Many folks are beginning to use ChatGPT instead of Google when looking for information. They’re switching because ChatGPT is quicker and more specific. People are also using ChatGPT for financial assistance and even personal financial analysis. Is this a good idea? We wouldn’t go that far but it can be a good starting point.

Find Out: I’m a Self-Made Millionaire: Here’s How I Use ChatGPT To Make a Lot of Money

Read Next: 6 Popular SUVs That Aren’t Worth the Cost — and 6 Affordable Alternatives

GOBankingRates put the generative AI chatbot to the test, asking how to invest like a rich person. Here’s what ChatGPT said in response.

The first tip the chatbot shared is to think long term. This is really the only smart way to approach investing and is heavily recommended by the best investors, including Warren Buffett. ChatGPT posted the following points here.

• Prioritize capital preservation and steady growth.

• Embrace long-term investing horizons.

• Let compound interest work for decades.

These are all astute points, but ChatGPT doesn’t get deep with them. It should at least, however briefly, discuss what compound interest is, as that’s the key benefit of a long-term investing strategy.

The Consumer Financial Protection Bureau defines compound interest as “when you earn interest on the money you’ve saved and on the interest you earn along the way.” For a more human-sounding explanation, consider Buffett’s analogy. He likens compound interest to a snowball rolling down a long hill, collecting more snow as it picks up speed, eventually becoming a massive snowball. Your investment is the snowball, and time is the hill.

Learn More: I’m a Financial Advisor: 4 Investing Rules My Millionaire Clients Never Break

Another salient tip from ChatGPT: Diversify strategically. Rich people swear by investing across numerous categories, including:

• Stocks and bonds

• Private equity and venture capital

• Real estate

• Alternative assets like crypto

This is all accurate, but there’s more to strategic diversification. You should know the purpose of this and why it’s important. Diversification reduces your risk should a stock (or the market at large) tank. Nothing eliminates risk in the investing world, but diversification is the tool to manage it.

Here’s another principle that Buffett insists on implementing in your investment strategy. Invest in what you understand. Never buy stock solely because you hear it’s hot right now or because you believe in the company behind it. The latter is important, but research is more important.