Feb 24, 2023Liked by Daniel May, CFP®

Interesting read. Saw this weeks stream disappeared wicked fast. Experience and coaching are always going to be needed. Finance, as with fitness, is rarely a lack of knowledge beyond the nuances. It’s behavioral and requires a support system.

Expand full comment
Mar 7, 2023Liked by Daniel May, CFP®

I'm inherently quite skeptical of ChatGPT and AI solutions in general (I'm in tech), but it's worth noting the ChatGPT largely is trained off of 2021 data as far as the beginning question. There's some hacking that's been done to make it reach out to the internet to look stuff up, but generally it tries not to (I think for security?).

To your article's credit, this will be an issue with AI! Training on a moving target is incredibly difficult and it may be that some of these solutions out in the real world will have "old"/"delayed" brains with people asking them about the newest tax code.

Also an issue with AI is that it has absolutely no problem confidently lying as we see in the beginning. I've seen tons of people come to me (again being in tech) saying "look at how cool, it literally wrote code" and the code doesn't even run, as an analogy.

Expand full comment

That's right! When I've used it in the past, it has said before when asked about more recent events that it is not trained on any data after 2021.

I think ChatGPT took how much limits had changed in previous years to try to forecast what they were at in 2023. I don't know what the solution is to provide answers to data it isn't trained on, but if they are going to go with the "guesstimate" route, ChatGPT should absolutely make it clear that it has no idea what the actual answer may be.

Expand full comment