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Commitment to Our Readers<\/p>\n
GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years<\/strong> Trusted by<\/strong> For all of the transformative capabilities of artificial intelligence (AI), AI chatbots are still in their infancy stage. While applications like ChatGPT provide generic information that can be used to jump-start research or clarify terms, trusting it with a serious matter like a person\u2019s finances would certainly be foolish. Or would it?<\/p>\n To test ChatGPT\u2019s accuracy on a unique and universally desired financial end goal for many Americans, GOBankingRates asked it how to become a millionaire and received an answer detailing things like how much you would need to invest and at what return, paths to use (consistent investing, growing a business, building high-income skills), and the importance of living below your means and avoiding wealth<\/a> killers.<\/p>\n<\/p>\n GOBankingRates then sought a professional to speak on the subject, asking veteran wealth advisor Jake Falcon, CRPC, where the application succeeded and where it failed. Here\u2019s what the founder and CEO of Falcon Wealth Advisors<\/a> had to say about ChatGPT\u2019s answer on how to become a millionaire<\/a>.<\/p>\n Where ChatGPT Succeeds<\/p>\n What Falcon liked about ChatGPT\u2019s advice was its emphasis on practicalities. The nuts and bolts of sound planning and wealth building<\/a> aren\u2019t a mystery, but they need to be adhered to if you\u2019re going to make any progress toward your financial objective.<\/p>\n \u201cChatGPT\u2019s response to \u2018How to Become a Millionaire\u2019 is surprisingly solid for a general audience \u2014 it\u2019s structured, motivational, and covers the basics well,\u201d Falcon said. \u201cThat said, there are a few areas where it shines and others where it falls short from my perspective.\u201d<\/p>\n Here are three examples where ChatGPT provided solid basic guidance, according to Falcon.<\/p>\n Emphasizing Consistency and Time<\/p>\n \u201cThe breakdown of how monthly investments<\/a> compound over time is a great way to demystify wealth-building,\u201d Falcon said. \u201cIt reinforces the idea that becoming a millionaire is more about discipline than luck.\u201d<\/p>\n Highlighting Multiple Wealth Paths<\/p>\n \u201cChatGPT does a good job outlining the common routes \u2014 investing, entrepreneurship, real estate, and high-income skills,\u201d Falcon explained. \u201cThis gives readers a menu of options to explore based on their strengths.\u201d<\/p>\n<\/p>\n Promoting Financial Hygiene<\/p>\n \u201cAdvice like \u2018live below your means,\u2019 \u2018avoid lifestyle inflation<\/a>,\u2019 and \u2018track every dollar\u2019 is timeless. These are foundational habits I encourage with many clients,\u201d he said.<\/p>\n Where ChatGPT Falls Short<\/p>\n Financial advisors know that investing is a highly personal activity, so ChatGPT\u2019s \u201cunderplaying of behavioral finance\u201d doesn\u2019t sit well with Falcon. \u201cBecoming a millionaire isn\u2019t just about math \u2014 it\u2019s about mindset. ChatGPT doesn\u2019t address emotional biases, fear of loss, or the discipline needed to stay invested during downturns. That\u2019s where human advisors add real value,\u201d he said.<\/p>\n ChatGPT falters in the details, those which financial advisors give such high priority for their clients. Here are three instances where ChatGPT fell flat for Falcon.<\/p>\n Oversimplified Math<\/p>\n \u201cWhile the investment projections are directionally correct, they lack nuance,\u201d Falcon said. \u201cFor example, assuming a flat 7% return ignores market volatility<\/a>, inflation, and sequence-of-returns risk. Real-world planning requires stress testing \u2014 something ChatGPT can\u2019t do reliably.\u201d<\/p>\n No Personalization<\/p>\n Similar strategies can\u2019t be used for every investor. <\/p>\n \u201cThe advice is generic,\u201d Falcon stated. \u201cA 25-year-old software engineer and a 55-year-old teacher need very different strategies. As a wealth advisor, I tailor plans based on income, risk tolerance, tax situation, and life goals.\u201d<\/p>\n Missing Tax Strategy and Asset Location<\/p>\n \u201cThere\u2019s no mention of Roth vs. traditional accounts, capital gains, or tax-efficient withdrawals,\u201d Falcon said. \u201cThese are critical to maximizing wealth and often overlooked in DIY plans.\u201d<\/p>\n<\/p>\n A Financial Advisor\u2019s Take<\/p>\n A million dollars doesn\u2019t go quite as far as it used to, but hitting that wealth threshold is still the ultimate goal for many Americans. Unless you\u2019re a master tactician when it comes to creating comprehensive financial plans that cover the essentials \u2014 retirement, insurance, taxes, estate planning and major life transitions \u2014 you should see a human advisor before consulting ChatGPT for specific strategies on any important financial matter, including how to become a millionaire. \u00a0\u00a0<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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