My Story: How AI Made Me a Millionaire at 20 Years Old

Joe Popelas
12 Apr 202309:49

TLDRJoe, a 20-year-old entrepreneur, shares his journey to becoming a millionaire with the help of AI. Starting with a hobby in music and a failed attempt at dropshipping, Joe eventually found his calling in AI consulting. After securing access to GPT-3, he established his firm, Lucio Profit, in May 2022. Despite initial struggles, Joe persisted and found success by leveraging AI to generate books quickly, capitalizing on market trends. By reinvesting his earnings into advertising and focusing on original content over PLR (Private Label Rights) books, Joe's strategy paid off. He experienced exponential growth, reaching his first profitable day in October and hitting his first 1K day in December. Joe emphasizes the importance of staying quiet about one's ventures to avoid premature failure and the need for discipline and a long-term perspective when balancing education with business endeavors. His story highlights the potential of AI in business and the power of persistence and strategic planning.

Takeaways

  • 🎓 Joe graduated high school in 2020 and started exploring different business opportunities.
  • 📈 After failing at dropshipping and losing money, Joe moved on to university and contacted Greg Brockman at OpenAI for GPT-3 beta access.
  • 💡 Joe received GPT-3 access and began to understand the potential of AI for business models but was initially too busy to act on it.
  • 🚀 In May 2022, Joe founded Lucio Profit, an AI consulting firm, and started with small clients which were discouraging at first.
  • 📚 Joe had the idea to generate books with AI after consulting with a publishing company, seeing the potential in creating timely and original content.
  • 🔥 Joe's business model involved quickly creating books on trending topics, giving him a competitive edge in the market.
  • 💰 He invested his earnings from his minimum wage job into advertising, which initially resulted in losses but eventually became profitable.
  • 📈 Joe's sales started small but grew exponentially, reaching his first $1K day on December 28th.
  • 🤫 Joe kept his success quiet, believing that talking about a business can lead to a false sense of accomplishment without action.
  • 🏫 Balancing school and a growing business was challenging for Joe, who had to manage his time and priorities effectively.
  • ⚖️ Joe learned the importance of not putting all his efforts into one venture and maintaining a long-term perspective despite immediate financial gains.

Q & A

  • What was the year Joe graduated high school and started his entrepreneurial journey?

    -Joe graduated high school and began his entrepreneurial journey in the year 2020.

  • What was Joe's initial hobby that he picked up during the summer after graduating high school?

    -Joe's initial hobby was music making.

  • What was the outcome of Joe's attempt at Drop Shipping?

    -Joe's attempt at Drop Shipping was unsuccessful, resulting in a loss of approximately 6,000 dollars.

  • How did Joe get access to GPT-3 for his AI projects?

    -Joe contacted Greg Brockman at OpenAI and asked for GPT-3 beta access, which was granted for him to work with a team of nine developers on use cases.

  • What was the name of Joe's AI consulting firm that he started in May 2022?

    -The name of Joe's AI consulting firm was Lucio Profit.

  • How did Joe's business perform in terms of clients during the first two months after starting Lucio Profit?

    -In the first month, Joe landed one client, and in the second month, he landed three more, although they were all small clients.

  • What was the pivotal moment that led Joe to start generating books with AI?

    -The pivotal moment was during a consultation with a publishing company that wanted to integrate GPT-3 into their tech stack, which inspired Joe to start generating books with AI.

  • Why did Joe decide against using private label rights (PLR) for his book generation?

    -Joe decided against using PLR because the books had been sold thousands of times, lacked originality, and were not suitable for niches that were about to trend, making them less effective for the current market.

  • How did Joe fund his initial marketing efforts for his book generation business?

    -Joe funded his initial marketing efforts by investing money he made from his minimum wage job, consultation fees, and ghost production into Pinterest ads.

  • On what date did Joe's book generation business become profitable for the first time?

    -Joe's book generation business became profitable for the first time on October 3rd.

  • What was Joe's strategy for scaling his business while still attending school?

    -Joe struggled with balancing school and business, but he aimed to maintain a routine and discipline himself to focus on his education while also working on monetizing his skills.

  • What advice does Joe give regarding discussing one's business ideas with others?

    -Joe advises staying quiet about what you're working on to avoid embarrassment in case of failure and to prevent the dopamine rush of anticipating the outcome, which can detract from taking action.

Outlines

00:00

🚀 Entrepreneurial Journey with AI

Joe, a 20-year-old entrepreneur, shares his story of becoming a millionaire with the help of AI. It all began in 2020 after his high school graduation when he tried his hand at music production and dropshipping, but failed. Despite the setback, Joe moved on to university and reached out to Greg Brockman at OpenAI for GPT-3 beta access. His request was granted, and he began to explore AI's potential for business models. Joe's venture into AI consulting started with small clients, but he persisted despite initial discouragement. His breakthrough came when he met with a publishing company and the idea of generating books with AI struck him. He realized he could create books quickly to capitalize on emerging trends, giving him a competitive edge. Joe's strategy involved creating original content that was timely and relevant, setting him apart from others selling pre-existing, often outdated, books. Despite facing challenges, such as a part-time job and balancing school, Joe's dedication and strategic use of AI led to significant financial success.

