We love to celebrate the success of our Rainmaker families, and while we know that we have a lot of amazing moms out there who want to turn their families’ finances around, we definitely have a lot of awesome Rainmaker dads, too! Today, we want to introduce you to one of them, Spencer Lacono. Spencer has an amazing story about how he makes passive income with his Amazon business, and we can’t wait to tell you all about him.
First, we have to tell you just how fast Spencer was able to turn things around for his family. In less than a year, he was able to completely change his story.
From Scammed to Successful
Spencer’s story starts with an Xbox and wanting to make his kids’ lives better. A lot of you can probably relate to this motivation. After all, that’s why people join our Rainmakers challenge– to generate passive income for their families without sacrificing the precious time we spend with our kids. But when Spencer was trying to buy this Xbox, his journey wasn’t exactly easy.
He was scammed on the Facebook marketplace, which led to him checking at Walmart to buy his kids’ Christmas presents. He didn’t find an Xbox, but he did find controllers at a steep discount. Looking online, he found the same discount on controllers. From there, he took his first steps into reselling consumer electronics.
That holiday season, he was able to not just make back what he was scammed out of, but actually earned more– about $7,000 in profit. Spencer didn’t start with tons of money, but what he did have was resourcefulness. His attitude is that when all is said and done, we have to be accountable to ourselves for all our actions, and our resourcefulness can be our greatest resource.
So, how did he go from selling XBoxes out of his kitchen to creating a high-yielding passive income FBA business?
Be Persistent
Spencer used his console profits as seed money for his FBA business, but it wasn’t an overnight success. He had to work hard and stay persistent. He believes that if someone is truly fixed in their mind to succeed, there will be a way. You just have to become fixed in your purpose to succeed and not become defeated. It’s human nature to be discouraged, but letting yourself become truly defeated is how you fail. You have to learn from your mistakes and be persistent.
Stay Responsible
One of the things we love about Spencer is his humility and responsibility. He doesn’t see his FBA business as a get-rich-quick scheme; he and his family still live a fiscally responsible lifestyle and he maintains accountability for all of his decisions. He started small and still judges his opportunities carefully, choosing the ones that will let him reach his goals. For example, one of his goals was to generate enough income so that his wife wouldn’t have to go back to work after maternity leave. The family’s FBA business generated $30,000 in passive income, making it possible for her to do what was important to her.
The power of your actions today can be life-changing in a year. In fact, within 12 months of launching, Spencer’s FBA revenue was over $850,000, with over $400,000 of that being profit.
Start Small to Grow Big
While working through our Rainmaker Challenge, Spencer took our advice to start small with your first product launch. When you start small and push yourself, you’re able to overcome walls and obstacles, which leads to growth. At one point in the summer, Spencer’s FBA business moved 13,000 units. He was able to ship these to Amazon directly, meaning he didn’t have to spend time packing and shipping himself; he was able to spend that time with his family.
Stay Gracious
It’s important not to lose sight of your core values on your journey to high-yielding passive income. Our Rainmaker families, including Spencer’s, are families. Your kids are watching you as you get started and face these challenges, and it’s important for you to stay strong through challenging times. Being grateful for what he had and staying focused on his faith and values is what got Spencer through the challenges of running his business.
Creating a successful business isn’t just about the nuts and bolts of selling on Amazon. Your attitude goes a long way toward your success. Persistence and gratitude can help you overcome seemingly insurmountable obstacles to build wealth without giving up family time. If that sounds like something you want for your family, you’re not alone. Join us and take the Rainmaker Family Challenge for a crash course on how to create a business that will generate passive income for your family.
