Artificial intelligence (or AI) has been around for quite some time, but only recently have AI-based tools rapidly grown in popularity. It’s no surprise, really – every AI tool that I’ve laid hands on has been surprisingly good, thanks to extensive machine learning and the years of research performed within the AI industry.
And this is just the beginning. Machine learning enthusiasts and corporations are dedicating a lot of their time and effort to make every modern AI system even better.
We’re not quite at Arnold Schwarzenegger “terminator” levels yet, but that might not be too far off…
Regardless – it’s now become crystal clear to me – AI tools are here to stay, and if you’re one of those folks that wants to embrace artificial intelligence as the future, you’ve probably thought about how to make money from it (c’mon, you know you have).
How Do Artificial Intelligence Tools Work?
Before we get into how to use AI to make money, I’d like to briefly cover how AI tools work. This is important, because AI is very good (and very bad) at certain things.
The short version is that AI tools use massive data sets to gather information on particular subjects, and then analyze and interpret that data to make a decision when given a prompt. In layman’s terms, they have huge amounts of research done beforehand, and give you the best possible output for your query based on the data they have available.
For example, if I’m trying to teach an AI to identify a specific car model, I’d train that AI by showing it 1000 different pictures of said car model. Once the AI is trained to a high level of accuracy, it should be able to identify the car model in a brand new image it’s never seen before.
This can be extrapolated to other areas, like identifying cancer in x-ray images, or even more complicated tasks like summarizing an entire book in a single paragraph.
Pretty incredible, right? The latest iterations of cutting-edge AI tools can even pass an MBA exam.
Can Artificial Intelligence Tools Make Me Money?
The key word here is “tool”. You can’t just go out and let an AI chatbot for example generate money for you on autopilot (yet). Can an axe chop wood for you? Not unless you swing it first.
What you can do is use AI tools to help you make money.
The problem with artificial intelligence is that it’s still kind of “dumb”, at least for now.
AI tools are good for certain tasks and jobs, but they’re not perfect for everything, and they’re outright bad at some. I’ve had artificial intelligence tools get things very wrong, often things as mundane as elementary level math. If someone, somewhere on the internet, said that 3 plus 5 equals 11, and that somehow got into the dynamic data available to an AI tool, that is one of the answers it may give you, as wrong as that may be.
Imagine if this was something more complicated like what stocks to invest in.
That being said, there are still quite a few ways to earn money by utilizing the power of AI in it’s current form.
9 Ways to Make Money with Artificial Intelligence
A small disclaimer first – many of the methods I’m going to cover are not completely hands-off – like I said, you can’t just let artificial intelligence do its thing and sip a cocktail on the beach. You’ll need to work yourself, too, but AI will take care of the stuff you might think is boring and repetitive.
1. Start a Content Agency
A content agency is arguably the most recommended way to make money with AI. It’s a great way to leverage tools like ChatGPT to your advantage and automate a huge chunk of the business.
Artificial intelligence writing tools can be a great way to generate first drafts on a variety of topics. Note that I say “first draft” rather than “final article” – you’ll still need a person to take that draft and turn it into an informative, engaging piece of content that is factually correct and provides value to the reader. Machine learning and artificial intelligence just aren’t there yet.
Starting a content agency with AI has one huge benefit – you can scale it very quickly without making a huge investment. To begin with, you can use an AI tool to generate content on various topics, and then take that content and hone it to perfection, until you have an article you’re happy with. Once you’re making enough, hire someone to do the editing for you.
Eventually, you’ll be able to have one person work as an AI prompter, which is a fancy way of saying they’ll write and execute the queries in the AI tool, and a few people to edit and finalize the articles. Play the right moves, and you can scale this into a great way to earn money with machine learning and AI.
2. Create Video Scripts
Like a few others that are yet to come, this is a way to earn money with machine learning that requires you to already be good at something. In this case, that’s writing video scripts. Whether you’re doing them for your own channel, or for others, if you know how to do them, machine learning and AI will help you do them faster.
As is the case with content writing, you’ll need to do the final touches on your own. However, instead of working for hours just to get a first draft, you can now have it within seconds thanks to tools like ChatGPT and Jasper AI. From then on, it’s only a matter of how long it takes you to finalize it, and you’ve got a finished video script.
If you’re already good at doing this manually, AI can help you scale very quickly, resulting in you making money faster than you usually would.
3. Start a Blog
I know – every recommendation, everywhere, tells you to start a blog to make money. Take it from someone who has a blog – it’s more difficult than it sounds.
The general consensus from other bloggers is that you’ll need to spend months generating content for said blog until it picks up some traction and you can monetize it. With the wide variety of artificial intelligence data available to AI tools, those months can quickly become days.
Seriously, AI writing tools like Jasper or copy.ai can generate fairly well-written blog posts for you in minutes. Then, all you need to do is go through it, change a few things, add more detail, and voila – you have a solid blog post.
You will still need to do your online marketing tasks like SEO or backlink outreach (though AI social media functionalities are picking up steam), and you’ll need to run the website itself, too. But when it comes to content generation, AI works.
However, AI solutions can help generate SEO-optimized content that requires minimal human intervention to get to the first pages of Google, very quickly. You’ll have more content available than you know what to do with, and you can keep editing and publishing with a timeline that suits you and your plans for the blog.
A small disclaimer here – machine learning-based AI tools collect data via deep learning and neural networks on a variety of topics. However, if you want to use such a tool for your blog or similar online platforms, please do your research on whether or not the tool can generate content on the niche you’ve chosen, and do this before you start the blog.
