I asked ChatGPT to simplify and sort out my investments

michaels

https://forums.moneysavingexpert.com/discussion/comment/82015037#Comment_82015037

The threshers and weavers will always try to protect their jobs with rules and sanctions if 100% of kernels are not gathered or stitches are dropped but it will not save them in the long term.

Legal errors can also be made by humans.

fizio

Bostoner is pretty much spot on - I use AI tools petty much every day - sometimes for mundane things where the answer isn’t critical but 95% good enough. For more serious things AI simple gets me to the answer quicker than anything else and usually pretty instantly versus forums/professionals/etc. The key for me is to have a decent grasp of the subject matter and cross check important points such as the info source it is using. I have caught it ‘hallucinating’ loads of time simply because I am paying attention and know enough of the subject. Often on long threads it’s just mixing up info from different parts of the discussion so the user does have to pay attention as well.

Despite all the downsides it’s done wonders for my knowledge and productivity. I generally find ChatGPT to be the most accurate but also the least useful unless you pay as it times out really quickly - almost if the AI has Sussed that the subject matter is important and ‘times out’ just as you get to the critical parts :-)

Time4T_Accounts

https://forums.moneysavingexpert.com/discussion/comment/82016633#Comment_82016633

I don’t think this was a legal error : I think it was blind faith, misplaced. It beggars belief that three lawyers (allegedly) accepted that there was a court rule of which they were unaware, and which was advanced by AI in response to a criticism of … AI.

Anecdotally, this reminds me of my early days as an accountant in the legal sector: in the ‘80s, Before having a computer, I produced a weekly report - pencil, analysis paper, and a rubber - for the senior partner, who would go through it armed with a calculator and a very finely tuned sense of scepticism; after the firm gave me a pc, I transferred the report onto a spreadsheet (Lotus 1-2-3 in those days), and, as if by magic, the senior partner’s scepticism evaporated. The report was now being produced by a computer… and so it must be right! I am not overstating this, that is how it was. And here we are, 40 years later, and similar (presumably) highly intelligent people are making the same error: a blind faith in computers.

Bostonerimus1

https://forums.moneysavingexpert.com/discussion/comment/82017062#Comment_82017062

The issue with AI might end up being cost and real ROI. I work with a really good software professional and he used a subscription version of CodeX to go through a selection of data files and create a database and some tools for analyzing and displaying the data. It was fast and eventually worked well after taking some time to fix a few bugs and iterate some mis-understandings. He isn't sure of the viability if the cost structure changes and that seems to be highly likely, so the company is trying not to become dependent on AI. It's sort of like what happened with online entertainment. It started out cheap and before you know it you get hooked and they jack up the price.

I don't want to become dependent on AI for my financial planning. I don't see paying for an IFA as useful and for similar reasons I won't be using AI.

michaels

Just spent an hour chatting with in this case google AI on my drawdown strategy for the next few years covering providers, asset splits, avoiding the TFLS limit under different scenarios, avoiding higher rate tax etc etc. Now I could have just done a spreadsheet and it would probably have taken a similar amount of time but both the AI and I made mistakes and picking these up improved my understanding, it also speeded up looking up factual information and came up with a few suggestions I might have missed.

I will probably ask perplexity to confirm the final way forward.

fizio

I’m am very much with Michael’s and find the positives massively outweigh any negatives - i have spotted inconsistencies from my accountant and often use AI to come up with finanacial strategies that even he isn’t fully aware of. If you combine AI with podcasts from ‘experts’ (financial planners etc) you can become very knowledgeable very quickly - especially if you are interested in the subject and have time on your hands. I used a financial planners a few years back but went in fully prepared having done my own research - didn't learn a thing that was new.

There is definitely a place for ‘experts’ but access to AI and information just means there are more people who can do things on their own - or at the very least build an outline plan that’s probably 90%+ good. Obviously I am not saying ’use AI to learn about tooth extraction and do it yourself‘ etc so some level of common sense is needed.

Bostonerimus1

https://forums.moneysavingexpert.com/discussion/comment/82018289#Comment_82018289

IMO both experts/IFAs and AI have the same problem; they reduce personal critical thinking, understanding and engagement with your money…they both cost money too. AI is cheaper than an IFA right now, but the cost will increase and just add to our monthly bill for technology. I know that I'm waging a useless luddite war, but just as I avoid Amazon and Netflix I won't be paying for ChatGPT or any other AI to do things for me that I cam do for myself with a little thought.

fizio

bostoner - nothing wrong with your approach whatsoever - hopefully everyone can find the balance that suits them as its definitely not a case of zero AI or 100%

Ps I lost the battle on Netflix/amazon - amazon especially - its just too convenient unfortunately

westv

https://forums.moneysavingexpert.com/discussion/comment/82018664#Comment_82018664

I prefer Netflix. At least you know everything you search for is included in the monthly sub and there are fewer ads.

barnstar2077

https://forums.moneysavingexpert.com/discussion/comment/82019097#Comment_82019097

Agree, it's the only one I have on a regular basis. I have found that beween Netflix, the BBC, Channel 4 and YouTube , there isn't enough time in the day to watch even just the cream of the things I want to see. I will randomly do a promotional priced month of other services to catch the odd show I'm interested in, but go in and cancel the sub the same day I sign up.