How To Monetise The Skills You Already Have

QUOTE OF THE DAY

MONETISE YOUR SKILLS

451 Words | 1 Min 38 Sec Read

Fundamentally, every skill that anyone has ever had is worthless, as the value of a skill is only what someone is willing to pay for it, and that very sentence will completely determine how much money you make in your lifetime.

Skills and the quality of them are what make up a person; they make a career, a passion, a hobby, or a gift, and therefore, it is crucially important that you nail how to develop the right skills and sell them at market value because every skill holds a different value in a different sector.

The truth is that every skill you have is valuable to someone. Even if you haven’t developed a standout skill through the avenue of a degree, your skill is worth something. Are you the one who organises holidays within your friendship group? That's project management. Are you the one who can sell anyone you know on any idea that you have? That’s sales. These are skills that you have, but they are undiscovered, and although today’s edition isn’t about how to develop skills, it's about selling them for the right amount of money.

There are a few different factors that can increase the value of the skills that you have, and here they are:

1. The value of any skill is determined by the content for which it’s required.

This is just a fancy way to say that your skills are worth different amounts of money in different sectors or industries.

2. The perception of a skill's rarity influences how much people value it.

This is where the idea of skill stacking comes in, and if that phrase doesn’t ring a bell, check out this previous article: Skill stacking. Anyone can have any odd foundational skill, but rarity comes into play when that skill is paired with another one.

For example, the skill of marketing is a common one; you can self-learn it or do a 3-year university degree on it and then sell that skill for a minimum wage. However, if you also had the skill of understanding financial technology, the value of your marketing skills would have massively increased, as marketing fintech products is a much more rare skill than marketing in general.

3. People will assess the worth of your skill based on how much value they believe it can generate for them.

This means that the stage the company is at and the knock-on effect your skill can have matter. For example, if your skill was SEO, the company that makes $100,000 a month compared to the company that makes $10,000 a month will appreciate your skills more if you can promise them a 10% increase in conversions because you’ll make them more money.

ACTIONABLE NEXT STEPS:

Take the three points above and start working on them. How can you sell your skill in the most valuable context possible? How can you increase the rarity? How can you provide more value than you’re asking for in return?

TAKEAWAYS:

Here's an easy-to-understand example: a car salesman will make a whole bucket load more money if he were to sell luxury cars as per normal consumer cars. Here, he is selling his skills in different contexts to people who value them more.

BOOK OF THE WEEK ⤵️

The book of the week is ‘The Art Of War’ by Sun Tzu. Originally, it has been considered the definitive text on military strategy and warfare ever since it was written in ancient China, but as the centuries have gone by, it has been used for so much more, including strategy for life. Read it HERE

CREATOR OF THE WEEK ⤵️

jun_yuh

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The creator of the week is @Jun_yuh, a creator who makes content about self-improvement, studying, productivity, motivation, and relateability. His videos are simple, easy to consume, but extremely bingeable, so do be careful. Check him out above!

LESSON OF THE DAY ⤵️

To be considered the best in your industry, you don’t need to be the best at any one thing. You need to be good at a variety of complementary and rare skills that your industry values, and that's what your competitors lack.