Six Missteps to Avoid When Using ChatGPT for Financial Gain

Oct 5, 2023

In the digital world, OpenAI’s ChatGPT has taken center stage as an innovative language model capable of crafting an array of written content, from academic essays to creative fiction. However, its potential uses have sparked legal and ethical debates.

Prominent authors, including John Grisham, Jonathan Franzen, and Jodi Picoult, alongside the Authors Guild, have taken legal action against OpenAI. The lawsuit alleges copyright infringement on a grand scale, claiming that ChatGPT’s training on their works and subsequent content production constitutes creation of “derivative works,” akin to plagiarism.

This controversy raises questions regarding the appropriate use of ChatGPT for monetary gain. Here are six ways you should avoid using ChatGPT for profit due to ethical, legal, or practical reasons:

Content Creation for Commercial Purposes

If you earn your living by writing content, whether it’s marketing copy, articles, or other forms of content, leveraging ChatGPT may lead to inadvertent plagiarism. Moreover, the AI’s generated content may not align with your unique voice or the tone required for your work, potentially increasing the editing workload.

Tasks Involving Accurate Research

ChatGPT’s major shortcoming is its inability to fact-check its work. While it can mimic various styles and tones and seemingly produce credible research, the references and sources it generates are often incorrect. Jobs requiring precise research should not rely solely on ChatGPT; instead, verify every piece of information it provides.

Investment Advice

While ChatGPT might appear to be a cost-free financial advisor, it lacks the nuanced understanding of a human counterpart. A Fortune experiment pitted the AI against a human financial advisor and found that although ChatGPT could provide useful information quickly, it failed to consider broader goals and factors such as home buying, car purchasing, social security benefits, and retirement concerns.

Mathematical Calculations

ChatGPT is not designed to perform mathematical calculations. While it can replicate correct calculations from its training data, it frequently produces erroneous results. Hence, if your income-generating venture requires precise calculations, ChatGPT is not the right tool for the job.

Resume, Cover Letter, and CV Writing

If you’re using ChatGPT to draft resumes, cover letters, or complex curriculum vitae (CVs), ensure you thoroughly check its work. The AI is a mimic, not an English professor or fact-checker. You wouldn’t want to risk presenting inaccurate statements, awkward grammar, or typos, particularly about your skills.

Tasks Requiring High Security

For projects that require confidentiality or high security, using ChatGPT is not advisable. OpenAI stores your chat history on its servers and might share some of it with third-party groups. Additionally, it has already experienced at least one security breach, compromising users’ information.

In conclusion, while ChatGPT offers remarkable capabilities, it’s crucial to understand its limitations and potential risks when considering it for financial gain. It’s best to use this tool with caution, always double-checking its work and never relying on it for tasks requiring accurate research, personalized advice, or high-security measures.