hello belief nation today I’m going to
talk about seven ways you can make money
while you sleep
so in general I try to actually stay
away from these kinds of topics because
I think a lot of people who are
interested in these things are kind of
lazy are looking for quick ways to be
able to make make more money and they
end up falling for schemes and falling
into traps and not ever being successful
with what they want to do you have to
understand that to be successful as an
entrepreneur you want to work hard you
want to add value you want to create
something that is meaningful and that
lasts now that’s your mindset and your
approach then these seven things are
going to help you be able to make more
money while you’re actually sleeping so
number one is don’t trade time for money
one of the hardest ways to make money
while you’re sleeping is when you’re
trading time for money and that would be
any kind of service based business and I
like at the start of a business to
actually be service based because you
get cash flow coming in there are no
expenses except your time but as you
build up and as you want to create
something beyond yourself trading time
for money is basically the definition of
not making money while you sleep because
you have to go out and work and so
thinking about a product that you can
sell or a service that you can provide
that’s online that’s not actually you
doing the work yourself is a big step to
build and making money while you’re
sleeping
number two is create things that last so
if you look at the videos that I make
most of them are evergreen it’s called
evergreen content because whether you
watch it today or whether you watch it
in five years the content is still
relevant and valuable I love creating
things that are of timeless value
because it’s valuable to somebody today
and it’s also valuable somebody next
year and in five years and in 10 years
in 20 years you know when we’re showing
clips of Martin Luther King or Napoleon
Hill the video footage may be decades
old but it’s still relevant helpful
valuable to me and to you today and so
how that helps you make money while you
sleep is you spend a lot of time making
something and it sucks when it only
lasts for a day or a week or a month and
then it shoots to zero so if you’re
doing something around the trend if
you’re covering the election right now
might be really hot right now because
everybody’s talking about it but
nobody’s going to care once the election
is over nobody’s going to look back on a
lot of the content that was created and
I hate that kind of business because I
want to make something and have it live
forever and I want people to pay
attention to it forever and so all the
work that I do every new thing that I
add into my business adds multiple
streams for me down the future and so it
continues to build and build and build
and build and so I try to create things
that last and if you want to make money
while you sleep having that kind of
focus something that is still relevant
valuable in five 10 20 years is super
helpful to you making money while you
sleep
number three’s bring on a team to do
anything of substance to have a big
impact in the world you have to be able
to bring on a team and not just do
everything yourself in the context of
making money while you sleep it’s also
important because while you’re sleeping
you know your team could be out there
doing work for you delivering the work
for you if I look at my youtube channel
when I started with just me I was doing
everything and I was making one video a
week – one video a month somewhere in
that range and since bringing on my team
and there’s what seven of us now I guess
on the YouTube team now we’re able to
make three four or five videos a day and
so all of those will help me grow my
business today and in the future I’m
still working the same number of hours
but I’m able to get a lot more done
because my team is helping me do it
whatever it is in your business
especially the things that you’re not
good at or the things that you don’t
want to be the best in the world that or
the things that you don’t have a passion
for but that needs to get done in your
business being able to offload that into
somebody else have them do the work
because they’re getting paid for it and
they like doing that kind of work while
you could focus on your genius and what
you love doing that’s a fantastic way
not just a bit of business but you’re
leveraging the time of other people to
help you make money and in a lot of
cases while you’re sleeping
number fours automate your business
model I love automating as much as
possible I sincerely appreciate and
value my time and so I hate wasting time
on things that aren’t delivering a high
payoff and so when you can automate
things it makes a big difference as an
example I’m trying to promote China
dance also this business that we are in
standing in right now one of the ways
that I’m doing it is through Facebook
advertising right we have different
Facebook advertising campaigns that
promote the classes I would much rather
spend time there then going to events
right there might be a parade or local
event that we can go to because it’s so
much more automatic and easier to scale
we’re going to an event involves my time
