College Dropout Mints $3.7 Million From YouTube
Last year alone, he made more than $3.7 million, largely from his credit card and crypto-centric channel, which has more than 1 million subscribers.
This investor-cum-entrepreneur who started with practically nothing has recently purchased a Lamborghini Huracan for $290,000 from his finances!
An underprivileged childhood to a $62,000 monthly expenditure-
Raised in Silver Spring, Maryland, Jung grew up in a low-income household.
His mother worked as a hairdresser and his father as a contractor installing hardwood floors. Sometimes, they struggled to make ends meet.
However, after being expelled from school for misbehavior in the 10th grade, Jung was made to join an educational program that counseled misbehaving students, which according to him was a turning point in his life.
“I used to have this victim mentality. I used to complain all the time.”
But when he encountered a similar version of himself in other kids, he was able to comprehend the repercussions that his actions might follow.
“I told myself, ‘I’m not going to live my life this way,’” quotes the young success.
He started to focus on self-improvement: working harder, working out and doing better in school.
Today the investor entrepreneur and a full-time YouTuber owns a channel with over 1 million subscribers and his investment portfolio is estimated at around 10 million USD!
HOW MUCH MONEY DOES THIS YOUTUBER MAKE?
According to CNBC,
Jung first started posting on YouTube in 2013. The videos were largely about video games and fishing.
In 2018, while still in college he shifted the genre of the channel and adopted a more finance-related outlook by emphasizing personal finance and entrepreneurship.
By December 2019, Jung took on YouTube as his primary focus and received his breakthrough with credit card review videos.
Around this time the channel stood at 6K subscribers and brought in around $200 to $300 a day.
‘In 2021, amid the retail investor craze and cryptocurrency’s bull run, the channel took off. It took me years to get my first 100,000 subscribers, but in less than one year I gained 900,000 subscribers”
Today Jung’s portfolio mints him more than $300,000 a month.
He now has a four full-time creative employee team to help out with video production.
Combined with a recently purchased stake in a Japanese barbecue restaurant that brings in another $5,500 per month, Jung made almost $3.7 million last year.
The 60,000 monthly spend-
A major fraction of Jung’s income goes into operating costs and taxes.
Nevertheless, he keeps an investment objective of about 50,000 per month.
These include cryptocurrencies, NFTs, collectable items and angel investor ventures.
Along with this, he also pays himself about $33,000 or about $400,000 a year to cover his monthly expenses inclusive of his living expenses, taxes and gifts.
- His business covers most of his utility expenses.
- The biggest fraction of Jung’s monthly expense is a three-bedroom office cum apartment in Rockville, Maryland.
- He’s also invested in a $1.8 million home which he plans on moving into in 2023.
- He has also allotted a down payment of $145,000 towards it.
- Jung bought an Audi RS7 with his YouTube revenue and also owns a Toyota Tacoma which he gave his parents.
- He covers the monthly installment of the car as well as his parent’s monthly mortgage.
- His recent purchase is a Lamborghini Huracan for $290,000.
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Was dropping out of college a bad decision?
When Jung dropped out of college at the age of 21, his South Korean immigrant parents were surprised!
Around that time Jung was running a part-time e-commerce side hustle that made him about $200 a day but it lacked the long-term financial security that a college degree could offer.
Looking back, he says the decision to drop out of college to become an entrepreneur was a “pivotal moment” in his life: It allowed him to put more time into the channel and grow it into a business.