Escape the Paycheck Trap: 9 Passive Income Streams for Full-Time Workers

Shine Star

Still stuck trading time for money?  In this video, we reveal 9 powerful passive income streams you can start without quitting your full-time job. These aren't your typical side hustle ideas — they’re proven, scalable, and designed to generate income even while you sleep.   Whether you're a busy professional, office worker, or remote employee, these income streams could be your first step toward financial independence in 2024.  Just replace your 9–5 one day — but only if you start now.   Don’t let your job be your only source of income.  Watch till the end to unlock your roadmap out of the paycheck trap.   #PassiveIncome2024  #FinancialFreedom  #MultipleIncomeStreams  #SideIncomeIdeas  #MoneyWhileYouSleep  #WealthBuilding  #WorkSmartNotHard  #HighIncomeSkills  #EscapeThe9to5  #MakeMoneyOnline  #EarnMore  #2024MoneyGoals   ✅ Like this video if you're ready to stop living paycheck to paycheck!  💬 Comment below: Which passive income idea are you starting this year?  🔔 Follow for weekly income hacks that work even with a full-time job.  📤 Share this with a co-worker who's tired of being underpaid!  ⏳ Watch till the end — passive income stream beginner-friendly and requires $0 to start.

Transcript

00:00If I wanted to be wealthy, have less risk, and have a higher likelihood of figuring out where

00:04I could make the most money, I need multiple income streams. And in this video, I want to

00:08share with you the nine income streams I grew while having a job before I got known on the

00:13internet. I wish somebody would have told me this stuff. When I was working, nobody talked about

00:17where they put their money, why, and how much money they actually made. In fact, they hid it.

00:22Totally frowned upon to share any of this. Depending on your situation in life, the best

00:26side hustle or income stream for you to pick, it's going to be different. The most important

00:29thing to understand when looking for more income streams is that you want to find leverage,

00:34a way of working smarter, not harder, to achieve the same goal with less effort. Consider it like

00:39using a lever to open a bottle cap. You can either attempt to manually brute force it, which is time

00:44for money, or you can use the right leverage for your situation. And the leverage doesn't work for

00:49you. So how do you figure out which income streams you have the right lever for? There are four money

00:53levers at different points you can use to build up your income streams like I did. Let's jump into

00:58what those are, and I'll give you all the exact things that I did. First lever is time. Obviously,

01:02time's all you got in the beginning. Early on, anytime you can trade your time for somebody else's

01:06money, that's going to be your superpower. Here is one of the first income streams that I had.

01:10A service business. I started a service business that helped people do business in Latin America.

01:14It was called Selling South, and basically did it on the side with a colleague who worked

01:18with me at the time. All we did was we helped companies that wanted to do what we did in Latin America

01:23by giving them introductions. So this company got paid by the hour to create market entry to those

01:30who also wanted to sell investments into LATAM. It wasn't a huge income stream, but our first year,

01:34we each took home about $40,000 a year. It also led to a big job years later for me, helping this

01:40woman, Nellie Galan, do a part of her tour in the US for Latinos in Finance. And I never would have

01:44gotten that opportunity without a couple of long hours and nights doing the service business. That's how I

01:50met Gloria Estefan. That's how I got on People in Espanol's red carpet. I think I made $15,000 for

01:56that side gig with Nellie Galan, but I would have paid to participate in all of that. Now today,

02:01I own another online service business. This one's called Viral Cuts. And it's made me realize this

02:05is something I wish I had done when I was in my 20s. I didn't have Selling South until I was well into

02:10my 30s. It's so easy today to start offering a service online. We've paid contractors at Contrarian

02:14Thinking 5k for 10 to 20 hours a month doing research, writing, design, short form editing

02:20like this. Finding an outsource expert on sites like Upwork or Fiverr for look at this, like 5,

02:2610, 20 bucks an hour. And then you charge 100, $200 an hour. You can also start a bare bones sort of

02:32boring service business out in the real world. You could do it for 500 bucks like we did with this

02:37pressure washing company, window cleaning, landscaping, etc. I didn't do that early on.

