How I Built 5 Streams Of Income By Age 23 💸 (Each $1,000 to $10,000 a MONTH!) and I will see you in the next one.#Best Education Page #Online Earning

 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 InvestingSimple.blog.

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.

#Best Education Page #Online Earning

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