Want to be Rich? DON'T Start a Side Hustle.
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- Опубліковано 19 тра 2023
- If you want to be RICH, and not just earn a few extra dollars, then you are WASTING your time trying side hustles. Anyone can start a successful business if they know what they're looking for. I'll show you how to find business ideas and then rank them so you can find an idea to start your business in 2023. I illustrate it with examples of real, ordinary people who have found amazing success starting a business. This approach works whether you want to make money online or in an offline, traditional business, and certainly for small business ideas, too. If you're looking for ways how to get rich fast and easy, then look elsewhere, because that doesn't exist.
Your host in this video has been the CFO of several software companies and offers a lifetime of business experience to his audience. Will has an undergraduate degree in Economics, an MBA in finance from Cornell University, earned the CFA charter (Chartered Financial Analyst), and has worked as an equity research analyst at top Wall Street firms in addition to his experience running entrepreneurial companies.
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What topics would be most helpful to you for a future video?
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I think a large one would be how to secure funding when you're sorta... living paycheck to paycheck, or worse than paycheck to paycheck. Example: I have the prototype and concrete solutions, but to bring it to even a market of one person, I'm going to need resources I just don't have. What channels do I go through? what are the risks of companies who might "take a chance" on people with low credit scores or lack of initial investment funds? for more advanced or technical sourcing needs, how do you even source the parts or talent at all for an initial run?
examples: I can identify no less than three products that would be quite useful, one that would benefit apartment owners (and it doesn't exist in the market), and two that would be a benefit for both smart home ecosystems and people with special needs. The first is a simple construction but requires industrial tools I don't have, and the others have a solid design, but require programming skills I don't have, plus a lot of specialized parts. Anything that goes into the weeds for the "I have a design but I can barely pay rent" crowd would be nice.
@@basilmemories Very interesting idea! I'll think about that one. Thanks!
How to improve on a good but difficult business.
On a very similar note, I find myself endlessly frustrated by my inability to connect with sources of funding for an “extreme high tech” product that needs development work. Here’s the chicken-n-egg dilemma: suppose someone has, say, a radically different idea for how to build AI systems, but to even get to the proof of concept they need enough funding to pay for a couple of people to work for a couple of years. From an investor’s point of view, this is the classic example of “You don’t have a business! You have a research project! I don’t fund research projects!”
Point taken. But there *are* people who would take chance on the chicken-feed funding needed … IF they only had a way to filter the technically valid stuff from the zillion tons of charlatans and crackpots.
It is very depressing to catch glimpses of VCs funding technically idiotic ideas that I absolutely know are doomed, because they have somehow been taken in by (what?) someone’s persuasive charisma. And on the other hand, there is absolutely nothing that someone with a valid concept (e.g. me, I claim) can do to get their voice heard.
@@richard_loosemore Yeah, that's a challenging situation. VCs don't generally fund that stuff because it's before the stage where they are allowed (by their investment contract with their investors) to get involved. That situation is probably more often tackled in a university setting or by someone fortunate enough to have wealthy connections who believe in them and are willing to fund the initial work. I'll give it some thought. Thanks for the suggestion!
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Remember kids: Don't drop out of school to figure out a profitable business idea. Drop out of school because you *have* a profitable business
Remember kids... the Government will take care of you... just do drugs now, fry your brain, and live in a homeless encampment... Uncle Sam will ensure you live well on Welfare. Drop out of school NOW!
Or even better don't drop out of school at all, you can just start business after school
Can always go back to school
@@lavolper1608thank you. People going crazy dropping out of school
@@TotallyEpicCityya God forbid somebody take the time to figure out what they want out of life before finishing a degree they might never need
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
One of my goals is to employ the service of one this year. I've seen some off LinkedIn but wasn't able to get a response. Could you recommend who it is you work with?
Linda Aretha Reeves is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for the lead. I looked her up and sent her an email. I hope she responds to me soon.
Investing in alternative income streams that are independent of the government should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. Stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
I thought about investing in the financial market, I heard that people make millions if they know the tricks of the trade, but I lack good knowledge and a strategy to outperform the market and generate good yields. I have $160,000 but it's hard to bite the bullet and do it.
This seems like the worst period.Even the markets are very unpredictable.started investing recently when the market prices were a bit high,today i am more than 60% down
The best course of action if you lack market knowledge is to ask a consultant or invest-ing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my port-folio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
Fantastic! can u share more details?
She's known as Julia Hope Marble''. One of the finest portfolio managers in the field.
She's widely recognized; you should take a look at her work.
EVERY FAMILY HAS SOMEONE WHO BREAKS THE CHAIN OF POVERTY IN THAT FAMILY,I PRAY YOU BE THE ONE
How do you know you have escaped?
When you're rich you'll notice
I'm trying man, it's hard
EVERY THREAD HAS SOME RANDO COMMENTS IN ALL CAPS
@@JeanLucWilliamsjust don't quit
Start a Business, not a side hustle
1. Identify a problem
2. Solve the problem
3. Get Paid
4. Refine and Repeat
Exactly - the idea really is that simple! But watch the video through to hear it explained and get some great examples to bring it to life.
