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You Won_t Believe How Easy It Is to Make Your FIRST Million · The Empire of Wealth

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  Speaker 1: In this video, I'm gonna cover five ways that you
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  Speaker 1: can make your first million dollars. It doesn't matter if
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  Speaker 1: you have any experience or any money in the bank,
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  Speaker 1: I'm gonna give you the exact formula. I was 24
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  Speaker 1: years old when I made my first million dollars. This
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  Speaker 1: was thanks to e-commerce, but I also had five massive
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  Speaker 1: failures before I launched these businesses, which is exactly why
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  Speaker 1: I'm making this video. so that you can learn from
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  Speaker 1: my mistakes and understand the best possible way to make money.
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  Speaker 1: These are solid business models that have been proven over time.
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  Speaker 1: All you need is Wi-Fi, a willingness to learn and
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  Speaker 1: to just never give up. So what are the five
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  Speaker 1: business models we're talking about today? The first one is
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  Speaker 1: learning a high income skill. The second one is buying
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  Speaker 1: businesses with very little down payment. Third one is starting
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  Speaker 1: your own digital agency, which lots of people are doing nowadays.
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  Speaker 1: Fourth is real estate investing. And the fifth is how
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  Speaker 1: I made all of my money, but I'm going to
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  Speaker 1: talk about how I would do it different this time.
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  Speaker 1: But first, if you're new to business, let's be really
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  Speaker 1: clear on what a millionaire actually is. There's two types
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  Speaker 1: of millionaires. You've got cash millionaires, which have actually over
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  Speaker 1: $ 1 million in their bank cash liquid, but you've also
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  Speaker 1: got book value as well, which is a tally of
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  Speaker 1: all of your assets, such as shares, real estate, or
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  Speaker 1: even your company value. Believe it or not, having a
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  Speaker 1: million dollars of book value is actually very easy. I
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  Speaker 1: hope I don't get cancelled for saying that, but in
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  Speaker 1: this day and age, there are so many ways to
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  Speaker 1: make money and you can invest over time. For today's episode,
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  Speaker 1: we're just going to be talking about book value. So
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  Speaker 1: we're going to talk about what you could achieve if
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  Speaker 1: you sold your business at certain levels. Let's get into
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  Speaker 1: our first business, learning a high income skill. For most people,
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  Speaker 1: this is where you need to start. If you have
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  Speaker 1: no money and no experience, you need to start building
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  Speaker 1: up those skill sets and this is the perfect way
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  Speaker 1: to do it. You don't need any fancy marketing degree.
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  Speaker 1: All you need to do is go onto YouTube, study
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  Speaker 1: how to do the skill, and then start selling the
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  Speaker 1: services to small or medium-sized businesses. This can make you
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  Speaker 1: anywhere from $ 200, 000 to a million dollars a year in
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  Speaker 1: just a couple of years. This also serves as an
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  Speaker 1: amazing stepping stone so you can get that income and
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  Speaker 1: use that skill set to start out other business models
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  Speaker 1: that we're going to talk about in a second. There's
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  Speaker 1: so many different skills out there that you can learn,
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  Speaker 1: such as no-code app development, videography, and copywriting. Some of
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  Speaker 1: you guys might've remembered me talking about a famous copywriter
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  Speaker 1: called Stefan Georgi. He used to sell sales pages for
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  Speaker 1: $ 100 each. Now he makes over a million dollars a
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  Speaker 1: year freelancing. Learning a high income skill is going to
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  Speaker 1: create so many opportunities for you later on. including creating
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  Speaker 1: a digital agency where you can scale up and hire people.
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  Speaker 1: That is actually number three on our list, and we're
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  Speaker 1: going to get there in a second. The next business
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  Speaker 1: that can make you a million dollars is actually buying
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  Speaker 1: other businesses. This is how billionaires amass huge amounts of wealth.
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  Speaker 1: Lots of people think it's impossible to buy a business
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  Speaker 1: when you're just getting started. They're wrong. This is Josh Kim.
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  Speaker 1: He's amassed a multi-million dollar fortune by buying businesses with
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  Speaker 1: no down payment. And here's the kicker, he's only 20
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  Speaker 1: years old. He made over $ 800, 000 in his second deal
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  Speaker 1: all while he was at college. Not many people talk
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  Speaker 1: about this business model because it's not as attractive as
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  Speaker 1: creating the next innovative app. It is also really, really
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  Speaker 1: hard to source deals. You might need to talk to tens,
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  Speaker 1: if not hundreds of sellers to get the perfect deal
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  Speaker 1: where you have very little down payment. How does that work?
