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How I Built 7 Streams Of Income By Age 24 - YouTube
Channel: Greg Gottfried
[0]
So in this video, I
want to share with you guys
[2]
the 7 different income streams
[3]
I was able to build by the
time I was 24 years old.
[6]
This is not the typical approach
[8]
for someone in their young 20's.
[9]
So I want to explain to you
how I was able to do it.
[11]
And really the reasoning behind
[12]
why I really decided to do it.
[14]
So where this all started was
[16]
about the time I was 18 years old
[17]
is when I got my first real job.
[19]
I worked for a startup company
[21]
that was only a couple
years into business.
[23]
And I worked for them for
four years until I was 21.
[26]
And when I was 21,
[26]
I was kind of relying on this income.
[28]
I was making $17 an hour plus commission,
[31]
so I was doing pretty well.
[33]
But all of a sudden my
boss got an email saying
[35]
that her job she was fired,
[37]
and that meant that I was fired as well.
[39]
So out of nowhere,
[40]
just literally waking up the next day.
[42]
I found out that morning
that I no longer had a job.
[45]
This hit me like a ton of bricks,
[46]
because this was the
income I was relying on
[48]
and I didn't have any
experience otherwise telling me
[50]
that you can just be fired from your job
[52]
just like that with no explanation.
[54]
I thought you would get notice,
[55]
I thought I would be able to
plan something in advance.
[57]
So I had no job at this point.
[59]
This was when I had to go
out and find another job.
[61]
So I did find another job.
[63]
And this was about the
time I was 22 years old.
[65]
And I didn't want this to happen again.
[67]
So I started to kind
of proactively look at
[69]
what were other ways that
you can make money online.
[71]
How do you safeguard this?
[72]
How do you diversify?
[74]
What do you do so you
don't just get fired,
[76]
and then have no job and no income.
[77]
So while I was working at this job,
[79]
I started to look into
different ways to make money.
[81]
And I didn't have money to invest.
[83]
So I couldn't buy real estate,
[84]
I couldn't invest in the stock market,
[86]
I didn't have money to invest up front.
[88]
So I had to find ways that
I could just use my skills
[90]
or just use labor.
[91]
Something where I could put in time
[93]
and then get money from that long term.
[95]
So long story short is this is
where that transition started
[97]
from me working a single job
[99]
to diversifying and starting
getting income streams online.
[102]
So with that said,
[103]
I only worked at that job for a year
[104]
and then when I was 23 and now 24
[107]
is when I've been working
on online income streams.
[109]
And now I'm completely
financially independent
[111]
of any job and the funny part is,
[113]
is I'm making at least five times more
[115]
than I ever did on salary.
[116]
So I'm glad that I made this transition,
[118]
and I'm just making these
videos to try to help you guys
[120]
to go through this same transition.
[121]
Now before I get into these
seven income streams here,
[123]
I really just wanna give
one quick piece of advice.
[126]
And that is if you are working at a job
[127]
and you're about to go
through this transition,
[129]
don't jump ship too early.
[131]
You have to at least build a raft.
[132]
What I mean by that is,
[134]
you're on a ship right now.
[135]
You have that income coming
in something you can rely on.
[138]
If you just jump overboard,
[139]
you just quit your job
and you just decide,
[141]
I'm gonna just figure out how to do this.
[143]
You have no income, you
have nothing to go off of,
[144]
you're just going to drown.
[146]
So what you need to do
is build at least a raft.
[149]
Start doing this,
[150]
start doing some of the things
[151]
that I'm gonna explain in this video,
[152]
until you have some kind
of income you can rely on.
[154]
Even if it's not the full amount
[156]
that you're making at your job,
[157]
you will have a raft.
[158]
You'll have something that
you can float on for a while,
[160]
while you keep building it up.
[162]
And then you will have another ship
[163]
that you can rely on that income.
[164]
Start doing these things after hours
[166]
once you get off your job,
[167]
until you have something you
can transition into nicely.
[170]
Alright, hopefully you guys
have some context on this now.
[172]
Now let's get into the
seven passive income streams
[174]
that I was able to create.
[175]
So the first one is what I recommend
[177]
for anyone getting started.
