- Steal These Thoughts!
- Posts
- Why you should build a '100 million dollar' skillset
Why you should build a '100 million dollar' skillset
Ross Stevenson
June 4th, 2024
📨 Subscribe | 🤖 AI Training | 🚀 Courses
Today’s Thoughts ☠️
Ahoy there 👋,
We’re back at it again, yet somehow it’s June.
I’ve never known 6 months to fly by so fast. I’m not sure if that’s a bad or good thing. We’re building on the theme of skills from last week’s chat as promised.
I’ve been AI-heavy for a bit and I get that it can feel a little exhausting.
So we’re mixing it up, friend.
The mission of this newsletter is to empower you with the best tech know-how to improve learning and performance. Today is no different.
We’ll explore how to identify your high-value skills and why this is valuable for you whether you’re a 9-5 warrior, consultant or an all-hours entrepreneur.
Get your tea or beverage of choice ready, 🍵.
We've got lots to discuss!
→ Much love to today’s sponsor, Sana ❤️
In today’s chat:
TOGETHER WITH SANA
The time has come to choose your new learning platform.
You know what you’re looking for, but how do you ensure you make the right choice for your employees and the business? It’s not an easy nut to crack.
Klarna's former Head of L&D Rita Azevedo says it all starts with a simple spreadsheet.
THE BIG THOUGHT
How You Can Build a '100 Million Dollar' Skillset
Let me throw a big question your way.
Are you working on building your 100-million-dollar skills?
I'm not saying these skills will magically deposit a cool $100 million in your bank account tomorrow (but wouldn't that be something?).
The term "100-million dollar skills" isn't about actual dollar value (sorry).
It’s a metaphor borrowed from Alex Hormozi to describe the ultra-valuable skills that can elevate your career opportunities and overall wealth. It’s about focusing on the quality of skills, not just quantity.
Why High-Value Skills Matter
Historically, everyone used to craft better opportunities with fancy job titles.
Thankfully, the world has changed.
Niche skills make you stand out—consider these your career currency.
They’re the skills that separate you from the pack. I’m talking about the way you communicate, your ability to think critically, make sound judgments, and how you work intelligently with AI.
Why focus on high-value skills?
I’d hope the answer to this is obvious but I’ll play ball anyway.
Like money, you can compound these skills to unlock better opportunities further down the road. We’re playing an infinite game in a finite space after all. Think of it as investing in a high-yield stock that keeps giving back yearly. Building skills in high demand ensures that you are a key player in your field with an advantage very few possess.
As Tim Ferriss said: “Don’t try to be one of, be the only”.
The 100 million dollar skills principle in action
Speaking of Tim Ferriss, he’s a good example to explore on this.
For those who don’t know, Tim is the popular author and I suppose ‘productivity/self-help consultant’ of the 4-hr books, and his podcast.
Tim’s career began in technology startups in Silicon Valley, a highly competitive environment where efficiency and rapid learning are crucial.
Although he found early success, Ferriss was overwhelmed by overwork and stress, pushing him to seek more efficient ways to manage his time and productivity.
Recognising the need for a change, Ferriss started focusing on what he terms "meta-learning", a skill of learning how to learn efficiently and effectively.
He explored various techniques for time management, productivity, and personal optimisation, aiming to work smarter, not harder. This exploration led to the development of the "4-Hour" concept, which he first applied to his personal health and fitness routines.
I’ve always struggled to clearly define what Tim actually does.
His skill has always felt like ‘Tim Ferris’ because he’s the only one doing the many things he does in the way he does them. Meta-learning sounds much better, though.
How Tim unlocked unique opportunities with niche skills
Ferriss's breakthrough came with the publication of "The 4-Hour Workweek".
A book that encapsulated his principles of lifestyle design and productivity. The book, which details how to outsource life tasks, automate business processes, and design an ideal lifestyle, struck a chord with a global audience tired of the traditional 9-to-5 grind.
Including me, back in 2015.
The success of "The 4-Hour Workweek" transformed Tim from a stressed entrepreneur into a leading voice in life hacking (do people still use this word?) and personal productivity.
His ability to distill complex subjects into actionable advice proved to be a high-value skill, setting him apart from other self-help authors.
Especially at the time because many self-help authors acted like gurus, where as Tim adopted a professor approach of showing, not just telling.
Building on his success, Tim continued to expand his niche skills into other areas, including cooking ("The 4-Hour Chef") and fitness ("The 4-Hour Body"). Each project leveraged his meta-learning skills, showing others how to master complex skills quickly and efficiently.
He also launched a popular podcast, "The Tim Ferriss Show" where he interviews world-class performers from diverse areas to share their experience.
This podcast has run for over a decade with millions of listeners.
Today, Tim Ferriss is recognised not just for his books and podcast but for his unique approach to learning and productivity.
Like I said, he’s kinda known for doing Tim Ferris stuff which no one else is even attempting.
