Five High Income Skills You Should Learn

Introduction

• Speaker: Ali Abdal, doctor turned entrepreneur, and author.
• Purpose: Discuss 5 high-income skills that can help you make substantial money.
• Background: Made millions while studying medicine; started various businesses, including a YouTube channel and authoring a bestselling book.

Philosophy of Making Money

• Personal Stock Price: Everyone has a value in the marketplace, just like a company's stock price.
  • Initially, a medical student's stock price might be low or zero.
  • Skills can increase this stock price.
• Being an Entrepreneur: Everyone is an entrepreneur, selling their skills.
  • Example: A doctor working for NHS at £450/hour is essentially running a solo business.

Types of Skills: High Income vs. Low Income

• High Income Skills: Increase your market worth.
  • E.g., Coding apps, copywriting, web design.
• Low Income Skills: Less market value.
  • E.g., Playing a guitar (unless at an exceptional level).

Influence of Market Demand

• Skill value varies by market and who is purchasing the skill.
  • Example: Being great at guitar could be high-income for a record label but low-income as a guitar teacher.

Consumer vs. Business Market

• Easier to make money by selling to businesses rather than consumers.
  • Businesses have more money to spend and value skills differently.

High Income Skill #1: Software Consultant

• Example: Notion Consulting.
  • Businesses use various software but often struggle with it.
  • Students familiar with software can offer consulting services.
  • Example: Molina, a social media head, earned $300 for a 90-minute Notion consulting session.
• Other Software: ConvertKit, HubSpot, QuickBooks, etc.
  • Learn and consult businesses on these.

High Income Skill #2: Copywriting

• Importance: Writing persuasive sales pages and letters.
  • Can drastically increase a website's conversion rate, adding significant revenue.
  • Example: A sales page conversion from 0.5% to 2% could quadruple revenue.
• Learning Resources: Books like "Copywriting Secrets" by Jim Edwards, YouTube channels like Cardinal Mason.
• Related Skill: Ghostwriting.
  • Dicky Bush and Nicholas Cole offer training on making money through ghostwriting.

High Income Skill #3: Design

• Types: Web design, graphic design, product design.
  • Example: Medical tech companies often need specialized design from med students.
• Business Needs: Instagram carousels, ads, website banners.
• Learning Resources: YouTube channel of Abbie Connick.

High Income Skill #4: Website Builder

• Tools: Webflow, Framer.
  • Example: Henry, a friend, earns $10,000 to $15,000 per project.
• Business Value: High willingness to pay for quality web design.

High Income Skill #5: Coding

• Learning Accessibility: Free YouTube tutorials, AI tools like GitHub Co-Pilot.
• Earning Potential: US tech companies pay starting salaries of $400,000.
• Product Creation: Create apps, tools, and platforms.
  • Example: Sahel built FireCut, earning $35,000/month.
• Resource: Indie Hackers website for stories and inspiration.

Conclusion

• Emphasis on learning high-income skills to increase your market value and achieve financial freedom.
• Encouragement to explore various skills even if initially uninterested.