Intuit Pays $100M+ to OpenAI to Join ChatGPT

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1:15So this is a really big deal. So today we're going to talk about what it all means and the implications moving forward. Before we do, Jaden, why don't you tell them about our school community? Yeah, every week, Jamie and I post a video on our AI Hustle School community that we don't post anywhere else. And it's basically breaking down what we're personally using in our personal projects, how much money we're making, what side hustles we're doing, using AI to grow and scale our businesses. If that's interesting to you, we have a ton of information on becoming an AI consultant in your industry, a ton of information on using AI to grow your business with different growth tools.

1:50We've been doing this for over a year. So there are, I think, over 70 videos at this point on there. And we record one every week. And for this month, we have a Black Friday special where we have lowered the price to$19 a month. If you join at that price, it will never be raised on you. So we'd love to have you as a member. There's a link in the description where you can join. This week, we recorded a video all about creating content, video, and a tool that does all of your editing for you using AI for videos. I personally use this. It is amazing. It saves me a ton of time. I have a video editor, but I actually tell him to use this as the first pass on everything.

2:29And it literally cuts editing time in like, it cuts it by like, I don't know, more than half. So it's amazing. Go check it out. So all right, let's talk about what's going on with Intuit. This is a huge deal. And I think there's two things that are interesting to me with this. $100 million plus deal. Number one, it's interesting that software companies are coming, like all of these big software companies are coming into ChatGPT. And I mean, these are companies, Intuit owns a bunch of companies you're very familiar with, TurboTax, Credit Karma, QuickBooks, MailChimp. So a lot of big financial and email software is coming into ChatGPT.

3:05You're going to be able to just chat with all of these tools. There's a bunch of cool use cases we'll cover. Beyond that, I also think it's a really fascinating moment where we're seeing software companies pay to get inside of ChatGPT. It's a new revenue stream for ChatGPT,$100 million to get them in there. And it makes a lot of sense because these are financial tools that, for example, QuickBooks is going to, you know, help you do all of your accounting, but they charge you 60 bucks a month, I think for like their base plan or something. And so they're making a lot of money. In addition, you have apps like Credit Karma, which yes, they show you your credit score.

3:36But also, if you've ever logged into the Credit Karma app, it's like trying to sign you up for bank accounts and sign you up for credit cards and mortgages and loans and all these personal finance stuff that they can make a lot of money from. So it makes them a lot of money. And then it becomes a revenue stream for OpenAI. So anyways, I think this is really fascinating. Jamie, like off the bat of these four services, like how many of them do you actually use of TurboTax, Credit Karma, QuickBooks and MailChimp? Well, to be honest, I actually don't use any of them, but I probably should. Oh, my goodness.

4:05I'm a cheapo. And so I don't, I don't, I have, I have a, but I do have a CPA that I pay quite a bit of money to do my tax returns every year. And I guess with this, this, this announcement, I'm kind of like, well, I could see in the future, people not even really having to, to use accountants, because if all your, you know, financial information is plugged in, you know, and that would be probably a motivation for me to start using QuickBooks, honestly, is if I could say, I'm not have to pay my CPA at the end of the year. and then just have ChatGPT determine all my deductions and spit out a fully optimized tax plan for me based on my business.

4:46I think that's pretty cool. And so I could see myself using it in the future. But as for now, I am the traditional guy who sends all the stuff to his accountant and says, please help me. I am in that ballpark, but maybe I need to talk to your accountant because my accountant, they still will make me, like I still have a QuickBooks subscription for all my businesses and I have to pay for it. And then I just like add them onto the account and they go in and like do everything for me and file the taxes. So maybe I need to, maybe, well, actually, they're probably pretty cheap. I'm sure it's just, your accountant is probably using QuickBooks too.

5:24They just have tacked it on. So, okay, very interesting. Personally have QuickBooks. I use Credit Karma. Do you use Credit Karma ever? Or how do you check your credit score? Um, so I have chase and they have like a, uh, built in like chase credit journey. You can just click on it and get your score. So it's, it's, uh, pretty easy. So I don't really have a need for, for that one either, but. Okay. Okay. Well, I love opening my credit card up and looking at my credit and being shocked sometimes when it's like crashed for some reason. And it's because my wife got the new like TJ Maxx credit card and it just rocks our world.