[178]
I've talked about this before,
[179]
but that is Teespring.
[181]
Teespring is a print-on-demand platform
[183]
where you basically just create designs.
[185]
You don't need any paid software for this,
[187]
you can do it completely for free.
[188]
There are some apps that will
help you do the designing.
[191]
So you don't have to be
an artist or a creative.
[193]
But you're just creating
catchy, trendy things
[196]
to put on T-shirts, or mugs,
[198]
or different articles of clothing.
[199]
And then you upload it to Teespring.
[201]
And it creates a virtual listing.
[203]
And then people can come and buy it.
[204]
They pay for the whole thing,
[206]
Teespring prints it and ships it,
[207]
takes care of customer service
[209]
and just puts the profit
right into your account
[211]
that you can pay out.
[212]
This is great for anyone,
[213]
because there's no startup cost.
[214]
It's literally just you
finding ideas on the internet,
[217]
creating them and uploading
them to Teespring.
[219]
You can spend just an
hour after work every day,
[221]
and you'll be able to create five or six
[223]
maybe 10 designs every day,
[224]
upload them to Teespring.
[225]
And you start compounding this,
[227]
you do this for a while then you're gonna
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have 100 200 300 different
designs on Teespring
[231]
while you're still working
your full time job.
[233]
You won't have to worry about this,
[235]
but it'll be making
money in the background.
[237]
So when you go home you
can check your account,
[238]
see how much money you made on Teespring
[240]
This is a good way to start
building up that raft.
[242]
If you need more on this, I've got videos.
[244]
I'll link one up here for Teespring.
[245]
And there's a couple of
good ones on the channel
[247]
that will help you go through
[248]
kind of everything you
need to know for Teespring.
[250]
So once I found out that you
could do this on Teespring,
[252]
I started to look a bit further.
[253]
Where else could I do this
print-on-demand style.
[256]
And this led me into my
second passive income stream
[258]
and this was Merch by Amazon.
[260]
What I found out that
Amazon is in everything.
[262]
well, they're also in print-on-demand.
[264]
Very similar to Teespring,
[266]
Amazon has a program
called Merch by Amazon.
[269]
Now what's amazing about
this is it's non exclusive.
[271]
Now the same designs that
you upload to Teespring,
[273]
you can take those designs
[275]
and upload them to Merch by Amazon.
[276]
Now you're just gonna get free traffic
[278]
from people searching on Amazon
[279]
that are going to be buying
those designs as well.
[281]
Maybe those people don't
know about Teespring.
[283]
So they didn't see it on Teespring.
[285]
But they did see it on
Amazon, double the money.
[287]
And again, this is
completely free to start
[289]
and you can just keep scaling with this
[290]
and adding more and more designs.
[292]
So at this point, I had
two passive income streams,
[294]
and this is so easy for
you to start as well.
[296]
So this leads right into the
third passive income stream.
[299]
And similarly to Teespring
and Merch by Amazon,
[302]
there's actually another
one called Redbubble.
[304]
Redbubble is another reputable
print-on-demand company.
[307]
And again, non exclusive.
[308]
So you can upload the same designs
[310]
from Teespring, Merch by
Amazon onto Redbubble.
[313]
Now all of a sudden I had
three passive income streams,
[316]
and they're all making
money with the same designs.
[318]
So you guys can make this
just as easy as I did.
[320]
But that's an excellent way
to go from working your job
[323]
to having three passive income streams.
[325]
So just like that you have
three passive income streams
[327]
that you just built and
you don't have to worry
[329]
about after you've uploaded the designs.
[331]
Now granted, there's more things
[332]
that you can do in regards to marketing
[334]
to sell more on print-on-demand.
[335]
They'll be linked in the video up here
[336]
that's using social media,
[338]
but you don't have to do those.
[339]
When you're working your full time job,
[341]
just add these things in.
[342]
Just upload the designs
[343]
and let them do the marketing for you.
[344]
So there's your first three right there,
[346]
and that's the first
three that I started with.
[348]
So once I had put some work into this,
[349]
and was actually making decent money
[351]
on print-on-demand on these three sites,
[352]
it was pretty life changing for me.
