My favorite part about this video is his emphasis on investing in something specific that you understand but also marketing a $500 course that is not industry specific.
One thing I've learned from having been a landlord for years now is that the number 1 most important piece of it is tenant selection...require references, and actually interview them. Get this part right, and it saves you a lot of headaches...but even with good tenants, you'll still have headaches.
I agree with you, that, plus buying the right property at the right time, is crucial. I have four properties (not too many, I know), but those who laughed when I chose a fixed mortgage 4 years ago are now crying because their monthly payments have doubled. I am not agree with Crown on this. It is true that it requires dedication but It is definitely a good business with lower risk if you know what are you doing and definitely you don't think that it is a passive income.
Man I will be honest this really gave me confidence about what I have been doing with my business. Thank you for making this video because as an business owner I have faced so much back lash for doing exactly what you are outlining here.
"Have you ever had to paint a wall" lol! In college I managed a house for a friend, she paid me a couple hundred each month to collect the rent and keep the college kid renters out of trouble. One time I thought I'd save her money by painting a room myself. 2 days of suffering later I learned a valuable lesson. I always hire painters now, and give those poor guys a solid tip!
@@Preflightterror4You might not be considering that the 2-3 hours of painting may have been proceeded by many hours or days of prep work, including any removal of furniture, puttying and sanding, and masking. Putting on paint is the easy part.
@@Preflightterror4 factoring in the prep work, sanding, and cleaning... depending on how much effort you want to put in for a better result... you are looking at potentially 3 coats of paint (undercoat and then 2 coats of paint), and then theres drying time... not to mention the skirting boards and window frames (which require a more durable paint).
Solid advice. I heard similar from a business owner many years ago. He was a seller of work clothes. Pants with pockets for knee pads, safety vests, etc. He told me that if you start a business, make sure it's something you are passionate about because running your own business is working 80hrs a week for yourself instead of 40 hrs a week for someone else and if you didn't love it, you would burn out very quickly.
I spent so much time watching videos about so many of those trying to figure them out. Especially FBA. So glad I didn't spend money on any courses. Came close, NGL. Love this advise. Used to say college was outdated because by the time there were textbooks it was already outdated... nowadays if there's YT videos on it, it's already outdated and saturated.
There is money to be made in FBA - we did about $100K a year but he is right in that drop shipping and thining you can take out the top selling product as a passive job is totally right
I want to start a side hustle building industrial automation machinery. I've built a unique skillset to accomplish this, it's something that I'm passionate about, and most importantly, they're worth a lot of money. I managed to seize an opportunity to obtain a bunch of old second hand packing machines that I'm going to rebuild and will hopefully give me a good start
10:46 great video - one thing I learned after a decade as a marketer is that being an early mover didn’t confer much of an advantage. Eventually ivy leaguers started flooding into funded startups and it didn’t matter if you had a ten year track record. I could see something similar happening with AI. Of course being early is going to allow you to take some money off the table; I just wouldn’t count maintaining an advantage when y combinator grads start hiring Stanford people to manage their AI copywriter 😜
Basically, look at emerging markets and find a way to supply them with value. In established markets, the big boys are already there siphoning off most of the money. By targeting emerging tech, like AI, you have a chance of getting in close to the ground floor and maybe being one of those big guys in a decade.
Ground floor of AI was ~10-15 years ago minimum. (Modern) AI was already a decent part of lots of stats departments when I was doing my (math) post grad in the late 00s /early 10s. AI is like where crypto was in 2018ish. Obviously room to grow but hardly ground floor.
I love how your video was almost every thought that I had in my head and now that I know someone wealthier than me. Thanks the same way I’m going to move forward.
My parents own a few properties. One has been rented for a little over 25 years. The mortgage on the house was paid 3 months early because of the rent, that is it. My parents used to talk how they never wanted to sell that property, a few months ago they told me they were tired of dealing with it. And my parents had a law firm that actually managed the property, and even with that they still had to be very involved multiple times. There was one year where my parents spent more money dealing with the property than they made, because they had to fly into the country (we lived abroad) to deal with them and the tickets cost more than 2-3 months rent.
Agreed! I made some money from a duplex, but it was a ton of work. It was not passive by any stretch. Plus, I wasn't passionate about real estate to begin with.
I am about 16 months into my first business, mobile detailing. It is not a side hustle for me so far it is all i do currently. My main objective is to learn business with this and maybe I can build something grwra out of this but I believe there is a greater chance I will find a better op vehicle and get more leverage on my resources.
I worked as a mobile detailer for 2 years seasonally. The winters in my area made me decide not to pursue it long term. Best of luck out there! I hope you are getting well compensated for your time and effort.
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Finding financial advisors like Margaret Johnson Arndt who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
dude WHERE HAS THIS VIDEO BEEN 5 years ago? Literally wasted tons of cash making every single mistake you've listed and learned the hard way about all of this.. wish I had this advice a while back. Thank you though, hopefully stops everyone else from doing the same.
Genuinely thank you for this👏. I'm a young guy, Graduating from a Health Sciences degree the end of this year, and I always saw real estate as a potentially good Investment plan. Thank you for saying the harsh truth about it👌 I still plan on starting with buying a small flat (to live in while working), and then when it's nearly paid off, and I'm a little more into my career, then upgrading homes but keeping the flat as a permanent asset unless it proves to be more of a liability👌 But definitely not going down the route of buying multiple properties and getting tenants to try pay off the mortgage like I initially thought would be a good idea😂🙈
A lot of videos I've seen show all the potential upside without any of the risk or downside like he mentions (e.g. tenant misses a payment, tenant leaves at end of lease and you inevitably need to spend some $ repainting and replacing normal wear-and-tear items that do not come out of the security deposit, or the fact that the place can be vacant for several weeks to several months depending on what you are charging for rent and how selective you are on tenants and what the overall rental market and competition is like). As another person mentioned in the comments it pays to be very selective about tenants since that can make or break the rental profit on your investment. And you do have to deal with repairs and urgent calls about plumbing problems etc. It can be profitable and worth it but don't think it is all income with no work. Regarding your plan, you might consider getting a duplex or triplex and live in one unit while renting the other(s).