02:41I did it with my consulting hours to make intros. Here's what no one will tell you about this though.

02:46Service businesses are a great way to start, but I don't think they're a great way to end.

02:50If you have custom services and provide services before you get paid, that means you're chasing

02:54invoices. Scope creep is a real thing, which means somebody asks you for this and you instead deliver

03:01all of this, but you don't get paid for this in the middle. So there's a reason there are so many of

03:05them and very few of these service businesses get huge. You want to have somebody pay you before you

03:11offer a service. You want to have somebody have very specific things you deliver every single

03:16time. You want to get paid for every single hour of your time. And with service businesses, that's

03:21hard to do in the beginning. The last thing that's hard for me with the service business, I couldn't

03:24estimate very well what my total time needed was. And that's something you're going to want to do.

03:29So don't start with a ton of these. Start small if you're going to do a service-based business.

03:33Number two, nine to five, hard truth. Your first 100k will most likely come from your earned

03:38wages, your income. For most people, it'll be your first million. It was for me. I made 37k-ish when

03:43I got out of college. And at the end of my time being employed by someone else in finance, I made

03:48seven figures as a private equity partner. It was broken down like this. 20% salary. So I get this no

03:54matter what for my day to day, unless I get fired. 30% carry, which is distributions for performance.

04:01I'd get paid out a percentage of the profits we made in our investments. So if we have a company pay out,

04:06I don't know, $100,000 dividend between us partners, I might get 8% of that because that

04:11was the percentage that I owned of the company. Then another 35 to 40% was bonuses. These are

04:16milestones hit. So I'd get paid when we hit our milestones, like a number of deals done or a

04:21return profile hit. And then maybe another 10 to 15% for commissions and money raised. So you will

04:27ideally have a gradually declining line that starts at nine to five at the height and eventually whittles

04:32down to the least portion. Why? Because earned income working versus investment income, or what

04:39is deemed by the IRS as non-active income is taxed at a startlingly lower rate. So you keep more of what

04:46you make. Look at this chart. If you have a taxable income and you make over $622,000 by having a job,

04:55you pay 37%. If you use long-term capital games, aka investment income, you pay 20%. You are almost

05:04double paying for the right to trade your time for money. Crazy. My income was also highly skewed by

05:10my salary. And I'd say probably accounted for 80 to 90% of what I made back then. So I had other

05:15income streams, but it was mainly salary. Nothing wrong with having a job. Just know it'll be your

05:19biggest driver to start. And it could be forever, but you still want to have something else in case

05:24your income dries up. The second lever is expertise. So after a couple of years of trading your time for

05:29money and job, you've got something more valuable, expertise. So my third income stream that I had

05:34was consulting. I was doing a ton of work in Latin America investing and building up investment

05:39businesses. I noticed people wanted to mimic the work that we were doing. And so it made me think,

05:44could I teach other people how to grow a large Latin American investment business like I do? Someone

05:50first asked if they could pay for an hour of my time. And I really had no idea about that. So I

05:54said, sure. And I think I threw out a number of like 250 bucks. They paid. Then I increased

05:58it to 500. I would randomly take one off phone calls. I made two to 4k a month, taking a few

06:03phone calls. Then I got on GLG. Then it connects a million plus experts to clients. You could also

06:08do this one, which is intro.co. I like intro better because GLG makes people interview for the

06:15opportunities. While intro, you don't have to apply. You just get paid the second that somebody signs

06:21up. I'd rather get paid, do the work and move on than have to do an application. Pro tip, do some

06:27calls for free in the beginning, but don't do that work for free forever. Now I don't even do one-off

06:31consultations, but in the beginning I did. So take the thing that someone pays you for in your salary

06:35or other high area of performance and do it one-off by the hour. That's what consulting is. And you can

06:40do this on the side, pending your employer is okay with it. What people won't tell you is that you have

06:45to set boundaries. When you consult for an hour and you do a good job, they're going to want more and

06:49more. You have to make sure you're really clear on rates and you only do work when you are tracking

06:54it. Almost like if you were in a job back in the day where you had to clock in and clock out,

06:58you have to be really good at that with consulting. Most people are not. So the other way you can get

07:01around it is I now have a consultant that I pay like Jordan and I pay him a flat fee. I pay him 10k a

07:07month for him to help me scale a few of my businesses. If I use more than the couple hours a week that he

07:12has dedicated to me, it's okay because he has a flat amount that allows for overage. In the beginning of you

07:17doing consulting, if you're like me, that probably won't work out for you. Fourth, sitting on boards.

