"You find the most monetizable skill you have and run in that direction."
Bullseye. Recently started learning webdesign with future plan to learn python and solidity.So that can take advantage of all the new possiblities web3 will offer this next decade.
Just had this thought, an hour ago. Why am I doing this?
Was shamed to admit it/think about it, that its purely for money reasons.
Now after rereading that para, a few times.
I am in it only for the money and the flexibility of WFH.
I want to be rich and will learn profitable skills to make it.
I will end up in all three groups. Starting a commission sales job this week, has a lot of upside. Could make up for lost time in my early twenties. I've got an edge because of my copywriting experience(Or so I think). We'll see what happens
30 years. Living in 3-rd world country, working in international sales.
As a side grew 2 Youtube channels with 30K+ subscriptions in my native language. Last half-year working on creating private label consumer product (vaping industry). Hoping to start selling in 2-3 months.
Additional skills: speak 5 languages, public speaking (stand-up comedy). How could I monetize these additional skills with Youtube channel growth experience in your view?
Incredible story. I'm trying to do the YT channel thing now. How long did that take you to get to 30k subscribers? Was it worth it? How much money does it make a month? Thanks BTY.
Late 30s, married with one child, I'm a nurse anesthesiologist, bring in a decent US token trash salary. This is unique, high demand skill but is fee for service. How can I scale this skill to the online world? Or do I develop another skill and scale that? Really starting to think I'm NGMI starting too late.
Unsure about online, but you can pivot to starting an infusion clinic. Ketamine, iron, b12 vitamin. There actually is a guy out in LA who gives IV infusions to prevent hang overs the next morning. Google hangover heaven
I’ve thought about this avenue, Botox as well. Problem depends on location, currently live where there is “physician supervision” requirements, might have to give a kickback for paperwork signatures and give a cut of profits. Thanks for the feedback.
Single and in my late 20's. Job is in the real estate finance arm of an investment manager. $160K+ annual salary. Additional skills include sales. Reading up on copywriting right now as well. Have tried to break into E-commerce (clothing) but have had troubles with Facebook ads banning/restricting my account. Looking to scale an online business but trying to figure out the most viable option for doing so.
I’m currently stuck in my 9-5 excel hell desk job and have begun applying for sales jobs in the tech/software industry. My search parameters are pretty broad as I’m just looking for 100% remote and uncapped commissions. Should I narrow that down to something more specific within tech? Like only SaaS? Also, with only a couple years of prior sales experience in an unrelated industry, can I afford to be picky or just go with the first offer and upgrade later when something better comes up?
Hey guys... started reading last year and I took a lot of the learnings from Efficiency to heart.
Quit my job in O&G Engineering earlier this year for a career in tech sales, starting as a solutions consultant with a pretty solid salary + commission. Angling to move to straight sales within 1-2 years.
No questions at the time, focusing full time on setting up an e-commerce site and getting that going. Appreciate the advice/guidance, deeply indebted to y'all.
Physician with knowledge of cancer treatments, more importantly can integrate ongoing clinical trials info. Are there successful medical education (not advice per se) avenues for business? Re-packaging info so patients can discuss with their doctors? Or fraught with liability issues?
How do I turn SEO skills into a scalable online business?
Currently working full-time (remote) SEO job, doing freelance work for clients + learning to code in spare time. Best path = create a niche SaaS SEO-related business?
Alright I definitely don't know what the date means. I thought it was some reference to Soylent green the movie. Hahahaha completely off. It cost me around 200 bucks for the web hosting and domain for the site I'm building. It's probably going to suck and it is tedious to make. However, once I get that 1st one done I can move on to the 2nd one with more experience. It's like an obstacle I moved out of my way.
I’m 27, working a luxury retail job (watches) for 5 years (~2 years in middle management position). My annual income is about ~$60-80k per year, NW about ~$600k consists of 30% in RE (appreciation investment), 30% in P2P lending, 15% blue-chip stock, 10% crypto (ETH main weight/BTC) with $250k mortgage. I’m married but no kids yet and live quite comfortably in a rental apartment within a complex with fully-equipped amenities in a developing country. I like my job but constantly looking for a “way-out” to build a business on my own for a year now, since my goal is to be in *GROUP 2* ASAP.
Do you have any advices for business ideas/ecom regarding my portfolio and current job? Thanks a lot in advance BTB!
Well I pretty much double my NW in the last 2 years mostly from the appreciation insanity of RE & stock market. A bit of luck I think.