or involves my team’s time to go out and
actually do where with marketing with
advertising yes there is some time it’s
not zero time and just set it and forget
it there is still some work and
maintaining it and looking at and look
at the analytics and creating better
campaigns but it’s way easier to scale
and so look at how you are manufacturing
your product how you are selling your
product or service how you’re getting
the word out there all of the processes
are involved in creating the business
from the idea of our product or service
to the creating it to the selling it all
of those processes how many of those are
really labor-intensive and how many can
you pull out now if you really love
doing the work great but if you don’t
how can you plug something else in there
that might be a little bit more
automatic to help you scale faster
because while I am sleeping you know
what – in the morning somebody is
looking at the Facebook ad clicking and
buying a class and so it’s much more
automatic because I don’t want to be up
at 2:00 in the morning going to the
all-night parties to promote the
business so if you automate your
business model you have a better chance
of making money wisely
number five is building no crisis
business this is something that I’ve
done almost from the beginning
I hate being reactionary I hate having
just put out fires I hate having to see
customers freaking out and then I have
to go and drop everything I’m doing to
deal with this one thing and I don’t
have control over my schedule and what
happened and so from your partners to
your suppliers to your teammates to the
media to everybody involved in your
business you teach people how to treat
you for me I don’t react most of the
time to big problems that are happening
immediately and try to empower people to
solve the problems themselves if you
remove yourself from the situation what
happens
does it get solved do the the people
figure it out and I try to create a
business in both of my businesses where
that doesn’t happen too often it’s a
newer process with Toronto that’s also
because I only took over in January with
my business that I’ve had a long time it
rolls it hums write a lot of stuff
happens without me having to be involved
we don’t have a lot of crises that
happen and so it’s one of these why I
don’t have a phone I have a cell phone
that I use only as a tablet there’s no
phone number here there’s no data
package you can’t reach me it’s with
intention I don’t want people
interrupting my day I need to have my
time to focus on building bigger things
and working towards bigger projects and
not being dragged down into minutiae of
the day-to-day of running a lot of the
projects on the business and so it may
mean firing clients that are too
demanding it may mean that you lose out
on meeting opportunities where the
timelines are so crunched that you miss
out on something and that’s okay as long
as you’re investing that time into
something much bigger as much as
possible I really try to focus on
building on no crisis business so that
my time is being spent effectively on
the important things to build a company
number six is invest and this isn’t
something I talk too much about on the
channel in terms of investing I have my
own philosophies and strategies around
investing first off I believe the best
investment you can make is in yourself
as an entrepreneur as a human being to
get better to learn to adapt to grow
you’ll make way more money in your own
company then you will by investing into
a stock market or real estate or
something else but if you’re starting to
make money and you’re keeping something
pulling off the table saving for
retirement whatever it is not that we’re
really going to retire I think if you’re
really a true entrepreneur even as easy
as a back-up plan in case something goes
horribly wrong one of the only true
actual sources of passive income is
investing into the stock market
especially when you don’t have to do
anything that’s managed right if you’re
not buying something you need to check
in on all the time so you can look at
index funds right an index fund just
matches how the market is doing and you
know the markets going up you’re making
my money and historically the market is
going to go up it’ll have down periods
but overall it’s going to go up and you
can just keep putting money into that
and it’ll keep paying you back when you
don’t have to worry about doing anything
if you’re managing an active portfolio
then there’s a little bit more work just
like the advertising campaign but the
idea here is you’re leveraging your
money to help you go out and make more
money you know before we were leveraging
our people to be able to be able to
bring more in for our business right so
just another way if you have some money
saved up you can use it to bring in more
money it’s not going to be a huge return
on investment and I still think the best
bet is probably in yourself and your own
business but it is another way to make
money while you sleep
and number seven the last way to make
money while you sleep is leverage your
other assets and so as an example if you
have a house or an apartment can you
rent that out can you put it up on
Airbnb and while you’re away on the
