Is it possible to make a million dollars a year?
And now. -It's what I'm meant to do but I'm failing at it.
-Is seven figures possible in a year? -And you've got to work on all those three things and what.
-How would you define profit in a business? -So, that is something that I finally understand
it's real. I've had my business 12 years and I was a financial professional. I gave
people advice on investments and I didn't know what profit was until just the last few years. It's
crazy because I would charge enough money for my services so that it would cover my costs
and myself being one of those costs. I knew that I had to survive. I had certain bills. I had my
own house payment to pay and I had to pay my team in the Philippines. I knew what my sophomore cost.
So, if I could charge that amount then I've got a profitable business. -You're breaking even. -Yeah, just
breaking even and no wonder it was so stressful. But finally, when I had a track record
I quadrupled my pricing. I quadrupled my pricing and then I actually experienced what profit was before
I understood what it was. That makes sense? -That is crazy. I mean, that's a real gap in our
educational system somewhere especially at world geographic money printers or whatever you want.
-Exactly. -World financial, what was it called? World financial growth WFG. -Are they still around?
-Yes, but they go under different names. It's like there's Peterson. - There's the shell game.
Financial group or there's pinnacle success whatever. -Success strategies. -I'm just
making it up. I don't know if that's really one of them. -What is your favorite movie? -Moana. -Moana?
-Yeah, the Hawaiian Disney princess. -I always call it Mona. -It's Moana. -I know it's Moana. Wasn't the
rock in that? -Yes. -Why is that your favorite movie? -Because it tells my story. -It's a story of
entrepreneurship. Alright, I'm gonna get emotional because it really is. -It is? -You've got this girl
Moana she's the heir to the throne of their island. She's got responsibility but she's
got this drive under her heart, she's got this purpose, this passion, that calls her out to the sea
and she's like I want to serve my people. I'm here, I'm not abandoning my people
but I've got to go out to the sea. There's this ocean is calling me and I'll now relate it
to me a little bit. I've had this purpose to be an entrepreneur like it's what I'm meant to do
but I'm failing at it. I'm succeeding. I go to my mom and I say, "Mom can I borrow some money?",
and she says, "Nate, why don't you get a job?". It's because there's this burning inside. I've got to do it.
I'm not abandoning my family or anything i've just and so Moana goes out to the sea.
She ends up getting that hearthstone thing and saves the island right and it ended up being
the best for her people and that's I feel like I resonate so much that entrepreneurs
have this fire burning inside the or purpose-driven people I should say. Just have this
there's just something inside that's burning that's like I've got to go and do it and so
when I watch that movie it speaks to me. -Yeah... that makes sense. It's an endearing
good film. I don't identify with them probably characters. -I haven't heard that answer before.
-How many times have you seen it? -It's funny my kids will say, "Hey dad, you want to watch
Moana?", because they know I like I love that movie. -And they want to see you cry. -I've
seen it. -I've seen it dozens of times. -Gosh, I'll have to check that one out again.
I would have said like looking for Mr Goodbar? -I haven't seen that one
Rocky, that's probably yours. -That was a joke you don't wanna.- Okay.
-Okay, next. So, a series of questions rapid fire questions. Well, they're not really rapid-fire
but they're questions nonetheless. Is it possible to make a million dollars a year?
And now, that question by the way, I could answer. Yes, of course, it is. Not from personal experience
but from just knowing people that do that. But obviously, we're asking this for John and Jane
Doe, right? Is it possible to do that and if so how? -There's ways that are really really hard
and then there's ways they're a lot easier. So. -Well, that clears that up. -If we went, if you and I
went to the dollar tree and we got you know items for a dollar apiece let's say there's
no tax and we sold it for double. We sold it for two dollars. We would just have to do that a half
million times. -I was going to say. -If we bought 500 you know and whatever. So, I could have a
million dollar business. -That feels like the hard way. -That does. -Yeah. -It feels really like
the hard way okay or what if I create a service that delivers such high value that somebody would
want to pay a hundred thousand dollars for that service. -Yeah. -I've only got to sell 10
of those. That's a million-dollar business. That's why real estate is such an appealing option
because in real estate you can buy a property and you know you can make...
a monthly amount but then you turn around and sell that property and you can make a hundred thousand
dollars in one transaction. $100,000it that's a higher amount.
I mean, even let's say you you make thirty thousand dollars in one transaction you can do
that again and again and again versus like going to the dollar store buying a product for one
dollar and selling it for two you've got to do it a half-million times. The more leverage you have
or the more value that's built into it or in the case of something like real estate it's just
it's a higher commodity. I mean a car salesman or something like that I'm not encouraging you to
be a car salesman. -I was a car salesman. -Really? -Yes. -And what was the average profit on a car?