EXACTLY! ❤
@@moneydiary what's your Instagram btw?
Need to know more about the topic
0. Create the problem ;)
@@Marshallchandra The problem: There isn't a problem. The solution: Create the problem.
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.
bravo! i'm 46, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in view of retirement, can your advisor be of help please?
Kristin Amber Landis is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
My side hustle is getting paid to tell people how to start side hustles.
😂
😂😢😮😅
That’s so smart lol
"What they sell doesn't work, but selling it does". - MJ DeMarco
That's definitely a hustle lol
Problem with all of the business success stories is that it is a survivorship bias. You never hear about failure stories and never learn what not to do and what pitfalls to avoid, which is valuable information.
Look up Successful Contractor for some authentic failures and recovery stories.
Which is why all the advice you get from successful people means nothing. They think they just "worked hard" but its mostly luck. But nobody wants to admit that.
@@frstchan and many of them have wealthy families and lucrative careers they could fall back on. Very few had their backs to the wall financially with nowhere else to turn if their venture fails.
@@chadwickerman who are you talking about?
@@chadwickerman A huge majority of millionaires are self made
So true. Side hustles may steal your time and focus. But from other side - they may open a path to something new
Totally agree. Side hustles that have the opportunity to grow into something bigger are good. Side hustles that will only ever be small are the ones I'm suggesting you should avoid if you want to get rich.
@@TheBestWill Right. The key to understanding if side hustle is good is ‘scalability’. If it’s scalable with more investments, if it’s possible to replace yourself with hired personnel, then it’s good to go. It’s better if it offers a product rather than service, because products production by their nature is scalable.
i have so much free time where im not working. I might as well use my time for something productive and make some money on the side.
I hadn't considered this. I'm an American living in Asia, and I do a side-hustle teaching business English. This has me in frequent, personal contact with CEOs, Presidents and VPs, sometimes of companies as large as LG and Samsung. A solid hour of their focused, interested attention.
I don't know how I can leverage that, but I recognize that it is a position a lot of people would do just about anything to be in. I just need to figure out how to make it work for me.
@@huntercoleherr I don't think you can leverage that because that's you trading your time for money. The only thing I can think of is turn it into a product like training videos for UA-cam videos and sell the online service. Or at least skill it up by filling up a whole convention center like a TED talk so you get more customers at once
My dad worked as a gardener earning $13/hr for a company 12 years ago. He would 'side hustle' after work and get his own clients. He now converted his ''side hustle" into a company making nearly $700k of annual revenue (this is as far as I know, I stopped keeping track, he must be making over $1M now). Not bad for someone who never went to school. Fact of the matter is that it took years for him to grow his business. But folks can keep watching these get rich quick videos.
I retired and started investing in the stock market because of dividends. What matters, in my opinion, is that if you invest and earn more money in addition to dividends, you will be able to live off of dividends without selling. It implies that you can pass that on to your children, giving them a head start in life. I've invested over $600k in dividend stocks over the years; I continue to buy more today and will continue to do so until the price lowers even further.
It's always inspiring to hear from a veteran investor who has weathered the storm and come out on top. When your portfolio turns from green to red, it might be unsettling, but if you have invested in great companies, you should just keep adding to them and stick with your plan.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can one get in touch with these coach? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances
@strategisteleanor
THAT IS HER USER NAME
At 42, I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. I’m glad I found that out although it was later in life, but that marked the turning point in my finances.
I'm in my mid 30’s. Once I get paid, I begin to spend on irrelevant things. I work hard for my money, so I believe I can spend it on what I like. The older I get, the more my perspective shifts. I want to take my finances into consideration and put myself in order before it's too late. How are you doing it, Sir?
As I stated, I've been putting aside money into stocks and FX with the assistance of a pro financial analyst, Herman w Jonas, who is under a licensed broker. He has been the backbone of my portfolio. Making a substantial amount of profit, I just renew my investment at intervals.
Do not forget that when it comes to the stock market, prices can be erratic, rising and declining quickly, often in relation to companies' policies, which individual investors do not influence.
Herman has consistently proven himself to be an exemplary fiduciary in every aspect. His clear understanding of his fiduciary responsibilities and unwavering commitment to transparency and professionalism set him apart. Over the past two years, he has consistently exceeded my expectations, all while ensuring that risk is carefully managed and ROI maximized.
@@Carpenglerrrspam
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.
This is the problem! Most times people with little or no knowledge of the stock market try investing by themselves. It once happened to me, then I learned my lesson and contacted a US-based finance consultant and everything changed. In in the first quarter of this year i made $370k and counting.
Margaret Johnson Arndt”is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Yes, drop 6 figures in the comments. Totally not a red flag . 😉
I really love that he does not promote any of his course in the video.. Just explain simple and straightforward methods in building a business.
@ikhm azizi - by “not promoting” his courses he actually promoted them. People would think just because he did not promote his courses i should buy them
Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.
