Prompt
Scenario 1: Alex’s Annual Budget
Step 1) Place the following prompt into ChatGPT:
Please provide a budget for Alex based on the following:
Annual Income: $50,000
Use 7% as the average rate of return for investments.
Expense Categories:
Housing: $12,000
Rent or mortgage, property taxes, and utilities.
Food: $4,800
Groceries and occasional dining out.
Transportation: $3,000
Public transportation or fuel, car maintenance, and insurance.
Utilities: $1,500
Internet, electricity, water, and other essential services.
Health and Insurance: $2,500
Health insurance, medications, and regular health check-ups.
Debt Repayment: $4,000
Repaying student loans or other debts. His student loan is at a rate of 12%.
Total Expenses: $23,800
Remaining Income (for additional savings or discretionary spending): $26,200.
Alex wants to prioritize paying down his loans while saving for retirement. He is also interested in professional development so that he has greater earning potential in his career.
Step 2) Then, answer A, B, and C:
1A: Summarize–Summarize the key budgeting tips and strategies for Alex obtained from ChatGPT.
1B: Rewrite–How would you rewrite Alex’s budget?
1C: Usefulness–Do you think ChatGPT would influence your current or future budget?
Scenario 2: Sarah’s Investment Decision Support
Step 1) Place the following prompt into ChatGPT:
Sarah is a 45-year-old teacher with a keen interest in personal finance. However, her father recommended that she keep all her money in bonds as investing in any other asset is “risky.” The allocation of her current portfolio is as follows:
Government bonds: 100%
Thus far, this has earned her an annual return of 6%.
Please provide Sarah with a recommended allocation of her portfolio.
Step 2) Then, answer A, B, and C:
2A: Summarize–Summarize the key budgeting tips and strategies for Sarah obtained from ChatGPT.
2B: Rewrite–How would you rewrite Sarah’s portfolio allocation?
2C: Usefulness–Do you think ChatGPT would influence your current or future asset allocation?
Scenario 3: Jake’s Debt Management Strategies
Step 1) Place the following prompt into ChatGPT:
Compile a summary of debt management strategies for Jake, a young professional, recently moved to a new city for a job opportunity. Excited about his new start, Jake relied on his credit card for moving expenses, furnishings, and daily living costs. Now, he finds himself facing a growing credit card balance with a high interest rate. Jake’s monthly income is $2,500, but a significant portion is going towards minimum credit card payments, leaving him with limited funds for other essentials and savings. He’s aware of the financial strain and wants to regain control of his budget.
Step 2) Then, answer A, B, and C:
3A: Summarize–Compile a summary of debt management strategies for Jake obtained from ChatGPT.
3B: Rewrite–How would you rewrite Jake’s debt management strategies?
3C: Usefulness–Do you think ChatGPT would influence your current or future debt management?
Formatting:
Format: .docx or .pdf
Word count: 1100 words
Include your prompt and ChatGPT’s response in your paper. You can include these as screenshots or written text, but neither of these will count toward your overall word count.
Aim to write 100 words for each of the questions A-C for the 3 prompts plus 100 words for the introduction and 100 words for the conclusion (so 1100 words total).
You do not need to have a “Works Cited” page since we know you’ll be using ChatGPT.
Use your introduction and conclusion to summarize what you learned.
Use headings to help organize your submission. Recommending headings are as follows:
Introduction (100 words)
Scenario 1: Alex
Prompt for ChatGPT:
ChatGPT provided me with the following:
Scenario 1A Summarize: Summarize the key budgeting tips and strategies for Alex obtained from ChatGPT. (100 words)
Scenario 1B Revise: How would you rewrite Alex’s budget? (100 words)
Scenario 1C Usefulness: Do you think ChatGPT would influence your current or future budget? (100 words)
Scenario 2: Sarah
Prompt for ChatGPT:
ChatGPT provided me with the following:
Scenario 2A Summarize: Summarize the key budgeting tips and strategies for Sarah obtained from ChatGPT. (100 words)
Scenario 2B Revise: How would you rewrite Sarah’s portfolio allocation? (100 words)
Scenario 2C Usefulness: Do you think ChatGPT would influence your current or future asset allocation? (100 words)
Scenario 3: Jake
Prompt for ChatGPT:
ChatGPT provided me with the following:
Scenario 3A Summarize: Compile a summary of debt management strategies for Jake obtained from ChatGPT. (100 words)
Scenario 3B Revise: How would you rewrite Jake’s debt management strategies? (100 words)
Scenario 3C Usefulness: Do you think ChatGPT would influence your current or future debt management? (100 words)
Conclusion (100 words)
