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Edited by Levi Leidy
Ah, ChatGPT. How could we live without you a few years ago? You do so much – more than we thought possible. You have the opportunity to take advanced exams in virtually any area. Some people use you as a personal assistant. Others even go so far as to turn to you for therapy (a controversial trend, but a trend nonetheless). What many of us use you most for is providing accessible answers to complex questions – and suggesting ideas we might not have thought of ourselves.
And that’s why we turn to you in this time of economic turbulence, when even people making six-figure salaries can be living paycheck to paycheck and wondering, “How can I make money without working?” What are your answers, ChatGPT? Let’s find out.
Investing in shares or funds
A proven way to generate passive income is investing. ChatGPT brought up the idea of investing in stocks or funds.
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“Buying dividend-paying stocks or investing in index funds can generate income over time,” the chatbot explains. “Dividends provide regular payments, and capital gains provide long-term growth.”
Some of the richest people in the world, such as Warren Buffett and George Soros, have grown their billion-dollar fortunes through investing.
Owning real estate
ChatGPT pointed to owning real estate as a proven way to make money without working. Real estate can provide strong protection against inflation as it typically increases in value over time, and you can take advantage of it by renting out a home. Of course, to make such a large purchase you need capital upfront. Examples of ultra-rich people who advocate real estate investing include Robert Kiyosaki and Barbara Corcoran.
Putting money in high-yield savings accounts (HYSAs).
ChatGPT mentioned placing money in HYSAs as a way to make money without working. Absolutely, you should put your emergency savings into a HYSA so it generates interest, but this is one of the weaker ways to make money because you just don’t make much. Currently, the highest HYSA rates that banks offer are between 4% and 5%.
Putting money in government bonds
In the same short paragraph highlighting the money-making potential of placing money in HYSAs, ChatGPT discussed placing money in government bonds. It’s strange that ChatGPT would group HYSAs with bonds, because bonds are very different money-making vessels.
First, they are investments, not bank accounts. They are generally considered very safe investments, but they usually are not profitable such as investing in the stock market (at least in the long term).
Creating digital products
Creating digital products is perhaps the most out-of-the-box idea that ChatGPT put forward when asked how to make money without working. This answer is an example of the fact that ChatGPT is… not quite right. Creating digital products such as e-books, online courses or apps is work. It is a form of entrepreneurship that is certainly not a sit-back-and-relax scenario.
Getting started with affiliate marketing or content monetization
This one is definitely a stretch. ChatGPT said that you can make money by getting started with affiliate marketing. This means making money with an online or social media presence. There are cases where people are lucky enough to become influencers and don’t have to do much to delve into the lucrative potential of affiliate marketing. But usually, success in affiliate marketing requires hard work.
Content monetization is essentially the same thing: creating digital content that you can monetize, usually through brand partnerships. But the keyword “create” tells us that this is not a passive income opportunity, but one that requires work – and usually hard work.
This item was supplied by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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