Investors should be cautious about their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
I stopped trying to predict market outcomes based on chart studying after 5 years of uncertainty. Not having a mentor caused me 5 years of pain. I learned to follow the market's direction and keep it simple with discipline.
@@hasede-lg9hj Could you kindly elaborate on the advisor's background and qualifications?
I won't pretend to know everything, though. Her name is Melissa Rose Francks but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
Great video, I have a quick question. I am an aspiring trader, I am looking study some traders and earn off their expertise rather than investing myself and lose money emotionally. Whats your take on copy trading? Do people really make money? Just looking for some reassurance.
Thank you!
Focus on long term investments in property, stocks, and bonds. Avoid copying, daytrading and 'chart astrology'. Diversify across different geographies, industries, and value chain stages - to reduce your risk. You can do this with ETFs, or by selecting different stocks yourself. This is the best way to invest for more than 90% of people
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
It is essential for you to have a mentor to keep you accountable
1. Limit your spending/cut off retail therapy
2.Put the extra cash towards investing in high yielding or steady investment.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
ANGELA LYNN SCHILLING' is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
You can really see how simple yet effective his content in this video is. It’s like; he doesnt bombard you with music, pictures etc. while talking, therefore provides even more valuable (and practical) information.
EXACTLY what I need. Great vid.
Thank you so much! Very kind, and much appreciated.
I agree 100%. Simple and straightforward
Agreed
Yes that was pretty refreshing, just letting the knowledge and wisdom speak for itself.
The thing is that all this info (in the video) I’m already aware of. The reason why I would watch business ideas is for ways to actually make a business and not just the theory of how to build it. This is such basic info that it literally doesn’t help anyone (unless your so uneducated to not have known or self realized these basic steps) what’s needed is a video on actually starting a business once you have the idea and perhaps a video on giving ideas or helping one think of ideas. Say once you have a idea now how do you actually make the product or get funding or sell it to the public etc. there is endless info on making a business that makes people procrastinate. I would assume that most people have gone through the first steps of finding a idea and a solution multiple times in their life’s but gave up cuz they just don’t know how to continue
Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.
Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $650K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
Could you kindly elaborate on the advisor's background and qualifications?
Her name is “Vivian Carol Gioia” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thanks, I just googled her and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
My side hustle has been a hobby that’s related to my career. It became a business and changed my life.
That was never the side hustle, rather the MVP
@@fatee5069 Huh? Still is the side hustle.
What is it ?
What is it ?
I've been stuck on Step 1 for 20 years. In my experience there are far more solutions than problems.
Most problems are very difficult to solve. Also when the economy is really bad, most people will simply try solving things themselves.
Just do what the government does. Create the problem.
Cancer cure for example
@@Rodrigo-tb6knthats largely because cancer is extremely profitable. Why would big pharma get rid of their biggest lead generator?
@@deadhouse3889😂😂 That's what I was going to say
Finally, a UA-camr that doesn’t want to scam us.
"Procrastination is negative momentum". Brilliant.
Thanks!
Such good advice.
Years ago, a friend of mine opened a sports shop that catered for all sorts of sports. They sold training shoes, clothing, equipment and lots of other stuff. Based in the UK, they were in direct competition with two huge sports retailers and they were losing money all over the place. At the end of year one, they pumped a load of cash into the business, but the second year was worst than the first. After four years of throwing good money after bad, they were very close to bailing out. Long story short, my friend discovered a lightweight running shoe designed for marathon runners...that nobody was selling in the UK. The shop was quickly refurbished and a website was added. Online sales took off, while street trade increased dramatically. The business is thriving to this day and all because my friend discovered a deeper rooted niche.
So good! Love a good niche story
Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock.
Most people do not understand the power of compound interest or are just impatient. However, for the average Joe, I think it's better to invest in the S&P 500 and wait, which is reliable, albeit extremely long: many years, or just use an investment advisor and speed up your wealth creation. Most people underestimate the power of the latter.
Your channel is a breath of fresh air in this Guru infested, Get Rich, Buy from Affiliate Links, UA-cam space.
This video is literally the 'Give a man a fish...Teach him how to fish' video for starting a realistic business.
Thanks! That's exactly what I'm hoping to do... provide some direction for people.
You can make money in those. It just requires thinking differently than what they are pitching and real grind. Blue oceans and such.
i love how you dont play any music or anything distracting, and you get straight to the point and its very effective. learned a lot more from you than half the other youtubers. you're doing great work.
Thanks, Michael! I appreciate your feedback.
Yes, it's perfect!
Yes 🥰 totally perfect
🎉Hit £500k today. I'm really grateful for all the knowledge and nuggets you had thrown my way over the last months. Started with £20,000 June 2022.❤️
It's strange how people talk about all the profits they have been making through trading of crypto, while am here making huge losses. please can someone put me through on the right path or at least advise me on the strategy to follow.
Making touch with financial advisor like Kathleen Susan who can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times.