I'm a long time dave ramsey listener and something to keep in mind is that clip was a part of a rant against internet real estate trends essentially saying what you did in a way his listeners would understand and yes he has sold over a hundred million in real estate he loves the market to pieces and he holds six hundred million dollars in just real estate
I was in the military for 10 years, and because I deployed or moved duty stations often, I saw how being a landlord would be time-consuming. There is nothing passive about it, especially if you have more renters. I was an easy tenant, quiet, didn't party at my place, and I didn't need much but when I did need something, I was always in line, be it at the office, for maintenance, or whatever. Many of my friends want to get into real-estate and ask my why I won't. I explain even if I got a great deal on the property and had to fix minor things, that's time consuming and a big expense before I even get a renter. Renters then bring in wear and tear and are essentially a customer. I don't have the time or the patience.
I am building a commercial bee farm. I use my dads land so he can get ag exemption and now I like managing them. I can make money from honey, beekeeping services and renting out hives for ag exemption is Texas property taxes are brutal.
About to get a notary license and do transcribing as a side hustle, I’m pretty good deciphering most accents and there’s always Ai tools to help proofread.
Hope it works for you. I’ve found transcribing to take a lot of time for not much pay. AI tools would probably help, but many of the recordings have multiple people talking at once..
It absolutely can, the issue is bozos like rich dad poor dad guy, red iron guy, and others on video sites acting like taking out massive loans to buy rental properties is like having your own ATM. The people who treat rentals like passive income are slumlords
Can confirm all the caveats of real estate. At one point my dad had amassed around 30 rental properties; a week wouldn't go by without a some sort of problem popping up. Rent not getting payed, people moving out during the night and leaving a giant mess, a washing machine on the second floor overflowing and leaking water into the unit below, freaking drugs being sold and of course renters just calling up and bitching about the most random and/or trivial things. The day he sold we all experienced a significant uptick in his overall mood 🙄😆
Listening to this at work in one head phone while coworkers talk about getting into drop shipping and their gurus that they pay money to subscribe to for passive income schemes
Thanks you so very much!!!!! I haven’t figured out what I want to do with my life, have started and failed at around 10 businesses, and currently Uber for a living…but thankfully I’ve dodged drop shipping, real estate, etc… Hope I get “really rich” buy you a drink one day.
Such a great take on side-hustling. None of the hustles listed are any fun and relatively lonely. So you're not going to do it long term which is the only possible case for success. The YT 'genius' already got paid by your impression so they don't care what you do. AI is here to stay so do what you love and use it as an advantage to the life you were meant to live regardless.
I know a lot about the human body and judo but I can’t legally qualify as a doctor so maybe a physical therapist. But you are correct about starting a business instead of a side house
I'm a third-generation landlord. I have experience across 50 years that tell me renters have always paid the payments. It's not a new concept. It's called land "lording" for a reason. It dates back to feudalism. It's always worked that way since then. The problem is people pay too much money for real estate so you can't take in enough rent to make the payments. That's not a problem with real estate investing. That's a problem with the real estate investor.
A note on day trading. It's definitely not get rich quick. If you're going to look into it understand that it's a minimum 2 to 3 year commitment before most people start to find constancy in winning, and in the first year most people will lose their investment if they're not paper trading. Yes a lot of it is about risk management but it is a skill set you can take with you anywhere in the world with a good internet connection once you're skilled enough. It also requires a lot of patience, discipline, humility, accountability, and self-development so isn't suitable for people lacking or willing to work on these traits.
Day trading is absolute nonsense. There isn’t a person on the planet that can accurately and consistently predict the market. Sure you might get lucky once and a while just like a broken clock being right twice a day. Please show me one person that outperformed the market over the long term and I’m all ears.
@@user-te3qq1rb7u It’s not about predicted the market tho. That’s what everyone misunderstands. It’s about reacting to what you see being played out so far. Will it ever be 100% the correct way? Absolutely not. Which is why is about probabilities and increasing those probabilities based on what you see playing out so far and reacting to it
Great video. So my big takeaway is I've made a reasonable call trying to sell my landscape photos (since I'm taking and editing them as a hobby anyway). Now i need to work on my marketing I guess.
I have rental properties and theyre not that much work. Not passive sure, but with real estate you get the cash flow, you get renters paying down your debt, you get an appreciating asset, you get tax breaks AND you get an asset that's leverageable to buy other assets
I've never seen a single video on drop shipping or day trading that made either pursuit look like something interesting or worth investing in. Honestly, if you're going to pick up day trading, you might as well get a Comp Sci degree and learn how to automate trades based on Nancy Pelosi and friends' publicly-disclosed trades. Congresspeople have a sixth sense for making "informed" market moves.
One thing I've learned is to spend time & effort before you spend money on a project or side-hustle. Learn all you can - what's the real costs? what are the real risks? Identify critical assumptions, double check the legal side. Then strategically spend money to minimize cost of failure if you discover your grand plan won't work.
What Ramsey says has a lot of overlap with what you say. It's not a perfect overlap but you both give pretty sound advice just from different perspectives. Which is a good thing. Dave focuses more on risk mitigation of assets as you gain them while you focus more on the actual gaining.
"Choose something you know. Start small. Build up your client base over time. Etc." Great advice, and I agree, but you miss the target audience of these videos. They are trying hard to avoid doing any of these. Thus the entry for the con man.
