Date: 2020-07-16 08:23:43
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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*Some of the links and other products that appear on this video are from companies which Mark Tilbury will earn an affiliate commission or referral bonus. The Info in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.