How I Built 5 Streams Of Income By Age 23 💸 (Each $1,000 to $10,000 a MONTH!)

– So, in this video, I’m
going to be talking about my five different sources of income and how I was able to build
up five sources of income by the age of 23 years old, mostly because I don’t
think this is very common. I think most people in their 20s, even into their 30s, have
one source of income, and that is the income from their job, and then maybe in their 40s or their 50s, hopefully sooner, but the
unfortunate reality is that most people wait until that age to begin exploring
different sources of income, and that is primarily when
people begin to explore earning income through investments, but I really didn’t follow
the traditional model. I did, up until a certain point, and then I said, you know what? I don’t like this old model for a number of different reasons, and I started following my own model with making money and
building my business, and so I wanna share with you guys exactly what my sources of income are, when I began making them, and basically, the timeline
here of starting off as being somebody with
one source of income and moving up to having five
different sources of income. Okay, so, first of all,
we’re gonna start back in April of 2015. That is around when I graduated college. I had just turned 20 years old, and I got my first source of income. That was my first full-time job, and I had just that one
source of income for a while. Now, I did save a lot of the money. I’ve always been a
relatively frugal person, so I saved a lot of money, but I was relying on that
one source of income, which was the income
from my job at the time. Now, that is when I read a
book called Rich Dad, Poor Dad, very popular book. If you guys have not
heard of this book before, get a copy, check the library. Maybe you can find it online,
but I’m gonna link it up down in the description below if you guys wanna grab
a copy of this book, but that is when I learned
about working for your money versus letting your money work for you, and I said, you know what? I want to allow my money to work for me, and that is when I decided to have a second source of income. That is when I made my
first investment of $5000 into the stock market. Now, at the time, I actually
invested in mutual funds, because I hadn’t really learned about what mutual funds even were,
the expenses you were paying, the management fees, and so down the road, I eventually totally took the money out of that mutual fund
and invested it myself, but that is what I did at the time. This was in August of 2015. I opened up a mutual fund with $5000, and at that point, I became somebody who had two sources of income, and if you guys are familiar
with Robert Kiyosaki, I’m sure you’ve seen
the cash flow quadrants, as far as being an
employee, a business owner, self-employed, or an investor, so that was when I was both
an employee and an investor, and this was a very
crucial moment for myself, because I had finally had
two sources of income. Now, was my source of income much? Not at all. I wasn’t making very much
at all from my investments. Of an investment of $5000, I was probably making a couple
dollars a month, if that, but I had become somebody
with two sources of income, even though that source of income was very minor at the time. Now, after that, that
is when I read a book called Click Millionaires,
another book I’m gonna link up down in the description below, and this was all about how
people were making money online, all these people who became
millionaires with the internet, with a computer just like this, and I just became so fixated on this idea. I said, you know what? If all of these people have done it, I’m gonna do the same thing. I’m going to hopefully one day
become a millionaire online. I’m in the process of doing that, but I said I’m going to do that, too, and that is when I decided
to start my side hustle. This was October of 2016, and my side hustle was a YouTube channel where I was teaching other people about, at the time, I was talking about fitness, I was talking about the stock market, and I was talking about
personal development. I was trying to cover all
these different topics at once. Eventually, I narrowed down
to just personal finance and investing, but at the time, I was trying to cover all
of these different topics. But October of 2016 is when
I started my YouTube channel, and I was very aggressive
with this side hustle. I was working on it for
probably 20 or 30 hours a week, on top of having my 40 hour a week job, but at that point in time, I
had three sources of income. Now, were these huge sources of income? Absolutely not. My job was paying for the bills. All of my investments,
any returns I was making, dividends, those were reinvested
back into my investments, and then, third of all, my side hustle, I was making like a
couple dollars a month. The very first month on YouTube, I think I made about three dollars, so it was not a lot of money, but it was three sources
of income at the time, and these were income sources that had the potential to grow. So, moving on from that, in June of 2017, I went from having three sources of income to just two sources of income. I got rid of my job. I got rid of my primary source of income, which was crazy at the time, but I wanted to go all
in with my side hustle, my YouTube channel, and that
became my full-time gig. So, in June of 2017, I had just two sources of income, which were my investments, which I was obviously not
living off of or touching, and my side hustle, so really, I had just one source of income
that I was living off of. Now, I stayed with those two
sources of income for a while, until I realized that there was a ceiling to how much money I could earn with having a YouTube channel. There’s only so many
videos that you can make. I was churning out
content every single day, but my earnings were pretty much stagnant, and I realized, alright,
I gotta figure out another source of income
from this YouTube channel, and that is when I
discovered digital products, and basically having an online course, so that is when I decided
