How I Built 9 Income Streams By Age 25

this is me from 2017 to 2020. i was basically a glorified excel monkey working countless hours in corporate america where i sometimes worked 15 hour days i was miserable deep in the rat race and just hoping to climb the corporate ladder with the goal of honestly i have no idea i was just doing what people told me to do go to college work hard and hopefully one day get enough money to retire at 65. but in 2020 i decided to completely end this instead work for myself because i realized this one thing i didn't want to spend the rest of my life helping build someone else's dream when i could be building mine so i want to share my nine streams of income that i've built as a 25 year old entrepreneur and a bit on how i built them and we'll start all the way from the beginning with my first successful income stream that i started with just zero dollars and hopefully by the end of this video you'll get some ideas on how to start building your own income streams even if you have zero dollars and also along the way learn some really important lessons that i picked up on my journey before you go and take the leap and tell your boss to screw himself or herself i have two really important pieces of advice that i want to share the first is although it seems like i had that yolo mentality and just went all in in 2020 the truth is is that i've been building these streams of income for years already and already had a sizable safety net in case anything failed think of it this way when you jump out of a plane you want to make sure that you have a working parachute so you can actually land safely or at least survive you need something to support yourself while you work on your business ideas at least for a while until they start generating some income and for my second advice i'll share that at the end of the video but i really wish i knew this when i first started it would make everything so much easier my first income stream that i started with zero dollars was an ebook business where i basically wrote ebooks and sold them on amazon which is actually a lot easier than it sounds and i'll even share with you on how you don't need to write the books and still make money i started this when i was 17 in high school and honestly i had no knowledge about any of the topics that i wrote about like intermittent fasting or anything about kombucha for the most part i truly relied on my good friend google i did a lot of research online and just summarized a lot of what i read into one convenient location which is the book and people are willing to pay for this when you have the final book ready you upload it onto amazon kdp and then it creates a virtual listing and people can come in and actually buy it the customer pays for the entire thing amazon takes their cut their fees and then you get to keep the profit afterwards this is a great income that anyone can start with because there is no startup cost involved whatsoever just keep putting more books online your income is going to add up it's going to start compounding and while you work on your actual job or the safety net in this case you're actually making money in the background the trick that i used eventually where i didn't have to write any books myself is i hired a ghost writer from upwork or any other freelancing website and i essentially told them what to write about and i sold it online which brings me to my second income stream which i started again with zero dollars and this is my freelancing business which is kind of an umbrella term that includes consulting services for marketing social media seo as well as photography and design work i started the photography gig back in college to help me pay for food and housing and it all started with a project that i created my first year in college where i try to emulate humans of new york where you take a picture of someone and you do a quick interview and i wanted to bring this idea and this concept onto the college campuses across the nation long story short it did not succeed at all but from there i was able to market myself and work on other smaller projects and even photograph major school events where i got paid for i also started my consulting gig in college because i already had years of experience with seo social media marketing and people were willing to pay for that information now i don't do freelancing very often anymore because i'm trying to transition away from the time for money work model to a more passive model like the next few income streams i've been talking about because with the time for work model it's not very passive and i only get paid for the amount of hours that actually put in a good way to start getting paid for your knowledge i.e consulting is at respondent.io where they offer one-on-one consumer research studies and focus groups both in person and online and actually pay a really good amount at 140 on average per hour if you want to check out the site i have the links in the description down below my third income stream is flipping things for profit i'll actually share with you with what i consistently flipped and sold for a 250 profit but only if you promise to keep it a secret between us because we don't want to let the cat out of the bag i flip tons of things in my lifetime from phones clothes books and it's always super exciting especially if you're strolling through a store and then you see something on sale bam it becomes instinctual to actually check out the selling price on amazon or ebay and see what the potential profit you could make on it i started flipping things for profit all the way back to when i was 11 years old so i was a true hustler at heart and what i would do is i would collect these two dollar bills that were somewhat hard to find because i don't think they make them anymore but essentially i would flip them at school for five dollars because other students or my friends never saw them before and they thought that it was super rare and super cool so they wanted it and that was probably the easiest 250 profit that i've ever made so after earning a decent amount of money from my first three income streams i wanted to be able to grow it passively where i didn't have to do anything and just let it grow and this brings me to discovering stocks etfs and mutual funds and this is probably one of my favorite income streams because for the most part you can just set it and forget it until you wake up at 65 and decide you want to cash out on all those decades of compounded returns my investment strategy way back then and even now is primarily long-term investing meaning that i buy and hold the assets for years in order for the price to appreciate and i only buy things after tons of analyses which you should check out in this video over here that includes a wall street level valuation and analysis if you do want to see what brokerage apps and i use you can check out the weibo link down below where you can get two stocks for free i started investing nearly a decade ago with maybe 50 so you really don't need a lot of money to start and for the most part when i first started i was investing in these things called index funds which essentially allows you to own a little bit of a bunch of different companies i liked index funds because it was just super easy and honestly it's a hassle to keep up with the market news because there's just so much things to read and digest which takes up a lot of time so this is why i created daily market briefs which is a completely free daily newsletter that sums up the most important market news for you that you can read in just three minutes link is in the description down below if you're interested my fifth income stream or 5.5 income stream is cryptocurrency because i make income from cryptocurrency in two ways which i'll share