Summary
Highlights
Charlie, 29, shares his background as a UCLA psychobiology graduate who, after medical school rejections, embarked on an entrepreneurial path. He highlights that despite failures, there have been many lessons learned, and he hopes to inspire others to pursue multiple, non-traditional income sources. He notes significant changes in his income streams over the past year.
In 2019, Charlie started a residential real estate brokerage in California with eight agents. He earns a small portion of the commission (a flat fee of around $800) from agents' transactions and also buys and sells real estate for his own clients, typically completing 3-5 transactions annually. He views real estate as an excellent side hustle, especially for those interested in long-term investing, due to the learning opportunities it provides.
Charlie's second income source is selling private-label products on Amazon FBA (Fulfillment by Amazon), which he started in 2016. He finds overseas factories to produce products, applies his brand label, and sends them to Amazon's warehouses. Amazon handles storage, shipping, and customer service, making it a passive income stream. He currently has about six active products and highlights it as a great way to learn about e-commerce and import/export processes.
Started in mid-2020, affiliate marketing involves placing links to products or services, earning a commission when people click and make a purchase. Charlie utilizes this on his three YouTube channels, working with 20-30 affiliates. He emphasizes the need for a large audience (via blogs, TikTok, Instagram, YouTube, email lists) to generate significant income, noting that he creates targeted content, like personal finance videos, to align with relevant affiliates. He considers it his favorite income source due to its scalability and passivity.
Charlie has been in the mortgage business since 2013, obtaining his MLO license in 2017. He helps clients secure mortgages or refinance homes, earning a commission typically between 1% and 1.5% of the loan amount. He sees it as a great career, complementing real estate, and considers it more scalable than real estate.
The video includes a sponsored segment about Wealthfront, a robo-advisor that helps users invest and build income passively. It uses software to create globally diversified portfolios of low-cost ETFs. Wealthfront offers retirement and taxable accounts, and manages investments through tax-loss harvesting. New users can get their first $5,000 managed for free through Charlie's link, with a 0.25% annual management fee thereafter.
Photography has been Charlie's most consistent side hustle since 2007. He discovered his passion for portraits in high school. In college, he expanded to shooting weddings, dance groups, fraternities, and sororities, with grad shoots becoming his most lucrative. He once completed 157 shoots in two months, charging $200-$400 per shoot, which allowed him to invest in stocks and other businesses. While he does less photography now, he still enjoys it and recommends it for learning about business.
YouTube AdSense is a significant income source, growing considerably since his last income video. YouTube pays creators 55% of the ad revenue for ads played before or during their videos, directly depositing it monthly. Charlie emphasizes that every video can generate AdSense revenue for a long time, acting as 'digital real estate.' His personal finance and entrepreneurship content results in a high CPM (cost per mille) of $50-$60 per thousand views.
Charlie earns money through brand deals and sponsorships where companies pay a flat fee for product mentions or integrations within his YouTube videos. He notes that brand deals can constitute a significant portion of a creator's income (often a third to a half). He also engages in brand deals on Instagram and TikTok, receiving flat fees or free products. He highlights that even smaller creators can secure these deals due to companies' increasing investment in influencer marketing.
Charlie sells an online course, 'The Six Figure YouTube Academy,' launched in November 2020, to help people build profitable YouTube channels. He aims to provide genuine value and achieve student results, distinguishing his course from those offered by 'gurus.' He views online education as the future and a way to monetize skills. While selling the course is relatively passive after the initial effort, marketing is crucial, which his YouTube channel assists with. Course sales are a small but expanding part of his income.
Charlie mentions 'Hustle Club,' a newsletter he personally writes, aiming to teach entrepreneurship in under three minutes per week. Inspired by other successful newsletters, he hopes to monetize it in the future through sponsored content, but it currently provides value for free and isn't counted as one of his 12 active income sources. He's actively working on building this business.
Modeling, specifically print modeling, was a main side hustle during and after college. He's worked on campaigns for major brands like Mercedes, Apple, and Walmart. He clarifies that he does print modeling (lifestyle shoots for 'average-looking people') rather than fashion modeling. It pays well (hundreds to thousands per shoot) and is enjoyable, though it's time-consuming, so he does it less frequently now. He's currently on an app called Newbook where companies can book models directly.
Charlie conducts one-on-one consulting calls with individuals who find him through his social media platforms. He helps them develop income-building plans, discuss side hustles, or learn about starting a YouTube channel. Doing 1-3 calls per week, he finds it a fulfilling way to connect with and positively impact people, providing accountability for their goals.
Charlie has been investing in stocks since 2014, and crypto more recently, experiencing significant gains. He emphasizes that everyone should invest to counteract inflation, recommending opening a Roth IRA and investing long-term in index funds or solid companies he believes in, rather than day trading. He makes money from asset appreciation and dividends. He offers his 'how to invest in stocks' video as a resource.
In 2017, Charlie and his sister bought and renovated a condo in West LA. After living there for two years, he moved, and it's now rented out to his sister, her boyfriend, and a roommate. While it doesn't cash flow significantly, it appreciates in value. He views real estate as a 'forced savings account' due to the equity built. His goal is to acquire 10 or more rental units this year, seeing it as a key strategy for building long-term wealth.
Charlie concludes by acknowledging that his income sources will likely continue to evolve. He advocates for multiple income streams, asserting that they've transformed his life. He explains that each side hustle, even if temporary, builds valuable skills that contribute to future ventures. He encourages viewers, especially those unsure of their path, to try various things, learn different skills, and start diverse businesses, as everything eventually 'comes together' to build a fulfilling life.