07:21I use my expertise to add another income stream by sitting on the board of a company in my industry.

07:26For instance, now I sit on the board of a hedge fund. Back then I sat on the board of a venture

07:30capital fund called Magna Partners. This meant getting paid somewhere between $30,000 to $300,000

07:35to go to four quarterly meetings and give my advice. Obviously, when you start out, you will be very cheap

07:40or maybe even free. But as you continue to become a better board member, you can charge more. Now,

07:45how do you get this type of position? How did I get somebody to decide that even wanted my vice?

07:50I was really valuable to the founder of a fund group in an area that I already knew. And I asked

07:56him what his two biggest pain points were, deal flow and fundraising. So I made some introductions

08:00and then he asked me to be on the board. One of the biggest hacks is not always you having to do the

08:06work, you finding somebody's who to solve their biggest how or what. And so the way that I got a

08:11board position is I introduced him to a few high net worth friends that I had accumulated relationships

08:16with who wanted to invest in venture capital. That led to investment by them into his fund because

08:22that he offered me a 30k payment a year for being at quarterly meetings and continuing to help and

08:27advise him. Now again, not everybody can do this, but you need to understand what the really, really

08:31rich do to add income streams. I hate when people gatekeep how they got here. So I thought I'd share

08:37this with you for real. How could you do this as somebody brand new? Well, you probably couldn't.

08:41What you could do though, is you could do what this guy, Jamie did, who actually consulted on this

08:47YouTube channel. You could watch my YouTube channel, see that we've had some success, take all of the

08:52expertise that he's had by playing around with this industry, being young, experimenting in YouTube,

08:57and send us a format. And that format, which looks like this, that Jamie sent, it gives us a bunch of

09:02free ideas and insights from somebody who's played in this space for quite a while, even though he's very young.

09:07He sent this to me. I took a meeting with him and we ended up paying him to be a consultant for us.

09:12Now, if I went and started a YouTube company, do you know who I'd ask to be on the board? Jamie.

09:17And when you're on the board of one, that might mean you get equity and you get income. Who this is

09:22really good for though, is ex-executives, founders, and people with real expertise. It does come with

09:28some risk though. So for instance, you could be in trouble if you sit on a bad board and they do

09:32something really dumb. Or if your executives of the company do something really dumb.

09:36Imagine being on OpenAI's board or Enron's or FTX's board. You could have what's called

09:42fiduciary charges, which basically means they could do lawsuits against you. That's why you

09:47can earn a ton doing this, but it's not my favorite income stream.

09:51Speaking events. So then I started wanting to get paid to speak. First, nobody would even

09:54let me speak. Then I did it for free a handful of times while I was still an employee. And then

09:59about my fifth speech, I started getting paid. They asked what I charged for an event. Originally,

10:04that was 1,000, 2,000, then five. And then after like 15 to 20, and then after 30 and 40 and 50 and

10:11100, now I get paid more like 50 to 100K. That last part's candidly wild to me that we still get paid

10:17like that. But I want you to understand the events industry because then it doesn't sound so crazy.

10:22I mostly turn down the number of speaking events we get. Let me show you how this works though. We do an

10:28annual event each year at Contrarian Thinking. It costs like 200 to 230K to put on. And we have a

10:3325K speaking budget. That's because we can make that money back from the group. Look at this graph.

10:38The UK spends $20 billion a year on events. Look how big the exhibitions market is. It's huge. $11

10:44billion. And that means they need speakers in order to get sponsors and attendees. This is where you slot

10:50in. You can do some of these speaking agencies like I have. You can see me listed on a few of these.