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  Speaker 1: Let's say you find a laundromat business or something really simple.
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  Speaker 1: The current owners of the business want to retire. They
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  Speaker 1: want to get out of that business. They might not
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  Speaker 1: be desperate for that money upfront, but they might be
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  Speaker 1: desperate to stop working. Let's say for example, this business
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  Speaker 1: is making about $ 50, 000 profit a month. Once you have
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  Speaker 1: the sale price of the business, you can actually go
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  Speaker 1: to the bank and show them all the financials and say,
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  Speaker 1: I want to buy this business. What will the loan
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  Speaker 1: repayments be? The bank can then give you money to
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  Speaker 1: give some of the portion upfront to the seller, and
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  Speaker 1: then the seller can actually finance the rest of it.
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  Speaker 1: So let's say you're buying the business for $ 500, 000. You
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  Speaker 1: may be able to purchase 40% of the business upfront.
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  Speaker 1: And then the remaining 60% will be paid over the
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  Speaker 1: following two years. This way, your bank is financing a
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  Speaker 1: portion and also the seller of the business is financing
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  Speaker 1: a portion. If the loan repayment's only around $ 16, 000 and
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  Speaker 1: the business is making about $ 50, 000, then you've got a
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  Speaker 1: great gap here to operate the business and pay the
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  Speaker 1: seller back. So you're probably thinking, why doesn't this happen
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  Speaker 1: more often? There's lots of reasons. First of all, the
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  Speaker 1: deals can actually be quite rare. The seller needs to
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  Speaker 1: be in the right state of mind and feel very
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  Speaker 1: comfortable in your ability to run the business profitably because
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  Speaker 1: if you stuff it up, you'll lose the whole business
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  Speaker 1: and they won't get the final payout. Secondly, it can
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  Speaker 1: be very hard to get funding from a bank if
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  Speaker 1: you don't have a good track record or some security
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  Speaker 1: that you can put under the loan, such as a house.
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  Speaker 1: That being said, it is possible and you should always
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  Speaker 1: be looking for these opportunities. Especially if you have a
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  Speaker 1: really strong skill set and some experience in business. Finally,
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  Speaker 1: a big word of warning. Whenever you're using debt to
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  Speaker 1: buy businesses or buy real estate, there is some element
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  Speaker 1: of risk with it. And remember, debt is a form
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  Speaker 1: of risk. Extended over a long enough period of time,
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  Speaker 1: it will revert to zero. The third business that can
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  Speaker 1: make you a million dollars is starting a digital agency.
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  Speaker 1: This is all the rage at the moment, especially for
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  Speaker 1: young people that understand algorithms and are doing social media marketing.
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  Speaker 1: It's an easy way to scale up your skills by
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  Speaker 1: hiring people and offering those services to clients. One of
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  Speaker 1: the most successful digital agencies was created by Stephen Bartlett.
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  Speaker 1: It was called Social Chain. It went public on the
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  Speaker 1: stock exchange and got value to over 100,000 people. 186
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  Speaker 1: million euros. I personally was going down this path before
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  Speaker 1: I started my businesses. I was shooting things for Pilates
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  Speaker 1: studios or sunglasses brands. All I had was my camera.
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  Speaker 1: I would shoot videos. I would create websites and I
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  Speaker 1: would launch the ads myself. This is how I learned
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  Speaker 1: all my skills and allowed me to scale up e-commerce
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  Speaker 1: businesses later in life. What I recommend in the early
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  Speaker 1: stages is picking one skill to learn and offer to clients.
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  Speaker 1: This allows you to build training manuals and hire accordingly.
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  Speaker 1: Let's say, for example, you want to do an email
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  Speaker 1: marketing agency. You can charge clients $ 4, 000 a month to
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  Speaker 1: set up all of their emails and continually send campaigns
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  Speaker 1: out on a month to month basis. You can then
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  Speaker 1: hire graphic designers for $ 10 to $ 20 an hour using
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  Speaker 1: Upwork or Fiverr. I know some agencies that are running
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  Speaker 1: at 50% net margin, but let's say for this example,
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  Speaker 1: you're running at 33% net margin. If you can just
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  Speaker 1: bring in one new client every month for 15 months.
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  Speaker 1: On that 15th month, you'll be creating $ 60, 000 revenue a month.
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  Speaker 1: At about 33% margin, that's $ 20, 000 profit in your pocket.
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  Speaker 1: That's almost $ 240, 000 a year. If you are able to
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  Speaker 1: sell that agency at about a five times multiple or
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  Speaker 1: a four times multiple, agencies sell anywhere from three times
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  Speaker 1: to seven times. you would have a million dollars cash value.