[354]
As a 23 year old, you
weren't really supposed
[356]
to be making this much money,
[357]
and not doing anything
because it was so passive.
[359]
So at this point,
[360]
I wanted to teach other
people what I had done.
[362]
So I started at my university
[364]
and I wanted to get
together groups of people
[366]
and teach them what I
was doing on Teespring.
[368]
For those that were interested,
[369]
they could come to kind of a meeting,
[370]
and I would show them what I was doing.
[372]
And obviously for free,
[373]
but just to share this
information with people
[374]
and see how they would receive it.
[376]
So what happened here
[376]
was the university actually
stopped me from doing this,
[378]
because it wasn't in
their course curriculum.
[380]
And I guess maybe it went against
[381]
some of the things that they were teaching
[383]
in the university courses.
[384]
So I had to look for a different way
[386]
to share this knowledge.
[387]
And this is where one of my
friends told me about Udemy.
[390]
And that's how I started
teaching courses on Udemy.
[393]
So Udemy is a course platform
[395]
where you can put together a course,
[396]
and they sell pretty cheaply.
[397]
And it's an easy way for people
[399]
to purchase kind of a package course
[401]
that goes through a lot
of things in detail.
[402]
So I put together the very
first Teespring course
[405]
and it turned out to be about 15 hours
[407]
of recorded content on
starting from just your idea
[410]
to start on Teespring
[411]
to where I was at on Teespring.
[412]
Now eventually trimmed this down
[414]
to a more digestible
course still over on Udemy.
[416]
And the cool thing about Udemy
[417]
is you get one on one reviews with me.
[419]
So if you're in one those courses,
[420]
I can help you one on one
with your Teespring stuff.
[423]
But with that being said,
[424]
that's how I started on Udemy.
[426]
And by default, this turned into being
[427]
my fourth passive income stream online.
[429]
And that was teaching courses on Udemy.
[431]
Once I put together that
first one on Teespring,
[433]
it really drove me because
people were receiving it well,
[436]
and it was very helpful.
[437]
Just explaining it in detail step by step,
[440]
turned out to be a very
effective way to do it.
[442]
And what worked for me
[443]
was that I could teach this one time,
[445]
do it in extreme detail
and do it very well.
[447]
And then anyone purchasing
it from that point forward
[450]
would get that presentation.
[451]
So there were no on days or off days.
[453]
It wasn't like I was teaching it in person
[455]
where I was sick that
day and couldn't present
[456]
as well as the day before or
forgot to mention something.
[459]
It's all pre recorded,
[460]
and perfect for every
student going forward.
[462]
So once all four of these
were kind of established
[464]
and running by themselves,
[465]
I moved into finding additional ways
[467]
to build income streams.
[468]
Now the next one for me was an
affiliate marketing website.
[471]
So I decided to try this out for myself,
[473]
and I made a few niche
affiliate marketing websites
[475]
to see what works and what doesn't work.
[477]
Try all these strategies for myself
[478]
and see what gets results.
[479]
And to date I have one that I focus on,
[481]
it's in a specific niche.
[482]
And the way that it works
is it's about a niche.
[484]
So when someone's
searching something related
[486]
to a niche on Google, my site comes up.
[488]
And if you do this properly,
[489]
your site will come up
for the specific questions
[492]
that they're typing in.
[493]
Now they're on your website,
[494]
and they can get an answer
[495]
for what they're searching on
Google through your website.
[497]
And then in that post,
[499]
that you're answering their question,
[500]
you can put in links
to affiliate products.
[502]
Something that's relevant to the question
[503]
they were asking.
[504]
Something that you've tried,
[505]
you actually trust and you recommend,
[507]
you can put an affiliate
link through that article.
[510]
So when someone goes on
the reading the article,
[511]
and they're like, oh,
that product is perfect
[513]
for what I'm looking for.
[514]
They can click that,
[515]
they go over to Amazon or
wherever you're referring
[517]
that product through an affiliate network,
[519]
and they can purchase it.
[520]
And then the website they bought it from
[521]
gives you a commission
for sending that traffic
[523]
and getting that sale.
[524]
You're gonna get the bulk of your traffic
[525]
through Google searches.
[527]
They come right onto your website
[528]
without you doing anything.
