10 Best Prompts To Give ChatGPT To Plan Your Finances

Whether it is writing a persuasive email, estate planning, submitting a blog post or even getting help with your retirement planning, artificial intelligence, or AI, can generate responses for a wealth of topics just by giving it one simple prompt. ChatGPT from OpenAI is one of the front runners in this area and its natural language processing makes you feel like the bullet points of financial data it just gave you are coming from a financial planner and not an AI model.

Read: What To Do If You Owe Back Taxes to the IRS

10 ChatGPT Prompts To Optimize Your Financial Planning

The best ChatGPT prompts for finance can be customized to whatever area you need in your life. This can range from investment strategies to creating a financial plan. No matter the product or service you need guidance in, ChatGPT can give you a table of contents of information if you just know what to ask it.

Here are 10 great prompts in areas such as real estate, retirement planning, small business and more:

How Does ChatGPT Respond To Finance Planning Prompts?

One of the most common mistakes in financial planning is not making a clear outline of which financial goal you are trying to reach. Rather than dealing with the customer service of some investment firm or real estate agency, you can start getting your ducks in a row simply by asking ChatGPT a few questions. It will get you started with clear-cut strategies and checklists of what to do next.

Sample 1: Financial Prompt for House Offer Due Diligence Breakdown

Prompt: I need to perform financial due diligence to put an offer on a house. Can you provide me with a checklist and recommend any relevant tools?

ChatGPT Generated Response:

• 1. Property Information:

  • Address and legal description of the property

  • Size and layout of the house

  • Condition of the property (inspect for any damages or necessary repairs)

• 2. Title and Ownership:

  • Verify the seller’s ownership and title of the property

  • Check for any liens, encumbrances, or legal issues affecting the title

• 3. Property Taxes:

  • Review the current property tax assessment

  • Check if there are any outstanding property tax payments

• 4. Insurance:

  • Look into the cost of homeowners’ insurance for the property

• 5. Utilities and Operating Costs:

  • Obtain records of utility bills and other recurring expenses (e.g., water, electricity, gas)

• 6. Homeowners Association (HOA):

  • If applicable, review HOA financial statements, rules, and fees

• 7. Appraisal and Market Value:

  • Consider obtaining a professional appraisal of the property

  • Analyze recent comparable sales in the area to assess the market value

• 8. Inspection Reports:

  • Review any inspection reports to identify potential issues

• 9. Financing Options:

  • Evaluate different mortgage options and interest rates

  • Check your eligibility for loans and financing

• 10. Future Growth and Development:

  • Research local developments and trends that could affect property value

• 11. Rent Potential (for investment properties):

  • Assess potential rental income and occupancy rates (if applicable)

• 12. Local Regulations and Zoning:

  • Check zoning regulations and potential restrictions on property use

Sample 2:  Financial Prompt for Retirement Planning Breakdown

Prompt: I need to create a financial dashboard for my retirement plan performance. Can you provide me with a template and recommend any relevant tools?

ChatGPT Generated Response:

• 1. Overview:

  • Current Age

  • Retirement Age Goal

  • Years to Retirement

  • Total Investment Contributions

  • Total Account Balance

  • Investment Return Rate

• 2. Portfolio Allocation:

  • Pie chart showing the distribution of your investments across various asset classes (e.g., stocks, bonds, cash).

• 3. Investment Growth Over Time:

  • Line chart showing the growth of your retirement account balance over time.

• 4. Contribution History:

  • Bar chart displaying your annual contribution amounts over the years.

• 5. Investment Performance:

  • Table or line chart showing the performance of individual investments or funds in your portfolio.

• 6. Risk Metrics:

  • Standard deviation or other risk measures for your portfolio.

• 7. Retirement Goal Progress:

  • Gauge or progress bar showing how close you are to reaching your retirement savings goal.

• 8. Projected Retirement Income:

  • Estimate of the monthly or annual income you can expect during retirement based on your current savings and expected growth.

Final Take To GO

When you are looking to plan out all areas of your finances some common pillars include income, expenses, savings, debt management, investments, retirement and estate planning. No matter which area you are looking to focus on, ChatGPT can help you start with step-by-step guides, bullet-pointed outlines and recommendations on tools or programs to use to help you on your financial journey.

FAQ

Here's more on financial planning.

• What are the common areas of financial planning?

  • Common areas of financial planning include:

    • Income

    • Expenses

    • Savings

    • Debt management

    • Insurance

    • Taxes

    • Investments

    • Retirement

    • Estate planning

This article originally appeared on GOBankingRates.com: 10 Best Prompts To Give ChatGPT To Plan Your Finances