Yeah that's right I think the best watch is to invest with a professional, at least it saves the trauma of too much losses. This just surprised me because I also invest with Expert Mrs Kathleen Susan
Kathleen Susan is an expert, she invested my 3.6Eth to 7.5Eth in the space of 2 weeks, she is so consistent and reliable. God bless her for me. She has been a blessing for me and my family since trading with her
I started my investment journey with £5,000 but now earning up to £22,000 in profit lol 😘, so excited!
I can say now is my life has changed since meeting John Desmond Heppolette . He has helped me become debt-free and save for retirement." I made over six figures during this dip, which made it clear there's more to the market than we average joes know. Having an investment adviser is currently the best course of action, especially for those who are close to making losses....
With the help Sir John Desmond Heppolette, I've gained perfectly well from my investment. The quantity of capital you invest, though, ultimately determines everything. With a substantial start-up budget, you could be able to earn more Gains..
Thank you so much for the advice. Your coach was simple to discover online. I did my research on him before I scheduled our phone call. He appears knowledgeable based on his online resume.
John Desmond Heppolette has been a significant step in my financial life journey, providing valuable knowledge, actionable advice, and motivational content. His supportive community has boosted my confidence, work engagement and has inspired me to strive for excellence. His assistance is a secret weapon for serious financial growth, and his online presence is a must-see if you are looking to improve their financial situation.
Learning is crucial for success in investing. Keeping up with current trends and strategies can help investors stay ahead of the curved and make informed decisions. I’m glad to hear that John Desmond Heppolette strategies and insights have been helpful to most of us. Remember success in investing takes time and effort, but with dedication, commitment and discipline is achievable..
These are all bots btw
This is exactly what I was looking for. Honest experienced guidance without trying to hook the audience into a quick money scheme.
I agree with most of this video. I will say side hustles (as long as they are something you enjoy or are hands off) are very worth it. I started a side hustle 11 years ago which is now my full time gig and I make more money at it then I ever did at my day job. I'm not going to tell people that because it worked for me (only took 6-7 years of working both a day job and my side hustle)that it'll work for them but I think side hustles keep you busy. If you go to your 8-5 job come home and hate life... start a side hustle. it might be what keeps you happy.
Side hustle: You need the money right now, or you get kicked out of your rental unit, and lose your car because you're behind payments. Starting a solution: you're comfortable with losing money at first but you have a solid path to revenue and profit after a certain amount of time. You may not have pressing bills to worry about, maybe you own your home and car outright. So, people like me can't spend any time thinking about a long term idea when the brain is distracted with pressing matters that block any sort of creativity. Some make it, some don't.
You are absolutely right ! I had no rent ,carnote, debt or kids when I started my business 11 years ago . You definitely can't be weighed down to start.
I heard a good quote the other day: "Tomorrow is just like today!", meaning, if you are not happy or not moving towards something today, tomorrow won''t be any different. You have nothing to lose by getting started today!
Love it! Keep doing what you're doing, you'll keep getting what you're getting.
VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but *VRI TOKEN* info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well
Businesses almost always start out as a "side hustle". Most people I know who just started selling random stuff online eventually made a very profitable business out of it.
I agree, start your "real business" on the side, and if it works, then grow it. For those who want to get rich, I'm advising against the "easy money" side hustles that a lot of UA-cam videos talk about.
@@TheBestWill
I don't really understand what you mean by "easy money". Is running a dehydrator, putting food in bags, and having the UPS man pick it up and ship it out "easy money"? What about those who just ship from China directly to Amazon FBA? Those are most of the videos I see on the topic.
For every person who is actually putting in effort to create novel solutions to our problems, someone is making 100x more than them for doing nothing of relative value. The key to making money is to convince others to do your work for you, not to come up with solutions yourself.
As someone who's just about to launch my own business, this has been a thought-provoking video. It reinforced my drive to push my business forward! Thank you, William!
I agree with this. After 20 years of friends and family doing 'side hustles' I have never seen anyone make any significant money and most would agree what they did was create the worlds lowest-paying 'per hour spent' jobs in their lifetimes. From 'Avon' to website designs or doing vlogs after work etc. People think this sounds weird but 100% seriously: most would now agree IF they spent the same time working at a fast food restaurant they'd actually make more money that way.
I don't think so. I basically knows some of people that do the side hustle until they changed their life and be popular. One of them was a low jobless man from a small village. He create contents for youtube from like 2 years ago. And now his life completely changed because now he is well known. People want to pay just to ask him to make a review. He afford to buy new car, get married and buying new houses. He become millionnaire in a short time and produce his own film on UA-cam . Even only from the UA-cam, he got about 400k USD by selling ticket for those who want to watch the movie. Many more people like him become successful. Even my brother buy a house last year just because of his side hustle, not from the salary of his main job.
@@LassieAkasia The problem with your story is that youtube breakthrough stars like that are something like movie stars or NBA drafts - its 1-in-a-million. and almost zero people will ever make this half a million dollars but Jake Paul and 12 others
@@topsuperseven7910 they could be from a developing country, a dollar is worth 100 in the currency
Not at a fast food restaurant, but at a good restaurant with tips, yes.
