A Millionaires Masterclass In Business, Side-Hustles and Passive Income - Mark Tilbury

Deep Dive with Ali Abdaal

23 Mar 2023107:59

EducationalLearning

32 Likes 10 Comments

TLDRIn this enlightening episode of the 'Deep Dive' podcast, the host engages in a stimulating conversation with multi-millionaire CEO Mark Tilbury. Mark shares his unconventional journey from leaving school at 16 to becoming a successful entrepreneur, emphasizing the value of trades and self-employment over traditional education. They delve into strategies for building businesses, the significance of investing early, and the mindset required for financial growth. Additionally, Mark reflects on work-life balance, the impact of internet fame, and the nuances of running a business with family, offering invaluable insights for aspiring entrepreneurs and those seeking to enrich their financial literacy.

Takeaways

💡 Embrace the excitement and potential of starting fresh, especially at a young age, as it presents an opportunity to explore new ventures.
🚀 The journey of entrepreneurship involves taking risks, learning from failures, and constantly adapting to changes in the business environment.
🛠️ Acquiring a trade or a specific skill set can provide a solid foundation and a fallback option, highlighting the value of practical skills over traditional education paths for some individuals.
🎓 There's a discussion on the perceived overemphasis on university education, suggesting that practical skills and trades offer valuable and often overlooked career paths.
💼 The essence of business is described as buying or creating something and selling it at a profit, emphasizing that side hustles are essentially businesses on a smaller scale.
🤝 Working with family in business can be challenging but ultimately fulfilling, providing a unique dynamic to the entrepreneurial journey.
🌟 The importance of taking action and trying new things is highlighted, as opposed to just seeking advice without implementing it.
📈 Discusses the concept of generational wealth and the importance of building and passing on wealth through generations.
🏦 Shares personal views on investing, particularly in index funds, advocating for starting early and consistently contributing to build long-term wealth.
🔄 The conversation touches on the balance between saving and spending, suggesting that while budgeting is crucial, finding ways to earn more is equally important.

Q & A

What is Mark Tilbury's background before becoming a multi-million dollar CEO?
-Mark Tilbury left school at the age of 16 with no qualifications and no money. He had a winding career trajectory, took a couple of risks, and ended up starting his first business. Over 30 years later, he became a multi-million dollar CEO.
What does Mark Tilbury think about the value of trades compared to university education?
-Mark Tilbury believes too many people go to university and that a significant portion could have pursued careers as plumbers, electricians, or carpenters, which could lead to owning their own businesses. He sees a shortage in these trades because of the emphasis on university education.
What advice does Mark Tilbury give to young people unsure about their future careers?
-Mark Tilbury advises young people to spend time doing a variety of different jobs to find out what they do not like. This process helps them understand what careers they might be interested in before deciding whether to go to university or pursue a trade.
How does Mark Tilbury describe the concept of a 'trade'?
-Mark Tilbury defines a 'trade' as any skill that takes time to learn through a proper apprenticeship, including professions like plumbers, electricians, and carpenters, which are essential for household needs.
What was Mark Tilbury's initial career after leaving school?
-After leaving school, Mark Tilbury became a carpenter joiner and completed an apprenticeship in this trade for three and a half years.
Why did Mark Tilbury decide to start his own business?
-Mark Tilbury decided to start his own business after realizing the importance of making money work for him, as advised by a wealthy individual he met during a job. He saw starting a business as a way to earn beyond selling his time by the hour.
What was Mark Tilbury's first business?
-Mark Tilbury's first business was a shop selling radio control models, which he started after recognizing the potential in his hobby and noticing a gap in the market.
How did Mark Tilbury feel about borrowing money to start his business?
-Initially, Mark Tilbury was averse to borrowing money but learned the importance of using loans to finance business growth. He emphasizes that while being cautious about loans, they can be a tool for expanding a business if used wisely.
What does Mark Tilbury think about the importance of work-life balance for entrepreneurs?
-Mark Tilbury believes that work-life balance is crucial but acknowledges it can be challenging to achieve, especially during the early stages of building a business. He emphasizes the importance of being honest with partners and family about time commitments.
How does Mark Tilbury view the concept of 'passive income'?
-Mark Tilbury sees 'passive income' not as income that requires no effort but as income that results from initial investments of time or money. He believes in actively managing and investing in ventures that can generate income over time.

