10 high value money making skills for 2024

As the new year unfolds, many embark on the journey of resolutions, often envisioning significant changes in their lives. 

However, how many resolutions genuinely translate into transformative actions? 

Actions are what bring about changes, so that’s where your focus should be.

In this blog, we delve into a comprehensive guide on high-impact, high-value skills crucial for 2024. 

Here's what we'll cover:

  • The Power of Effective Communication
  • Analytical Skills
  • Problem Solving
  • Learning Investing
  • Risk-Taking and Dealing with Uncertainty
  • Understanding Macro Trends
  • Learning Fast through Structured Thinking
  • Avoiding Distractions by Focusing on What Matters
  • Gaining a Range of Experiences
  • Building Distributions

 

1. The Power of Effective Communication:

Effective communication serves as the cornerstone for personal and financial success. It goes beyond mere language proficiency and high end vocabulary.

It’s about focusing on 3 core steps: 

  • speaking
  • reading
  • writing. 

The key point is that all of these 3 skills are interconnected; one boosts the others.

Working on these helps you structure your thoughts coherently, which is an evergreen skill irrespective of the field that you are in.

How to develop these skills?

Start writing everyday. 

Pick a topic and just spend 15 minutes a day putting your thoughts into words.

Consume content that interests you and then break them down into simple concepts.

The Feynman technique is a learning technique where you absorb a complex topic, break it down and try teaching it in a simple format to others.

2.Analytical Skills:

Analytical thinking, often hailed as a vital skill, involves the ability to read, comprehend, and apply information in a structured manner. 

Merely reading through content is insufficient to apply into your day to day lives.
Rather, you should delve deeper, think mathematically, and create frameworks for better understanding. 
For eg: The book “Zero To One” by Peter Thiel covers the concept of “0 to 1” and “1 to N” type of business.
Upon consuming this content, you should structure your thoughts around which type of business you would build.
This would depend on a variety of personal and professional factors.
But what this does is it helps you present information in an executable format.

How to develop these skills?

You can start by picking up an area of interest and start consuming and analyzing this space. 

Expand your knowledge base.
Seek out different perspectives and analyze how each of them would help you.
You can go further and prepare for analytical exams like CAT, GMAT which test this foundational concept.

3. Problem Solving:

Problem-solving emerges as a pivotal skill which is directly proportional to financial success. 

The key point to remember is that how lucrative your solution/work/business idea will be is directly proportional to the complexity or the number of problems that you solve.
Therefore your focus can be to develop highly niche skills, like artificial intelligence or finance which offer such opportunities.
 
Problem solving primarily consists of 2 things:
  • Identifying a problem
  • Creating definite but varied solutions taking in all sorts of information
  • Generating insights on the solutions.
How can you cultivate this skill?
Start by absorbing complex information daily.
Instead of looking for 1 minute explanation or simplified examples, read information in its raw form.
Use this to create your own opinions and perspectives before consuming other people’s views.
Consuming oversimplified information will ultimately hamper your ability to digest and make decisions.

4. Learn Investing:

Investing is a core necessary skill at this point.

Given the impact of high global debt, rising inflation on our day-to-day lives, Investing is more of a need it is a necessity.

The only way to safeguard your hard earned money is to educate yourself on personal finance and money management.

Understand that money management is a skill of its own and that you need to at least know where your money is going.
Start by doing Systematic Investment Plans and creating your own Investment Portfolio.
Consumer content that helps with these and start doing your own research.

5. Risk-Taking and Dealing with Uncertainty:

Every major decision that you take in your life will come with some level of risk.

There will be pros and cons that you need to account for, so therefore it becomes crucial that you know how to handle these situations.

How to cultivate this skill?

Keep these 2 points in mind:

  • You will almost never have 100% information. Be it when investing, or making a job shift, or starting a new business.
  • A road map and a clear goal helps you deal with uncertainty a lot better.

Learn to make practical decisions based on limited data. 

And take steps to mitigate your risks and have a safety net to protect your downside.

