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I asked ChatGPT to simplify and sort out my investments
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My bad, sorry, I should have looked harder. To be fair the other thread seemed to have deteriorated in a wider and less useful discussion on unrelated things.
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If you mean 'why don't people avoid using potentially useful tools' then I'll see you down the river doing your laundry. This (in my case) isn't laziness, rather having AI review my numbers and come up with a plan - which as it turns out has largely agreed with my own thinking. I found this helpful, noting the occasional !!!!!!-up on AI's part, which I mentioned and it responded.
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Precisely.
I hope @SVaz also doesn't use excel, or a calculator, or youtube, or indeed any online Money Saving forums because "they have a brain". 😉
The brain doesn't "generate" knowledge, it absorbs it from numerous sources (the more the better) and then uses that information to make objective decisions which best fit its requirements.
Despite being a tech person, I was quite AI sceptic for a while, and to be honest, it was the amazingly human and considered responses that it generated in reply to my highly specific retirement based questions (something that I had put dozens if not hundreds of hours of my own, non-AI sourced, reserarch into), that completely changed my mind.
Yes it sometimes makes mistakes, but so does everything and everyone at this level of abstraction. This is why is should be used alongside other sources to corroborate any information that it presents.
• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.0 -
By then they may well be ‘too big to fail’ and bailed out.. anybodies guess.. fair chance AI may not live up to the hype in terms of ‘taking over the world’ but suspect it will become part of normal process in some way or other and jobs being lost to AI wont be coming back…
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"looking things up" using a LLM isn't AI, it's a faulty search engine with an inefficient interface.
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I am not a huge fan of AI as I am concerned what will happen as it increasingly gets into the wrong hands. Ultimately I think it will become catastrophic as I think the bad people will be way ahead of any controls.
However, T=I thought I would give it a go on my finances. I told ChatGPT my details (pensions, investments, cash, spend profile) and asked it to analyse this. The first answer was pretty good - couldnt disagree with any of it given the information I provided. I continued to add more detail and the answers got better. I asked for reasoning beind the decisions and these were well explained. In the end, it concluded exactly the same as I had. Now there was obviously a level of confirmation bias in my questions. However, that is OK.
While I would never take what it says without fully understanding the detail behind the answers - I think it was helpful in critiquing what I have done from a slightly different angle. So I do think you need to know a significant about the conversation topic to gain confidence in what it says. The danger will be people using it blindly. The answers can be hugely skewed with just a little incorrect information or a missing detail.
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I'm a huge fan of AI. Guess I was a slow burner to the technology.
Take work for example today. Installing a product on a Linux server. Computer says no. Copy and paste the output into work approved AI and bingo. Working through the sequence of steps giving feedback to the AI solved the issue. Issue traced to a previous broken install and some other bits and pieces.
Without that I'd have to google for hours, snapshot the server for various remedies. Or get help from another team member who is likely to be very busy.
The upshot is this hopefully keeps me in this role for at least two years [when daughter finishes uni] but hopefully a bit longer. Also, instead of having a list of bookmarks in a browser I now have a list of AI chats.
Relevance to pensions? Well it keeps the employer pension contributions rolling in by keeping me relevant.
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How much did the AI cost? I can see AI's utility as an extension of search, but the token spending can ramp up quickly for coding tasks and someone will have to eventually pay back the trillions in capital expenditure loans. Cynically I see AI companies trying to make us dependent on cheap AI and then they will put up the price to get themselves into profit and that's going to be very expensive for us all.
And so we beat on, boats against the current, borne back ceaselessly into the past.1 -
Sadly thats true for everything - start of free/low-cost and eventually get stung once hooked.. No way round that in the modern capitalistic world. There are a minority who will hold out for a long time - eg folks who dont use Amazon or online shopping or Netflix etc but the majority (like me) eventually throw in the towel - for those of us retired with a decent pension its often a case of better to spend the money than give it to hard on death.
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It's a work subscription and there is huge pressure to use it.
TBH never bought a laptop in my life, always work supplied. When on holiday etc I never open or miss the thing and that's exactly how retirement will be. No computer just a phone. The PT job I hope to keep through the gogo years until 67 has nout to do with computers either, bliss, lol!
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