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.