Even Billionaires Think About Starting Side Hustles
In a world where financial independence and entrepreneurial spirit are increasingly valued, even billionaires are not immune to the allure of side hustles. Mark Cuban, the billionaire entrepreneur and investor known for his role on ABC’s "Shark Tank," recently shared his thoughts on what he would do if he were a 16-year-old today looking to make some extra cash. His insights offer a fascinating glimpse into the evolving landscape of work and the opportunities that lie within it.
The AI Prompt Engineering Opportunity
Cuban’s hypothetical side hustle centers around a burgeoning field: AI prompt engineering. In just three steps, he outlines a plan that could not only generate income but also equip young people with valuable skills for the future. First, he would focus on learning how to write effective prompts for artificial intelligence language models like OpenAI’s ChatGPT or Google’s Gemini. This skill is becoming increasingly important as businesses and individuals seek to harness the power of AI for various applications.
The second step in Cuban’s plan involves teaching his friends how to use these prompts for their school assignments. This not only helps his peers but also reinforces his own understanding of the technology. By sharing knowledge, he creates a community of learners who can benefit from AI’s capabilities.
Finally, Cuban would take his skills to local businesses, particularly small- to medium-sized enterprises that may not yet understand the potential of AI. "Doesn’t matter if I’m 16, I’d be teaching them as well," he emphasizes. This approach not only positions him as a knowledgeable resource but also opens up avenues for income through consulting or tutoring.
The Rise of Gen Z Side Hustles
Cuban’s insights resonate with the current trends among younger generations. According to a recent report by LendingTree, more than half of Gen Zers in the U.S. are currently engaged in side hustles. This statistic reflects a broader cultural shift towards entrepreneurship and self-sufficiency. Among the various opportunities available, AI prompt engineering stands out as particularly lucrative. The average pay for AI tutors starts at around $30,000 per year, while full-time AI prompt engineers can earn up to $129,500, according to job board platform ZipRecruiter.
No Degree? No Problem!
One of the most appealing aspects of becoming an AI prompt engineer is that a college degree is not a prerequisite. Instead, what is needed is practice and often certifications to understand how large language models operate. Online courses, such as those offered by Vanderbilt University and IBM on platforms like Coursera, can help aspiring prompt engineers master the basics in as little as a month. This accessibility makes it an attractive option for young people looking to break into the tech field without the burden of student debt.
A Look Back at Cuban’s Early Hustles
Cuban’s own journey into entrepreneurship began long before he became a billionaire. At the age of 12, he sold garage bags door-to-door in his neighborhood outside of Pittsburgh, all to save up for a new pair of basketball shoes. As a teenager, he continued to explore various avenues for making money, selling collectibles like baseball cards, stamps, and coins. These early experiences not only helped him financially but also instilled a strong work ethic that would serve him well in his future endeavors.
During his college years at Indiana University, Cuban diversified his income streams further by bartending, hosting parties with cover charges, and even working as a dance instructor. These varied experiences laid the groundwork for his later success in the business world.
From Banking to Billionaire
After a brief stint in banking post-college, Cuban fully embraced entrepreneurship. He sold his first company, a software startup called MicroSolutions, to CompuServe for $6 million in 1990. His second venture, Broadcast.com, catapulted him into billionaire status when he sold it to Yahoo for $5.7 billion in 1999. Today, Cuban’s net worth is estimated at $5.7 billion, a testament to his relentless pursuit of opportunity.
A Hustler at Heart
Cuban’s journey is a reminder that the hustle mentality is not just for the young; it’s a mindset that can lead to success at any age. "I was a hustler … I have always been selling," he remarked during a 2016 episode of "Shark Tank." His natural inclination to seek out opportunities and create value has been a defining characteristic throughout his life.
Exploring Passive Income Streams
For those inspired by Cuban’s story and looking to create their own side hustles, there are numerous resources available. CNBC offers an online course titled "How to Earn Passive Income Online," which covers common passive income streams, tips for getting started, and real-life success stories. This course can be an excellent starting point for anyone eager to explore the world of side hustles and financial independence.
In a rapidly changing economy, the potential for side hustles—especially in innovative fields like AI—continues to grow. Whether you’re a teenager like Cuban once was or an adult seeking new opportunities, the landscape is ripe for exploration and success.