-Average profit on a new car? -You sell a car what's the amount of profit you average? -For the
dealership it would probably have been well this is since the early 90s. But it was about five
to seven thousand dollars. I mean. now it's much more. -And they let five-year-olds sell cars back?
-That's cute. -So, five to seven thousand dollars that's a significant amount. -It's totally
different now. I mean, I'm sure because you've got volume dealers who go well we make $300. -Well,
let's say it's $5,000 then you can do the math like how many cars do I need to sell?
-Well, for me, yeah I mean that's what I'm saying, the dealer gets the five thousand dollar profit
and I get a percentage of what he's made, very small one. But I'm talking like... I'm talking
like you are the business owner so you would be the dealer. I see what you're saying. As opposed
to real estate where I could turn 50, 60, 80, 100, grand or whatever on a property depending on
what I put into it. -Yeah. So, if you really want to make a million dollars a year sell more expensive
services or deal with more expensive products that have higher profit margins then you can
sell less or and I don't have experience in this but just scale it up. You know, like dollar
tree obviously they make millions by selling items for a dollar that they probably buy for
10 cents or whatever. They get leftover stuff. Some of the stuff there is worth way more than a dollar.
We love that store. We love the dollar. -Yeah... They go above a dollar and below
but there's enough being sold. Their quantity their volume they're selling you know
billions of items whatever and so. -Yeah. It's like Walmart you know their margins are narrow very
very very thin. In fact, they lose a lot on a lot of their stuff but it gets people into the store
where they'll buy other things that have higher margins. -So, the only way that you can reach that
goal of making a million dollars in a year is you just do the math. I got to sell expensive things
or a lot of things. If you're going to go door-to-door selling things it's going to be a lot
of doors, you're knocking on if they're low price. Here's the real question then and it's not on the
list but it's related to this. is it possible for someone to make a million dollars a year
availing themselves of your services, your strategy? And I'm now I'm going to make this even harder
on you to answer. I'm not talking about your threshold customers that already come in making
seven figures. Could someone... Is it possible? Have you seen it? Could someone within a year's
time come up with something a product that they market through YouTube but also through AdSense
because their videos are so wildly successful. Is seven figures possible in a year? -No, because
what you're saying is, is my strategy gonna help them build a successful business and YouTube
is not a solution for somebody. -To build a business. Yeah, it's to market what
you already have. -Yeah, there's three phases or three areas of a business. You've
got lead generation, you've got sales and conversion, and then you've got fulfillment,
and you've got to work on all those three things. And what YouTube is it's a
portion or it's a really good source of lead generation but you've got to...
really build up the whole business and so if you were to invest all your time and energy into
building a YouTube channel you're probably not putting all that energy into actually building a
successful business. -But let's play devil's advocate for just a second. Kris Krohn,
he's obviously made a lot of money through the years. Doing what he does, the real estate
things. If he started January 1st, 2022 from scratch and was able to come up with his successful.
-New product? -I mean, no... I mean just whatever he's teaching now about real estate.
It wouldn't take too long to develop a message around that, that would that get people excited
and whether he's using YouTube to get his own leads or if it's just something that's get
rich quick influential something or other. I mean, in theory, as much as people love what he's selling
couldn't he do it in a year? I mean. -Somebody like the Kris Krohn or the Noelle Randall and now
myself we could do it. I could start something brand new from scratch.
-Because if you could say you could sell a dollar's worth of
a one-dollar thing for a million people but what if you were selling
10 things for a hundred grand each? Within a year time using YouTube videos the leaf strategy
you should be able to sell 10 of those. -Oh yeah, I could, Noell could, you could, Kris could. But
could a brand new business owner who's never made six figures before do it? I don't think so.
Because they don't have the confidence to be able to sell a six-figure package. They've never done
it before. That makes sense? -Okay. -So, they've got across cross the six-figure threshold first
I just think it's going to take them a little bit longer. I don't think they'll do it in their first
year. -No one's going to go maybe 3 zero to a million. -Let's say three years. -I like
the way you know you shoot me down. Okay, -Can people make a million dollar a year income
in three years is pretty. -That is pretty good. I agree. -There were times where I paid my team late.
-How do YouTubers make money? -And at the same time, -It seems like a nice thing to do. -It seems like the
honorable thing to. It's an interesting thing. I never really understood it until I did it.