Pop quiz. What are three ways you can make more money? Work overtime? Start a
side business? Uh, ask Jaspreet for some money? No. [Music]
What's up everybody, I am Jaspreet Singh and welcome to the Minority
Mindset. For 90% of people multiple streams of income are not a luxury
anymore, they are a necessity to survive in today's economy. But the way you earn
more money is important, this way you could take the best care of your family,
your parents, and your community. That's why I need you to understand the right
ways to earn more money. And that's why today I'm going to go over five things you
need to know to earn more money the right way, so make sure you watch this video
until the end. But, before we get into that, make sure you hit that thumbs up
button below because [clap] it's kind of like a virtual high five and subscribe to the
Minority Mindset YouTube channel, that way you don't miss any of our new videos every
Monday, Wednesday, and Friday. First: Understand that there's more than
one kind of money. You have active money and then you have passive money. Passive
money is throwing your money into real estate or the stock market, and then
walking away from your investments. It's easier to do and it doesn't take a lot
of effort out of your part, which is why it also comes with a lot smaller
returns because you're just putting your money into something and then you're
walking away. Hey George. Active money is the money that you're physically working
to grow. When you go to work, you are actively selling your time for money, and
when you start a business, you are actively trying to grow your money. If
you can get a 7% return on your passive money, that's a great return. But, you can
see 100% returns on your active money because now your money is working, and
you are working to grow your money too. I talk about this passive investing all
the time on our channel so if you want to learn more about that, I'll link some
videos you can watch in the description below, because today we're going to be
talking about active money, which brings me to number two: Create more value. Money
does not reward hard work, money rewards unique value creation. I could tell you,
"hey, if you want to make more money, then go work heart-wrenching jobs so you can get
a promotion", but this video would only be ten seconds long, or maybe 15. Working
harder at your job comes with the smallest returns because the amount of
value that you're creating by working harder is marginal, which is why your
returns are marginal. If you really want to make more money, you
need to do something outside your job to create more value that people want, this
way, you could really supplement your income. The great news is, now with the
internet, you can do this off of your phone or your laptop in your free time.
Your new side job should be to now create a side business with low cost to
start and high cash earning potential. See the differential? Low cost to start,
high cash potential, but you need to focus on, three: One thing at a time.
Wow, this Amazon FBA ad says: I can be a millionaire tomorrow. No, wait,
this ad says: If I start dropshipping mugs from China, I'll make six figures in 60
days. SOCIAL MEDIA MARKETING. If you have two eyes and you've heard of avocado
toast, I know you've seen the ads. Every marketer that's selling these courses,
who's watching this video, is going to hate me for saying this, but none of these
things are sustainable businesses in themselves, unless you put them into a
sustainable business. That doesn't mean that you shouldn't learn these things, or
that you shouldn't do these things, or that these things don't work. That means,
you need to come up with a niche or industry that you want to be in, and then
build a business around that, because four: You need to build a business wheel.
If you're a visual person, this will help you understand what I mean. So, everybody
on the internet tells you that the best way to start a business today is Amazon
FBA, or e-commerce through dropshipping, or social media marketing, or what else
is there? Email marketing. Right, but none of these
things are sustainable businesses in themselves. You have to put these things
into a sustainable business. Like, let's say you listen to this advice and you go
out, and you start an Amazon FBA business selling-uh kitchen utensils stuff. And then,
you go out and you find out that these panda hoodies have great margins, and you
can dropship them on your ecommerce store. So you start ecom, selling panda
panda hoodies. And then, you hear everybody talking about SOCIAL MEDIA
MARKETING. So, what do you do next? Social media marketing, trying to go to
businesses and do their social media marketing. Now,
tell me this, how is somebody who buys your knives off of your Amazon store going
to help you with your social media marketing or how is that going to help you
with your ecommerce store where you're selling panda stuff? There's no synergy
here. Let me show you what you should be doing by creating a business wheel. So,
flip this page, let's take a look at Adidas. Okay so, Adidas is in the fitness
apparel niche. Now, what Adidas does is, they have created a wheel around this
fitness apparel brand that they have created. One thing they do is, they sell
on Amazon. Another thing to do is, they sell their stuff on their Shopify, or not
Shopify, let's say their ecommerce store. Sorry, every ecommerce person talks
about Shopify, I got confused. But, then what they do is, they take their social media
marketing and they promote their Amazon, and they promote their ecommerce store.
