a good Rift requires people to believe four things people need to believe it's credible
people need to believe it will give them wealth or a better life people need to believe it will
be easy and people need to believe that the grifter has a secret to making it all work AI
is going to be a better opportunity for scammers than cryptocurrency and it's already starting but
I'm going to be going for exactly how you can use this new AI book with chat GPT to help you when
it comes to making money online in this video I'm going to show you a stupid easy way to make money
with chat GPT I don't need to tell you about chat GPT if you have been anywhere on the internet in
the last six months you already know about what it and other programs like it can do designing
images writing code and creating content are the most time consuming tasks in the most typed up
Industries Tech and online marketing if you pay attention to the space you will hear about people
making enormous fortunes on a daily basis the challenge is that coding writing and creating
digital media takes a lot of effort and requires talent and experience someone who needs to quick
money now doesn't have time to learn about web development or take a Photoshop course and AI
is the answer to that new programs can take basic prompts and create viable content which can then
be monetized except it just doesn't work and idiots on the internet need to stop telling you
it does new AI programs are not going to make you rich and there are four reasons why that
happens to line up perfectly with the ingredients that make a great grift the first reason is that
the fields they apparently work in only reward top performers and AI doesn't produce content
as good as the best humans the most frequently recommended AI hustle is creating fully automated
YouTube channels the business plan is to get chat GPT to write you a video mid-journey to
create a slideshow of visuals and some freemium online software to turn it into a video to post
on YouTube and make that sweet ad Revenue to qualify for monetization on YouTube a channel
needs a minimum of 4 000 hours of watch time and 1 000 subscribers that doesn't sound like much but
less than one percent of channels ever qualify for the partner program and this barrier was
so challenging for new channels to overcome the YouTube lowered the requirement to 3 000 hours
of watch time and 500 subscribers even if the channels that gain enough of a following to be
monetized most are only making a few dollars a day it took me and most of the other creators I speak
with personally more than a year of making content before we were monetized making videos is time
consuming so letting AI do all of the work for you plays well into one of the key ingredients of a
good grift people need to believe it will be easy the trouble is that AI is just not very good yet
and the reason you don't see many other channels run by robots is not because people aren't trying
it's because a YouTube algorithm simply isn't making them as visible because there are better
videos made by real creators still putting in effort you may not like the weird energy of Mr
Beast or the poll Brothers but they are much more engaging than an internet word generator so they
get millions of views and the millions of people trying to create automated channels get nothing
Drop Shipping is another common grip that has the same apparent Advantage which is really its
biggest weakness if you are one of the lucky few that has not had the Drop Shipping dream pitch
to you yet the business plan is to find overseas companies selling cheap products overseas using
websites like Alibaba once you find something you think will sell well you set up a website of your
own to sell those products at a higher price when someone buys something off your website you turn
around and buy it off the overseas seller and simply give them the address of the purchaser
so they can handle the postage and you keep the profit but not only will you be competing with
the thousands of other people that are trying to do the same thing you will also be competing with
Walmart and Amazon that offer faster delivery times better brand recognition lower prices a
wider product selection and have millions of visitors visiting their stores all the time
people selling Drop Shipping courses also rarely admit that your customer could also just go on
Alibaba themselves and buy the product at the lower price creating content using AI runs into
all of the same problems it's pitched as an easy way to build a business or generate side income
but it's never going to compete with the people putting in real effort to bring a better product
to Market how long would you watch a video of an AI voice reading a procedurally generated script
wouldn't you rather spend your time on YouTube watching content from dedicated creators of course
you would and since YouTube wants you to use their platform for as long as possible they will only
promote content that keeps people engaged but what about all the people who did get rich off of Drop
Shipping and the people already making money using AI well the lack of competitiveness that is zero
buried to entry business has is just the first problem with thinking AI will magically make you
300 a day so it's time to learn how money Works to find out how in an amazing technology is being
turned into the world's greatest grift this week's lesson was sponsored by brilliant navigating the
rapidly advancing world of artificial intelligence requires solid understanding and clear perspective
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the second reason that AI has already become such a great grift is that the
ways that it can make you money sound credible Chad gbt only mixes together
stuff it scraped off the internet but it can still do some pretty impressive stuff
and we're gonna get some answers is it magic is it just algorithms is it going to save us or destroy
us let's go find out another popular plan to make money using AI has been letting chat GPT pick
stocks for you all the big Financial influencers have made some variation of this video and even
reputable Outlets like CNN business have written an articles suggesting that AI chatbots can pick
stocks for you better than a fund manager I hope to most of you that sounds totally ridiculous
because it is but it's also easy to understand why people would fall for this financial education is
severely lacking in America in most other countries people are told that they should
invest and it's normally left at that accessing a paid Financial professional is expensive and
makes a mere active investing pointless if you have to pay someone two thousand dollars to tell
