#56 Saving 10%, Starting a Successful Side-Hustle, and Specific Resumes by ChatGPT

Welcome back to our loyal readers, and a special welcome to our 60+ subscribers who’ve subscribed since last week.

Whether you’re brand new, have been on the fly since launch, or slot somewhere in between, we are incredibly grateful to have you as a part of the OTF community.

That community, as you already know, is about development:

• Developing as Professionals, Entrepreneurs, and/or Side-Hustlers

• Developing as Wealth Managers and Accumulators

• Developing as Communicators / Networkers

• Developing as Informed Citizens

All in all, developing as well-rounded people suited to thrive in the present with an eye toward a brighter future.

As always, this edition aims to give you some of what you need to take your next step toward that goal.

Enjoy!

Here Are This Week’s Highlights:

💰️ Making Cents of Why You Should Save 10% Every Paycheck

👍️ How ChatGPT Can Craft Job-Specific Resumes

💭 Two Newsletters You’ll Love

➕ Much. More.

Making Cents 💰️ 

Why Should You Save 10% of Every Paycheck?

Short and Sweet: We’re not talking about contributing to a retirement plan here; we’re talking about creating your own separate savings account and putting 10% of every paycheck into it.

If you make $1,000 per paycheck, $100 goes immediately into your savings account. No questions asked. Over the course of six months (assuming bi-weekly checks), that’s $1,200.

What would you do with an extra $1,200 right now?

Why It Matters: Becoming a committed saver helps you learn financial discipline and gives you a nest egg for when unforeseen emergencies or unexpected opportunities arise. See below for more.

💡 Let’s Get Specific: 4 Potential Benefits of Saving 10%

• Financial Discipline: Helps you live within your means by not spending on things you don’t need. Save for bigger, more important purchases.

• Educational Opportunities: Found a course online you want to take? What about a 1 on 1 call with someone in your industry? You can help pay for it with this strategy (maybe even in full). Save to invest in professional development.

• Health and Wellness: Use this strategy as a way to cover the expenses that come with living a healthier lifestyle. Save to invest in your physical and mental well-being.  

• Become A Boss: Need some funds to buy that domain? What about that online store? Saving 10% is a great way to help you launch your business, whether full-time or side-hustle. Save because “you need money to make money.”

Actionable Steps to Take ASAP:

1. Automate It: Set up your bank account to automatically transfer 10% of your paycheck to a savings account. Out of sight, out of mind, and growing. You can do this through your primary bank or via any number of saving/budgeting apps.

2. Budget Makeover: Take a close look at your spending. Small adjustments (like dining out less) can free up more than you think.

3. Round-Up Savings Apps: Use apps that round up your transactions to the nearest dollar and save the difference. It's a painless way to save as you spend on everyday purchases. Google “round-up saving apps” and pick your favorite.

4. Income-Generating Hobbies: Turn a hobby into a small income stream. Use the profits to boost your savings. Extra income means extra savings.

5. Subscription Audit: Conduct a thorough review of all your subscriptions and memberships. Cancel those you don't use or need and redirect those funds into your savings. (It takes 5 minutes on a Sunday to go through what you’re paying for. Allocate this to the 10% portion you need to save.)

DISCLAIMER: We’re not financial advisers, but we do our best to make sense cents of all things money to help you build wealth.)

Hustle Hub 📈 

• YOUR SUCCESS: A 3-step guide to starting a lucrative side-hustle.

• THEIR SUCCESS: Scott wants to retire by 45 - here are the side-hustles that have given him the best chance to achieve his goal.

• YOUR SUCCESS: What not to do on your next resume, courtesy of a former Amazon recruiter.
  

• THEIR SUCCESS: In the spirit of Making Cents, why not SAVING as a hustle? Here are 23 tried-and-true saving habits, courtesy of Buzzfeed.

CROSS OVER CONTENT:
Working with AI 🦾 💪 Digital Networking Hack  

😆 Using ChatGPT to Craft the Perfect Resume

ChatGPT is great for generating and editing text, so of course you can use it to make lines of your resume sound better, but that’s not the focus of this brief tutorial.

There are actually much more important ways that the bot can beef up your next job application.

