5 High Income Skills Students Can Learn in 2024

Summary

In this video, Ali Abdaal, a former doctor turned entrepreneur, shares his insights on five high-income skills that can significantly boost one's personal 'stock price' in the market. From software consulting and copywriting to design, web building, and coding, Ali provides real-life examples of individuals leveraging these skills to generate substantial income. He emphasizes the importance of selling skills to businesses rather than consumers for higher returns and offers practical advice on learning and applying these skills for financial success.

Takeaways

• 🎓 The speaker emphasizes that learning high-income skills during education can lead to significant earnings, as they did through various entrepreneurial ventures while studying medicine.
• 💡 The concept of 'personal stock price' is introduced, which represents one's market worth and can be increased through the acquisition of valuable skills.
• 📈 The importance of being an entrepreneur is highlighted, whether by running a business or by selling one's skills to the market, which is a universal experience in a capitalist society.
• 🔑 It's crucial to differentiate between high-income and low-income skills, with the former being more aligned with market demands and potentially life-changing earnings.
• 💻 The video mentions specific high-income skills such as software consulting, copywriting, design, web development, and coding, all of which are in high demand and can command high rates.
• 🌐 The speaker shares personal experiences and examples, including a team member who became a successful consultant for the software 'Notion' at a young age.
• 📝 Copywriting is underscored as a skill that can substantially impact a business's revenue by improving conversion rates on sales pages.
• 🎨 Design skills, both in graphics and web, are highlighted as valuable assets for businesses, which often lack in-house design capabilities and are willing to pay for professional services.
• 🛠 The ability to build websites is presented as a lucrative skill, especially when targeting businesses that understand the value of a well-designed online presence.
• 🤖 Coding is positioned as an accessible and highly rewarding skill, with the potential to earn substantial incomes or create profitable products through self-learning and application.
• 🚀 The video concludes by reinforcing the potential for financial freedom through the acquisition and application of high-income skills, with the speaker offering further advice on achieving this goal.

Q & A

What are the high-income skills mentioned in the video script?

The high-income skills mentioned in the video script are being a software consultant, copywriting, design (web or graphic), website building, and coding.

What is the concept of 'personal stock price' as described in the script?

The 'personal stock price' is a metaphor for an individual's worth to the market in a capitalist system. It represents how much a person can command in the marketplace, which can be influenced by their skills and expertise.

Why did the speaker start a business while studying medicine at University?

The speaker started a business while studying medicine to help people get into med school, which eventually led to the creation of a YouTube channel and other businesses, contributing to their financial success.

What is the significance of the book 'Feelgood Productivity' in the context of the video?

The book 'Feelgood Productivity', authored by the speaker, is about being more productive in an enjoyable, meaningful, and sustainable way. It represents the speaker's journey and expertise in productivity, which is relevant to the high-income skills discussed.

How does the speaker define an entrepreneur?

The speaker defines an entrepreneur as anyone who is selling their skills or services in the market, including themselves during their time as a medical student and doctor, as they were essentially running their own business.

What is the importance of selling to businesses rather than consumers according to the script?

Selling to businesses is emphasized as more lucrative because businesses have more money to spend and value skills differently than consumers. The speaker suggests focusing on B2B services to increase personal stock price.

What role does the software 'Notion' play in the script's example of a high-income skill?

Notion is used as an example of a software that businesses use, and the speaker's team member, Molina, capitalized on her expertise in Notion to become a consultant, teaching businesses how to use the software effectively.

What is the potential earning from being a software consultant for businesses, as illustrated in the script?

The script illustrates that being a software consultant can be very lucrative, with Molina charging $300 for a 90-minute session and offering packages that could earn her $11,000 with a 20% discount.

How does the script differentiate between low-income and high-income skills?

The script differentiates by stating that low-income skills are those that do not significantly increase one's worth to the marketplace, while high-income skills are those that can command higher rates and are in demand by businesses.

What is the potential impact of copywriting on a business's revenue, as mentioned in the script?

The script suggests that copywriting can significantly impact a business's revenue by improving the conversion rate on sales pages. A small increase in conversion rate can lead to a substantial increase in sales and revenue.

What advice does the speaker give for learning high-income skills like design or coding?

The speaker advises learning high-income skills like design or coding through online resources such as YouTube tutorials and practice. They highlight the importance of targeting the right market and understanding the needs of businesses to maximize the value of these skills.