Speaker A
A lot of you probably weren't expecting this. Normally, I tell you what not to buy, but today, I'm going rogue and doing the complete opposite. So, here are 10 things that you should buy as soon as you get some money.
Mark Tilbury reveals 10 essential upgrades to make once you get money, covering investments, outsourcing, education, relationships, and mindset.
Key Takeaways
- Investing in both traditional and alternative assets can yield high returns if chosen wisely.
- Outsourcing tasks is financially beneficial when it frees up your time for higher-value activities.
- Continuous learning through books and mentorship is crucial for business and financial growth.
- Your personal relationships, especially with your partner, play a significant role in your financial success.
- Balancing hard work with adequate rest is essential for sustainable achievement.
Summary
- Invest wisely by upgrading your portfolio and considering alternative assets like classic cars, watches, and fine wine.
- Outsource time-consuming tasks such as cleaning and cooking when it costs less than your effective hourly rate to save time for business or side hustles.
- Invest in books that provide valuable business and investing insights to accelerate your learning and mindset.
- Choose your partner wisely, as the right relationship can significantly impact your wealth and success.
- Upgrade your mentors and teachers by learning from successful people and leveraging free online resources like podcasts and YouTube.
- Develop a high-income skill to create your own products or services and increase your earning potential.
- Invest in quality tools and equipment that improve your productivity and the perception of your business.
- Use efficient business management software like Odoo to keep track of finances and operations effectively.
- Prioritize rest and listen to your body to maintain long-term productivity and success.
- Understand the psychological impact of purchases and focus on experiences over material goods for lasting satisfaction.
Chapters
- 00:00Introduction and Overview of 10 Upgrades
- 01:01Investments and Alternative Assets
- 01:59Outsourcing Time-Consuming Tasks
- 02:57Books for Business and Investing
- 04:02Choosing the Right Partner
- 05:59Upgrading Your Mentors and Learning
- 08:16Investing in Tools and Business Software
- 12:20Rest, Productivity, and Psychological Insights
Full Transcript — Download SRT & Markdown
Speaker A
[music] I've made loads of videos about investing on this channel that are applicable to almost anyone, [music] no matter your starting point. So, if you haven't started investing, you should definitely watch those and focus on building a solid foundation first before
Speaker A
trying any of this stuff. But, let's say you've already built a free fund portfolio or have some sort of index fund strategy, and you've got some spare money that you can afford to lose. It might be time to upgrade your
Speaker A
investments. I actually made a video a few years back on this channel where I put a blindfold on and threw a dart at a random stock to invest in. It landed on Samsung, and believe it or not, that very same investment is now sitting at
Speaker A
nearly 500% return. There is, of course, a certain amount of risk that comes with investing in individual stocks, as investments can go up as well as down.
Speaker A
But, if you pick your investments well, then you set yourself up for the highest chance of success. But, what about alternative investments? Well, for those that have been watching me for a while now, you'll know that I'm a massive car
Speaker A
fan. And when I was younger, I actually used to buy and sell cars for a bit of extra cash. I still remember picking up a Ford Fiesta XR2 for 1,750 lb, which is around $2,350, and later selling it for around 2,700
Speaker A
lb. The annoying thing is, if I'd held on to it till today, I would have made a 1,000% return, because the car's value has shot up over the last few years.
Speaker A
But, it's not just classic cars, certain watches, fine wine, and art all have the potential to hold or even increase in value over time. And unlike numbers going up and down on a screen, these are real assets that you get to live with
Speaker A
and enjoy. [music] The average person spends between 4 and 5 hours every week cleaning their house.
Speaker A
That's around 234 hours every year. Now, imagine you had an extra 29 days to put towards your business or side hustle.
Speaker A
How much extra money could you make? And it's not just cleaning that you could outsource. Cooking, gardening, driving, or even walking your dog. Now, of course, hiring other people to do tasks does cost money. So, the real question
Speaker A
is, when is it actually worth it? And that comes down to one simple number, your effective hourly rate. You simply take how much you earn in a year and divide it by how many hours you work.
