🥊 Mentorship Minute: Monetize Your Programming Skills Part 4

Profitable Python

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Welcome to part 4 on tips you can use to monetize your programming skills. As software developers, our challenge is complicated because not only do we need to understand code, but we must also understand how to monetize our skills. Unfortunately, the resources for learning how to monetize our skills are slim, so I was inspired to make this series for the community. The inspiration for this content comes from the podcast episode Jordan Belfort hosted with Grant Cardone.

Concept #1: The trick about sales

The trick is there is no trick. Everyone you connect with has an interest or need. Your job is to determine what level of interest or need the potential client has. On a scale of one to ten, that person's attention will always sit somewhere on that scale. Until you connect with them, you never know where the potential client sits. Each product you sell will have a different sliding scale of interest.

The other piece of the puzzle is to determine if the person has the authority to make a decision. If you want to see how this works, place yourself in a buyer's position with someone else's offer, and go through their sales process to the point where they ask for payment. Then tell them you need to consult your partner and see how they respond. Going through someone else's sales process is called offer hacking and is highly recommended if you want to get some ideas for how to build your offer. People invest millions of dollars into their sales sequence. You can learn a lot from this process.

Concept #2: Awareness

Each platform you advertise on has its terms of use. Make sure you are abiding by the terms of use. Also, depending on the geographic location of the prospect, there may be rules according to that jurisdiction. Make sure you know how to navigate the environment you operate in and the words you are allowed to use in your sales copy.

Concept #3: Getting rich

You can get rich working hard, but you can't stay rich working hard. The types of investments you make will transition into endgame. Having a plan with the end in mind will help you know when the transition becomes appropriate. The example they had in the podcast was never to buy a single family home. Instead, stack your cash until you can afford a multi-family building then rent where you live from that building along with your tenants.

Concept #4: The purpose of work

Once you have made the money of multiple lifetimes, why should you still work? The consensus on the podcast was an idle mind is the devil's playground. Work keeps you focused, humble, and out of trouble.

Concept #5: Spending cash

If you must buy things that don't make cashflow, make sure to use the money from your existing cashflow. The rule is, do not use the money you work hard to purchase silly crap.

Concept #6: How to make money

The making of money only occurs when a negotiation becomes materialized, and both parties formalize the agreement. Once the opportunity to negotiate is over, the moment to renegotiate is not likely to appear again, if ever. I have personally experienced this where an agreement was made and very quickly. I found out I undersold myself. Know your worth, put your energy into the negotiation.

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