I explain how to start passive income with no money. I’m a millionaire starting again from scratch with zero money! I discuss dropshipping, business, side hustles and investing.
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If someone took everything away from me, my businesses, investments and all my money in the bank. Would I be able to start from scratch and become a multi-millionaire again?
My first move would be getting the highest paid job possible if this is minimum wage working in McDonalds, Walmart or anything like that then that will be fine. The only purpose of this job is to establish an income stream. Without money it’s very hard to accomplish anything, instead of thinking of it as a drug I will be using it as a fuel to propel me towards my goals.
My second move would be to establish a side hustle or side job of some sort. Back when I was younger I used to catch and sell fish but the times have moved on. Selling fish door to door from a shopping cart may not be seen as hygienic any more but I had great fun catching them and selling them was just a bonus !
Dropshipping is when you take a product from a supplier, market and advertise it online and then get the supplier to ship it directly without ever physically touching the item. Running a profitable drop shipping store requires you to learn the basics of business, how to run ads on social media, how to build a website, copywriting, graphic design and in some cases video editing.
Build an emergency Fund – This is a savings account with 3-5 months of my living expenses.
Open a vanguard account and start consistently investing into low cost index funds like the s&p 500 which is a collection of the top 500 companies in the USA. By starting at such a young age I would be able to take advantage of compound interest.
My third move would be building a strong network of connections. An important part of this would be finding a few mentors to help guide me.
My fourth move would happen the day I turn 18 and it would be getting a credit card. A credit card has so many benefits including protection on purchases, points you can use for free travel, cashback and most importantly building your credit score.
My 5th move is when things start to really come together. I would use the money, skills and connections I had been building to start a scalable business.
It would be time for my 6th move, diversify and focus on my personal portfolio.
50% of my portfolio would consist of Real Estate. As rental properties can generate income all year round. The rental income is great and will pay off the mortgage but the increase in value of the property is generally fantastic if you buy right.
25% of my portfolio would be in index funds this will allow me to keep growing my wealth with the stock market.
Pension accounts would make up 10%. 12% would consist of Investing my money into businesses seeking investment. This would be a lot like you see on dragons den and shark tank in return for a percentage of their business I would offer my money, mentoring and network of connections. I like this type of investment as it allows me to use my business skills to influence the success of my investment which investing in the stock market can’t give me!
I would use 2.5% of my portfolio to dabble in individual stocks. This is the money I can afford to lose AND HAVE A BIT OF FUN WITH.
I would reserve 0.5% for the most risky investment bitcoin.
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– Hi, it’s Mark. Recently, I’ve been seeing
this question pop up on my Instagram posts. If someone took everything away from me, my business, my investments,
all my money in the bank would I be able to start from scratch and become a multimillionaire again? Well, funnily enough, that’s the exact same question..
I asked Richard Branson when I was around his house having lunch. Well, the short answer is the same as his. Yes, I would be able to achieve it again. But what I really think is I’ll be able to achieve it in around about half the time or less. But, of course, the interest, in part, is not if I think I could do it.
but it’s how I could go about doing it. So, here are the three basic rules to this challenge. One, I have to do it from
a starting date of 2020. Two, I go back to being 16 year old. And three, I keep all my
business and investing knowledge. Now, the challenge will be to find the fastest way to move from employee, to
self-employed, to business owner.
and, finally, investor. By watching this video all the way through you’ll have access to the exact roadmap I would personally use
to become a millionaire from scratch in the modern age. If you listen and use the information I’m about to share with you, you could be the next millionaire. But the first step.
along the path is to
smash that like button. Okay, then. So, we’ve got to get
ourselves into that age pod which is going to make
me 36 years younger. I like the sound of that. Just imagine a 16 year old me. I’ve just left school with no qualifications. I don’t have any money but I do have a dodgy hairstyle..
To top it all off the world has experienced
a global pandemic causing unemployment to rise to near the levels of the Great Depression and the stock market has become so unpredictable things might not look great at the moment, but in my opinion this new world offers opportunities more than you might first think,.
especially, if you know where to look. So, you can keep track of the challenge. I’m going to put a counter down here. It’s going to track the time and my net worth for every stage in the video. So, let’s set it to zero and get started. Where’s all my money gone? (television beeping) – My first move will be getting.
the highest paid job possible. Now, if this is at minimum
wage working for McDonald’s or Walmart or anything like that, that’ll be fine. The aim isn’t to be comfortable. That’s actually the worst thing it can be. When you get paid just enough to make you comfortable your salary becomes a drug and that makes you forget all your dreams..
The only purpose of this job is to establish an income stream. Without money, it’s very, very hard to accomplish anything. Instead of thinking of it as a drug, I will be using it as fuel to propel me towards my goals. My second move will be to
establish a side hustle or side job of some sort. The pandemic has fast tracked
the digital revolution..
Online shopping is more popular than ever. And the internet is an unbelievable tool for our new entrepreneurs. Online marketing would be the
number one high-income skill that I would want to learn. The best way for me to do that and make some money on the side would be to set up a drop shipping store..
Drop shipping is when you take
a product from a supplier, market and advertise it online and then get the supplier
to ship it directly to the customer for you, allowing you to make a small profit without even physically touching the item. On YouTube, drop shipping is advertised as this awesome way to make lots of money.
without doing any work. Do you know what? That’s not really the reality. Running a profitable drop shipping store requires you to learn
the basics of business, how to run ads on social media, how to build a website, how to write in a way that makes people want
to buy, graphic design, and, in some cases, video editing..
