In the race to harness artificial intelligence for profit, individuals at home are exploring how to make money with AI using tools like ChatGPT as their potential ticket to wealth, alongside entrepreneurs, corporate leaders, and investors.
Social media is brimming with content on how to make money with AI, featuring strategies for online income generation through website creation, product marketing, and the sale of AI-crafted artworks.
Monique Hinton, a YouTuber, confidently asserts in a recent video on AI side hustle ideas, “You can earn hundreds of dollars daily online using ChatGPT without any skills. Why? Because ChatGPT will handle most of the work for you.”
With such claims, it’s no surprise that figures like Bill Gates frequently praise AI as “revolutionary.” ChatGPT and AI, in general, have significantly impacted the tech industry, with studies suggesting that ChatGPT can predict stock market trends and companies like Nvidia and Google’s parent, Alphabet, benefiting from AI’s rise, seeing their stock prices soar in 2023.
However, as individuals try to integrate this groundbreaking technology into their workflows, there have been some embarrassing, and sometimes worse, outcomes. Students have been caught using ChatGPT for essays and discussions, leading to plagiarism accusations. A news site had to correct articles with multiple basic math errors generated by AI. Recently, a New York City lawyer faced criticism for submitting a legal brief written by ChatGPT that cited fictitious cases.
Despite these challenges, with the right ideas, prompts, and a bit of luck, some individuals will undoubtedly succeed in figuring out how to make money with AI online. Yet, achieving quick wealth is rarely as simple as it seems, even in an era of chatbots and other captivating tools.
For instance, Hinton suggests starting a service to write product descriptions for online stores using AI. However, she overlooks the difficulty in attracting paying clients and the fact that someone could use ChatGPT for the same task for free.
We strongly recommend that you check out our guide on how to take advantage of AI in today’s passive income economy.
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AI’s Potential and Risks in the Workplace
Kelly Donovan, principal of Kelly Donovan & Associates, acknowledges the “huge potential” for AI in business ventures but advises against quitting your day job to become an AI entrepreneur just yet.
“There are opportunities we haven’t even imagined yet, though there are currently some limitations,” Donovan says.
Challenges include the occasional inaccuracies of OpenAI’s ChatGPT and Google’s Bard. They may not always grasp the user’s intent and can produce incorrect results, particularly when pushed beyond their knowledge boundaries. Working with a tool that can err in unpredictable ways carries risks, especially if you aim to quickly profit online.
Experts recommend considering AI as a tool to enhance your existing activities or future plans. When used wisely, ChatGPT or Bard can aid in idea generation, basic tasks, and overall productivity, whether for your main job, a side hustle, or an exciting, yet-to-be-pursued money-making concept.
Leveraging AI for Online Income
AI enthusiasts are exploring various strategies to monetize the technology online. Here are some methods based on social media discussions, videos, and expert conversations:
Use AI to Boost Product Sales
AI’s potential in e-commerce is evident. You could employ AI tools for concept brainstorming, design assistance, marketing copywriting, and customer interaction management.
However, success is not guaranteed due to intense online competition for customers. AI might assist you, but a good idea and execution are still crucial.
“We’ve heard success stories, but many have tried without significant results,” Donovan notes.
Before attempting something like dropshipping, she suggests consulting an expert about your idea’s feasibility.
Create Digital Content with AI
Creators are using AI to produce monetizable digital content such as blogs, digital art, podcasts, and videos.
AI can generate scripts, content ideas, and draft blog posts. You could then potentially earn through ads or subscriptions. The challenge is attracting an audience, which is difficult.
For example, business influencer Matt Phelps, in a video with over 300,000 views, promoted an affiliate marketing strategy using ChatGPT. He discussed creating a website to promote jawline improvement products.
His video claims a $100 daily earning, but the source of this figure is unclear. Like much social media content on AI wealth, the concept seems more hopeful than practical.
Undertake Freelance Assignments
AI can enhance freelance productivity and income, according to Donovan.
A freelance marketer could use AI for initial drafts for a brand assignment. However, an expert should review the output for errors, plagiarism, or lack of nuance.
