Do THIS to Make $10,000 as a Student

Summary

Highlights

• Avoid risky ventures like trading where loss is common, and profit motives are not aligned with beginners' interests. 🚫📉
• Service-oriented models bring higher perceived value or leverage, crucial for maintaining steady cash flow. 🔄📈
• Build expectations over years, not months, to align with realistic career growth and avoid disappointment. ⏳💼
• Graduating to a $10,000 monthly income requires aligning identity with financial goals to sustain and grow beyond initial success. 🚀🤑

Key Takeaways

• Choose a sustainable 'vehicle' or income stream that minimizes risk. Avoid trading businesses that might profit from your losses. 🚫💸
• Service-based businesses offer more flexibility and quicker cash flow compared to product-based ones due to immediate return opportunities. 💼✨
• Patience is key; success doesn't happen overnight. Set career goals measured in years rather than months for a more realistic expectation. 📅⏳
• After reaching financial milestones, focus on maintaining and elevating those earnings, learning from 'old money' to grow and retain wealth. 🔄💰

Overview

Chapters

• 00:00 - 01:00: Introduction and Overview This chapter introduces the theme of the video which is about making $10,000 a month as a student. It highlights the abundance of misleading information online regarding this topic. The speaker plans to simplify the process by focusing on three main components essential for achieving this financial goal. The chapter ends with a mention of additional, helpful resources linked in the description for further guidance.
• 01:00 - 06:30: Choosing the Right Vehicle The chapter "Choosing the Right Vehicle" emphasizes the importance of selecting the appropriate business model to achieve a financial goal of $10,000 a month, particularly as a student. It suggests that while there are several popular online business models, it's crucial to choose one that offers a significant opportunity without excessive risk. The focus is on finding a vehicle, or method, that is capable and reliable for reaching desired financial outcomes.
• 06:30 - 11:30: Stretching the Timeline The chapter titled "Stretching the Timeline" explores the personal journey and experiences of someone who achieved significant financial success as a teenager. The speaker shares their milestone achievements, such as earning $10,000 a month at 17 and increasing that income to $30,000-$40,000 a month by the end of that year. They emphasize the importance of having a reliable and non-risky method for generating income and dismiss trading as a viable option. The chapter serves as a motivational narrative as well as a guide to identifying sustainable income generation strategies without risking existing financial resources.
• 11:30 - 13:00: Maintaining and Growing Wealth Many traders try to lure new investors with affiliate links promising bonuses like $10 or $20. However, their profit actually comes from your losses. Such incentives mean they gain when you lose. Turning a thousand dollars into ten or twenty thousand in one year is challenging, necessitating numerous successful trades.
• 13:00 - 14:00: Making Financial Identity The chapter 'Making Financial Identity' discusses the challenges of successful trading and contrasts it with starting an online business. It suggests that while making substantial profits quickly in trading is difficult, investing $1,000 in a lean online business could realistically result in significant returns by the end of the year, possibly exceeding a standard job salary. The chapter emphasizes the potential for remote work and the importance of finding a business model that generates consistent income.
• 14:00 - 15:00: Conclusion The chapter discusses the concept of free cash flow, emphasizing the importance of liquidity over mere net worth. It points out that many appear wealthy on paper due to high net worth, often tied up in businesses or assets, but may lack readily available cash. This scenario is depicted as undesirable when starting a business, as liquidity is crucial for operational flexibility and stability.

