Business

Chris Choi Knew He Needed Passive Income: He Now Runs Four Businesses

Many people depend on a linear income source. The money they need to maintain themselves comes from active income where they trade their time for money through labor. Nonetheless, there are other options for people who can master passive income.

Chris Choi is a dental student dropout who became a serial entrepreneur and built a multi-million dollar cash flowing business in less than 5 years. Chris came to the U.S. without knowing English or having any network, money or directions. He went to dental school, and that is when he realized how much his education cost.

“I knew my tuition was over 100K annualy so I wanted to make a passive income to pay for tuition while going to school. I first thought to invest in real estate, but coming from a humble background, I did not have any initial capital to acquire properties, so I decided to be creative and thought of rental arbitration instead.” Chris shares.

Chris started managing AirBnb, rental housing opportunities. He now runs an AirBnb business with branches in San Diego, Los Angeles, Glendale, Burbank, Philadelphia and even expanding internationally to Seoul, South Korea. 

“My biggest challenge was trying to operate a business as a full student. I had to give up my sleep and social life for two years to build my business.” Chris reflects.

Chris was inspired to get into the passive income world in order to salvage himself from the burden of his dental school tuition. He eventually produced so much passive income that he now also has a golf academy, an education business and a Korean BBQ restaurant.

“I believe that the key to start a business is 90% mindset and 10% skills. Nowadays, the strategies and skills are accessible for free with the power of the internet.” Chris says. “Most businesses fail in the first 5 years not because they lack resources like money, network, time, etc, but because they are not creative and not resourceful enough.”

Chris believes that anything is possible when one has the winning mindset psychology. He also advises those starting their own business to be brave enough to just start.

“Too many people dwell on the risks and the downside of being a business owner, which in turn leads them to focus too much on planning a perfect business plan. But honestly, there is no such thing as a perfect business plan. No business will go as you planned.” Chris states.

For Chris, fear represents a fuel source for his vehicle. He has learned to make his emotion of fear become a catalyst for his business. If we look at the history of successful businesses in the world, we will see their booms came out of recessions or economic crashes.

Success for Chris goes further than just monetary success, as he explains on his Instagram. He believes that true success is having options in life. More specifically, having what he calls the four Ws: when, where, what, whom. Having these four Ws represents financial success for Chris.

“With a passive income source you can take a break or travel whenever you want. Same goes for where. If you can travel to wherever, you have another W in your life. In addition, whatever you want refers to when you can buy whatever you want. And lastly, whomever you want. If you are the owner of your own business, then you have the freedom, power and the option of working with whomever you want.” Chris advises.

It is also key that Chris never sees obstacles as obstacles. He sees them as opportunities to learn new things, even if it sounds clichè. Giving up is what drives most entrepreneurs to bankruptcy, not trying to learn from obstacles or challenges. Moreover, Chris differentiates himself from his competition because he works hard and works smart, taking advantage of learning from mentors.

Chris’ next projects include working on a new tech company to solve a huge problem in the real estate industry. He will continue his mentorship program on social media, as well as influencing and transforming millions of lives financially. To follow him, go here.

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