05:01

📈 Scaling Success with AI Book Generation

Joe recounts the financial ups and downs of his AI consulting business, which eventually led to a profitable model. Initially, he invested heavily in Pinterest ads, even experiencing a loss of about two thousand dollars before turning a profit. His first profitable day came on October 3rd, marking a pivotal moment in his entrepreneurial journey. As his business grew, Joe rebranded, which coincided with a significant increase in sales. His strategy of creating books quickly to capitalize on market trends proved successful, leading to exponential growth. Joe reached a milestone of his first 1K day on December 28th. Despite his success, he chose to keep his achievements quiet, focusing on action rather than talk. He emphasizes the importance of discipline and routine, especially when juggling school and business. Joe's narrative highlights the challenges of balancing education with entrepreneurial pursuits and the importance of not putting all your efforts into one venture. His story serves as an inspiration for others looking to leverage AI for business success.

Mindmap

Keywords

💡AI

Artificial Intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. In the context of the video, AI played a pivotal role in the creator's journey to becoming a millionaire by enabling him to generate books quickly and capitalize on market trends.

💡Drop Shipping

Drop shipping is a retail fulfillment method where a store doesn't keep the products it sells in stock. Instead, when a store sells a product using the drop shipping model, it purchases the item from a third party and has it shipped directly to the customer. In the video, the speaker initially tried drop shipping but failed, losing $6,000.

💡GPT-3

GPT-3, which stands for 'Generative Pre-trained Transformer 3,' is a language model developed by OpenAI. It is known for its ability to generate human-like text based on given prompts. In the video, the speaker gained access to GPT-3 beta and used it to work on various use cases, which eventually led to his success in generating books with AI.

💡Amazon FBA

Amazon FBA, or Fulfillment by Amazon, is a service offered by Amazon that allows individuals and businesses to store their products in Amazon's fulfillment centers, and Amazon directly handles the storage, shipping, customer service, and returns. The speaker mentions trying Amazon FBA among his side projects, indicating his exploration of different business models.

💡AI Consulting Firm

An AI consulting firm provides expert advice and services related to the implementation and utilization of artificial intelligence technologies. In the video, the speaker started his own AI consulting firm called Lucio Profit, which played a significant role in his financial success.

💡Product Creation

Product creation refers to the process of designing, developing, and bringing a new product to the market. In the context of the video, the speaker leveraged AI to rapidly create books, allowing him to respond quickly to market trends and outpace competitors.

💡PLR (Private Label Rights)

Private Label Rights (PLR) are a set of rights to a product that allow the buyer to modify, rebrand, and claim the product as their own. The speaker discusses PLR in the context of book sales, noting that while it can be a viable method, the dated nature of PLR books can make them less effective in a rapidly changing market.

💡Pinterest Ads

Pinterest Ads are a form of online advertising where businesses can promote their products or services on the Pinterest platform. The speaker invested his earnings from his minimum wage job into Pinterest ads to promote his books, which was part of his strategy to drive sales.

💡Monetization

Monetization is the process of converting potential earnings into actual revenue from a product, service, or concept. In the video, the speaker's journey involves monetizing his knowledge and skills in AI to generate income through book sales and consulting services.

💡Minimum Wage Job

A minimum wage job is a position that pays the minimum amount of money required by law or a negotiated amount in a contract. The speaker worked a minimum wage job while simultaneously building his business, illustrating the challenges of balancing traditional employment with entrepreneurial pursuits.

💡Scaling

Scaling refers to the process of increasing the size, scope, or capacity of a business operation. In the video, the speaker contemplates the scalability of his business while facing the constraints of being a student, highlighting the dilemma between focusing on education and growing his venture.

Highlights

Joe became a millionaire at the age of 20 using AI technology.

His journey started in 2020 after high school graduation with a music making hobby.

Joe experienced failure in Drop Shipping, losing $6,000.

He reached out to Greg Brockman at OpenAI for GPT-3 beta access.

Joe got accepted for the beta program and began exploring AI's potential in business.

He started an AI consulting firm called Lucio Profit in May 2022.

Initially, Joe landed small clients which were discouraging.

Despite failures, he remained persistent and continued his efforts for six months.

Joe worked a part-time job while running his consulting firm during its early stages.

A consultation with a publishing company led to the idea of generating books with AI.

He leveraged AI to create books quickly, capitalizing on market trends.

Joe outsourced the book creation process to stay ahead of competitors.

He invested his earnings from his minimum wage job into Pinterest ads.

Joe's first profitable day was on October 3rd, making $23 in sales.

His brand originally named 'Boundless' was pivotal in his success.

Sales grew exponentially, reaching his first $1,000 day on December 28th.

Joe recommends keeping business endeavors quiet until they are successful.

He emphasizes the importance of action over talking about business ideas.

Balancing school and business was challenging but achievable with discipline.

Joe warns against putting all efforts into one business model, citing his past experiences.

His success with AI books is attributed to understanding and leveraging the technology correctly.