Fatten The Wallet

How To Make Money With ChatGPT in 2024

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The future is here!

Unless you’ve been living under a rock, you must have seen or heard about ChatGPT and how you can make money with ChatGPT.

ChatGPT has taken the internet by storm with 1 million users registered in 5 short days.  To put it in perspective, it took Instagram 2.5 months to reach 1 million downloads, Facebook 10 months, and Netflix 3.5 years.

ChatGPT currently has over 100 million users and generates 1.8 billion monthly visitors.

So what is ChatGPT and how can you make money with ChatGPT?

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What Is ChatGPT?

ChatGPT stands for Chat Generative Pre-trained Transformer, is an artificial intelligence language model developed by OpenAI.

OpenAI is an artificial intelligence research laboratory and technology company.  It aims to develop and promote artificial general intelligence (AGI) in a manner that benefits all of humanity.

So basically, ChatGPT is designed specifically to generate human-like text responses in multiple languages and can engage in interactive conversations with users.

Fun Fact:  Although no longer directly involved with OpenAI, Elon Musk co-founded and played a significant role in its founding and early stages.

 

Can You Really Use ChatGPT To Make Money?

Everywhere you look, there are videos and articles telling you that you can make quick and easy money using ChatGPT, but is it really possible?

The short answer is yes…it is possible to use ChatGPT to generate income.  But (and this is a big but), it requires a lot of additional efforts to monetize its capabilities.

There are YouTubers claiming you can use ChatGPT to make money on YouTube, but it doesn’t work if your channel has no audience, right?

So while it is possible to use ChatGPT to make money, you still have to put in a lot of leg work to make it happen.

 

Why Use ChatGPT To Make Money?

If you still have to put in the work, what’s the point of using ChatGPT?

Well…there are many advantages to using ChatGPT to make money, such as:

  1. Automation and Efficiency – By leveraging ChatGPT’s capabilities, you can streamline processes and provide faster and more efficient workflow, which can save time and resources.
  2. Scalability – With proper management, you can handle a growing number of clients or users without significant additional effort, allowing you to generate more revenue as your business expands.
  3. Cost Savings – By using ChatGPT, you can potentially reduce costs associated with labor-intensive tasks.  Instead of hiring content writers or social media management, you can utilize ChatGPT to generate content at no cost.
  4. Market Demand – Many businesses and individuals are seeking AI-powered solutions to improve their operations or enhance user experiences.
  5. Unique Offerings – By proving human-like responses, ChatGPT can provide a more engaging and personalized experience.

 

What Are Some Disadvantages of Using ChatGPT To Make Money?

While using ChatGPT to make money has its advantages, there are also several potential disadvantages to consider:

  1. Limitations in Accuracy – ChatGPT, like any AI model, is not perfect and can produce incorrect or nonsensical responses.  It may sometimes even generate inaccurate information, which can be problematic.
  2. Lack of Contextual Understanding –  While ChatGPT can generate coherent, human-like responses, it may lack deep contextual understanding.  It may struggle with understanding nuanced or complex queries, resulting in generic or incomplete responses.
  3. Ethical Concerns – AI models like ChatGPT can inadvertently generate biased or discriminatory content.  It learns from the data it is trained on, which may reflect societal biases present in the training data.
  4. Lack of Emotional Intelligence – ChatGPT does not possess real emotional intelligence.  Although it can generate empathetic or sympathetic responses to some extent, it lacks genuine emotional understanding.
  5. Competition and Market Saturation – As AI technology advances, more businesses and individuals are exploring its applications.  It can be challenging to differentiate your offerings and attract customers in a crowded marketplace.

It is crucial to strike a balance between the capabilities of AI and the need for human oversight and intervention to ensure the best outcomes.

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How To Make Money Using ChatGPT?

So how are people using ChatGPT to make money?

Despite what you might have heard or seen online, AI and ChatGPT do not offer get-rich-quick schemes.  But if you’re willing to put in some work, you can leverage ChatGPT’s capabilities to help you make extra income.

Here are some ways you can make extra money using ChatGPT:

1. Write and Sell E-Books or Digital Products

ChatGPT can’t write a whole e-book or digital product for you, but writing with the help of ChatGPT is super easy and can be done in no time at all.

If you don’t even know where to begin, you can even ask ChatGPT for ideas!

Here is what ChatGPT provided when I asked “What are some popular book genres to sell online”:

how to make money online with ChatGPT

Let’s try thriller this time and see what ChatGPT will give us: write a novel with ChatGPT

make money with chapgpt novel outline

make money with chatgpt writing novelLook at how impressive this outline is.  ChatGPT even provided a title for the book!