Exactly this! At this point just enjoy that time in your hobbies instead... Like play some video games, watch a movie. No shame in enjoying your free time, or go fully into a second job that actually pays you a livable wage... life can be wasted on those side hustles and you can actually earn close to no real money from them sometimes .-.
This video was like a slap for me to wake up after researching for weeks and months! Thanks for the value that you shared mr William! New subscriber from Sweden!
Thank you! I'm very happy to have you join!
Wasn't too easy the way they showed you how to make money? Like, just do this and you get insta-millionaire
if it was that easy, why are you telling to millions to do that?
This is the most honest and clear business advice I have heard in a long time. No hypetastic buzz words and nonsense. I think that the reality is everyone wants to get rich quick and so it's intellectually easier to just buy someone's success in a course or method. The issue is that business is a lot more complex than this. Solving problems means you are also in competition with others wanting to solve problems. It's a challenge to find blue oceans when the easiest win seems to be to jump in the red ocean with tried and true methods. The blue ocean actually means you are out there alone paddling and trying to get attention to your life raft with a new idea. I like the more iterative approach he talks about where you are more the observer on the shoreline riding a few waves of new ideas/products/MVPs. Eventually you learn more about the waves and which ones are worth surfing or not.
Thank you, much appreciated!
You will notice that none of the “successful” people on UA-cam ever started by saying, “I bought a course…” - nobody rich, gets rich from buying some sleezy course.
What I loved best was that you start the video by telling us who you are and where your experience comes from.
The only kind of side hustle I've been focused on is the kind supplemental to my career. I'm a PhD student, which means my life revolves around research. So the most logical side hustle has been to do private tutoring for my subjects. It keeps my skills sharp, and I have some spare cash for bills. But for now, that's it. All of this is me preparing to become a tenured professor some day.
Unless it benefits my career, it isn't worth sinking that much time and energy into. At least not now.
LOVE IT! Just stumbled across your channel and you're so right about that spiral from watching YT vids. It's addictive and compelling but often doesn't lead anywhere. Love your approach. One issue, finding problems can be a challenge if we we're not currently seeing them as being big enough to actually build a business around. I mean there are plenty of problems but so often it seems like the customer base is small, or they don't have the money to pay or whatever. I think it would be helpful to spend more time on this problem step. How to find them, how to evaluate them, how to determine if this is a problem with enough scope so you can build a business around it.
Thanks, great suggestion! Someone else suggested the same thing. I may do that.
“Business does not need to be complicated.” Thank you so much for this video.
I have experience with lead generation and how to help businesses with this issue but I have felt like I don’t know enough to start a marketing agency as I have only been doing it for a year.
I suppose it’s better to get started and learn as I go. Thank you so much for this video
Hi - Sorry for the late reply. I'd re-frame it in your mind. "Starting a marketing agency" sure sounds big and intimidating, but getting 1 client and helping them does not. So instead of framing it as starting an agency, thin k of it as getting 1 client and thrilling them with your work, then get another client and do the same, then get another one. Bit by bit you add clients, and you will certainly learn as you go. At some point it might make sense for you to bring on someone to support your growing roster of clients. Guess what... over time, you've built an agency.
Did you start the agency?
I think I've learned more on business with this one video than in 2 years of watching business videos
🌹I'm 55 years and I retired at 51. I was able to do this because I understand four pricinciples of financial planning success think long term with goals and investing, spend less than you earn maintain liquidity (an emergency savings) minimize the use of debt
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits, such as regularly setting aside money for sound investment...
Money invested is far better than money saved, when you invest it gives you an opportunity to increase your financial worth
The wisest thing that should be on everyone's mind currently should be to invest in different streams of income that doesn't depend on government paycheck. Especially with the current economic crisis around the world , this is still a time to invest in Stocks, Forex and Digital currencies
I keep seeing how lots of people testify about how they make money from stocks, Forex and crypto currencies (BTC) and i wonder why i keep losing.. Can anyone help me out or at least advise me on what to do 🙏.
Even with the right technique and assets some investors would still make more than others.. As an investor, you should've known by now nothing beats experience and that's final. Personally i had to reach out to a financial adviso (Ava Brenda Harry) for guidance which is how i was able to grow my losing account back to $125k , withdraw my profile right before the corrections and now I'm buying again.
We have been on a recession since the beginning of 2022, but big media and governments all over the world didn’t want to admit it. We need to be wise and use our brains. Knowledge is power and I’d like all the family to be powerful! Just purchased some *VRI TOKEN* Thanks for keeping us informed during this times of doubt?
When are the scammer reply bots coming in? It's only about time
I am retired and have a small UA-cam channel that helps supplement my Social Security. It has been challenging to increase my income. The last few days I've been thinking seriously about starting a side hustle I used to do years ago. It would take more time than I probably realize.
Then this morning I saw your video. You saved me a lot of time.
