Passive income Plan: Millionaire Starts Again from Scratch! (NO MONEY)

Hi, it's Mark. Lately, I've been seeing this question pop up in my Instagram posts. If someone took everything from me, my business, my investments, all my money in the bank, would I be able to start from scratch and become a millionaire again? Well, it's funny that this is the exact same question. I asked Richard Branson when I was having lunch at his house. Well, the short answer is the same. Yes, I will be able to make it happen again. But what I really think is that I'll be able to make it happen in about half the time or less. But, of course, the interest, in part, is not if I think I can do it, but how I can do it.

So, here are the three ground rules for this challenge. First, I have to do it from the start date of 2020. Second , I go back to my 16-year-old. And third, I keep all my business and investment knowledge Now, the challenge will be to find the fastest way to go from an employee, to a private business, to a business owner , and finally, an investor. By watching this video all the way through, you will have access to the exact roadmap that I will personally use to become a millionaire from scratch in the modern era.

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 have to get to that age group that will make me 36 years younger. I love the sound of it. Just imagine me 16 years old. I just left school without qualifications. I don't have any money but I have a scary hairstyle. Moreover , the world has witnessed a global pandemic that has caused the unemployment rate to rise to nearly the levels of the Great Depression and the stock market has become so unpredictable that it may not look great at the moment, but in my opinion this new world offers more opportunities than you might first imagine Especially if you know where to look. So, you can track the challenge. I'll put a counter here. It will keep track of the time and my net worth for each stage in the video. So, let's set it to zero and get started .

Where did all my money go? (TV Voice) – My first step will be to get the highest paying job. Now, if that minimum wage worked at McDonald's or Walmart or something like that, that would be fine. The goal is not to be comfortable. This is actually the worst thing that could be. When you get paid just enough to make you comfortable, your paycheck becomes psychedelic and that makes you forget all your dreams.

The sole purpose of this job is to create an income source. Without money, it is very, very difficult to achieve anything. Instead of thinking of it as medicine, I will use it as fuel to propel me toward my goals. My second move would be to create a side business or side business of some sort. The pandemic has quickly tracked the digital revolution. Online shopping is more popular than ever. And the Internet is an incredible tool for our new entrepreneurs. Online marketing will be the number one high-income skill I would like to learn.

The best way to do this and make some money on the side is to create a dropshipping store. Drop shipping is when you take a product from a supplier, market it and advertise it online , and then have the supplier 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 a great way to make a lot of money without doing any work.

Do you know what? This is not a reality. Running a profitable Drop Shipping store requires learning the basics of the business, how to run ads on social media, how to create a website, how to write in a way that makes people want to buy, graphic design and, in some cases, video editing. I've reached out to a lot of local businesses and stores and talked to them about the stocks they're sitting around and they can't sell.

Almost every business has inventory that it wants to get rid of. And that's usually, you know, the end of the product line, for example. Some of them are getting a little outdated and with all my online marketing knowledge. You have been the perfect place to help them. So, you could say, look, I'll tell you what, I'll give you 50% of what I'm selling for.

Now, if it was cash, any business owner would be very happy. It's a beat mode. I am a huge fan of learning while you earn. And that's where I'll really take a step back here and take a deep breath before taking the hitch that so many people fall into. This is an inflated lifestyle. This happens when people increase the amount they spend on their lifestyle as their income increases. Perhaps to impress their friends or they see it as rewarding themselves. They end up living a pay-for-hire lifestyle even on a good income.

To avoid this , I will set a budget and stick to it religiously. I need enough money to do three very important things. First, I will build myself an emergency fund. This is a savings account with three to five months of living expenses to use in case something unexpected comes up. This will help me get out of debt. Secondly, invest in a pension account every year, without fail. Third, open a Vanguard account and start investing constantly in low-cost index funds like the S&P 500. I mean, this is a group of the top 500 companies in the USA. You can't go wrong with owning a part of it all. The money will grow with the USA economy which has always grown in the long run but starting from such a young age I will be able to take advantage of compound interest. And if you're familiar with the snowball effect, you already know that something can build on itself. My third step will be to build a strong network of contacts.