4. Write Newsletters as a Freelancer
I know — I’m probably getting boring with using machine learning for writing, but in all honesty, it’s one of the things machine learning can be extremely helpful with. And if you want to make money with it, writing newsletters is as AI-friendly as it gets. Newsletters are usually simple to write, but you can make them even simpler by using AI tools to help you with headlines or find topics to write about.
Now, this is something you can do as a freelancer — offer your services to companies that already have an email list, and use their website and products to set up the newsletter. Alternatively, though, if you’ve already started a blog for example, you can build your own email list through said blog, and create those newsletters for your own blog.
If you want to maximize income, the second approach is what I’d suggest. You will have more control over the content since you’re running the blog as well, and you’ll be able to better tailor the newsletter to your readers. Tools like Jasper AI or ChatGPT can be quite helpful for newsletters — feel free to take advantage of them as you see fit.
5. Train Machine Learning Models
This is a bit of a different one, as you would be making money with artificial intelligence without actually leveraging AI for any specific tasks. So, how do you make money with this? The secret is to find ads for up and coming AI tools, which require training for their models. Many tech companies and AI researchers post ads like these lately, so finding one isn’t that difficult.
The job will have you “replying” to various queries, and your responses will be used to train the machine learning models that AI tools would then use to provide answers to queries. So, technically, you’re still making money with AI, especially since these positions tend to be paid rather handsomely.
In addition, if that’s your thing, you’ll also help shape the future of some AI tools by having direct input into their creation and training.
6. Develop an AI-driven app
If you have development knowledge, you can use that to create an app that leverages AI for various purposes. You can then sell it as a subscription app — subscription apps are incredibly popular, and if you provide value to users, they’ll use your app en masse, which can be very very lucrative.
There are various apps you can make, from financial apps that use AI to keep track of the stock market and help with trading using predictive analytics, to chatbot apps that act as a virtual assistant and help out in our daily lives. You can even create an app that can automate customer service tasks and sell it — it is all up to you and how you want to make money with machine learning.
The downside of this idea is that unless you have extensive knowledge when it comes to computer science and can leverage that to create something that’s different and can solve problems better than other apps already on the market, your chances of success are significantly lower. On the flip side, if you do have the knowledge, you can make a lot more than just an average salary as a developer.
7. Leverage AI for Social Media
This is something many businesses are already doing, but you can make more money with your product via social media marketing if you use AI to help map out intent and determine the best course of action. Companies such as Pinterest, for example, use machine learning to determine what their users want to see — the Pinterest platform is perfect for analyzing the human brain.
If you already have a platform to use, machine learning can go a long way towards analyzing user behavior, and consequently, suggesting things like a social media marketing plan that would give tailored ads and posts to those same users. The better you tailor your social media content to your users, the more effective it becomes, consequently boosting your sales.
How you choose to implement this is up to you — there are plenty of ways to use machine learning to analyze data and provide that analysis for you on a silver platter. The exact specifics are all up to you.
8. Make Money in the Stock Market
The stock market is, according to many, a gamble. And to some extent, I can see why one would consider it to be gambling. I still have flashbacks to losing $500 in a single day when I first tried to day trade…
However, it’s no secret that if you have enough knowledge of the market you’re investing in, and have been there long enough to be able to predict what’s likely going to happen, you can certainly make money with trading.
So, where does AI come in? Well, AI can do a very fast analysis of the past, much faster than you ever can, and it can also suggest when you should buy or sell a specific stock, based on said analysis. How much money you make depends on how much you’re willing to invest, and how much you trust the AI tool you’ve chosen.
A word of caution here — trading requires a real money investment. Whether you use AI or not, you shouldn’t invest more than you’re prepared to lose. If you don’t have experience, try paper trading first, or book online consultations with someone that’s been doing it for a while before you invest your hard earned money. It can help you get the big picture and decide whether it’s for you or not.
9. Use AI to Improve Your Business Processes
Last but not least, this one is for the business owners that feel like some of their processes aren’t as optimized as they should be. Machine learning can be of great help here, especially if you have inefficient processes or ones that are repetitive and prone to user error. Data entry is a prime example, but far from the only one.
By utilizing AI and machine learning, you can automate many of those business processes, and make them more efficient and less prone to errors, as well. You can do that with analysis of large amounts of data, you can use it to identify patterns, or even to automate customer service tasks if you have too many of them.
Wrapping Things Up
When all is said and done, I firmly believe that you can make money with machine learning. Whether you’re an individual, or a business owner, whether you have development knowledge or not, there are plenty of ways to leverage AI to either make you money, or increase the amount of money you are already making.
Frequently Asked Questions
Can AI Make You Rich?
Yes, and no. It all depends on how you use AI and machine learning, and how you leverage everything it can provide. At the moment, it’s a great tool to assist you, but won’t necessarily “make you rich” on autopilot and with no input from you.
How Can I Earn Money from AI?
There are various ways to make money with AI, from using it in social media platforms and marketing purposes, to developing apps that utilize machine learning and AI to be faster and more effective.
Which AI or Machine Learning Job Pays The Most?
This depends on more than just the actual job, but in general, machine learning jobs that pay best are those that increase the ROI of your business, instead of ones that just pay you straight up. This way, machine learning and AI help you in the long term, and you can utilize them even more to further increase your income.
Will ChatGPT take over my job?
There’s no doubt that AI tools like ChatGPT will begin to take over certain jobs. Things like data-entry, low-level accounting, or even summarizing legal documents for example. However, there will always be a human element required, so as long as you embrace AI and equip yourself with in-demand skills and experiences, you won’t need to worry.