HOT TOPIC What Are Some Examples of High Income Skills?

[malphax5]

First off, according to Dan Lok, a high income skills is any skill that helps you generate $10K a month or at least $100,000 a year. I know for sure that it can be any skills like coaching, copywriting, and public speaking. As long as those gets you the amount stated above.

I just want to know what other high income skills out there from common to uncommon and please share your thoughts on it.

 

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[Scot]

Sales

 

[lowtek]

Machine learning software engineering

 

[papi016]

Prospecting & Closes

There I just gave you the secret to life

 

[LittleWolfie]

Machine learning software engineering

I think that kind of depends on the area(what is the going rate locally.) I wrote some machine learning stock picking software, but no one wants to buy that. Mind you there are a few and my copy sucks.

 

[Frandollow]

One of the best suitable profession 'web development'. You can try for this one and earn a lot.

 

[shubham525]

First off, according to Dan Lok, a high income skills is any skill that helps you generate $10K a month or at least $100,000 a year. I know for sure that it can be any skills like coaching, copywriting, and public speaking. As long as those gets you the amount stated above.

I just want to know what other high income skills out there from common to uncommon and please share your thoughts on it.

Influencer

Doctor

Lawyer

Maketing

All of these have potential if done right.

 

[TonyStark]

Sales & copywriting

 

[Arun Siva]

Sales

the only bona fide way is SALES. kudos @Scot

 

[ZCP]

dealmaking.
networking.
negotiating.

 

[Raoul Duke]

Are you willing to do this?

"The past is consumed in the present and the present is living only because it brings forth the future." James Joyce​

 

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[GoGetter24]

Consulting.

If you're a "go to guy" on some topic, the rates you can charge are obscene. It's a basic leverage thing: a company taking up some project worth $5M if it succeeds and -$5M if it fails has no problem paying $500/hour for a week with an expert consultant if it could mean the difference. $20k is chump change at that level.

If it's in demand, there is some guy raking insane cash on it because he's gotten know as the "go to guy" in that thing. Doesn't matter what it is. Doesn't have to be the cliches you hear everywhere on the internet, like sales or "closing" as they've douche-bagged it.

Aside from that and the usual internet & tech stuff, there's everything from pilots, teachers, trainers, translators, chefs. But they, and that Dan Lok guy, all have one thing in common: penetrating the top-end. In his case, by succesfully marketing himself as "the best" copywriter out there, even though he's from HK and still makes grammar mistakes when he talks.

There's translators making $10/hour, and translators making $100/hour. The difference is positioning, specialization, self-marketing, reputation & referrals, and so on, and skill. One translator may slowly work through general stuff, putting his services up on fiverr and getting paid a pittance. Another one can blast out a perfect translation in a particular in-demand market niche, and has to keep upping his rates as his time is outstripped by eager clients.

Or to put the answer more succinctly: "if you get the answer on which skill niche to pursue from a website, it's wrong". It takes much more work than that.

 

[Scot]

Consulting.
.....

$10/hour, and translators making $100/hour.

"per hour"

Still tied to your time. Still slowlane.

 

[GoGetter24]

Still tied to your time. Still slowlane.

It doesn't disappear into dust the day after you earn it.

 

[Arun Siva]

another good high income skill is process creation and effective resource allocation.

 

[biophase]

This thread makes no sense at all.

Many skills can be high income skills. It’s not about the skill, it’s about you.

Sales can be high or low income. Can you sell $1M/yr SAAS or $30k cars. Same skill, different levels of skill.

Same can be said for being a lawyer, doctor, programmer, etc... Are you an average one or a top 5% one? One makes $100k and another makes $1M.

 

[malphax5]

Prospecting & Closes

There I just gave you the secret to life

hmm...interesting. Could you tell me more about what it is?

 

[GoGetter24]

hmm...interesting. Could you tell me more about what it is?

He said "sales and marketing" but with some douchebagness.

 

[Process]

hmm...interesting. Could you tell me more about what it is?

> prospecting:

Get out in front of the relevant people by any of the below:
-referrals
-direct response(online (ppc(FB, adwords, bing), ppv(crappier popups usaully, cpm(display ads on certain sites for a set amount of views per thousand), magazine, radio, direct mail)
-craigslist/classifieds
-social media
-cold calling (door to door or over the phone)
-trade shows

> closing:

-having done decent qualifying of prospect
-coming off as person of integrity who isn't a Jordan Belfort wannabe.
-already having demonstrated proof of claims.
-noticing when to shut up and lead them to the dotted line/online shopping cart.

If you do your prospecting and presentation well, a hard bullying type of close actually tends to be counterproductive in most industries. As far as the "master closer" phrases go, don't get too tied up in them.

Some people literally just say, "That about sums things up, let's do this then." Of course there are more polished ways to do it, but don't worry about it at this stage. Your actions will sell more than your words.

PS: Screw 95% of what you read in books. What someone is writing vs. how things work will only become clear when you have tried things for yourself. That's why TMFL and Unscripted talks about the process so much.

 

[The-J]

Lol I just watched that video earlier today.

Learn from Dan Lok. Study the stories he tells and the way he speaks. Study how he structures his funnels.

Effective applications of the techniques he uses on people is an example of a high income skill, one that people will gladly pay you $100/hr for.

Those same applications can be used to scale a business.

 

[Adeoluwa Adejumo]

Consulting.

