“How do you make money?”
I like this question – very direct.
People ask this since I run some online businesses (and they've made over a million bucks)…
But it's not that they're skeptical about what I do…
They simply want to know an easier way to make more money – compared to their current path.
Yes, there are easier ways.
Continue reading to find out…
If there are easier ways to make more money, does that mean you'll be able to get rich quickly? The short answer is no. You can only avail of these ways after putting in the necessary work – which takes time and patience!
That's why launching and growing my YouTube channel was one of the best things I ever did. It paved the way for the current lifestyle and success I enjoy. So to YouTube and to all my subscribers and readers (including you) – thanks a lot!
Here's the deal. I can tell you exactly how I make money these days from 3 different perspectives (all of which offer some great insight)…
Making Money: Part 1 – An Accountant's Perspective
You know what my first job was? A sacker at a grocery store in Texas – and hey, it was a start.
I would later move on to work for a family in New Mexico – and I didn't like it very much. I wasn't fairly paid for all those hours spent working to the bone.
But when I entered college, I realized I could make good money by changing light bulbs, climbing up radio communication towers and painting them. It was manual labor with higher risk – which also meant a higher pay.
After that came my time in the Marine Corps – where I'd always receive a nice, consistent salary for a fixed period of time.
The only problem with that? I'd be away from home the entire time, working almost 24/7. So you can imagine the commitment it takes for a guy in the military (where it's physically and mentally draining) to support his family with a single source of income.
But that's how I learned the value of having multiple ways to make money. The way it works with running my own business is I don't just rely on selling stuff. I spend most of my time creating content, but it's not just meant to keep promoting RMRS.
Each time I make a new YouTube video, several doors open up during the process. Money can be coming my way from different avenues simultaneously. That's what makes it useful to see things from an accountant's point of view.
Below are the 7 ways I make money:
- Affiliate Sales. I get a commission for Amazon products I recommend. By reviewing a product on my website and then linking to Amazon – I get 6-8% revenue after getting others to buy it. So you can imagine the size of a monthly check for thousands of sold items that I have affiliations with. The best part is these sales are scalable – you don't have to do much as they keep going on.
- eProducts. These are all the products available for purchase on my website. I intentionally wanted to create practical courses that you don't get in college. The Personal Image Blueprint and A Man's Guide To Style are two which I'm very proud of – they've helped many guys better themselves.
- Consulting. This is where people would hire me for a one-on-one to help improve their image or take their business to the next level. Since I prefer to spend more time with my wife and kids, I don’t do it as often as before.
- Live Events. You might've heard of the recent StyleCon I launched. But I did keep ticket prices relatively low and paid the speakers well, as the real goal was to launch a successful event. You can make good money off live events if you nail the numbers game (like paying $1000 for 100 guests), but you'll need to be in the right industry, host the right event, etc.
- Google Adsense. I've monetized both the RMRS site and my YouTube channel with the help of AdSense. In the past year alone, things shot up and I ended up getting a really nice check. But take note that this avenue takes some time to grow. It's not just a matter of 1 or 2 viral videos (my channel was up for many years before ads started showing up).
- Sponsors. I do sponsorship deals with companies whose products I've personally tested. I'm a fan of various companies whose products I've personally tested and I get paid to talk about them in my videos. I create buzz, more people discover their awesome stuff… and everybody wins.
- Lead Generation. With Aaron Marino and his buddies, I got to build MENfluential Media – which provides a great network of content creators who are part of the same industry. This was our way of turning “garbage” (from potential leads who may not be serious about doing business) into an efficient revenue stream. It allows us to sort out those who's worth collaborating with.
Making Money: Part 2 – A Professor's Perspective
This time, we're discussing the theory side of how I got to where I am today.
But while these points look at the big picture and make sense – they don't offer solid, practical information for aspiring businessmen. It takes more than just understanding these concepts.
How does one successfully run a business?
- A Burning Problem. There has to be a great reason for people to pay good money for your stuff. Figure out what's high in demand these days – and how your product/service solves that “burning problem” better than others. Know your target market and show them you're #1.
- The Ability To Pay. People should be able to afford your rate. A price that's reasonable for doctors or corporate lawyers won't be the same for students, or a stay-at-home mom with three kids in Nebraska.
