Dollar-cost averaging is a long-term investing strategy that involves investing a fixed amount of money on a regular schedule, such as weekly or monthly, regardless of market timing. To explain the concept simply, ChatGPT used an analogy of a child receiving a $10 weekly allowance to buy candy, where the price of candy fluctuates between $1, $2, and $0.50. By spending the full $10 every week, the investor buys more pieces when the candy is cheaper and fewer when it is more expensive. ChatGPT explained that over time, the average cost per candy balances out, as you do not spend all your money when it is expensive or try to guess the perfect week to buy. This approach applies to the stock market by removing the stress of timing the market for a lump sum investment, as you buy more shares when prices are low and fewer when they are high, potentially reducing the average price paid per share. A real-life example provided by ChatGPT involved investing $100 a month in a fictional video game company.