Outlines

00:00

🚀 Entrepreneurial Insights from Mark Tilbury

This segment features a podcast discussion with Mark Tilbury, who shares his journey from leaving school at 16 to becoming a successful entrepreneur. Emphasizing the value of self-employment and side hustles over traditional education, Tilbury discusses the importance of financial literacy and taking risks at a young age. He also criticizes the conventional education system for not teaching financial skills and stresses the need for young people to understand the value of time and seize opportunities to build wealth.

05:02

🎓 Debating the Value of University Education

In this part, Mark Tilbury expresses skepticism about the universal push towards university education, suggesting that vocational trades and apprenticeships can be equally, if not more, valuable. He highlights the shortage of skilled tradespeople and the potential financial benefits of learning a trade over pursuing a university degree. Tilbury also touches on the financial burden of student debt and encourages exploring diverse work experiences to truly understand personal career preferences.

10:03

🌟 Transitioning from Trade to Entrepreneurship

Here, Mark Tilbury recounts his transition from being a carpenter to starting his own business, driven by the desire to control his income and not be capped by hourly wages. He shares a pivotal conversation with a wealthy individual that inspired him to think about investing and making money work for him. The segment also delves into the importance of finding a mentor and being open to learning from various life experiences to foster a successful entrepreneurial mindset.

15:04

💼 The Realities of Starting a Business

Mark Tilbury discusses the early stages of his business journey, emphasizing the challenges and uncertainties of entrepreneurship. He recounts how he was initially turned down by one bank but then successfully secured funding from another to start his model shop business. This story illustrates the resilience needed in entrepreneurship and the satisfaction derived from turning a passion into a profitable venture.

20:06

🛣️ Career Reflections and Aspirations

In this segment, Mark Tilbury reflects on his varied interests and the paths he could have pursued, highlighting how his entrepreneurial journey allowed him to explore different arenas like racing and flying model planes. He contrasts his experience with today's world, where young people have more perceived possibilities and encourages pursuing passions while being open to where life may lead.

25:06

📈 Importance of Diversifying Income and Investing

Tilbury stresses the significance of not just earning money but also investing it wisely. He shares his approach to financial growth through diversification and investing in index funds, underlining the power of compound interest over time. He also discusses the value of learning from every opportunity and the importance of adapting to changes, like the shift from physical stores to online sales.

30:07

🏡 Perspectives on Property and Financial Independence

Mark Tilbury provides insights into his views on financial stability, advocating for owning property and paying off debts as a foundation for security. He discusses the strategic aspects of real estate investment and the benefits of owning versus renting, emphasizing the peace of mind and freedom that financial independence brings.

35:07

🌟 Leveraging Passion into Profit

In this concluding segment, Tilbury shares how he turned his passion for model airplanes into a lucrative business, detailing the process of designing, manufacturing, and distributing his products. He highlights the joys of seeing his creations being enjoyed by others and the importance of aligning business ventures with personal interests for sustained success and fulfillment.

Mindmap

Keywords

💡Entrepreneurship

Entrepreneurship refers to the process of starting and running one's own business. In the video, Mark Tilbury shares his journey from leaving school at 16 to becoming a successful entrepreneur, emphasizing the risks, challenges, and rewards of this path. He discusses starting his first business, indicating the entrepreneurial spirit of creating opportunities and taking risks to achieve business success.