His mastery of meta-learning, combined with his skill in communicating these concepts to a broad audience, has not only built his career but showcases the power of niche skills in creating a successful and influential career.
The 9-5 example
You might read the above example and think “That’s cool but I’m not going to be able to do that”.
I totally get that. Tim is in the 1% of that category.
So, what could this look like for us in the 9-5 game? Let me tell you the story of my pal, Dave. He’s a great guy and works a 9-5 (probably a few more hours here and there) like most of us.
On the surface, you might not think Dave is killing it in the Career Game.
But in reality, he’s crafted a set of skills which has turned him into a in-demand consultant able to command an annual salary of up to $150k. How is he doing this you ask? AI, quantum physics, world class heart surgeon??
No - his skills are niche in Excel and data visualisation.
Were you expecting something sexier? Most people do. Dave is not doing anything revolutionary. He discovered early in his career that people are terrified of excel.
They love the data output and beautiful visualisations, yet seeing rows induced a sense of doom.
Dave didn’t see doom here, he saw opportunity.
He told me “I saw an opportunity to scale something I could do well and tolerate what others couldn’t”. He quickly found his skills in-demand in his first organisation because no one else wanted to tame the beast of excel.
Dave became the Excel and data king 👑.
It turns out, that people will pay kings very well. You could do this too, as could I. Everyone has access to and uses Excel. We all produce data in many apps, yet most of us suck at it. Dave understood that and built his 100-million dollar skillset around that.
You can do this in any job and industry with the millions of apps we each use.
Let’s unpack the blueprint to do that together ↓
How to identify your High-Value Skills
Identifying which skills can catapult your career into that $100-million valuation starts with a good look at your current job and industry.
Ask yourself:
What skills are most admired and rewarded in my field?
Which abilities do top performers in my sector possess that I can develop?
How do my unique insights and capabilities stand out?
The idea is to zero in on skills that add significant value to your work and enhance your unique selling proposition.
Whether it's exceptional project management, innovative problem-solving, or cutting-edge tech proficiency, these are the skills that can define a high-value career.
4 ways to compound these High-Value Skills
Focused Learning: Pick one skill at a time to develop. Trying to master multiple skills simultaneously often leads to mediocrity. If critical thinking is your target, dedicate time to courses, books, and activities that enhance that skill specifically.
Practical Application: Apply what you learn in real-world scenarios. If you're improving your tech skills, work on projects that allow you to use new tools. Real-world application cements learning far more effectively than theory alone.
Feedback and Iteration: Seek feedback from peers and mentors. Understand how your skills are perceived and where you can improve further.
Network and Collaborate: Engage with others who excel in areas you aspire to master. Networking isn’t about swapping business cards anymore. It’s about exchanging ideas and strategies that can help refine your own skills.
Final Thoughts
Building your 100-million dollar skills isn't about adding more to your plate.
Be brutally specific on the 3 - 5 skills that can make the difference in your industry or even cross-industry. Start today, focus deeply, and create your own opportunities.
Oh, and be like Dave.
Till next time.
Enjoy the newsletter? Please forward to a friend. It only takes 10 seconds.
SMART THOUGHTS
🤔 The 2024 LinkedIn Learning insight that all L&D leaders must see
I shared on LinkedIn (meta, I know) what I felt was the most meaningful insight from their 2024 workplace learning report.
Can you guess what it is? Luckily you don’t have to. Discover that and explore why I don’t like the term ‘soft skills’ - a 2 For 1.
💡 How to locate the sources of ChatGPTs answers
Want to double check where ChatGPT is getting it’s info to give you an answer?
Well, rejoice friend because a new feature has arrived for you to verify that trust we so easily give it. Learn how to use this today.
🔥 The Wall Street Journal declares this AI chatbot the ‘best’
Tool comparisons never fail to make me laugh.
They seem way more hysterical in the Gen AI space as it feels like new stuff drops every 5 minutes. I always imagine a continual game of Mortal Kombat between platforms being played out somewhere.
The folks at the WSJ decided to uncover which chatbot is the fairest (and best) in the land. You might be surprised!
How I can help you
My L&D toolkit stack + AI For L&D Lab with 50 zero-cost tools.
Work smarter with AI in L&D with my Crash Course: A 2-hour AI Crash Course for Next-Gen L&D Professionals. Join 300 + students to future-proof your skills and work smarter with practical use cases in L&D.
→ Access all courses at the STT Dojo.Join The Cult of Thoughts 🏴☠️: Get access to exclusive deep dives, events and perks with our premium membership - The Cult of Thoughts 🏴☠️.
Your investment gets you more great content and helps me keep doing this for you until the world’s tea supply runs out.→ Exclusive subscriber-only Monthly newsletter
→ Private catalogue of toolkits and insights
→ Workshops, events and perks
Stalk me on LinkedIn for daily insights, tools and frameworks for modern L&D pros.
Reply