Start a shuttle business with a few vans in an emerging market between a hard to reach tourist destination with adequate hospitality infrastructure and insufficient transportation infrastructure and the nearest hub and you will do well.
I’m in real estate. Naught my first single family property at 25. At 35 I have 5. What model do I follow? But VERY LOW, borrow zero for remodeling, keeping your margins much higher although you take a short term cash hit. Do the work myself (yes have a 55hr a week job as production manager in automotive also) and sloooooooow roll it. Have I lost money in a given year? Sure, but my equity is 85% plus and with the overinflated market now, although the cash is more expensive and possible useless, in theory the equity increase has eclipsed my expenses. Most people don’t want to do what I do and if you don’t know how to drywall or roof, don’t do it. You will be had. Take a job for a GC, roofer, carpenter, etc. for 2 years first and learn to recognize what is a scam and what isn’t. That’s if you none of those skills to begin with.
A lot of AI stuff out there takes advantage of the lack of understanding of AI and that it’s a new thing. Once the hype dies down (due to underperforming AI ROI), a lot of these get rich quick schemes will go out of business really fast. Ever wonder why someone with a successful business idea is trying to sell education courses to dramatically increase the number of competitors in their space? Because they know the space is saturating quickly and going to zero but they can make money on the hype by selling education courses.
I start daytrading as i want learn stock some years ago. Its not even "you will learn in years". Every decision, not market only, emotions, financial stability, relationship are important in every trade.... If you are angry you will lose money, if other emotions. Time too. If you work you dont have timefor trading 24/7, you need sleep. Market never sleep often and money dont wait for you. So its pointless becsuse too many factors make loses on daytrading l, not only wrong market decision.
I’m in sales and love it but my job at an insurance company really not as lucrative and I like real estate. I dunno where to put my focus and pull trigger. I would love high paying sales like oil or energy broker and or just get started real estate
100% agree with the real estate part. I studied real estate investments, and much like trading, you need a system. You need to know what you're doing. And especially, you need to manage the risks. This includes vacancy rates, property taxes, inflation, interest rates, the law (for example with flats, you can't do structural changes). There are exactly 27 risk factors that needs to be mitigated for. And the shortest time you'll see a turn around is around 2-3 years if you found the right property. 4-5 years if you found an okay one. And 7-never years if you don't know what you're doing. And no, your residential home is not an investment. So if you parents wants to give you a home, say no. Put half of it in a trust. . . As Robert Kiyosaki said: Assets, brings money into my pocket, liability, takes money out of my pocket. so if you can prove that your home brings money into your pocket every month, then I'll agree that your residential home is an investment. And I thank you, (just my 2 cents) 🤫
Thank you. Sincerely, signed a single mother who broke the cycle, but really had to choose my kids future rather than mine. It was worth it, they are successful, generally happy people, and they’re kind. I am sometimes tempted to try something to help myself, because right now my plan is to die at work. I have a decent low-mid income position.
The only reason people are willing to sell their strategies online is because it no longer works if it worked at all. People with winning strategies do not sell their secrets.
I don't know how it is there, but here in Brazil we have a whole lot of companies that manage your property. They take a chunk of the rent to cover costs and some profit. Your profit will be little bit less, or non-existant in short term, but you will get an asset over time, and less headaches.
They're called property management companies and they can be just a financial management they take care of collecting the rent and paying the bills for a fee and you get a higher percentage of income but you have to deal with the tenants and house maintenance, or you can be hands off they deal with everything tenants, maintenance, paying bills even the mortgage send you the details but you get very little money as your income as a lot goes to pay for maintenance, financial management and even screening possible tenants which includes background checks. You can be sure that they will get you your money's worth and actually take care of all the problems which is pretty much making it a hands off investment.
6:59 funny you talk about rent covering a chunk of the mortgage, but Dave Ramsey wouldn't have mortgages. He runs his businesses debt free, which also improves those margins you mentioned. And this from someone who doesn't slavishly agree with everything he says (I steer clear of much of his stock advice, for example) but can recognize the positive influences he's had (completely debt free and haven't lived paycheck to paycheck in years despite no major increases in income, for example)
At first I thought: AAAAAh, this tiktok dude again. Now I think: AAAAAh, he knows what hes talking about. The screen and DT charts shown let me think he used to be a trader or something. At least finance. Hats off! You take my subscription!
What about the fact that real estate is the only asset in the entire world where you can use 70%+ leverage without getting liquidated/margin called if the market crashes 50%, have substantially more input on deciding the market (given motivated sellers, off-market, distressed assets, etc. that creates various arbitrage opportunities that are not found in stocks where the price of everything is standardized) and if you improve the value of the property enough (i.e. by getting tenants, buying at low enough market value, etc.) you can refinance and repeat the whole process. Real estate is definitely not for everyone, it is absolutely not passive starting out (though what is business, and at least you can always hire a management company) and most deals don't make sense these days in basically every state nationwide, but it does offer unique advantages that afford people better opportunities to scale/increase their holdings without the massive risks (if you do your homework and make sure you could withstand the vacancies/rent dips that come along with a recession so that you never have to sell). Then again, I guess your video is geared towards the average everyday Joe, who likely doesn't have intimate real estate market knowledge and the funds/contacts to scale.
