Here’s How Their Advice Compared

For all of the transformative capabilities of artificial intelligence (AI), AI chatbots are still in their infancy stage. While applications like ChatGPT provide generic information that can be used to jump-start research or clarify terms, trusting it with a serious matter like a person’s finances would certainly be foolish. Or would it?

To test ChatGPT’s accuracy on a unique and universally desired financial end goal for many Americans, GOBankingRates asked it how to become a millionaire and received an answer detailing things like how much you would need to invest and at what return, paths to use (consistent investing, growing a business, building high-income skills), and the importance of living below your means and avoiding wealth killers.

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GOBankingRates then sought a professional to speak on the subject, asking veteran wealth advisor Jake Falcon, CRPC, where the application succeeded and where it failed. Here’s what the founder and CEO of Falcon Wealth Advisors had to say about ChatGPT’s answer on how to become a millionaire.

What Falcon liked about ChatGPT’s advice was its emphasis on practicalities. The nuts and bolts of sound planning and wealth building aren’t a mystery, but they need to be adhered to if you’re going to make any progress toward your financial objective.

“ChatGPT’s response to ‘How to Become a Millionaire’ is surprisingly solid for a general audience — it’s structured, motivational, and covers the basics well,” Falcon said. “That said, there are a few areas where it shines and others where it falls short from my perspective.”

Here are three examples where ChatGPT provided solid basic guidance, according to Falcon.

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“The breakdown of how monthly investments compound over time is a great way to demystify wealth-building,” Falcon said. “It reinforces the idea that becoming a millionaire is more about discipline than luck.”

“ChatGPT does a good job outlining the common routes — investing, entrepreneurship, real estate, and high-income skills,” Falcon explained. “This gives readers a menu of options to explore based on their strengths.”

“Advice like ‘live below your means,’ ‘avoid lifestyle inflation,’ and ‘track every dollar’ is timeless. These are foundational habits I encourage with many clients,” he said.

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Financial advisors know that investing is a highly personal activity, so ChatGPT’s “underplaying of behavioral finance” doesn’t sit well with Falcon. “Becoming a millionaire isn’t just about math — it’s about mindset. ChatGPT doesn’t address emotional biases, fear of loss, or the discipline needed to stay invested during downturns. That’s where human advisors add real value,” he said.

ChatGPT falters in the details, those which financial advisors give such high priority for their clients. Here are three instances where ChatGPT fell flat for Falcon.

“While the investment projections are directionally correct, they lack nuance,” Falcon said. “For example, assuming a flat 7% return ignores market volatility, inflation, and sequence-of-returns risk. Real-world planning requires stress testing — something ChatGPT can’t do reliably.”

Similar strategies can’t be used for every investor.

“The advice is generic,” Falcon stated. “A 25-year-old software engineer and a 55-year-old teacher need very different strategies. As a wealth advisor, I tailor plans based on income, risk tolerance, tax situation, and life goals.”

“There’s no mention of Roth vs. traditional accounts, capital gains, or tax-efficient withdrawals,” Falcon said. “These are critical to maximizing wealth and often overlooked in DIY plans.”

A million dollars doesn’t go quite as far as it used to, but hitting that wealth threshold is still the ultimate goal for many Americans. Unless you’re a master tactician when it comes to creating comprehensive financial plans that cover the essentials — retirement, insurance, taxes, estate planning and major life transitions — you should see a human advisor before consulting ChatGPT for specific strategies on any important financial matter, including how to become a millionaire.

“ChatGPT is a great starting point for financial literacy. It can help people get motivated and understand the basics,” Falcon admitted. “But when it comes to execution — especially for high earners or those nearing retirement — there’s no substitute for personalized advice.

“You can Google ‘How to change your car’s oil,’ but asking the internet on how to build the car probably isn’t going to work. The same applies to wealth-building.”

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