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So before i get into this video here i want to ask you guys a question what is the lowest paying job you ever worked and what was the pay that you got from that job and would you ever work for just 17 cents an hour because i spent three months working about thirty-five hours a week for an hourly rate of 17 cents per hour what’s going on you guys i hope you’re having
A fantastic day and in this video we’re gonna be talking about the very early days of my youtube channel when i first started my youtube channel when i was making very very little money with it in putting a massive amount of effort into it and i thought it would be interesting to actually sit down and calculate what my hourly rate was when i was doing this very
Early on but before i get into this video it is a monday after all and we are giving away a free lifetime membership to stock radar my weekly stock analysis membership site and this week’s winner is gunn sarah 52g you and and sarah 52 i already sent you an email saying you were the winner so you want a lifetime membership to stock radar my stock analysis membership
Site and just so you know next week’s winner is going to be somebody who follows me on instagram so if you guys are not following me over there and you want to win a lifetime membership to stock radar make sure you do so that way you are in the drawing and will announce that winner same time next week here on a monday but what i want to talk about today in this
Video is primarily the two biggest mistakes i see people make when they are looking to go online and make money online or make passive income online first of all it’s the fact that you make pretty much no money or very little money at all when you first get started and the second piece of it is a lot of people try to build multiple income streams at once and both of
These can be detrimental to your success when it comes to making money online or looking to achieve some kind of passive income so first of all let’s start with the main one that seems to be a roadblock for people and that is the small amount of money you are making for a large amount of effort you are putting in so when i first started my youtube channel back in
October of 2016 i was putting about three to five hours of work into this channel monday through friday and six to eight hours a week on saturday and sunday so that averages out to be about 34 hours per week of time i was putting into this youtube channel so i put in about 34 hours a week of work and in the first three months alone that adds to four hundred eight
Hours of work put into this youtube channel and the question you might have is how much money did i make over those first three months so i mean i put in four hundred eight hours let’s say i could have gotten a job at a fast-food place for ten bucks an hour and maybe i would have made four thousand eighty dollars in that time frame but i decided that i wanted to
Put my effort into my youtube channel and instead i made a little bit over sixty dollars so the exact amount was actually 69 72 over the course of three months it was just under 70 dollars actually but for three months of work for four hundred eight hours of work i made $70 ish and so that ends up being an hourly rate of seventeen cents per hour so i could have
Gotten the job making ten two bucks an hour maybe ten or twelve dollars doing fast food or doing who-knows-what but instead i said i’m gonna do this and i’m gonna make seventeen cents an hour that right there is one of the main reasons why a lot of people fail when it comes to starting a business online starting a business in general earning passive income is
Because it’s very very slow at first and you have to be open to this idea that it’s gonna take a long time to see any real results i mean it literally took me six months until i was making any real income with this youtube channel to the point where i was like okay this is gonna work and the other thing that you don’t realize is that i’ve probably tried 10 or 15
Other things in the past that were complete failures so i would put a couple hundred if not a couple thousand hours into a project dedicate a lot of time and energy to it and it would be a complete failure so not only is this a lot of effort being put into an idea it’s a lot of effort you’re putting into an idea that might not even work at the end so if you’re
Looking to make passive income if you’re looking to make income online or start a business you have to be really freaking patient at the end of the day and understand you might be completely wrong and you just have to write it off as a learning experience but i would say if you’re gonna be looking to make income online if you’re gonna be looking to make passive
Income at least dedicate six months to it before you even begin to question the validity of it and if it’s working give it 6 months of time and if you’re not making any money learn from that experience and say ok i’m gonna try something else and if it’s a business that might even be something like two years you might have to put two years into a business before
Your act making any money with it and i know a lot of people are out there running ads and promoting things and saying oh you know you can make a thousand dollars a day online and it you can do this in three days you know if anybody could really do that then everyone would be doing that and so don’t be gullible don’t be falling for these ads people are putting out
There saying you’re gonna make some kind of crazy amount of money every single day after you take a webinar and build some kind of website of some kind any real passive income that’s gonna be sustainable for a long period of time it’s gonna take you at least six months if not a couple of years to really build and get established but you have to really be prepared
To work for a wage of somewhere around maybe fifteen cents an hour or maybe even five cents an hour or maybe you’re gonna work for zero dollars an hour because you know you’re gonna make a lot of money down the road or you’re one step closer to the right idea that is gonna make you a lot of money but you have to be ready for that and most people are just not ready
Because they want to see the money they want that instant gratification they want to be paid and look if you want to be paid well you can jump on craigslist you can jump on some kind of help wanted site and you can probably find a way to earn active income in one hour from now maybe you’re gonna haul bricks or maybe you’re gonna clean someone’s car you know but
If you’re looking to make passive income you’re gonna have to be a lot more patient and you’re gonna have to have a much more long-term vision now the other way i see people going wrong with this is by trying to do multiple things at once so we’ve all heard the quote before the average millionaire has seven different streams of income but do you think the average
Millionaire built all seven of them at once so let’s say for example the millionaire was working for seven hours a day or now let’s say they were working for 14 hours a day working quite a bit of time but let’s say they were building seven streams of income at once so if you’re putting two hours a day of energy into seven different things and do you think that’s
Really going to work out for you or should you put 14 hours of energy into one thing do a really good job at it figure out how to make money with it and then down the road find out another way to make money another income stream so one of the main mistakes people make is by trying to do too many different things at once they’re trying to start our dropshipping but
They’re also going to be looking into real estate and oh wait a minute i’m gonna do social media marketing and oh i’m also gonna start putting out vending machines and in this multi-level marketing business all these things could work if you dedicate a lot of time and energy into that one thing so i know the average millionaire has seven streams of income you know
It’s my goal to someday to have seven ten maybe fifteen streams of income but i’m not building them all at once i’m doing them one at a time and building them slowly and that way it’s gonna be sustainable if you try to do too many things at once you’re gonna be too distracted and it would be kind of like trying to read seven books at once if you picked up a book
And you read a chapter and then you picked up another book and you write a chapter and then you went all the way through that line of seven books then you went back to the first one to read chapter two is that gonna be the best way to consume that information i would say absolutely not by the time you’re reading through that seventh book you probably forgot what
You even read in that first book and so finish that one book and then move on to the next one finish one stream of income get it built up get it to the point where you have someone managing it for you or it’s a purely passive income stream and then figure out how to make a second income stream and then figure out how to make a third and maybe it’s gonna take you
Five or ten years to build up seven streams of income but it’s a lot better than trying to build seven of them in one year and just burning out and not dedicating enough time to each one of these things but anyways guys that’s gonna wrap up this video here that is my story of how i made 17 cents an hour for three months of time and just some general guidelines for
You guys as far as looking to build passive income or build an online business you need to be super patient and you also don’t want to try to do too many things at once but i thank you guys so much for watching this video don’t forget to follow me on instagram if you guys want to enter my weekly giveaway for stock radar and if you guys are new to this channel make
Sure you subscribe and hit that bell for notifications and drop me a comment down below with the lowest hourly wage you have ever worked for and if it was for your own business did you beat 17 cents an hour were you doing it for zero dollars an hour or two cents an hour let me know in the comment section below but thank you guys so much for watching and i will see
You in the next video if you are interested in learning more about investing in the stock market i’ve created a free course just for you the link is in the description below here are a few other videos you might enjoy as well
Transcribed from video
i made $0.17 an hour By Ryan Scribner