"invest in something you know about bc of your own skills" Could not agree more. I dont daytrade but invest in undervalued ev companies as i understand the tech behind and how to scale things. Looking at a conpany and how it behaves shows me if its good or bad Investment. Then once u found a company see if its overvalued or undervalued. For example tesla is overvalued atm or rather totaly was at 400 a share. Arround 200 it is priced fair. 100 was totaly undervalued and thats where the buy volume picked up so hard
Real estate was a good way for me to save while I found my passion that can provide profit. Then I was able to leverage my mortgage down the track to my advantage
The Journal: One more HUGE flaw in her video!! That was NOT an Amazon POD product. That was the kind that you purchase from a printing company! (Which means paying thousands for the product up front). Source: I’m a middle grade author actually published on Amazon and other platforms. POD= Print on Demand Plus, you mentioned AMAZON creating another product to compete. But she’s already telling people to create products to compete with her listeners… 🤦🏼♀️ It’s true. Amazon can turn off your account at any point. It’s a nightmare to get it back Financial side: Also to make that product only $10, means they must have ordered a ton to even make a $1-2 profit on the moleskin journal. Also. NOT passive, since it’s clearly sponsored, which means navigating the complexity of Amazon ads… Which requires regular monitoring! Market: no one is going to buy a blank POD journal for $10 when they could buy a beautiful moleskin for $10. I’d say most is $5-6, minus the print cost, etc. …but if you search for blank journals on Amazon, there are a ton that haven’t sold a single one.
I don’t agree with the trading part. I’m a full time trader. I have an edge and I’m profitable. It’s super difficult not going to lie, but as soon as you have an edge it would just be to have enough capital to invest in your trading
But a computer can do what you do at twice the speed and half the time. Like he said a machine doesn't need a coffee break and can follow a system better than any human could ever.
Crown, you are so the Really Rich Guy! Your insights are great and your Rich Guy vs Really Rich Guy remind me of the Goofus vs Gallant page in Highlights magazine. I used to LOVE that! I live near Boca so I have been in the company of many Rich Guys and only hope that I find more Really Rich Guys in the area!
How does social security pay anyone over $100k unless they continue to contribute the max after they start collecting social security. Eg they are 85 and they have been at Max contribution for 20 years beyond 65? I am very curious about this.
Loving the video and the advice/insight, but one glaring thing that distracts from it all.... that suit.... specifically the lapel width!!! C'mon man, you do have style, get a better jacket! (unless of course, its on purpose to be a parody - in which case, ignore me and carry on).
interesting question; What about Print on Demand ? because there you are outsourcing production to someone else ( just like Apple) but that also means that the barrier to entry is your Imagination ( to come up with interesting designs ) and marketing ; in short , given what i mentioned about Would PoD also be a bad idea just like dropshiping on Amazon? because in theory yes it's kind of like dropship but in actuality the barrier to entry is what designs you come up with if you come up with unique designs then that will be your competitive edge , your unique selling point )
It depends entirely on what you're printing (speaking having had 22 years in domain). In the example he critiques, there's absolutely zero value added using the journal model and essentially minor clip art embellishments. Also as he pointed out, if you come up with a product that has high value, high demand and low availability, you can do very well. The approaches that fit that direction are many and are diverse. A classic example is Richard Paul Evans and his first book (PoD), The Christmas Box. Another is Thomas Leonard (the originator and grandfather of the modern life & career coaching movement) with his Coach U program. Typically, the most successful PoD products are accompanied by other value-magnifying resources (cultural touchstones like creating a storytelling universe, or including knowledge and personal growth activities). With all that said, the other realm of PoD that can be very profitable is visual art related content. Again, creating value (aesthetically or otherwise) and connecting people to a larger context are the hallmarks of success. More than anything, value, value, VALUE is the most important consideration. The method of creation like print on demand is just a means to an end.
Making a video to complain about “side hustles” like real estate which has probably brought more wealth to average Americans than anything outside the 401K while simultaneously selling an “online course of investing experience” is the most UA-cam thing ever.
I was talking to woman who was talking about how she was a girl boss and was learning to drop ship, and I just listened, evetntually we get into talking about cars and she tells me she drives a beater and can't afford to fix it... make it make sense
My favorite part about this video is his emphasis on investing in something specific that you understand but also marketing a $500 course that is not industry specific.
One thing I've learned from having been a landlord for years now is that the number 1 most important piece of it is tenant selection...require references, and actually interview them. Get this part right, and it saves you a lot of headaches...but even with good tenants, you'll still have headaches.
I agree with you, that, plus buying the right property at the right time, is crucial.
I have four properties (not too many, I know), but those who laughed when I chose a fixed mortgage 4 years ago are now crying because their monthly payments have doubled.
I am not agree with Crown on this. It is true that it requires dedication but It is definitely a good business with lower risk if you know what are you doing and definitely you don't think that it is a passive income.
Hey leech
@@SergioGutierrez-vn1oh It’s all really a personality test, isn’t it? Kudos to you, and good luck with what’s to come!
@@dm2060 What’s that mean?
do your tenants tip you?
hussle wisely I cannot agree more. Thanks for another incredibly down-to-earth video!!
Hustle
Man I will be honest this really gave me confidence about what I have been doing with my business. Thank you for making this video because as an business owner I have faced so much back lash for doing exactly what you are outlining here.
"Have you ever had to paint a wall" lol! In college I managed a house for a friend, she paid me a couple hundred each month to collect the rent and keep the college kid renters out of trouble. One time I thought I'd save her money by painting a room myself. 2 days of suffering later I learned a valuable lesson. I always hire painters now, and give those poor guys a solid tip!
what do u mean? painting a room takes like 2-3 hours if ur an amateur, what were you using, craft brushes?
@@Preflightterror4You might not be considering that the 2-3 hours of painting may have been proceeded by many hours or days of prep work, including any removal of furniture, puttying and sanding, and masking. Putting on paint is the easy part.
Still doesn't take two days
@@Preflightterror4 factoring in the prep work, sanding, and cleaning... depending on how much effort you want to put in for a better result... you are looking at potentially 3 coats of paint (undercoat and then 2 coats of paint), and then theres drying time... not to mention the skirting boards and window frames (which require a more durable paint).
