Matt Higgins, a self-made millionaire, CEO of RSE Ventures, and guest star on ABC's "Shark Tank," suggests that artificial intelligence (AI) isn't merely a tool for completing assignments or tweaking your images and videos. It could be your future income stream if harnessed properly.
"AI will revolutionize wealth creation, as it doesn't discriminate based on your birthplace, financial status, or educational credentials," states Higgins. He foresees AI tearing down existing barriers hindering people from financial progress and pursuing their economic dreams.
While this might seem overly optimistic considering the current capabilities of generative AI tools like ChatGPT or Midjourney, PwC's recent report indicates a booming AI market in the coming decade. The market, currently worth nearly $100 billion, is projected to contribute $15.7 trillion to the global economy by 2030.
Higgins reassures, "This doesn't mean you have to seize it right now or lose out. However, there's no better time than now to make the most of this opportunity."
Here are three strategies to monetize AI now, according to experts, including a future prospect that's not yet ripe.
Freelancing
If you're skilled in writing, graphic design, or editing photos and videos, AI can facilitate turning these skills into profit.
"Whether you're a liberal arts college student contemplating further studies or learning something new, now is the time to expand your AI knowledge," recommends Susan Gonzales, CEO of AIandYou, a nonprofit educating AI skills to marginalized communities.
Existing generative AI tools can assist in drafting business plans or creating digital art. However, it's crucial to meticulously proofread and fact-check the AI-produced content, tweaking it to make it sound more human-like.
Entrepreneurship
Every small business owner with internet access should explore how AI could augment their company's revenue, Gonzales advises.
AI tools can aid businesses in enhancing their operations, managing inventory, studying customer behavior, and acquiring competitive intelligence. Gonzales says, "Small businesses can leverage AI tools to optimize their marketing and advertising strategies, discovering new revenue avenues."
Jacqueline DeStefano-Tangorra, CEO of Omni Business Intelligence Solutions, uses ChatGPT for form-filling during client onboarding. However, she cautions against inputting confidential data into an AI tool due to its learning capabilities from stored data.
Tutoring
While AI tutoring is not in high demand currently, Gonzales anticipates its rise. She believes that gaining a good understanding of AI's workings through available online courses could lead to opportunities in AI tutoring or training for the next generation.
Several institutions, from Harvard University to the University of California, Davis, offer free AI courses covering various aspects such as algorithms and data analytics.
Learning these skills could position you favorably to benefit from the "inevitable" AI revolution, Higgins concludes.