What's a TRANSFERABLE SKILL and why you need it?

a transferable skill is an *intangible skill*

Many people think that tangible skills are the best

Wrong. They can be outsourced

Anyone can learn how to build a financial model or read a graph or Ctrl C,P numbers from SEC filing, do basic arithmetic

If it can be learned in less than a month it’s *not* a transferable skill
Transferable skills are any skills that are unique to you

Some money making transferable skills:
• Sales
• Networking
• Production Improvement
• Basic Maintenance
• Continuity

Let's explore each below 👇

If you’re *good* at sales you will always make $200K+
Emphasis on good

You sell to people with money (primarily older women worried about their fading looks) or you sell extremely expensive items to wealthy men
If you are good at sales you are not selling to your typical middle class man

Why? He is usually a weird frugal guy who refuses to buy anything

You sell to either women or you sell to wealthy men who are willing to pay a premium for high quality products/services

This is similar to sales

Only difference is you don’t need to transfer a feeling

And a lot easier than sales

Become a trusted source of good information

Then? Link two people who will *mutually* benefit
You will collect a commission for doing this

Why? It has a lot of value

If you’re able to realize that Person A needs Person B’s skills...

And you’re the person who figures it out?

That skill cannot be taught. It is valuable and not replicable by a sweatshop in India

This is *largely* overlooked

Many people say “I can’t think of a new idea or product”. So what? Doesn’t matter

What about improving the actual efficiency of the product or business

This is either on the cost side or on the revenue side of the equation!
If you tell a company that you can reduce its costs (Total Cost of Ownership = TCO) by 25% at a cost of just 5%?
They'll hand you money

On the other side... If you can improve their sales funnel that results in a revenue increase of 5-10%? They'll hand you money
You don’t need to recreate the wheel
Make the wheel run smoother

The most obvious example is property management

Create a quick stream of income in a niche neighborhood and managing properties for wealthy individuals

Once you gain the trust of a few wealthy men? They will refer you to other wealthy individuals
Once you’ve gotten the tasks down (insurance, good tenant screening, solid marketing of each rental property) it becomes easy monthly paycheck

Notably you can do this for many other industries as well

Just look at TaskRabbit as an example of outsourced services for menial needs

Ah yes, the holy grail

You affiliate marketers who keep visiting the site from StackThatMoney are all nodding in agreement

You’re able to private label your product and you’ve set up a monthly rebill
All your income comes from the re-bill and gaining the customer is the real headache

The manufacturing of the product is meaningless since anyone can set up the infrastructure in China (even an imbecile can do this!)
The real skill is getting the quality up, getting the sale up and making sure other people don’t try to steal all of your market share

The best example is one everyone knows of... NetFlix
Probably the best re-bill on the planet

We don’t know what you’re good at

Maybe you’re better at creating the product
Maybe you’re better at selling
Maybe you’re better at improving efficiency

We simply don’t know

What we do know however, is that you need to find your niche skills and begin leveraging them
Time is not on your side and if you waste it trying to target meaningless niches you’re going to go belly up in a hurry

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2 May
20 Rules For Your TWENTIES

Thread 👇

This is one of the biggest items on your todo list

Debt is a vice around your wrists that is slowly cutting off your blood circulation, if you don’t release the pressure you’ll be dead before thirty... the Prime of your life
If you are able to spend money on assets that depreciate in value (cars, clothes etc.) you better be debt free and saving large amounts of cash.
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1 May
You learned about Job and Career previously

Now get to know what truly is a BUSINESS

In this situation you leverage all of your skills

Every single talent you have is poured into your business

A business is something that makes money even as you do nothing

Of course if you do nothing for multiple years it will likely die

You’ve created a system that makes money in your sleep

Etch this quote into your brain:
“You are either hardworking or you’re smart. You cannot be both.”
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A CAREER is where you trade performance for money

Let's see how a career is better than a job

A career is a performance based position

Do not be fooled by high salaries or high hourly wages

Even if you’re making $100 an hour, that is only $200K per year

The Company will do everything in its power to prevent you from making more money than that
The deadliest company trick in the book is paying someone *more than they are worth* in the early years (22-27 years old)

Then... proceed to pay them *less than they are worth* as they remain at the Company
Read 10 tweets
1 May
You know what's a JOB

Now, more details about the JOB 👇

A job is only acceptable as a temporary position. You can take a job only under the condition that it is

1) not minimum wage and

2) you can transfer the skills to your future career or business. No exceptions to this rule.
People who are willing to work for free are *begging for help*.

In addition? The only person willing to hire free labor does not have the power to afford *quality* paid for labor.

How are you going to learn from someone who can’t even afford to pay you $15-20 an hour?
Read 7 tweets
1 May
What's the difference between a Job, a Career and a Business?

Trading time for money (Hourly wage or fixed Salary)

Trading performance for money (Income is primarily from performance. Delivering results)

You have created an establishment that will make money while you sleep (product sales, outsourced work flow)
(now do you know what you need to get rich and free?)
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