AI-integrated tools not only help you do your homework, edit photos and videos, but can also be a great source of income in the future.
"Artificial intelligence (AI) is going to be the greatest wealth creator in history," Matt Higgins, an American self-made millionaire, told CNBC .
AI doesn’t care where you were born, or whether you have money, or whether you have a PhD, Matt Higgins explains. It will break down traditional barriers to advancement, helping you pursue your dream of financial freedom.
Matt Higgins is CEO of investment firm RSE Ventures and has been a guest on ABC's Shark Tank.
This may be a bold prediction, as current generative AI tools, such as ChatGPT or Midjourney, are still limited. However, the AI market is expected to grow strongly over the next decade, according to a recent study by auditing firm PwC. The market is currently worth $100 billion and is expected to contribute $15.7 trillion to the global economy by 2030.
“It's not that if you don't jump in now you'll never have a chance. But now is the best opportunity to make money from it,” Higgins said.
According to experts, here are 3 ways to help you make money from AI.
Freelance
AI chatbots like ChatGPT can be a useful monetization tool. Photo: BrandInside
If you enjoy writing, graphic design, or video editing, AI can help you make money by using these skills more effectively.
“For example, if you’re an art student and you’re considering continuing your education or learning something new, now is the time to learn more about AI,” said Susan Gonzales, founder and CEO of AiandYou, a nonprofit that teaches AI skills to marginalized groups.
Today, generative AI tools can help you write a business plan or create digital art. But it’s important to know how to validate and edit that work, or tweak the language to make it less robotic.
For example, an AI tool called Jasper is helping Kristen Walters, an entrepreneur in the US, create digital products such as audiobooks and e-books. “For example, if I have an idea for a book to help freelancers manage their money better, I will use Jasper’s chat feature to outline it,” she said. Jasper will do this in just 30 seconds. Walters will then edit it, turning it into a complete version to sell online.
Start-up
Any small business owner with an internet connection should learn how to use AI to increase revenue, Gonzales said. AI tools can “help improve sales, manage inventory, analyze customer behavior, or gain a competitive advantage. Small businesses can use AI to market to the right audience. They will find new revenue opportunities,” Gonzales said.
On CNBC, Jacqueline DeStefano-Tangorra, CEO of consulting firm Omni Business Intelligence Solutions, said she uses ChatGPT to draft contracts when she gets a new client. The first step is to upload the current contract template to ChatGPT. Then, she asks the tool to delete the old client’s information and fill in the new client’s name and terms.
“Within 10 minutes, I had a contract in my hand,” she said. DeStefano-Tangorra also uses ChatGPT to schedule meetings with clients.
Still, experts advise against uploading confidential information to AI tools. Other than that, feel free to experiment.
Teaching how to use AI
Gonzales says the job isn’t in high demand yet, but it could soon become mainstream. “Your job is to teach people how AI works, how to use it, and how to teach it to others,” she says.
Some schools, like Harvard University and the University of California, are offering free courses on AI. The courses last from a few hours to a few weeks and help students learn about memory algorithms and data analysis.
Higgins says that these skills will give you a good foundation to take advantage of this “must-have” tool.
Ha Thu (according to CNBC)
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