10:54And what happens is if you can find a specific niche, especially in a niche where other people

11:00make money or they bring in attendance, then you too can get paid a lot for speaking in events.

11:05Just expect the beginning to kind of suck almost like any type of income stream you're going to

11:08make. All right. What kind of events? You start local, then go corporate, then go conference,

11:13then go exhibition. Those are the different budget levels that speaking goes to. Now, what people will

11:19not tell you about speaking. Have you ever been stuck overnight in Topeka, Kansas? Had to stay in an

11:24airport, hotel, miss your anniversary, then catch a red eye the next day. And since everything was

11:29closed for dinner, eat Cool Ranch Doritos and a Sprite for dinner? Yeah, I have. It's not fun.

11:34You do get paid to speak for an hour, but it takes five hours to prep for that speech. Then you got to

11:40come up with a PowerPoint. The idea, you talk to the hosts, you get there early, you fly in the night

11:45before. You always need at least three hours to speak and because of Q&A and wait time. The average

11:50hourly rate, you should never calculate at one hour because I think it's more like 10 to 24 hours.

11:55Now, the upsides are you meet a ton of really cool people. You look good. You expand your ability to

12:00speak and communicate, which is super, super valuable. And I would totally recommend most people at some

12:05point get paid to speak. It just means you're going to be able to get more of what you want by being

12:10able to communicate more clearly. Now, pro tip. I have a rate that's for local speeches, 15K, and one for

12:16travel, 50 to 100K, depending on what it is and where it is. It's still feel weird saying that out

12:20loud. I focus on my businesses otherwise. The other thing that I wish I had done earlier is stop giving

12:26new speeches. I can't take my own advice on this, but the best speakers give the same speech 400 times

12:31until it's incredible. I get ADHD and change mine all the time. If you can just have one speech, you skip

12:37all of those hours. Year one of speaking, I made maybe 3K, almost nothing. Year two of speaking,

12:44I made more like 25K. Year three of speaking, we're talking close to six figures, more like 90K.

12:50And now if I wanted to, I could make millions a year. Instead, we take, I don't know, probably

12:55somewhere between $300,000, $500,000 worth of speaking events a year. So you certainly can scale.

13:01There are people that their entire income is from public speaking. I don't think it's the best income.

13:06Talk about really bumpy, but it's certainly possible. Info product. I was in cannabis private equity,

13:11but I kept getting two questions. How do I get a job in cannabis and how do I invest?

13:15So I randomly made two guides and I put them on Gumroad. You can see them here. And it's wild

13:21because they're still up there and we still actually get people buying these things. You can

13:25see right here, this made me $4,166 in total. So about 3K in the first year and then dwindled off

13:32from there. Not huge, but not nothing. I don't promote it and I still randomly get sales from it,

13:37which is awesome. Now, where did I learn to do this? Because I'm actually not very tech savvy.

13:40I listened to a now friend of mine, Sam Parr, talking about creating a guide for finding an

13:44apartment in San Francisco. So I basically followed his process, uploaded mine to Gumroad. I said,

13:49it's free to create. They just take a percentage of the sales. Great. Who would this work for?

13:53If you get asked for your expertise on multiple subjects, multiple times, I think start writing

13:59it down. Worst comes to worst, you can start sending them a little blog post or a little Twitter

14:03thread you do on it. And after you start getting that asked 10, 15, 20 times, I think it's guide time.

14:09The worst comes to worst, you learn how to create a guide. Maybe you sell 5, 20, 100 bucks. The best

14:14case scenario, you're like me and you get a couple thousand bucks in a product you don't spend any

14:18time on, or you develop an entire info product business. Now, what do you need to apply this

14:22skill intelligently? You need three things. Cash, curiosity, crowd. People who are willing to pay for

14:27insight on the subject. So how to pet a cat? Probably not. Curiosity, something you're naturally

14:32interested in and want to create around. If you're already curious because you like to look hot on

14:36Instagram and you want to put cool filters on, well, it turns out that other people buy those

14:39filters from you. So if you're already creating them, you're already curious, you just sell them.