weekend have people come over if you
have high-end camera gear can you rent
that out and have people pay you to rent
out the the gear you have whatever
assets that you have is there a way to
turn that into a rental so that you’re
making money coming in you know I look
at our space here right we have classes
but the studio is empty during the day
and on most Saturday so could we rent
that out to other businesses who could
use a space in event space for the day
right it’s another potential opportunity
you’re looking at the assets that you
have before we talked about the people
that you have we’ve talked about the
money that you have
what other assets do you have that you
can potentially turn into money to make
it work for you I personally avoid this
most of the time you know I have no
interest in renting out my condo on
Airbnb while I’m away so I can make a
few extra bucks mostly because I’m not
motivated by money making extra money is
not a primary factor for what I do in my
business and in my life it’s just more
headache like I hate real estate because
I don’t want to have to manage
everything and yes you can have people
who can manage it for you
I get it I don’t want the headache and
the hassle I want to build something I
want to invest my time into something if
I’m going house hunting what am i
building I’m building a nest egg I guess
I’m building something that can make me
money in the future but it’s not a it’s
not of impact to the world right and so
to me as an entrepreneur I don’t want to
send my time there right if I’m doing
something just for the money I don’t I
feel like I’m wasting my time I don’t
want to do it because like make money in
a lot of different areas so there’s my
own personal bias feeding through but if
you have other assets that you you know
have in your possession from a house to
a car – you know gear whatever it is
anything of value you could potentially
rent it out to make extra money while
you are sleeping so those are my seven
ways to make money while you sleep I’d
love to know what do you guys think
what’s your take what was your favorite
one what was your least favorite one
then I miss an 8 9 10 that you want to
add to the list leave in the comments
but
and I will join in the discussion
finally what they give a quick shoutout
to ung woo thank you so much for buying
my book it really means a lot to me
those you’re watching you want a chance
at a shadow in the future video make
sure to pick up a copy of the book and
email in your receipt so we can keep
track thank you guys so much for
watching
continue to believe or whatever your one
word is and I’ll see you soon
talk about seven ways you can make money
while you sleep
so in general I try to actually stay
away from these kinds of topics because
I think a lot of people who are
interested in these things are kind of
lazy are looking for quick ways to be
able to make make more money and they
end up falling for schemes and falling
into traps and not ever being successful
with what they want to do you have to
understand that to be successful as an
entrepreneur you want to work hard you
want to add value you want to create
something that is meaningful and that
lasts now that’s your mindset and your
approach then these seven things are
going to help you be able to make more
money while you’re actually sleeping so
number one is don’t trade time for money
one of the hardest ways to make money
while you’re sleeping is when you’re
trading time for money and that would be
any kind of service based business and I
like at the start of a business to
actually be service based because you
get cash flow coming in there are no
expenses except your time but as you
build up and as you want to create
something beyond yourself trading time
for money is basically the definition of
not making money while you sleep because
you have to go out and work and so
thinking about a product that you can
sell or a service that you can provide
that’s online that’s not actually you
doing the work yourself is a big step to
build and making money while you’re
sleeping
number two is create things that last so
if you look at the videos that I make
most of them are evergreen it’s called
evergreen content because whether you
watch it today or whether you watch it
in five years the content is still
relevant and valuable I love creating
things that are of timeless value
because it’s valuable to somebody today
and it’s also valuable somebody next
year and in five years and in 10 years
in 20 years you know when we’re showing
clips of Martin Luther King or Napoleon
Hill the video footage may be decades
old but it’s still relevant helpful
valuable to me and to you today and so
how that helps you make money while you
sleep is you spend a lot of time making
something and it sucks when it only
lasts for a day or a week or a month and
then it shoots to zero so if you’re
doing something around the trend if
you’re covering the election right now
might be really hot right now because
everybody’s talking about it but
nobody’s going to care once the election
is over nobody’s going to look back on a
lot of the content that was created and
I hate that kind of business because I
want to make something and have it live
forever and I want people to pay
