What Are Some Examples of High Income Skills?

[Scot]

Sales

 

[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.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[ZCP]

dealmaking.
networking.
negotiating.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Andy Black]

Building profitable businesses that can run without you.

That’s the skill I’m working on...

 

[lowtek]

Machine learning software engineering

 

[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.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Kak]

Leadership. Because every other skill implies trading time for money.

 

[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.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[papi016]

Prospecting & Closes

There I just gave you the secret to life

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[TonyStark]

Sales & copywriting

 

[GoGetter24]

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

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

 

[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.

 

[100k]

Investing.

Acquiring distressed assets, improving them and flipping them.

Entrepreneurship.

Raising capital for others. Solving problems.

 

[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.

Local Facebook Advertising Case Study

Build The Perfect Conversion Funnel | Three Types of Conversion Funnels

How to Build Real Relationships with Automated Campaigns | Traffic Temperature

 

[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.

 

[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​

 

[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.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[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.

 

[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.

 

[Jonathan Hoch]

Developing systems.

Specifically, systems that you can plug in freelancers OR employees to operate, while observing and achieving an expected level of quality.

 

[Niptuck MD]

Sales

the only bona fide way is SALES. kudos @Scot

 

[GoGetter24]

Still tied to your time. Still slowlane.

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

 

[Niptuck MD]

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

 

[TonyStark]

Engineering

 

[CROJosh]

Humility, Empathy, Gratefulness, Dogged Persistence, Resourcefulness and the ability to get out of your own way.

 

[GoGetter24]

Easy to find out.

Step 1. Produce a bunch of fake BS resumes for random jobs with random skillsets and post them on job boards in various cities using a different email/phone number for each using a throwaway service.
Step 2. See how desperately recruiters try to call each of the numbers and what salary they say they can get you.

That's it. Much harder than posting "tell me duh high incomes skilz!" though.

Of course what you'll then find is phrases like "cardiologist", "IP lawyer", "helicopter pilot", and "AI engineer" seem to get oddly high offers. Shame though, wishful thinking and internet blather can't actually get get you into those positions...

Humility

What's your high income skill?
Oh, I provide consulting on how to reduce churn, saving my clients millions of dollars a year. You?
I humility stuff.

ur

Chance of success in business: zero

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[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.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.