- A Well-Developed Skill Set. At first, you might be charging low as you lack the experience or reputation. But you'll only start making more money by getting better at what you’re doing. As you become more established, you can better judge the market and set a higher price that won't turn off future customers.
- Diversified Sources Of Income. This one isn't just important for entrepreneurs, but for anyone in general. What happens if you get fired from your job or your product goes through a plunge in sales? You need alternative sources of income as fallbacks. In business, diversifying also means selling to a wider market such as other countries.
So what exactly are my various sources of income?
- Time For Dollars (my day-to-day content creation to promote sponsor products)
- Scalable Service For Dollars (consulting work which I have image consultants to help me with)
- Product For Dollars (every sold course or eBook at RMRS – the advantage here is the process is automated, so I don't waste any time on it)
- Passive Income (any interest that comes from a certain investment or asset – in my case, this is what I make off my YouTube channel through Adsense)
To prove that diversity matters, here's a breakdown of the first $100,000 I made through RMRS:
- 30% came from sales in my custom clothing business
- 20% was the total profit off AdSense, affiliates, and one-on-one coaching
- 20% was due to ads/sponsorships via email and social media
- 30% made up the sales of electronic products (e-books, online courses, etc.) that I promoted on YouTube
The figures don't lie – I gained $30,000 by selling e-products worth a total of $32,000! Compare it with the same $30k I made years before from selling A Tailored Suit products for $100k. Which of the two must've taken more time and effort to make?
Thanks to these multiple avenues, there's so much potential in making a good living off the Internet. It all boils down to having awesome content – which is why I’m very proud of my videos and products. I work hard in producing the best version of whatever I create. The revenue reaffirms it.
Making Money: Part 3 – A Mentor's Perspective
No one in this world becomes good at something overnight. Yes, you may be born with certain talents – but you won't go far without somebody around to help you develop them.
So why learn how to make money from a mentor's perspective? It focuses on what’s important, the long view regarding where you want to be 5, 10 or 20 years from now.
There are entrepreneurs starting out who don’t have this long view (or they're not hell-bent on making it happen), and pull the plug once they face problems like debt. But when it comes to making money, the reality is you have take risks and keep working hard despite the struggles.
And since I've gone through the process of starting a company from scratch, I can pass on the following tips on making money that the average mentor would give:
Define the lifestyle you want/need. With my work, I pretty much live wherever I want. My family has lived in 20 US states and we're now in Ukraine. All 4 of my kids are being homeschooled. But there's a reason we left the US to settle in my wife's hometown – to take care of my father-in-law (who hasn't been himself since a road accident many years ago).
Thanks to our lifestyle, my kids get to spend more time with their granddad while he's still around. And that's something I envisioned a decade ago. I wanted a lifestyle committed to family and growth instead of being stuck in one place, doing a job I hated.
It’s not how much you sell – but how much you keep. Over the last year, my companies have made more than a million dollars and I enjoy healthy margins (which I define as at least 40%). Bear in mind that your aim isn't to sell more – it's to widen the gap between sales and production costs.
Ask yourself: “What's an easier way I can make more money?” It's not about making a 180-degree career change. You have to study yourself, find a skill set to develop which can lead to a job that's enjoyable and fulfilling. That was the case when I chose not to take the FBI route after joining the Marines (since I didn’t enjoy law enforcement). I realized I liked helping people, and I could also give advice on clothing and style. That's where it all began.
With passion, you can do great things. Once you've found your passion – it's game on! Passion is what drives you to take action with that now-or-never mentality. It reminds you that the road to success is never a cakewalk, but it’s worth every step and misstep along the way. My passion helped me endure all those long hours and challenges back when RMRS was new to the scene.
Never stop learning. It's important to prioritize learning. Spend time and money on it! Research on different topics that are relevant to your business or industry. Verify sources for yourself. Never make assumptions about anything you don't fully understand – or opportunities will slip.
If you're curious, you may want to check out some great business resources that I've personally found very useful.
Invest in a mentor. If you want to get really good at making money, you need the best teacher with a track record of success.
Want to know more? Here are the links to my other videos on making money:
Want to make money with me? I'm always hiring. If you're someone with a knack for writing emails or creating graphics and images, you might be interested in a job at RMRS.