Artificial Intelligence (AI) tools are no longer just handy gadgets for completing everyday tasks like editing photos or videos. According to Matt Higgins, a self-made millionaire, CEO of RSE Ventures, and guest star on ABC’s “Shark Tank”, AI has the potential to become the most significant wealth creator in history. Unlike traditional barriers to success, AI doesn’t discriminate based on birthplace, wealth, or education, presenting a unique opportunity for economic freedom.
While it might seem like a daring prediction considering the current limitations of generative AI tools like ChatGPT or Midjourney, the AI market is projected to grow exponentially in the next decade. A recent report from PwC indicates that the AI market is already valued at nearly US$100 billion, and it is expected to contribute a staggering US$15.7 trillion to the global economy by 2030.
So, how can you start capitalizing on AI to earn money right away? Here are two actionable ways, suggested by experts, and a third, soon-to-be-viable option:
Freelance work leveraging AI
If you possess skills in writing, graphic design, or photo and video editing, AI can significantly enhance your productivity and profitability. By augmenting your capabilities with AI tools, you can efficiently produce business plans, digital artwork, and more. However, it is crucial to carefully review and fact-check the output to ensure it aligns with your unique style and doesn’t sound too robotic.
For instance, an AI tool named Jasper is already helping entrepreneurs like Kristen Walters create digital products like workbooks, e-books, and audiobooks. By generating an outline within seconds, Jasper facilitates the creative process, allowing Walters to focus on refining and formatting her work before selling it online. With some freelance gigs paying over $100 an hour, embracing AI can be financially rewarding.
Entrepreneurship empowered by AI
AI can be a game-changer for small-business owners, enabling them to optimize inventory management, analyze customer behavior, and gain a competitive edge. By leveraging AI tools, businesses can target marketing efforts more effectively and identify new revenue opportunities. For instance, ChatGPT can be used to streamline client onboarding by automating form-filling and generating meeting agendas, saving valuable time.
While using AI for business growth is beneficial, it’s essential to avoid uploading confidential information to AI tools, as they store and analyze everything, potentially compromising data security.
AI tutoring on the rise
Though AI tutoring is not in high demand yet, it is expected to become increasingly sought after. As AI adoption continues to rise, there will be a growing need for individuals who can help others maximize the potential of generative AI tools.
To position yourself as an AI tutor, consider exploring online learning opportunities that offer AI courses. Schools like Harvard University and the University of California, Davis, provide free AI courses, giving you a solid foundation in AI concepts, algorithms, and data analytics.
Ultimately, embracing AI and developing AI-related skills can put you at the forefront of this technological revolution. As AI continues to disrupt traditional barriers to success, now is the opportune moment to capitalize on its immense potential. So, whether you’re a freelancer, a business owner, or an aspiring AI tutor, the path to leveraging AI for wealth creation is ripe for exploration.