you how to invest your remaining eight thousand dollars so the only option is turning to people
on the internet that give general advice that won't be suitable for everyone or in some cases
from that's why I'm really proud to stand behind today's sponsor FTX another thing that people know
is important but don't know much about is AI speaking with just a little bit of authority
about these two topics will attract a big audience there are computer Pro programs employed by Major
Quant funds that are coded by people with phds and statistics physics and computer science these
are programs that use millions of data points to gain a slight Edge in trading this makes the claim
about AI investing sound credible since chat GPT is an impressive computer program that uses a huge
data set it's been able to do things like pass the bar exam on its first try so it should be able to
do the same thing as those Quant algorithms right wrong the programs that Quant funds use only work
when they exclusively execute a strategy and they often don't work and when they do they
only work for a short time before the market reverse Engineers what they are doing and does
the same thing that's very different from passing the bar which is mostly a test of memorizing legal
precedence since chant GPT has a large Bank of training data it gives it an unfair Advantage an
average person with some basic legal training could probably pass the bar too if they were
allowed to bring a laptop with an archive of case law into the exam room but they are not investing
is very different from passing the bar any strategy that can be accessed by typing a prompt
into chat gbt T is going to have zero Competitive Edge over the market because anybody else can do
the same thing also Chan gbt does not take your personal financial situation into account and
since its training data only goes up to 2021 it's out of date too the reason the better Financial
creators on YouTube don't talk about what to invest in is because they know it's impossible
to give good advice to such a large audience this is frustrating for them because they can see how
much money other people are making by claiming to be Financial experts and giving advice that
is really hurting people so don't ever expect meet Kevin to sell you a Stock Investing course thank
you so much for considering this course you are fake news it's also frustrating to Their audience
because people like Patrick Boyle the plain bagel and Ben Felix are Financial professionals with
qualifications licenses and certifications that make them much better equipped to give
advice but it's because of their experience that they know that they can't give advice a simple
recommendation like you should buy a broad market index fund is good advice for some people but it
can be terrible advice for people with short term financial goals high interest debt or no emergency
savings since as YouTubers we can't control who watches our videos the next best thing we can
do is not give any advice at all Chad GPT has the same limitations it doesn't understand your
finances it just predicts what word makes the most sense to type out next so even if it does
look like you can make everything easier please don't use it for financial advice the AI hype is
made to sound even more credible because there are people that are going to get rich off this
technology the fear of missing out on an exciting Trend like this can make it hard to stay sensible
the people that are going to make millions in this industry fall into three categories the first
group are the people that can actually create programs like chatgpt because they are geniuses
in the fields of machine learning allowing them to start their own companies or negotiate huge
salary packages from Big tech companies that want top talent in the space the next group are
people who have already invested into AI companies that are now benefiting off investor hype and the
third group are people that run regular businesses that can use AI to make operations more efficient
which is different from building a business completely from scratch using AI if you're not
in one of these groups that's okay nobody can be in the right place at the right time every time
and chasing Trends is a costly exercise the third reason that AI is going to make such a great grift
is because it's easy for people to claim they have the secret to making it all work AI programs are
easy to use but they still have a learning curve and to utilize them to their fullest potential
you are going to need to look up Guides Online to learn how to get it to work and what can be
done with it that's an easy way for people to make big claims and soak up those sweet clicks
they might claim it's harmless but it isn't and that's because one of the biggest problems in the
YouTuber Finance space is a strategy I call the bait and backpedal this is where a YouTuber will
post a clickbait title like how to use chat GPT to become a millionaire and then say nothing in the
video about how this program is supposed to make you a millionaire the people that have perfected
this strategy will even cover themselves in the video by saying that people shouldn't risk their
money and that AI is not made for this which is the back pedal part of the strategy that means if
they are ever called out they can just claimed that the person didn't watch their video but
by that point the damage is done not every person that sees a thumbnail will click on it I am pretty
bad at clickbait so my numbers may be worse but for every one view on my channel my video needs
to be displayed to 15 people on average a lot of people will just see that chat GPT can make
them a millionaire and never watch the video that says precisely the opposite and that's the fourth
reason it's easy to believe that this could change your life starting a business or investing is
not exciting if it's exciting you are probably doing something wrong investing is a long-term
and boring exercise that rewards discipline more than chasing Trends starting business is the same
with the addition of a lot of hard work an easy shortcut sounds great but the best examples of
this not working is actually the second richest family in America they run their business in such
a traditional way that their Executives still need to sign in with a punch card not chasing
trends like AI is exactly how they have stayed wealthy but to find out the hidden Brilliance
behind doing things the old way go and watch my video about how a broke candy maker but the fourth
largest private company in America and if you want to get these videos a day earlier than everyone
else sign up to my newsletter compounded daily to keep on learning how money works