with you in a bit i started investing in crypto all the way back in 2017 primarily in bitcoin and ethereum way before all the mainstream hype that's going on right now and honestly when i said i was a long-term investor early on i mean it because i've been holding crypto through thick and thin even when the market tanked in 2018 i just continue to hold on and i just continue to buy more and i'm still holding to this day because i'm an og hodler which is the first way that i make income by huddling through thick and thin the second way i make income through crypto is by staking my coins which means i essentially lock up my coins to help support the operation of a blockchain network and in exchange i get rewarded with a percent return while still retaining full ownership of my crypto so it's a super passive way where i really don't have to do anything on my part and still get paid i invest in crypto through two investing apps which i use for different purposes you can check out coinbase and get ten dollars in free bitcoin or get 250 bitcoin through blockfi the link's in the description below my next income stream is youtube and it's probably the most common one that you see everyone talk about because well we're on youtube i get paid by google adsense every month depending on how many people watch my videos with ads so those little things that you probably skip five seconds into is how i feed myself i started making youtube videos way back in 2012 with a tech channel and it's so embarrassing that all those videos are private now but i'll show you a very quick sneak peek and make sure you focus on the nasally voice and the stuffy nose to really get the full effect of the progress from then and now hey guys i'm going to show you how to unlock an atnt galaxy note right now it's crazy i also didn't get monetize or take youtube seriously until 2020 so technically it took me eight years to actually start an income stream through youtube i personally don't like this income stream too much because it's very volatile it's really dependent on many things that are outside of your control but adsense is definitely one of the first income streams that a youtuber makes but it's not the best one what i do like about it is that it's super passive meaning i can make a video today and in a year or two it could still be generating views and technically still be generating income and this brings me to one of my largest income streams and could honestly be one of my favorites and this is brand sponsorships for most youtubers this is probably one of the largest income streams but there are two downsides that i'll get into a brand sponsorship is exactly what it sounds like i didn't start to get contacted for brand sponsorships until at least i had a couple of thousand subscribers and even then it was more like hey here's a free product now can you talk about it if you like it there was actually no money involved whatsoever fast forward today i actually get dozens of emails every single week but for the most part i turn down like 95 of them because i don't believe in their product that they're selling and it wouldn't be cool if i just show that on to you guys the first downside to this income stream is that depending on the brand it's a lot of back and forth which sometimes could take days and i really hate sending a lot of emails which is one of the reasons that i quit corporate america the second downside is because it's not a very steady income because with brand sponsorships they come they go saturday through sunday monday monday through sunday yo maybe i love you one day that was a reference to a rap song by eminem called superman so i so so props eminem and i think that deserves a thumbs up my next income stream is affiliate marketing where you can see with all the blue hyperlinks below where if you click on it you sign up you get some benefits and they'll kick back me some commission i started affiliate marketing way back when i created my youtube channel and honestly i wish i promoted affiliate marketing a little bit more because i'm actually a huge fan of it super passive you don't really have to do anything because the link itself it stays with the video forever as long as the video still gets views there's always the possibility of people clicking and signing up through it and honestly you don't need to have a large following for affiliate marketing either i started when i was a smaller creator i was talking about weeble and i was still making something even if it wasn't a lot and this brings us to my ninth income stream and make sure you stay for the last bit of advice at the end of the video because this is one thing that i really wish i knew before i started my own income streams and my ninth income stream is patreon and you can think of patreon like a membership only platform that allows loyal viewers like you to support content creators like me and in exchange i'll share some really exclusive content it's a great way to have a bit more steadier income month to month instead of hoping that adsense is going to pay me or bring me some money this month i started patreon late 2020 and it's actually really awesome because i get to chat with people just like you and really share my knowledge with them because finance is my bread and butter so i share with them my research reports the stocks that i'm buying or selling my stock portfolio and so much more now throughout the past couple of years i failed a ton and i succeeded a little bit but throughout each thing i learned new lessons along the way so before you go here's one lesson that i wish i knew when i was starting out that i found super helpful and the lesson is to simply copy others there's no such thing as a new or original idea because everything you see today is a bunch of old ideas that people have been doing for centuries it's all just mixed together and it's all just repurposed all creative work has been and always will be influenced by something else so instead of being stuck and unmotivated trying to be super original or trying to think of the first thing to build you should focus on how you can transform and improve already existing ideas feel free to steal ideas that you see every single day from family friends from influencers celebrities because eventually from those ideas you'll be able to adopt your own style and evolve away from copying others and trust me once you have your own style i guarantee you that others will start to copy you and i'll be the first one to be transparent and tell you that that's what i do i'm sure you see similar styles in my videos to other creators it's because i liked what they did and i was influenced by them and i think it looks good so that's why i adopted it now i try my best to twist it into my own style but i'm still developing my own style i'm hoping one day that i can have something that's distinct and unique and that you'll be able to instantly recognize it immediately so i hope you learned a thing or two with this video and you at least picked up some ideas that you can work with starting today and if you guys said until the end and you guys are the real ones why don't you comment down your favorite eminem song so i know you guys are the real ones

Channel: Vincent Chan

Views: 471,705

Keywords: passive income, how to make money online, make money online, passive income streams, how to make passive income, income streams, income sources, how to make money, passive income online, side hustle, passive income 2021, multiple income streams, how to create passive income, streams of income, passive income ideas, how to make passive income online, multiple streams of income, make money online 2021, my streams of income, how to build multiple streams of income

Id: EUM4aHxyTO4

Length: 12min 46sec (766 seconds)

Published: Fri Jun 25 2021