When you were a kid, you might have learned from parents, teachers or friends that the best way to earn a high income in adulthood is to get a college degree and become a doctor, lawyer or some other type of professional.
While those roles can undoubtedly earn you a decent salary, they come at a high cost. In fact, according to SoFi, the average physician graduates with over $205,000 in student loan debt — an eye-popping amount that can make would-be doctors completely reevaluate their life plans. Lawyers don’t fare much better, as their student loans can reach $180,000 or more.
So, what can you do if you’d like a nice salary but want to avoid going back to school or taking on massive student loans? Jaspreet Singh, host of “Minority Mindset,” has some advice: Start by learning five basic high-income skills.
What Is a High-Income Skill?
In his YouTube video, Singh defines a high-income skill as “something that can make you at least $10,000 a month without going back to school to get a degree to learn this knowledge.”
While there’s no guarantee that such skills will put $10,000 in your pocket each month, Singh says it is possible if you do the work.
5 High-Income Skills That Can Earn You Big Bucks
Here are the five high-income skills that ambitious entrepreneurs should add to their professional toolbox, according to Singh.
1. Learn How To Sell
As Singh says, “Sales are the backbone of business.”
And that’s 100% true. After all, a company with no customers will never make a dime, no matter how great its products or services are. That company will fail pretty quickly. That’s why businesses rely on their sales and marketing teams to attract clients and build their revenues.
But, there’s an art to selling. “People hate to be sold to,” says Singh. Instead, true salesmanship requires relationship development. You work to build trust with your audience, learn what its pain points are and grow the relationship.
Singh learned how to sell when he worked in real estate. He learned how to cold call and deal with rejection and what it felt like to close a client. He says, “You don’t need a fancy degree to learn sales skills. You can take your sales skills anywhere and use them in any industry.”
2. Familiarize Yourself With Digital Marketing
Another high-income skill to learn, according to Singh? Digital marketing.
Digital marketing encompasses a wide range of strategies, including SEO, online ads, social media, email marketing, content creation and more. There’s a lot to it, and grasping all of the concepts can take lots of trial and error.
“Many people get into digital marketing, and they think they have to learn how to do Facebook ads or Google ads,” says Singh.
But it’s more than that — you must learn the whole system. “Figure out how to capture an audience’s emotions through an ad and transition them from a follower to a customer.”
3. Get Good at Money Management, Investing and Building a Financial System
Too often, people overspend and get caught in a cycle of living paycheck to paycheck. That’s a mistake — it can blow your chances of becoming financially independent. Instead, Singh advises others to “learn how to live below your means and spend in a way that grows you.”
What grows you? Things like learning new skills to increase your income or investing in stocks.
You can build a rewarding financial system for yourself at virtually any income level. To make it a reality, spend less than you earn and put the money you save into investments or other assets that build value over time. However, getting into that saving and investing mindset can be tricky. But, Singh says, “You have to know how to spend less, earn more and invest like crazy.”
4. Know How To Write
“Writing is something anyone can master,” says Singh. He grew up learning English as a second language to his native Punjabi but never actually enjoyed it. However, he beefed up his skills when he realized how important writing was to his business goals.
“Now, I spend a lot of my time writing,” he says. Nearly every part of his business requires writing of some type, including video scripts, blog posts and sales pitches.
He suggests learning how to write in a way that connects with others’ emotions. “People buy products because of how you make them feel. You need to know how to keep them engaged.” Think of writing as an essential high-income skill that pairs well with digital marketing and sales.
5. Learn How To Take Risks
The final high-income skill that Singh suggests is learning how to take risks. Many of his friends are engineers, and one thing that he’s noticed among them is their tendency toward black-and-white thinking, or seeing things as all good or all bad. Black-and-white thinking can hinder someone’s ability to take risks, even if there’s a potential to earn money.
“That’s something that’s hard to break out of, but you have to if you want to take risks,” says Singh. Most entrepreneurial and investment opportunities present some degree of risk, and being open to them — whether they end up being a success or not — is essential if you want to make a lot of money.
Says Singh, “When you take risks, there’s no guarantee something will succeed. You have to be willing to fail, screw up and look stupid.” Singh has experienced both ends of the spectrum — ventures that didn’t go well and others that thrived. He notes that if you never take a risk, you’ll always wonder what would have happened if you had tried.
Final Take
Can learning Singh’s five high-income skills really help you earn $10,000 each month? It’s entirely possible — but like he says, “You have to do the work.” There is no easy path to wealth, and most people who become monetarily successful experience some setbacks along the way, even if they’re great sellers or have mastered the art of digital marketing. But with every setback comes a new opportunity if you put your mind to it.
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Source: Jaspreet Singh Says Learning 5 High-Income Skills Will Help You Make More Money
