My background
00:00:00Over the past 12 years, I developed high-income skills that enabled me to earn millions online while studying medicine. My journey began with a business helping students enter medical school and expanded into creating a YouTube channel and various other ventures. Now, I'm in a fortunate position of earning significant income annually. In this video, I'll share five high-income skills along with real-life examples to inspire you on your own path toward financial success.
The philosophy of making money
00:01:02Understanding Personal Market Value In today's capitalist society, individuals possess a personal stock price that reflects their market value. This concept is crucial for students aspiring to earn money in the future. For instance, as a medical student with no experience, one's worth might be zero; however, upon graduation and entering the workforce as a doctor, this value can rise significantly based on skills and demand.
Embracing Your Inner Entrepreneur Everyone operates like an entrepreneur by selling their skills or services to employers or clients. Even while working full-time in traditional roles such as medicine, one essentially runs a business where they are paid per hour of work rendered. The key lies in increasing your personal stock price through acquiring high-income skills rather than relying solely on low-income ones learned during formal education.
Identifying High-Income Skills The distinction between high-income and low-income skills greatly influences earning potential within various markets. Skills like coding apps or copywriting command higher prices compared to academic writing or playing guitar unless you reach exceptional levels of expertise. Understanding which abilities translate into financial success is essential for anyone looking to enhance their income prospects without depending heavily on luck.
Targeting Business Opportunities Selling services directly to businesses often yields better financial returns than targeting individual consumers due to differing valuations of money between these groups. Focusing efforts on developing valuable skill sets that appeal primarily to businesses opens up more lucrative opportunities for income generation across diverse fields—this strategic approach enhances overall marketability and profitability over time.
High Income Skill 1 (Software Consulting)
00:12:08Leverage Your Tech Skills as a Software Consultant Software consulting is a lucrative opportunity for students, leveraging their tech-savvy skills to assist businesses with various software applications. Many business owners lack the time or expertise to learn new tools themselves and are willing to pay consultants for guidance. For instance, Molina successfully charged $300 per session teaching companies how to use Notion while still in university.
Diverse Opportunities in Software Consulting The demand for software consultants spans numerous platforms beyond just Notion; popular tools include HubSpot, QuickBooks, and Asana among others. Students can self-learn these programs through online resources and offer consultancy services locally or remotely. This role not only provides income but also imparts valuable lessons on pricing strategies and client interactions that traditional education often overlooks.
Gain Practical Business Experience Through Consulting Engaging in software consulting allows students to build essential business acumen by learning about sales techniques, service fulfillment, and effective communication with clients regarding return on investment (ROI). These experiences equip them with practical knowledge that enhances their employability far more than conventional academic paths could provide alone.
High Income Skill 2 (Writing)
00:18:04The Power of Persuasive Copywriting A well-crafted sales page can significantly impact conversion rates, with even small improvements leading to substantial revenue increases. For instance, increasing a conversion rate from 0.5% to 2% on a $997 product could elevate earnings from $1,000 to $4,000 for every 200 visitors. This highlights the importance of persuasive copywriting in driving business success; effective copy can transform annual revenues dramatically—from one million dollars to four million—by enhancing customer engagement and decision-making.
Unlocking High-Income Writing Skills Copywriting is recognized as a high-income skill that anyone can learn through various resources like books and online courses. Notable recommendations include "Copywriting Secrets" by Jim Edwards and insights from successful practitioners such as Cardinal Mason who share their strategies via YouTube videos demonstrating real-time writing processes that yield significant profits. Additionally, ghost writing emerges as another lucrative opportunity within the writing domain; experts Dicky Bush and Nicholas Cole offer guidance through their course aimed at maximizing income potential in this field.
High Income Skill 3 (Designer)
00:22:02The High Demand for Designers in Business Designers, particularly web and graphic designers, are in high demand as businesses require various design assets like websites, apps, social media posts, and advertisements. Many companies struggle to find skilled designers despite offering substantial salaries; for instance, a startup sought a product designer with an annual salary of $400k but found it challenging to hire one. This scarcity makes design a valuable skill since most small businesses cannot afford full-time designers and often rely on freelancers instead.
Leveraging Niche Expertise for Freelance Success Freelancing as a designer can be lucrative; the speaker earned $100 per hour designing for medical tech firms while studying medicine due to their unique industry knowledge. Targeting specific niches where you have expertise increases your chances of landing jobs over general applications at larger companies. For those interested in learning design skills independently without formal education or experience requirements—resources such as Abby Conic's YouTube channel provide guidance on building portfolios using tools like Figma and Canva.
High Income Skill 4 (Website Builder)
00:25:06Website building has evolved into a high-income skill, especially when targeting the right clients. In the past, web design was undervalued due to competition on freelance platforms offering low prices. However, every business needs a website; thus, skilled designers who can also develop are in demand. A notable example is Henry, who learned web design through online tutorials and now charges thousands for his services using tools like Webflow and Framer. Targeting established businesses with significant revenue allows for higher fees that yield substantial returns on investment.
High Income Skill 5 (Coding)
00:27:24Unlocking Financial Potential Through Coding Coding is an accessible skill that offers significant financial rewards, with many self-taught coders earning six figures right out of university. The demand for skilled programmers remains high, and tools like AI can assist in the coding process. Individuals can leverage their coding skills to create products or apps independently; success stories abound of people generating substantial income from software they developed themselves.
Inspiration from Successful Coders Platforms like Indie Hackers showcase inspiring tales of individuals who have turned simple ideas into profitable ventures through coding. These narratives encourage aspiring coders by demonstrating that anyone can learn this skill and potentially achieve financial independence by building useful applications or websites. With determination and creativity, even beginners can tap into lucrative opportunities in tech.