After 30 years in business, Amazon is a $2 trillion behemoth and one of the world’s largest retailers.

But back in 2001, its very survival was in doubt after the dot-com bubble burst and Amazon’s stock dipped by 90 percent. Some critics believed Amazon was doomed to never recover, but founder Jeff Bezos turned things around — with some helpful advice from Jim Sinegal, founder of rival retailer Costco.

That year, Bezos met Sinegal for coffee at a Starbucks inside a Barnes & Noble near Amazon’s offices in Bellevue, Washington, according to the 2013 book “The Everything Store,” by journalist Brad Stone. Bezos wanted to talk about using Costco as a wholesale supplier for some products, but the meeting’s key takeaway ended up involving pricing strategies.

Sinegal explained how Costco could sell so many products for “dirt cheap” by eliminating unnecessary costs and maintaining strong relationships with suppliers to secure the best deals on bulk goods, Stone wrote. Those low prices were key to getting customers to pay for Costco’s annual membership, comprising most of the company’s gross profits.

“The membership fee is a one-time pain, but it’s reinforced every time customers walk in and see forty-seven-inch televisions that are two hundred dollars less than anyplace else,” Sinegal told Bezos, according to Stone. “It reinforces the value of the concept. Customers know they will find really cheap stuff at Costco.”

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Costco’s approach was that “value trumps everything,” and it would always work hard to ensure it delivered enough value to keep customers happy, Sinegal emphasized. Speaking to Stone for the book, Sinegal noted that he believed “Jeff looked at [that approach] and thought that was something that would apply to his business as well.”

Bezos has never publicly credited the meeting with Sinegal for inspiring any of Amazon’s pricing strategies, but Stone wrote that Bezos called a meeting at Amazon just a few days after sitting down with Sinegal. The topic: Amazon’s “incoherent” pricing strategy and the need to deliver on the company’s promise to always have lower prices than its competitors, according to Stone, who interviewed Amazon executives who were present.

That summer, Amazon slashed prices for some of its flagship products — books, music and videos — discounting them by up to 30%, in some cases. “There are two kinds of companies: Those that work to raise prices and those that work to lower them,” Bezos said at the time, according to The New York Times. Amazon, Bezos added, would always aim to be the second type of company.

Sales bounced back by the end of 2001, when Amazon posted its first ever profitable quarter. Bezos credited the rebound to lower prices and promised to eliminate unnecessary costs in order to make more discounts possible, the Times reported — a similar strategy to Costco’s.

“We had a great Q4. We’re incredibly proud of it. And what really drove it was lower prices for customers…” Bezos told Fox News in January 2002. “We’ve always had low prices, but pushing that a little further really had a big impact on our results.”

A few years later, in 2005, Amazon rolled out its own membership program, Amazon Prime, offering discounted prices and free shipping on orders for members who pay an upfront fee. In a 2016 letter to Amazon’s shareholders, Bezos described the idea behind Prime using language reminiscent of Sinegal and Costco: “We want Prime to be such a good value, you’d be irresponsible not to be a member.”

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Work doesn’t wait for Todd Graves, even on vacation.

Sometimes, the billionaire co-founder and CEO of Raising Cane’s Chicken Fingers starts work at 4:30 a.m. while traveling, so he can join his family at the beach by the time they wake up around 11 a.m., he says.

Graves defines work-life balance as scheduling family time into his calendar, to avoid getting lost while growing his company. He could ease his workload if he was happy or comfortable with his level of success, he adds — but he’s unlikely to stop trying to grow his restaurant chain, which could finish this year with nearly $5 billion in sales, anytime soon.

“I’m as busy as anybody I know, I travel as much as anybody I know, but I can work my schedule where I can make most of the things I need to be at with kids, family or important friends,” says Graves, who has helmed Raising Cane’s since opening its first location nearly three decades ago in Baton Rouge, Louisiana.

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Running a reportedly billion-dollar company while spending time with his wife and two children is a matter of “extreme logistics,” he says — setting family time in stone in his calendar, and making a conscious effort to be present during those times, even if he’s tired. At times, his wife has even brought their two kids to his office for dinner and playtime, so he could see them before their bedtimes, he told CNBC Make It last week.

