ChatGPT found to be useful in helping you plan your finances and future

STEVENS POINT, Wis. (WSAW) – ChatGPT is an artificial intelligence platform that millions of people use for things like booking a vacation, but it can also help you figure out how much money you need to save for retirement.

AI technology isn’t perfect, since it was created and released in November 2022, users have been able to find resources for just about everything, including the heated debate on college students using it to write essays.

A survey conducted by a financial technology company based out of New York showed nearly 60% of financial advisors are using AI technology.

Jason Glisczynski, a certified financial planner with Silvertree Retirement Planning in Stevens Point, states that ChatGPT offers many benefits including organizing your thoughts and helping to develop a budget.

While ChatGPT can be great, he said there are things to be cautious about.

“A big risk we see is ChatGPT doesn’t know a lot about taxes. There are limitations and anytime you’re dealing with any type of sensitive issues you definitely want to double-check with a qualified person who can verify the information before you put it to use,” Glisczynski said.

“There’s also questions of security,” he added. “When we use ChatGPT, we always do everything anonymously, we don’t use anybody’s names. We want to keep everything anonymous because this data is now out there and accessible and now part of that machine learning.”

ChatGPT is able to answer questions about personal finances, optimize tax strategies, and can help find ways to reduce expenses.

“Artificial intelligence, ChatGPT, it’s not going away and it can be a very useful tool,” Glisczynski stated. “It is not a solution, it is a tool, and it’s best when used properly.”

Before diving in fully and using it to create an entire portfolio, do your own research and consult with a financial advisor.

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