No shortcuts to wealth
Solid advice. I heard similar from a business owner many years ago. He was a seller of work clothes. Pants with pockets for knee pads, safety vests, etc. He told me that if you start a business, make sure it's something you are passionate about because running your own business is working 80hrs a week for yourself instead of 40 hrs a week for someone else and if you didn't love it, you would burn out very quickly.
I spent so much time watching videos about so many of those trying to figure them out. Especially FBA. So glad I didn't spend money on any courses. Came close, NGL. Love this advise. Used to say college was outdated because by the time there were textbooks it was already outdated... nowadays if there's YT videos on it, it's already outdated and saturated.
There is money to be made in FBA - we did about $100K a year but he is right in that drop shipping and thining you can take out the top selling product as a passive job is totally right
I want to start a side hustle building industrial automation machinery. I've built a unique skillset to accomplish this, it's something that I'm passionate about, and most importantly, they're worth a lot of money. I managed to seize an opportunity to obtain a bunch of old second hand packing machines that I'm going to rebuild and will hopefully give me a good start
that's really interesting how's it going ?
@@TehBliz the pad for my 60sqm workshop goes down in 2 weeks
10:46 great video - one thing I learned after a decade as a marketer is that being an early mover didn’t confer much of an advantage. Eventually ivy leaguers started flooding into funded startups and it didn’t matter if you had a ten year track record. I could see something similar happening with AI. Of course being early is going to allow you to take some money off the table; I just wouldn’t count maintaining an advantage when y combinator grads start hiring Stanford people to manage their AI copywriter 😜
Basically, look at emerging markets and find a way to supply them with value. In established markets, the big boys are already there siphoning off most of the money. By targeting emerging tech, like AI, you have a chance of getting in close to the ground floor and maybe being one of those big guys in a decade.
The real question is how to use AI to parlay into earning money.
That's the question.
Ground floor of AI was ~10-15 years ago minimum. (Modern) AI was already a decent part of lots of stats departments when I was doing my (math) post grad in the late 00s /early 10s. AI is like where crypto was in 2018ish. Obviously room to grow but hardly ground floor.
Or go for markets where the big boys have stagnated and regressed even.
I love how your video was almost every thought that I had in my head and now that I know someone wealthier than me. Thanks the same way I’m going to move forward.
My parents own a few properties. One has been rented for a little over 25 years. The mortgage on the house was paid 3 months early because of the rent, that is it. My parents used to talk how they never wanted to sell that property, a few months ago they told me they were tired of dealing with it. And my parents had a law firm that actually managed the property, and even with that they still had to be very involved multiple times. There was one year where my parents spent more money dealing with the property than they made, because they had to fly into the country (we lived abroad) to deal with them and the tickets cost more than 2-3 months rent.
Agreed! I made some money from a duplex, but it was a ton of work. It was not passive by any stretch. Plus, I wasn't passionate about real estate to begin with.
I am about 16 months into my first business, mobile detailing. It is not a side hustle for me so far it is all i do currently. My main objective is to learn business with this and maybe I can build something grwra out of this but I believe there is a greater chance I will find a better op vehicle and get more leverage on my resources.
I worked as a mobile detailer for 2 years seasonally. The winters in my area made me decide not to pursue it long term.
Best of luck out there! I hope you are getting well compensated for your time and effort.
@@lehtamohan3595yeah the seasonality of it is why you don't see a lot of long-term established mobile detail businesses. Same with pressure washing.
Thanks Crown, I love these longer style videos!
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I’m in dire need for one.
Finding financial advisors like Margaret Johnson Arndt who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
How rich vs really rich people practice side hustles 🗿
lol
dude WHERE HAS THIS VIDEO BEEN 5 years ago? Literally wasted tons of cash making every single mistake you've listed and learned the hard way about all of this.. wish I had this advice a while back. Thank you though, hopefully stops everyone else from doing the same.
Honest and down to earth. Very helpful :) Can you do a video on bonds?
My side hustle is locksmithing. Particularly lockouts.
Genuinely thank you for this👏.
I'm a young guy, Graduating from a Health Sciences degree the end of this year, and I always saw real estate as a potentially good Investment plan. Thank you for saying the harsh truth about it👌
I still plan on starting with buying a small flat (to live in while working), and then when it's nearly paid off, and I'm a little more into my career, then upgrading homes but keeping the flat as a permanent asset unless it proves to be more of a liability👌
But definitely not going down the route of buying multiple properties and getting tenants to try pay off the mortgage like I initially thought would be a good idea😂🙈
A lot of videos I've seen show all the potential upside without any of the risk or downside like he mentions (e.g. tenant misses a payment, tenant leaves at end of lease and you inevitably need to spend some $ repainting and replacing normal wear-and-tear items that do not come out of the security deposit, or the fact that the place can be vacant for several weeks to several months depending on what you are charging for rent and how selective you are on tenants and what the overall rental market and competition is like). As another person mentioned in the comments it pays to be very selective about tenants since that can make or break the rental profit on your investment. And you do have to deal with repairs and urgent calls about plumbing problems etc. It can be profitable and worth it but don't think it is all income with no work. Regarding your plan, you might consider getting a duplex or triplex and live in one unit while renting the other(s).
What's the old saying?
"If it's too good to be true...."
I'm a long time dave ramsey listener and something to keep in mind is that clip was a part of a rant against internet real estate trends essentially saying what you did in a way his listeners would understand and yes he has sold over a hundred million in real estate he loves the market to pieces and he holds six hundred million dollars in just real estate
Nick love the shorts and your thoughts on real estate on this video. Keep up the great content and than you for all the entertainment.
I was in the military for 10 years, and because I deployed or moved duty stations often, I saw how being a landlord would be time-consuming. There is nothing passive about it, especially if you have more renters. I was an easy tenant, quiet, didn't party at my place, and I didn't need much but when I did need something, I was always in line, be it at the office, for maintenance, or whatever.
