ChatGPT has brought about new opportunities and challenges to a multitude of industries, including financial investing. Financial investors are leveraging ChatGPT to enhance their investing capabilities. They are also encountering issues, with varying degrees of severity and impact, as they are doing so. To promote the productive, safe, and ethical use of ChatGPT, it is important to address the potential as well as the issues surrounding this artificial intelligence tool. Hence, we analyze a dataset of online discussion posts and comments from a financial investing community on Reddit using a Grounded Theory approach to identify the advantages, disadvantages, and perils of ChatGPT in financial investing. We present our preliminary results and expect to contribute guidance for practitioners and future research topics to enhance ChatGPT’s utilization.