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Lifelong learning: the only new year’s resolution you need

OpenAI: making articial intelligence tools freely available to the public

If you’re going to adopt only one resolution for 2023, this should be it: taking care of yourself for better career, family and finance management by improving your knowledge base with lifelong learning.

This should no longer be a distant goal, it requires an immediate action plan.

OpenAI, a non-profit artificial intelligence research laboratory, hit the tech media waves in a big way with the launch last month of a beta testing resource called ChatGPT. The organisation was founded in San Francisco in late 2015 by Sam Altman, Elon Musk, and others, who collectively pledged $1 billion with a stated goal of promoting and developing friendly AI in a way that benefits humanity as a whole. In 2019, Microsoft and others invested another $1 billion.

Your first thought! Why should I care about this obscure topic and what has it got to do with lifelong learning?

Wait, just wait until you read below.

ChatGPT (one of numerous OpenAI projects: RoboSumo, Dactyl, GPT-Generative Pre-trained Transformers v0-3, MuseNet, Codex, Dalle-Clip, Video Game Bots, etc.) is an artificial intelligence tool that provides a conversational interface that allows you to ask questions in natural language. The system then responds with an answer within seconds.

How it works

This is an amazing concept that can be employed as a tool for a more efficient and enhanced career, a possible detriment contributing to obsolescence in some careers, while others may be little affected.

I’ve had a go at testing beta ChatGPT by submitting a variety of questions: solving maths problems, and opinions, including questions on plumbing, standard deviation, amortised mortgages, reinsurance, inflation, Fannie Mae, hurricanes, our Bermuda Constitution freedom of speech legislation, and many more.

No matter what I asked, each answer poured forth in less than 16 seconds.

Here are two tests and solutions. Unfortunately, publishing space does not permit more, but you can certainly try your hand at OpenAI Chat GPT here.

First test

Question: find the total price of one unit of lettuce from farm to table – three steps.

This is a food supply-chain question on inflation. We talked about this topic on December 19, 2022.

Compute step one price $1.00 + tax $0.07 + mark-up of 15 per cent

Step 2: compute total cost of step one + tax $0.05 + mark-up of 10 per cent

Step 3: compute total cost from step one and step two + tax $0.08 + mark-up of 18 per cent

ChatGPT’s mathematical analysis

Math pros, please check these computations for me because ChatGPT does make errors, especially, if you provide incorrect questions. It corrected me on a mortgage computation!

To calculate the total cost of the lettuce with multiple steps and multiple taxes and markups, you can use the following formula:

Total cost = (((Price1 + Tax1) * (1 + Markup1)) + ( (Price2 + Tax2) * (1 + Markup2))) * (1 + Markup3) + Tax3

In this case, the total cost would be:

Total cost = ((($1.00 + $0.07) * (1 + 0.15)) + (($1.00 + $0.05) * (1 + 0.10))) * (1 + 0.18) + $0.08

= (($1.07 * 1.15) + ($1.05 * 1.10)) * 1.18 + $0.08

= ($1.23 + $1.16) * 1.18 + $0.08

= $2.39 * 1.18 + $0.08

= $2.81 + $0.08

= $2.89

So the total cost of the lettuce would be $2.89 – for three steps in the food processing supply chain.


Second test

Question: I am feeling quite discouraged economically due to inflation and a falling stock market. How can I feel more optimistic about 2023?

ChatGPT response

It’s understandable to feel discouraged when you see inflation or a falling stock market. Economic conditions can be uncertain and it's natural to feel concerned about your financial wellbeing. However, it’s important to remember that the economy is constantly changing, and there are always ups and downs. It's also important to focus on the things that you can control and take steps to manage your finances. Here are a few things you can do to feel more optimistic about the future:

• Make a budget and stick to it: by creating a budget and tracking your spending, you can better understand your financial situation and make a plan to reach your financial goals.

• Save and invest wisely: set aside money each month for emergencies and long-term goals, and consider consulting with a financial adviser to help you make informed investment decisions.

• Stay informed: keep track of economic trends and news, but try not to get overwhelmed by it. It’s important to stay informed, but it's also important to maintain a balanced perspective.

• Take care of yourself: remember to take care of your physical and mental health. This can help you feel more resilient and better able to handle challenges that come your way.

• Seek support: if you're feeling particularly discouraged, it can be helpful to talk to a trusted friend or family member, or to seek the support of a professional counsellor or coach.

Remember that it's normal to feel concerned about the future, but by taking proactive steps to manage your finances and care for yourself, you can feel more optimistic and better equipped to handle whatever the future may bring.


Al I can say is wow!

Machines maybe smarter than we are, while they are certainly faster, less than 16 seconds for each answer!

First test: result was what I would expect – almost textbook responses. Related with no emotional context – just maths facts.

Second test: oh my goodness. It is written in a reassuring style, with some phrasing empathy.

I almost felt that it was me composing this summary, except that I often include emotional opinions and information relative to our Bermuda island’s particular environment.

The results made me feel some highly conflicted emotions about one’s intellectual capacities!

ChatGPT has the opinions, and what appeared to be the compassionate responses to individual financial challenges that have been expressed generically, ad infinitum in test two.

AI can provide speed and efficiency to the processing in thousands of applications in thousands of industries, e.g. law briefs, investment portfolios;

AI is a wonderful tool; however, your individual intellect to compare facts, weigh in opinions, use your accumulated experience components, intuitive reasoning, to provide an analytical final result is still incomparable.

The reported AI flaw, and there is one, according to various media analyses, is that ChatGPT may provide incorrect information that appears perfectly plausible.

If your future work does not utilise your human experiences to understand its applied reasoning, you may become irrelevant. Although, keep in mind that artificial intelligence is written by humans!

Ladies and gentlemen, OpenAI ChatGPT is a career life changer for all of us involved in knowledge-based financial information – as has already been opined extensively on Bloomberg (my favourite financial publication).

You will need to have the expertise to know the difference between verifiable and incorrect information, while employing these amazing tools to enhance your workplace positions and your private family life.

You will have to keep up. Lifelong learning is an absolute must, particularly, it will also efficiently help increase your financial literacy for better management of your money and your family’s financial success.

Lifelong learning: make this your one new year’s resolution.

Happy New Year, everyone!

Looking forward to 2023: numerous new projects in the works: financial webinars, interviews with local finance/economic luminaries, mini-eFinance Books and publication of Bermuda’s Second Financial Literacy Primer, Into the Winds Of Change: Risk, Insurance, and Relationships in Everyday Life on the Island of Bermuda.


Bloomberg BusinessWeek, “The Chatbots Are Coming for Google”, by Julia Love

Wikipedia: ChatGPT

Martha Harris Myron, a native Bermudian with US connections, is a retired qualified international financial planner, a Google News Contributor since 2016, author of The Dawn of New Beginnings: Bermuda’s First Financial Literacy Primer. All proceeds from her work is donated to the Bermuda Sloop Foundation for 2022-23

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Published December 31, 2022 at 8:00 am (Updated January 03, 2023 at 8:00 am)

Lifelong learning: the only new year’s resolution you need

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