Many of my friends want to get into real-estate and ask my why I won't. I explain even if I got a great deal on the property and had to fix minor things, that's time consuming and a big expense before I even get a renter. Renters then bring in wear and tear and are essentially a customer. I don't have the time or the patience.
I am building a commercial bee farm. I use my dads land so he can get ag exemption and now I like managing them. I can make money from honey, beekeeping services and renting out hives for ag exemption is Texas property taxes are brutal.
About to get a notary license and do transcribing as a side hustle, I’m pretty good deciphering most accents and there’s always Ai tools to help proofread.
Hope it works for you. I’ve found transcribing to take a lot of time for not much pay. AI tools would probably help, but many of the recordings have multiple people talking at once..
@@TheHareand notaries are everywhere for free - at your bank
Real estate won't buy you a Ferrari in your 30s but it'll sure as hell help your kids through college and make retiring a possibility
It absolutely can, the issue is bozos like rich dad poor dad guy, red iron guy, and others on video sites acting like taking out massive loans to buy rental properties is like having your own ATM. The people who treat rentals like passive income are slumlords
@@willh3972 preach 🙏
Trading the finical markets is doable, but not always easy. You will loose 40% of the time if you are good at it.
Is it just me or does Nick's blazer look like something you would take out of a halloween bag from spirit.
Can confirm all the caveats of real estate. At one point my dad had amassed around 30 rental properties; a week wouldn't go by without a some sort of problem popping up. Rent not getting payed, people moving out during the night and leaving a giant mess, a washing machine on the second floor overflowing and leaking water into the unit below, freaking drugs being sold and of course renters just calling up and bitching about the most random and/or trivial things.
The day he sold we all experienced a significant uptick in his overall mood 🙄😆
Listening to this at work in one head phone while coworkers talk about getting into drop shipping and their gurus that they pay money to subscribe to for passive income schemes
Thanks you so very much!!!!! I haven’t figured out what I want to do with my life, have started and failed at around 10 businesses, and currently Uber for a living…but thankfully I’ve dodged drop shipping, real estate, etc… Hope I get “really rich” buy you a drink one day.
Really good video. Content like this; that dispelled horrible advice is needed on the internet. It’s unfortunate that the bad advice is so “catchy”.
Such a great take on side-hustling. None of the hustles listed are any fun and relatively lonely. So you're not going to do it long term which is the only possible case for success. The YT 'genius' already got paid by your impression so they don't care what you do. AI is here to stay so do what you love and use it as an advantage to the life you were meant to live regardless.
I know a lot about the human body and judo but I can’t legally qualify as a doctor so maybe a physical therapist. But you are correct about starting a business instead of a side house
I'm a third-generation landlord. I have experience across 50 years that tell me renters have always paid the payments. It's not a new concept. It's called land "lording" for a reason. It dates back to feudalism. It's always worked that way since then. The problem is people pay too much money for real estate so you can't take in enough rent to make the payments. That's not a problem with real estate investing. That's a problem with the real estate investor.
Excellent video !!! Thank you. Make more !!!
Fine fine youtube algorithm. You keep feeding me the shorts and each one was a banger. I will watch the long form this time.
Fantastic video! Wow- the truth hurts…a “side hustle” is just another job …
Thank you for the clear, concise, and honest advice, Mr. Crown. Money for nothing is only valid .001 % of the time.
A note on day trading. It's definitely not get rich quick. If you're going to look into it understand that it's a minimum 2 to 3 year commitment before most people start to find constancy in winning, and in the first year most people will lose their investment if they're not paper trading. Yes a lot of it is about risk management but it is a skill set you can take with you anywhere in the world with a good internet connection once you're skilled enough. It also requires a lot of patience, discipline, humility, accountability, and self-development so isn't suitable for people lacking or willing to work on these traits.
Agreed
Day trading is absolute nonsense. There isn’t a person on the planet that can accurately and consistently predict the market. Sure you might get lucky once and a while just like a broken clock being right twice a day. Please show me one person that outperformed the market over the long term and I’m all ears.
@@user-te3qq1rb7u It’s not about predicted the market tho. That’s what everyone misunderstands. It’s about reacting to what you see being played out so far. Will it ever be 100% the correct way? Absolutely not. Which is why is about probabilities and increasing those probabilities based on what you see playing out so far and reacting to it
@@user-te3qq1rb7u Patrick Wieland for one. Just because you don't have the skills doesn't mean others don't.
Great video. So my big takeaway is I've made a reasonable call trying to sell my landscape photos (since I'm taking and editing them as a hobby anyway). Now i need to work on my marketing I guess.
I have rental properties and theyre not that much work. Not passive sure, but with real estate you get the cash flow, you get renters paying down your debt, you get an appreciating asset, you get tax breaks AND you get an asset that's leverageable to buy other assets
I've never seen a single video on drop shipping or day trading that made either pursuit look like something interesting or worth investing in.
Honestly, if you're going to pick up day trading, you might as well get a Comp Sci degree and learn how to automate trades based on Nancy Pelosi and friends' publicly-disclosed trades.
Congresspeople have a sixth sense for making "informed" market moves.
Thank you for these great videos
Loved the video brother. Very informative.
Great Information thanks so much!!
I love how the editor wrote "a colonel of truth"
One thing I've learned is to spend time & effort before you spend money on a project or side-hustle. Learn all you can - what's the real costs? what are the real risks? Identify critical assumptions, double check the legal side. Then strategically spend money to minimize cost of failure if you discover your grand plan won't work.
What Ramsey says has a lot of overlap with what you say. It's not a perfect overlap but you both give pretty sound advice just from different perspectives. Which is a good thing. Dave focuses more on risk mitigation of assets as you gain them while you focus more on the actual gaining.