5:57No, I'm just kidding. But, um, yeah, so I do use that. And then TurboTax, I use for my personal taxes as well and have used it. I still, I don't know, this might be my last year, might have been my last year, but I still have personally filed my own TurboTax last year. I just find no one can do it quite as good as me, whatever that means. But not a lot of comments from me on taxes, so don't ask me for any financial advice. But yeah, I just get a weird joy out of doing my own taxes. I don't know why. I don't need to, but I do. So I think all of these things are going to be amazing for a lot of different people.

6:31And the MailChimp one is also really funny because it's doing it's like an email tool, which I haven't used MailChimp. I at one point I have a crazy MailChimp story, which I will give you in a second. But I don't currently use MailChimp. I use Beehive for basically all newsletters. So and I do know that Intuit purchased MailChimp a number of years ago for a billion dollars. It's an it's an incredible company, by the way, because MailChimp. I don't know if you know this. it was founded by two partners. There might've been more, but I think they all dropped off and eventually got bought out. So there's just two main controlling partners of the whole company.

7:05They never took any investment money on. They owned the whole thing from the beginning. They ran it for 20 years. Then they sold it to Intuit for a billion dollars. And because they had no investors, they both just split it 500 million each and walked their happy ways. That is such a cool software company origin story. That's super cool. Yeah, I mean, you kind of turned me on to Beehive as well. And I've been impressed so far. They have a pretty good, first of all, the rates are low. And then they also have a good delivery rate. So yes. Yeah. So basically MailChimp is the same thing. There's three big companies that I've tried for email in the past, which is MailChimp, Miller Lite, and Beehive.

7:46Mailer Lite is the cheapest, but it is the worst deliverability rate. MailChimp and Beehive both have great deliverability rates. MailChimp is insanely expensive. I think they have like your first thousand emails are free. And so a lot of people got on with that. I think Beehive, if I'm not mistaken, might have 2 ,500 emails for free. I could be wrong. I think that's right. Yeah. Okay. Yeah. So it's a little bit bigger for free. I will say once you get bigger news, like email lists, like for my software company, SelfPause, we have 94 or 90, this is 90 ,000 emails on the, on our newsletter for that company.

8:19And it's like$325 a month. So it's, it's kind of a lot of money, but the delivery rate rates. amazing. It's just so hard to beat. It's like, I don't know, a 20 % open rate on emails, which means the deliverability rate was amazing on it, which MailerLite, that same... Oh yeah, I guess that's an interesting comparison for people. Using MailerLite to that exact same email newsletter list, because I switched it over, but before it was getting about a 4 % to 5 % open rate. The content was the exact same. The sender was the exact same. It was just going from MailerLite, which and basically what happens is the servers used by these email systems, if they have low quality, quote unquote, spammy senders on the servers that you share the server with, it's going to make everyone sending emails on that server have like a lower deliverability rate.

9:09So because MailerLite is the cheapest, you have a lot of maybe sketchier people that will go join and send emails through it. And then it's just going to wreck it for everybody. But Beehive's more expensive, which is annoying, but you get what you pay for and you have, you know, only people that are really legit businesses typically will be on there. And so because their vetting process is a lot more secure than when you send an email, it actually gets opened, which if I could go from 4 % to 18 % open rate, like I'm just going to pay extra money to do that. It's just worth it for me. Speaking of security, Jaden, do you have any concerns like about, because we've talked on the show before about how some of the concerns of, you know, using AI, using ChatGPT is that we don't know where the information is being stored, specifically when it comes to financial data.

9:57Does that scare you at all with this? Or do you think they're going to find a way to kind of make it secure in a way that's, you know, won't put you at risk? Well, I don't know. It's kind of interesting for me. Man, I just I hate talking about taxes because I personally love it, but I just don't want to talk about anything publicly with tax related because I feel like someone's going to get mad at me. IRS, don't come after me, okay? So basically what I think is interesting here is Sam Altman did come out a while back and say that if you are a therapist, not to use, or like if you want therapy, not to use chat GPT and tell it all your personal secrets because like basically the government can request access to your chat GPT history.

10:43It's like, it's just like public information that they're allowed to request. I think you have to have a warrant or something, right? But like, I don't know. And like, I'm not planning on robbing a grocery store and asking chat GPT how to do it. And then all of a sudden they like get a warrant out, right? But just something about like the government being able to look at my chat history, especially when you're talking about your finances and your taxes, even if you're doing everything 100 % legit and you're just like, what is the best way to, this is how much I make. This is what I do. What's the best way to write off the maximum amount so I pay the least amount of taxes?