Do THIS to Make $10,000 as a Student Transcription

• 00:00 - 00:30 ladies and gentlemen absolutely everyone wants to know how to make $10,000 a month as a student the only issue is there's a lot of BS out there there's a lot of misinformation and there's a lot of people making it seem a lot easier than it actually is so in today's video I'm going to break down the three main components you need to focus on in order to make $10,000 a month as a student now in this video I'm going to give you the three main components but after you finish watching this video I'm going to leave a link in the description and that link will take to my most popular video
• 00:30 - 01:00 so far this year on YouTube that video breaks down the 7 to eight most popular online business models and will help you break down and figure out what will work the best for you this year now the first thing you need in order to hit $10,000 a month as a student is the right vehicle and let me tell you what I mean you see the thing is you need a means you need an opportunity that is big enough but not too risky you can actually achieve $10,000 a month as a student now I will say that $110,000 a month and I'm really
• 01:00 - 01:30 not trying to be insensitive here I understand that I was a fringe case I hit $10,000 a month when I was 17 years old but I'm going to talk about that a little later on in this video and how I actually got to that place I hit $10,000 a month when I was 17 years old and by the end of that year before I turned 18 I was hitting $30 to $40,000 a month so I'm speaking here from experience you need a vehicle a way that you can make that sort of money but a way in which you're not going to risk losing all of the money that you do have so the first thing that I will tell you is trading is out the window I'm going to be very
• 01:30 - 02:00 honest with you there's a lot of Traders out there that are trying to sell you BS because when you sign up with their little affiliate link and you get your $10 free blah blah blah when you lose money that's actually where they make money they don't make money on the little $10 or $20 sign up that they get when you join they make money when you lose they're literally incentivized for you to lose and listen that's just the honest truth of it even if you have $1,000 for you to take $1,000 and turn that into10 or $20,000 in a single year is actually very difficult the amount of success uccessful trades the average of
• 02:00 - 02:30 all those successful trades is very very difficult whereas for you to take $1,000 and invest that into starting a very lean online business I mean by the end of the year you're talking tens of thousands of dollars I don't think realistically you're going to hit hundreds of thousands of dollars in your first year it happens sometimes but it's very unrealistic but definitely by the end of the year you should be making more than your average salary if you were just working a traditional 9 to5 and the best part is you should be able to do it remotely so in order to make money you need something that spits out
• 02:30 - 03:00 free cash flow and what I mean by that is profit that you can actually use because here's the other thing I'm going to tell you people always look at net worth they go oh he has $100 million net worth but his entire net worth is in his company and he can't take out money out of his company because he may have investors or this that or you have certain people for example a lot of people in the property game where they have a lot of money their portfolio is worth a lot but they're not very cashr they don't actually have a lot of cash laying around they're wealthy but their money is tied up in places and that's not the place that you want to be at when you're first starting a business so
• 03:00 - 03:30 a lot of businesses like for example building a proper e-commerce brand and by the way when I say proper e-commerce brand once again I'm speaking from experience I've had an eyewear company for a few years and the thing is the packaging Everything Is Beautiful we've got this beautiful black velvet finish on the inside so this business is okay it's my smallest business it makes around $1.2 to $1.5 million a year and that sounds great Until you realize that we have 50% margins so I'm only keeping 50% of that money and it's even worse when you realize that any of my profit I
• 03:30 - 04:00 make I can't keep I have to roll that into New Stock because especially a product like this is actually very difficult to make so for me to put in an order now of another 5,000 to 10,000 units I may only get that in 3 four 5 months depending on the time of the year so even though someone would look at it and go that's a 1.5 million year business at 50% margins you never actually get to keep that profit because you always have to reinvest into the business and that is very different to for example a service-based business so if you're offering a service to clients whether that be building their marketing funnels whether that be doing their
• 04:00 - 04:30 short form content you know little short form Tik toks and reals and doing lots of those and creating many accounts for them and distributing it all over the internet all the way to doing for example their Google ads and focusing specifically on Google ads for e-commerce Brands as an example listen whatever the service is it needs to have one of two things High perceived value to the client and what I mean by that is it needs to be something that they're like oh wow this is actually worth it I'm more than happy as a business to pay this external consultant or service provider $11,000 a month $33,000 a month
