How I Built 7 Streams of Income After Age 40 (What They NEVER Tell You)

Summary

In this video, the speaker shares their journey of building seven streams of income after the age of 40. They discuss their diverse income sources, including YouTube, personal financial mentoring, real estate, voiceovers, eBay, and digital products. Emphasizing hard work, consistency, and self-learning, they provide practical advice on how anyone can create additional income streams, regardless of age. The speaker encourages viewers to pursue their goals with determination and to embrace opportunities like side hustles, coaching, and online selling, all while highlighting the challenges and rewards of such endeavors.

Takeaways

• 😀 Age is not a barrier to building wealth; it’s all about desire and discipline.
• 😀 Building multiple streams of income is essential for financial growth and wealth building.
• 😀 Consistency and hard work are critical when starting side hustles, such as YouTube channels.
• 😀 YouTube can be a great source of income, but it requires a lot of time, effort, and learning.
• 😀 Offering one-on-one coaching or mentoring can be lucrative, but it requires significant time investment.
• 😀 Real estate investment, such as buying and renting properties, can generate passive income but requires proper financial planning.
• 😀 Having a full-time job alongside side hustles can make for long workdays, but it's manageable with the right mindset.
• 😀 Voiceover work can be a profitable side hustle, but it involves frequent auditions and requires specialized equipment and skills.
• 😀 Selling on platforms like eBay can be a rewarding side business, especially if you find a niche market.
• 😀 Creating and selling digital products, like eBooks or templates, is a passive income stream once the product is created and marketed.

Q & A

What is the main goal of this video?

The main goal of the video is to share the speaker's seven streams of income and explain how they built them after the age of 40. It aims to inspire viewers to increase their income and build wealth.

How long did it take the speaker to get monetized on YouTube?

It took about 18 months for the speaker to get monetized on YouTube, which occurred in December 2022, after starting the channel in May 2021.

What is one of the key challenges when starting a YouTube channel?

One of the key challenges is the time and effort it takes to learn everything about creating content, filming, editing, and mastering YouTube's technical requirements. Consistency and attracting viewers are also crucial challenges.

How did the speaker start their personal financial mentoring business?

The speaker started their personal financial mentoring business after they turned 50, motivated by the desire to help others with financial guidance. They use Teachable as a platform to offer one-on-one coaching.

What advice does the speaker give about coaching?

The speaker recommends coaching in a group setting as more lucrative than one-on-one mentoring. However, they personally enjoy and continue one-on-one mentoring due to the personal interaction it provides.

What is the speaker's experience with real estate as a source of income?

The speaker has been involved in real estate since they were about 30 years old, focusing on buying and managing rental properties. They now own two rental properties, which generate monthly income.

What caution does the speaker offer regarding rental real estate?

The speaker advises against over-leveraging yourself when investing in rental properties. They stress the importance of having enough cash to cover unexpected repairs or issues with the property.

How does the speaker manage their full-time job alongside side hustles?

The speaker works a full-time government job, which provides health insurance and the bulk of their income. They acknowledge that managing a full-time job and side hustles results in long days and reduced leisure time.

What challenges does the speaker highlight about working a job while having a side hustle?

The speaker emphasizes that balancing a full-time job with side hustles can make for very long days, cutting into personal time. However, they remain committed to working hard and doing what they enjoy outside of their job.

What is the speaker's experience with voiceover work?

The speaker started doing voiceover work for their church about 13 years ago and later expanded into freelance voiceover work in 2019. They use platforms like ACX and Fiverr to find voiceover projects.