This means isolating the people who hold me back and making friends with people who will move me forward. An important part of this is finding new mentors to help guide me. Their insights will be very valuable. If they are able to see my situation from a different perspective, I can bounce ideas off them and hear theirs. Now, we'll do this using social media to grow my personal brand and document my journey. Everyone is online now, and I would like to capitalize on this interest and post 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 to you, it opens many doors. More than you can imagine. My fourth step will happen the day I turn 18 . It will consist in getting a credit card.

In my opinion, this is one of the best things you can do as long as you use it correctly. A credit card has many benefits, including protection on purchases, points you can use for free travel, cashback , and most importantly, building your credit score. The younger I was, the more I was able to start building my credit score , the better, because it means in the future that when I'm ready to invest in real estate and things like that, I'll be able to get better loans. But be warned that credit cards are like fire.

It keeps you warm but can burn you depending on how you use it. Therefore, only ever buy things you might buy anyway, like gas or groceries. I would like to make sure it is paid in full at the end of each month, to avoid paying any interest or late fees. Move number five, we'll ask you to smash your thumbs up button and ring that bell, if you haven't already. It really helps YouTube to show my videos to new people. The fifth is where things really start coming together. I will use the money and skills I've built during all this time to start the business. And then I'll do scalable work once I identify a gap in the market, most likely within an online or software niche. As soon as the business shows promising signs, I will smother it completely and plant it ASAP.

There was no point in growing slowly. Because competitors will catch up with me. And every day I didn't send to as many clients as possible. I would have effectively lost money. I will reinvest as much profit as possible in my business. The main name would be to set it up in such a way that it does not depend on me and my time. I also want to make sure there are more multiple sources of income within the company, should one of them be cut for any reason.

Once my business was able to support itself and was making money almost on autopilot, it was time for my sixth step. Diversify and focus on my personal business. 50% of my portfolio consists of real estate. As rental properties can generate income all year round. I would make sure to take into account school connections, the income level of the district, and also whether it is an up-and-coming district. The rental income is great and will pay off your mortgage, but the increase in property value overall is great. If you buy right. The richest people, nowadays, collect possessions the way they used to collect classic cars. Interest rates are low, prices are down, and you don't have to tie a lot of money into investing. And with apps like Airbnb, I can also consider short term rentals. 25% of my portfolio will be in a low-cost index fund, such as the S&P 500, as this will allow me to grow my fortune with the stock market. Retirement accounts will account for 10%. I always think the word pension sounds like old age and I think that's why a lot of young people don't get a pension.

The truth is, the word may be outdated, but it's one of the best , most tax-efficient long-term investments you'll ever make. 12% will consist of investing my money in a business seeking investment. This would be, you know, like Dragon's Den or Shark Tank. In exchange for a percentage of their business , I will give my money, my guidance and my connections. I will use two and a half percent of my portfolio to work in individual stocks. This is money I can afford to lose, so I can have a little fun with it. You might buy a little Tesla, a little Apple, who knows. But you can have some fun playing it and you never know where it will take you.

I will keep half a percent for riskier investments, such as cryptocurrencies. Now, you have to be careful here. You have to create an established brand like Bitcoin. Although I wouldn't recommend this to anyone who doesn't already have a solid investment portfolio in place and can take the risk. I open myself up a bit to the possibility of being rewarded without worrying about any losses.

If cryptocurrency sees another boom, like the last 10 years, I want to make sure I get my fair share. If you liked this video, you will love this next video. I'll leave it here for you, but don't click it now. If you like the video then drop my like on it and subscribe to the channel and ring the old bell if you want to grow your fortune. Well, you can click on it now. I'll see you there..

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