Millionaire Explains: How To Get Rich With $100

Summary

Highlights

• Jordan Welch's journey began with less than $100, making over $10 million by 27 🤑.
• Avoid starting a big business right away; focus on quickly earning your first $10,000 through side hustles 💪.
• Master skills like AI, content creation, and sales for the next steps towards wealth 🎯.
• Eliminate ego and harmful habits to prevent them from impeding financial goals 🚫.
• E-commerce is recommended as a scalable business model that can generate income passively once set up 🔄.

Key Takeaways

• Start with side hustles: Avoid costly business ventures initially; focus on jobs you can do yourself to make quick money 💼.
• Skill up to level up: Focus on learning high-demand skills such as AI, viral content creation, and sales. These skills can significantly raise your earning potential 📈.
• Overcome bad habits: Weed out lifestyle and spending habits that can obstruct financial progress 🌿.
• Invest in education: Allocate money towards learning and mastering skills to amplify your business strategies 📚.
• E-commerce as a gateway: Utilize skills and initial capital to start an e-commerce business that doesn't require constant active involvement 🛒.

Overview

Chapters

• 00:00 - 00:30: Introduction and Background The chapter starts with the author sharing their impressive achievement of making over $10 million by the age of 27. The author reflects on their ability to rebuild wealth from scratch, starting with just $100, and shares this as a testament to their experience and resilience.
• 00:30 - 01:30: The First Steps to Wealth: Unleveraged Side Hustles The chapter discusses the author's experience with various unleveraged side hustles, including dropshipping, software, and YouTube. Through these experiences, the author has developed a blueprint to help individuals generate their first million in a few years. The key takeaway is the importance of making the first $10,000 quickly, emphasizing that starting a full-fledged business may not be the quickest or most cost-effective way to achieve initial financial success.
• 01:30 - 04:00: The Importance of Skills and Overcoming Personal Barriers The chapter discusses the importance of developing a high level of skill and reflects on personal experiences of repeatedly investing time and money into mediocre business ideas. These attempts often led to minimal successes, only to start over from scratch frequently. This recurring cycle was counterproductive to becoming wealthy and achieving financial goals. The author later realized the role of stubbornness in this pattern, suggesting a need to focus on skill development and overcoming personal barriers to be successful.
• 06:00 - 11:00: Valuable Skills: AI, Viral Content, and Sales & Marketing The chapter begins by addressing the mindset of aspiring entrepreneurs who are often resistant to taking jobs other than running their own business. It discusses the ego that develops from the desire to earn money solely through a successful entrepreneurial venture, and the lack of humility to engage in other forms of income like a traditional job or even smaller tasks like car washing.
• 12:00 - 18:00: Building a Leveraged Business The chapter discusses the common misconception that creating an app or website is the only path to wealth. It cautions against having an ego and encourages readers to consider unleveraged side hustles as a faster route to earning $10,000. Unleveraged work is explained as work that relies solely on the individual's time and effort.
• 18:00 - 26:00: From $10,000 to $100,000: Leveraging Business and Avoiding Lifestyle Inflation The chapter emphasizes practical ways to quickly earn the initial $10,000 needed to start a business. It suggests engaging in non-glamorous side hustles such as Door Dash, mobile detailing, or becoming a Tik Tok shop affiliate. These methods, though not appealing, are effective in building a financial foundation swiftly. The author emphasizes the importance of accumulating some money as a precursor to achieving business freedom and success.
• 26:00 - 30:00: The Big Jump: From $100,000 to $1,000,000 This chapter discusses the importance of self-financing as a strategy to grow from having $100,000 to $1,000,000. It highlights the advantages of generating your own startup capital through various means, rather than relying on external investments or bank loans. The author shares personal experiences, including reselling goods, doing side jobs, and offering services like computer assistance and video editing, which helped accumulate the needed funds for business ventures.

