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So this guy, his name is Jake, and Jake really wants to be rich.
Mark Tilbury shares honest advice on getting rich, focusing on skill-building, smart investing, and long-term wealth strategies.
Key Takeaways
- Master high-income skills to create a strong foundation for wealth.
- Avoid impulsive financial decisions; protect and grow your money through smart investments.
- Wealth building is a marathon, not a sprint—patience and persistence are essential.
- Invest regularly in assets that appreciate over time, such as the stock market.
- Long-term passive income is key to financial freedom and sustainability.
Summary
- Jake, a young man from a poor background, seeks advice on becoming rich but faces skepticism from an older man.
- Mark Tilbury intervenes, emphasizing that young people today face different challenges and need support, not criticism.
- He introduces five principles for wealth creation, starting with sharpening high-income skills such as video editing and copywriting.
- Mark stresses the importance of mastering skills before rushing to start a business or seek quick money.
- He advises extending the timeline for wealth-building, focusing on sustainable growth rather than quick riches.
- The second principle is to avoid losing money by investing wisely and letting compound interest work over time.
- Mark highlights the importance of locking money away in investments like stocks, real estate, or other assets to grow wealth.
- He shares his personal experience of generating passive income from long-term stock investments.
- Mark encourages investing a percentage of income regularly and explains the power of low-cost index funds like the S&P 500.
- He dispels the myth that wealth is about flashy spending, emphasizing discipline, patience, and consistent effort.
Full Transcript — Download SRT & Markdown
Speaker A
But he comes from a pretty poor background, was raised by a single mother, and lacks any positive male role models.
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Despite this, he's still ambitious and always looking for advice on how to make it big.
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Recently, Jake started working at one of my favorite cafes.
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And while I was sitting in my usual corner, I saw him approach an older guy dressed in a suit.
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Let's call him Mr. Grumpy because I've seen him around, but he never has a smile on his face, so when Jake asked him for some advice, I knew it wasn't going to go well.
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Mr. Grumpy just bluntly told him that the younger generation was lazy and didn't know the first thing about hard work.
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Jake tried to tell him that he's working hard to pay for college and has big plans for the future, but things aren't the same nowadays.
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But it was no use, old Grumpy didn't even let him finish and snapped back, he said that younger people are just full of excuses and want everything handed to them on a silver platter.
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Coming from a humble background and having made my first million in my 20s, I saw lots of similarities between myself and Jake.
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So, I couldn't just sit idly by.
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I got up and approached them.
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I looked Mr. Grumpy directly in the eyes and said something along these lines.
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Times have indeed changed, and so have the challenges young people face today.
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Yes, our generation worked hard, but that doesn't mean young people aren't working just as hard today.
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Jake is juggling school and a job and planning for his future.
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The world is honestly more complex now.
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The path to success isn't as straightforward as it used to be.
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We need to support and encourage the younger generation, not belittle them.
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They're the backbone and future leaders of this world.
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We should be guiding them with our experience, not dismantling their efforts.
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I wish I could tell you I changed his views on youngsters, but honestly, I reckon my words pretty much entered one ear and went right out the other.
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Some older people are just so stuck in their ways.
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But we're not all like that.
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Later, when Jake was grabbing a bite on his lunch break, I sat with him for a good hour, sharing some real-world advice to help him get ahead.
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This whole experience with Jake really got me thinking, there must be thousands, actually, probably millions of young motivated people like Jake out there.
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So, I thought today, I'll break down the advice I gave Jake into five principles that anyone can follow to become wealthy.
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Principle one:
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Sharpen your skills.
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For the first 10 years of your life, you're just a kid having mindless fun.
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And the next 10 years, you're stuck in a classroom being taught mostly useless information like Pythagoras's theorem and Shakespeare.
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It's only when you hit your 20s that you step into the big bad world.
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And start figuring out how to earn money.
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So, when you see 20-year-olds driving around in Lambos on social media.
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It can make you feel pretty bad.
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But don't blame yourself for not having it all figured out yet.
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The school system didn't prepare you for the real world.
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Really and truly, you're just getting started.
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If this sounds like you, then don't just focus on earning millions at this stage.
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You need to obsess over sharpening your axe.
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So it looks a bit more like this.
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Lots of people skip this part of the process and just try to start a business.
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As they've heard it's the way to become rich.
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However, they're doing the equivalent of trying to cut down a tree with a blunt axe.
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It's simply just not going to work.
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So, how do you sharpen your axe so that when you go for the big money, you can easily cut down a tree with a few strong swings?
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Well, it all comes down to mastering high-income skills.
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These are the skills that can make you at least $10,000 per month.
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Some great examples nowadays are video editing, copywriting, high ticket closing, and software development.
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The amount you can make with skills like these will change depending on supply and demand.
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But mastering one or two of these skills can put you in a really great position early on in life.
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My son Curtis honed his videography and editing skills while still in school.
