Brian Jung, then 21, dropped out of college in late 2018 to pursue business full-time. Jung’s South Korean immigrant parents were taken aback: he had a couple of part-time e-commerce side hustles that paid about $200 per day, but they didn’t provide the long-term financial security that a college degree offered.
Jung also had a YouTube channel, which was more of a pastime than a legitimate company. “I had to tell my parents, ‘I know you’ve worked incredibly hard, and I know how terrible this is going to be, but I’m not going to continue school,” Jung says.
Despite the uncertainties, he was determined to make things work. And he succeeded.
Now 25, Jung has pivoted to YouTube full-time. He earned around $3.7 million in the last year, largely from his personal finance-focused channel, which has more than 1 million subscribers.
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.
Brian Jung ‘s financial habits
While the majority of Jung’s revenues go toward the company’s running costs and taxes, he invests around $50,000 per month in cryptocurrencies, NFTs, collectibles, and angel investor initiatives.
Despite the current fall in crypto markets, Jung believes his crypto assets are long-term investments and that he has no plans to change his investing strategy. He did remark that he intends to keep diversifying his portfolio by investing in new cash-generating companies.
Brian Jung pays himself $400,000 each year, or around $33,000 per month, for living expenses, taxes, and gifts, in addition to his assets.
Brian Jung’s main source of income is a three-bedroom condo in Rockville, Maryland, which also serves as his workplace. His company pays for the utilities. He also put down a $145,000 deposit on a $1.8 million property that he hopes to move into in 2023. It’s a brand-new development that’s now under construction.
Brian Jung owns an Audi RS7, which he purchased with money earned from YouTube. He also has a 2019 Toyota Tacoma, which he presented to his parents lately. He continues to pay the truck’s $600 monthly payment as well as his parents’ $1,878 monthly mortgage payment.
Brian Jung recently paid $290,000 for a 2021 Lamborghini Huracan. He paid a down payment of $100,000 on the car and will finance the remainder.
In addition to splurging on meals out, Jung gets glass bottles of premium spring water delivered for $249 per month. It’s worth it, he says: “It makes me feel better, lets me feel more clear in my head.”
Brian Jung has memberships at a gym and a rock-climbing facility. Beyond that, most of his subscriptions — including access to Netflix, Spotify and Amazon Prime — are covered by perks from his 14 credit cards.
When I was a kid, money was scarce – Brian Jung
Raised in Silver Spring, Maryland, Jung grew up in a low-income household. His mother cut hair in a salon and his father worked long hours as a contractor installing hardwood floors. Sometimes, they struggled to make ends meet.
Mottos about saving money were the norm: “Don’t spend a lot. Don’t eat out that much. Don’t drive too fast or you’ll use up more gas. Maximize every coupon possible, every discount possible — that’s what I grew up with,” says Brian Jung.
Jung claims he didn’t feel deprived in any way. He had friends, went fishing with his father on weekends, and was interested in video games and automobiles. He also felt out of place being one of the few Korean-Americans at his middle school. He became known as a “troublemaker,” disrupting classes and getting into fights on a regular basis.
Jung was expelled from school in 10th grade. He enrolled in an educational program that counseled unruly students, which marked a turning point in his life. He admits, “I used to have this victim attitude.” “I used to whine constantly.” But, after seeing that version of himself in other students in the program, he realized he was on the wrong track.
“I told myself, ‘I’m not going to live my life this way,’” Brian Jung says.
He started to focus on self-improvement: working harder, working out and doing better in school. After six months, he had a 4.0 GPA and was allowed to return to his high school, where he excelled at rugby.
Making it big on YouTube
In 2013, Brian Jung began uploading videos to YouTube. He used to make videos about video games and fishing when he was a youngster. In 2018, he began his personal finance and entrepreneurship channel while still in college.
In the same year, he graduated from Montgomery College with an associate’s degree in general studies, which is required for a career in police enforcement. The goal was then to transfer to the University of Maryland for a criminology bachelor’s degree.
Jung, on the other hand, decided to devote his entire time to his enterprises.
“In the beginning, YouTube did not pay me anything. But I realized the downfalls of [the e-commerce] businesses and saw the advantages of YouTube,” he says. “I didn’t have to rely on clients. I didn’t have to work with other people. I didn’t have to scale and buy an office and get hundreds of employees.”
By December 2019, Jung was fully focused on YouTube. His most successful videos were credit card reviews. At that point, the channel had about 6,000 subscribers and was making $200 to $300 a day, he says.
The channel really took off in 2021, during the retail investor mania and cryptocurrency’s bull run. “It took me years to earn my first 100,000 subscribers, but I got 900,000 in less than a year,” Jung adds.
Jung’s firm takes in little over $300,000 each month from affiliate marketing, Patreon subscribers, adverts, and sponsorships. He currently has four full-time employees assisting him with video production.
Jung made nearly $3.7 million last year, thanks to a recently purchased ownership in a Japanese BBQ business that brings in an additional $5,500 each month.
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