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Passive income: Millionaire Starts Again from Scratch In 2022! - YouTube
Channel: Mark Tilbury
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i've lost everything my net worth is now
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zero and i'm starting again from scratch
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people often say to me you're only a
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millionaire because you're a boomer and
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things were easier back in your day if
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you were to try and do it in the current
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more competitive landscape you wouldn't
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stand a chance so it's time to prove
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them all wrong and also show you that
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it's possible to become a millionaire
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from scratch in this day and age so i
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admit becoming a millionaire is no easy
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task however i believe without a shadow
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of a doubt that with the right plan it's
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absolutely possible but what is the
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right plan well that depends on a
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variety of factors so i'm going to break
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down exactly what i would do right now
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to become a millionaire in my 20s for
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the purpose of this video i'm going to
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leave a counter down in the corner to
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count up how much my net worth is as we
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go through the video everything that i'm
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going to be talking about will be
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actionable meaning you can take any of
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these ideas and do it yourself i
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understand everyone is different so
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there will be a few different options
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for you to consider however i'll be
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settling on a plan that will work best
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for me and my strengths and you're
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welcome to copy it if you like phase one
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employment this is between 18 and 20
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years old when you're between these ages
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you're extremely rich in one way you've
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got all the time in the world if i could
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trade all of my millions for more time
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then i would do it in a heartbeat and i
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imagine this is true for a lot of other
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rich people if this doesn't prove to you
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that your time is valuable then i don't
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know what will so my main aim at this
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phase in my life is to extract as much
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of that value as i possibly can this is
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probably a good time to mention if you
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can start before the age of 18 then do
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it i'm just picking this age because
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it's where most people would leave
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school i was a bit of a naughty boy and
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i left at 16 but don't tell anyone i
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truly believe these early years in your
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life are for grafting and what i call
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hard work this can mean a few different
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things depending on your specific skills
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personally i wouldn't choose to go to
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university or college as i believe my
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skill set is more effective elsewhere my
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10-year aim is to complete the cash flow
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quadrant the cash flow wrench or this is
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when you go from employed to
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self-employed then business owner and
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finally investor when it comes to
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getting a job at 18 i'm happy with
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anything as long as it's putting money
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into my pocket each month i'm not too
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bothered one of the biggest problems i
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see with kids leaving school nowadays is
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they think they're too good for certain
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jobs i think it's got a lot to do with
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that everyone's a winner mentality when
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even the losers get trophies yeah you
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always used to tell me when i came
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second i was the first loser well it
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pushed you to do your best didn't it
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that's for sure providing you live in a
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first world country getting a job at 18
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shouldn't be too difficult even if you
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have no qualifications many companies
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like amazon for example are actually
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experiencing staff shortages which means
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they have far more demand than they can
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manage this puts me at a huge advantage
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for getting a position and starting to
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earn however i've got a better idea
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sorry mr bezos you can't have me in my
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opinion having control of my time is
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crucial so i'm going to be the master of
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my own schedule and deliver food for
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ubereats or doordash i'm going to assume
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i have some kind of bike or electric
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scooter from my school days
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super speedy scooter super speedy
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scooter
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the average uber eats wage in london is
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33 000 per annum and what's so amazing
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about this is you can work as little or
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as often as you please this means that i
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can grind and make lots of cash but i
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can also choose to work less once i've
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got my side hustle going while earning
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this income it's extremely important
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that i save as much of my money as
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possible as well as opening up a credit
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card account and putting some essential
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expenses on there to boost my credit
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score from an early age this will really
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help me when i want to buy a house or
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get a loan in the future as this is my
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first job and i'm really grinding for a
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better future it's important i've got
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some brilliant savings strategies so i
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can use this income to start a side
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hustle in the very near future i'm going
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to be creating a budget as well as
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tracking my expenses this might seem
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like overkill but if you don't keep
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track of where your money is going then
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it can easily slip through the cracks
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provided i make 33 000 a year from 18 to
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20 that's 52
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800 including tax i'm only accounting
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for 20 corporation tax because depending
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on where you live tax can be a nightmare
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to sort out i'm going to be generous and
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live off 40 of my income during this
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two-year period which is actually a lot
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more than i need if i was living at home
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with minimal rent this is why living at
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home for as long as possible can be so
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beneficial it leaves me with 31 688
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saved phase two self-employment this is
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between 20 and 23 years old there is no
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shame in working for someone else but i
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personally want to become self-employed
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as soon as possible so with that said i
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need a side hustle you could definitely
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argue that the uber each job was a side
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hustle as i was technically
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self-employed but i want a proper side
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hustle not a second job i'm talking
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about finding something that has the
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ability to transform into a highly
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scalable business i would argue there
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are far more possible side hustles
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nowadays than when i was younger because
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of the internet before my assistant
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started working for me he was selling
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gaming accessories on ebay and he turned
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over 350 000 in his first year of
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trading another great idea is to go
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around business parks in your area and
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offer to sell off the old stock that
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they can't seem to shift in exchange for
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a commission of course there are just so
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many boomers running big businesses that
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don't know how to list their unwanted
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goods on ebay you could soon become the
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go-to guy that everyone knows for
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selling old stock and make a hefty
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income each week just don't come
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knocking on my dog because i may be a
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boomer but i know how to work the
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internet but i'm thinking even further
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into the future social media is on the
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rise and i don't see it slowing down
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anytime soon along with that more and
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more people are realizing the true
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potential of having a personal brand but
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not everyone knows how to market
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themselves correctly some people are
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extremely creative and great at building
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audiences however they might not have
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many business skills because of this i
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think there's a gap in the market for
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entrepreneurs to sweep in and become the
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bridge between influencers and big
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brands in other words i'm going to start
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a social media agency and offer my