But if there's an advice I could give it's to start early and when the time comes, be prepared to give the best you got. I was curious about investing from an early age, made the first investment in RE/stock market with my savings and lost it all 5 years ago. I was traumatized by that event and started to learn how to do proper DD in everything I'm interested in. So when the opportunity came (excess cash in COVID situation) I was prepared to hit it hard. Peers who don't have the same kind of experience/preparation as I do ended up being sidelined, didn't hit hard enough or worse getting in while it's a seller's market. Hope it helps.
Day job is an actuary. Price, reserve, and invest for insurance and annuity products.
In 30s w a big family...and playing catch-up as kind of a luddite prior to stumbling on WSP right when you were transitioning.
Thinking on targeting the approaching retirement bracket with finance and health (a big interest). Affiliate first to test it if I can get anyone to site and close sales.
Would love to hear any thoughts.
Also, last 6 months is most fun I've had learning in this community. Appreciate what your doing ser
Actuary is an easily scalable biz you automate your calculations and sell it. Should be software honestly just you checking the work. That's actually a niche that seems easy to scale if you already have some customers
Similar model here but no existing customers. Don't want to shill website here but it helps users get out of losing clown stocks using simple options (minimize breakeven using algo) to get 100% cash out.
Should I go paid ads, affiliate sites/Twitter accounts, or other means? Having trouble making first organic online buck.
Thanks for everything - your work has encouraged me to learn full-stack web dev, copy, etc. from scratch.
Not enough info. The problem with financial services is that it's one of the worst niche businesses. Most start ups will run at massive losses to gain share and you'd have to run at massive losses. Without more info we have no idea, on a glance sounds like it isn't a great market to be honest
The passage about becoming a doctor or lawyer is harsh but true. If you want to have a terrible lifestyle and work 80+ hours per week do something with a higher wealth ceiling than medicine. It’s basically a guaranteed upper middle class life, which might sound good to some but it’s probably the worst bracket to be in.
It's just math. We always found it odd that people would get extremely upset by these types of comments. We never state "don't become a doctor" we state "don't become a doctor/lawyer if your goal is to become ultra rich". They are not the same at all
The rich doctors I know own a practice with multiple doctors. They also either own a research firm, a lab, or for the surgeon, he improved upon his main procedure, taught it, and got hospitals in a bidding war for his practice.
You guys even assumed an ultra-short residency (usually 3-5 years at ~$60k USTT after the MD) along with no debt to steelman the 'wealth as a doctor' argument.
If they’re following this sub stack then it’s fair to assume they want advice on how to become rich. Same thing if someone is reading Felix’s book. You’re really stacking the deck against yourself if you don’t pick the right field early, but I’m hoping to be one of the exceptions that makes it to degen island anyways
Yep people read these things and think it's "insecurity" or "negativity" they have no idea who is on the other side of the screen. Also the math doesn't check out and the math is always right.
Love your work! 32 yo doctor (medical oncologist) currently undertaking a laboratory PhD looking at CRISPR genome editing. Goal was to become a clinician scientist/key opinion leader and help people this way. Increasingly agree with your thoughts about making a difference with money and anon. No college debt and am working 60-80 hour weeks currently to keep up a target of 12,000 australian token/month. Assets: 200k (illiquid, home), 0.5 BTC/2.5 ETH (will buy LINK today), 8k index funds. 35k in savings.
Ultimate goal of financial freedom for family. Love my job as a doctor but non-scalable income in traditional model and want to get to a point where not working for money. Question regarding how to develop another stream of e-income anonymously. With my background; would it be better to trade time for services or products (i.e senolytics etc)?
Just like the other guys in here you should probably start your own practice. Eventually have to start your own biz is how the medical guys get really rich.
getting a MD/PhD was your first mistake (just being honest, you will never get those years up on years back). If you want to go for broke, then attempt to start some biotech firm. Otherwise cut your losses, go into clinical care, and open your own oncology clinic. (onc is where the money is, not heme)...
Certain specialties have more potential than others. Essentially the goal is to own an ambulatory surgery center. As felix says, equity is everything. ambulatory surgery centers print money (easy 1-1.5m/year) with 60-70 hours/week. And on top of that you can sell when you are done with your career for multiple millions. Lot of doctors just don't want to put in the extra work to run their own practice and surgery center. They are tired after a long residency/fellowship and take the easy carrot at the end of the stick offered by the hospitals. Only certain specialties does this apply to: ortho, pain, Ophthalmology, GI. If you are just working for a hospital as a wageslave cuckdoc, then definitely NGMI...
