Thursday July 25, 2024

Self-made millionaire shares how you can use AI as a money-making machine

All you need to is just get creative with artificial intelligence tools

By Web Desk
July 11, 2023
This representational picture shows a woman holding US dollar notes. — Unsplash/File
This representational picture shows a woman holding US dollar notes. — Unsplash/File

If you have been using artificial intelligence tools like ChatGPT to complete your homework and edit videos and photos, you are missing out on the opportunities the technology can give you to become a millionaire.

Self-made millionaire and CEO of RSE Ventures Matt Higgins suggests that you must take advantage of them as they might become your next source of income.

"AI will be the greatest wealth creator in history because artificial intelligence doesn’t care where you were born, whether you have money, whether you have a PhD," Higgins tells CNBC Make It.

According to Gonzales, the AI market is expected to rapidly grow, be valued at almost $100 billion, and contribute $15.7 trillion to the global economy by 2030. It is expected to destroy barriers and enable people to pursue economic freedom. Higgins emphasises the opportunity to capitalise on this growth.

Here are a few ways Gonzales believes you can use AI to become a millionaire.

AI and Freelancing

AI can make it easier for you to make money using your talents in writing, graphic design, and photo and video editing.

“Let’s say you’re a liberal arts college student who may be considering continuing school, or just learning something new. Now would be the time to increase your knowledge about AI,” says Susan Gonzales, founder and CEO of AIandYou, a nonprofit that teaches AI skills to people from marginalised communities.

You can already write business plans or create digital artwork with the aid of today's generative AI tools. Importantly, you will need to edit the language so it sounds less like a robot and more like you by fact-checking and proofreading every word and pixel an AI tool produces.

For instance, Kristen Walters, already uses an AI tool called Jasper to create digital products like workbooks, e-books, and audiobooks.

Walters, a lawyer turned entrepreneur and publisher, described her process in a recent Medium post: “Let’s say that I have an idea for a digital ‘workbook’ to help self-employed people manage their money better. I would use Jasper’s ‘chat’ feature to come up with an outline for my workbook. I used the prompt: Write an outline for a workbook titled ‘Money Management for Freelancers.’”

According to Walters, Jasper created the outline in 30 seconds. She later amended and polished the outline, transforming it into a finished workbook that she formatted in Canva and offered for sale online.

Some freelance jobs can earn more than $100 per hour.

AI and Entrepreneurship

Gonzales advises small business owners to investigate AI tools in order to increase sales, enhance inventory control, analyse customer behaviour, and gather competitive intelligence.

With the help of AI tools, marketing and advertising campaigns can be effectively targeted, identifying new revenue opportunities and boosting existing ones.

According to Jacqueline DeStefano-Tangorra, CEO and founder of boutique consulting firm Omni Business Intelligence Solutions, she uses ChatGPT to fill out forms when onboarding new clients.

She begins by adding her current templates to ChatGPT, then instructs the tool to remove the old client's data and add the name of the new client and the mutually agreed-upon terms.

“Now, I have an agreement in their hands in 10 minutes,” she said.

Additionally, DeStefano-Tangorra uses ChatGPT to create meeting agendas that she then shares with her clients.

Don’t upload any confidential information to an AI tool, experts say: It’ll store, analyse, and learn from everything you input. Beyond that, feel free to experiment, says Gonzales.

“The wonderful thing is, today, all we have to do is search ‘how to improve my small business with AI tools,’” she says. “The information is out there.”

AI and Tutoring

AI tutoring, or teaching people how to get the most from generative AI tools, isn’t a high-demand job yet. It will be soon, says Gonzales.

“There are many online learning opportunities to understand how AI works, which then could help [someone] possibly become an AI tutor or to do some AI training to pass it on to the next generation,” she says.

Schools like Harvard and the University of California offer free AI courses, focusing on algorithms, data analytics, and other skills, preparing individuals for the inevitable opportunities in the AI industry.