Do THIS to Make $10,000 as a Student
Summary
TLDRIn this video, the speaker outlines the three key components for students to achieve a monthly income of $10,000: selecting the right business opportunity, understanding the importance of free cash flow and profit, and leveraging services with high perceived value or high leverage. The speaker emphasizes the importance of setting realistic expectations, being patient with growth, and once reached, treating the $10,000 monthly income as a baseline to build upon, rather than a final destination.
Takeaways
- 🚫 Avoid high-risk ventures like trading, as they can lead to significant losses and are not a reliable path to consistent income.
- 🚀 Focus on finding a 'vehicle' or business opportunity that is scalable yet not overly risky, to achieve a stable income of $10,000 a month.
- 💰 Recognize the importance of generating free cash flow and reinvesting profits wisely to grow your business sustainably.
- 🛍️ Consider starting a lean online business, which can potentially yield more profit than traditional employment and offers the flexibility to work remotely.
- 💼 Understand the difference between net worth and cash flow; aim to build a business that provides actual usable profit, not just paper wealth.
- 🔧 Choose a service-based business model with high perceived value or high leverage to maximize profitability and minimize personal effort.
- 📈 Be prepared for a gradual growth trajectory; success in business often comes in stages with periods of consolidation before a leap forward.
- 🕰️ Set long-term expectations for achieving your financial goals, and be patient with the process, understanding that significant growth takes time.
- 🤔 Be realistic about the time it takes to build a successful business; while the internet provides more opportunities, it still requires dedication and hard work.
- 💡 Once you reach your financial goal, establish it as your new baseline, and use it as a foundation to continue growing your wealth and success.
- 🛡️ Learn from those who have successfully maintained and grown their wealth over time, adopting strategies that ensure long-term financial stability.
Q & A
What is the main focus of the video script?
-The video script focuses on explaining the three main components necessary for a student to make ten thousand dollars a month, debunking common misconceptions, and providing guidance on viable business models.
What does the speaker consider as the 'right vehicle' for making ten thousand dollars a month as a student?
-The 'right vehicle' refers to a business opportunity that is large enough to yield significant income but not overly risky, allowing a student to realistically achieve a monthly income of ten thousand dollars without risking their financial stability.
Why does the speaker discourage trading as a means to achieve the goal of ten thousand dollars a month?
-The speaker discourages trading because it is risky and often involves affiliates making money when traders lose, rather than when they win. It is also difficult to turn a small amount of money into a large sum through trading within a short period.
What is the importance of having a business that generates free cash flow?
-A business that generates free cash flow is important because it provides profit that can be used for personal needs or reinvested into the business, unlike businesses where profits are tied up in the company and not readily available for personal use.
What is the speaker's experience with e-commerce businesses?
-The speaker has experience with an eyewear e-commerce business, which, despite making 1.2 to 1.5 million dollars a year, has slim profit margins and requires constant reinvestment into new stock, making it difficult to keep the profits.
What are the two key attributes a service-based business should have according to the speaker?
-A service-based business should either have a high perceived value to the client, meaning the client believes it is worth the price they are paying, or it should have high leverage, allowing the business owner to delegate tasks to others and scale the business.
Why does the speaker emphasize the importance of setting realistic expectations for achieving ten thousand dollars a month?
-The speaker emphasizes setting realistic expectations to prevent discouragement and to ensure that individuals do not quit before they have given their business enough time to grow and succeed.
What does the speaker suggest as a more realistic timeframe for achieving the goal of ten thousand dollars a month?
-The speaker suggests thinking in terms of years rather than months when setting expectations for achieving ten thousand dollars a month, acknowledging that while it may take time, the growth is more sustainable and less likely to result in burnout or disappointment.
What is the third component mentioned by the speaker for making ten thousand dollars a month?
-The third component is not just achieving the goal of ten thousand dollars a month but also maintaining it, ensuring financial stability, and growing wealth over time by learning from successful individuals and businesses.
Why does the speaker compare the process of building a successful business to running a marathon?
-The marathon comparison is used to illustrate the long-term commitment and endurance required to build a successful business, emphasizing that the journey is not easy and requires persistence even when facing challenges.