I want to commend you on your communication skills. Your video does not waste viewers time and you present your information clearly, logically and persuasively.
Your presentation skills remind me of Brian Tracy who is one of the best self-help authors and speakers I know of.
I subscribed and I'm going to go look at some of your other videos. Thanks again.
Thank you, I'm honored by the comparison to Brian Tracy!
Your channel looks great! I'm impressed by what you've put together. The video about the Crossman pistol kind of tickled me because I have the same one myself. When I watched it, I thought this is genius... it has such huge appeal, and I never would have thought to do a video like that.
Re. doing a side hustle vs. something more substantial, you may have other ideas, but you already have a pretty strong start on UA-cam, so I wonder if you could build off of that base. Anyway, good luck, and thanks for the kind words of encouragement.
@@TheBestWill , thank you so much for taking the time to reply. I have not given up my hopes for increasing my UA-cam income, but my channel is a variety channel and it's difficult for UA-cam to know who to recommend my videos to and my subscribers rarely stick around if they see new videos I have made unrelated to their interests. On the other hand, it's hard for me to get burned out making videos about things that interest me.
Also, UA-cam keeps changing. A perfect example is the Crossman video you mentioned. When that video received 1 million views UA-cam sent me a congratulatory email. A month later they demonetized that video. I could never get them to tell me why. Prior to that email. I seriously considered refocusing my entire channel on BB and pellet guns. That would've been a terrible decision. UA-cam has made it very hard for people with gun or weapon channels, even BB guns. Heck, they tried to shut down the slingshot channel.
Thanks again for the kind words about my channel. I think your channel is going to continue to grow. You have excellent communication skills and when you present your material. I get the strong impression that you're talking about something you know from experience and it's not something you just read about in a book or you are regurgitating something chat GPT wrote for you like I am seeing more and more of. Good luck to both of us.
UA-cam algorithm blessed me today by showing me this channel. Thank you!
I’m on my lunch break, and was about to go down the “what side hustle” rabbit hole. You were on top of my recommended, I’m only 2 minutes in. But you make this feel so much more personable and valuable. I’m already hooked. Thank you.
Hi William, I absolutely loved the plain & simple way you laid out this process to starting a lasting business. I bought a massive course last year on online course creation, which includes most of these same steps, but without much emphasis on the testing phase. For this reason, I found it overwhelming and felt like I needed to have it all figured out before I started. So I haven't moved forward on my business at all. Thank you for illustrating so clearly how you can start small, test and adjust, and THEN figure out more complex things like value propositions and streamlining and all that. This gave me a renewed sense of hope that I CAN do this, and I don't have to feel like I'm flinging myself off a cliff at the beginning! 😂 You have a new subscriber!
Wonderful, thank you for the kind words! Starting small can be so much better than starting big, partly because it's easier to get going! Good luck!
1. Identify a problem
2. Solve the problem
3. ????
4. PROFIT!!!
But great advice. Very practical.
dear William, thank-you for bringing sanity to this hype filled silliness. It's an enormous breath of fresh air to have an experienced, educated, skilled mature mind lending their expertise.
Thank you William. This has really provided so much clarity to me about what I'm doing with my small business. I am in the MVP stage. Looking forward to more content from you!
Thanks very much, Rachel! Best of luck!
How did it go?
Finally a NO BS business Channel. I love what you do and really learnt a lot whit this videl. Thank you!!
Thanks very much!
Instant sub. I’m so tired of these greedy people with their clickbait and “ill tell you my secret in a minute” just to not tell you anything helpful. Thank you for your honesty!
Found your video at the right time! Was confused and overwhelmed with all sorts of money making videos and there you go with the perfect advise!
Great information for those seeking a better life. Finding a starting point can be difficult so having a sense of direction really helps. Here is what I took away from your video: A) Find a solution to a problem that you're experiencing and others are too. B) Find a solution to that problem. C) Research and understand how large your market is or can be for that idea or product. D) Start your business. While this information is excellent I think your future videos can expand more on each of these steps. The examples you gave about the Tea Lady, Raising Chickens and Becoming a Bee Keeper were great examples, the best idea was the Tea Lady, because of the huge tea market worldwide. If you could create a "How to" business with the other ideas you could continue to expand "How to" and add additional insights to your business to create a larger market and a scalable business venture. I look forward to your future videos.
Excellent idea! Thank you. It can be a struggle sometimes to come up with ideas, so I hugely appreciate the suggestion!
Man this hits hard, I've always been down the rabbit hole of side hustles that sometimes I'm neglecting my main income which is freelance video editing and it gets affected. I even got scammed last week with these side hustles.
The fastest MBA degree on UA-cam!! Thank you
Probably one of the best videos on business development I’ve come across on YT…great content and delivery.
This is great, I’ve been looking into dropshipping, flipping stuff, just side things that aren’t real business. This helped me realize I just need to start something legit that I care about
Excellent, I'm it was helpful! Good luck!
Side hustles can also bring in a lot of money. I agree with some of this but I know many ppl that do well from side hustles. They can also turn into a business. Even some UA-camrs are making alot of money with this being a side hustle so I don’t completely agree with that.
