Hey everyone, welcome back to another Deep Dive.
Today we are talking all about
Iman Gadzhi's YouTube video.
Do this to make $10,000 as a student.
Yeah, this is a good one.
We're gonna see if we can like pull out some
of the good stuff, see what's hype
and what actually makes sense for, you know,
the average student out there.
And I think one of the things Gadzhi does really well
is he's very realistic.
He cuts through like all that noise about, you know,
getting rich quick schemes.
Right.
He's all about like building something
that's actually sustainable.
Exactly.
Yeah.
And one of the first things he talks about
is finding the right vehicle.
Yeah.
But even before that,
he talks about this thing called free cash flow.
Mm-hmm.
Now for those of us, you know,
still living that student life,
maybe rocking the ramen noodles,
what is free cash flow and why does it matter?
Okay, so think about it like this.
Like you've got a lemonade stand, right?
You've got lemons, sugar cups.
Right.
Those are your expenses.
Gotcha.
And then you've got lemonade, that's your revenue.
Free cash flow is the money you've got left over.
Right.
After you paid for the lemons, the cups, all that jazz.
Yeah.
It's the money you've got in your pocket.
Oh.
To be either reinvest or, you know, buy yourself a pizza.
Okay, so like profit essentially.
Yeah, basically.
Okay, and why is that so important,
especially when you're just starting out?
Because when you're starting out,
you don't have a lot of money.
Right.
So free cash flow gives you the flexibility to experiment.
To try things out.
Yeah, try things out.
New flavors for your lemonade.
You can hire a friend, check out, you know.
More hands.
Look at the word out there.
I like it.
Yeah.
Now, Gadzie talks about his own business.
Yes.
He sells eyewear online.
Yeah, sunglasses.
E-commerce.
And he's pulling in like 1.2 to 1.5 million a year.
A lot of money.
Yeah.
A lot of sunglasses.
But he's not necessarily saying that e-commerce
is like the best way to go.
No, it's interesting because he actually points out
that with e-commerce, especially when you're selling
physical products, there are hidden costs.
You know, you've got to buy inventory.
Oh, right.
Yeah, yeah.
You've got to store it.
Ship it out.
Exactly.
And that can eat into your free cash flow.
Oh, so it's not all sunshine and rainbows?
No, not quite.
So if e-commerce isn't always the perfect vehicle,
what does Gadzie recommend?
He talks a lot about service-based businesses.
Okay.
And I think that makes a lot of sense for students
because you're already gaining skills.
Right.
You're learning things.
Exactly.
So could you maybe offer freelance writing?
Tutoring.
Exactly.
I know a ton of people who are like math whizzes.
Right.
Or you could even do graphic design.
Show social media management.
Yeah, there's so much you can do.
That's true.
Right.
But how do you make sure that your service-based business
is actually making bank?
That's the key question, right?
Yeah.
It's not like every service is going to bring in the big books.
Right.
So Gadzie talks about two things.
Okay.
First, you need high perceived value.
High perceived value.
Meaning your service needs to solve a problem
that people will pay good money for.
So maybe you're really good at coding a specific type of app.
Or you can write blog posts that go viral.
Okay, so it's gotta be something people need
and they're willing to pay for.
Yeah, exactly.
What's the second thing?
The second thing is leverage.
Leverage.
It's all about finding ways to scale your service
beyond just trading your time for money.
So what would be an example of that?
So let's go back to the crittering example.
Instead of just tutoring one student,
you could create an online course
or a group coaching program.
That's a good idea.
And reach way more people.
Wow, okay, so you're like multiplying your earning potential
without working more hours.
That's the dream, right?
That's the dream.
Yeah.
I love it.
And this is where it gets really interesting
because Godsey actually challenges us
to think about our own skills and knowledge.
Yeah, what could you do?
What could you do?
If you were starting a service-based business.
What would that look like?
What's that thing you're good at?
Yeah, take a minute and think about it.
Because everyone has something valuable to offer.
That's so true.
And I think Godsey's a really good example of that.
Yeah, he built a million dollar business.
From scratch.
Totally from scratch.
But it's important to remember.
Yes.
He took him three years.
Three years.
To consistently hit that $10,000 a month mark.
And he even talks about how he would compare himself
to other people online.
Oh yeah.
Who were seemingly making a ton of money overnight.
Yeah, I think we've all been there.
Yeah, you scroll through Instagram.
You're like.
And everyone's on vacation.
Everyone's rich.
Driving fancy cars.
And you're like, wait.
What am I doing wrong?
What am I doing with my life?
Exactly.
And this brings us to his second component.
Okay.
Stretching the timeline.
I love that.
Yeah, because social media, I think,
really warps our perception of time.
It does.
We think that success happens overnight.
Right.
But that's usually not the case.
No, it takes time.
Especially as a student.
Yeah.
You're juggling classes.
Exams.
Yeah.
Exactly.
It's a lot.
Yeah.
So we need to be realistic about our expectations.
So how do we avoid falling into that comparison trap?
Well, I think it starts with patience.
Okay.
And understanding that building a business takes time.
Right.
It's not going to happen overnight.
No.
It's like training for a marathon.
Okay.
You wouldn't expect to run 26 miles on day one.
Right.
You guys start small.
Gradually increase.
Yeah.
And celebrate those small wins along the way.
I love that.
And Gadsie actually shares this really relatable story.
Oh yeah.
I love this story.
About, you know, hitting the gym,
religiously devouring books,
like hustling to make ends meet.
Yeah.
Before he found success.
It wasn't an overnight thing for him.
It was years of hard work.
And dedication.
