Added: Nov 14, 2023
In this podcast episode, Erica Colberg interviews self-made millionaire Mark Tilbury about the importance of side hustles and how they can help you achieve financial success. Mark shares his personal journey from humble beginnings to becoming a successful entrepreneur and offers valuable insights into the world of business and finance.Mark emphasizes the importance of having an emergency fund as the first step towards financial security. He recommends saving in a bank with easy access to the money, even if it means sacrificing potential returns. He believes that having an emergency fund is crucial for avoiding debt and unexpected financial setbacks.
When it comes to saving money, Mark encourages people to negotiate for higher pay if they believe they are worth more. He suggests that if you are generating value for your employer, you should be compensated accordingly. Additionally, he advises individuals to explore side hustles as a way to increase their income. Mark shares his own experience of bartending as a side hustle during law school, highlighting the social aspect and potential for earning tips.
Mark also stresses the importance of investing in oneself. He recommends investing in education and skill development, as well as setting up regular contributions to an index fund or retirement account. He believes that starting early and consistently contributing to investments can lead to long-term financial growth.
In terms of business investments, Mark shares that he has made significant investments in his model industry business, with some reaching up to a quarter of a million dollars. He emphasizes the importance of organic growth and being cautious about over-investing, as it can lead to short-term success but may not be sustainable in the long run.
One of the key takeaways from the podcast is the importance of starting a side hustle. Mark emphasizes that a side hustle can be a stepping stone to a larger business venture and encourages listeners to explore opportunities that can be pursued from a laptop. He highlights the potential for earning additional income through activities such as creating YouTube thumbnails, offering freelance services, or investing in real estate. Mark also discusses the concept of "house hacking," which involves renting out a portion of a property to cover expenses and generate passive income.
Another important topic covered in the podcast is the significance of taking calculated risks. Mark advises listeners to embrace risk-taking, particularly in their 20s and 30s, as it can lead to valuable learning experiences and opportunities for growth. He shares personal anecdotes about his own risk-taking ventures, such as investing in cryptocurrency and navigating the housing market during the 2008 financial crisis. Mark emphasizes the need to be prepared to seize opportunities when they arise and to continuously educate oneself in order to make informed decisions.
Furthermore, Mark challenges the traditional notion of homeownership as a sound investment. He argues that buying a house to live in may not always be the best financial decision, especially for young individuals. Instead, he suggests exploring alternative strategies such as renting out a property or house hacking to generate income and build wealth. Mark also emphasizes the importance of financial independence and the need to avoid relying on handouts, encouraging individuals to take ownership of their financial future.
Throughout the podcast, Mark emphasizes the value of continuous learning and adaptability. He shares personal anecdotes about seizing opportunities through travel and face-to-face interactions, highlighting the importance of building personal connections and fostering loyalty in business relationships. Mark encourages listeners to embrace new experiences, take calculated risks, and invest in their future.