Great video - learning to emphasize on actual skills rather than parlor tricks is the main takeaway
I appreciate the insight. Thanks
I think my husband uses that same platform to swing trade. It is a full time job.
But he loves it.
I did the Starting a Business the Slow way.
You actually earn so much more. And I also sell journal products!
Solid advice!
"Choose something you know. Start small. Build up your client base over time. Etc." Great advice, and I agree, but you miss the target audience of these videos. They are trying hard to avoid doing any of these. Thus the entry for the con man.
Start a shuttle business with a few vans in an emerging market between a hard to reach tourist destination with adequate hospitality infrastructure and insufficient transportation infrastructure and the nearest hub and you will do well.
"...Flex....Questionable..." lol You're officially my guy. When I have that big bundle to invest seriously, I'll reach out.
I’m in real estate. Naught my first single family property at 25. At 35 I have 5.
What model do I follow? But VERY LOW, borrow zero for remodeling, keeping your margins much higher although you take a short term cash hit. Do the work myself (yes have a 55hr a week job as production manager in automotive also) and sloooooooow roll it. Have I lost money in a given year? Sure, but my equity is 85% plus and with the overinflated market now, although the cash is more expensive and possible useless, in theory the equity increase has eclipsed my expenses.
Most people don’t want to do what I do and if you don’t know how to drywall or roof, don’t do it. You will be had.
Take a job for a GC, roofer, carpenter, etc. for 2 years first and learn to recognize what is a scam and what isn’t. That’s if you none of those skills to begin with.
Real estate investment funds are a completely different game with more security but will NEVER make you rich.
A lot of AI stuff out there takes advantage of the lack of understanding of AI and that it’s a new thing. Once the hype dies down (due to underperforming AI ROI), a lot of these get rich quick schemes will go out of business really fast. Ever wonder why someone with a successful business idea is trying to sell education courses to dramatically increase the number of competitors in their space? Because they know the space is saturating quickly and going to zero but they can make money on the hype by selling education courses.
My God this makes sense. It would make so much more common sense to look at “opportunities” critically.
Can you do a video on the best side hustles or online business models?
I start daytrading as i want learn stock some years ago. Its not even "you will learn in years". Every decision, not market only, emotions, financial stability, relationship are important in every trade.... If you are angry you will lose money, if other emotions.
Time too.
If you work you dont have timefor trading 24/7, you need sleep. Market never sleep often and money dont wait for you.
So its pointless becsuse too many factors make loses on daytrading l, not only wrong market decision.
Thanks for the video
I’m in sales and love it but my job at an insurance company really not as lucrative and I like real estate. I dunno where to put my focus and pull trigger. I would love high paying sales like oil or energy broker and or just get started real estate
100% agree with the real estate part. I studied real estate investments, and much like trading, you need a system. You need to know what you're doing. And especially, you need to manage the risks. This includes vacancy rates, property taxes, inflation, interest rates, the law (for example with flats, you can't do structural changes). There are exactly 27 risk factors that needs to be mitigated for. And the shortest time you'll see a turn around is around 2-3 years if you found the right property. 4-5 years if you found an okay one. And 7-never years if you don't know what you're doing.
And no, your residential home is not an investment. So if you parents wants to give you a home, say no. Put half of it in a trust. . .
As Robert Kiyosaki said: Assets, brings money into my pocket, liability, takes money out of my pocket.
so if you can prove that your home brings money into your pocket every month, then I'll agree that your residential home is an investment.
And I thank you, (just my 2 cents) 🤫
Thank you. Sincerely, signed a single mother who broke the cycle, but really had to choose my kids future rather than mine. It was worth it, they are successful, generally happy people, and they’re kind. I am sometimes tempted to try something to help myself, because right now my plan is to die at work. I have a decent low-mid income position.
You are briliant Sir!
The only reason people are willing to sell their strategies online is because it no longer works if it worked at all.
People with winning strategies do not sell their secrets.
Love your channel bro.
Your eye isn't as shifty!!! Love you Crown!
I don't know how it is there, but here in Brazil we have a whole lot of companies that manage your property. They take a chunk of the rent to cover costs and some profit. Your profit will be little bit less, or non-existant in short term, but you will get an asset over time, and less headaches.
They're called property management companies and they can be just a financial management they take care of collecting the rent and paying the bills for a fee and you get a higher percentage of income but you have to deal with the tenants and house maintenance, or you can be hands off they deal with everything tenants, maintenance, paying bills even the mortgage send you the details but you get very little money as your income as a lot goes to pay for maintenance, financial management and even screening possible tenants which includes background checks. You can be sure that they will get you your money's worth and actually take care of all the problems which is pretty much making it a hands off investment.
6:59 funny you talk about rent covering a chunk of the mortgage, but Dave Ramsey wouldn't have mortgages. He runs his businesses debt free, which also improves those margins you mentioned.
And this from someone who doesn't slavishly agree with everything he says (I steer clear of much of his stock advice, for example) but can recognize the positive influences he's had (completely debt free and haven't lived paycheck to paycheck in years despite no major increases in income, for example)
At first I thought: AAAAAh, this tiktok dude again.
Now I think: AAAAAh, he knows what hes talking about.
The screen and DT charts shown let me think he used to be a trader or something. At least finance.
Hats off! You take my subscription!
He was btw
@@markambrose66 that makes sense
What about the fact that real estate is the only asset in the entire world where you can use 70%+ leverage without getting liquidated/margin called if the market crashes 50%, have substantially more input on deciding the market (given motivated sellers, off-market, distressed assets, etc. that creates various arbitrage opportunities that are not found in stocks where the price of everything is standardized) and if you improve the value of the property enough (i.e. by getting tenants, buying at low enough market value, etc.) you can refinance and repeat the whole process.
