How to Make Big Money in this Booming Creator Economy Gold Rush

The answer is literally in the history books.

The year is 1850. The smell of money hangs in the air. It’s the Californian gold rush, and everyone wants a piece of the pie. Guess who will be on their way to becoming fabulously rich?

For one, Levi-Strauss, the astute businessman who will start a business in 1853 to sell denim overalls to gold miners. Other businesses that will become rich?

• Retail and entertainment
• Lodging and transportation
• Food
• Laundry
• Brothels, saloons, and gaming houses¹ (see endnotes)

All kinds of businesses are on their way to getting rich. Everyone but gold prospectors. Only the earliest ones made significant profits.

This is the rule of any gold rush: the real money is not in the business — it is in the meta-business.

In marketing, the same dynamic plays out

Facebook et. al. and the social media revolution created new jobs. As social media promotion became a legitimate way to advertise and promote, some really smart people who saw what was coming started to sell themselves as social media managers.

Then, the social media experts appeared. They positioned themselves as advisors, consultants, or specialists. Then came the consultants of consultants. Experts who teach you how to be a social media expert!

This pattern is so predictable, I dare say it is one of the laws of the free market — Each time a new industry appears, the really smart people will start to sell things around that business.

Here’s another one: cryptocurrency. Some people are getting rich trading Bitcoin and other cryptocurrencies. Some people are losing money. Some are also getting scammed with meme tokens.

It is quite difficult, however, to lose money selling courses on crypto— like this one here on Udemy: The Complete Cryptocurrency Investment Course. It’s also quite hard to lose money advertising and promoting it. Or by writing about it.

Content creation is having its Gold Rush moment

It is not entirely clear when the creator economy became vogue. Was it when TikTok started to take off? Was it before that? According to a 2019 LEGO-sponsored poll of 1,000 kids surveyed in the US, UK, and China, more children aspire to be vloggers/Youtubers than astronauts.

So yes, there is a content creation bug going around. And the enterprising are more than willing to sell to the people that have caught the bug. After all, it’s a buyers’ market. No one forces the dreamers to buy dreams.

Burk recognizes this dynamic in his story “Here’s the Thing With Online Writing,”

“Ever wondered why everyone is selling a course about making money on Medium?

Even newbies that only started writing here a few months ago, suddenly launch their own course.

Again, don’t take this as a negative on my part. It’s brilliant because the real money lies in these courses. Or products. Or services.”

Writing is also having its Gold Rush moment

Isn’t it fascinating that there are so many wannabe writers? 81% of Americans want to write a book! Back in my university days, everyone hated turning in essays.

Perhaps people dream of becoming writers because it somehow sets them free from their boring corporate jobs. And then, they believe that they need to sink their money into courses to discover the “secret sauce” behind writing success. Example here: Writing With Flair: How To Become An Exceptional Writer, on Udemy.

Are any of these courses worth it? Maybe. On the infinite vastness that is the Internet, you can find a lot of information — even good ones — for free. I have never paid a single cent for writing courses. What do I know? I probably don’t write very well.

The big secret — the real money is made in selling dreams to dreamers

Most marketers aren’t selling you solutions; they are selling you dreams. If you have a headache from staring too much into a computer screen, what is the solution peddled by marketers? A massage chair? A pill? The simpler solution is to simply get some water and rest, but obviously, marketers cannot recommend that to you and expect to make a profit.

Don’t get me wrong. I have nothing against people selling courses. Having seen what people are willing to buy, I might even make one myself.

Take note — if you’re a content creator, you should be thinking about creating a “meta-offer” to boost your revenue, because this is where the real money is made.

But, if you’re on the other side — if you’re shopping around for a content creation course, it’s in your interest to think critically about what is being sold to you. You should be thinking to yourself:

“Do I really need to buy this course, or can I get started right away?”

It is much easier to indulge in dreams than to do the real work of getting your hands dirty. It is far easier to buy a nice pair of Levi’s overalls than to actually head into the gold mines.

And remember — the one laughing all the way to the bank is Levi-Strauss.

[1] For further reading on the Californian gold rush, check out Wikipedia.

The author writes on a variety of topics. His key topics are Japan, society, culture, modern work, and cryptocurrency, with the occasional fictional story, creative piece, or reflective essay. Discover his most-read stories here.

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