You have some good points, but starting a business for me was exponentially harder than working a bit for someone else and not having to think that much about it. They tell you what to do, you do it, they give you money and you go home. With a business, you never get to stop. From when you wake up to when you go to sleep-you are stressed trying to keep it all together and you don’t get to have that distinction between work and rest. Good luck to you all, may you find the right solution.
actually it just seems that way but just like you do with normal work, you build a schedule, work time is when you think about work, the rest of the day is yours, most of the struggle is at the beginning but later on it's much more comfortable, with less work hours and more income than standard jobs if you wanted, unless you felt like growing more
Sounds like what my boss struggles with
You're right. I started a business because I was tired of the 9 to 5 grind. Now instead of going home and not worrying about work at the end of the day, I worry 24/7. But the pay off is if I need to go to an appointment or rake the leaves or get an oil change, I don't have to ask my boss. I can do that in the middle of the day and enjoy the sunshine. I also am a full-time caretaker for my mom, and it's a blessing that I have the time to do that. So either way you look at it, I guess there are positives and negatives to each side.
Good video as a side hustle entrepreneur for the last 13 yrs what you say is true. I want bigger and better and my side hustle isn’t cutting it anymore.
I never even contemplated being an entreprenuer but six minutes into this video I've learned some very valubale information. Thank you
Hi William I just wanted to say thank you for this invaluable video. I am a professional mother with four children, and have a very stressful job in social work. The pay is not good compared to the level of stress involved as i'm based in the UK. Health concerns are beginning to start. I, too, felt very overwhelmed watching "side hustle" videos for months without the energy to do anything. BUT there is one business idea that I had and it certainly is a solution for women and fashion, huge problem in the UK and I believe I have the answer. For me, I guess it's fear holding me back to actually start. However, your videos have helped me to consider taking the next steps forward as i really need to leave the job that causes me lots of stress. Subscribed and hit the like button
Thank you, Belinda! I really hope you give it a try! You don't want to look back later and wish you had given it a shot. And if it works out, it could change everything for you! Start with some market research... maybe ask people in Facebook groups (or wherever potential customers might be found) if they experience the problem, and would they pay for a solution (tell them your solution for them to react to). If they say yes, ask them if they would pay X... whatever you think a reasonable price is. This will help validate. Ask a lot of people, so you have a shot at finding out if some are interested. You only need a small % of people to be willing to buy it for it to be a viable business. Good luck!
I would also suggest. As a mother get help. Don't Carey all the burdens of motherhood. If you can get a babysitter in the home to help you manage do it. Don't do it solo and heavy!!! Do it with help ❤
@@TheBestWill Wouldn't someone from FB steal her idea and run with it?
3:44 Thank you! I'm a fiction author, and I've always found it difficult to "solve a problem." This is vital reframing, very helpful.
Sometimes a re-frame can provide the breakthrough! Hope it helped. Thanks!
You just earned my subscription. Well put together and to the point. No selling or boasting
14 minutes minutes well spent. Thank you sir!
This is great stuff. While everyone else is out there making "business" videos just in order to sell their useless $1995 dropshipping courses, you are out there providing real actual value. Thank you!
Thanks, much appreciated!
Thanks for this amazing video, the part where you said that a business doesn't have to be complex to be successful is just what I especially needed to hear!
Thank you William, for this excellent video. The truth behind all these youtube side hustle videos is that the very videos advocating for side hustles are side hustles themselves!
My issue has always been unforeseen circumstances that no matter how much I prepare for they always throw me off financially. The constant barrage of side hustles shown on social media can be very overwhelming also but they are marketed as quick result schemes to make them palatable to people who are overworked, burned out yet lack job stability and are seeking a way to earn extra so they can get to their desired goals faster and eventually leave that toxic low paying job permanently.
Usually you'd want at least 6 months of expenses saved before you start investing (in your business or sokeone elses). If it's your business, it might be a good idea to save even more (and after starting it gets profitable, 6 months of business expenses in a business saving account as well). It's called an emergency fund, and as Caleb Hammer says, not having an emergency fund is an emergency. You gotta have a soft pillow to fall down onto when you're taking risks.
Here are a couple problems that can be identified in most any industry and or product today. Affordability and Quality. The Solution is to make the product as High Quality and Affordable as possible. Something people hardly get nowadays. Or it's a compromise between Expect to pay big for quality or expect the product to be of lower quality because the price is lower than the average comparable product. like Henry Ford and the model T. Give people a quality product at a price that doesn't alienate the masses and you can literally change the world!
Yes that's exactly what I needed to hear bc by watching some successful people doing side hustles, you get overwhelmed by all the different options
This is the most useful thing I’ve seen on UA-cam in weeks and exactly what I needed to hear.
Thank you William!
Totally agree with you on this, as while working on multiple side hustles you loose the focus. I've just started my own Finance and Freedom channel and I'd appreciate your input!
