Do THIS to Make $10,000 as a Student

Summary

In 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

00:00

💼 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.

05:01

🚀 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.

10:02

🌱 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.

Keywords

💡Vehicle

In the context of the video, 'vehicle' refers to a means or opportunity that is large enough to achieve a significant income without being overly risky. The speaker emphasizes the importance of finding the right 'vehicle' to make ten thousand dollars a month as a student, suggesting that it should be a business or venture that can generate substantial profit without the high risk of losing all the initial investment.

💡Misinformation

The term 'misinformation' is used to describe the false or misleading information that is often found online, especially regarding how to make money. The speaker warns the audience about the prevalence of misinformation and the need to discern what is realistic and achievable in terms of earning potential.

💡Free Cash Flow

Free cash flow, as mentioned in the script, is the profit that can be utilized without being tied up in the business operations. It is a key concept because it represents the actual money that a business owner can use or invest, as opposed to profits that are reinvested back into the business for growth or inventory.

💡E-commerce Brand

An 'e-commerce brand' is an online business that sells products or services directly to consumers via the internet. The speaker shares personal experience with an eyewear company, illustrating the challenges of maintaining profit margins and the need to reinvest earnings into inventory.

💡Leverage

In the video, 'leverage' is used to describe the strategy of employing others to perform tasks within a business, allowing the business owner to scale operations and increase profits. The speaker uses the example of an online personal trainer hiring coaches to expand their services and generate more income.

💡High Perceived Value

The concept of 'high perceived value' refers to services or products that clients believe are worth a significant amount of money. The speaker explains that a service must either have a high perceived value to the client or be structured in a way that allows for high leverage to be profitable.

💡Baseline

The 'baseline' in the video represents a financial identity or a minimum income level that an individual considers as their standard. The speaker discusses the importance of establishing a baseline income of ten thousand dollars a month and then working to maintain and exceed it.

💡Stretch Out the Timeline

'Stretch out the timeline' is a phrase used by the speaker to encourage patience and long-term thinking when it comes to achieving financial goals. It suggests that success may not come quickly, and one should set expectations in terms of years rather than months.

💡Service-Based Business

A 'service-based business' is a type of business that offers intangible services to clients, such as marketing, consulting, or personal training. The speaker contrasts this with e-commerce and discusses the potential for high profit margins and scalability through leveraging other people's work.

💡Financial Identity

The term 'financial identity' is used to describe the income level that an individual identifies with and feels comfortable maintaining. It is a personal benchmark that, once achieved, becomes the minimum standard for their financial well-being.

💡Wealth Multiplier

A 'wealth multiplier' is not explicitly mentioned in the script, but the concept is implied when discussing how to grow wealth over time. It refers to strategies or investments that can increase one's wealth beyond the initial earnings, such as smart investing or scaling a business.

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