just the compilation of a bunch of information and knowledge enables you to say no to some of the information. But wisdom helps you know what to do with the knowledge because knowledge, as we know that chat GPT is the space in general. And so it’s helpful, but it doesn’t tell us as individuals what would work best for us. That’s where the wisdom comes in. And there will be a time when AI gets better at that, but for now it requires a human because no matter what element of personal finance you wanna apply math to, and also you wanna apply knowledge to,

[06:27] it still needs the human element because we’re dealing with human beings that handle the money. You know, I get told all the time, well, if I had just put it in the S&P, it would have averaged 14%. Well, the S&P over whatever the timeframe is, I don’t remember, did have a mathematical average of 14. But the statistics show, and this is from Dalbar, that less than something like 3% of people get anywhere close to that. Well, what’s the problem? Well, there are a few of them. One is taxes, the another is fees, and third is opportunity costs, and a fourth is human beings and the behavior of those humans on the money while it did its gyrations to supposedly get average. So we like to say average is not actual.

[07:29] Absolutely. You know, great definition between information, knowledge, and wisdom. So if we take that and we want to accelerate, and obviously there’s only so much acceleration that can be done, meaning you can’t get 70 years of wisdom in seven minutes, it just doesn’t exist. But for our listeners that are looking to increase that wealth, they’re not wanting to shortcut, but they want to speed up. They can, one, read books, they can listen to podcasts, they can consume the information, they can go to trusted sources for the right knowledge, and glean some of the wisdom. Where else can we put this in so that we can improve and accelerate the learning, the wealth building, using these AI tools?

[08:22] Well, very specifically, what we have realized over time in helping people for so long with their personal finances, and I say we because you’ve got my conceptual brain and then Todd’s analytical brain applied to the bulk of our clientele. Todd may be in the background, but he’s still there. And what we have found is that it’s the tiny steps. It’s the little things that people do that build wealth. Now, you’re going to have your exceptions with business owners and the sale of a business, a liquidity event maybe for an inheritor, that kind of thing, you’re going to have your exceptions. But for the bulk of America, it’s the tiny little things. And I can rattle them off super fast because I’ve just seen them over and over

[09:07] and over and over again. And they flat out work, that’s the cool thing. And that’s really where the wisdom and the confidence comes from. Okay, so you’ve used some additional tools. We haven’t talked about it on this episode, but tools like your budgeting app, and I’m using that loosely. Will you give some context to that? And I know you, you know, I’m just using the language of budgeting app for the context of your podcast. Will you give some foundation and I’m going to extract the AI side of that? Absolutely. Well, the structure that we provide that is an app plus an account is even better than budgeting and it’s way easier. And I’ll give you two examples of where it does massive work for people,

[09:52] tons of heavy lifting, which is the whole goal of AI. The first is that most people have a 30 year fixed mortgage, at least they should, right? People should not have 15 year mortgages, whether they do or not, it’s not the point. And while they’re probably gonna move from house to house a few times, statistics show it’s possibly as often as every seven years, nevertheless, there are big blocks of time where their mortgage payment stays the same because it’s 30 year fixed, yet their income and all of their other expenses rise. Okay, so income rises, expenses rise, mortgage payment stays flat. What if you could capture that difference? Because all of your other expenses are rising, we don’t really think about the fact

[10:43] that a mortgage payment stays flat. Well, if you had a structure in place that captured the first year, it’s gonna be like $94 on a half a million dollar loan, we actually did this analysis recently, the second year it’s 108 or whatever. If you were able to capture those increments over 30 years, take a guess at what the dollar figure is, not investing the difference, just the actual dollars over 30 years of capturing the difference between an increasing income and a flat mortgage. Oh gosh, that’s gotta be tens of thousands. It’s $2 million. Wait. $2 million. No, really? Yep, it is shocking. We did the income increase at 4% and the mortgage payment flat. Now again, this was a single mortgage payment

[11:30] for 30 years, so not everybody’s gonna be able. But if I had told you it was a million dollars, you’d have been surprised. Yeah, there’s no way. Yeah. Okay, so my answer makes me sound like I have no idea and I think it’s because it’s so small, so incremental and it’s so unnoticeable that it’s causing all these problems. Precisely. You want another fun example? I wanna hear it here because my mind is blown right now. So most people get paid every two weeks, which means they have two months out of the year where they get three paychecks instead of two paychecks. What happens to that money? Well, Disneyland’s still in business. Come on, we know what’s going on. Yeah, whatever. And it may have gone to a very cool thing,

[12:21] but it is gone. Well, if we could just capture that difference over time, and I don’t remember the exact math on this one, but it was a big number. Same idea. No changes, just your extra paycheck. And then, well, I’ll just stop there, yeah. So talk to us. We’re all still curious how you apply AI to build wealth. So, you know, this is, I’ll tell you how I’m using it and I’m still blown away. I’m like speechless, okay? But I’m seeing this because I have teenage kids. And so I’m using the technologies that I’m familiar with and adapting it to their worlds. And so I’m having this technology help them brainstorm ideas, projects, side hustles. The problem that they’re facing is that there’s too much information.

[13:21] There’s too much easily accessible knowledge and there’s wisdom with this technology, but you have to know how to filter that wisdom. And that’s hard to do. And so all of that noise makes it incredibly difficult. And so for you, the work that you’re doing, you’re removing a lot of that noise. You’re removing the decisions. And so I think what we have now is that a generation of people that don’t need permission, a generation of people that can take action really fast, meaning projects that used to take weeks, months or years can now be done in seconds, minutes, days. It’s unreal. Yeah. How fun. For us as we wrap up with this technology, what I want to see is that we’re able to help our younger and older listeners

[14:38] bring in the correct wisdom. So maybe we can wrap out. So one, you’ve figured out with the technologies that you’ve had regarding budgeting, looking at the truth of numbers, the ability to remove the noise. So there’s less noise in your life. So what are you using with the less noise and the greater signals? How are you utilizing that? Well, I think very specifically that a step that will benefit everybody that anybody can do, yet it takes a little bit of work is to apply their Colby profile to the project at hand. So I would encourage you to get, and your kids are old enough, the two of them for sure, their Colby profiles, feed that information into ChatGPT and say, help me pick my projects.

[15:37] So I filter absolutely everything I do through that lens and it is very valuable. It cuts out a wicked amount of stuff and enables me to also really support my team, each of whom is way better at a particular area than I am. And so as long as egos can get removed, you get your classic one plus one equals 11 because of the exponential impact. And ChatGPT is a team member, right? So not only do you have your family and each of them are team members, but you have the space around the technology to come in and weigh in on that. So if you’re curious about the Colby, the easiest thing to do is go to prosperitythinkers.com forward slash Colby, spelled K-O-L-B-E. So it’s again, prosperitythinkers.com forward slash Colby.

[16:29] And you can get some info and grab the $55 profile to spend about 20, 30 minutes on to get answers to how you get results. It is literally like a rule book for a human being around their God given talent. And when we can tackle projects, our God given talent way, it’s not gonna say, well, this project’s not good for you. It’s gonna say, here’s how you do this project based on your God given talent. We will all live way happier lives. That is so good. What you just did was shared some wisdom. You took the information and the knowledge of Colby, the information, knowledge, accessibility of Chad GPT and AI. And then you said, here are the paths where those cross over, that’s wisdom. Kim, thanks for sharing that this episode.

[17:31] Thank you for listening to the Prosperity Podcast. To take control of your money and have it work for you, visit prosperitythinkers.com.