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FINANCIAL ADVISOR FOR BUDGETING HOW TO

ChatGPT’s limited knowledge of events after 2021 didn’t account for changing interest rates.In five years’ time, this could amount to a 15% difference in my salary from the time I began preparing to buy a home, which could change how much I’m saving each month and alter my debt repayment timeline. On average, most companies will offer employees a 3%-5% salary bump per year to account for inflation.

FINANCIAL ADVISOR FOR BUDGETING HOW TO

One of the key conversation points when working with Mondoux was about how to adjust my plan depending on how my salary will change over the course of the next five years.

ChatGPT did not account for potential changes in my income.

My brokerage account balance is $2,000, invested in various mutual funds and ETFsĬhatGPT took just a few seconds to generate the following response:.

Retirement contributions: 5% of my monthly income with a 5% employer match.

Some of my recurring monthly expenses include:.

$2,500 in credit card debt at a 22% APR.

$30,000 in Federal student loan debt at a 5% interest rate.

I live in a single-income household and earn $100,000 per year, before taxes.I’m interested in purchasing a $500,000 home within the next 5 years.To test whether or not the advice provided could align with what a certified financial planner might advise, we gave ChatGPT and a human CFP the following scenario (the figures in this fact pattern are hypothetical for the sake of this experiment):

I wanted to know if ChatGPT is capable of answering some of our most important financial questions and creating a plan for hitting those goals that was tailored to each user’s unique financial stats.