In 2014, I had just finished college and I thought I had planned everything in my life: going to medical school, getting a six-figure job as a doctor, and making my parents proud.
None of that worked. I realized that I hated blood and needles, and I was rejected by more than 15 medical schools. My parents were not so happy.
From 2014 to 2019, I took over the teaching of side crowds, did some modeling gigs, started a dropshipping business, and even worked as a real estate agent. But nothing was consistent in earning a steady income.
After several business attempts, I finally found something that worked: posting financial advice on YouTube, Instagram and TikTok. In 2021, my content creation business brought in $ 1.5 million in revenue - and my mom stopped sending me job ads.
How I did a $ 1.5 million a year job
I have been posting on YouTube since 2006, but the content was random and inconsistent. So I decided to stick to the topic that thrilled me the most: money.
Growing up in a painfully frugal family, I have always been interested in finding ways to be smarter in terms of earnings, savings and investments. In 2018, I created a new YouTube channel dedicated to financial advice. I posted almost every day, as well as on Instagram and TikTok.
In 2021, Chang’s business generated $ 1.5 million in gross revenue.
Photo: Charlie Chang
My first few videos received a dozen views each, half of which were from my mom. I was still making most of my money through casual jobs and side crowds.
But in April 2020, about a month after Covid-19 was declared a pandemic, I have noticed an increase in interest in stimulus-related content. That month, I posted 20 YouTube videos about stimulation and help efforts. One of my videos went viral - I earned $ 10,078 in ad revenue and 30,300 subscribers.
In May, I posted 19 videos and earned $ 15,791 in ad revenue. And in June, I signed my first sponsorship deal with Foundr, an online education company; they paid me $ 250 to make one TickTock post.
I continued to experiment with different types of video content to see what was most effective in increasing my audience and attracting brand interest.
By November, after reaching another partnership agreement and reaching about 200,000 subscribers, I decided to launch my first online course that teaches people how to start their own successful YouTube channels.
In 2021, I added affiliate marketing to my revenue. I made $ 86,000 in January, and then dropped to an average of $ 150,000 a month in 2021.
How to build more revenue streams
Today I have over 650,000 followers on YouTube. So far this year, I have earned about $ 197,700 a month through five revenue streams - several of which generate passive revenue. At one point, I made $ 245,000 a month.
What I love about the business I have built is that I can choose when and where I will work. Some days I will work zero hours, and other days I will invest 12 hours. I work an average of 35 hours a week.
Here’s how I built each of my revenue streams:
1. Affiliate marketing: 40% of monthly income
With affiliate marketing, I earn a commission for promoting other brand products or services. I post affiliate links in the descriptions of my YouTube videos and on my website, and then I get paid every time someone is referred to the brand’s product page or makes a purchase.
To generate passive income through affiliate marketing, you need to include links to targeted content in the niche that people are looking for. This can lead to clicks for months, even long after you’ve posted. For example, I link to labels based on popular search terms, which I find using Google Trends.
I get most of my partnership agreements through partnership management platforms such as Impact Radius, Partnerstack and Share-A-Sale. Creators with any audience size can use these websites to find and join affiliate programs.
2. Brand sponsorships: 25% of monthly revenue
In addition to brand sponsorships, companies basically pay me to mention them in one of their videos or on their website.
Brands usually contact me via email on my YouTube profile, but I also work with agencies like Spacestation to secure more sponsorships.
Finding a niche helped me increase my loyal and authentic audience, which was crucial to my success. I answered financial questions about Covid that no one else was dealing with. Then I took the concepts with the greatest engagement of the audience and ran with them.
“What I love about the business I’ve built is that the money I make isn’t directly tied to my time,” Chang said. “I can choose when and where I want to work.
Find your own niche by asking the question: What is the specific problem I can solve with my story and unique knowledge? Understand the details of your audience, such as their age, location and general interests. During the negotiation process, remind brands why that audience is valuable to them.
3. YouTube ads: 25% of monthly revenue
I earn another quarter of my revenue from YouTube Adsense ads that appear before or during my YouTube videos.
To join this program, you must have at least 1,000 subscribers and 4,000 viewing hours in the last 12 months. When you become part of a program, it is important that you consistently publish and make videos based on what your audience responds to.
4. Sales of online courses: <5% of monthly income
My courses “YouTube Academy with 6 figures” and “Master course for personal brand” are held in Kajabija. These courses lasted months of planning, research, filming and editing.
For the YouTube Academy, I sketched out what I would teach in each video using Notion, a tool for organizing online workspace, and then created slides to play during each video on Keinote. It took me a week to record more than a hundred videos, which I edited myself using Final Cut Pro X.
From there, I organized my videos on Kajabi and started running the course on YouTube, TikTok and Instagram. I don’t spend money on commercials.
5. Coaching: <5% of monthly income
I meet with clients one on one to consult on how to make their business more successful. This is a great way to connect with your audience and get to know it on an individual level.
My coaching sessions are conducted through Zoom, which allows me to meet anyone from anywhere in the world. I charge $ 500 per 60-minute session.
I recently started creating StartupVise, a resource platform for new businesses and entrepreneurs. I also work for a company called Side Hustle Masters and its complementary newsletter called Hustle Club.
Charlie Chang is a content creator and serial entrepreneur whose mission is to educate people about personal finance and entrepreneurship. He is a graduate of UCLA and a founder StartupVise. Follow him on instagram i YouTube.
Do not miss: