There few ways to make money instead of having a full-time job. A video posted by Ali Abdaal on his channel shows that there other ways that you can make money on yourself.
A video durations 19 minutes posted by him explains the levels of making money and steps that we need to take to make side incomes worth more than our full-time job and that is what he did.
He shows how his journey begins as a full-time doctor and makes side incomes that worth three times more than his full-time job.
He explains what money really is with a poem saying that “Money is a matter of functions four. A medium, a measure, a standard, a store”. That means money is a medium for exchanging value.
Basically there 3 levels of making money online. Level one services, level two is products and three is attentions.
He started with selling services as a graphic designer, moved to sell products, and now the attention that he got on platforms like YouTube that can use it for services and the products.
For the first level, we need to develop a skill that people willing to pay for. These skills such as coding, create a website, video editing, and graphic designing. Next, find people that will pay you money for that skill.
Two types of people that will pay you, in real life and on the internet. When you are better at the skills, you can start to charge people more.
Move to level two, your ability to make money online magnifies a lot. This is because it is not directly tied to the amount of time that you put in like the first level.
There are two ways we can do this, we can either sell other’s people stuff or our stuff. The basis for the first way is dropshipping, act as a third party, we buy it from them and arranged them to ship the products to the customer.
The other way to sell other’s products is with affiliate marketing. This is when you’re selling someone else’s stuff and you’re getting commission from each sale.
Next, selling your own products to customers. This breaks down into three categories, first is physical products. It is quite hard because you need to manufacture it, distribute it, and much more.
The second way is giving access to a website or an app. For example, remove ads from the game and various questions that help them to get into universities and see solutions for the questions.
The last one, the easiest way is selling info products. Selling in for products is like e-books, digital downloads, or online courses.
Now is the last and most important level, level three. The way is by using attention and that’s the attention of people who know, like and trust you completely. Way to do this is by providing content on the internet for free.
In other words is, consistently is the key to build trust between you and your customers. This way is going to take a time where actually you need to reach for people and gain viewers. For example, you already have 1000 people that trust you from watching your free of charge content.
Then, that is the time where you can show all that you sell. 1000 people that trust you will have no doubt to buy it from you because of the trust that you have build from the period of time.
In conclusion, those are the levels and steps that have been broken down by Ali Abdaal on how to make money. The important keys that he tries to deliver are patients and consistent. There is actually no other way or a shortcut in making money.
Source: YouTube Ali Abdaal