#AskGaryVee Episode 86: Passive Income, Foreign Languages & How to Delegate

https://youtu.be/410iabyUN-k

#QOTD: What is your immediate dream right now? The one right in front of you at this very moment. In six days or six months it will change but I want to know what it is right now.

#TIMESTAMPS
1:45 – Do you have any tips on delegation?
2:45 – Isn’t working long hours an old school mindset? Why not focus on building wealth via passive income?
5:30 – What athlete, past or present, embodies hustle for you?
6:25 – Could you say couple of words in Russian at your show? What value do you find in knowing a foreign language?

#LINKS
Clouds & Dirt: https://www.youtube.com/watch?v=S4bAVgMJo8w
How to ask a question: https://www.garyvaynerchuk.com/what-youll-need-to-get-garyvee-945936926.html

The best piece of advice i can give on delegating is very much up in the clouds, but you know me: I’m a clouds and dirt guy. 😉 I’m pretty great at delegating, and I’ll tell you the middle one rule to delegating well: recognize that 99.9% of things don’t mean shit. If you actually think it’s not that important, it becomes a hell of a lot easier to let someone else do it. If you recognize that someone else’s 7.7 point skills are completely acceptable for a task in place of your 10 point skills, do it. It’s all about humility. Ego is the issue with delegation. Even though I have a ton of ego, I have a boatload more of humility than you think.


Gary Vaynerchuk builds businesses. Fresh out of college he took his family wine business and grew it from a $3M to a $60M business in just five years. Now he runs VaynerMedia, one of the world’s hottest digital agencies. Along the way he became a prolific angel investor and venture capitalist, investing in companies like Facebook, Twitter, Tumblr, Uber, and Birchbox before eventually co-founding VaynerRSE, a $25M angel fund.

The #AskGaryVee Show is Gary’s way of providing as much value value as possible by taking your questions about social media, entrepreneurship, startups, and family businesses and giving you his answers based on a lifetime of building successful, multi-million dollar companies.

Gary is also a prolific public speaker, delivering keynotes at events like Le Web, and SXSW, which you can watch right here on this channel.

Find Gary here:

Website: http://garyvaynerchuk.com
Wine Library: http://winelibrary.com
Facebook: http://facebook.com/gary
Twitter: http://twitter.com/garyvee
Instagram: http://instagram.com/garyvee
Medium: http://medium.com/@garyvee
https://youtu.be/410iabyUN-k

4 Ways to Make Passive Income Online to Generate CASH (+ step-by-step tutorials)

https://youtu.be/NlgCkmappIg

Learn my 4 ways to make passive income online, plus get my step-by-step tutorials for each method – beginner friendly!
Get my Free 10k/month ebook: http://wholesaleted.com/4-step OnlineJobsPH: http://wholesaleted.com/go/onlinejobsph

Please note: this description contains affiliate links

Other videos & ebooks discussed in this video:

* How to Dropship on Aliexpress: https://www.youtube.com/watch?v=2CWrd2gdTIs
* Dropshipping on Amazon vs. your own store: https://www.youtube.com/watch?v=17X6gnJT2II
* The 5-Step Formula for Making 10k/Month Online: http://wholesaleted.com/go/5stepformula
* Amazon FBA Private Labeling guide: https://www.youtube.com/watch?v=6MhEPyWKE-U

When most people discuss ways to make passive income, they usually talking about methods that require large amounts of capital (investing in real estate or investing in the stock market). This is great, but unfortunately, most people don’t have the cash or the capital they need to do this. Which is why I’m going to teach you how to create an online business that generates passive income (which you can then use to reinvest into those methods).

The first of my 4 ways to make passive income online: Dropshipping on Amazon

A quick overview of dropshipping: This is a form of order fulfillment. Instead of purchasing items from your wholesale supplier in-advance in bulk, you purchase each item individually AFTER a customer has ordered it, and ship it directly to them. This means you don’t won’t be stuck with unwanted inventory, making the business relatively risk free.

We have a free ebook: The 4-Step Formula to Earning 10k/Month Online which outlines the step-by-step method you can follow to do this using a tool called SaleHoo (see link at top of video description).

One of the benefits of dropshipping on Amazon.com is that there are millions of visitors daily coming to Amazon’s website, which takes care of the traffic generation for you.

This method requires manual labour, however you can make this passive by hiring a virtual assistant to fulfill and manage these sorts for you. A great place to find a VA is on Online Jobs PH, where you can hire someone who is experienced for $4-5/hour.

The second of my 4 ways to make passive income online: Dropshipping in your own store

This is very similar to the first method, except for this method you create your own online store and dropship in it using Chinese suppliers that you find on a website called Aliexpress instead of using USA-based dropshippers you find using SaleHoo to sell on Amazon.com.

Here are the advantages/disadvantages:

* ADVANTAGE: It requires less start-up money
* DISADVANTAGE: It requires you to create your own store.
* ADVANTAGE: You can eventually sell your store as an asset.
* DISADVANTAGE: It takes longer to setup than the Amazon/SaleHoo method.

If you want to dropship I recommend choosing between one of these two methods and getting started.

The third of my 4 ways to make passive income online: Affiliate marketing

While we don’t teach it on this channel, it is another one of the ways to make passive income online (and something that we do).

Affiliate marketing is when you promote a product (e.g. in this video I used the example of Jungle Scout). The merchant/owner of the product will give you a URL which tracks sales made whenever someone clicks on your URL/link. You will then get a commission cut from the sale.

Combined with search engine traffic, this is a great way to earn passive income online. But be careful to only promote products that you use, know, like and trust.

And the final of my 4 ways to make passive income online: Amazon FBA Private Labeling

The other 3 of my ways to make passive income online can be done with small amounts of start-up money as long as you have access to a credit card. This method however will require at least some startup cash: At minimum you should expect to spend at least $500.

For this business model, you simply find an item with high demand yet low seller competition on Amazon.com (I have a free video tutorial I’ve linked to above in the video description which shows you how to do this using Jungle Scout). You then manufacture the item cheaply in China, and have them place a unique label on it, thereby making it your own (a process called private labeling). You then ship your items into the Amazon FBA warehouse and let them fulfill orders for you.

Because the Amazon FBA warehouses take care of order fulfillment for you, you don’t have to worry about managing orders. This is the secret sauce to making this method passive!

So those are my 4 ways to make passive income online. Using the capital you generate from these businesses, you can then re-invest it into passive income investments like stocks and real estate.
https://youtu.be/NlgCkmappIg