attention to it forever and so all the
work that I do every new thing that I
add into my business adds multiple
streams for me down the future and so it
continues to build and build and build
and build and so I try to create things
that last and if you want to make money
while you sleep having that kind of
focus something that is still relevant
valuable in five 10 20 years is super
helpful to you making money while you
sleep
number three’s bring on a team to do
anything of substance to have a big
impact in the world you have to be able
to bring on a team and not just do
everything yourself in the context of
making money while you sleep it’s also
important because while you’re sleeping
you know your team could be out there
doing work for you delivering the work
for you if I look at my youtube channel
when I started with just me I was doing
everything and I was making one video a
week – one video a month somewhere in
that range and since bringing on my team
and there’s what seven of us now I guess
on the YouTube team now we’re able to
make three four or five videos a day and
so all of those will help me grow my
business today and in the future I’m
still working the same number of hours
but I’m able to get a lot more done
because my team is helping me do it
whatever it is in your business
especially the things that you’re not
good at or the things that you don’t
want to be the best in the world that or
the things that you don’t have a passion
for but that needs to get done in your
business being able to offload that into
somebody else have them do the work
because they’re getting paid for it and
they like doing that kind of work while
you could focus on your genius and what
you love doing that’s a fantastic way
not just a bit of business but you’re
leveraging the time of other people to
help you make money and in a lot of
cases while you’re sleeping
number fours automate your business
model I love automating as much as
possible I sincerely appreciate and
value my time and so I hate wasting time
on things that aren’t delivering a high
payoff and so when you can automate
things it makes a big difference as an
example I’m trying to promote China
dance also this business that we are in
standing in right now one of the ways
that I’m doing it is through Facebook
advertising right we have different
Facebook advertising campaigns that
promote the classes I would much rather
spend time there then going to events
right there might be a parade or local
event that we can go to because it’s so
much more automatic and easier to scale
we’re going to an event involves my time
or involves my team’s time to go out and
actually do where with marketing with
advertising yes there is some time it’s
not zero time and just set it and forget
it there is still some work and
maintaining it and looking at and look
at the analytics and creating better
campaigns but it’s way easier to scale
and so look at how you are manufacturing
your product how you are selling your
product or service how you’re getting
the word out there all of the processes
are involved in creating the business
from the idea of our product or service
to the creating it to the selling it all
of those processes how many of those are
really labor-intensive and how many can
you pull out now if you really love
doing the work great but if you don’t
how can you plug something else in there
that might be a little bit more
automatic to help you scale faster
because while I am sleeping you know
what – in the morning somebody is
looking at the Facebook ad clicking and
buying a class and so it’s much more
automatic because I don’t want to be up
at 2:00 in the morning going to the
all-night parties to promote the
business so if you automate your
business model you have a better chance
of making money wisely
number five is building no crisis
business this is something that I’ve
done almost from the beginning
I hate being reactionary I hate having
just put out fires I hate having to see
customers freaking out and then I have
to go and drop everything I’m doing to
deal with this one thing and I don’t
have control over my schedule and what
happened and so from your partners to
your suppliers to your teammates to the
media to everybody involved in your
business you teach people how to treat
you for me I don’t react most of the
time to big problems that are happening
immediately and try to empower people to
solve the problems themselves if you
remove yourself from the situation what
happens
does it get solved do the the people
figure it out and I try to create a
business in both of my businesses where
that doesn’t happen too often it’s a
newer process with Toronto that’s also
because I only took over in January with
my business that I’ve had a long time it
rolls it hums write a lot of stuff
happens without me having to be involved
we don’t have a lot of crises that
happen and so it’s one of these why I
don’t have a phone I have a cell phone
that I use only as a tablet there’s no
phone number here there’s no data
package you can’t reach me it’s with
intention I don’t want people
interrupting my day I need to have my
time to focus on building bigger things
and working towards bigger projects and
not being dragged down into minutiae of
the day-to-day of running a lot of the