“There’s always something to work on and you’ll just constantly do it, so it’s being very diligent on planning,” says Graves. “You might be tired, but you’re not going to be dragging around … You’re going to be just as enthusiastic for those special times [with your family].”

Graves’ “extreme logistics” approach includes elements of timeboxing, a productivity strategy where you set allotted times in your schedule for specific tasks, and when each time is up, you move to the next box on your calendar — no matter what.

Using a timebox calendar can help with procrastination, bestselling author and behavioral design expert Nir Eyal told CNBC Make It in June: “If you don’t have time for exercise, time with your family, time with your friends, time for focused work, it’s not going to get done.”

You can similarly schedule wellness days into your life, psychologist Casey Tallent told CNBC Make It in September. Intentionally dedicate your days off work to specific goals, she recommended: connecting with others, catching up on sleep, focusing on yourself, a day with less social media and a day with no schedule.

“Our society focuses so much on keeping up and doing things for others, but bringing that back to you so that you have more to give on those other days is so important,” said Tallent.

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For years, 36-year-old Anders Boisen lived in apartments all over the city of Aarhus, the second-largest in Denmark.

Despite having a comfortable living situation — a two-bedroom apartment he shared with a girlfriend at the time — and a job working in city development at a local municipality, Boisen tells CNBC Make It he felt confined by his lifestyle and the societal pressure of what life should look like at his age.

“I had this claustrophobic feeling about living in an apartment, not so much because of the size of it but more because of the lifestyle that seems so predefined,” he says.

During that time, Boisen came across a YouTube Channel that featured people living in tiny homes that were totally off the grid.

“I thought it was very inspirational, and it opened my eyes to a new possibility where I could actually live more economically free, and I could also live relatively sustainably,” he says. “If I could build a house that is off the grid and in sync with nature, then maybe I could learn how to get a better sense of life on a philosophical level.”

Boisen left his apartment and moved into a garden house where he came up with the idea to build a tiny home of his own. In 2018, Boisen started building a mobile one, but it was stolen just a few months later.

“It was all over the news here in Denmark, but we didn’t find it,” Boisen says.

But Boisen didn’t give up and started building another the following year. In the spring of 2020, Boisen finished the tiny home after working on it on and off for eight months.

He did most of the building himself and estimates he spent 80,000 to 90,000 Danish Krone or USD $11,366 to $12,787.

The tiny house is six and a half meters long and two and a half meters wide, or 21.3 feet long by 6.6 feet wide.

At the time, Boisen lived on a piece of land he he’d been renting for over a year.

To finish building the tiny home, Boisen quit his job and focused on the project full-time. He also started a Facebook group to share his journey, and some of the people he met there helped with the building process along the way.

“I realized how personalized this home already was because I had built most of it on my own, so it was filled with my own memories and personal decisions,” he says. “But it also had the memories of all the people who came and helped out. It was qualitatively very different from what I imagine, having a contractor build a house for you.”

Since quitting his job, Boisen has made his career creating content for YouTube and giving talks around the country on tiny living and life off-the-grid.

While Boisen has fond memories of building his tiny home, he admits there were many technical issues along the way, including having to move the house itself and a hole in the roof.

“At that time I hadn’t secured the framing enough so it wasn’t stabilized. When I moved the house, it ended up tilted to one side, and it was hard to correct it later on,” Boisen says.

“It was a setback and I was kind of bummed out. In my dreams I dreamt about burning the house down because then I would get rid of the problem. But, of course, I didn’t do it but it was very stressful,” he adds laughing.

Despite those challenges, Boisen says there is no greater feeling than seeing the tiny home he built be finished.

“There were bad things but it was a nice feeling knowing I was creating something that will be my home. You get this giddy feeling because you’re so excited about the things that you’re doing. It was like realizing a dream,” Boisen says. “I wasn’t just building something like a roof over my head; I was actually building a dream. It was like stepping into a new chapter in my life and all the things that will hopefully follow in that life.”

