Hey, what's up? Kris Krohn here and today, i'm making a little video for you on how
to retire by the age of 20? Now, i'm clearly not 20 anymore. But I
will tell you that i retired by the age of 26. And if i could time machine myself
back in time, I could have done it a lot faster. So, this is my shot of living
vicariously through you and hopefully showing you a fantastic map of how you
can actually retire by the age of 20.
Alright. So, check it out. Let's actually define what you in fact mean by retire
because I used to tell people I retired at the age of 26 and I didn't retire.
What I did is I became financially independent. Meant that I didn't need to
have a job. Now, if you're watching this video, you might be saying maybe college
is for you maybe it's not. But clearly, you're thinking far more entrepreneurial
so that's what I'm gonna be playing with today. Now, let's just kind of help you
understand a couple of things. Number 1, you have to define what do you want. And
for you to say you retired or you're financially independent, like what amount
of money is that? Like you could go get a job make $3,000 a month or $4,000 a
month? You know and you might be saying to yourself, "Alright,
I want $4,000 a month residually coming in. And if I hit that, I'm not getting a
job maybe I'm not going to college and I can kind of catapult from there." That
makes sense? So, you define how much is it where you
could say I retired? The second thing that I want you to play with is that you
have got to be reading books. Because you are a young mind and that young mind has
to be nurtured and fed it's got to be inspired. I recommend that you read no
less than two books a month. And you should be reading if there's your goal,
you should be reading on money, wealth, finance real estate and mindset. So, get
those personal development books, go read Think and Grow Rich. Get a copy of my
books. You know, you can get them in the link below for free I've got a couple of
them there. Go read Napoleon Hill... Go read some of the books that are out
there and get your mindset right so that you can get yourself amped up with the
right positivity and mindset. That's what a young mind needs. That's what I filled
my mind with that got me. There at age 26. So, know what you want. You want to be
reading at least two books a month which is what I recommend. And then number
3, now rubber hits the road. We get into this side hustle. And it can't be
your main hustle, has got to be a side hustle. And I want to know what is your
side hustle going to be? Like let's just kind of brainstorm a couple of the
common ones that are out there. You could say I'm going to mow lawns. Or you could
say I'm going to deal cars. Yeah, you might say I'm going to
do some pressure washing of driveways to kind of get the filth and grime off. You
could say, I'm going to do a paper route. Maybe it's window washing. Maybe you've
learned how to play an instrument. And you have students. So just for a moment,
take a look at this. Pick something. I mean frankly, all of these are easy,
they're really simple. It doesn't take a degree to start a window-washing company.
It doesn't even take a whole lot of materials to like start a lawn mowing
company, right? You can do this. And you go door to door and you push yourself and
you hustle. Now, you get your hustle on and here's step 1. Let's just say that
you're going to do the old-school lawns. I'm going to mow some lawns. You need to
understand this. I am not telling you to be in the game of landscape. You're
starting as the business operator. You're going to become a business owner. That's the
mindset shift. So, people always fail at this next part that I'm really good at
and most people are scared of it. But this is what it looks like. Go out there
and mow lawns. Let's say you're getting paid 5 dollars a lawn and
let's say that you hustle and you get yourself 50 lawns. Every single week that
you can mow. Now, what's 50 times 50 its 2500 bucks. You got $2,500
a month rolling in in the summer, what can you do? Go find a kid for a thousand
bucks or 1,200 bucks it'll do the job for you. Now, all the sudden, you're just
collecting money and you're getting paid 50% of the money by putting someone else
to work that also wants to make $1,200 a month. Does that make sense?
Step 1 is developed a side hustle. Step 2 is figure out how to farm it out and
you always want to keep a 30 to 50 percent margin. That's where this
is going to work. Now, in the in the event that I am collected 2,500
in lawns and I'm paying half of it out, I'm at a fifty percent margin. If I paid
out more like eighteen hundred dollars and kept the other 700, then I
would be at more like a 30% margin. So you want to understand that
really basic principle of I'm going to get the party started and then
have someone else do the work. Now, what do you do when you develop your side hustle
and you farmed out the work then you get another side hustle. You either expand
this one. You say, "You know what? We're expanding into window-washing." and you
know, we charge $400 for Windows and you you go out there and you actually learn
how to sell your services of window washing. Then what do you do once you
have enough business rolling, you bring your buddy in. You pay them. Let's just
call it again. 50% of the money. And guess what? They're now running the business
and you're the owner, but you're collecting. What if you were making a
thousand dollars a month here and not running the business. What if you're
making a thousand dollars here and not running the business. What if you also
added car detailing and it paid you an extra $2,000 a month? Well, if what you
wanted was four grand a month, the grand here, grand here. 2 grand here. I've got
6 employees. These are the people that are out there actually doing the work.
That's the mental leap. You want to know where people get stuck in this leapfrog
is that they think that what they want is to be a business operator. They want
to feel good about getting paid for putting in time. You don't want that. You
want to learn how to be really comfortable getting paid for putting in
no time because you learn to be smarter instead of working harder. People don't
get this. But I'm the king of leverage for a reason and you're learning it
right now. So, you want to be retired at the age of
20. It's real simple my friend. Know what you want. Make sure that you're always
feeding your mind learning and growing. Get your side hustle and then bring in
people to do that side hustle for you. You become the owner instead of the
operator. And here's the last step: There's leftover money floating around.
You know what you should do? You should put it in the game of real estate. That's
how I became retired at the age of 26. But this is a way for you to have your
cash flow and to have money you can put in real estate as well. And if you're
keen on this idea of, "Hey Kris, is saying I need to be reading 2 books a month." I
got 2 books that you can get started with here. I've got one that is how to
make a lot of money in real estate. And I've got one on how to develop the
ultimate achievers mindset. And both of these books in the links below are
actually free while supplies last. All you got to do is click below. Cover the
shipping on them. And the actual book itself will actually get sent
out to you. And it's not just good reading material that helps meet this
criteria. It also just happens to be information that will help you develop
your next side hustle. Mentally in the brain or in actuality. So listen, thanks
so much for watching today. Hope that answer your question. Can you be
financially free independent at the age of 20. Of course you can. And now you know
how. Subscribe I'll see you on tomorrow's video.
you