Ways to make money from AI

AI-integrated tools not only help you with homework and editing photos and videos , but can also be a significant source of income in the future.

"Artificial intelligence (AI) will become the greatest wealth-creating tool in history," Matt Higgins, a self-made American millionaire, told CNBC .

Matt Higgins explains that AI doesn't care where you were born, or whether you have money or a PhD. It will break down traditional barriers to career advancement, helping you pursue your dream of financial freedom.

Matt Higgins is the CEO of investment firm RSE Ventures and has been a guest on ABC's Shark Tank fundraising program.

This might be a rather bold prediction, as current AI generation tools, such as ChatGPT or Midjourney, still have many limitations. However, the AI market is projected to grow strongly over the next decade, according to recent research by auditing firm PwC. This market currently has a size of $100 billion and is projected to contribute $15.7 trillion to the global economy between now and 2030.

"It's not that if you don't jump in now you'll never have the opportunity. But now is the best opportunity to make money from it," Higgins said.

According to experts, here are three ways you can make money from AI.

Freelancing

AI chatbots like ChatGPT can be useful tools for making money. Photo: BrandInside — AI chatbots like ChatGPT can be useful tools for making money. Photo: *BrandInside*

If you enjoy writing, graphic design, or video editing, AI can help you profit by allowing you to use these skills more effectively.

"For example, you're an art student considering further studies, or learning something new. Now is the time to learn more about AI," says Susan Gonzales, founder and CEO of Aiand You, a non-profit organization that teaches AI skills to disadvantaged groups in society.

Today, AI-generated tools can help you write business plans or create digital artwork. But it's crucial that you know how to verify and edit that work, or refine the language to make it less robotic.

For example, an AI tool called Jasper is helping Kristen Walters – a startup entrepreneur in the US – create digital products such as audiobooks and ebooks. "For instance, if I have an idea for a book to help freelancers manage their money better, I'll use Jasper's chat feature to create an outline," she says. Jasper will do this in just 30 seconds. Then, Walters will edit it, turning it into a complete version to sell online.

Startup

All small business owners with internet access should learn how to use AI to increase revenue, Gonzales said. AI tools can "help improve business, 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 new clients. The first step is to upload the existing 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.

"In just 10 minutes, I had the contract in my hands," she said. DeStefano-Tangorra also uses ChatGPT to plan meetings with clients.

However, experts advise against uploading confidential information to AI tools. Beyond that, feel free to experiment.

Teaching how to use AI

Gonzales believes that while there isn't high demand for this type of work right now, it will soon become a trend. "Your job is to teach people how AI works, then help them learn how to use it and pass that knowledge on to others," she said.

Several universities, such as Harvard University and the University of California, are offering free courses on AI. These courses, ranging from a few hours to several weeks in length, help learners understand algorithms for memorization and data analysis.

Higgins argues that these skills will give you a good foundation to take advantage of this "indispensable" tool.

Ha Thu (according to CNBC)

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