• 04:30 - 05:00 you name it or it needs to have high leverage and what I mean by that is listen you can still be an online personal trainer but if you want to make $10,000 a month you need to hire people below you who work as coaches and that way you're an online personal trainer and you do some of the coaching but then you may have coaches underneath you you know personal trainers that work at local gyms and you just pay them a small fee and they do the rest of the coaching so that's leverage or let's say you have an agency that creates YouTube thumbnails for people thumbnails on YouTube are such an important aspect to video but people don't pay crazy amounts
• 05:00 - 05:30 for thumbnails but if you can hire someone in Brazil Romania India for $11,000 a month which is a great salary there especially remotely and their work is able to produce three4 $5,000 a month in terms of business for your thumbnail agency or for your thumbnail Performance Marketing business whatever you want to call yourself the point is is that that is leverage that's you being able to take something off your plate so either you need to offer a service or guidance Consulting on something that brings so much value to businesses that you can actually make 10K a month just as a solo
• 05:30 - 06:00 preneur or more realistically you'll be able to do it solo until 3 4 $5,000 a month and then you need to start using leverage and you need to maybe make a little less on the margin but make far more money at the end of the month because you have people who can deliver these things for you so just remember with the business models that I'm talking about you're not going to make $100 million I'm going to be very honest with you but the other thing that you're not going to do is you're not going to go broke and that's the unfortunate thing with a lot of these other businesses for example I'll give you my main business my software company that is a business that gets into multiple
• 06:00 - 06:30 nine figures and that's all cool and fine and well but you need to realize there's a big chunk of money needed that I had to put forward to start the company and that's number one but then I had the massive competitive advantage of a massive audience and even me it took me 4 years to be like listen I'm not ready I'm not ready I don't feel like I have the skill set the understanding and the sort of influence to start a business worth hundreds of millions of dollars so what did I do I started a service-based business back in 2016 and I ran that business for six years so just remember the business model that
• 06:30 - 07:00 gets you to $110,000 a month and by the way I actually manag to get my service based business up to $150,000 a month in profit can never get a further than that I tried I'm sure someone else has been able to do it but for the way that I wanted to run it which was lean remote no office I was pretty happy with that so as I was saying the business that gets you to 10K a month will not necessarily get you to $100 million but that's okay baby steps here choose the right vehicle for the right career stage you're at then the next component to making $10,000 a month once you find the right vehicle is stretch out the
• 07:00 - 07:30 timeline and here is the very unfortunate thing about social media you see 20 years ago if you were let's say 21 years old and you making $44,000 a month without having to go to a traditional 9 to5 you would think that you are a king you would think that you're a baller you would think that you are killing it and we live in such a up world where now you look online and you think I'm 21 years old and I don't work a traditional 9 to-5 and I have location freedom and I have time freedom I can wake up whenever I want but I'm only making $4,000 a month I'm not making $10,000 a month and you
• 07:30 - 08:00 feel depressed because of it how up is that and by the way I even know that I have a part to play in that because what I've been able to do in my career at my age is not normal but that's why I always like to tell people that listen what I've done is very unrealistic and a third of it was incredible dedication and hard work a third of it was timing creating the right businesses at the right time and the last third of it was luck or God or whatever you want to call it whether you're a person of Faith or not up to you so I like to make that very clear to people and then I also like to point people back to 2015 when I
• 08:00 - 08:30 was broke and I was starting a business to take care of me and my single mom and I was going to the gym every single day and recording it I was reading a book a week and putting out on YouTube so you need to understand I started my first business my first Venture and at that point you know it was really more of a side Hustle but still I was making a few th000 a month back in 2014 and granted I only did that for a few months and then that business model stopped working and then I moved to the next thing but really the point is I was putting in work between 2014 to 2017 and it took me 3 years to hit my first $10,000 a month
