There were a few examples I heard this week which was infesting to think about where there were people who made the majority of their wealth not specifically because of getting paid for the work they do on the job. Instead, having in-depth industry knowledge of a particular industry enables them to see a profitable opportunity that many would fail to immediately see.
The first example was a person who worked at an ordinary retail job at an electronics store. He got paid a close to minimum wage so you would assume he must not have much money or investments. But because of his job he is constantly keeping updated with what is happening in the industry and knowing first hand what the hot items are currently and will be in say the Christmas time. So with that knowledge he actually created a side hustle business where he tries to buy potentially hot items and then resells them for massive profits. He actually made more money doing this than his full-time job at the store.
The other example was with real estate agents where one would normally get some pretty high commissions if they sell a high priced property. However, in some instances I saw that wasn’t actually how one would make the bulk of their income. Instead, they have in-depth knowledge of items such as if a developer will be buying out a specific properties in order to build a high-rise. That can mean your $500,000 suite will be bought out for say $1 million as an example. So with that they make more money buying and flipping properties.
A good example I think on how many times even if you are working in say a very low wage job the level of knowledge and insight you learn about a particular industry can help you make thousands if not millions of dollars should you decide to be entrepreneurial.