[529]
Read the article, get their answer,
[530]
and if they like the product,
[531]
they click on it.
[532]
and they go purchase it,
[533]
you get a commission.
[534]
That's affiliate marketing in a nutshell,
[536]
and just be sure you do
this on a specific niche.
[538]
If you do it too general.
[539]
It's not going to work.
[540]
Now in the creating of this
niche affiliate marketing site,
[543]
I wanted to try a few of my own things
[544]
to see if it would actually work.
[546]
So what I tried doing
[547]
was making YouTube videos
instead of blog articles
[550]
on the site.
[551]
And to see if that would work
[552]
for putting an affiliate
offer down in the description.
[554]
So where this started was actually
[556]
doing review videos of
different Udemy courses
[558]
that I had taken.
[559]
I've taken a lot of Udemy courses,
[561]
I've done a lot of Fiverr gigs.
[563]
I've tried a lot of things
[564]
that some people are going to go in
[565]
and not know which one to choose.
[566]
So I would do a review of
that product or that course,
[569]
and then put my affiliate
link to that Udemy course
[572]
or to that Fiverr gig in the description.
[575]
So people could watch the YouTube video,
[576]
get a real time video
review of that course.
[579]
And then if they like it,
[580]
they can click the link
in the description.
[581]
It goes right to the course,
[583]
costs them nothing extra.
[584]
But I get $1 or $2 from
Udemy or from Fiverr.
[587]
So that turned out to be
the sixth income stream.
[589]
Completely separate
[590]
of the niche affiliate marketing website,
[592]
but using the same concept
of affiliate marketing
[594]
over on YouTube.
[595]
And what's cool about YouTube too,
[596]
is it's a search engine.
[598]
So people are typing in the same thing.
[599]
There typing in questions
[600]
that they would be typing in on Google,
[602]
and finding answers in video format.
[604]
That's the only difference.
[606]
What's kind of cool too
[607]
is Google and YouTube
their owned together.
[609]
So some of your results on
YouTube filter over to Google.
[612]
Now moving on to the seventh.
[613]
I love this one,
[614]
and I wanted to tie it up with this.
[615]
This was the last one I
kind of found out about,
[617]
but that is the Ebates Referral program.
[619]
Now hear me out on this one
[620]
because a lot of people reject it
[622]
before I even get to explain what it is.
[624]
But Ebates is a plugin
you put on your computer
[626]
and as you go shopping on the internet,
[627]
coupon codes will pop up
and you'll get cash back
[630]
when you're buying something.
[631]
It's basically to save you money.
[633]
However, if you refer someone,
[634]
you send your link.
[636]
It's basically your affiliate link
[637]
or your referral link
from your Ebates account
[639]
to someone else.
[640]
They install the plugin and then they go
[642]
and they end up purchasing
$25 worth of things online.
[645]
That could be in a year from now.
[647]
If they use that to save money
[648]
and they get money back
'cause they're saving
[650]
that cash back at the coupon.
[651]
When they spend $25,
[653]
they get $10 just from Ebates
[655]
and you get $25 for referring them.
[658]
So it's such a simple
way, it cost you nothing.
[660]
But you just make an Ebates account,
[661]
share your link with people on
Facebook, family and friends.
[665]
It's very easy to get 10 people
very quickly and it's $250.
[669]
But you just share the link with people.
[670]
Now, if they don't already have Ebates,
[671]
they just click they
install it, completely free.
[673]
And then once they use it to purchase $25,
[676]
they're gonna get 10 bucks,
[677]
and you're gonna get 25.
[678]
So it's a very easy way
to make money online.
[681]
And it can be passive.
[682]
You do a huge marketing
burst in the beginning,
[684]
you share it with Facebook
everywhere you possibly can.
[686]
And you'll get all kinds
of people signed up,
[688]
and then you just wait.
[689]
You wait for them to spend
$25 online using Ebates
[692]
so they get money back,
[693]
and then they will start
converting in the future.
[695]
It might take a month
or might take two months
[697]
before they spend $25 online,
[699]
but like Amazon is one of
the Ebates partner sites.
[701]
So when they buy $25
worth of stuff on Amazon
[704]
that's gonna count as the conversion.