Millionaire Explains: How To Get Rich With $100 Transcription

• 00:00 - 00:30 I've made over $10 million at just 27 years old. But if I had to start over today from scratch with just $100 to my name, this is exactly what I would do to get rich again. And look, I'm speaking from experience here because I actually started with less than a hundred just over 10 years ago. I started my journey a few years ago as a young kid coming from literally nothing. My mom used to make minimum wage and we lived paycheck to paycheck. I hustled my way through years of trial and error, starting every business you could think of. From selling clothes, reselling,
• 00:30 - 01:00 dropshipping, software, YouTube. I've tried it all. And through this, I developed a blueprint that can take anyone from zero to generating their first million in just a couple years. And I'm going to break it down today. But it all starts with making your first $10,000. You need to hit that first 10,000 as fast as possible. And the fastest way to get there is not by starting a business. Look, businesses are expensive. Not only do they cost a lot of money, but they cost a lot of time. And more importantly, they require
• 01:00 - 01:30 a high level of skill that you probably don't have at this point in your life. This is something I wish someone told me when I was first starting out because I spent way too many years throwing every penny and every hour I had into mediocre business ideas that would make a couple dollars and then reset me back to zero all over again. I stayed in this cycle for years and this cycle kept me broke for so long and was counterproductive in my goals of getting rich. And now 10 years later looking back at it I realize it's because I was stubborn and it's
• 01:30 - 02:00 very likely that you are also being stubborn. Let me explain. I see this happen all the time where people make it up in their mind that they are going to become an entrepreneur. And I think that that's amazing. But what happens is that it ends up creating a massive ego inside of them to feel that the only way that they want to earn money is through a successful business. And they don't have the humility to go and work a job. They don't have the humility to go and wash somebody's car for a couple hundred.
• 02:00 - 02:30 They only want to get rich through some app or through some crazy website. This is a mistake. And if you have this ego, you need to get rid of it immediately or you're going to stay broke for the rest of your life. The fastest way to go from zero to $10,000 is with unleveraged side hustlebased work. I know it sounds confusing, but I'll make it really easy to understand. When I say unleveraged, I mean doing work that is completely reliant on you and your time. Some examples of this are working a
• 02:30 - 03:00 nineto-ive job, doing a physical side hustle like Door Dash or mobile detailing, or doing a digital side hustle like being a Tik Tok shop affiliate. And these things are not fun. These things are not sexy, but they will get you to that first $10,000 in no time, faster than just about anything else. And if I were starting over today, this is where I would direct the majority of my attention. Because to start a business, you need to first have a little bit of freedom. and you need to get there by stacking up a little bit of money in your pocket. It also costs
• 03:00 - 03:30 money to start a business and instead of just waiting for somebody to invest in your company or going to get a loan from the bank, it's infinitely better if you can stack up your own startup capital. In the early days of my journey, I stacked up my startup capital from doing reselling, buying and selling stuff for a higher price. I stacked up some startup capital from going out and doing side jobs, helping people with their computers, helping people with marketing. I made some extra money on the side by doing video editing. Any
• 03:30 - 04:00 hustle that I could do to get extra money in my pocket to invest in my business, I was doing it. And you need to be doing it as well. There's no shame in having a 9-to-five job. In fact, the real key is to combine two of the things that I mentioned to you above. I suggest that you go out and get a real job and in your free time lock in on a digital or physical side hustle that will build you a skill that we're going to use later on to start a leveraged and scalable business. And I'm going to explain this more a bit later, but
• 04:00 - 04:30 pretty much all your free time outside of your 9 to5 is going to go towards acquiring new skills because skills are what will unlock your potential to earn more money. And this is one of the biggest lessons I wish I learned at the beginning of my come up. For example, after you work your nineto-ive job, if you come home and you start posting Tik Toks to start making money on Tik Tok Shop affiliate after doing this for long enough, you're going to get pretty good at making those videos. And now you're going to have a skill that you can go on to sell for thousands of dollars to
• 04:30 - 05:00 companies all around the world, which I'm going to give you a formula to do that in the next phase. But look, the biggest thing that's going to hold you back in this stage of your journey is bad habits and a bad mindset. Not only do people hold themselves back because of their ego, but their spending and lifestyle habits keep them crippled in this phase for the rest of their lives. And trust me, I've been there before, too. At this stage, I'm sober off of weed for over 2 years. But I used to be a daily weed smoker. When I made a
• 05:00 - 05:30 little bit of money, that was the first thing I would spend my money on. And accordingly, I would go and order a bunch of food and I would spend money on dumb stuff just to keep up with this habit that I developed. This not only mess with my pockets, but it messed with my mindset. Most of the people that have less than $10,000 have these habits that are holding them back in their life. And I think weed is one of the worst ones. I actually made a whole video about it. But if you're in this journey, you need to be vigilant about cutting out these
• 05:30 - 06:00 toxic habits. doom scrolling, smoking weed, drinking alcohol, eating junk food. Because if you can push past these things and do the work every day, I promise that you'll be able to save $10,000 quickly, even in just a couple months. And once you get there, everything will start to take off. At least it did for me. Now, look, going from 10,000 to 50,000 is simply a matter of getting so good at one skill that you can sell it for a lot of money. Let me
