197. How to use AI to Build a Wealthy Spirit

Here are three useful ways Michelle and I use ChatGPT

This week, Michelle and I discuss how we use ChatGPT to make our lives easier and build a wealthy spirit. As we’ve mentioned in previous episodes, we’re both very cautious about social media and media use. We don’t use Instagram, TikTok, Snapchat, or similar platforms. Given this careful approach to online tools, some might wonder why we’ve decided to engage with AI.

I had my reservations at first. I worried that something with so much information about me could eventually impersonate me—maybe even access my bank accounts! (A bit Scrooge McDuck, I know.) Others have different concerns about AI. To get a clearer picture, I asked ChatGPT what it thought were the top three real and perceived fears of AI.

My own use of ChatGPT started out innocently enough, mainly for work. I used it to help write prior authorization letters and letters of medical necessity for durable medical equipment. But soon, I found myself using Chat for personal tasks as well—party invitations, editing blog posts, and even crafting nuanced text responses. Why do I feel comfortable using ChatGPT? Simple: Chat is good at her job. It’s efficient and organized, and sometimes, that’s all you need.

Here are the top three ways Michelle and I use ChatGPT, as discussed on today’s podcast:

1. Creating a Daily Schedule

2. Self-Discovery and Self-Improvement

3. Managing Finances Practically

For example, let’s dive into #3, managing finances. During my lower-income sabbatical years, I’m converting my pre-tax 401(k)/403(b)/457(b) funds to a Roth IRA. This lets me pay taxes now at a lower bracket and avoid taxes on investments and gains when I withdraw at retirement. However, I also want to qualify for the maximum health care tax credit, which currently covers my health insurance premium in full.

To figure out how much I could convert while still qualifying for the credit, I used ChatGPT to help pinpoint that ideal income level. Then, I confirmed the numbers with the calculators on healthcare.gov. This approach gave me an exact figure, balancing my tax and healthcare goals.

What’s the single most useful way you’ve found to use AI tools? Tell us in the comments below!

Show Notes:

• Chat GPT

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