Video instructions and help with filling out and completing Form 2220 Revenue

Instructions and Help about Form 2220 Revenue

What's up you guys it's Graham here so I know I'm a bit late to the party but for those of you that don't watch Lyon Scribner which you should be watching Brian Scribner so check him out he posted a really good video earlier this month about how he built five income sources by the age of twenty three each of which that generate between one thousand and ten thousand dollars per month and when I saw that video the first thing that came to mind was why didn't I think of this topic and post about it first but besides that I thought it was a great video with great information and that inspired me to make my own video on this from my own perspective so I'm going to be breaking down my own income sources how and why I was able to build them up and the timelines for each of those and by the way any time I make a video about this it's never my intention to sound like some d-bag just boasting about how much money he makes I mean sure the title of this video might be a little D baggy because that's what gets clicks and views on YouTube but it's so much more important not to focus on the end result in the final number it's much more important to understand the fundamentals of how this works why it was set up why it was created in the first place and focused on the process so that way you can go and implement some of these things for yourself as well now my first and biggest income source is what I make working as a real estate agent here in Los Angeles now this began in mid 2008 when I was barely out of high school had no college degree had no marketable skill whatsoever so I thought to myself hey I could just go and sell real estate now a few months prior to starting in real estate I was working in a precious metals investment firm earning $13 an hour doing data entry and it was at that point that I realized I never want to work in a cubicle ever again it was also such a massive change to go from a pay job where you spend eight hours of your time and you get paid for eight hours to a commission only environment where you get paid nothing for your time and everything for your results and just that mental shift was huge and if any of you guys watching had never experienced a commission only sales job I highly recommend you do it at some point in your life even if you never want to do sales ever again I promise you guys the experience that you get from doing this is going to be invaluable selling real estate really taught me that I can work 12 hours a day seven days a week for 6 months straight and not earn a single penny if I wasn't effective at what I did if I wasn't producing the results I wasn't making any money and it really taught me to shift my focus that it makes no difference how hard I work at something or how much time I spend in something if I don't get the end result and actually sell the house I realized early on that I would never become wealthy working hourly or on a salary for somebody else it would take me decades to save up and invest for the lifestyle I wanted to have and at the end of the day I would really just be at the whims of somebody else so by working in a commission only environment where there was really no cap to how much money I can make it really gave me the freedom to decide where I spend my time worrying don't spend my time I can work as hard as I want or as little as I want and the income wasn't derived from the amount of hours I worked it was derived from the results that I got at the end of the day this also meant that there wasn't really a limit to how much money I could make as long as I managed my time properly and was good at what I did now at this point I've just over ten years in the business working as a real estate agent and at this point I've really narrowed my clients house down to repeat and referral business which has given me such a great work-life balance where I can really maximize the time I do spend working with clients last year this meant I did just about twenty two million dollars in sales volume which works out to be about five hundred thousand dollars in gross Commission now this year I'm estimating I'll be bringing in about thirty thousand dollars per month maybe slightly more depending on what I have closing in December now keep in mind that this sort of income is very sporadic it might be nothing for a few months and then all of a sudden the fourth month I get like a ninety thousand dollar check and then nothing again for the next few months so this is just the average balanced out over the entire year now it was this sort of cyclical miss if that's a word that led me to my second source of income now back in 2011 I was about three years in the business of working as a real estate agent and back then I was constantly worried about where my next Commission check would be coming from because I would often work two to five months without earning a single penny besides like maybe like a lease Commission here there may be just a few thousand dollars but beyond that I had no idea when and where my