Everyone wants to know how to make $10,000 a month as a student, however, there's a lot of misinformation out there, making it seem easier than it actually is. In this blog post, I break down the free man components you need to focus on to achieve this goal. After reading, be sure to check out the link in the description to my most popular video this year, which breaks down the seven to eight most popular online business models to help you figure out what will work best for you.
1. Choose the Right Vehicle
The first thing you need is the right vehicle - a means to make money that is big enough but not too risky.
Key points to consider:
- Avoid Trading: Trading is often promoted as a quick way to make money, but it's risky and many people lose money. The people promoting it often make money when you lose.
- Lean Online Business: Investing a small amount, like $1,000, into starting a lean online business can yield tens of thousands of dollars by the end of the year. While you may not hit hundreds of thousands in your first year, you can definitely surpass the average salary of a traditional job.
- Free Cash Flow: Focus on businesses that generate free cash flow - profit that you can actually use. Avoid businesses where your money is tied up, like property investments or high inventory eCommerce brands.
- Service-Based Business: Offering services like marketing funnels, short-form content creation, or Google Ads management can be highly profitable. These services have high perceived value and can be scaled using leverage, such as hiring additional staff.
2. Stretch Out the Timeline
Setting realistic expectations is crucial. Social media often skews our perception of success, making us feel inadequate if we don't achieve quick results. Here are some tips to keep in mind:
- Think in Years, Not Months: Achieving $10,000 a month may take years, not months. This is perfectly fine and should be expected.
- Celebrate Small Wins: Even if you're making $1,200 a month from your online business, that's a significant achievement. Remember, when it rains, it pours - success often comes in waves.
- Consistency is Key: Business growth often involves long periods of flatlining followed by sudden spikes. Stay consistent and don't get discouraged by slow progress.
3. Maintain and Grow
Reaching $10,000 a month is just the beginning. Maintaining and growing that income is the real challenge. Here's how to do it:
- Financial Baseline: Once you reach $10,000 a month, make it your financial baseline. Anything below that should feel off to you, motivating you to maintain or exceed that level.
- Study Old Money: Learn from those who have successfully maintained and grown their wealth over time. This will help you not only keep your earnings but also multiply them.
- Continuous Improvement: Always look for ways to improve and scale your business. Whether it's through better marketing, hiring more staff, or diversifying your income streams, continuous improvement is essential.
Final Thoughts
Making $10,000 a month as a student is achievable, but it requires the right approach, realistic expectations, and continuous effort. Choose the right vehicle, stretch out your timeline, and focus on maintaining and growing your income. Remember, I'm rooting for you from afar. Good luck!
For more detailed insights, check out my most popular video of the year, which breaks down various online business models to help you find the best fit for you.
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