Also all the things about being laid off, fired etc... don't apply. No doctor ever gets fired unless something grossly negligent like patient care while drunk. Also add to the above you get a cut off the new partners when they are coming into the practice. Like most things, medicine is what you make of it. Also have a side biz doing telemedicine for about 1-2 hours per day that brings in 50-150k/year and keeps the skills fresh
Pharmacist here working in an outpatient setting at a hospital. Just came across BTB this year and feeling the NGMI urgency. About to hit 35 and have been searching for ways to create additional income streams. Stuck thinking how to leverage my career for an online business? Secondly, if starting now from scratch, would you pursue selling your own products online or affiliate marketing with niche websites?
Appreciate the straightforward content, I’m accepting the hard truth and trying to pivot going forward!
calculate how much you will pay for an MBA + all the other expenses in the meantime due to it(dorm, books etc) and put that money in starting a business, you'll learn more and if it succeeds you will have an income source, if it doesn't you will have gained knowledge, experience and a badge of honor for your next venture.
"You find the most monetizable skill you have and run in that direction."
Bullseye. Recently started learning webdesign with future plan to learn python and solidity.So that can take advantage of all the new possiblities web3 will offer this next decade.
Just had this thought, an hour ago. Why am I doing this?
Was shamed to admit it/think about it, that its purely for money reasons.
Now after rereading that para, a few times.
I am in it only for the money and the flexibility of WFH.
I want to be rich and will learn profitable skills to make it.
I will end up in all three groups. Starting a commission sales job this week, has a lot of upside. Could make up for lost time in my early twenties. I've got an edge because of my copywriting experience(Or so I think). We'll see what happens
Best of luck!
Great post. Thank you very much!
30 years. Living in 3-rd world country, working in international sales.
As a side grew 2 Youtube channels with 30K+ subscriptions in my native language. Last half-year working on creating private label consumer product (vaping industry). Hoping to start selling in 2-3 months.
Additional skills: speak 5 languages, public speaking (stand-up comedy). How could I monetize these additional skills with Youtube channel growth experience in your view?
Thank you very much!
If you're good at growing youtube then you should be able to make a killing with sponsored posts and affiliate links
Incredible story. I'm trying to do the YT channel thing now. How long did that take you to get to 30k subscribers? Was it worth it? How much money does it make a month? Thanks BTY.
It all depends from the niche. I will use the channel as a sales funnel for my consumer product.
I wrote for the Cartoon Avatars short guide on Youtube.
(Get WeTransfer link before expiration https://we.tl/t-h73FC2cwXR)
Thanks buddy
Late 30s, married with one child, I'm a nurse anesthesiologist, bring in a decent US token trash salary. This is unique, high demand skill but is fee for service. How can I scale this skill to the online world? Or do I develop another skill and scale that? Really starting to think I'm NGMI starting too late.
Also, try for 360k
1/3 taxes, 1/3 life, 1/3 investing
10k/month @ 8% for 15 years is 3mil
Then sell the 400k biz for 5X earnings for the last 2 mil.
(Excluding capital gains)
Unsure about online, but you can pivot to starting an infusion clinic. Ketamine, iron, b12 vitamin. There actually is a guy out in LA who gives IV infusions to prevent hang overs the next morning. Google hangover heaven
I’ve thought about this avenue, Botox as well. Problem depends on location, currently live where there is “physician supervision” requirements, might have to give a kickback for paperwork signatures and give a cut of profits. Thanks for the feedback.
Yeah you should create a services based company. At home botox/dysport is a legit idea
Thanks for the official bow tied bull blessing
Single and in my late 20's. Job is in the real estate finance arm of an investment manager. $160K+ annual salary. Additional skills include sales. Reading up on copywriting right now as well. Have tried to break into E-commerce (clothing) but have had troubles with Facebook ads banning/restricting my account. Looking to scale an online business but trying to figure out the most viable option for doing so.
Sounds like you should go into something RE based since that is where you have knowledge. Clothing seems entirely out of left field
I’m currently stuck in my 9-5 excel hell desk job and have begun applying for sales jobs in the tech/software industry. My search parameters are pretty broad as I’m just looking for 100% remote and uncapped commissions. Should I narrow that down to something more specific within tech? Like only SaaS? Also, with only a couple years of prior sales experience in an unrelated industry, can I afford to be picky or just go with the first offer and upgrade later when something better comes up?
Blanket apply to everything, you don't have a relevant question until you have offers.
