In today’s episode, I answer a viewer’s question about how retired folks can leverage AI to make more money. I explain that AI is just a tool, and provide examples of using it to optimize existing efforts or try innovative new business approaches. The key is to treat AI like a smart intern – provide enough details and it can analyze data, write content, and even suggest new income streams. Tune in for a full discussion on putting AI to work for you in retirement!
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What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
In today’s episode, Dan asks, I’m retired, what how can I use generative AI to make more money? Well, I mean, generative AI is nothing more than a tool, right? It’s no different than a word processor or spreadsheet.
Yes, it has more capabilities, but it’s not magic.
It’s just software.
So the question is not how can you use it to make more money? The question is, what are you doing to make money that you could apply artificial intelligence to improve upon? There’s, there’s two fundamental things you can do with AI, right? One is optimize the things you’re already doing.
And two is offer some innovative way to do business with you that doesn’t exist yet.
Real simple example of the latter, if you have a website, and you have a like frequently asked questions page, you could train and tune a large language model to answer customer questions, right? Have conversations, things, it’s very simple, straightforward application.
But it would be different than sort of the more programmatic chatbots people have been relying on in the past.
For optimization, that’s where you can really get into things that will help you make money faster.
So let’s say, just on a whim, that you have a burgeoning eBay business, right, you go around to yard sales, you buy stuff, and then you flip it on eBay.
Writing the listings for stuff is a super simple example of how to how you would use generative AI to improve one, right, you would take the listings you have maybe write 10 to 15 to 20 different copy variations for different items you have for sale and see which ones resonate best track it carefully and see which one resonates the best.
That’s a very simple application where you’re taking something that you already do, and improving on it on speed, perhaps accuracy or quality, and convenience, because the less time you spend doing those listings and writing stuff, the more time you have to go shopping at yard sales to find new new stuff that you can flip, or extending your marketing to include things that you’re not currently doing because you don’t have the time.
Another example would be maybe your maybe your yard sale flipping businesses doing so well, that you want to, you want to stay engaged with your buyers.
So you will start up an email newsletter, but you’re not sure what to write.
Again, this is a case where you can use generative AI to create the draft copy that explains to your customers, hey, here’s the deals that I’ve found this week.
These tools, treat them like really smart interns, really smart, maybe the junior most employee in your business.
They don’t know anything about your business.
They don’t know anything about this, your customers, you don’t tell them, but they’re very, very smart.
So if you are detailed in what you tell them and how you tell them to speak and act do things, you can make them do incredible tasks that are huge time savers.
Another example of how to how to use these things to make more money, as long as you’re comfortable with it, because you would be handing over sensitive information.
You could take, for example, your an export from your bank of your personal finances, feed it into something like chat GPT is advanced data analysis tool and say, Hey, I’m trying to save more money every month, or I’m trying to spend less on on things I don’t need to spend money on.
examine this ledger and tell me, help me categorize it maybe then tell me where I’m spending my money that I shouldn’t be that what do I need to cut back on and the tools can analyze the data and provide that analysis for you.
So there’s all sorts of ways you can use these tools to do more optimization of things you’re already doing and potentially offer new, new services, new products and things like that.
That would be my suggestions, particularly if you’re retired and you got time, you may not have a ton of money.
So you’re probably not going to be training your own models at home, at least not right away.
But you can use the off the shelf models to improve the stuff that you’re already doing.
And frankly, if you’re looking for multiple streams of income, ask one of the the large language models, hey, I’m retired, here’s my situation.
Here’s the things I like to do these things I don’t like to do.
Here’s where I live and the economic circumstances around me.
What are some other ways to to make money? See what it says? Again, these are very, very, very smart interns.
So if you can just phrase the questions in ways that they understand, you can do very well and getting good answers out of them.
So good question, interesting question.
I hope the answer was helpful.
Thanks for tuning in.
We’ll talk to you next time.
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