5 High Income Skills Students Can Learn in 2024
21 Jun 2024 (3 months ago)
My background
- Ali is a doctor turned entrepreneur and author of the New York Times bestselling book "Feelgood productivity."
- He has been making videos on his YouTube channel for the last 7 years, documenting his journey from medical student to entrepreneur to author.
- He shares his learnings, failures, and experiences on his channel.
- Copywriting:
- Video Editing:
- Creating and editing videos for various platforms.
- Examples:
- Video editors for YouTube channels or production companies.
- Freelancers on platforms like Upwork or Fiverr.
- Web Development:
- Graphic Design:
- Creating visual content like logos, illustrations, and social media graphics.
- Examples:
- Graphic designers for companies or agencies.
- Freelancers on platforms like Upwork or Fiverr.
- Data Analysis:
The philosophy of making money
- Your "personal stock price" represents your worth in the market, and high-income skills increase it, allowing you to command higher compensation.
- You are already an entrepreneur, even with a traditional job, as you sell your skills to the market.
- The goal is to increase your personal stock price by acquiring more high-income skills and reducing reliance on a single employer.
- High-income skills are highly valued in the marketplace and lead to greater earning potential, while low-income skills are less valued.
- Examples of high-income skills include coding, copywriting, and web design, while playing the guitar and writing academic essays are generally low-income skills.
- Hostinger is a user-friendly and affordable web hosting platform that allows you to build websites without coding or web design experience.
- Hostinger offers various plans, including the Premium plan starting at under $3 per month, with features like a free domain name, email addresses, support for up to 100 websites, built-in AI tools, and drag-and-drop editing.
- The Business plan includes e-commerce features and additional AI tools for driving traffic to websites.
- A 10% discount is available by using the code "Ali abdal I check out" at checkout, and there's a 30-day money-back guarantee.
- The value of a skill depends on who is buying it, and focusing on skills that increase your personal value without requiring exceptional talent or luck is essential.
- Selling your skills to businesses rather than consumers is more lucrative, as businesses have more money and value skills differently.
- The video will provide real-life examples of people making money using high-income skills, even if you think you lack the necessary abilities.
High Income Skill 1 (Software Consulting)
- Students can learn high-income skills by becoming software consultants for businesses, as many businesses use various software but may not be proficient in using them.
- Students can learn how to use specific software through self-taught methods, such as watching YouTube videos, and then offer consulting services to businesses in their local area or online.
- Consulting for businesses provides students with practical experience in various business aspects, including pricing services, selling, persuasion, order fulfillment, business language, and return on investment concepts.
- This skill set is not typically taught in traditional education, including MBA programs, and offers valuable insights into entrepreneurship and business operations.
High Income Skill 2 (Writing)
- Good copywriting can significantly increase a business's conversion rate and revenue.
- A 0.5% conversion rate means that for every 200 visitors to a website, one person makes a purchase.
- Increasing the conversion rate from 0.5% to 2% can quadruple the revenue generated from the same number of visitors.
- Copywriting is a high-income skill that can be learned through books, YouTube videos, and online courses.
- Copywriting involves writing persuasive sales pages, emails, and other marketing materials.
- Ghostwriting is another high-income writing skill that involves writing content for others under their name.
High Income Skill 3 (Designer)
- Designers are in high demand, especially for businesses under 20-30 people who cannot afford a full-time designer.
- Businesses need various design assets, including website designs, app designs, Instagram carousels, ads, and more.
- Freelance designers can earn high incomes, especially if they have industry-specific knowledge.
- The speaker earned $100 per hour as a freelance designer for medical tech companies while in medical school.
- Resources for learning design skills include the YouTube channel of Abby Conic, a self-taught graphic and brand designer.
- Figma, Canva, and Photoshop are valuable design tools.
High Income Skill 4 (Website Builder)
- Website builder is a high-income skill.
- Every business needs a website.
- Web designers and developers who can use tools like Webflow and Framer can charge thousands to tens of thousands of dollars for their services.
- Targeting the right businesses, such as those in the $1 million to $20 million revenue range, can make web design a very lucrative career.
High Income Skill 5 (Coding)
- Coding is a surprisingly accessible skill to learn.
- There are many free YouTube tutorials and AI tools like GitHub Copilot and GPT to help beginners.
- US-based tech companies offer starting salaries of $400,000 for coders.
- Coders with experience can earn six figures straight out of university.
- Coding can be used to create products and generate income, such as Sahel's AI tool "Firecut" which earns him $35,000 per month.
- The website Indie Hackers provides inspiring stories of individuals who made significant money by coding from their bedrooms.
- Learning to code opens up opportunities for building apps, websites, and other digital products.