How to make money with ChatGPT

Earlier this month, CNBC published a report which claimed that the shares of online education company Chegg had fallen as ChatGPT hampered its expansion. The firm, which provides homework help and online tutoring, predicted sales of $175 million to $178 million this quarter, much below FactSet’s analyst consensus expectation of $193.6 million.

Chegg shares fell down 48.41% to $9.08 on 2 May. At press time, it was trading at $9.47.

This piques the question, who is gaining at the cost of such losses?

There are a lot of individuals and organizations today that are leveraging the assistance offered by ChatGPT to make money.

Here are five ways you can use ChatGPT to make money –

Content creation

For content creators, ChatGPT is a game changer. The tool can help you write blog entries, articles, social media postings, and ad text. Use it to generate interesting blog post subjects, catchy headlines, and social media captions that will keep your readers interested.

ChatGPT allows you to provide AI-powered copywriting services to companies. Furthermore, you may compose persuasive emails for marketing goals. You can also write enticing text for landing pages and product descriptions using the tool.

We asked ChatGPT to write a product description for the Asia launch of Aeropress Go and it wrote a fairly captivating description for the coffee brewer.

AI-powered tools design

If you know how to code, you may design unique applications and solutions that use ChatGPT to solve issues or boost productivity. You may create ChatGPT-powered solutions to assist content creators and marketers in the planning and generation of content ideas, headlines, and social media postings. The programme may also be used to generate project and campaign ideas.

We asked it to help us build a ChatGPT-powered notemaking extension for Google Chrome that summarized a webpage for quick reading. ChatGPT suggested to us a series of steps to be followed for creating such a tool.

Content localization

You can use ChatGPT to translate text from one language to another. Because it is frequently a rough translation, you should guarantee that the output is refined and edited for correctness and fluency. Use the tool to find and replace culturally unique allusions and idioms with counterparts that are more appealing to the target audience. Use ChatGPT to adjust material to the target market’s tone, style, and customs, ensuring that your client’s message is well-received.

For example, we asked ChatGPT to translate a set of dialogues from a Martin Scorsese film, The Departed (2006) from English to Hindi.

It was instructed to use street-smart lingo and it was free to translate profane/obscene words as it is certified for an 18+ audience.We found out that the tone of the translation was a bit formal at times and a human translator needs to fine-tune the subtitles.

Coding

ChatGPT has the ability to develop computer code for apps and software. Experienced programmers can use the tool to examine their work for errors.

In fact, developers may be able to utilize the technology as a type of assistant or request that ChatGPT generate code based on their ideas. This might result in lucrative assignments for freelancers who design websites and software.

We also wrote a simple Python code for a marketing campaign and tried converting it into C++ and guess what, the result was accurate.

Similarly, when you have a large set of code in a programming code to convert, ChatGPT can do a decent job of converting it into your preferred language.

Investment advice

Whether you are an experienced trader or a beginner, we can use the power of ChatGPT to help you become a more productive and profitable trader. It may help you with technical analysis by identifying key market indicators including moving averages, support and resistance levels, and chart patterns. It can also analyse social media and news to provide recommendations regarding specific stocks, sectors or the overall market.

ChatGPT can even help you manage your trading portfolio by providing recommendations for asset allocation and diversification based on your risk tolerance and investment goals.

For instance, we asked ChatGPT to suggest us a few stocks listed on the The New York Stock Exchange (NYSE) for a conservative trader. It gave us a list of blue-chip stocks to consider, such as Cola-Cola, Johnson & Johnson etc.

Needless to say, it asked us to review their financial health and overall market conditions before making a decision. In short, it is a fairly competent counterpart to a fund manager.

Surveys reveal interesting patterns of ChatGPT adoption

Online professional networking platform Fishbowl published a survey report in January this year that looked at the adoption rate of ChatGPT among professionals.

Almost 27% of professionals have utilised it to help with work-related activities. With 29% having used it at work, Gen Z professionals have the greatest rate of adoption. Gen X came in second with 28%, with millennials coming in second with 27%.

Marketing and advertising professionals had the greatest rate of adoption, with 37% stating they’ve used AI to help with work-related activities. Technology and consulting professionals came in second and third, with 35% and 30%, respectively. Accounting and teaching came in second and third, with 16% and 19%, respectively. Healthcare had the lowest rate of adoption at 15%.

In terms of gender, 20% of women and 30% of men have used the tool to help with tasks at work.

Fishbowl also claimed that the survey ran between 4 and 8 January 2023 and it contacted nearly 4,500 professionals from thousands of companies, including Amazon, Bank of America, Edelman, Google, IBM, JP Morgan, McKinsey, Meta, Nike and Twitter.

Fishbowl conducted another survey between 26 30 January 2023 when it contacted 11,793 professionals. The survey report revealed that the adoption rate of ChatGPT among professionals jumped up to 43%.

However, 68% of those professionals using ChatGPT or such AI tools said that they were doing so without informing their bosses.