[706]
And then Ebates gives them
10 bucks and gives you $25.
[709]
So you do all the work up front
[710]
and then you just watch as they convert,
[711]
and you collect your money
[712]
as they're converting down the road.
[714]
So hopefully that shed some light
[715]
on the seven different income streams
[717]
I was able to create
online by the time I was 24
[720]
And a couple parting notes,
[721]
pieces of advice that
I've learned from this.
[723]
Are one to diversify.
[725]
Build as many of these
income streams as you can.
[727]
Seven is a good number to aim for.
[729]
They say that's actually
the average amount
[731]
of income streams that a millionaire has.
[732]
But seven just a good
number of regardless.
[735]
And the reason I say this is because
[736]
when you're working at a nine to five job,
[738]
and that's your only source of income.
[740]
It's not actually as
safe as we think it is.
[743]
As I experienced, you can
be fired just like that.
[745]
You go to sleep, you
wake up the next morning,
[747]
you no longer have a job.
[748]
And this is common.
[749]
I know someone who worked
for seven years at a company
[752]
and was just fired from their position.
[753]
At the end of the day you're
working for a business,
[756]
and they make business decisions.
[757]
A company's not in the business of keeping
[759]
your salary just going up and making
[761]
you more and more money.
[762]
They're in the business of making money,
[763]
and that can often be at the
expense of their employees.
[766]
So keep that in mind.
[767]
And when you start to
make money for yourself,
[769]
you can diversify.
[770]
You can put in as many
safeguards as you want.
[772]
When you have something
like seven income streams.
[774]
If one of them goes out,
you have another six.
[777]
And it buys you all that time
[778]
to create that seventh
again somewhere else.
[780]
Or eight or nine or 10.
[781]
Depending on how determined you are,
[783]
you can create as many of these
income streams as you want.
[786]
And the best part is you can build them up
[787]
as big as you want.
[788]
And by having income streams online,
[790]
you can use scale to your advantage.
[792]
When you go in and work
your nine to five job,
[793]
there's just one of you.
[794]
You can only do so much,
[795]
and you're only gonna get
paid hourly or whatever it is.
[798]
When you have online income streams,
[800]
you can scale that.
[801]
When you now have 100, 500, 1000
[803]
different print-on-demand designs
[805]
on each Teespring, Merch and Redbubble,
[807]
now you're in scale.
[809]
It's not just you going in
[810]
and trying to sell one
T-shirt to someone at work.
[812]
Now you have 500 on each of these things
[815]
just floating around for people to buy.
[816]
When you start to scale things up,
[818]
that's where this online
income really starts
[820]
to get powerful.
[821]
Not only are you financially
independent and diversified,
[824]
but you can actually make more money
[825]
than you ever have before at a salary job.
[827]
And I'm saying that
speaking from experience.
[829]
And the last piece of
advice I have on this
[831]
for any of you guys that
are starting out on this,
[833]
is to build one of these at a time.
[835]
Don't go in and try to
build print-on-demand
[837]
and an affiliate marketing site
[838]
and a YouTube channel
and all this all at once.
[840]
It's just too much to focus on.
[842]
You only have 100% of
energy throughout the day.
[845]
Now if you're gonna put 10% of energy
[847]
into 10 different things,
[848]
that'll be your full 100%.
[850]
But you're never gonna
grow any of those things
[852]
'cause you're only putting 10% in.
[854]
What I recommend doing is
focusing on one thing at a time.
[856]
So it really doesn't matter
the order that you go through.
[858]
Obviously, I recommend
starting with print-on-demand
[860]
because you can scale that pretty quickly
[862]
and it costs nothing.
[863]
But just make sure that
you're putting 100%
[865]
of your energy into one thing
[866]
until it's substantially grown
[868]
or built where you're happy with it,
[869]
then move on to the next thing.
[871]
Alright guys, that's it for this video.
[872]
I hope this has brought value to you guys.
[874]
If you liked it,
[874]
feel free to give it a
thumbs up or subscribe.
[876]
If you have any questions
about any of these things,
[878]
feel free to leave them
down in the comments.
[880]
And I'll see you guys in the next video.
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