You can’t help but see or hear about A.I. everywhere you turn. Some people believe it’s the beginning of the end. Others consider A.I. one of the greatest technological advancements and opportunities humans will ever experience.
While no one truly knows where A.I. will take us, one thing is certain: the next generation of millionaires will use A.I. to get ahead.
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Since its public release in November 2022, ChatGPT has become the fastest-growing consumer application in history. 12 It reached 1 million users in just five days and 100 million in two months, a feat that took Instagram two and a half years.
I’ve spent the past few months researching A.I., taking courses, and experimenting with various apps. Today, I want to share four key takeaways:
If you’re wondering who I am, I’m a mechanical engineer, entrepreneur, and software developer. My work has appeared on Entrepreneur.com, and I’m a ‘Top 35 Under 35 Designer.’ Additionally, I have built an 8-figure e-commerce business. So I have a track record of recognizing opportunities and taking advantage of them before it’s too late.
My goal with this article is to help you take advantage of A.I. before it’s too late.
Many people fear A.I. because they believe it will take their jobs. While A.I. will undoubtedly replace some jobs, we haven’t reached the point where it will replace all jobs.
Thankfully, most jobs are still safe, so it’s unlikely that a robot will replace you at work tomorrow. At the same time, A.I. will create millions of new jobs.
Interestingly, many believed A.I. would first replace labor jobs, then white-collar jobs, and finally creative work. However, the opposite has happened.
A.I. software like ChatGPT and MidJourney is surprisingly adept at creative tasks like copywriting, code generation, and image creation. Therefore these are the first jobs at risk.
What makes these A.I. tools so powerful is their user-friendly interface. In the past, becoming a skilled copywriter, programmer, or Photoshop artist required significant effort. But now you can use everyday language to tell ChatGPT or MidJourney what you want to create. And the results are impressive.
While these tools are powerful, they’re not an excuse to be ignorant. Because, as the saying goes, “You can know just enough to be dangerous.”
So ChatGPT can help write a legal contract. But if you don’t understand the law, you’d be a fool to use that contract without having it reviewed by an attorney.
That’s because A.I. is not perfect. It makes mistakes. Therefore, you need to be able to recognize these mistakes and correct them.
With this in mind, it’s important to remember that A.I. is not an easy button. Instead, it’s better to think of A.I. as a powerful tool that can help professionals work more effectively. Here’s an example to give this point some context.
Imagine two individuals: one with no business experience and the other who has been an entrepreneur for ten years.
If the person without experience uses A.I. to start a business, it’s unlikely that they’ll ask the right questions. Furthermore, they won’t recognize mistakes. As a result, they could unknowingly head down the wrong path without knowing it.
In contrast, the person with ten years of experience will ask better questions and get better responses. Additionally, they are more likely to recognize any mistakes made by A.I. As a result, these individuals will leapfrog ahead of the competition.
Ultimately, A.I. is not perfect. The tools require human oversight to identify and correct mistakes. Therefore you need to understand the fundamentals of what you’re doing. And if you keep this idea in mind, A.I. becomes a powerful tool.
At the turning point of every revolution, people resist change and get left behind. For example, the president of Michigan Savings Bank advised Henry Ford’s lawyer against investing in the Ford Motor Company.
His reasoning? He believed horses were here to stay and that the automobile was a novelty and a fad.
I’ve witnessed this problem personally. I watched my grandfather’s generation avoid computers and fall behind younger colleagues. Additionally, I worked at an engineering firm that suffered because they resisted the transition from 2D to 3D drawings.
I’m telling you these stories because getting left behind is your biggest threat in the A.I. revolution. Especially when you consider how quickly the technology is changing.
In the past, it was possible to ignore certain technologies like fax machines for a few years and catch up. But if you ignore A.I., catching up might not be possible. I say this because developers released 600 new A.I. applications in April alone. 3
Here’s the main point. Many fear losing their job to A.I. But I think it’s more likely that you’ll lose your job to a human using A.I.
So you can sit back and watch this happen. Or you can get ahead of the curve by using A.I. to become more valuable.
Given the overwhelming number of A.I. applications, learning them all is impossible. Therefore, you should leverage the most relevant tools to your job or industry. That’s because those who take advantage of leverage win.
Leverage refers to the ability to increase your output for the same input. Let’s consider two examples, starting with labor as leverage.
If you run a one-person business, every hour you work equates to one working hour. But, if you have a team of five, every hour you work is equivalent to five working hours.
Software is also a form of leverage. If you sell physical products, you have to spend time manufacturing each time you make a sale. In contrast, you can create software once and sell it to an infinite number of people without additional effort.
With this concept in mind, resist the idea that A.I. will replace you. Instead, think of A.I. as a tool that can supercharge you.
For example, assume you spend most of your time writing scripts for landing pages. Previously, you would have needed to hire someone to leverage your time. But now, tools like ChatGPT can write most of your scripts for you. This time saving could help you double or even triple your output.
I have used A.I. to help me with my YouTube channel. While I still write my scripts, A.I. helps me convert rough drafts into polished blog articles. Additionally, I’ve used A.I. to help me edit the audio for my videos.
Previously, I needed to surround myself with sound blankets to achieve decent audio quality. But now I can achieve studio-quality recording in any environment using Adobe’s Enhanced Speech A.I.
So, what does this mean for you? For most people, I think ChatGPT is a great place to start. That’s because the tool is powerful and has many uses. After that, find the tools that give you the leverage you need and master them.
If you’re just starting ChatGPT, I’ve created a free Prompt Engineering Guide. This guide will teach you how to ask ChatGPT better questions so you get better responses. I encourage you to check it out.
Unfortunately, A.I. is not a magical shortcut to making millions. You can’t simply ask ChatGPT to build you a seven-figure business while you relax on the beach and travel the world. Jackson Greathouse Fall shared his attempt on Twitter, and his A.I. company seems to have gone nowhere.
That said, A.I. will create opportunities for many to make millions. I believe there are two main approaches you can take.
The first approach is what we discussed earlier: using A.I. as leverage to maximize your earning potential. For instance, if you run an e-commerce business, A.I. can help you respond to emails, build marketing campaigns, and create digital assets.
The second approach involves tackling the problem from the opposite direction. To illustrate this point, let me share a story.
Thousands migrated west, hoping to find their fortune during the California gold rush. But only a small percentage discovered enough gold to become wealthy.
Those who truly profited from the gold rush were the people who sold shovels and pickaxes to those looking for gold. Thankfully, you can adopt a similar strategy with A.I.
In the coming years, countless people will attempt to use A.I. tools to make millions of dollars. Therefore, you can build and sell the tools that people use.
A great modern-day example of this strategy is the company ClickFunnels. To date, more than 100,000 people have used ClickFunnels hoping to achieve financial success. But it’s estimated that less than 1,000 have generated $1,000,000 in revenue (which should not be confused with profit).
In this case, the real winner is Russell Brunson. As the owner of ClickFunnels, Brunson now has an estimated net worth of $40 million.
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