Not trying to be rude here but until you have real viable options you're just wasting time. Apply for everything get offers and come back with those.
There are no options currently if there are no offers on the table
Not rude at all. I appreciate the response.
Best of luck sir, once you have a few options come back happy to help you choose. Brainstorming scenarios is just a waste of time (day dreaming)
Hey guys... started reading last year and I took a lot of the learnings from Efficiency to heart.
Quit my job in O&G Engineering earlier this year for a career in tech sales, starting as a solutions consultant with a pretty solid salary + commission. Angling to move to straight sales within 1-2 years.
No questions at the time, focusing full time on setting up an e-commerce site and getting that going. Appreciate the advice/guidance, deeply indebted to y'all.
See y'all on the island!
Physician with knowledge of cancer treatments, more importantly can integrate ongoing clinical trials info. Are there successful medical education (not advice per se) avenues for business? Re-packaging info so patients can discuss with their doctors? Or fraught with liability issues?
If you could replicate the “Chris beat cancer” online presence and win over that community you would save lives and make money
How do I turn SEO skills into a scalable online business?
Currently working full-time (remote) SEO job, doing freelance work for clients + learning to code in spare time. Best path = create a niche SaaS SEO-related business?
https://bowtiedopossum.com/
Theres also a thread from @BowtiedPlankton on an earlier post somewhere too.
Yep that works. Tons of people want SEO help so you can start with consulting in addition to your full time job
Thank you!
Ty for this
Alright I definitely don't know what the date means. I thought it was some reference to Soylent green the movie. Hahahaha completely off. It cost me around 200 bucks for the web hosting and domain for the site I'm building. It's probably going to suck and it is tedious to make. However, once I get that 1st one done I can move on to the 2nd one with more experience. It's like an obstacle I moved out of my way.
Hahaha no worries it's for fun you'll see
24 from a 3rd world country. Skilled at copywriting and working with international clients to sell digital courses and e-commerce products.
Focusing on that as my monitizable skill/career.
Now making anywhere from $1,500 to $5,000 per month.
It helps that I speak a little bit of French, Spanish and Chinese.
Upside of my country is there’s no taxes so I get to keep all the income.
Downside is that purchasing power is low, it’s a shitty place to live and it almost impossible to find a job that pays more than $500 a month 😂
Any advice on turning this into a $100k per year career?
Hi BTB!
I’m 27, working a luxury retail job (watches) for 5 years (~2 years in middle management position). My annual income is about ~$60-80k per year, NW about ~$600k consists of 30% in RE (appreciation investment), 30% in P2P lending, 15% blue-chip stock, 10% crypto (ETH main weight/BTC) with $250k mortgage. I’m married but no kids yet and live quite comfortably in a rental apartment within a complex with fully-equipped amenities in a developing country. I like my job but constantly looking for a “way-out” to build a business on my own for a year now, since my goal is to be in *GROUP 2* ASAP.
Do you have any advices for business ideas/ecom regarding my portfolio and current job? Thanks a lot in advance BTB!
Create a services business around luxury watches, that market is dominated by bob's you should be able to carve a niche
Wow how do you manage to get 600k in NW with 80k/year? Just asking out of curiosity, maybe I can learn something.
Well I pretty much double my NW in the last 2 years mostly from the appreciation insanity of RE & stock market. A bit of luck I think.
But if there's an advice I could give it's to start early and when the time comes, be prepared to give the best you got. I was curious about investing from an early age, made the first investment in RE/stock market with my savings and lost it all 5 years ago. I was traumatized by that event and started to learn how to do proper DD in everything I'm interested in. So when the opportunity came (excess cash in COVID situation) I was prepared to hit it hard. Peers who don't have the same kind of experience/preparation as I do ended up being sidelined, didn't hit hard enough or worse getting in while it's a seller's market. Hope it helps.
Day job is an actuary. Price, reserve, and invest for insurance and annuity products.
In 30s w a big family...and playing catch-up as kind of a luddite prior to stumbling on WSP right when you were transitioning.
Thinking on targeting the approaching retirement bracket with finance and health (a big interest). Affiliate first to test it if I can get anyone to site and close sales.
Would love to hear any thoughts.
Also, last 6 months is most fun I've had learning in this community. Appreciate what your doing ser
Actuary is an easily scalable biz you automate your calculations and sell it. Should be software honestly just you checking the work. That's actually a niche that seems easy to scale if you already have some customers
Similar model here but no existing customers. Don't want to shill website here but it helps users get out of losing clown stocks using simple options (minimize breakeven using algo) to get 100% cash out.