Once you have the outline, you can start filling in the blanks.  You can even ask ChatGPT to re-word your paragraphs!

When you’re done with your e-book, you can self-publish on Amazon.  And just like that, you’re a published author.

 

2. Create Your Own Course

Create your own courses and sell them on platforms like Udemy, Skillshare, Thinkific, etc.  There is a huge demand for online, self-study courses.

Below is an example of a ChatGPT outline for a 3-month course on Mandarin Chinese.  You can further ask ChatGPT to provide examples from each outline.

make money creating online course with ChatGPT

3. Create YouTube Videos Using ChatGPT

When first I started a YouTube cooking tutorial channel back in the day (2011), I thought setting up, filming, and cooking would be the hardest parts of the process.

Oh how wrong I was!  The hardest part for me was editing/voice-over work.  If setting up and cooking took me 2 hours, the editing process took me 2 days (or longer).

So how can ChatGPT help with making YouTube videos?

There are many ways ChatGPT can help with video creation.  But the main ones that would save a lot of time and streamline the process would be content planning and editing/voice-over.

Plan your video content by brainstorming ideas and creating an outline using ChatGPT can significantly shorten the planning process.

Here is an example of what ChatGPT gave me when I asked it for a video introduction:

You have to admit it’s pretty amazing what ChatGPT can produce in seconds.  If you want even more details, you can specify that in your prompt when you ask ChatGPT.

 

4. Blogging

Ah…blogging.  My favorite part.

I wanted to see if ChatGPT can write this whole blog post for me, so I asked ChatGPT “how to use ChatGPT to make money”.

While ChatGPT cannot really write a full blog post without sounding like a robot, it did provide some pretty amazing ideas!

Some suggested ideas didn’t really make sense to me, but having an outline helps tremendously with the writing process.

At the end of the day, ChatGPT is still just a machine that doesn’t have the personal life experiences that the author does to give it a unique perspective.

Related:  How to Start a Blog in Less Than 30 Minutes and Make Money

 

5. Virtual Assistant (Use ChatGPT for Social Media Management)

Virtual assistant service could involve tasks like scheduling appointments, managing calendars, answering frequently asked questions, social media management, and customer support.

You can build a virtual assistant service that utilizes ChatGPT to provide assistance to individuals or businesses.  A lot of bloggers and influencers use virtual assistants to help manage social media and to answer emails.

With ChatGPT as your assistant, you can sell your services as a social media manager.   ChatGPT can help enhance your productivity, optimize workflow, generate drafts, suggest responses, and automate certain repetitive tasks.

Related: 15 Legit Companies Offering Virtual Assistant Jobs

 

6. Proofreading Services

No amount of AI can proofread a document like a human (at least not yet), but you can utilize ChatGPT as a tool to enhance your proofreading process.

Simply paste the client’s document into the ChatGPT interface, review the generated suggestions, and apply your expert judgment to refine and improve the content.

According to Salary.com, a proofreader’s average annual salary is $55,000 with a range of $42k to $70k.  Not bad for a job working in the comfort of your own home.

If you want to start an online proofreading side hustle or business, we have a whole article on how to make money as a proofreader.

 

7. Translation Services

This might seem unnecessary since there is Google Translate that can translate just about anything, but there is so much more to it than meets the eye.

In order to achieve a proficient translation of text, it is essential to take into consideration cultural nuances, technical vocabulary, intended objectives, and the target audience.

You can use ChatGPT to translate and ask it to rephrase certain words or sentences to your liking.  This is a great side hustle if you know more than one language.

Related: 15 Websites Offering Online Translating Jobs

What Else Can You Use ChatGPT For?

Apart from all the great ideas listed above, you can also use ChatGPT to help with travel itineraries, make shopping lists, or answer questions.

Remember, just because it’s AI generated, doesn’t mean the information is correct.  ChatGPT can help streamline the process, but it cannot replace what humans can do.

Always verify and double-check the information for accuracy.

Make Money With ChatGPT – Final Thoughts

There you have it!  Some ways to make extra money using ChatGPT and the list barely scratched the surface of what ChatGPT can do.

At the end of the day, ChatGPT is still just a machine that can aid you with your side hustle, but you still need to put in the work.

I’m glad ChatGPT isn’t “perfect” yet, or else we would all be out of the job.

Do you have any side hustle ideas that you’ve been wanting to try but didn’t have the time?  Give ChatGPT a try!

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