6. Understanding Macro Trends:

The complexity of the world will keep going up, and so will the need for understanding these macro trends.
Macro trends are big-picture changes or patterns that affect a large part of society, often over an extended period.
The ability to read into these trends will massively help you make long term career and personal decisions.
It helps you direct your efforts effectively as per the dynamic of the world.

How to develop these skills?

Learning about macroeconomics (about how the world works) is a foundational step in comprehending macro trends influencing various aspects of life, career, and investment.
Develop opinions on various emerging trends.
This will make decision making a lot easier down the line.

7. Learning Fast through Structured Thinking

The ability to learn fast is highly linked to your ability to think in structures.
Structured thinking involves categorizing information, making it easier to comprehend and retain. 

It’s about breaking down a problem into easier digestible buckets.
This helps massively when consuming and learning new things.

How to develop these skills?

When learning about a new topic, start by breaking it down into buckets.

Bring it out down to its simplest form and start understanding and analyzing instead of just consuming or byhearting.

8. Avoiding Distractions by Focusing on What Matters:

The diminishing attention span is a large concern for the new generations.

Human Attention span in
2000: 12 seconds
Now:  8 seconds

What other business can Jio Financials start considering?

This can be attributed to our need to not feel bored. We tend to crowd our day with small distractions and dopamine hits.
This ultimately disrupts your ability to stay focused.

How to develop these skills?

To stay focused, start by creating a space that is distraction free.

Your workspace should be clutter-free and avoid having your phone next to you.
Limit your screen time and start planning your day ahead of time.
Normalize just sitting still without doing anything.

9. Gaining a Range of Experiences:

At every step of your career or personal journey, you will be able to improve on specific skill sets as per the type of your experience.

Your type of experience can majorly be split into:

1. International:

  • Global exposure.
  • Cultural variety
  • Varying perspectives

2. Intensive

  • Achieved through having your skin in the game
  • For eg: Building a business, Doing your specific job etc.

3. Experiential 

  • Indirect experiences that impact you
  • For eg: From traveling, you get unique experiences that vary massively from the ones mentioned above.

The key point is that these 3 layers ultimately create a type of Concentric Circle.
Your focus should be to look for high level experiences that help you grow gradually.

How to develop these skills?

Use this concept of layered experiences to gain knowledge slowly at each step. 

Understand that all of these experiences play their own role and start implementing and experimenting to gain a wide range of such experiences.

10. Building Distribution:

Distribution in simple terms is the method of getting your message/product/service to the end consumers.
This could be through ads, reaching out to people, or through your own distribution.
Having your own distribution through personal branding or for your business can help you stand out massively.

How can you cultivate this skill?

Online social media platforms like LinkedIn, YouTube, and Twitter are the best way to build such distributions.

It’s not simple, but you can start by talking about things that you truly enjoy.
Instead of looking at it as a money making opportunity, think of it as a community that you are building.

Conclusion

As the in-depth exploration of these skills unfolds, it becomes evident that the journey to financial success is multifaceted. 
Mastery of these skills is not just a pursuit of personal growth but a roadmap to entrepreneurship and other money making skills.
Start by practicing these skills and taking centered action to improve yourself everyday.
Remember that growth does not happen overnight, but through consistent efforts over a long time.

Explore these 10 high-value skills for 2024:

  • Effective Communication: Focus on speaking, reading, and writing coherently.
  • Analytical Skills: Dive deep, think mathematically, and create frameworks.
  • Problem Solving: Develop niche skills to solve complex problems for financial success.
  • Learn Investing: Educate yourself on personal finance and money management.
  • Risk-Taking: Handle uncertainty by making practical decisions and having a clear goal.
  • Understanding Macro Trends: Grasp big-picture changes to make informed decisions.
  • Structured Thinking: Learn fast by categorizing information and breaking down problems.
  • Avoiding Distractions: Cultivate focus by creating a distraction-free environment.
  • Gaining Experiences: Seek diverse international, experiential, and intensive experiences.
  • Building Distribution: Use online platforms to get your message or product to end consumers.

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