14:43That could work. And then finally, you need a crowd, a group of people who are willing to pay.

14:47You might be able to get a crowd of people for how to turn your cat into a cool looking panda. Maybe

14:52there are a bunch of people that want to do fancy cuts on their cats. But if you go, how to just groom

14:57Siamese cats, not as much. A quick way to tell one way or the other is to go to Facebook,

15:02search the exact term you want in Facebook groups and see if there are groups of at least a hundred

15:07though. You can click a couple of buttons, select yes or no, which means you don't have to chase

15:11them. Now we're going to get into more details on how exactly to do that later. But if I was going

15:16to start this now, I think there are four questions you need to ask yourself before you start a

15:20newsletter and how to do it. This is what I asked myself. Where do people ask for your opinion?

15:23What would you do even if you weren't getting paid for it? What are the hobbies you'd like to get

15:27into? And what are you really, really uniquely skilled at? When you answer these four questions,

15:31you should have a short list of topics. You could create a newsletter or a product business.

15:35So how did I learn this? I watched these guys who become friends, Alex Lieberman and Austin Reif

15:39at the Morning Brew grow theirs. And then my other friend, Sam. Basically, I want to steal other

15:43people's homework just like you guys are doing today. All of us create all of this stuff on the

15:46internet and we literally tell you all the secrets. Back when I was just starting, I had to go through

15:50podcast after weird one-off blog post. And now I could just double X speed, look at the transcript

15:56and also the comments and get all the information I need from YouTube. Amazing.

15:59Who is this good for? Well, you need to like writing and you need to also be able to commit

16:03to writing at least one newsletter a week for a year. If you won't do that and find joy in it,

16:08don't do it. Now, what people will not tell you about starting a newsletter? Dealing with one-off

16:12sponsors is literally the worst thing in the entire world, especially when you're small.

16:16I would not go back and do this way again. I would use Beehive or ConvertKit where they set up

16:20sponsors for you and you just get to insert them. It's too much work for me going and trying to talk

16:25people into sponsoring my newsletter. I wouldn't do that. I love the fact that you could plug and play.

16:30Now, don't get me wrong. Morning Brew created a nine-figure business by going and hand-selling

16:34people on putting ads in their newsletters. It's totally possible. I just didn't love doing it.

16:39Another little pro tip, don't do one-off prices or custom amounts. Try to standardize. I did a lump

16:44sum, $250 to $1,000 a newsletter. Then once I got bigger, I used what's called CPO, which is a

16:51newsletter-specific metric. It's basically based on every thousand opens. And so it ranges between

16:5520 to 100. The numbers can be a little fuzzy with multiple factors at play, but if your newsletter

17:00has an average of 5,000 opens and you can charge $50 CPO, your sponsorship price would be 250

17:07because 5,000 opens divided by 1,000 times 50. That's how you determine what you can charge.

17:13Now, the next one's slightly different. This is sponsorships online for being kind of public.

17:18And this one takes me way back. I didn't do a lot of these ever, but I remember getting thrilled when I

17:23first got on the internet to get sponsored by these guys, Prana. And I think they basically gave me

17:27some leggings and some yoga pants and a very small amount of money. I also remember doing one a

17:33billion years ago for Kind Bar. Look at how awful this was. I was influencing hard. I think this led

17:39to max 5k a year for me. Now, who is this good for? Lots of people. I mean, this is a internet friend

17:45of mine, Dani Austin, and I assume she makes definitely seven figures for probably eight figures

17:50by doing sponsorships and affiliate posts on her Instagram. You have to have a massive audience for this

17:55to work at scale. And, you know, I never liked the idea of a brand being able to put words in my mouth

18:02and control my actual picture. It just felt bad for me. So I think if that doesn't bother you and you want

18:08to start at a smaller level, that works. But at a certain point, when you get big enough, you can kind of

18:12say, no, I don't want that. No, I don't want that. And this is the only way that I'm going to do it.

