#012 | The Most Profitable Skills to Learn in 2024
And the best places to learn them for cheap
Hey friends,
Your financial situation is primarily shaped by two factors - the ability to increase your revenue and lower your expenses.
In today’s issue, we’ll focus on the revenue side of the equation.
While trimming expenses can certainly improve your financial health, there’s a limit to how much you can cut.
When it comes to increasing your revenue, however, the potential is limitless.
There have been times when we have all asked ourselves “What can I do to make more money?”.
I believe the answer is upskilling yourself.
But what skills are most likely to set us up for success?
Today’s article seeks to answer this question, so let’s dive in.
1. Software Development
Coding skills provide a pathway to lucrative opportunities, including software development jobs, freelance opportunities in the open market, or the ability to launch a startup,
A few lines of code can accomplish tasks that would otherwise require significant time, effort, and resources.
Once developed, software can be replicated and deployed on a massive scale, serving millions of users simultaneously.
Software allows you to achieve more with less, and I strongly believe that this is one of the most valuable skills for the foreseeable future.
Just like money, code works for you around the clock without rest or complaint. It’s like a robot employee that, for better or worse, does exactly what you tell it to do at all times.
“Every great software developer… has an army of robots working for him at nighttime while he or she sleeps”
—Naval Ravikant
I have experimented with various educational resources for coding/programming and found that these were the most helpful:
FreeCodeCamp: FreeCodeCamp is great for those with little-to-no programming experience. They provide you with hands-on experience and a proven path to learning software development
Harvard CS50 courses: These are courses from Harvard’s Computer Science curriculum that have been opened to the general public for free. They’re a bit more challenging, but a great learning opportunity
Mimo: I downloaded the Mimo app from the iPhone’s app store. It feels like the Duolingo of coding, and it’s easy to do when you’re on the go
2. Writing
The written word has the power to influence, educate, and inspire.
Whether it's writing thought-provoking articles, crafting persuasive marketing copy, or self-publishing books, writing can set you apart in a crowded marketplace.
When you hone your writing skills, you can create content that resonates with audiences and drives engagement.
This builds authority in your niche and potentially allows you to monetize your knowledge.
On my personal writing journey, the part that I have grown to appreciate the most about it is that it forces you to think clearly.
It challenges you to distill complex thoughts and feelings into coherent sentences, and this clarity helps to uncloud your mind and uncover new perspectives.
Start writing online and giving away free work to make a name for yourself. It feels risky, but you can become someone uniquely qualified for emerging opportunities in your space.
“The word is the most powerful tool you have as a human”
—Don Miguel Ruiz, The Four Agreements
There are 2 books that I recommend for those looking to improve their writing skills:
The Art and Business of Online Writing by Nicolas Cole
Writing Tools by Roy Peter Clark
3. Financial Modeling and Excel
Learning to use Excel and build financial models, even at a basic level, can be highly beneficial for managing your personal finances.
You can use financial models to track your income, expenses, savings goals, investment projections, and debt repayments, which allows you to gain a high-level understanding of your money.
This empowers you to make more informed, data-driven financial decisions.
For those looking to improve their financial modeling and Excel skills, there are 2 certifications that I would recommend:
4. Digital Marketing/E-Commerce
In a world where the creator economy and solopreneurship are on the rise, understanding marketing and e-commerce principles is essential for success.
By learning digital marketing techniques and e-commerce platforms, you can reach global audiences, build profitable online businesses, and create multiple income streams.
Whether it's leveraging social media to grow your brand, optimizing websites for search engines, or launching online storefronts, digital marketing and e-commerce skills enable you to capitalize on the seemingly limitless online opportunities.
I haven’t completed any personally, but Hubspot Academy offers plenty of free online certifications. I know a handful of friends who have done them and said they were helpful.
Conclusion
When you cultivate a diverse skill set, you position yourself to earn more and build a better financial future.
It’s important to understand, however, that building new skills is not easy.
It takes a lot of work and there are no shortcuts or “hacks” to learn them quicker.
It will be frustrating when your progress inevitably plateaus, but what’s important is staying persistent and not quitting.
In college, one of my best friends used to say “Everybody wants to be great, but nobody wants to put the work in”.
So when the going gets tough, you have to “embrace the suck” and continue to make progress every day, even if it’s marginal. Marginal progress is better than no progress at all.
Preparation, practice, and consistency are the keys to learning new skills.
Practice, practice, and practice some more.
Volume wins every time, so do whatever you can to get your reps in.
That’s all for today - thank you for taking the time to read!
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