Wednesday, March 29, 2023

Financial advice from artificial intelligence Chat GPT, for Dominicans

In theory, “healthy” money seems like an easy task: budget, save, stay out of debt, and live within your means. That is, he reached the savannah. But “it is a long way from what was said”. There are many things that are sometimes unknown or ignored.

ChatGPT, however, as an artificial intelligence, offers many possibilities and has various variables, such as average salaries, while providing personal financial advice. “Sure! Below I will provide you with some common advice for each average salary in the Dominican Republic,” was his response after the request.


To offer its recommendation, ChatGPT references average salaries “based on data from the Ministry of Labor of the Dominican Republic in 2011”. He threw himself into this sentence;

If your salary is in the minimum range, “it is important that you stick to a strict budget so that your expenses do not exceed your fixed income.” He recommends looking for ways to reduce your expenses, such as cooking at home instead of eating out, using public transportation instead of having a car, etc.

“Also, consider opening a savings account and set aside a percentage of your salary to save. Remember that every peso counts, so try not to spend what is not necessary,” he said.

On the other hand, if the salary is in the middle of the set, “it is important that you continue to save the budget, but you can also consider investing part of your income in a mutual fund or an investment fund.” In that case, look for ways to increase your income, either through additional work or a better paying job. “Make a plan to pay your debts if you have them, and try to pay them off as soon as possible.”

If you have a salary in the upper part, it is important that you continue to stick to the budget, but you can also consider investing in real estate or wood. Seek professional financial advice to ensure your investments are well-diversified and appropriate for your financial goals.

In addition, he invited to increase the contribution to the plan or retirement savings. “Remember that maintaining a lifestyle that matches your income is important to ensuring your long-term security.”

General recommendations

Dominicans, as indicated, tend to spend a significant portion of their income on food, housing, transportation, and public services. In addition, “a significant number of Dominicans have debt, especially loans and personal loans.”

In this sense, “although it can be difficult to maintain with an average salary”, it is important to set a savings goal and work to achieve it. “Aim to save a percentage of your monthly income, even if it’s a small percentage. You can invest your savings in a savings or investment account that offers you good interest,” he said.

We also point out that “there are always offers and promotions” available in different stores and offices. “The advantage of these offers is that you can save money on your purchases and on your daily expenses.”

He recommended prioritizing debts. “If you have debt, it’s important to put those high interest rates first, like a credit card.” He advised her to pay off her debts as soon as possible and avoid accumulating more.

It also shows the ability to consolidate debts. “If you have many debts with different lenders, consider consolidating them into one debt with a lower interest rate.” He points out that this can help save money on interest and pay off debt more easily.

Salaries in the Dominican Republic can vary depending on the area of ​​work, location and experience of the person. However, he provided a general idea of ​​the average salary in the country, based on data from the Ministry of Labor of the Dominican Republic for the year 2011.

The minimum wage was around RD $10,000 per month (for unskilled workers in companies employing less than 10 employees) and RD 15,447 per month (for unskilled workers in companies employing more than 10 employees), at that time.

For his part, the average in the private sector: RD $ 20,000 – RD $ 40,000 per month. Public: RD $30,000 – RD $50,000 per month (depending on position and level of experience). Employees in hotels and resorts RD$15,000 – RD$25,000 per month. For those who worked in construction sites, RD $ 15,000 – RD $ 30,000 per month.

In offices, more specifically for those who call centers, stores, restaurants, among others, they are about RD$15,000 – RD$35,000. In technology RD $ 30,000 – RD $ 60,000. He concluded by declaring that “It is important to bear in mind that these are only averages and that salaries can vary significantly depending on the industry, company, status and experience of each person.”

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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