Do THIS to Make $10,000 as a Student

Summary

In this motivational guide, the speaker shares personal insights on how to make your first $10,000. The video outlines four key money-making methods: offering in-person services, selling local and global products, and providing online services. Emphasizing the importance of mastering high-income skills, the speaker introduces a 'skill pyramid' and discusses key elements such as positioning, leverage, reach, and automation. Additionally, the video covers investment strategies ranging from safe savings accounts to riskier ventures like cryptocurrency, all aimed at growing wealth over time. The overall message encourages taking action, building skills, and investing smartly to achieve financial success.

Takeaways

• 😀 Focus on making your first $10,000 instead of stressing about millions, as this is the most challenging and rewarding milestone.
• 😀 Making money is a skill, not luck. Once you make $10,000, you'll gain confidence in your ability to repeat the process and scale up.
• 😀 Avoid high-risk ventures like crypto or day trading when starting out; they require large capital and luck, which aren't ideal for beginners.
• 😀 Start with low-investment options that bring in daily cash flow, such as offering local services like personal training, dog walking, or delivery driving.
• 😀 Local product selling can be fun, but it's less scalable and requires significant upfront effort with limited returns, especially when working in niche markets.
• 😀 Global product selling (like drop shipping or print-on-demand) offers scalability and a larger customer base, but expect slower returns and the need for reinvestment.
• 😀 Selling online services is one of the best ways to earn money quickly, combining global reach and high profit margins (70-80%).
• 😀 To succeed in offering online services, align your skills with what businesses need, focus on providing value, and charge based on results, not hours.
• 😀 Position yourself in industries with larger budgets and problems that businesses are always willing to pay to solve, like customer acquisition, conversions, and efficiency.
• 😀 Leverage automation and tools like CRM systems to stay organized, meet deadlines, and communicate effectively, ensuring long-term reliability with clients.

Q & A

What is the key to breaking free from the cycle of being broke and stressed?

The key is focusing on making your first $10,000. Once you achieve that, it proves that making money is a skill and not just about luck.

Why is making the first $10,000 the hardest part of becoming a self-made millionaire?

The first $10,000 is challenging because it is when you prove to yourself that making money is a skill you can replicate, setting the foundation for future financial success.

What are the main challenges people face when trying to make money through crypto or day trading?

Both crypto and day trading require significant upfront capital and luck, which makes them unsuitable as primary income sources, especially when starting out.

What should beginners focus on when trying to make money for the first time?

Beginners should focus on options that require little upfront investment and offer a steady income. Services like personal training, dog walking, or delivery driving are good starting points.

What is the main drawback of selling local products?

Selling local products requires more time and effort compared to services, and the customer base is often limited, which can make it harder to make a significant income quickly.

Why is the scalability of global products an advantage?

Global products, such as drop shipping or print on demand, provide access to a larger customer base, meaning more opportunities to make money compared to local services or products.

What is the key difference between selling online services and other business models?

Online services offer the benefits of global reach while maintaining high profit margins, often between 70-80%, making them one of the fastest ways to start earning money.

What three questions should you ask yourself before offering an online service?

1. What are you really good at? 2. What do you enjoy learning about? 3. What problems do businesses struggle with? The intersection of these answers will guide you towards a profitable service.

How does the skill pyramid help in achieving a $10,000 income?

The skill pyramid is built around four key elements: positioning, leverage, reach, and automation. Mastering these elements together will help you turn a high-income skill into a sustainable income stream.

What is the importance of positioning in offering online services?

Positioning is about focusing on helping businesses make more money, as they are willing to pay for services that generate a return on investment, rather than just paying for time or effort.

Why is leverage crucial when offering online services?

Leverage is important because businesses pay for results, not effort. Charging based on the return on investment you provide (rather than hourly rates) allows you to earn more for delivering impactful results.

What role does automation play in the success of a side hustle or online business?

Automation helps you stay organized and meet deadlines reliably, which is crucial for standing out in the competitive world of online services. Using tools like CRM systems can help streamline communication and project management.

Why is reliability more important than talent when starting an online business?

Reliability ensures that you consistently meet deadlines and communicate effectively. This makes you a dependable partner, which clients value highly, even more than raw talent or charisma.

What is the purpose of using a CRM system like Odoo in business operations?

A CRM system like Odoo helps track client communications, manage projects, and keep everything organized, which ensures that you never miss a deadline and always appear professional to your clients.

What are the risks of investing in cryptocurrency?

Cryptocurrency is volatile and high-risk, especially with altcoins and meme coins. It's important to do thorough research and only invest what you can afford to lose.

How do index funds contribute to wealth growth over time?

Index funds, like the S&P 500, offer consistent long-term returns (averaging over 10% annually) and are a low-maintenance way to build wealth over time, making them an ideal investment for beginners.

What makes individual stocks riskier than index funds?

Individual stocks are riskier because they expose you to the performance of a single company, leading to more volatility compared to index funds, which diversify investments across many companies.

What should investors keep in mind when getting started with cryptocurrency?

Investors should take a cautious approach, building their position slowly through dollar-cost averaging, and only invest what they can afford to lose, due to the high volatility and risks involved.