I am seeing a large number of people going to the AI to get the information about the financial products to invest in. It's like a fee only advisor but without any fee to the AI. Or even paying to get the AI plus to get recent data.
PC: Pixabay.com
Actually it's good in one way because people are using the technology to take more better decision in financial products. But again we should not trust it blindly. What if it is a biased opinion. For example, if it says invest in Large Cap active fund whereas it is better to invest in passive fund because in long run very less number of fund can actually best the index. So it's good to take information from the AI but again we should be cautious in investing to it.
I also get some information from the Open AI to make my theory correct. So let me tell you how I use it. I give all the information about me and then asks Open AI if it is a good investment for me or not. Or say if the funds I have selected will be good for my portfolio or not, if no then I asks for suggestion. Now I have done my homework and was using the AI to get second opinion and that's how we should be using the AI for.
Along with that I also use it to get some info which is not readily available like in a stock what is happening, summarize the annual meet of a stock and thus it helps me to get that information faster. So it is like a financial advisor if you can use it smartly, otherwise it might not give you correct result.
As we all know, personal finance is very personal so we should share everything with the AI to get that information from it otherwise it can give the default response which might or might not help us.
