5 High Income Skills for Students to Learn in 2024

Summary of "5 High Income Skills for Students to Learn in 2024"

Short Summary:

This video explores the concept of "high-income skills" for students, emphasizing how these skills can increase their personal market value and lead to financial success. The speaker, a medical doctor turned entrepreneur, highlights five specific skills: software consulting, copywriting, web design, web development, and coding. He emphasizes the importance of targeting businesses as clients, as they have greater financial resources and a different approach to valuing skills. The video provides real-world examples and resources for learning these skills, demonstrating their potential for generating significant income even while still in school.

Detailed Summary:

Section 1: Introduction & Personal Market Value

The speaker introduces the concept of "personal market value" in a capitalist system, highlighting how individuals can increase their worth through acquiring high-income skills.
He uses the analogy of a stock price, explaining that skills directly correlate to one's personal market value.
He emphasizes that students are already entrepreneurs, selling their skills to the market, and can increase their value by acquiring high-income skills.

Section 2: High-Income Skills vs. Low-Income Skills

The speaker differentiates between high-income and low-income skills, explaining that the value of a skill depends on the market demand and the buyer's perspective.
He uses examples like playing guitar (low-income unless you're a world-class musician) and writing a website sales page (high-income due to its direct impact on business revenue).
He highlights that traditional education often focuses on low-income skills, while high-income skills are often self-taught.

Section 3: Targeting Businesses vs. Consumers

The speaker emphasizes the importance of targeting businesses as clients for high-income skills, as they have more financial resources and a different approach to valuing skills.
He contrasts selling skills to consumers (e.g., teaching guitar lessons) with selling to businesses (e.g., writing sales copy for a company).
He argues that businesses are more willing to pay for skills that directly impact their revenue and growth.

Section 4: 5 High-Income Skills

Software Consulting: The speaker explains how students can leverage their tech-savviness to consult businesses on software usage, even if it's basic software like Notion. He uses the example of his team member Molina, who earned $11,000 consulting businesses on Notion usage.
Copywriting: The speaker emphasizes the high value of copywriting skills in increasing conversion rates on websites and sales pages. He uses the example of his own business, where a 2% conversion rate increase could result in a $3 million increase in revenue.
Web Design: The speaker highlights the high demand for skilled web designers, especially for businesses that can't afford full-time designers. He shares his own experience as a freelance web designer while in medical school, earning $100/hour.
Web Development: The speaker emphasizes the increasing demand for web developers, especially those skilled in platforms like Webflow and Framer. He uses the example of his friend Henry, who earned $115,000 designing his website.
Coding: The speaker highlights the high demand for coders, with companies offering starting salaries of $400,000. He encourages students to learn coding through free resources like YouTube tutorials and use AI tools to assist them. He uses the example of his friend Sahel, who built a video editing AI tool and earned $35,000/month.

Section 5: Conclusion & Resources

The speaker concludes by emphasizing the potential for students to achieve financial freedom through acquiring high-income skills.
He encourages viewers to explore resources like his Sunday Snippets email newsletter and the Indie Hackers website for inspiration and guidance.
He reiterates the importance of self-learning and pursuing skills that directly impact business revenue.

Notable Quotes:

"Everyone has a personal stock price. It's basically your value to the market."
"You're already an entrepreneur, selling your skills to the market."
"Businesses are more willing to pay for skills that directly impact their revenue and growth."
"A good copywriter can make a huge difference in a business's bottom line."
"There's a huge demand for coders, and companies are offering starting salaries of $400,000."
"If you can code, you can build anything you can imagine."