• 06:00 - 06:30 tell you what I think are the three most valuable skills that you should lock in on. First and foremost, we got AI. Now, if you are ignoring AI and you are not using it in your workflow, you're actually being stupid. Everything and everybody in the next 30 years is going to be replaced by AI. But the way I AI currently stands is that without human input is basically worthless. What's going to happen is companies and this is already happening companies want to use
• 06:30 - 07:00 this technology in their business in their workflow but they don't understand how to do it. So therefore these people are paying tens of thousands of dollars to anyone who can help implement AI into their workflow. I see this countless times. In fact, I have a friend of mine who's 18 years old. He's making over $250,000 a month selling AI services to local businesses. It's absolutely
• 07:00 - 07:30 insane. He just graduated high school and all he's doing is calling local businesses and telling them that he will save them time and make them more money by implementing AI into their workflow. And these guys are paying him anywhere from 5 to $20,000 per deal. AI is the equivalent to what the internet was in the '9s. right now. It's still super early. And if you can begin mastering this thing, and I'm not I'm not saying going out and becoming a developer and learning how to build AI programs. No,
• 07:30 - 08:00 I'm saying learning how to create good prompts, learning the capabilities of AI, and learning how to implement it, especially in specific industries, your price goes up. You actually are going to be somebody that will be paid thousands of dollars per client if you can master this skill set. just like my friend that I told you about. So, the first skill that everybody should be focused on learning and immersing themsel in is AI. Now, you might be thinking, how do I learn about this stuff? Well, YouTube is
• 08:00 - 08:30 the best thing in the world. You guys are watching me right now on YouTube. All the major skills that I learned in my life, I got my start on them through YouTube and then just going out and using them. I got really good with chatbt in the last 6 months just by using it every single day. I know how to prompt it. I know how to make it do what I need it to do and I've been able to start to push it more to its limits instead of just asking it to make me a grocery list. So start with YouTube tutorials and then just get your hands dirty and start using these tools. Get
• 08:30 - 09:00 very familiar with them because these tools are what's going to run the world in the next 3 years. And if you know how to control them, you will be worth millions. Now let's talk about the second most important skill which is viral content. In my opinion, attention is the most valuable form of currency that we have today in the modern era. Even billiondoll companies cannot figure out how to get attention. Go to Target's YouTube channel for example. These guys are not even getting a million views per video. And it's Target. Target is a
• 09:00 - 09:30 multi multi multi-billion dollar company. It's also something that AI is struggling to replace. Yes, there are viral AI videos. I'm sure we've all seen the brain rot AI videos, but in general, AI still hasn't been able to crack the code on content. It's still very humanled, especially if you can learn how to bridge the gap between the AI and the content, you become a force of nature and your services just become priceless. But in general, understanding
• 09:30 - 10:00 how to make a video that gets people's attention for free through short form, through long form. This, in my opinion, is one of the strongest skill sets you can have. Everybody wants to have a personal brand now. Every business wants to dominate social media now. So if you have the ability to do that, you can make a lot of money. But the last and most important skill of the three is sales and marketing. Because without this, you have nothing. What I mean is that you could literally be the best AI
• 10:00 - 10:30 guy and the best viral content guy, but if you do not know how to sell your services, if you do not know how to make a website, if you do not know the basics of marketing, well, you have nothing. You can't sell it and you have no monetary value because you don't know how to market it. This is the foundation of all of my success today is my sales and marketing knowledge. And I've read a bunch of books on this. I took some college classes on it and when I tell you the best way to learn about this
• 10:30 - 11:00 thing is by doing it, I mean it. The best way to learn sales is going to be from trying to get on sales calls and sell your AI services. The best way to learn marketing is going to be to look at an example of a successful video ad and try to recreate that to get it to go viral for your business. You're never going to learn these things from a book. You're only going to learn these things through execution. The best part is once you become competent in any of these three skills, you can offer your services to other businesses and charge anywhere from two to $5,000 a month,
• 11:00 - 11:30 sometimes even more. Like my friend that I told you about before, this is not the most scalable model, but by far it is the fastest and most reliable way to save up 50 grand. And it's going to sharpen your skill set in whatever you focus on to the level of mastery. Because not only now are you responsible for doing it for somebody else, but you're responsible for doing it for yourself. and doing it at a high level. There's no better way to get good at these things than having that type of responsibility. And if you can go as far as combining all three of these, you
• 11:30 - 12:00 will become lethal because not only can you use AI to speedrun the entire process of launching your business, but now you'll know how to create content to get attention for your business for free. And then you can convert that attention into dollars with your sales and marketing skill set. And more importantly, you can finally build a real business with leverage. Because leverage is the lever that will take you to your first $100,000. As great as the first two stages are, they're only going to take you so far. Because you can't do