In September 2021, Boisen bought a plot of land about 17,800 square feet outside of Aarhus for 160,000 Danish Krone, or USD $22,791, according to documents reviewed by CNBC Make It.

“It’s at the end of a dirt road and it doesn’t have immediate neighbors. It also has a meadow and a big forest adjacent to it so it feels a lot bigger than it really is,” Boisen says.

A month later, Boisen had the tiny home moved from the property he was renting to the land he now owns.

Boisen made sure his tiny home was equipped for life off the grid, which he defines as “self-sufficient with water, electricity, and heat.”

The house has a rainwater filtration system, solar panels, and batteries to store energy.

Boisen has lived in the tiny home for over four years now and says he’s run out of power several times and water just once.

Now he keeps a close eye on his water tank, takes short baths if his tank is starting to run low, and aims to save water in other ways.

“I tend to think I need power but then I think to myself is it the lack of power or is it how much power I’m actually consuming and that’s been part of my journey,” he says.

In the winter, Boisen uses less power and lives more sustainably by storing certain items like milk and condiments outside in the cold instead of using electricity for a fridge.

“The point of this house is to teach me how to consume less resources and that was part of the idea from the beginning,” Boisen says. “I wanted to see how low you can go in terms of still living comfortably in a tiny house. My journey is to not only make the tiny home liveable but also adjust my need for resources and my behavior. The house nudges my behavior in a way.”

Boisen also has a permaculture garden — which Better Homes and Gardens defines as one that ″helps build soils and doesn’t rely on synthetic inputs” — where he’s growing potatoes, several berries, apples, leeks, cabbage, and different kinds of herbs.

“I try to plant permanent plants that will give me a yield for the greatest amount of time,” he says. “I will be expanding my entire food production because right now it’s only on an experiment level, but from next season, I will expand the size of the garden considerably.”

Boisen says growing his own food is an extension of his original journey to trying to be self-sufficient.

“On a personal level it teaches me how I can be more in sync with the seasons and with nature in general. In order for me to grow food, I need to learn a whole lot about gardening. It gives me joy that every season has its own types of foods so you’re always looking forward to something and you’re always eating food that is local and seasonal.”

Boisen uses his food scraps to feed his chickens and composts it to use for the soil in his garden.

Since finishing up the initial work on the tiny home, Boisen has added a mud room and upgraded the water filtration system. He’s getting ready to build a new house and sell this one.

Boisen says the plan is to build a tiny home that is more practical for having a family and continuing a self-sufficient lifestyle: “I’m in a way, preparing for the future.”

He plans to finish the new home next spring.

Conversions to USD were done on November 15, 2024, using OANDA conversion rates. All amounts are rounded to the nearest dollar.

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Costco may have raised its prices, but right now you can snag a membership for cheaper than ever.

The warehouse store chain’s Gold Star Membership normally retails for $65. For the next few weeks, shoppers can purchase a 12-month membership through affiliate marketer StackSocial and receive a $45 Costco gift card, effectively reducing their annual rate to $20 for their first year.

The same offer is also available for Costco’s premium Executive Membership, which costs $130 per year and gives members 2% cash back on all Costco purchases. Factoring in the $45 gift card, you can get an Executive Membership for an effective annual rate of $85 for your first year.

Costco recently increased its membership rates from $60 and $120 for the Gold Star and Executive memberships, respectively.

In order to score the savings, you’ll need to purchase your membership through StackSocial. After creating your account, you will receive your $45 digital gift card via email from Costco within two weeks.

The deal is available through Dec. 22 and must be redeemed before Jan. 31 of next year. You can access the offer here.

The offer is only eligible to new members or to people whose Costco membership expired more than 18 months ago, meaning that if you already have a Costco membership, you’re out of luck.

If you’re thinking about joining Costco, which membership should you choose?

Costco’s basic Gold Star Membership gets you access to Costco warehouses, the chain’s website and its famously affordable gas stations.

The Executive Membership has all the benefits of the Gold Star membership, as well as 2% cash back on all purchases and additional savings on Costco services like their bottled water delivery and pet insurance.