And then, they use email marketing to promote ecommerce, and Amazon, and
probably their social media as well. It's a wheel where the whole goal of the
brand is to build the center fitness apparel niche. Now, when you follow this
wheel model, your goal isn't to build an Amazon FBA brand, because the only thing
that does is build Amazon. Now, your goal is to build the center of your wheel,
which is your fitness brand, or your cooking brand, or your motivational brand,
or your financial brand, or your personal development brand, or whatever it is. And
Amazon is one way you can make money, along with your ecommerce store, along
with your email marketing, along with your social media marketing. Right? Somebody
who buys an Adidas product off of Amazon will also be willing to buy something
off of their e-commerce store, they will also be likely to be on their email, and
they will also be likely to follow their social media. So you want to build
a brand where each spoke will build the entire brand. Let me give you one more
example, this way, you can see this in action, right in front of you, by
diagramming Minority Mindset. So, Minority Mindset,
right in the center, we have finance and business. Bus- and so this is the center of
our wheel. Then, off of one spoke of this, we have YouTube. Every time somebody
watches one of our YouTube videos, like you're watching right now, YouTube pays
us one penny, so thank you for your penny. Then we have a dropship store, shipping, let's
assume that says drop shipping. We have apparel that we sell through this store,
everything is drop shipped, then we have our newsletter, and then we have
some courses. So now, when I'm thinking of growing our brand, I'm thinking how can
we grow this finance and business center because someone might come to me and say,
"oh my god, the margins on these baby products are so big, and we should sell
these baby products on Amazon or through a Shopify store." Well, that doesn't grow
this, baby products are way down here. It has nothing to do with my center of my
brand, so why would I want to sell baby products? Everything that we do now is
strategically done to grow the center of our wheel, because if it doesn't, then
it's a waste of time. Now, I'm going to put this wheel in action right in front of
you. So, the way our financial newsletter works is, our team first breaks down the
top finance and business news stories, and then we show you how this news
affects your wallet, this way, you can be money smart, and we deliver this
newsletter to your inbox every morning for free. This way, you can be money smart,
and you can subscribe to our newsletter by clicking the link up here or by
clicking the link in the description below. The way we make money off of this
newsletter, is we have businesses that sponsor our newsletters. And these
businesses, we like them, that's why we put them on our newsletter, and if you
support these businesses, you can support them by giving them your money.
So, if you want to learn more about the newsletter, you can do that in the
description below. So, what you just saw was me using social media marketing to
promote our product, which is our newsletter, where we use email marketing
to keep you up to date on the top finance and business news to
keep you money smart, and now I'm wondering, why haven't you subscribed to the
newsletter yet? It's free, check it out, it's in the description below.
And number five: Work your butt off. When you start your journey to do this to
make more money, what you're going to realize is that this process is way
harder than what all those internet gurus make it seem. Wait, what happened to
six figures in 90 days? It's the same thing as when people say, lose weight,
without walking on a treadmill and without eating a single salad, in just 30
days by doing nothing. It doesn't work. If you're trying to build a business to make
this income stream work, then you need to build a five-year plan. [groan]
Five years? Yes, five years, but remember, now your goal is to build a center brand,
where before you were just trying to make money quickly in two months by
starting some ecommerce store selling phone accessories, and then once you
realize that doesn't work, everything goes to waste. That's how you can get the
hockey-stick-curve path of success where you put in all this work, you put in all
this work, you don't see any results and then boom. Once things start to take off,
they really take off, because you put in all this work to build your brand, and
then once things start taking off, they really take off. It is not easy, but this
is the mindset and the hustle you have to put in to create a machine that will
print you a sustainable second income. Thank you for watching, if you enjoyed
this video, share it with one friend, and if you don't want to miss any of our videos on
entrepreneurship, business, and money, every single week, then subscribe to the
Minority Mindset YouTube channel below. And hit that little notification bell, that
way, YouTube actually lets you know when our new videos are released, and as always
KEEP HUSTLIN' *