Should I go paid ads, affiliate sites/Twitter accounts, or other means? Having trouble making first organic online buck.
Thanks for everything - your work has encouraged me to learn full-stack web dev, copy, etc. from scratch.
Not enough info. The problem with financial services is that it's one of the worst niche businesses. Most start ups will run at massive losses to gain share and you'd have to run at massive losses. Without more info we have no idea, on a glance sounds like it isn't a great market to be honest
Appreciate the reply and honesty. Emailed you the pertinent info.
The passage about becoming a doctor or lawyer is harsh but true. If you want to have a terrible lifestyle and work 80+ hours per week do something with a higher wealth ceiling than medicine. It’s basically a guaranteed upper middle class life, which might sound good to some but it’s probably the worst bracket to be in.
It's just math. We always found it odd that people would get extremely upset by these types of comments. We never state "don't become a doctor" we state "don't become a doctor/lawyer if your goal is to become ultra rich". They are not the same at all
The rich doctors I know own a practice with multiple doctors. They also either own a research firm, a lab, or for the surgeon, he improved upon his main procedure, taught it, and got hospitals in a bidding war for his practice.
None of them got rich from being 'just' a doctor.
You guys even assumed an ultra-short residency (usually 3-5 years at ~$60k USTT after the MD) along with no debt to steelman the 'wealth as a doctor' argument.
If they’re following this sub stack then it’s fair to assume they want advice on how to become rich. Same thing if someone is reading Felix’s book. You’re really stacking the deck against yourself if you don’t pick the right field early, but I’m hoping to be one of the exceptions that makes it to degen island anyways
Yep people read these things and think it's "insecurity" or "negativity" they have no idea who is on the other side of the screen. Also the math doesn't check out and the math is always right.
Love your work! 32 yo doctor (medical oncologist) currently undertaking a laboratory PhD looking at CRISPR genome editing. Goal was to become a clinician scientist/key opinion leader and help people this way. Increasingly agree with your thoughts about making a difference with money and anon. No college debt and am working 60-80 hour weeks currently to keep up a target of 12,000 australian token/month. Assets: 200k (illiquid, home), 0.5 BTC/2.5 ETH (will buy LINK today), 8k index funds. 35k in savings.
Ultimate goal of financial freedom for family. Love my job as a doctor but non-scalable income in traditional model and want to get to a point where not working for money. Question regarding how to develop another stream of e-income anonymously. With my background; would it be better to trade time for services or products (i.e senolytics etc)?
Just like the other guys in here you should probably start your own practice. Eventually have to start your own biz is how the medical guys get really rich.
getting a MD/PhD was your first mistake (just being honest, you will never get those years up on years back). If you want to go for broke, then attempt to start some biotech firm. Otherwise cut your losses, go into clinical care, and open your own oncology clinic. (onc is where the money is, not heme)...
Certain specialties have more potential than others. Essentially the goal is to own an ambulatory surgery center. As felix says, equity is everything. ambulatory surgery centers print money (easy 1-1.5m/year) with 60-70 hours/week. And on top of that you can sell when you are done with your career for multiple millions. Lot of doctors just don't want to put in the extra work to run their own practice and surgery center. They are tired after a long residency/fellowship and take the easy carrot at the end of the stick offered by the hospitals. Only certain specialties does this apply to: ortho, pain, Ophthalmology, GI. If you are just working for a hospital as a wageslave cuckdoc, then definitely NGMI...
Also all the things about being laid off, fired etc... don't apply. No doctor ever gets fired unless something grossly negligent like patient care while drunk. Also add to the above you get a cut off the new partners when they are coming into the practice. Like most things, medicine is what you make of it. Also have a side biz doing telemedicine for about 1-2 hours per day that brings in 50-150k/year and keeps the skills fresh
Pharmacist here working in an outpatient setting at a hospital. Just came across BTB this year and feeling the NGMI urgency. About to hit 35 and have been searching for ways to create additional income streams. Stuck thinking how to leverage my career for an online business? Secondly, if starting now from scratch, would you pursue selling your own products online or affiliate marketing with niche websites?
Appreciate the straightforward content, I’m accepting the hard truth and trying to pivot going forward!
mba useful at all?
calculate how much you will pay for an MBA + all the other expenses in the meantime due to it(dorm, books etc) and put that money in starting a business, you'll learn more and if it succeeds you will have an income source, if it doesn't you will have gained knowledge, experience and a badge of honor for your next venture.
Thank you for your feedback