I’ve approached lots of
local businesses and shops and talked to them about the stock they’ve got sitting around that they can’t sell. Almost every business has stock it wants to get rid of. And, normally, this will be, you know, the end of the line product, for example. Some of it has gone a bit out of date.
and with all my online
marketing knowledge. I’ve been the perfect
position to help them. So, you can say, look, I’ll tell you what, I’ll give you 50% of what I sell it for. Now, if that’s in cash any business owner’s
going to be very happy. It’s a win-win situation. I’m a big fan of learning
while you’re earning..
And this is where I would
take a real step back here and take a deep breath before taking on the hurdle so many people fall at. And that’s the lifestyle inflation. This is when people increase the amount that they’re spending on their lifestyle as their income increases. Maybe to impress their friends.
or they see it as rewarding themselves. They end up living a lifestyle that’s paycheck to paycheck even on a good income. To avoid this I would create a budget and
stick to it religiously. I need to have enough money to do three extremely important things. One, I’ll build myself an emergency fund. This is a savings account.
with three to five
months of living expenses to be used if something
unexpected comes up. And that will help me stay out of debt. Two, invest in a pension account
every year, without fail. Three, open a Vanguard account and start consistently investing in low-cost index funds like the S&P 500. I mean, this is a collection.
of top 500 companies in the USA. You can’t go wrong by owning a part of all of them. The money will grow with the USA economy which long-term has always increased but starting at such a young age I would be able to take
advantage of compound interest. And if you’re familiar
with the snowball effect you already know that something
can build upon itself..
My third move would be building a strong network of connections. This means cutting off the people that holding me back and making friends with people that are
going to push me forward. An important part of this would be finding new mentors to help guide me. Their insights would
be extremely valuable..
If they’re able to see my situation from a different perspective I could bounce ideas off them and hear their opinions. Now, we’ll do this by using social media to grow my personal brand and documenting my journey. Everyone is online now, and I’d want to take
advantage of that attention and publish as much content as possible..
This is the fastest way
to expand your network and attract like-minded people. When people feel a personal
connection towards you then it opens up many, many doors. Even more than you could imagine. My fourth move would
happen the day I turned 18. It will be getting a credit card. In my opinion, this is one.
of the best things you can ever do as long as you use it correctly. A credit card has so many benefits, including protection on purchases, points you can use for
free travel, cashback, and, most importantly,
building your credit score. The younger I’m able to start
building my credit score the better, because it means in the future.
that when I’m ready to invest in property and things like that, I’ll have better access to better loans. But, be warned, credit
cards are like fire. They keep you warm but they can burn you depending on how you use them. So, only ever buy the things that you would be buying anyway, like gas or groceries..
I would make sure to pay them off in full at the end of every month, in order to avoid paying any interest or late fees. Move number five, we’ll be asking you to smash that thumbs up button and ring that bell, If you haven’t already done it. It really helps YouTube show
my videos to new people. My fifth is where things
really start coming together..
I would use the money, the skills the connections I’ve built during the all of this start-up time. And then I’ll make a scalable business once I’ve identified a gap in the market, most likely within an
online or a software niche. As soon as the business
shows promising signs I would go full throttle at it.
and grow it as fast as possible. There was no point in growing slowly. As my competitors would
be catching up to me. And every day I wasn’t sending to as many customers as possible. I’d be effectively just losing money. I would reinvest as much
of the profit as possible back into my business. The main name would be setting it up.
in a way that is not
reliant on me and my time. I’d also want to make sure that there were more
multiple income streams within the business, in case, for any reason that
one of them was cut up. Once my business was
able to support itself and it was making money
on almost autopilot, it will be time for my sixth move..
Diversify and focus on
my personal portfolio. 50% of my portfolio will
consist of real estate. As rental properties can
generate income all year round. I’d make sure to take into
account the school links, income level of the area, and also if it’s an up and coming area. The rental income is great and it will pay off your mortgage,.
but the increase in the value of the property, generally, is fantastic. if you buy right. The wealthiest people, nowadays, collect property the way they
used to collect classic cars. Interest rates are low, prices have fallen, and you don’t have to tie up a lot of cash in the investment. And with apps like Airbnb,.
I could also consider short-term renting. 25% of my portfolio would
be in low cost index fund, like the S&P 500, as this will allow me
to be growing my wealth with the stock market. Pension accounts would make up 10%. I always think the word
pension sounds like old-age old and I think that’s the
reason why it puts a lot.
of young people off doing a pension. The truth is the word may be old, but they’re one of the best, the most tax efficient
long-term investments you’re likely to ever make. 12% will consist of investing my money into businesses seeking investment. This would be, you know,
a lot like Dragon’s Den or Shark Tank..
In return for a percentage
of their business I’ll be offering my money,
mentoring and connections. I would use two and a half
percent of my portfolio to dabble in individual stock. This is money that I can afford to lose, so, I can have a bit of fun with it. Maybe purchasing a bit of Tesla, a bit of Apple, who knows..
But you can just have a little play and you never know where
it’s going to take you. I’d reserve half a percent for the most risky investments,
such as cryptocurrencies. Now, you’ve gotta be careful here. You’ve got to do an
established brand like Bitcoin. Although, I wouldn’t
recommend this to anyone.
that doesn’t already have a strong investment portfolio established and can afford to take the risk. I’m opening myself up, a little bit, to the possibility of reward without worrying about any losses. If cryptocurrencies see another boom, like the last 10 years, then I want to make sure
I get my fair share..
If you liked this video then you’re going to love this next one. I’m going to leave it right here for you, but don’t click on it just yet. If you liked the video, drop a like on it for me and subscribe to the channel and ring that old bell if
you want to grow your wealth. Okay, so, you can click on it now..