The AI Hustle - No... ChatGPT Will NOT Make You $300 A Day.

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Edited By: Andrew Gonzales

Music Courtesy of: Epidemic Sound

Select Footage Courtesy of: Getty Images

All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.

#ai #sidehustle #scam
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A good grift requires people to believe four things. People need to believe it’s credible, people need to believe it will give them wealth or a better life, people need to believe it will be easy and people need to believe the grifter has the secret to making it all work. AI is going to be a better opportunity for scammers than cryptocurrency, and it’s already starting…

I don’t need to tell you about chat GPT if you have been anywhere the internet in the last six months you already know all about what it and other programs like it can do… Designing images, writing code and creating content are the most time-consuming tasks in the most hyped-up industries, tech and online marketing. If you pay attention to this space, you will hear about people making enormous fortunes on a daily basis.

The challenge is coding, writing and creating digital media takes a lot of effort and requires talent and experience. Someone who needs quick money NOW doesn’t have time to learn about web development or take a photoshop course and AI is the answer to that. New programs can take basic prompts and create viable content which can then be monetized, except it just doesn’t work and idiots on the internet need to stop telling you it does. New AI programs are not going to make you rich and there are four reasons why that happen to line up perfectly with the ingredients that make a great grift.

The first reason is that the fields they apparently work in only reward top performers and AI doesn’t produce content as good as the best humans. The most frequently recommended AI hustle is creating fully automated YouTube channels. The business plan is to get chat GPT to write you a video, Midjourney to create a slideshow of visuals and some freemium online software to turn it into a video to post on YouTube and make that sweet ad revenue. To qualify for monetization on YouTube a channel needs a minimum of four thousand hours of watch time and one thousand subscribers.

That doesn’t sound like much but less than 1% of channels every qualify for the partner program and this barrier was so challenging for new channels to overcome that YouTube lowered the requirement to three thousand hours of watch time and five hundred subscribers. Even of the channels that gain enough of a following to be monetized most are only making a few dollars a day. It took me and most other creators I speak with [Richard, and Patrick Boyle] more than a year of making content before we were monetized. Making videos is time consuming so letting AI do all the work for you plays well into one of the key ingredients of a good grift, people need to believe it will be easy. The trouble is that AI is just not very good yet and the reason you don’t see many channels run by robots is not because people aren’t trying, it’s because the YouTube algorithm simply isn’t making them as visible because there are better videos made by real creators still putting in effort.

You may not like the weird energy of Mr Beast or the Paul brothers but they something much more engaging than an internet word generator, so they get millions of views and the millions of people trying to create automated channels get nothing. Drop shipping is another common grift that has the same apparent advantage which is really its biggest weakness. If you are one of the lucky few that has not had the drop shipping dream pitched to them yet, the business plan is to find overseas companies selling cheap products overseas using websites like Alibaba.

People selling drop shipping courses also rarely admit that your customer could also just go on Alibaba themselves and buy the product at the lower price. Creating content using AI runs into all the same problems, it’s pitched as an easy way to build a business or generate side income but it’s never going to compete with the people putting in real effort to bring a better product to market.

Well, the lack of competitiveness that a zero barrier to entry business has is just the first problem with thinking AI will magically make you three hundred dollars a day.

So it’s time to learn How Money Works to find out how an amazing technology is being turned into the world greatest grift.

[Poopoocachoo]

It’s amazing to me how all of these people that were Real Estate experts became crypto experts in about two weeks and now are ChatGPT experts after another two weeks of study. So inspirational

[patmarek]

The golden rule is: if it’s too easy, it’s a scam. The only people who make money of the AI craze is the folks selling courses.

[bhavsarp]

This reminds me of the famous California gold rush story. The people who got rich were not the ones who ever found gold but it was the ones who sold the tools for digging. Same thing here but different flavours.

[irvanray]

what people really need to remember is that ChatGPT isn't some kind of magical AI that can create anything, it's just a very smart word generator.

[marcusmoonstein]

The single biggest red flag is when the hustler tells you something like "it's amazingly easy" and "you can learn to do it in a few hours/days". Something that's so easy and fast that anybody can do it will end up being tried by everybody. Competition will then drive profits down to near zero. Just ask any Uber driver.

What you want is actually the opposite of easy and fast. Businesses that are difficult to get into and slow to produce profits tend to be the most durable because there's less competition.

[benji]

As a software engineer I can guarantee anyone they can't just use gpt to code them up a startup

[KeithAdam]

I love the financial guru call outs… you’re one of the only real ones man

[jasonhink]

Well to be fair, if you make those kinds of videos and get millions of views, chat GPT does technically make you money

[dr.palsonp.h.d]

Im glad you addressed this, I see these videos all the time with millions of views

[averagewhiteguy]

I wish YouTube would crack down on those types of finance YouTubers. 99% of YouTube finance channels are garbage, clickbait, and/or committing blatant fraud or other various crimes (saying it is not financial advice, and then giving financial advice without being licensed is still illegal for example). I do like the Plain Bagel and Patrick Boyle for example since they are very clearly different from those types. That's the 1% of finance YouTubers that should be allowed.

[bartg]

For awhile I used ChatGPT to write regex for string parsing in R. But at this point it has taught me enough that I can write them faster by myself. AI chat bots are a tool for rounding out your skillset, not a replacement for it.

Also, as someone who grades papers, it's really easy to tell when a student is using AI.

[michaelodetola]

The fact is that if everyone has access to AI tools, then you dont have an advantage, you're back to square 1

[wavestation]

The real hustle is making videos and selling courses on how to make money online

[jessefraser]

The problem with easy AI is that humans value stuff that is difficult.

AI-generated stuff has essentially has no value as no effort was required to produce.

[Tokoroa]

As an actual subject matter expert with stats degrees and who actually went to real AI conferences for years, I can assure you that there are only a handful of people in the world who can be taken seriously talking about LLM and none of them have TikTok or youtube accounts that present you get rich schemes.

[justinfowler]

The number one rule of the internet. If some tells you that doing or buying blank will make you rich it's a scam.

[Rabbachino]

I am so very happy to see you put this video out. I am sick to death of channels claiming to use AI to make $50k a month or something like that without understanding the market they're in and treating every sidle hustle like a sure-fire way to make money

[storyleaks]

If you want to use AI to become rich, you need to be smart in the first place.

Want ChaptGPT to write you a good ad? You need to know what makes an ad "good" in the first place.

Same thing with content creation.

[hankjones]

Anyone who DOES make an AI that can make money like that isn't going to put it on the internet for free. You'd keep it private and make money off it yourself.... or charge ludicrous fees to anyone who wants to use it.

[Delmworks]

Most I’ve used ChatGPT for work-wise is writing policies, and even then it’s mostly a way to write up a checklist so I don’t miss something