In 2020 I made just $14,000 and in 2021 I earned over $200,000 so today let's break
down exactly how I 14x my income in one year and hopefully show you how you can do the
exact same thing.
Alright, let's jump right into it.
What is going on everyone I hope you are all having a fantastic day.
Alright first of all let's just get this out of the way, I am by no means making this video
to brag, and if anything I should be humbled and grateful for all of you because big surprise,
you are a large part of the reason why this was able to happen.
But outside of that, today I want to discuss what changed in terms of my income sources
and life circumstances that allowed me to go from earning 14,000 to 200,000 in one year,
of course talk about some best practices that you can apply to your life to increase your
income exponentially, and lastly talk about setting financial goals for yourself in the
new year.
Also if $200,000 sounds insane I am right there with you but remember that I run this
YouTube channel as a business…and businesses are expensive to run so just keep that in
mind.
Alright so like I said there were two major changes that contributed to this increasing
income the first of which being my life circumstances.
In 2020 I was a full-time college student for the entire year and while I did have a
job and other means of income, obviously my main focus was on my education.
Fast forward to 2021 and I was still a college student for the first half of the year however
I was fully online meaning I could focus a lot of time and energy on this YouTube channel
and of course, in the latter half of the year I had graduated, was able to really dedicate
a ton of time to this channel and also had and still have a full-time job as well.
Now the second thing that changed kind of ties into those life circumstances but obviously
my income sources we're very different.
the most notable change would be the addition of my income from my full-time job but as
I just mentioned, this YouTube channel continued to gain traction in 2021 and that is where
a majority of my income now comes from.
If you want to see a deep dive inside of my QuickBooks accounts where were you on all
of the finances for this YouTube channel then I will link to that below and while those
numbers may be a little bit outdated, the overall structure of that income and the growth
of this channel have remained largely the same.
Alright but enough about those life changes for me personally, let's talk about some best
practices that I started implementing that I feel truly contributed to that increase
in income.
First of all and this is not going to be a popular one, I truly started to create and
follow a budget.
Now obviously budgeting has little to no impact on your income but it does have a significant
impact on how much of your income you actually keep and in my case how much of my income
I'm able to invest because I didn't spend it on stupid things that I probably don't
need.
As I've talked about before I completely understand that not everyone wants to budget and I'm
not saying that every penny needs to be tracked to a tee on a spreadsheet because you probably
don't want to do that I definitely don't want to do that and with the tools that are now
available to all of us, that's really just not necessary.
So whether you want to use one of the many budgeting platforms that I've reviewed here
on the channel or you just want to use a platform like SoFi or Chime which will give you the
essential information on how much you're spending and earning it doesn't really matter but at
the very least you need to know how much money is coming in how much money is going out and
then use that information to adjust your spending where necessary.
The second principle that had a significant impact on my income is continuing to create
multiple streams of income.
I'm sure you have heard this advice before including here on this channel but if you
truly want to build your income and therefore build your wealth at a rapid pace, you cannot
rely on one stream of income.
Now if you are super smart and you're a computer programmer or a doctor or something then that's
awesome you can probably make several hundred thousand dollars per year from one job but
unfortunately, I'm just not smart enough for something like that and if you're in that
boat with me then, unfortunately, we have to take matters into our own hands and create
streams of income for ourselves beyond a standard job.
Now I want to be clear that there is a balance here and this does not mean that you need
to jump off the Cliff and quit your job and go all-in as a self-employed individual.
A regular nine to five job can and is a fantastic foundation for building multiple streams of
income and as we look at later in this video, having some consistency is really good because
once you start to derive income for yourself, you'll quickly learn that nothing is guaranteed
month to month so having a steady job that gives you a consistent paycheck can offer
immense peace of Mind.
Remember that the average millionaire here in the US has seven or more streams of income
and that doesn't mean that you need to go create seven streams of income right now because
that is a recipe for disaster but once you land that consistent job with a consistent
paycheck, maybe you start investing a little bit more and the profits and dividends are
now a new stream of income.
Then maybe you find time to start some kind of side hustle or maybe even a YouTube channel
and eventually that starts to produce income and then as that grows you find additional
ways to derive income from that side hustle and then ope now you just got a raise at your
nine to five job so that's a larger source of income….
you get the point.
It's not going to happen all at once and don't set the expectation for yourself that it will
because you will be disappointed but the easiest place to get started is establishing that
foundational income through your regular job and then investing as much as you possibly
can and once you do that and you've established an emergency fund and you feel comfortable
financially then it's time to step on the accelorator and take some risks with your
money by starting that side hustle that you've always been thinking about or writing that
blog that you've wanted to for a long time.
Alright so you've got a budget that's gonna make sure that you're keeping as much as possible,
you're working on establishing multiple streams of income which is absolutely crucial in building
wealth so now its time for the last step which is going to sound really cheesy but in my
opinion is incredibly important and that is setting goals period now personally I'm not
one for New Year's resolutions and I don't think that it should take a new calendar year
for you to have an excuse to achieve the things that you've wanted to achieve for a long time.
However, calendar years are a nice clean way to measure your income so this can be a great
way to keep yourself on track and understand how you doing financially throughout the year.
Now I want to be very clear that personally, I don't believe that financial milestones
or goals should ever be someone's number one priority.
Regardless of your life circumstances and whether your priority is your family or your
faith or your friendships or something entirely different it is very likely that there is
one or many things in your life that are much more important than a shallow financial goal.
But that does not mean that there's anything wrong with setting those financial goals as
long as they don't consume your thoughts and actions so for me personally my income goal
for 2022 on the low end is to earn $300,000 and on the high end I would love to earn $500,000
which is definitely a stretch but it's good to set that range because who knows what could
happen.
But for you maybe you currently have a job that's paying you $40,000 per year and you
would like to get to $60,000 of total income.
That is a fantastic goal and as long as you're putting 1 foot in front of the other, tracking
your income and expenses, establishing those multiple streams of income, then it's really
not that difficult and you very well could make this a reality.
I fully realized that my story is very skewed because of this YouTube channel but I assure
you that if you had told me a few years ago that I would be making six figures let alone
multiple six figures by talking to a camera in my basement there's no chance I would have
believed you so as I have said many many times before do not sell yourself short because
I assure you the fact that you are watching a video like this and are still watching at
this point in the video means that you have a very strong desire to achieve your financial
goals and you're just trying to figure out how to make those goals a reality.
So if you're comfortable sharing I would love to know what your income goal is for 2022
whether that is $1,000 or $1 million and what methods or principles you plan on implementing
to help reach that goal.
I do wanna say thank you so much to you…yes I mean you who's watching this video right
now, you are the reason that I am able to do what I love and make videos like this and
in a more direct sense you are part of the reason why I was able to grow my income so
quickly in one year so seriously thank you so much.
As always if you did get value out of this content and you want to help support me the
easiest way to do that is actually by checking out some of my favorite financial tools down
in the description below including one offer from the point cash back debit card that will
currently give you $100 when you sign up and make your first purchase so be sure to check
that out using the link down below.
Be sure to hit the like button and subscribe to the channel for more content like this
in the future and of course, thank you so much for your time I really do appreciate
it so much take it easy and I'll see you in the next one!