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Upon graduating, he quickly acquired clients and was earning $10,000 a month within a year.
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However, the money wasn't as important as the opportunities his skills provided, they allowed him to interact with extremely successful people and gain access to valuable information that others paid thousands for.
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This is the true power of a high-income skill.
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It opens doors.
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So, think about what doors you want to open and pick one or two high-income skills that will help you get there.
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Don't rush this step, sharpening your axe takes time and dedication.
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This is a marathon, it's not a sprint.
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You don't have to make a ton of money really fast and just show it off.
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You should aim to last and not become a one-hit wonder.
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So, extend your timeline.
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Stop thinking you need to become a millionaire in one or two years.
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If you learn the right skills, then the millions will follow.
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Just trust the process.
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Once you have a sharp axe, it's also quite nice to know that even if somebody took away all your money.
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You'll still be able to make far more money than the average person.
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Most self-made millionaires say, they can make it all back faster a second time around.
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As they already have the knowledge and the skills to do it.
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Principle two:
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Don't lose money.
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Your money is like this stack of cookies.
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The more you handle them, the more they'll just crumble away.
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The key is to stop messing with your money, thinking, I'm going to put it here, trade this, buy that.
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As the harsh reality is, you're probably making the wrong decisions.
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How do you think Warren Buffett made 99% of his $137 billion net worth after his 50th birthday?
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It's because he understood that real money is made through compound interest.
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However, this can't happen if it's too easy to access your money.
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As it's just too tempting.
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That's why you need to lock it away somewhere where it can grow in peace.
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But you can't just lock your money away in a bank account and expect it to grow.
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You need to invest it in assets.
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There are lots of different asset classes you can choose from like real estate, high-end watches and gold.
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However, my favorite has to be the stock market.
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I've personally made millions doing this.
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But here's the thing, youngsters these days dream about popping bottles and zipping around in flashy sports cars.
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Saving money, not so much.
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But take it from me, making a million dollars once is nothing special.
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You're only a legend if you can do it again and again.
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So, after you've pocketed your first million, the real game begins.
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Can you keep it and more importantly, grow it into a fortune?
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The best thing you can do is get that money away from you and into investments as soon as possible.
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That's what I did when I was younger, and I made a rule, never to sell my long-term stocks.
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I'm now at the point where these investments make me around $17,000 a week in passive income.
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Which means I can more than live off what my investments generate.
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And I never have to touch the money I work for.
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Once I invested my money, I never saw it as mine, and you know what?
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It lit a fire inside me that you wouldn't believe.
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I was always hustling for more because I constantly felt like I was broke.
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It's like a boxer who's training in some beaten down old gym.
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Often, that's the guy who ends up beating the boxer who's got access to the most luxurious training facilities.
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So, if you want to start investing, then firstly decide how much of your income you're going to invest every month.
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Don't make it an exact amount, but instead, a percentage.
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As an example, if you invested $250 a month in a low-cost index fund and got an average annual return of 10%.
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Then in 40 years, you'd have over $1.5 million.
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Of course, investments can go up and down.
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However, the S&P 500 index fund has actually given a 10.98% average annual return over the last decade.
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It doesn't really matter what you choose to invest.
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Just make sure it's an amount you can stay consistent with.
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Here's a fun experiment my son's been doing.
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He set his Trading 212 app to auto-invest £5 every single day, the price of a Starbucks coffee.
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And guess what, after about 10 months, he's already made £164, which is about $200.
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With an impressive 11.14% return.
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The app also gave him a 12-month value projection when he started.
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And he's bang on target to hit it in a couple of months.
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Since I was planning to talk about Trading 212 anyway, I reached out to them to see if they'd be interested in sponsoring this portion of the video.
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They agreed and are offering a fractional free share worth up to £100 to anyone that uses the code Tilbury when they create an account.
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Plus, you can get more free stocks by inviting your friends.
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Both of you will get a free share.
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As long as they fund their account.
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Also, don't worry if you've already opened an account within the last 10 days.
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You can still use the promo code Tilbury in the app and receive your free share.
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Principle three:
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Leverage your time.
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This is the biggest thing stopping you becoming rich.
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You might think you fear failure.
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However, in reality, you're probably more concerned about how others will judge you if you fail.
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You see, I've spoken to so many young people like Jake who have big dreams.
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But are too scared to take a risk and step out of the norm, as they're so paralyzed by fear.
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However, taking calculated risks is the only way to get ahead of everyone else.
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Think about it for a second.
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If you're just doing the same thing as the majority of people.
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Then you're going to get the same results, right?
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These risks might not always pay off, but luckily, when you're younger, you have one huge advantage, time.
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This is the most valuable thing you have.
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If you have this much time, your fear levels should be at their least.
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Look, I know the real world isn't this logical.
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I remember feeling scared when I considered quitting my job as a carpenter due to the constant bullying from my manager.
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After much thought, I decided to take the risk.
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Quitting turned out to be the best decision I ever made.