TL;DR Takeaways:

1. Let the Bot Analyze the Job Description: You can paste the description of the job you’re applying for into the chat and ask the bot to pull the most important details. This will help the AI craft or tweak your resume to fit the description perfectly.
   

2. Let the Bot Build Your Resume From Scratch: If you give ChatGPT the proper information, it can “put together a chronological resume [and] organize into nicely formatted sections.” And again: if the bot already knows the job description, it can generate text that fits the ad.
   

3. Let the Bot Analyze Your Existing Resume: If you don’t want to relinquish the job of writer, then at least turn to ChatGPT as editor. You can paste your entire resume and tell GPT to scan it and offer advice based on the previously-submitted job description. “ChatGPT will dig into all that info and give you great pointers on little tweaks you can make, key stuff you should emphasize, or areas where you should elaborate on your experience. It can help you reshape things so your resume looks like the perfect, personalized fit for what they’ve asked for in the job listing.”

For a deeper dive into these capabilities and more, click here.

O.T.F O.F.T: ONE FINAL THOUGHT

While this article is specifically about resumes, we see no reason this couldn’t work for cover letters or any additional parts of an application as well.

By giving ChatGPT the job description, you are giving it all that it needs to generate a job-specific application that overlooks nothing and emphasizes all the right things.

Just make sure you do one last thing before submitting: re-read and confirm that it all sounds human.

Major Moves 🗞️ 

For anyone who’s new to OTF, our “Major Moves” section isn’t simply a list of the most important stories in the business world.

It’s primary goal is to help you stay informed but focuses most often on positive stories from Fortune 500 companies and startups alike.

🔥 TARGET:

They make money, we overcome greedflation: win-win!

Inflation has impacted all types of spending over the past twelve months with prices up 3.1% overall. While there have been signs of slowing down, there are also people who posit that an economic downturn could be on the horizon.

Target seems committed to doing their part to help: they recently announced a new brand called Dealworthy that “will include about 400 products for around the home” (including clothes, fashion accessories, electronics, and more) with “most of the items ranging between $1-$10.”

Hey, maybe this is yet another way you can save that 10%!

 👀 DIAMONDBACK ENERGY 🤝 ENDEAVOR ENERGY RESOURCES

Talk about a Major Merger

Two Texas-based oil companies are joining forces in yet another move that consolidates the US energy sector: “Diamondback is set to acquire Endeavor in a stock-and-cash deal valued at $26 billion.”

Upon the news going public, Diamondback stock rose nearly 8%.

 🦾 bulletin:

Better news (unless the bots have an agenda)

It’s so hard to find good news these days (though we have a favorite we’re recommending this week - stay tuned!), but Bulletin is hoping to fill that void: “a new app called Bulletin is now turning to AI to help remove clickbait and summarize the day’s news.”

We were fans of Artifact (which is shutting down) for its customizable feeds and other cool features, and it looks like Bulletin has much of the same. Will be downloading ASAP, and we recommend you do, too!

Food For Thought 💭 

Before You Go

We wanted to share a couple of Letters We Love with you. These are not paid ads; we get nothing out of it beyond the joy of sharing great things with our readers. Which is more than enough.

Here are two newsletters that we strongly recommend subscribing to if you haven’t already:

• SUPERHUMAN - This one may be familiar because it is our go-to for all things AI. They do a great job with AI news roundups, deep dive tutorials, quick recommendations of “5 AI Tools to Supercharge your Productivity,” and much more. If you’re into AI (which, as we’ve stressed many times, you should be - it’s not going anywhere), this is the newsletter for you.
  

• INTERNATIONAL INTRIGUE - This is our favorite news newsletter, written not by journalists, but by former diplomats who know the ins and outs of everything they discuss. It does a great job of remaining impartial, reporting facts and offering expert analysis that only an insider could deliver. Like OTF, each story / section is short and sweet, so you can remain informed in your precious spare time.

We hope you enjoyed this edition of On The Fly.

Next week, we’ll be back with a Cool Communicator that will hit home for many, an eclectic Conversation Starters, and a 2-DO to kick March off right. And, as always, Much. More.

See you then.

You are now On The Fly and In The Know.