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How Money Works · Veröffentlicht am 25. Juni 2023
Join my newsletter for daily updates and get every video a day early - https://www.compoundeddaily.com/ ----- Edited By: Andrew Gonzales Music Courtesy of: Epidemic Sound Select Footage Courtesy of: Getty Images For sponsorship inquiries, please contact sponsors@worksmedia.group Sign up for my newsletter https://compoundeddaily.com 👈 All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind. #ai #sidehustle #scam ----- A good grift requires people to believe four things. People need to believe it’s credible, people need to believe it will give them wealth or a better life, people need to believe it will be easy and people need to believe the grifter has the secret to making it all work. AI is going to be a better opportunity for scammers than cryptocurrency, and it’s already starting… I don’t need to tell you about chat GPT if you have been anywhere the internet in the last six months you already know all about what it and other programs like it can do… Designing images, writing code and creating content are the most time-consuming tasks in the most hyped-up industries, tech and online marketing. If you pay attention to this space, you will hear about people making enormous fortunes on a daily basis. The challenge is coding, writing and creating digital media takes a lot of effort and requires talent and experience. Someone who needs quick money NOW doesn’t have time to learn about web development or take a photoshop course and AI is the answer to that. New programs can take basic prompts and create viable content which can then be monetized, except it just doesn’t work and idiots on the internet need to stop telling you it does. New AI programs are not going to make you rich and there are four reasons why that happen to line up perfectly with the ingredients that make a great grift. The first reason is that the fields they apparently work in only reward top performers and AI doesn’t produce content as good as the best humans. The most frequently recommended AI hustle is creating fully automated YouTube channels. The business plan is to get chat GPT to write you a video, Midjourney to create a slideshow of visuals and some freemium online software to turn it into a video to post on YouTube and make that sweet ad revenue. To qualify for monetization on YouTube a channel needs a minimum of four thousand hours of watch time and one thousand subscribers. That doesn’t sound like much but less than 1% of channels every qualify for the partner program and this barrier was so challenging for new channels to overcome that YouTube lowered the requirement to three thousand hours of watch time and five hundred subscribers. Even of the channels that gain enough of a following to be monetized most are only making a few dollars a day. It took me and most other creators I speak with [Richard, and Patrick Boyle] more than a year of making content before we were monetized. Making videos is time consuming so letting AI do all the work for you plays well into one of the key ingredients of a good grift, people need to believe it will be easy. The trouble is that AI is just not very good yet and the reason you don’t see many channels run by robots is not because people aren’t trying, it’s because the YouTube algorithm simply isn’t making them as visible because there are better videos made by real creators still putting in effort. You may not like the weird energy of Mr Beast or the Paul brothers but they something much more engaging than an internet word generator, so they get millions of views and the millions of people trying to create automated channels get nothing. Drop shipping is another common grift that has the same apparent advantage which is really its biggest weakness. If you are one of the lucky few that has not had the drop shipping dream pitched to them yet, the business plan is to find overseas companies selling cheap products overseas using websites like Alibaba. People selling drop shipping courses also rarely admit that your customer could also just go on Alibaba themselves and buy the product at the lower price. Creating content using AI runs into all the same problems, it’s pitched as an easy way to build a business or generate side income but it’s never going to compete with the people putting in real effort to bring a better product to market. Well, the lack of competitiveness that a zero barrier to entry business has is just the first problem with thinking AI will magically make you three hundred dollars a day. So it’s time to learn How Money Works to find out how an amazing technology is being turned into the world greatest grift.
