Hope you use ChatGPT for search some needs. But do you tried to use for some useful money management.
- Try to create a useful budget with following prompt: ” Design an effective monthly budget plan tailored to my create wealth with 1 crore, monthly household expenses, and salary income. Consider categorizing my expenditures, including essentials like housing, utilities, groceries, transportation, and discretionary spending. Factor in savings, debt payments, and any irregular expenses. This budget should aim for financial stability while allowing for flexibility and achieving my plan of create wealth with 1 crore “
- Now, you know your budget. Try to make investment strategy: “Share practical saving or investing strategies tailored to my [financial goals, risk tolerance, and current financial situation] such that I am able to save atleast 40–50 % of my [income]. Consider various investment instruments like [Equity, stocks, FD/RDs], risk management techniques, and practical tips for maximizing returns while minimizing risks. Share insights on diversification and asset allocation for reaching my [financial goal]. Provide insights on how to balance short-term liquidity needs with long-term growth objectives.”
- Know stock market basics: “How does the stock market function, and what are the key financial instruments traded in the markets? How can economic indicators impact financial markets? Describe the impact of interest rates on financial markets. How does inflation affect investment returns?”
- Find best Index funds: “Explore and recommend the top five index funds that offer strong potential for long-term growth and stability in NSE”
- Find the tax liability : “Explore the concept of tax brackets and strategies to minimize direct and indirect tax liabilities in India”
For personal finance, mostly you are dependant on your self. Hope you are able to use these prompts and give me your comments here.