18:16What don't they tell you about sponsorships? One, there's no set amount pay. When you are what's

18:22called a micro-influencer or somebody below 15,000 subscribers or followers on something like

18:27Instagram, typically they're going to give you free product, maybe a couple hundred bucks,

18:31and you might have to apply for the sponsorships. Once you get up above 15,000, let's call it

18:36more like 50 to 100,000, they're going to have set prices plus some free product, but it's probably

18:42not going to be a lot. It's only once you get to hundreds and hundreds of thousands, if not a

18:46million, that real money starts to be here. And you can start making five, six figures a month,

18:52if not more. Obviously, Kim Kardashian does this like crazy. The other thing that I never loved about

18:57this is for $5,000 a year, if I was to go and sell my own products instead of selling somebody else's,

19:05that means I kept the whole pie. So I know if Prana is going to pay me $5,000 for a post,

19:11let's say, then they've done the math that they're going to make on average, I think five to 10x what

19:18they paid me. So that means they're making $50,000 off of a post that I did. Well, why wouldn't I just

19:23want to go try to make $50,000 in something I own myself? That's why now mostly we talk about our own

19:27businesses. I input in our portfolio of businesses and I grow. But in the beginning, this was $5,000 a

19:32year. Fourth lever, money. Once you have money, it's your job to make that money make you more money.

19:38And this is where it becomes really, really fun. And it becomes your strongest lever. My next income

19:42stream was Airbnb. I very first bought a small townhouse with my brother, and he managed it while

19:48we cash flowed off of it. I had more money, he had less, so he earned in by managing it. Then we did that

19:54again and again and again. Now we make multiple six figures a year in incomes from Airbnbs that I have

19:59in Texas and California. I'll actually show you one of the P&Ls right here. The first year that we did

20:04this, we made $73,000 in total revenue. Expenses were $21,000. And then all in pay, we made about

20:12$52,000. I think we made a little bit less than that with, you know, extra miscellaneous things,

20:18but let's call it $40,000 to $50,000 off of one Airbnb. Then the next year, we made more like $129,000

20:25and the expenses were something like $36,000, which means that we made $93,000 in cash flow split

20:32between the two of us. You do that a few times and it starts looking pretty interesting.

20:37Also note, this is without us owning the property management companies. So who is this good for?

20:42This is good for anybody who can do one of two things. Have some cash to be the backer, like I

20:46was. Have some time and willingness to be an expert or become one, aka like my brother became one,

20:52to actually manage the property. You can do either. The other interesting thing that you should know about

20:56Airbnb is there's huge volatility. So you can kind of see this in some of our months. You know,

21:01we had a couple of months in the beginning where we were negative. We made no money. And then we

21:05have a couple of months where we make $10,000, another month where we make $18,000. There's a

21:10lot of variance between those. And so you have to understand that when you're getting into the

21:14Airbnb game, every single month isn't going to be the same. So that kind of stressed me out in the

21:17beginning. The last thing that nobody ever told me about Airbnb is that I would never want to be the

21:22one to manage them. At some point, I had to tell my brother, please stop telling me about all the stuff

21:26that's going wrong at our Airbnbs because I actually don't want to know because I don't want to go solve it.

21:30Your job to solve it. My job to own it. And so, you know, there is an instance where

21:34a pipe burst in the top of the townhouse and it flooded the entire thing. It flooded during ACL

21:42weekend, which is the weekend that we make the most money, aka the $18,000 weekend. It fell on the

21:47guitar of a person performing that cost, I don't know how much, thousands and thousands of dollars

21:53that we had to replace. We had to go back and forth with Airbnb. Plus we had to refund the guy

21:57completely. Plus that was our biggest weekend. And so Airbnb does have a lot of issues, just like

22:02any business. And that stressed me out. My pro tip would be either spend a lot of time and be the

22:07one that manages it and just know what that's going to feel like or hire somebody else to do it, which

22:12is pretty much how I like to run all of my businesses because I spend the most time managing

22:16the portfolio overall. Laundromats. You guys have heard about this a lot from me. Video, video, video.