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services to influencers i'll start off
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by focusing on a particular niche of
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creators and then branch out once i land
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a few big names and prove my worth then
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i can leverage their credibility and
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maybe even get featured in some articles
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imagine the headline marks marketing
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magic makes influencers millions
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thank you very much that's my first
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contract i'm quite aware that in order
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to land these big creators i may have to
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work for free initially and get my foot
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in the door that's why i wouldn't
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completely quit my uber each job i just
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slowly ease back when i'm all up and
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running brands will pay me a commission
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for landing and influencers and vice
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versa there's a ton of money to be made
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here i just know it
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i'm also going to open up an isa or roth
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ira which is a tax advantage account
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allowing me to invest in a stock market
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and pay completely no tax on my gains
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it's a great idea to get this started at
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a young age to take full advantage of
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compound interest
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even if i'm only investing a tiny amount
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each week it really does pay off in the
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future at this stage it's still very
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important to keep my costs low by living
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at home i think 25 000 is more than
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enough for me to live on each year for
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clarity here's a breakdown of the
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figures i think i could make a hundred
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thousand dollars per year with this side
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hustle and my ubereats job things are
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really starting to pay off so after
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doing this for three years minus my
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living expenses of seventy five thousand
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dollars i'll be left with two hundred
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and twenty five thousand 000
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excluding tax phase 3 becoming a
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business owner this is between 23 and 25
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years old you may think that being
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self-employed and being a business owner
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is the same thing however that couldn't
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be further from the truth i see a lot of
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young entrepreneurs getting stuck in the
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self-employment phase as they are too
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scared to hire employees in my opinion
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if you don't have any employees then
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you've just created another job for
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yourself with no time off strict
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deadlines and no sick pay becoming a
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business owner requires a total shift in
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the way you're thinking it's all about
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viewing the business as a machine and
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you're just putting cogs in place so
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once my side hustle is profitable and
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paying me a decent amount of money that
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i can live on and reinvest then i would
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quit my job and really double down on
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building the business with a focus on
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creating multiple income streams i
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believe in order to get this business up
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and firing to the max i'd need to invest
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some money in paid advertising so i'm
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gonna loan the business a hundred
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thousand dollars and deduct it from my
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net worth i would need to find a way to
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create passive income is this is what
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many businesses are built on
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this reoccurring revenue is essential
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for expansion and hiring new employees
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it's all about thinking how can i do
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something once and then continue to get
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paid for it there are solutions for
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every business such as subscription fees
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and real estate personally i'd spot a
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few up and coming influencers and in
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return for helping them with their
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channels i'd request some equity for
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larger channels i may even offer to
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invest in them for a share of their
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business
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meaning every month i would receive
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royalties from lots of different youtube
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channels without ever having to film a
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video myself which is a shame because i
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really love working with my son making
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these videos that's a bit
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cringe but it's true additionally i'd
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focus on closing 12 month long brand
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deals for my clients and take a 15 cut
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of the revenue which is actually less
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than the industry standard
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i personally feel like a lot of agencies
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take advantage of influencers as it's a
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very new industry and people don't know
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their worth therefore i feel that being
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fair will make my business stand out
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when you're breaking into any market you
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really need a good usp a unique selling
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point while i'm doing all of this i'm
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also going to be building my personal
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brand on social media i didn't know the
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power of this until a few years ago when
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my son curtis helped me build this
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youtube channel once people know who you
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are a lot of opportunities open
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themselves up to you just to explain the
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numbers i'm confident in my first year i
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would take a hundred and fifty thousand
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dollars second year three hundred and
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fifty thousand and third year over seven
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hundred thousand dollars obviously this
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isn't all profit so i need to deduct
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about 300 000 for staff a hundred
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thousand for marketing and around 180
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000 for tax phase 4 investor age 25 to
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infinity and beyond many business owners
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think they don't have to worry about
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investing in other areas because they
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have their business income i'm going to
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invest 50 percent back into the business
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and then 50 into other assets i think
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the key to great business investments is
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looking for other businesses to bolt
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onto my existing empire so i'll be
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interested in buying businesses that can
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benefit from my agency and vice versa i
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can then use the infrastructure that i
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have spent years building to increase
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profitability a really good example of a
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business that does this well is facebook
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they've acquired many different
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companies over the years such as
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instagram and have shared their user
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base to build both platforms at a much
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faster rate it's harder to think of a
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business that aligns with my social
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media agency however i think i've got it
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many influencers are now building out
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brands that should live on way past
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their social media success i'm talking
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about beast burgers and prime by logan
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paul and ksi i'd be very interested in
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acquiring brands like this and
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leveraging my relationships to get great
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influence on marketing with a kickback
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commission for my agency this would
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boost the profitability of both
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businesses i'll be doing this all at the
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same time as investing in the stock
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market crypto and real estate of course
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i'd be first making sure to fill up my
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tax advantaged accounts by the way one
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thing i would definitely do as soon as
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possible is pick up my free stock from
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public.com worth all the way up to a
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thousand dollars if i was in the usa
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i'll leave that link below also i make
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sure to pick up my ten dollars worth of
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free bitcoin from coinbase i'll split my
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portfolio between 40 real estate 35
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index funds 15 individual stocks and 10
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into blue chip crypto coins like bitcoin
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and ethereum once i have all these
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income streams up and running it's
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extremely hard to give accurate figures
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however i am confident i would become a
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millionaire by 26. obviously a lot of
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this has had to be simplified however if
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you commit then this is certainly a path
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you can take so i'm going to leave the
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next video right up there but don't
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click on it just yet make sure to
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subscribe if you want to grow your
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wealth okay
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i'll see you over there
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