• 12:00 - 12:30 side hustles or sell your time forever. To really unlock scale, you need to combine your skills and your capital to build a leveraged business. Simply put, a leveraged business is a business that can make you money while you sleep. A leveraged business is where you are selling a product that sells itself, where you don't have to physically be there on every single sale. For me, the leverage business that I chose and still recommend to just about everybody is
• 12:30 - 13:00 e-commerce. Ecom is how I made my first $100,000 in my 20s. If you can combine the three skills above, you can build a profitable e-commerce business in less than 30 days. If you know how to use AI to put your store together, to help with the product descriptions, to help with the product photos, if you know how to create content that convinces people to buy, and you know the basics of sales and marketing, you can build a profitable store in less than a month. And I know this because I've done it a
• 13:00 - 13:30 bunch of times. If you guys have been following me for a while, you've seen how many challenges I've done where I've spun up a new store from scratch and got it profitable in just a couple of days. E-commerce is still one of the best business models in the world because once you get everything dialed in, once you find a good product, once you have a successful ad, once you have a nicel looking store, this business makes you money pretty much on autopilot. You have to go out there and make sure that the orders are going through. You have to deliver a good service for the people.
• 13:30 - 14:00 You have to build a real business. But once things start working, it's some of the best money you'll ever make in your entire life. I love e-commerce and I still to this day think it's one of the best business models for people just getting started. And if you want to skip a couple steps and get started with your store today, I recommend checking out the link in the description to build your store.ai. This is a AI store builder that will get you up and running on Shopify in just a couple clicks. It's super easy. It's super userfriendly. It doesn't take a genius to use it. And in
• 14:00 - 14:30 just a couple minutes, you'll have a decent looking store with winning products already preloaded. Now, that's not to say you're not going to have to put in any work. You're still going to have to learn how to do things, but it's going to allow you to skip a couple steps and get your foot off the ground. So, check out the link in the description to build your store.ai if you guys want to get started with this e-commerce business model. But for now, let's keep going with the video. Ecom was what worked for me. E-commerce is the thing that I would recommend to anybody who has some startup capital and a little bit of skills. And once you've
• 14:30 - 15:00 locked in on that business model, what I recommend you take your money and invested in is into specialized education. Going back to 2021, 2020 when I first started having big success with e-commerce, this was where a lot of my money was going. I was paying for coaching. I was paying for courses. I was paying for masterminds. I was paying to surround myself with other people who were doing this thing at a high level. This is crucial and one of the best investments you can make at this stage
• 15:00 - 15:30 is into your self-education. Try your best not to do what I did because all the way back in 2018 when I made my first $100,000, I blew it all. I spent every penny of it. I moved to Los Angeles. I started living a good life. I got a fancy apartment, a fancy car. I fell victim to lifestyle inflation. And I lost everything. The biggest enemy to you at this stage of your journey is going to be lifestyle inflation. So, what I recommend you do is still at this
• 15:30 - 16:00 stage of $100,000 and under, live like you're broke. Don't go ball out. Don't buy nothing crazy. Don't even tell anybody that you've got this money. Just keep investing it back into the business. Keep investing it back into self-education. And it really won't take long for you to hit your first hundred. I think it took me a couple years to get that first 10, but to go from the first 10 to my first hundred, it was literally a matter of months in between it, which is absolutely crazy. And then, of
• 16:00 - 16:30 course, I lost all of it. And then it took me another year to get back on my feet. But if I just had watched this video and hit the subscribe button, I probably wouldn't have been in that situation. So hopefully you don't end up there as well. And lastly, let's talk about the big jump. The biggest jump of them all, going from $100,000 to a million. Now, I'm not going to touch on it too much in this video because I know most of you are not remotely close to that level, but I just want to give you some perspective of what it's like once you get there. One of the craziest things is that once you hit
• 16:30 - 17:00 $100,000, everything takes off. Of course, I blew my first h 100,000, but the second time that I ran up $100,000, it took me less than a year to make my first million. And that was after years of struggling, years and years and years of trial and error of going to the top and falling all the way to the bottom. That's why I think you should be hustling to make your first 100,000 like your life depends on it because it does. I can't stress enough. Anybody that has hit 100,000 will know exactly what I'm talking about. Something happens when
• 17:00 - 17:30 you hit that milestone in your business. And maybe it's just comfort, maybe it's motivation, but something changes. And once you hit that, everything will take off in your journey. Now, for me specifically, taking that jump from a 100,000 to a million was all just about doubling down on what was working and optimize everything in my business as much as possible. The way I did it was through my e-commerce store. And I just spent months trying to improve every little detail about my business from the quality of the product to the marketing to the employees. It wasn't from
• 17:30 - 18:00 investing or for some real estate or some passive income play. It was literally just from building a leverage business and refining it as far as it could possibly go. This is the exact blueprint that took me to my first million and it's still the process that I'm doing every single day. So, if you just focus on these principles that I mentioned today, there's a high chance that you'll get here, too. I believe in you. Thanks for watching.