Season 7:Episode 44-How To Use Chat GPT To Control Your Finances

How to Use ChatGPT to Control Your Finances

In this episode of Money Sex Gen X, Eric McLoyd and Big Stew break down how everyday people can use ChatGPT to level up their financial lives. Whether you’re looking to boost financial literacy, get help with budgeting, understand investment basics, or simply write better emails to your credit card company—this is the episode for you.

They cover:

• What ChatGPT is and what it’s not
• The difference between general searches and specific prompts
• Real-life examples of how to use ChatGPT for financial planning, credit repair, and investment research
• Why specificity is the key to getting better results
• The difference between the free and paid versions
• How to use AI as your assistant—not your replacement

Key Takeaway:
You won’t lose your job to ChatGPT, but you might lose it to someone who knows how to use it.

Transcript

[0:00] Intro

Eric: Welcome to the Money Sex Gen X Podcast. I’m Eric McLoyd, here with my co-host Big Stew. Today we’re diving into how to use ChatGPT to control your finances.

[0:43] What is ChatGPT?
Stew: It’s an AI language model that generates human-like text based on prompts. It’s not a research tool—it’s for communication, idea generation, and formatting complex thoughts.

[1:57] What Can ChatGPT Do?
Eric: People are using it for social media content, simplifying ideas, writing lesson plans, coding, translations, quizzes, and more.

[3:43] Prompts: How to Get Better Results
Stew: ChatGPT responds best to commands, not questions. Be specific: “Create,” “List,” “Explain,” “Write.” No need for flowery language—just direct input.

[6:07] Using ChatGPT for Financial Literacy
Eric: I use it to understand financial terms like “student loan forgiveness.” It helps build confidence before working with professionals.

[8:03] Learning Styles + Prompt Formats
Stew: Tailor responses to your learning style—rap, poem, prayer, etc. Make it memorable and easy to digest.

[9:25] Real-Life Finance Prompts
Eric: Ask it: “How is my credit score calculated?” or “How do I invest in Africa?” You’ll get structured, actionable answers.

[10:58] Personalized Prompts
Stew: Add your income, expenses, and financial goals to get more relevant responses. The more specific the input, the better the output.

[12:04] Using ChatGPT as Your Assistant
Eric: Think of ChatGPT as your financial assistant. Be clear and direct, just like you would with a real assistant.

[13:35] Financial Planning & Strategy
Eric: Ask for help creating savings plans, emergency funds, or achieving financial goals. It gives strategies, not just info.

[15:00] Pairing AI with Financial Professionals
Eric: Use ChatGPT to prep before seeing an advisor. Professionals help you execute and stay accountable—AI can’t replace that.

[15:56] ChatGPT Improves Communication
Stew: Using it for a year has made me a better thinker and communicator by forcing clarity and removing emotion from language.

[16:56] Solving the Literacy Gap
Eric: 40% of people say lack of literacy holds them back. ChatGPT helps fill those gaps—ask any question, get a foundation.

[17:57] Teaching Kids About Money
Stew: I use it to teach investing to 5th–12th graders. Ask for explanations at a 3rd-grade level—it works for beginners too.

[19:00] Parents: Use ChatGPT for Financial Lessons
Eric & Stew: Parents can create games, lessons, or grocery store activities to teach kids about budgeting and spending.

[20:06] Prompt Specificity: Grocery Example
Eric: Asking “How can I save money on groceries?” gives a general response. Asking “Give me a list of grocery-saving tips” gives specific, actionable results.

[22:59] Where to Start: Free vs Paid ChatGPT
Eric: Go to chat.openai.com. Start with the free version.
Stew: The paid version gives faster, more tailored responses and allows personalization settings. Huge productivity boost.

[25:43] Paid Version Benefits
Stew: I personalize my settings—it speaks in my voice and uses my name. It’s like having a co-pilot for all my content.

[27:05] AI is a Tool, Not a Human
Eric: Let’s not get it twisted—it’s not human.
Stew: It’s human-like. Don’t fear it. Humans are still smarter—we just use ChatGPT for speed, efficiency, and clarity.

[29:08] Final Thoughts + Call to Action
Eric: Use ChatGPT to get informed. Then pair it with real people for execution and accountability.
Stew: If you’re still on the fence, get off it. This is the new Google moment. Use it wisely.
Eric: Sign up for a free account. Then level up. And if you want help, book a session with me at controlyourfinances.co.
Stew: Connect with me at scottstewart.com or on Instagram @ProfessorStew.

[32:18] Outro
Together: Thanks for listening to Money Sex Gen X. Until next time—peace!