Exactly.
But what's encouraging is that he believes
the internet has actually accelerated things.
Yeah, that's true.
You know, we have access to more resources.
More tools, more connections.
Than ever before.
Yeah.
So your path to $10,000 a month could be faster.
It could be.
Than you think.
Yeah.
But of course, Gadsie offers the word of caution.
Always.
He compares business growth to a flat line.
Okay.
Followed by a sudden shootup.
Interesting.
So like it's not always gonna be a smooth upward trajectory.
No, there will be ups and downs.
Plateaus.
Maybe even some dips.
Before you see that massive growth.
Right, it's like that marathon again.
Okay.
You're not gonna feel amazing every single day.
Some days you're gonna wanna stay in bed.
Exactly.
But it's about pushing through those tough moments.
And staying committed.
Yes, to your long term vision.
He said something really interesting.
What was that?
He said, the real challenge,
isn't making that $10,000 a month.
Uh-huh.
It's maintaining it.
Oh.
And growing it.
Okay.
Which brings us to his final component.
All right.
Staying power.
Staying power, love it.
And this part about financial identity
really blew my mind.
Yeah, this is a good one.
It's not just about the money.
It's about aligning your income
with your values and goals.
So what do you think about that?
I think it's super important.
Yeah.
Because it's not just about like hitting a number.
Right.
It's about creating a life
that you're actually happy with.
Exactly.
A life that feels good.
Yeah.
A life that's in alignment with who you are.
And God's he defines financial identity.
Yeah.
How does he define it?
As the income level below which you feel
out of alignment with your true potential.
Oh, that's interesting.
That's like a personal compass.
Like a benchmark.
That guides your financial journey.
Okay.
I like that.
Yeah.
And he even shows how like his own financial baseline
changed as his business grew.
Oh, yeah.
Like he started at $1,000 a month.
Right.
Then it went up to, you know, millions.
Wow.
But I think it's relatable
because our financial identity can change.
Right.
As we gain experience.
As we learn more.
As our business grows.
Exactly.
It's like leveling up in a video game.
I like that analogy.
Yeah.
As you gain more skills.
You unlock new possibilities.
You can earn more.
And the cool thing is you can actually envision
your financial identity.
Wow.
It's not just a random number.
Right.
It's about what do you want your life to look like?
Right.
Income level would allow you to do the things you want to do.
Yeah.
Pursue your passions.
Trow the war.
Make a difference.
Exactly.
That's powerful stuff.
Yeah.
But let's say you've nailed down your financial identity.
Okay.
You're hitting that $10,000 a month mark.
You're feeling good.
What's next?
How do you avoid becoming complacent?
Well, I think Gadzie would say,
you got to keep learning.
Right.
You got to keep adapting.
Because the online business world is always changing.
Always changing new trends, new technologies.
You got to stay ahead of the curve.
Yeah.
You got to invest in your skills.
Maybe even like branch out into new ventures.
That's a good idea.
Right.
Keep things fresh.
Keep growing.
It's like leveling up in that video game again.
Love that analogy.
Never stop learning.
Never stop growing.
And never stop earning.
Okay.
Before we wrap up.
Yes.
I want to circle back to something Gadzie mentioned.
Okay.
About the ethical and moral aspects.
Oh, yeah.
Of wealth creation.
Yeah, he talks about making as much money as you can.
Right.
But ethically and morally.
What do you think he means by that?
I think he's talking about being a conscious entrepreneur.
Okay.
Thinking about the impact of your actions.
On others.
On the world around you.
So it's not just about making money.
No.
It's about using your skills.
Yeah.
Your resources.
To make a positive impact.
To solve problems.
To contribute to something bigger than yourself.
I love that.
Me too.
It's like a reminder that success is more than just money.
It's about making a difference.
All right.
We've covered a lot today.
We haven't.
From choosing the right business vehicle.
Yeah.
To setting realistic expectations.
Uh huh.
Embracing a growth mindset.
Absolutely.
Aligning your financial goals with your values.
How important stuff.
But before we sign off.
Yes.
I want to leave you with a final thought.
Okay.
I'm ready.
What if you had like a magic wand?
A magic wand.
And you could instantly launch that service-based business.
Oh.
What would it be?
Mm-hmm.
What problem would you solve?
That's a good question.
What would those first steps look like?
Okay.
Would you create a profile on a freelancing platform?
Maybe.
Would you reach out to a local business?
Possibly.
Offer your skills?
Yeah.
Like what's that first step you could take?
Right.
It's so easy to get overwhelmed.
Oh yeah.
By the big picture.
Analysis paralysis.
But sometimes it's just about taking that first step.
Absolutely.
And this whole deep dive.
Yeah.
It's been about giving you the tools.
The mindset.
To take action.
To make it happen.
That $10,000 a month mark.
It's out there.
It's achievable.
You can do it.
But it takes work.
It does.
It takes dedication.
And a willingness to learn.
To grow.
To adapt.
It's like we've been building a roadmap.
Yeah.
And now it's your turn.
It's your turn to drive.
To take the wheel.
And remember.
Yeah.
It's not just about the money.
No.
It's about building a life.
That you're passionate about.
A life that lights you up.
Where you're constantly learning and growing.
And making a difference.
I don't know about you.
What?
You're inspired.
Me too.
I'm ready to take action.
Yeah, let's do this.
This is awesome.
It is.
I love these deep dives.
It's always so insightful.
It's all about empowering you.
Giving you the knowledge.
To create your own success story.
Because you can do it.
So keep learning.
Keep hustling.
And remember.
Knowledge is power.
That's right.