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  Speaker 1: So what's the catch of this business? It is actually
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  Speaker 1: really hard to get good employees at a cheap rate
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  Speaker 1: for the agency. You have to spend a lot of
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  Speaker 1: time making sure that your training is up to date
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  Speaker 1: and you manage this stuff accordingly because you're you need
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  Speaker 1: to provide value this business model relies on retention if
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  Speaker 1: you lost a few of those clients during those 15
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  Speaker 1: months you would need to replace them quickly this is
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  Speaker 1: where getting a personal social media account can be really
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  Speaker 1: really helpful get onto Twitter or get onto YouTube and
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  Speaker 1: start showing off your skills this will serve as a
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  Speaker 1: great lead magnet and then you can learn sales and
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  Speaker 1: close more clients the next business that can make you
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  Speaker 1: a million dollars is probably the most common reason people
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  Speaker 1: become a millionaire it makes a thousands of millionaires a
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  Speaker 1: day it is real estate investing people's houses appreciate a
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  Speaker 1: consistent rate they put more money into that house paying
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  Speaker 1: off the loan which increases their book value or their
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  Speaker 1: asset value now you're probably thinking I don't have enough
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  Speaker 1: money to get started with real estate This is why
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  Speaker 1: you need to start creating these other business models so
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  Speaker 1: you can get a little bit of cash in the
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  Speaker 1: bank so you can allocate it accordingly. Don't believe me?
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  Speaker 1: This is Zheng. He went from working at KFC earning
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  Speaker 1: $ 6 an hour to having a property empire of over
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  Speaker 1: $ 6 million. He started by saving $ 80, 000 to put on
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  Speaker 1: down payments on two properties. He looked for really rundown
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  Speaker 1: properties and did them up, renovating the floor and the painting.
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  Speaker 1: He flipped the first house for $ 200, 000 profit. This is
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  Speaker 1: what's commonly referred to as house flipping, where you buy
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  Speaker 1: a rundown property, do it up and sell it at
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  Speaker 1: a profit. Now remember, real estate can be really hard
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  Speaker 1: work doing those houses. You need to do a lot
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  Speaker 1: of due diligence on the deal. You need to understand
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  Speaker 1: which markets are increasing and you need to negotiate hard.
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  Speaker 1: Before we go any further, I'm doing this video for
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  Speaker 1: your success. Please make sure you like and subscribe so
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  Speaker 1: we can keep in touch and I can keep helping
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  Speaker 1: you out. I might be biased, but our fifth business
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  Speaker 1: is the best for young entrepreneurs, which is selling products online.
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  Speaker 1: While I failed a lot of e-commerce businesses, when I
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  Speaker 1: launched Calming Blankets, Australia's top weighted blanket, I made over $ 1. 5
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  Speaker 1: million profit in its first year. E-commerce is great. You
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  Speaker 1: can run the business completely by yourself, which means that
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  Speaker 1: you don't need to hire staff and things can stay simple.
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  Speaker 1: You can work as much as you want, which don't forget,
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  Speaker 1: the reason why that you're probably wanting to make a
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  Speaker 1: million dollars is optionality and freedom to travel the world.
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  Speaker 1: E-commerce allows this. To get started with e-commerce, all you
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  Speaker 1: need is about $ 500 and you could be making profit
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  Speaker 1: in just 14 days. The first step is you need
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  Speaker 1: a source of product. You can use something like Alibaba
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  Speaker 1: or trendrocket.io. Second step, you build a Shopify website, taking
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  Speaker 1: photos with your iPhone. Then you've just got to drive
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  Speaker 1: traffic through advertising, through either TikTok, Facebook ads, or even
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  Speaker 1: Google SEO. It really doesn't matter. You just need to
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  Speaker 1: know your craft. If you pick the right product timing,
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  Speaker 1: it really can change your life. It can skyrocket quickly.
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  Speaker 1: There was a business that was only five months old.
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  Speaker 1: doing decent profit and I could see the return on
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  Speaker 1: ad spend in the platform and I offered him over
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  Speaker 1: a million dollars. He ended up saying no, but this
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  Speaker 1: is a great story around how quickly e-commerce can change
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  Speaker 1: your life. There you have it, the top five businesses
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  Speaker 1: to take you from zero dollars to a million dollars.
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  Speaker 1: Don't forget to share this with your friends so that
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  Speaker 1: they can succeed as well. If you need help with anything,
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  Speaker 1: make sure you leave a comment below and I'll try
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  Speaker 1: to create a video on it. Don't forget to like
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  Speaker 1: and subscribe. I'll see you next week.