• 08:30 - 09:00 and that's totally fine that's actually pretty cool if you work as hard as I did do I think it will take you 3 years no because it's so crazy the internet moves so quickly the back in 2014 I didn't have the opportunities that you can have today even things like getting payment processors were so difficult back then it was it was such a struggle to even just try to do business being a 14-year-old whereas these days you have so many more options so do I think it will take you 3 years if you really dedicate pick the right vehicle follow all of the advice that I give you in this video do I think that it will Take You 3 years no honestly no but even if
• 09:00 - 09:30 it does who cares I really cannot stress how vital it is that you set your expectations to making $10,000 a month set your expectation not in months but in years don't think how many months it's going to take me think how many years now here's the thing if you achieve it quicker Bless you that's amazing I'm over the moon for you and listen try to get rich faster of course do it wealth needs to be built slowly and wealth is built over time but try to get rich try to make as much money as you can can ethically and morally that
• 09:30 - 10:00 is but at the end of the day I'm trying to set these expectations for you because here's the thing many of you guys will try and let's say you're giving your absolute best for 6 months and if your expectations are oh within 6 months you know I was expecting to be doing $7,000 already and you're only doing $1,200 from your online business dude you're making $1,200 online do you realize how amazing that is and here's the beautiful thing when it rains it pours and by the way that also applies negatively and positively in life and the point here is
• 10:00 - 10:30 this is usually how business works and this is what I can tell you now coming up to 10 years since I started my first side hustle and getting to the point where I have a conglomerate of businesses and over 150 employees the way it works is usually something like this it goes like this then you Flatline for the longest time and right as you're thinking like am I just going to be stuck here forever it shoots up and then you Flatline it shoots up and by the way within these points you have little down moments and stuff like that but the point is there's a lot of flatlining there's a lot of you getting to a new level in life and then really cementing it really setting that Foundation so I wanted to make this clear and I wanted
• 10:30 - 11:00 to make this one of the other components just so that way your expectations are clear they're in the right place and so you don't quit before you even properly try now the last component to making $10,000 a month and it's kind of like if you're running a marathon I would much rather tell people that hey on Mile 18 that's really going to be the tough mile that's really where things are going to get rough because at least when you face something if you have context beforehand it makes it a little easier and you feel less alone so I want to give you guys context not only only for how to get to
• 11:00 - 11:30 10K but what happens once you hit 10K you see the third component is not just getting there it's staying there you see making $10,000 a month and once again I'm really trying my best not to be insensitive here I get it I have done it I've witnessed thousands of people do it even in my close proximity so I know that for me it may seem easier than for you guys for some of you guys you may be looking at this and going okay well it's easy for you to say but trust me you you'll understand and due time making $10,000 a month is the easy part continuing to make $10,000 a month that's where it gets difficult and also so keeping that money and then
• 11:30 - 12:00 multiplying it growing your wealth over time and rather than acting like some new money idiots learn from old money even in my situation even though I am new money I knew from day one that I would make it but I always promised myself that I would study old money to understand how to actually keep it and multiply my wealth so the third component of making $10,000 a month is understanding that once you get there you're not done that is actually simply just the beginning now it is time to cement your place have that as a Baseline and the crazy thing is we all have Financial baselines you know for me I remember when my Baseline was $11,000
• 12:00 - 12:30 a month and this around 6 years ago I was still in school at this point and that doesn't mean what you're trying to make what you're aiming to make it just means if you go below that point it will keep you up you're like this it doesn't match your identity you're like this isn't me and I remember when it went from $1,000 and then it went to $5,000 and then went to $10,000 and listen since then I've been very blessed to have an amazing career and it's gone up to $100,000 a month and now a million a month and you know God willing at some point it'll be few million dollars a month and that'll be my absolute Baseline I can't even conceive a reality where it's less than that so the point I'm trying to make is once you get to
• 12:30 - 13:00 10K a month it's more than about making it an identity it's more than about making that as your Baseline as I said your financial identity is not what you're aiming for it's where anything below that and you would just feel off you would be like this isn't me I'm I'm better than this so number one is get to 10K a month and once you get there make it your financial identity and once that is solid and that's locked in then you can keep working your way up the ranks so ladies and gentlemen I hope this has been useful to you and as always I'm watching you from afar and I'm rooting
• 13:00 - 13:30 for you