Real estate is definitely not for everyone, it is absolutely not passive starting out (though what is business, and at least you can always hire a management company) and most deals don't make sense these days in basically every state nationwide, but it does offer unique advantages that afford people better opportunities to scale/increase their holdings without the massive risks (if you do your homework and make sure you could withstand the vacancies/rent dips that come along with a recession so that you never have to sell).
Then again, I guess your video is geared towards the average everyday Joe, who likely doesn't have intimate real estate market knowledge and the funds/contacts to scale.
How about whole-selling on Amazon? Instead of creating your own, going after brands that sell successful SKUs? Like those “notebooks”?
"invest in something you know about bc of your own skills"
Could not agree more. I dont daytrade but invest in undervalued ev companies as i understand the tech behind and how to scale things. Looking at a conpany and how it behaves shows me if its good or bad Investment. Then once u found a company see if its overvalued or undervalued.
For example tesla is overvalued atm or rather totaly was at 400 a share. Arround 200 it is priced fair. 100 was totaly undervalued and thats where the buy volume picked up so hard
why does this feel like the better call saul of business, smart, entertaining, and kind of off hinge in an entertaining way
Real estate was a good way for me to save while I found my passion that can provide profit. Then I was able to leverage my mortgage down the track to my advantage
Looking forward to “more of the worst side hustles for 2024” !
The Journal: One more HUGE flaw in her video!! That was NOT an Amazon POD product. That was the kind that you purchase from a printing company! (Which means paying thousands for the product up front).
Source: I’m a middle grade author actually published on Amazon and other platforms.
POD= Print on Demand
Plus, you mentioned AMAZON creating another product to compete. But she’s already telling people to create products to compete with her listeners… 🤦🏼♀️
It’s true. Amazon can turn off your account at any point. It’s a nightmare to get it back
Financial side: Also to make that product only $10, means they must have ordered a ton to even make a $1-2 profit on the moleskin journal.
Also. NOT passive, since it’s clearly sponsored, which means navigating the complexity of Amazon ads… Which requires regular monitoring!
Market: no one is going to buy a blank POD journal for $10 when they could buy a beautiful moleskin for $10. I’d say most is $5-6, minus the print cost, etc.
…but if you search for blank journals on Amazon, there are a ton that haven’t sold a single one.
I don’t agree with the trading part. I’m a full time trader. I have an edge and I’m profitable. It’s super difficult not going to lie, but as soon as you have an edge it would just be to have enough capital to invest in your trading
But a computer can do what you do at twice the speed and half the time. Like he said a machine doesn't need a coffee break and can follow a system better than any human could ever.
Crown, you are so the Really Rich Guy! Your insights are great and your Rich Guy vs Really Rich Guy remind me of the Goofus vs Gallant page in Highlights magazine. I used to LOVE that! I live near Boca so I have been in the company of many Rich Guys and only hope that I find more Really Rich Guys in the area!
It's "kernel" not "cornal"
How does social security pay anyone over $100k unless they continue to contribute the max after they start collecting social security. Eg they are 85 and they have been at Max contribution for 20 years beyond 65? I am very curious about this.
Loving the video and the advice/insight, but one glaring thing that distracts from it all.... that suit.... specifically the lapel width!!! C'mon man, you do have style, get a better jacket!
(unless of course, its on purpose to be a parody - in which case, ignore me and carry on).
interesting question; What about Print on Demand ? because there you are outsourcing production to someone else ( just like Apple) but that also means that the barrier to entry is your Imagination ( to come up with interesting designs ) and marketing ;
in short , given what i mentioned about Would PoD also be a bad idea just like dropshiping on Amazon?
because in theory yes it's kind of like dropship but in actuality the barrier to entry is what designs you come up with
if you come up with unique designs then that will be your competitive edge , your unique selling point )
It depends entirely on what you're printing (speaking having had 22 years in domain). In the example he critiques, there's absolutely zero value added using the journal model and essentially minor clip art embellishments. Also as he pointed out, if you come up with a product that has high value, high demand and low availability, you can do very well.
The approaches that fit that direction are many and are diverse. A classic example is Richard Paul Evans and his first book (PoD), The Christmas Box. Another is Thomas Leonard (the originator and grandfather of the modern life & career coaching movement) with his Coach U program.
Typically, the most successful PoD products are accompanied by other value-magnifying resources (cultural touchstones like creating a storytelling universe, or including knowledge and personal growth activities).
With all that said, the other realm of PoD that can be very profitable is visual art related content. Again, creating value (aesthetically or otherwise) and connecting people to a larger context are the hallmarks of success.
More than anything, value, value, VALUE is the most important consideration. The method of creation like print on demand is just a means to an end.
You are a gift to the world. 🥰
Also Ramsey has 100’s of millions in real estate currently that is easy to prove, unquestionably
What about dropshipping utilising your own website and advertizing on facebook and tiktok?
Making a video to complain about “side hustles” like real estate which has probably brought more wealth to average Americans than anything outside the 401K while simultaneously selling an “online course of investing experience” is the most UA-cam thing ever.
I was talking to woman who was talking about how she was a girl boss and was learning to drop ship, and I just listened, evetntually we get into talking about cars and she tells me she drives a beater and can't afford to fix it... make it make sense
I sell buffalo and buffalo accessories. Cattle easy to understand, but it’s high risk high reward.
But the internet is never wrong!! 🤦 They always show the final product never all the bull shit you have to go through to get to the final product.
My favorite part of this video is the hustle advertisement that immediately followed it
i already saved money i just dint know what to do with it
I want more parlor tricks!
0:47 I think you meant "kernel" not cornal. ("kernel of a good idea")