to build an online course, sell my own online course, and in August of 2017,
I launched my course, and that is when, again, I moved on to having
three sources of income. Number one being my investments, number two, my YouTube channel, and then, number three,
the revenue coming from the sale of my digital
products, so August of 2017, I was back to having
three sources of income. Now, after that, I didn’t
change my income sources for over a year, up until June of 2018. I had just these three sources of income. I made a purchase. I purchased an Instagram
account called Investing Simple, and this also came with a blog, so I consider this to be
its own source of income. I basically lump the blog and
I lump the Instagram account together into one category, and this is now a fourth income source that really has nothing to
do with the other three, other than the fact that
it’s related to investing. What I like about Investing Simple is that it’s a totally different platform, so if I woke up tomorrow and
my YouTube channel vanished, or all of a sudden, nobody
was watching my videos, I would just jump over and
go full-time with this blog and I would go full-time
with the Instagram account, and if you guys wanna follow
me on that Instagram account, it’s down below, and the blog
is just I would love to have
you guys check it out. There’s a lot of good
resources over there, but anyways, that was my
fourth source of income, and then, in July, one month later, that is when I figured
out what my fifth source of income would be, and that
was affiliate commission. Affiliate commission from my blog and also from YouTube
videos that I’ve done, reviewing investing accounts out there. Now, I did make a small
amount of affiliate commission in the past from Amazon affiliate links, but it was such a small amount of money that I didn’t really count
it as a major income source, but that was my fifth
source of income there when I decided to explore
the avenue of making money through affiliate links
and affiliate marketing, and that was as recently as July of 2018, and I am proud to say now that, other than the investing side, all of these other income
sources are making me over $1000 a month, some of
them over $10,000 per month, but the investing is more
of a long-term thing there, and obviously, I’m not living off of or drawing from those accounts. I’m putting money into those accounts, and down the road,
that’s gonna be the money that I live off of, earning
enough passive income from your money that you really don’t have to do much every day. That’s kind of the goal, but all these other income
sources are $1000 a month or more, some of them
over $10,000 per month, but there are three key lessons that I want you guys
to take away from this. So, sure, it’s cool, I guess, that I have five sources of income, but at the end of the day, who really gives a, about
me and what I’m doing. All that matters is what you’re doing. Are you still relying
on one source of income? Are you still relying on
maybe two sources of income? You really have to start
looking at this and deciding is this something I want to do myself? The first point I wanna make here is that the average millionaire
has seven sources of income. They are not relying on
one source of income, and if you are relying
on one source of income, which is your job, if you
lost your job tomorrow, all the sudden, you’re making no money, and so I would not recommend relying on one source of income. It’s not like it used
to be for your parents, where you know, you would get a job and you’d work that
job for 30 or 40 years. Nowadays, people are changing
careers all the time. People are getting laid off. There aren’t really as many unions, and so there aren’t as many
of these jobs that are secure, and when you look at
these people out there that are relying on one source
of income from their job, that is more risk than I
would be willing to take, so just remember, the average millionaire has seven sources of income. The second thing I wanna
point out here is that each one of these sources of income, I built them one at a time. So, people hear this, that
the average millionaire has seven sources of income, and then they automatically think, well, I need seven sources of income, and they try building all of
these income sources at once, and you can’t do that. You have to build each one
slowly, build it over time, build a quality source of income, and then move on to the next one. You can’t do this all at once. Do not attempt to do that. It’s just not gonna work out for you. And then, the third and final
thing I wanna mention here is that you’re going to need to replace these income sources as needed. There’s not many things out
there that you can just start, start making money and
it’s never going to stop. It’s not like a spigot
that you just turn it on. You’re gonna have some income
sources dry up entirely, and you’re gonna have to explore different ways of making money, and there were a number a
number of things that I tried that I actually failed
with up until this point. I tried selling merchandise on my channel. That was one example, people weren’t really
interested in merchandise, and so it was an income
source I was trying, but it just didn’t work, so
I had to try something else, and maybe at some point in time, nobody’s gonna buy my digital products, or maybe the YouTube revenue dries up. You’re just gonna have to develop a different source of income, but the main thing that you
guys should see here is that I am not relying on any
one source of income or any one platform, and if you are somebody
who is an entrepreneur, or basically anybody there, you should be diversified
across multiple income streams and not relying on just one. But anyways, guys, those are
my five sources of income. This is how I was able to build five income sources by age 23. I am not special. Literally anybody in
the world can do this, so I encourage you guys to try it out, but thank you guys so much
for watching this video. Let me know what you think down in the comments section below, and I will see you in the next one.


Add a Comment

Your email address will not be published. Required fields are marked *