The best comes unexpected and this is *VRI TOKEN* which is completely changing the course of the game here. They are offering a product which makes sense and will be used in far more ways than just hoping for quick rich stuff. This is how it should be and how it will be in the future and it is a big leap forward to making this whole industry somewhat believable
You know Mr Lee I clicked on this video by coincidence... But this was the best coincidence I've encountered on UA-cam... You provide informative precise content in just 15 min... Really thank you
Thank you! I'm humbled. Very kind.
Thank you - clear, strong and elegant
Stopped procrastinating and watching this video and got back to work. Thank you, wise man
Work for you boss?
I dunno… I was one of those people that didn’t care about a credit score, didn’t get any education about how important your credit score is, and I racked up debt like an idiot. I worked really hard and educated myself and I’ve brought my credit score from 480 to 732 and I’m still going up with *VRI TOKEN* . I feel like the government blaming credit reporting companies instead of the lack of financial education in their own public education system is foolish.
Good stuff. It took a long time to finally take the plunge into business ownership. But, I've never been happier and financially secure since i did.
The best thing about looking into and starting side hustles is the experience that overlaps into what’s required to run a real business. My side hustles may not make me much money, but if I hadn’t done them, I don’t think I’d be nearly prepared for anything more long term and serious.
Everyone needs to hear this message. You are spot on. Thank you!
subscribed, no bs, no entertainment, just pure gold.
As software engineer, I am taking this thing from the bottom of my heart.
Thanks for providing such value for free
You're welcome, and good luck to you!
This was good advice until ChatGPT came along. 😢
@@genx7006 nah. ChatGPT is useful as a tool for programmers. Don't knock it.
@@genx7006 nah all it will do at this moment in time is save software engineers a little bit of time and effort non programmers can't write software with just chat gpt
This video popped up on my YT home page. Really like your simple, yet effective videos. You just get to the point without crazy animations and trap music
I’m here before he blew up!
Thanks, gave me a laugh! Glad to have you on the team!
No one cares.
When they blow up, they make generic content
And, side hustles in Portland are a hazmat job. It’s over for now until the city begins to relative liberalism is not allowing shot all over the waterfronts and downtown. That’s simply neglect hate and laziness with malice and Compton all hiding behind a symbolic liberal flag…all bullshit.
Super hyped for *VRI TOKEN* , a L3 DEX with native swaps between BTC, ETH, USDT, etc. (No more wrapped IOU's and massive gas fees)They use lightning and connext state channels which allow for zero gas fees, fast finality, and increased privacy. Main net coming supposedly soon, easy 100x.
I have been looking for my niche and I was completely overwhelmed until I viewed your video. This was a lesson that was taught to me at a young age that I completely had forgotten about. Thank you.
I'm so glad it was helpful! That happens to all of us, so sometimes all one needs is a reminder and you'll get back on track.
This is one of the best video about entrepreneurship and business I have ever seen on the internet.
Really great info! I was recently laid off and am really looking to start my own business. My background is HR but have always wanted to venture on my own. Thanks for creating sound content! Awesome job.
Thanks, Paige! Glad to help, and best of luck to you.
I ended up using side hustles to identify a problem and then created a business to solve it. That worked for me. So I was able to find the problem by doing different side hustles different from my day job. So they can be beneficial, but you have to be looking ahead when you are doing them. I know many who found side hustles which became their full time business because they found they enjoyed it and could solve the problem better than others.
That's great, congrats! Your approach was excellent! The point I'm making is - if you want to build some wealth - avoid things that can never grow and focus on things with the potential to become big. Some of what we do is to learn and test, and that is great! Then grow those side hustles into something big using the skills and knowledge you've acquired along the way.
@@TheBestWill I agree with you. Too many use side hustles to solve their own problem (money), but should use them to see if they can solve a bigger problem and make a lot more money in the process
More people need to hear this message.
Thank God, someone telling the truth. I have always been skeptical of side hustles.
This sounds similar to the problem people run into when they invest a lot of time on a Plan B in case their riskier Plan A doesn't work out. Part of the problem is that Plan A often requires a level of commitment that can't be attained if you're also putting time into developing Plan B.
Yes.
This video is gold! It’s straight to the point and full of only useful information. Thank you so much!
Thank you! Very kind.
The solving a problem approach here is a game changer! This definitely helps shift the mindset. When you can think of it that way, the opportunities for solving problems are endless!
Great job on this video!
Clear concise simple concepts - always the most effective. Thanks for the great video
Great advice and fabulous presentation with no distractions! So thrilled that I stumbled upon this video. Absolutely loved it!
Thanks very much! Appreciate your feedback.
The hardest thing about starting a business is finding a product or service that people want. In 2017 I had a great year on eBay but sales slowly declined. The last 2 years it’s basically nonexistent.
I think this is the problem that plagues everyone. There are a lot of service businesses that I could do, but I would have to work so hard that I might as well work overtime at my full time job. I'm trying to engage with something that I can do in my off time that could lead to a promising business one day. Not another physical laborious job.