projects on the business and so it may
mean firing clients that are too
demanding it may mean that you lose out
on meeting opportunities where the
timelines are so crunched that you miss
out on something and that’s okay as long
as you’re investing that time into
something much bigger as much as
possible I really try to focus on
building on no crisis business so that
my time is being spent effectively on
the important things to build a company
number six is invest and this isn’t
something I talk too much about on the
channel in terms of investing I have my
own philosophies and strategies around
investing first off I believe the best
investment you can make is in yourself
as an entrepreneur as a human being to
get better to learn to adapt to grow
you’ll make way more money in your own
company then you will by investing into
a stock market or real estate or
something else but if you’re starting to
make money and you’re keeping something
pulling off the table saving for
retirement whatever it is not that we’re
really going to retire I think if you’re
really a true entrepreneur even as easy
as a back-up plan in case something goes
horribly wrong one of the only true
actual sources of passive income is
investing into the stock market
especially when you don’t have to do
anything that’s managed right if you’re
not buying something you need to check
in on all the time so you can look at
index funds right an index fund just
matches how the market is doing and you
know the markets going up you’re making
my money and historically the market is
going to go up it’ll have down periods
but overall it’s going to go up and you
can just keep putting money into that
and it’ll keep paying you back when you
don’t have to worry about doing anything
if you’re managing an active portfolio
then there’s a little bit more work just
like the advertising campaign but the
idea here is you’re leveraging your
money to help you go out and make more
money you know before we were leveraging
our people to be able to be able to
bring more in for our business right so
just another way if you have some money
saved up you can use it to bring in more
money it’s not going to be a huge return
on investment and I still think the best
bet is probably in yourself and your own
business but it is another way to make
money while you sleep
and number seven the last way to make
money while you sleep is leverage your
other assets and so as an example if you
have a house or an apartment can you
rent that out can you put it up on
Airbnb and while you’re away on the
weekend have people come over if you
have high-end camera gear can you rent
that out and have people pay you to rent
out the the gear you have whatever
assets that you have is there a way to
turn that into a rental so that you’re
making money coming in you know I look
at our space here right we have classes
but the studio is empty during the day
and on most Saturday so could we rent
that out to other businesses who could
use a space in event space for the day
right it’s another potential opportunity
you’re looking at the assets that you
have before we talked about the people
that you have we’ve talked about the
money that you have
what other assets do you have that you
can potentially turn into money to make
it work for you I personally avoid this
most of the time you know I have no
interest in renting out my condo on
Airbnb while I’m away so I can make a
few extra bucks mostly because I’m not
motivated by money making extra money is
not a primary factor for what I do in my
business and in my life it’s just more
headache like I hate real estate because
I don’t want to have to manage
everything and yes you can have people
who can manage it for you
I get it I don’t want the headache and
the hassle I want to build something I
want to invest my time into something if
I’m going house hunting what am i
building I’m building a nest egg I guess
I’m building something that can make me
money in the future but it’s not a it’s
not of impact to the world right and so
to me as an entrepreneur I don’t want to
send my time there right if I’m doing
something just for the money I don’t I
feel like I’m wasting my time I don’t
want to do it because like make money in
a lot of different areas so there’s my
own personal bias feeding through but if
you have other assets that you you know
have in your possession from a house to
a car – you know gear whatever it is
anything of value you could potentially
rent it out to make extra money while
you are sleeping so those are my seven
ways to make money while you sleep I’d
love to know what do you guys think
what’s your take what was your favorite
one what was your least favorite one
then I miss an 8 9 10 that you want to
add to the list leave in the comments
but
and I will join in the discussion
finally what they give a quick shoutout
to ung woo thank you so much for buying
my book it really means a lot to me
those you’re watching you want a chance
at a shadow in the future video make
sure to pick up a copy of the book and
email in your receipt so we can keep
track thank you guys so much for
watching
continue to believe or whatever your one
word is and I’ll see you soon
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