Artificial Intelligence (AI) is on everyone’s mind right now – and many are worried it’s coming for their jobs. But there are ways you can ethically make money using AI, so perhaps it’s time to lean into the AI revolution!

MoneyMagpie does not support generative AI for the creation of images or text. This article is about AI tools and not generative AI.

What is AI?

Boost Productivity with AI to Earn More

Invest Using AI

Become an AI Trainer

Use AI to Analyse Buying Trends

 

What Is AI?

Artificial Intelligence has actually been around for a really long time – well, long in terms of the computer age. Predictive text is AI, for example, as is spellcheck on word processors.

But these days, it can do so much more. Too much, if you’re looking at what it could mean for the creative arts – many writers, artists, photographers and designers are concerned that AI will take over their jobs or has already stolen their work. However, it is possible to use AI ethically to boost your productivity, invest as a beginner, and even market your business more efficiently.

To make sure you’re being ethical when using AI, look at what it is doing for you. Are you:

• Taking a paid job away from someone else?
• Using someone else’s work to improve your own (such as images)?

If so, this is not ethical use. However, if you:

• Are using an AI tool for your own productivity and organisation
• Use an AI tool to learn more about a subject (always double check your sources, though)
• Implement AI processes to make things easier for yourself or your staff without taking paid work from them

Then you are using it ethically. With that in mind, let’s look at how using AI tools can help you make money.

Boost Productivity to Earn More

One of the best ways to use AI is in your own life organisation. You can use it to summarise meeting notes, for example, or help with your busy schedule by setting automatic reminders and replies. Apps like Motion have AI integration, making it really easy to coordinate your family life across multiple calendars, for example.

Boosting productivity can come in so many forms. For example, if you use Grammarly to improve the grammar and syntax of your business emails, you’ll spend less time checking through each one. A few seconds saved many times a day adds up, and that means you can get more done. Or, you have more time to think and have a breather, which is good for your mental wellbeing.

AI tools like Otter.ai can seriously streamline your day to day tasks. In fact, it can even turn up to Zoom meetings for you and take notes, sending you a summary. Cloning yourself might not be real yet, but AI tools can certainly make it seem like it’s here! Imagine what you could do with the extra time saved.

Invest Using AI

AI tools have been introduced to the stock market – and mean it could be really easy for new investors to get stuck into investing. Robo advisers, or AI investing apps, use machine learning and algorithmic trend analysis to try and predict the market. Just like any investing, the stock market is a black art not a science, and your investment could go down as well as up.

AI investing apps make it easy to invest in stocks and shares without hefty platform fees – so if your stocks do well, you’re getting more of the benefits for yourself instead of paying the platform. Some apps invest for you while others simply provide recommendations.

We have a full article on investing with AI here.

Become an AI Trainer

AI tools work by learning. This means they need training! If you have patience, being an AI trainer can be well paid and helps improve AI tools. Most people are language model trainers, which means teaching the tool how to sound more natural and human with phrases and words. Others could be AI tool testers, spotting problems and glitches that require fixing – this usually needs an understanding of software development but can be done for later-stage developed tools without a software background.

You can find jobs online at companies such as DataAnnotation.com, where you’ll need to take a proficiency test to see if your experience, language comprehension and knowledge are suitable for the job.

Use AI to Analyse Buying Trends

If you set up your own online store, it’s important to know whether you are selling the right things for your audience. Trends can easily come and go, so it can be hard to keep track of what’s really going to sell. AI tools like Trend Hunter analyse the markets so you don’t have to – saving you tons of time and making sure you know what’s hot for customers to buy.

These tools can work particularly well if you have a dropshipping online shop, as you can be incredibly flexible on changing what you sell to fit trends, because there’s no physical inventory for you to buy and store.

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