If you're a "go to guy" on some topic, the rates you can charge are obscene. It's a basic leverage thing: a company taking up some project worth $5M if it succeeds and -$5M if it fails has no problem paying $500/hour for a week with an expert consultant if it could mean the difference. $20k is chump change at that level.

If it's in demand, there is some guy raking insane cash on it because he's gotten know as the "go to guy" in that thing. Doesn't matter what it is. Doesn't have to be the cliches you hear everywhere on the internet, like sales or "closing" as they've douche-bagged it.

Aside from that and the usual internet & tech stuff, there's everything from pilots, teachers, trainers, translators, chefs. But they, and that Dan Lok guy, all have one thing in common: penetrating the top-end. In his case, by succesfully marketing himself as "the best" copywriter out there, even though he's from HK and still makes grammar mistakes when he talks.

There's translators making $10/hour, and translators making $100/hour. The difference is positioning, specialization, self-marketing, reputation & referrals, and so on, and skill. One translator may slowly work through general stuff, putting his services up on fiverr and getting paid a pittance. Another one can blast out a perfect translation in a particular in-demand market niche, and has to keep upping his rates as his time is outstripped by eager clients.

Or to put the answer more succinctly: "if you get the answer on which skill niche to pursue from a website, it's wrong". It takes much more work than that.

f*cking awesome i get tired from hearing sales all the goddamn time...if you just wanna make a quickbuck then sure its the best

 

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[Adeoluwa Adejumo]

This thread makes no sense at all.

Many skills can be high income skills. It’s not about the skill, it’s about you.

Sales can be high or low income. Can you sell $1M/yr SAAS or $30k cars. Same skill, different levels of skill.

Same can be said for being a lawyer, doctor, programmer, etc... Are you an average one or a top 5% one? One makes $100k and another makes $1M.

I wanted to go as far as say something as intangible as thinking big

• strategy/partnerships/JV
• networking
• hiring / motivating employees
• raising funds
• marketing
• technology

basically all those things are departments in a fortune 500

 

[100k]

Investing.

Acquiring distressed assets, improving them and flipping them.

Entrepreneurship.

Raising capital for others. Solving problems.

 

[Cruze]

Acquiring distressed assets, improving them and flipping them.

Yeees....the only difficulty is to find this gold nuggets

 

[LittleWolfie]

Yeees....the only difficulty is to find this gold nuggets

Pay people to source them, then. I think you can buy in most skills.

Now, I know there are those who look at property sourcing (find below market value distressed property) sell to people who are cash-rich flippers of distress properties.

There are also companies in Administration and Liquidation which I imagine could be gold mines, if you knew how to improve them. I seem to recall reading something about (I think Richard Branson) buying a company for £1 (plus a portion of the debt liabilities) and turning it round. Since the creditors had much more faith in his ability to pay and turn around the company.

Knowing some corporate debt collectors, I have some second hand connections to 'distressed' companies.

The difficult part is, finding people who want to buy them and have their cheque book in hand.

From my whatsapp chats I understand there are a lot of offers of virtual mergers and gradual buyouts/ owner equity deals, but very few cash (Or cash equiv) offers. When the wolves are at the door, they need a free cash deal (even at a lower valuation (or £1 for the lot) to starve things off.

Especially as they may well be on the hook personally (director's guarantee is on practically all UK loans) for the debt. They might be worried about losing their house.

 

[garyfritz]

If you have strong technical ability AND strong communication skills, there are good opportunities in technical training. I make $1000/day teaching classes on high-tech high-dollar computer systems. It would be a perfect setup except I don't have much Control. I have to work through a company that owns the IP and runs the classes, and take the classes they give me. If I could work 200+ days a year I'd be very happy with it. Even as it is, it's a damn nice setup. It's not Fastlane but it's a good gig.

 

[TonyStark]

Engineering

 

[Frandollow]

Sales & copywriting

Not bad!

 

[100k]

If you have strong technical ability AND strong communication skills, there are good opportunities in technical training. I make $1000/day teaching classes on high-tech high-dollar computer systems. It would be a perfect setup except I don't have much Control. I have to work through a company that owns the IP and runs the classes, and take the classes they give me. If I could work 200+ days a year I'd be very happy with it. Even as it is, it's a damn nice setup. It's not Fastlane but it's a good gig.

Save up some money.... like $30k.... then hire a digital agency that knows how to build proper converting funnels.

I believe you could record one of your classes (you could do it outside the company's facilities in a recording studio) and sell it as a online class that people can watch from home at their own convenience (instead of it being live). The digital agency would turn your recording into a product (webinar), set up a funnel for you, create ad campaigns.... then run ads for you via FB ads .... let's say you sell the course for $100/pop. You'd only need 10 seats per day sold to make the $1000 (of course you need to think about cost of ads - so maybe go for 20 seats per day and try to spend no more than $20-30 to get one of those seats sold).

Boom, you've got more control now. You own the domain, you own the webinar/video/digital product. And you have the power to fire the agency and have someone else run the ads for you.

Do some research on youtube ... I'm sure you'll be able to find some useful info on webinar sales funnels.

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[broswoodwork]

Sales

Every other skill listed in this thread hinges on this skill before it's worth a penny.

A phenom software architect, that builds his own os, can be living in mom's basement; a mediocre web dev, with a stolen idea, can create a global empire by selling himself and his system.

Edit: My first rep plus. Thanks Scot! I'll pay it forward.