With the internet at everyone’s disposal, it has become much easier to look for cash cow online. More and more businesses are shifting into the digital landscape, which compels a lot of people to seek career opportunities online.
This also applies to Machine Learning programmers and data scientists who love Artificial Intelligence, simply known as AI. If you are looking for a new income stream, AI may just be the answer to your worries. Using AI to grow revenue warrants human imagination. It is used in data robotics and analytics to reduce costs and manpower. And although cutting costs may be inescapable at this time, there are a lot of opportunities for you to monetize AI by taking advantage of our ever-evolving world. Since we know that AI presents a big opportunity for generating long-term profits, we will round out some ways on how you can use it to your own advantage. Make sure to scroll further!
Using AI for stock investments
Long-term investors and day-time traders are now using AI to evaluate the market. They now train AI models to monitor the behavior of the market, making it possible to predict the state of the market with a low degree of error. You can also assess the stock values by automated algorithms, which help traders in recognizing which stocks to go for and to avoid.
However, in order to be successful in this risky industry, you first have to study stock’s dividends and return rates. If you are wise enough, you can generate amazing revenues in a day and bring home the bacon. With the help of efficient AI, you are lessening the likelihood of losing your remaining savings, prompting you to start from the ground up again.
Using AI to teach people online
Thanks to the internet, now teaching methods and lessons can be conducted from the four corners of the classroom to face-to-face via webcams. The increasing number of courses developed by data science and AI is prompting more people to learn content and consume it on a paid basis. You can use AI to craft a course—start developing a paid online course or a video series requiring a pay-per-view basis. Make sure your course is relevant to the target market you’re trying to woo. Try to look for courses developed in Udacity and Udemy so you have a benchmark.
Since teaching can be a part-time job, it could stand as a sideline over your day job. However, compensation is low for a busy individual and you may be prone to burnout. Most developers and programmers carry out their teaching duties after a day’s work. So, depending on your schedule, if you think you can squeeze in some time for this, try this out.
Using AI for your freelancing projects
One of the best ways to earn online is to sign up for freelance projects. Freelance has made a name in itself in every corporate discipline, so as a programmer, it’s best to take advantage of it. Freelancing helps cut costs, time, and resources of companies since businesses get certain works done by cheaper labor, although not necessarily for a subpar output. Expect a lot of businesses looking for programmers and data scientists who are knowledgeable about AI.
Since freelancing usually requires a relevant background in AI development and backend programming, rewards range from low to high in terms of compensation. For example, tasks such as data augmentation, AI development, and optimization pay high amounts. Consequently, general tasks such as backend development and fault monitoring only yield nominal amounts. Therefore, before putting yourself out there, make sure you create a brand, be confident in your skills, and price your services well.
Using AI to start your own business
Modern-day start-ups are on all the rage as the best sources of income. However, keep in mind that this requires higher risks to yield higher income. Its high-risk nature is not for the faint of heart, since it’s not a piece of cake. Therefore, unless you are willing to undergo initial risks of investment, planning, management, branding, and so on, do not attempt to start a business.
Aside from your programming skills, you should have a background in managing a small business or get someone who can manage it for you. Should you succeed in this, the need for a second income will be eliminated.