22:21You could link to any one of these. I won't belabor the point. I know you've already heard my laundromat

22:24story about how I was working and employed at the time. I was running businesses in Latin America.

22:29I couldn't actually own a business that I had to operate because I wasn't in the country.

22:33And so I partnered with somebody who had already owned and run a laundromat before.

22:36I was the money behind it. We bought one for a very small six-figure amount that didn't make that

22:41much a year. And then we added other laundromats on top of it. The reason isn't that I particularly

22:46like laundry. I just like the simplicity of it. And let me explain why to you. Laundromats are interesting

22:52because the customers do the majority of the work. They're washing and drying their own clothes.

22:56That means you don't have a lot of labor. So training and onboarding is pretty minimal.

23:01The customers pay you up front. I like up front cash, which makes accounting and tracking easier.

23:05It's recession resistant. People always need clean clothes. And you can ROI on it. The laundry industry

23:10has something like, let's call it 15 to 35% return on income. And they have a little bit higher

23:16of a success rate because there's not so much variance in this type of business.

23:20Another thing that's interesting about laundromats is unlike a restaurant, convenience store,

23:24grocery store, laundromats have very little physical inventory. We just used to have these

23:27soap dispensers and some toy dispensers. The last thing, not a lot of seasonality. So maybe you get

23:33more bathing suits in the summer if you're in California and more warm jackets if you're in

23:37the winter in Colorado, but people are still washing their clothes. Now, there are a lot of cons to this

23:42business. You, or in my case, my gent, an operator who ran the business, have to run a laundromat.

23:48So there's that. It's also not the cheapest thing to start. You could go start an online

23:51business for zero, but laundromats are going to have a price tag of a couple hundred K.

23:54So you got to figure out creative financing to get them. We talk about this a lot. You can see

23:59some of the free blog posts we have on it. The other thing is it's a low barrier to entry.

24:02There's a lot of laundromats out there. So competition is high. We're not like Facebook

24:06moated. You also have to get your hands a little dirty. You're like a plumber, electrician, businessman,

24:11marketer, janitor, a million things rolled into one. Or you do what I do and you give an equity

24:15split to an operator who can do all those things and you take care of the cash. Utilities and rent,

24:20they don't go away. Those are set costs, which can keep rising. And then the customers, this is a

24:24unique client set. You know, I have someone else do this coin collection, oversight and security,

24:28because, you know, crackheads. Some of these laundromats have tough neighborhoods. Last thing

24:34I want to hit on here is not exactly one income stream. It's a way to layer a bunch of them. I call

24:39this horizontal income. And it's an idea that you can layer on top of any of these income streams.

24:44You can think about it kind of like the Russian nesting dolls of income streams. You know,

24:48those dolls that fit inside of one another. For instance, I bought a laundromat. Then I added

24:53soap vending. Then I added toy machines. Then soda vending machines. Then wash and fold a new service.

24:58Then I might buy the actual strip mall. Then I might add more laundromats. This is called a

25:03platform acquisition where you're buying up different sectors of clientele that you can serve,

25:08vertical acquisition. And then horizontal acquisition, you're buying your competitors. Then you can layer

25:13these all on top of each other. The thing is, I'm a self-admitted wuss. I was too scared to leave my

25:17job to go take a big, huge startup risk. So I needed to stack income streams that made me confident I

25:22wasn't going to go completely broke. If you have a big, huge idea and aren't scared at all, go do it.

25:26You don't need a million income streams. I just don't think that has to be the only way. And I think

25:30people mislead you there. I want you to send this video to someone who's like me, a little scared and

25:34needs a ladder thrown down from somebody like you. And two, comment below the income streams you have

25:39right now alongside your job. You cannot be it if you cannot see it. And you can actually inspire

25:44somebody else below. Let's go do the work because there are two types of people in this world.

25:49Those who talk shit and those who do shit. I know which one you are. Don't talk shit. Subscribe.

25:54See it? See that?

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