💡Financial Independence

Financial Independence is the state of having sufficient personal wealth to live without having to work actively for basic necessities. In the video, Mark Tilbury talks about his path to financial independence, starting with no money and building a successful business, highlighting the importance of making money work for you, which is a key concept in achieving financial independence.

💡Investing

Investing is the act of allocating resources, usually money, with the expectation of generating income or profit. The video touches on this topic when discussing the importance of investing and having money work for you. Mark Tilbury advises on the benefits of long-term investments like index funds, underscoring investing as a crucial tool for financial growth and stability.

💡Side Hustles

Side hustles are additional jobs or projects taken on outside of one's primary job to supplement income. Mark Tilbury mentions engaging in various side hustles, like repairing model airplanes, highlighting their importance in generating additional income and gaining valuable experience in the early stages of an entrepreneurial journey.

💡Passive Income

Passive income refers to earnings derived from ventures in which a person is not actively involved. In the video, passive income is discussed as an essential concept for financial freedom. Mark Tilbury explains how building businesses and investing can lead to income streams that require minimal ongoing effort, emphasizing the role of passive income in achieving long-term financial security.

💡Risk-taking

Risk-taking involves engaging in actions that expose one to the possibility of loss or failure. The video highlights this when Mark Tilbury shares his experiences of starting a business at a young age, illustrating how embracing risks can lead to significant rewards in business and entrepreneurship.

💡Work-Life Balance

Work-life balance is the equilibrium between personal life and occupational or professional activities. The video touches on this concept, discussing the challenges entrepreneurs face in balancing their business commitments with personal life, and how this balance evolves as one achieves financial stability and success.

💡Business Strategy

Business strategy refers to the actions and decisions that a company makes to reach its business goals. Mark Tilbury discusses his approach to business, such as adapting to market changes and investing in his business ventures, showcasing how strategic planning and adaptation are vital for business longevity and success.

💡Wealth Management

Wealth management is the consultative process of meeting the needs and wants of affluent clients by providing appropriate financial products and services. The video explores this concept as Mark Tilbury talks about managing his earnings through investments and business decisions, underlining the importance of wealth management in growing and preserving financial assets.

💡Value Creation

Value creation in business refers to the process of providing products or services that customers find consistently useful. In the video, this is evident when Mark Tilbury speaks about his model business, where he designs, manufactures, and sells model airplanes, highlighting the importance of creating value for customers as a cornerstone of business success.

Highlights

Discussing the excitement and possibilities of restarting at a young age with Mark Tilbury.

Mark Tilbury's journey from leaving school at 16 to becoming a multi-million dollar CEO.

The importance of getting a trade and how it can lead to entrepreneurship.

Mark's perspective on university education and its alternatives.

The value of experiencing different jobs to find out what you don't like.

How Mark transitioned from a carpenter to starting his own business.

The significance of learning to make money work for you.

The concept of selling all your time and the limitations it brings.

Mark's approach to earning, learning, and investing from a young age.

The journey of opening a model shop and navigating business financing.

The impact of internet fame and the fulfillment from helping others through content.

The debate around work-life balance and the value of hard work in entrepreneurship.

Mark's take on buying versus renting a house and the importance of ownership.

Running a business with family members and the dynamics it involves.

The discussion on investing, saving, and the approach to building wealth over time.

Mark's experience and advice on the importance of experiences and living a fulfilled life.

Transcripts

Browse More Related Video

The 3 MONEY MYTHS That Keep You Poor! (How To Build Wealth) | Jaspreet Singh & Jay Shetty

Dr. Velumani On Building ₹5000 Crore Business, Poverty, Risk & Success | FO174 | Raj Shamani

Iman Gadzhi - The Voice of Future Millionaires (E021)

🔴 How to Launch a Creative Business From Zero

LUKE BELMAR X LEARN WITH SHOPIFY: The Millionaire Mindset (Podcast Interview)

The Money Expert: From $0 to Millions In 2 Years Without Any Hard Work!: Codie Sanchez | E258