“With freelancing, competition is inevitable. If your AI-generated work falls short of a company’s expectations for human-created content, earning might be challenging,” Donovan explains.
Ethical considerations also arise if AI use is not disclosed in freelance work, so discussing this with your client is advisable.
Juggle Multiple Remote Jobs
Remote workers are experimenting with ChatGPT to expedite tasks, freeing up time for personal activities or a second remote job.
“Some manage two remote jobs simultaneously, often unbeknownst to either employer,” says Donovan. “AI could make this more feasible.”
However, she cautions against this due to potential risks. Using AI to streamline your current job might be acceptable, as many companies encourage employees to try these tools.
Transparency with your employer(s) is key. If a mistake occurs due to ChatGPT, prior approval for its use can be beneficial.
Explore Startup Opportunities
AI tools can help launch startups more affordably and quickly, offering a pathway for individuals wondering how to make money with AI. Julie Bauke, an independent career strategist, suggests that AI’s time-saving capabilities make it easier to pursue business ideas solo or alongside a 9-to-5 job.
“If interested, consider your passions and expertise to identify a niche business idea,” Bauke advises.
Research AI tools that could support your concept. Becoming proficient in these tools, whether for design, copywriting, coding, or customer support, is crucial. AI can also assist in developing your pitch deck or brainstorming business names.
Using AI, you might handle more tasks in-house, reducing the need for external contributors. This can lower startup costs, but the quality might suffer, and the personal touch could be lost. Like other strategies on how to make money with AI, the chances of achieving wealth through a startup are slim.
How to Make Money with AI
In today’s digital age, artificial intelligence (AI) offers numerous opportunities for individuals to make money online. Here are some ways to leverage AI for financial gain:
- Content Creation: Use AI tools like ChatGPT to generate blog posts, articles, or social media content. You can offer content creation services to businesses or monetize your own blog or YouTube channel with AI-generated content.
- AI Artwork: Create and sell digital art using AI-powered tools. Platforms like OpenAI’s DALL-E or Midjourney can help you produce unique art pieces that can be sold as NFTs or prints.
- Product Descriptions: Offer services to e-commerce businesses by writing product descriptions using AI. Tools like ChatGPT can help you generate compelling and SEO-friendly descriptions quickly.
- Stock Market Predictions: Use AI algorithms to predict stock market trends and offer investment advice or manage portfolios for clients.
- Chatbot Development: Develop and sell chatbots for customer service, lead generation, or other business applications. With platforms like ChatGPT, you can create sophisticated bots without extensive coding knowledge.
- Language Translation: Offer translation services using AI-powered translation tools. This can be particularly lucrative in industries that require accurate and fast translations, such as legal or medical.
- Voiceovers and Audiobooks: Use AI voice synthesis tools to create voiceovers for videos or narrate audiobooks. This can be a cost-effective way for content creators to produce high-quality audio content.
- Online Tutoring: Use AI to create personalized learning plans and tutoring sessions for students. AI can help identify areas where students need improvement and provide customized learning materials.
- Freelance AI Consulting: If you have expertise in AI, offer your services as a consultant to businesses looking to implement AI solutions in their operations.
- AI-Powered Apps: Develop and monetize apps that use AI for various purposes, such as fitness tracking, personal finance management, or photo editing.
It’s important to note that while AI offers many opportunities for making money, it also requires a combination of technical skills, creativity, and marketing acumen to succeed. Additionally, it’s crucial to stay updated on the latest AI trends and tools to remain competitive in this rapidly evolving field.
For those exploring how to make money with AI, it’s essential to stay informed about the latest advancements and ethical considerations in the field. AI technology is constantly evolving, and keeping abreast of new tools and applications can open up even more opportunities for income generation. Additionally, as AI becomes more integrated into our daily lives, understanding its ethical implications and ensuring its responsible use will be crucial for long-term success in monetizing AI.
We strongly recommend that you check out our guide on how to take advantage of AI in today’s passive income economy.
