Self-Made Millionaire: ‘A.I. Will Be the Biggest Wealth Creator in History'—2 Ways to Use It to Make Money Right Now
Artificial intelligence isn't only a way to edit videos and selfies.
Matt Higgins is a self-made multimillionaire, CEO of RSE Ventures, and a guest on ABC's Shark Tank.
Higgins told CNBC Make It that "AI is going to be the greatest wealth generator in history because it doesn't matter where you are born, if you have money or a PhD." It will remove the barriers that prevent people from moving to higher levels and pursuing economic freedom.
It may seem a bold statement, but given the circumstances.
The limitations of the current generative AI tools
According to analysts, the AI market will grow quickly in the next decade.
Recent Report
PwC. Already valued at
Nearly $100 billion
The global economy is expected to grow by $15.7 trillion between 2030 and 2050.
Higgins said, "It is not that you will never be able to take advantage of this opportunity if you do not act now." It's just that this is your best chance to take advantage of it.
Experts have identified two ways to start making money with AI right away. A third is not yet ready, but could be very soon.
Freelance Work
AI can be a great tool for those who enjoy graphic design, photo editing or writing.
Let's say that you are a student in liberal arts who is considering going back to school or learning something new. Susan Gonzales is the founder and CEO at AIandYou. The nonprofit teaches AI to people in marginalized communities.
AI-generated tools are already available to help you create digital artwork or write business plans. You'll have to fact-check and proofread every word and pixel that an AI tool creates. Then, you can tweak the language, so it sounds more like you and less like a machine.
Kristen Walters, for instance, uses an AI tool named Jasper to create digital products such as workbooks, audiobooks, and e-books.
Walters, an attorney turned publisher and entrepreneur, described her method in
a recent Medium post
Let's say I had an idea for a digital "workbook" to help people who are self-employed manage their finances better. I would use Jasper’s ‘chat’ feature to create an outline for my book. I was asked to "Write an outline for a book titled Money Management for Freelancers.
Walters writes that Jasper created the outline within 30 seconds. She revised and edited it, transforming it into a workbook which she formatted using Canva and then sold online.
There are some freelance jobs that can be lucrative.
Pay over $100 per hour
CNBC Make It reported in May.
Entrepreneurship
Gonzales suggests that every small business owner with access to the internet should learn how AI can boost revenue.
Gonzales says AI tools "can help them improve their business or improve inventory management. They can analyze customer behavior, or gain competitive intelligence," he said. "Small business can use AI tools for more effective marketing and advertising." They can identify new revenue possibilities."
Jacqueline DeStefano Tangorra is the CEO and founder at Omni Business Intelligence Solutions.
Tell CNBC Make It
On Friday, she said that she uses ChatGPT when onboarding clients to fill out the forms.
She uploads the templates she already has to ChatGPT. She then asks ChatGPT to remove the old client data and replace it with the name of the new client and the agreed terms.
She said, "I have an agreement with them in just 10 minutes."
DeStefano-Tangorra uses ChatGPT as well to create meeting agendas that she can share with clients.
Do not upload confidential information into an AI tool
Experts say
You can input anything and it will store, analyze, and learn. Gonzales says that you can experiment beyond this.
She says, "It's wonderful that today we only have to search for 'how can I improve my small business using AI tools?'." The information is available.
Tutoring
AI tutoring, or teaching people to make the most of generative AI tools, is not a highly-demanded job just yet. Gonzales says it will soon be.
She says that there are many opportunities for online learning to learn how AI works. This could then help someone become an AI tutor or do some AI training so they can pass it on to others.
There are many schools to choose from.
Harvard University
You can also find out more about the following:
University of California Davis
The free AI courses range from a few hours to several weeks, and include learning about algorithms, data analysis, and more.
Higgins says that learning these skills will put you in the best position to benefit from what is "inevitable".
Disclosure: CNBC is the exclusive cable network for "Shark Tank."
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