What advice does the speaker give regarding the mindset one should have after achieving the ten thousand dollars a month goal?
-The speaker advises that once the goal is achieved, it should become a new baseline or financial identity, serving as a foundation from which to continue growing and building wealth, rather than viewing it as the end point.
Outlines
💼 The Path to Earning $10K/Month as a Student
The speaker introduces the topic of achieving a monthly income of $10,000 as a student, emphasizing the misinformation and unrealistic expectations often promoted. They outline the three main components necessary to reach this goal, promising to provide practical advice and link to a popular video detailing various online business models. The first component is finding the 'right vehicle,' a scalable yet low-risk opportunity. The speaker shares personal experience, having reached $10K at 17, and warns against high-risk ventures like trading, advocating for starting a lean online business instead. They stress the importance of generating free cash flow and profit that can be reinvested or utilized freely, contrasting with wealth tied up in assets or businesses.
🚀 Leveraging Services and Business Models for Growth
The speaker delves into the second component of the business strategy: leveraging services with high perceived value or high leverage to scale income. They discuss the potential of service-based businesses, such as marketing or Google ads for e-commerce brands, and the importance of offering value that justifies high client payments. The speaker also addresses the concept of leveraging, where one delegates tasks to others, allowing for a broader impact and higher earnings. They share insights from their own software company, emphasizing the importance of not aiming for a quick fortune but building a sustainable business model that gradually increases revenue without risking financial stability.
🌱 Patience and Persistence in Business Growth
The speaker addresses the importance of patience and realistic expectations in business growth, warning against the social media-induced pressure of instant success. They share their journey, which took years to reach a stable $10K monthly income, and encourage viewers to set long-term goals. The speaker discusses the pattern of business growth, often involving periods of stagnation followed by rapid increases, and the importance of not quitting during these phases. They also emphasize the psychological aspect of maintaining earnings, suggesting that once $10K becomes a financial identity, it serves as a baseline that motivates further growth and wealth multiplication.
🏆 Establishing Financial Identity and Long-Term Wealth
In the final component, the speaker focuses on the challenges of sustaining and growing the $10K monthly income, likening it to a marathon where the real test is maintaining the pace. They discuss the concept of financial identity and the importance of treating the initial success as a baseline for further growth. The speaker shares personal milestones and how they've raised their financial baseline over time, urging viewers to adopt a mindset of continuous improvement and wealth accumulation. They conclude by encouraging viewers to stay the course, learn from those who have successfully maintained wealth, and to view the $10K milestone as just the beginning of their financial journey.
Mindmap
Keywords
💡Vehicle
💡Misinformation
💡Free Cash Flow
💡E-commerce Brand
💡Leverage
💡High Perceived Value
💡Baseline
💡Stretch Out the Timeline
💡Service-Based Business
💡Financial Identity
💡Wealth Multiplier
Highlights
Making ten thousand dollars a month as a student is challenging due to misinformation and unrealistic expectations.
The video will break down three main components for earning ten thousand dollars a month as a student.
A link to a popular video on online business models will be provided for further guidance.
The importance of choosing the right vehicle or opportunity for earning money without excessive risk.
Trading as a means to earn money is discouraged due to the associated risks and misinformation.
The speaker's personal experience of earning ten thousand dollars a month at 17 and scaling up to 30-40 thousand by 18.
The potential of starting a lean online business with a thousand dollars to earn significant profits.
The concept of free cash flow and the need for profit that can be utilized.
The difference between net worth and actual cash availability for business owners.
The challenges of e-commerce businesses with high margins and the need for reinvestment.
The benefits of service-based businesses with high perceived value or high leverage.
The importance of setting realistic expectations and considering the time it takes to achieve financial goals.
The reality of social media influencing perceptions of success and the need for patience.
The speaker's journey from a broke state to building a successful business and the role of dedication, timing, and luck.
The concept of financial baselines and the importance of establishing a minimum income level that matches one's identity.
The necessity of maintaining and growing wealth after reaching the ten thousand dollars a month milestone.
