Name: Passive Income: How I Became A Millionaire In My 20's
Uploaded: 2024-08-04T08:51:54.000Z
Duration: 18 min 15 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

So today I'm gonna be talking about how passive income allowed me to go from a normal teen working a nine to five job to becoming a millionaire in my twenties.

I'm gonna be sharing with you all the strategies that actually worked for me, as well as lots of my mistakes that hopefully you can do even better.

This is the story of how I went from a small English town to the rolling hills of San Francisco and the bustling city of Shanghai, China, including all the challenges I faced along the way.

Who knows by watching this video to the end, it may open up a new pathway for you that you might wanna walk down.

You'll also find out why a simple desk like this can mean so much to me.

If that sounds good, then give that like button a smash and strap in for the wild ride that is my life.

That's the last time I walked out of those gates.

I was tall, skinny, and I had ginger hair and I was broke, unfortunately, but I knew I wanted to make my mark on the world and there was no way I could do that sitting in lessons, learning about things I wasn't interested in.

But before we get there, let me take you back to my teen years.

I know it's a little cliche, but when I was a teen, my main side hustle was selling candy and cans of soda to all the other kids in the playground.

On the weekend, I would also go fishing and catch hundreds of mackerel, which I sold around the neighborhood.

I remember knocking on every single door possible.

I was offering a great deal, 10 fish for $1, but unfortunately, no one wanted 10 fish.

So I was forced to go back to the drawing board and restructure my business with a new strategy.

I decided from now on, I'll be selling five fish for $1 and I was shocked by the results.

Looking back now, these years were so important as I was practicing some of the most important life skills out there, sales and confidence.

Without these skills, I don't think I'd have been able to achieve success in later life.

So if you just take one thing from this video, then it should be to start honing your sales skills and being confident.

This brings me back to these school gates.

When I left here, I had several paths that I could follow.

I needed to learn a skill that set me up for life.

Going to work at 9 a.m. and finishing at 5 p.m. was the life that school had been drilling into me for years.

So I really threw myself into it and actually lined up five different jobs because I was so keen to be successful.

I had the choice between being a builder, an electrician, a refrigeration engineer, a shop assistant, or a carpenter's apprentice.

It was a tough decision, but in the end, I decided on becoming a carpenter.

The pay wasn't great at around $2 an hour, but I was learning a skill and I could see the potential for moving up in the company.

And I really thought that this was my ticket to success.

I really threw myself into my carpentry apprenticeship and I learned everything I could.

I even won leadership awards and I really felt like I was moving forward with my life.

I finished my apprenticeship with honors from the college and thought, here we go, all the big jobs are coming my way.

But unfortunately, my manager seemed to take a dislike to me.

Maybe he started to feel a little bit threatened by my success and therefore decided to give me all the bad jobs.

For months on end, he assigned me to making wooden trash cans in the back room.

This gave me no ability to show off my skills that I'd learned and prevented me from working my way up the company to a higher paid job.

I thought to myself, I hadn't really studied all this time to make wooden trash cans.

Nowadays, it's a sort of repetitive job a robot would do.

What was even worse is when I looked around the workshop, I saw many other people doing lots more interesting jobs.

So I asked to speak to the manager and where we're filming this is the exact spot where we stood.

He said, you're making these bins today, you'll be making these bins tomorrow.

We got a five year contract with Walmart.

You're gonna be making a lot of these bins.

Now that's when I realized I was completely powerless working a nine to five job at the mercy of whoever was in charge.

The pay was only just enough to cover my bills, which meant I couldn't just quit, but I was also unable to save any money.

So I got a Saturday job working in a radio control model shop.

I also started a side hustle flipping cars, which basically consisted of finding underpriced cars, fixing them up and then selling them for a profit.

To this day, I still own this Ford Fiesta XR2 Mark 1.

And the cars I was buying at that stage were costing me two to $300.

And I was usually flipping them for, I say 500 to $600.

This little beauty is worth a little bit more than that now though.

As well as doing all of this, I was also teaching people to fly radio controlled helicopters on a Sunday.

There was a huge demand at the time and all Sunday I would be booked out as long as the weather was good.

Having these multiple side hustles allowed me to finally build out some kind of emergency fund.

This is so important that it gives you the freedom to take advantage of any opportunities that come your way without having to worry about paying your bills.

There is a huge opportunity cost that comes from living paycheck to paycheck.

As you're so focused on next month's wage that you end up going through life with your eyes half closed and passing up on many opportunities without even knowing it.

One day at work, the boss asked if anyone wanted to help install this beautiful staircase at a customer's house.

It was one of the most impressive houses that I'd ever seen.

I'm talking marble floors, chandeliers, a private swimming pool and a garage full of beautiful sports cars.

I started daydreaming and adding up how many years it would take me to earn enough money to buy a place like this.

And I got gradually more and more demoralized as even with all my side hustles, I realized I still would never have enough money.

It was so close, but just so far at the same time.

And I felt there was really nothing more I could do to achieve it.

I was absolutely exhausted physically and mentally.

While installing the staircase, I would often look out the window and see the owner relaxing in the garden or going off to play golf.

And I really couldn't understand how this guy managed to have the life that he wanted and go and have fun whenever he wished.

So I had to ask him a few questions and he told me all about how running his business gave him the ability to make money while he slept.

This is when I first discovered passive income.

I'd never thought this was really possible for me as school had only ever taught me one way of making money and that was working a normal job.

This concept of making passive income was so alien to me, but it really got the wheels turning in my mind.

If this was a normal guy and he was able to do all this, then I was pretty sure that I could do it too.

I started thinking back to my school years and selling those fish.

That was my first real experience of running a small business.

And I'd loved every second of it, from sourcing to selling the product.

I couldn't believe that I'd been suppressing this for years and trying to conform to what society wanted me to do.

Nowadays, passive income has become a bit of a buzzword on the internet and I don't completely agree with the term as it can sound a little misleading.

Kickstarting passive income is certainly not an easy thing to do, but the idea is that you can do something once, like setting up a business or investing some money and then earn from it even when you're not working.

Of course, this requires some maintenance, but in my opinion, it's a better way to make money than working a nine to five job if you want to be successful when you're younger, as your time is limited and therefore your income is capped.

So now I knew that passive income was the answer.

I devised a plan of escape to have the best chance of success.

I knew it was important to create a business in an industry that I was both familiar with and also passionate about.

The shop I was working in on Saturdays was a radio control model store.

Over the years that I'd been working there, I spotted lots of things they could be doing differently and all the mistakes that they were making.

I researched and found the perfect location for a store.

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Passive Income: How I Became A Millionaire In My 20's

literally

potential

opportunity

experience