Do THIS to Make $10,000 as a Student
TLDRThe video script emphasizes the challenges and misconceptions surrounding the goal of earning $10,000 a month as a student. It outlines three key components for achieving this financial milestone: selecting the right business vehicle, extending the timeline realistically, and maintaining and growing the income once achieved. The speaker shares personal experiences and stresses the importance of setting long-term expectations, understanding the value of steady progress, and adopting strategies for sustained success and wealth multiplication.
Takeaways
- 🎯 Focus on the right vehicle - an opportunity that is big enough but not too risky to achieve $10,000 a month as a student.
- ⚠️ Avoid high-risk activities like trading, which often benefits from your losses rather than your gains.
- 🚀 Invest in a lean online business with the potential for high returns rather than trying to turn a small amount into a fortune through trading.
- 💡 Aim for a business model that generates free cash flow and profit you can actually use, not just high net worth tied up in assets.
- 🛍️ Consider e-commerce or service-based businesses with high perceived value or high leverage to scale your income.
- 📈 Understand that achieving $10,000 a month is realistic, but it may take time and dedication, so set your expectations in years, not months.
- 🌱 Be patient and persistent, as success often comes in waves with periods of flatlining, but eventually leads to growth.
- 🔒 Once you reach your financial goal, solidify it as your new baseline and build upon it to grow your wealth further.
- 💼 Learn from old money to understand how to keep and multiply your wealth responsibly.
- 🏆 Recognize that making $10,000 a month is an accomplishment, but maintaining and growing it is where the real challenge lies.
Q & A
What is the main topic of the video?
-The main topic of the video is how to make ten thousand dollars a month as a student, focusing on the three main components necessary to achieve this goal.
What are the three main components to focus on for making ten thousand dollars a month as a student?
-The three main components are finding the right vehicle or opportunity, stretching out the timeline and setting long-term expectations, and maintaining and growing the income once the goal is reached.
Why does the speaker say trading is not a recommended way to make money?
-The speaker believes trading is not recommended because it is risky and often involves misinformation from traders who may benefit from your losses. It's also very difficult to turn a small investment into a large profit.
What type of business model is suggested for a student to pursue?
-The speaker suggests pursuing a lean online business model that generates free cash flow and allows for remote work, as it poses less risk and has the potential for significant profit.
What is the importance of having a high perceived value or high leverage in a service-based business?
-A service-based business should have high perceived value to justify higher charges for the client, or high leverage which allows the business owner to delegate tasks to others, thus increasing profit without direct work proportional to the income generated.
How long did it take the speaker to reach a steady income of ten thousand dollars a month?
-It took the speaker approximately three years of consistent hard work and adaptation to reach a steady income of ten thousand dollars a month.
What does the speaker advise regarding expectations when trying to make ten thousand dollars a month?
-The speaker advises setting expectations in years, not months, to avoid discouragement and to understand that wealth building is a slow process that requires patience and perseverance.
What is the significance of reaching the ten thousand dollars a month goal, according to the speaker?
-According to the speaker, reaching the ten thousand dollars a month goal is significant as it establishes a financial baseline and a new identity, which should be maintained and built upon for long-term wealth and success.
Why should one study old money according to the speaker?
-The speaker suggests studying old money to understand how to keep and multiply wealth ethically and responsibly, rather than acting like new money individuals who may not manage their wealth wisely.
What is the speaker's perspective on achieving financial goals quickly?
-While the speaker acknowledges that some may achieve financial goals more quickly than others, they emphasize the importance of setting realistic long-term expectations and not being discouraged by a slower pace of progress.
How does the speaker describe the typical progression of a successful business?
-The speaker describes the progression as a period of flatlining followed by sudden growth, which may be followed by another period of stability before another growth spurt, indicating that success often comes in waves rather than a steady incline.
Outlines
🚀 Starting a Business as a Student
The speaker begins by addressing the common desire among students to earn a significant income, specifically $10,000 a month. They acknowledge the prevalence of misinformation and the oversimplification of the process. The speaker then introduces the three main components needed to achieve this financial goal as a student. They emphasize the importance of choosing the right business model or 'vehicle' that is both scalable and low-risk. The speaker shares personal experiences, including their own journey of earning $10,000 a month at 17, and the evolution of their income over time. They caution against high-risk ventures like trading and highlight the value of starting a lean online business. The speaker also discusses the difference between net worth and actual cash flow, stressing the importance of having a business that generates usable profit.
🌐 Choosing the Right Business Model
In this paragraph, the speaker delves deeper into the concept of selecting the appropriate business model for students. They advise against trading and instead promote the idea of investing in a lean online business. The speaker shares their own experiences with an eyewear company, explaining the challenges of managing cash flow and the need for constant reinvestment. They contrast this with service-based businesses, which can offer high perceived value or leverage, allowing for higher profits and less risk. The speaker emphasizes the importance of offering a service with high perceived value or creating a business model with high leverage to achieve the desired income. They also discuss the reality of achieving $10,000 a month, noting that while it's a significant milestone, it doesn't necessarily lead to a millionaire status but provides a solid foundation for further growth.
📈 Growth and Expectation Management
The speaker discusses the growth trajectory of businesses and the importance of managing expectations. They describe the typical pattern of business growth, which involves periods of stagnation followed by sudden increases in revenue. The speaker uses their own experiences to illustrate this point, highlighting the unpredictability of success and the importance of perseverance. They stress the need to set long-term expectations and to view the achievement of $10,000 a month as a starting point rather than an end goal. The speaker encourages the audience to view this milestone as a baseline for their financial identity and to focus on sustainable growth and wealth multiplication. They conclude by emphasizing the importance of learning from those who have maintained wealth over time and applying those lessons to one's own financial journey.
Mindmap
Keywords
💡Online Business
💡Leverage
💡Perceived Value
💡E-commerce
💡Net Worth
💡Service-Based Business
💡Financial Identity
💡Baseline
💡Flatline
💡Milestone
💡Expectations
Highlights
The video discusses the three main components necessary to earn ten thousand dollars a month as a student.
The speaker shares personal experience of reaching ten thousand dollars a month at the age of 17 and growing it to 30-40 thousand a month within a year.
Trading is discouraged as a means to reach the ten thousand dollar goal due to its riskiness and the incentive structures of many trading programs.
Investing in a lean online business is recommended over trading for its potential to generate significant income with less risk.
The importance of having a business model that generates free cash flow and profit is emphasized for sustainable income.
E-commerce businesses can be limiting due to the need for constant reinvestment in stock and the challenges of managing physical products.
Service-based businesses, especially those with high perceived value or high leverage, are suggested as viable options for students.
The video stresses the importance of setting long-term expectations and not being discouraged by short-term results.
The speaker shares their journey from making a few thousand dollars a month to building a conglomerate of businesses.
The concept of financial baselines is introduced, which refers to the minimum income level that matches one's financial identity.
Once the ten thousand dollar a month goal is reached, it should be solidified as a financial baseline and not just seen as the end goal.
The video encourages learning from old money to understand how to keep and multiply wealth ethically and morally.
The ups and downs of business growth are likened to a marathon, with periods of flatlining followed by sudden increases in income.
The importance of maintaining and growing the income level after reaching ten thousand dollars a month is emphasized as the real challenge.
The video aims to provide context and guidance for aspiring entrepreneurs to manage their expectations and persevere through challenges.
The speaker concludes by expressing support and encouragement for the viewers in their pursuit of financial success.