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If I'd allowed my fear to overcome me, then I wouldn't be sitting here today.
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This applies to investing as well.
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When you're younger, you don't really want to be investing in bonds and gold.
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These investments are more for older folks like me that want to protect our wealth and not experience big market crashes.
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I don't have years to wait if my portfolio loses a lot of value.
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However, you probably do.
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Which means you can afford to take more risks as you're leveraging your time.
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Sometimes you just have to go for it.
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Not taking opportunities can lead to regret, and you may find yourself wondering how your life could have been different.
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As you get older, the ability to take risks will get smaller and smaller.
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So, be adventurous, don't worry too much about what might or might not happen.
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Don't find yourself saying, I wish I'd done that or I once had a great idea for a business.
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As long as you have time on your side, then failure really isn't a bad thing.
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You should just see it as testing.
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Most successful people you look up to have failed hundreds of times before achieving success.
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You can't have one without the other.
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Success is just the reward you get for enduring and learning from failure.
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So, if your scales look like this, then stop worrying and overthinking things.
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Be brave and seize the opportunities that come your way.
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Principle four:
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Always be the student.
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This is known as the Dunning-Kruger effect curve.
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And it shows how our level of knowledge affects our confidence.
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Most people never get off Mount Stupid.
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This isn't because they're lazy or unintelligent, it's because of their arrogance.
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They believe getting rich is down to luck, when actually, it's a learnable skill.
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It's a never-ending process of learning and applying.
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Even at my ancient age, I still do my best to learn about what's currently going on.
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I use YouTube, TikTok, and I keep up to date with financial news.
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This allows me to spot opportunities before other people of my generation.
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So, remain a student for as long as you can.
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Not in the traditional way, just make sure to learn from those that are ahead of you.
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This is a long process.
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And you have to earn your stripes.
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You can't just jump to the finish line.
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So, learn and respect the process.
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Even now, whenever I meet someone new, I challenge myself to learn something from them that I didn't know before.
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This helps me stay humble because, when you get to my age, you still don't know everything.
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If you get into the habit of constantly learning, then I guarantee you'll make far more money.
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I mean, if I didn't know about crypto back in 2019, then I wouldn't have invested a small portion of my portfolio and made crazy amounts of money.
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But we're taught the opposite in the Western world.
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We're told to go to school till we're about 18, then choose a college or university, go there for three years, and then all learning's done.
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So, that means most people stop learning when they're in their 20s.
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This approach to learning is completely broken.
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The world is progressing faster than ever, and if you want to keep up, then you need to keep giving your brain software updates.
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Just like computers, if you don't keep updating your brain and keeping it clear of viruses, which in this case is outdated knowledge, it will eventually break down.
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The phrase, if you don't use it, you'll lose it, has never been more true.
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If I didn't start thinking this way when I was younger, then right now, I'd probably be sat on the porch dribbling into my dinner, not knowing what's going on.
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Principle five:
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Choose your circle wisely.
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If you want to become the first millionaire in your family, then you need to break the poverty cycle.
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This 2024 study by the National Bureau of Economic Research says you can improve your chances of becoming rich by befriending a specific type of person.
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Any guesses who that might be?
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Of course, it's wealthy people.
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But maybe not for the reasons you're expecting.
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They found that every 10% increase in wealthy friends was associated with nearly 3% greater chance of stock market participation for that person and a 5% increase in the chance they saved money.
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This makes sense as when I post videos explaining how to invest in the stock market.
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I'm always shocked at how many comments I get saying, if it's that simple, why isn't everyone investing in the stock market?
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The truth is, everyone should be doing it, however, they're being held back by their circle of influence.
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People are nervous about investing and starting side hustles, but once they start making friends that can help guide them and explain things they don't understand in plain English.
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It dramatically improves their chances of becoming rich.
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Look, I'm not saying you should ditch all your old friends.
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And I'm also not saying that you should become friends with someone just because they're rich.
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Maybe just consider joining clubs where rich people often spend time, and you'll naturally become friends with these kinds of people without having to force anything.
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If you've made it to this part of the video, I'm sure you'll be successful in life, as you're young, ambitious, and clearly want to make it big.
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I love young people like you, you're the backbone of the world.
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Be that in America, the UK, Africa, or China, I don't care what country you live in.
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Without your brains, ideas, and drive, the world would just fall apart.
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I'm going to die along with the other older people, and then it's over to you.
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You are the future leaders of this world, so don't be afraid to go after what you want.
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And remember, there are still some older people like myself that understand and care about the younger generation.
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And you have my word, I will always defend you if some old fart is talking down to you guys.
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If you want to learn how to invest for beginners, then you should watch this next video.
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But don't click on it just yet, make sure to subscribe if you want to grow your wealth, okay?
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I'll see you over there.
Topics:Mark Tilburyget rich advicehigh-income skillsinvestingcompound interestwealth buildingfinancial advicepassive incomestock marketlong-term investing