The speaker's advice on learning from old money to keep and multiply wealth ethically.
Transcripts
ladies and gentlemen absolutely everyone
wants to know how to make ten thousand
dollars 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 gonna break down the
three main components you need to focus
on in order to make ten thousand dollars
a month as a student now in this video
I'm gonna give you the three main
components but after you finish watching
this video I'm Gonna Leave a link in the
description and that link will take you
to my most popular video so far this
year on YouTube that video breaks down
the seven 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 ten
thousand dollars 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 ten thousand
dollars a month as a student now I will
say that ten thousand dollars a month
and I'm really not trying to be
insensitive here I understand that I was
a fringe case I hit ten thousand dollars
a month when I was 17 years old but I'm
gonna talk about that a little later on
in this video and how I actually got to
that place I had ten thousand dollars 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 gonna 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 gonna be very 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 ten dollars free
blah blah blah when you lose money
that's actually where they make money
they don't make money on the little ten
dollars or twenty dollar 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 a thousand dollars for you
to take a thousand dollars and turn that
into ten or twenty thousand dollars in a
single year is actually very difficult
the amount of success successful trades
the average of all those successful
trades is very very difficult whereas
for you to take a thousand dollars 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 gonna 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 nine to five 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 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 dollars 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 or 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 cash
Rich 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 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 dollars 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 that I 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
five thousand to ten thousand units I
may only get that in three four five
months depending on the time of the year
so even though someone would look at him
go that's a 1.5 million dollar a 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
short form content you know little short
form tick tocks and reels 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 a thousand dollars a month
three thousand dollars a month 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 ten thousand dollars
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 with local
gyms and you just pay them a small fee
and they do the rest of 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 for
thumbnails but if you can hire someone
in Brazil Romania India for a thousand
dollars a month which is a great salary
there especially remotely and their work
is able to produce three four five
thousand dollars 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
solopreneur or more realistically you'll
be able to do it solo until three four
five thousand dollars 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 dollars I'm gonna be
very honest with you but the other thing
that you're not gonna do is you're not
gonna 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 business that gets into the
multiple 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 four 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 gets you to ten thousand
dollars a month and by the way I
actually managed to get my service based
business up to 150 000 a month in profit
can never get 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 the
10K a month will not necessarily get you
to a hundred million dollars but that's
okay baby steps here choose the right
vehicle for the right career stage
you're at and then the next component to
making ten thousand dollars a month once
you find the right vehicle is stretch
out the 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 were making four
thousand dollars a month without having
to go to a traditional nine to five 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
nine to five and I have location freedom
and I have time freedom I can wake up
whenever I want but I'm only making four
thousand dollars a month I'm not making
ten thousand dollars a month and you
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 Point people
back to 2015 when I 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 I was
really more of a side Hustle but still I
was making a few thousand dollars 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 three years
to have my first ten thousand dollars a
month 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
three 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 three 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 it does who cares I really
cannot stress how vital it is that you
set your expectations to making ten
thousand dollars a month set your
expectation not in months but in years
don't think how many months it's gonna
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 Welfare is built
over time but try to get rich try to
make as much money as you can ethically
and morally that 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 six months and if your
expectations are oh within six months
you know I was expecting to be doing
seven thousand dollars already and
you're only doing twelve hundred dollars
from your online business dude you're
making twelve hundred dollars 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 here is 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 a 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 and you Flatline for the longest
time and right as you're thinking like
am I just gonna 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 flat lining 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 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 ten thousand
dollars 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 gonna 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 for how to get to 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'll
you'll understand in due time making ten
thousand dollars a month is the easy
part continuing to make ten thousand
dollars a month that's where it gets
difficult and also keeping that money
and then 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 ten thousand dollars
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 when my
Baseline was a thousand dollars a month
and this around six 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 I went from a
thousand dollars and I went to five
thousand dollars and then went to ten
thousand dollars and listen since then
I've been very blessed to have an
amazing career and it's gone up to a
hundred thousand dollars a month and now
a million dollars a month and you know
God willing at some point it'll be a 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 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'll 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
for you
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