If you buy your home or auto insurance through Costco, the Executive membership will get you some exclusive benefits such as roadside and lockout assistance.

Costco’s membership page includes a calculator where you can enter how much you spend at the store each month to see how much cash back you can expect to receive at the end of the year to see if the higher rate makes sense for you.

If you’re on the fence about getting the pricier option, Costco has taken the stress out of the decision. the chain promises to refund the difference in cost between a Gold Star membership and an Executive membership in your first year if you aren’t satisfied.

Keep in mind that the refund won’t happen automatically. To get your money back, you’ll need to go to your local Costco location and have the reimbursement processed at the membership desk. 

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In 2007, I made what seemed like a risky decision and dropped out of college despite owing about $50,000 in student loans. 

Fast forward to today, and I run a thriving business that generates about $18,000 a month in passive income — according to my calculations from a recent month’s deposits — while working just four hours a day.

Building passive income isn’t about finding a get-rich-quick scheme. It’s about creating valuable content and products that continue generating revenue long after the initial work is done.

Everyone starts somewhere. I began with a college dropout’s determination and a love for creating videos. My journey from there to successful entrepreneur and coach taught me valuable lessons about building sustainable passive income. 

Here are my top four tips for anyone looking to start their own passive income journey.

Many aspiring entrepreneurs get caught up in the excitement of “scaling” their business before they’ve proven a single successful business model. I fell into this trap early on after listening to many thought leaders talk about diversifying your revenue. It’s a recipe for distraction and mediocrity.

My own breakthrough came when I decided to focus entirely on one revenue stream until it worked.

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I began with a social media marketing agency and nailed that process before I started on my first passive income idea — a course. The course wouldn’t have been possible if not for the work I’d done in my agency to learn the material well enough to teach it.

I gleaned invaluable lessons about:

• What my audience truly wanted
• How to create and market digital products
• How to set the right pricing strategy
• How to automate delivery and support

Only after I had a proven, profitable system did I consider expanding into other revenue streams. This patient, methodical approach meant each new venture had a stronger foundation built on real experience and success.

So don’t rush to diversify. Take the time to work through the challenges of creating your first successful revenue stream. The skills and insights you gain will make you much better at launching and growing any future income streams.

My best business decisions came from listening to my audience. When my community repeatedly asked for a book about video content strategy, I wrote the book “Vlog Like a Boss.” When readers wanted more morning routine guidance, I created “Good Morning, Good Life.”

These products weren’t just random ideas — they were direct responses to market demand. “Good Morning, Good Life” later inspired a paper planner, which added another significant revenue stream to my business.

Your audience will tell you what they want to buy. Your job is to listen and deliver.

The secret to working only four hours a day isn’t working less — it’s working smart. Each video I create takes about two hours total: one hour for preparation and one hour for filming. But once published, it continues earning indefinitely.

I’ve created more than 1,000 videos about productivity and brand-building. While that sounds overwhelming, it’s the result of consistent, systematic content creation over time. Each piece of content serves as a building block in my passive income architecture.

For example, one video I made last year is called “How To Plan a Productive September (That You Actually Look Forward To!)” It has brought in more than $1,100 in ad revenue to date, and it also promotes one of my most successful, high-profit-margin passive income products, the “Good Morning, Good Life” digital planner. 

This video continues to drive sales and ad revenue more than a year after publication. It’s not just content — it’s a systematic sales engine.

Despite dropping out of college, I never stopped learning. Every stage of my business required new skills:

• Video editing for YouTube
• Writing for books
• Product development for planners
• The ability to stay motivated for persevering through it all

While you can learn many things through trial and error, getting guidance from smart people can accelerate your progress significantly. That’s why I invest in myself and hire coaches in my life and for my business that continue to make me better. 

Coaching my own clients in turn is one of the most fulfilling things I do. I love showing people how to skip all the mistakes I made and go straight for the blueprint that builds a business they love.

Amy Landino is a personal brand coach and the award-winning creator of AmyTV on YouTube. She is an instructor in CNBC’s online course How to Earn Passive Income Online. Follow her on Instagram.

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