11:10And if I'm being honest, this is a conversation I've had with ChatGPT many times. So like I want to get the most legal, legit way to do things. Even sometimes my accountant, here I am getting myself in trouble. Okay. Sometimes my accountant will be like, these charges for your business, like do you classify them this way or do you classify them this way? And I'm like, I don't know what the implications are. So I'm going to ask ChatGPT, if I like, which way do I classify? Here's the specifics. All right, guys. So for my podcast studio that I have in Arizona. Like, I hate talking about this stuff.

11:39You guys are getting the good stuff. From a podcast studio in Arizona, we have guests come in and they record podcast episodes. Now, we can classify those transactions as either services or I think just like purchases. I can't remember what the technical word is. But basically, the difference is like if they're coming in and if they pay for something and they get something, there's a different tax implication than if they if it's a service done. Now, I have a podcast studio manager who is on site for every recording. Some recordings, we used to have people do them self recorded. And I think those we had to classify as like more like a purchase where if we had a person on site helping them, it was a service.

12:18Anyways, there's like this whole different thing. And it had a big tax implication. And so anyways, my accountant was asking me like, well, how do we classify things? So I asked Chad Chippey like, which one is the lower taxes? And it's like, well, if it's a service, it's a lower tax. I'm service we have a person on site like at all times so for all intents and purposes like everything's a service um i think that's legit so i would consider that smart i would consider that being smart honestly so right but like see if i didn't have chat gpt i could have said oh classify it how you want or i could have accidentally said the wrong one or whatever right so it's just like there's things like that that are important you ask chat gpt but then it comes to the security risk which you mentioned which is like am i gonna get audited someday.

13:00And then as part of my audit beyond just like looking at my books and like looking at everything we do, they're like, and I would like your chat GPT history. I'll be like, no, that'd be the worst, right? Which they can. It's like technically, I mean, I don't know what the auditing people's authority is, but like the police can subpoena your, your chat GPT history. So are they going to see that I was trying to pay the lowest tax as possible? Yes. So I think while I'm like exposing myself to the world on the podcast here, hopefully that's like a quite a low risk. And I think I did everything right.

13:27Also, I will say publicly. But I think people will have concerns for reasons like that, whatever your business or industry is, how you classify things and how you get that information and how you structure because like you can structure your business. People are very creative, right? They can like, I think basically, that's how we run our company. But like you could structure a business to change different things to classify them as a service versus like a product is like an intentional thing to lower taxes. You're like, Like, okay, well, technically we're sort of selling a product, but in order to make it a service, we're going to do X, Y, and Z for every person that comes in and buys it.

14:02Right? Like, I don't know what you could do, but I think you could be creative and work with ChatGPT to come up with those solutions. And I think people would be concerned of like getting audited and have to giving over your ChatGPT history with it. So like all that to say, I think there are some concerns that people would have. Probably it's been, this isn't a problem for everybody. One thing that I'll say their CEO said of addressing a slightly different concern, which is kind of like hallucinations. Their CEO said, when our AI provides an answer or gives guidance to a customer, it's drawing on a deep expertise that Intuit has developed over many years, plus the data that gives us a 360 degree view of the customer.

14:38This helps make sure the answer given is relevant and grounded in the customer's own data and reflects Intuit's years of domain expertise. Basically, Intuit is using their own data and they fine tune some models to make sure that the advice and everything they're giving is really solid. It's not hallucinating. It's looking at your past like purchase history, your past, like all of your financial data. So like, I think it's actually gonna be a really useful tool, something that ChatGP does not have access to that data. And basically, I think ChatGP would never get access to that data unless they worked with Intuit or someone like that.

15:10Intuit also came up with their own AI tool, the like assistant that sits inside of QuickBooks that can help you answer questions. Again, I don't know, like if you're asking your financial bookkeeping questions to it if like your auditors can come read those someday. But this is the business world. For sure. Well, either way, this is an interesting development. If you guys want to, we'd really appreciate a review wherever you are listening. We really appreciate those rating and review. It helps us reach more people. And then again, check out the AI Hustle School community if you want to learn how to grow your business to the next level or make money on the side using AI.

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