Achieving $10,000 Monthly as a Student

Sep 28, 2024

How to Make $10,000 a Month as a Student

Introduction

  • Many students want to know how to make $10,000 a month.
  • There is a lot of misinformation regarding this topic.
  • The lecture will cover three main components necessary to achieve this goal.
  • Reference to additional resources in the description (popular video on business models).

Component 1: The Right Vehicle

  • Definition: A means or opportunity to make significant income without high risk.
  • Personal experience: Achieved $10,000 a month at age 17.
  • Caution against trading:
    • Many traders promote unrealistic gains to earn from your losses.
    • Turning $1,000 into significant profits is extremely challenging.
  • Recommendation: Invest in starting a lean online business instead.
  • Importance of cash flow:
    • Aim for profit that can be utilized, not just tied up in assets.
    • Example of e-commerce vs. service-based businesses:
      • E-commerce requires reinvesting in stock and may not provide immediate cash flow.
      • Service-based businesses can provide immediate cash flow and less reinvestment.

Component 2: Stretch Out the Timeline

  • Set realistic expectations for achieving $10,000 a month.
  • Social Media Impact: Comparison culture can lead to unrealistic expectations.
  • Importance of patience and long-term thinking:
    • Wealth is built over time, and progress may be slow initially.
    • Expect a flatline in income before significant jumps in earnings.
  • Personal Journey:
    • Took three years to reach $10,000/month initially.
    • Modern opportunities could allow for faster growth today.

Component 3: Staying at $10,000 a Month

  • Earning $10,000 a month is just the beginning.
  • Maintaining Income:
    • Focus on growing and multiplying wealth thereafter.
    • Understand the difference between "new money" and "old money":
      • Learn from those who have maintained wealth long-term.
  • Establish a financial identity:
    • Once reaching $10,000/month, it becomes a baseline identity.
    • Aim to not fall below this financial baseline to maintain self-perception and motivation.

Conclusion

  • Summarized key points:
    • Choose the right vehicle, stretch timelines, and focus on maintaining income.
  • Encouragement for students to pursue their goals and persevere.