Speaker A
So, let's say you earn $80,000 a year and work around 40 hours a week or around 2,000 hours a year after factoring in some time off. That would mean your effective hourly rate is $40 per hour. My golden rule is, the
Speaker A
moment you can pay someone less than that rate to take a job off your hands, you should seriously consider [music] it.
Speaker A
Now, this is probably the cheapest of all the items on my list, but the return on investment is massive. For the price of a couple of cups of coffee, you can basically absorb decades of someone's life summarized within a couple of
Speaker A
hundred pages. Back in school, when I was failing my exams and suffering with dyslexia, I never thought I'd be sat here talking about books. But one day, a friend of mine gave me this book and it changed my perspective forever. It's
Speaker A
called Virgin King and it wasn't a bit of schoolboy banter, if you get what I mean. It's a biography about Richard Branson and at the time, he was always in the news headlines pulling the most outrageous marketing stunts that forced
Speaker A
the world to pay attention to his businesses and I was instantly inspired. I mean, this was a British guy who had severe dyslexia, was written off by all his teachers and left school with no qualifications, just like me. And then
Speaker A
against all the odds, he managed to become one of the most successful entrepreneurs to ever live. So, if you've been waiting for a sign to start that business, side hustle, or anything else, let this be it. Here are four books I'd
Speaker A
recommend based on where you are in your business or investing journey. The Millionaire Fastlane exposes traditional financial advice as a trap and provides a framework to build your wealth quickly using fastlane thinking. The E-Myth Revisited shows why most small
Speaker A
businesses fail and how to build one that runs without you, so you end up owning a business and not just another job. The Little Book of Common Sense Investing reveals the simple hands-off way to grow your money that quietly
Speaker A
beats the professionals. And How to Win Friends and Influence People teaches you how to get people eating out the palm of your hand and open almost any door because in the end, everything comes down to your relationships. That brings
Speaker A
me [music] on to Now, a lot of you aren't going to like this one and [music] it might even be a little bit controversial, but your girlfriend or your partner is one of the most important upgrades you'll ever
Speaker A
make. I know what you're thinking, Mark, you're supposed to teach us about money, not give us relationship advice. But, here's the thing. The partner you choose is actually one of the single biggest factors in how wealthy you'll become. To
Speaker A
this day, I still remember my ex-girlfriend who I started dating when I was still broke. After a few dates, I told her that in order to achieve my goals, we were going to have to make some real sacrifices. And to be honest
Speaker A
with you, I thought that conversation was going to put her off completely. I mean, who in their right mind wants to wait around for a 25-year-old ginger lad she'd only met a handful of times? But, to my surprise, she actually took it
Speaker A
very well. She backed me every step of the way and even started helping out in my business as things got a bit busier.
Speaker A
But, when I finally got wealthy and achieved my goals, I realized that despite everything, it just wasn't enough. So, I upgraded my girlfriend to my wife. And it was one of the best things I ever did. She's had a massive
Speaker A
impact on everything I've built, and I've definitely made more money as a result. And this isn't just my experience. The numbers back it up, too.
Speaker A
On average, married people end up with around 77% more wealth per person than those who stay single. And their net worth climbs by roughly another 16% for every single year they stay married. So, the right partner can really make you
Speaker A
richer. It's long as you don't get divorced. So, choose wisely. [music] Here's the problem with the traditional education system. It was never built to make you wealthy. I mean, think about it. They'll happily teach you all about the French Revolution or a bit of
Speaker A
trigonometry, but not one single thing about how money actually works or how to build something of your own. So, the question is, how can you upgrade your teachers? Well, in my case, it actually happened by mistake when I met this guy
Speaker A
called Dave down my local flying club. Now, Dave wasn't a teacher in the traditional sense. He was actually a businessman. And before meeting him, I never even thought starting a business or even a side hustle was an option. You
Speaker A
see, whether you realize it or not, the people you learn from set the ceiling on everything you'll ever achieve. In fact, researchers once tracked nearly a thousand kids for decades, and the ones who had a mentor went on to earn
Speaker A
substantially more money than those who didn't. And here's the good news, it's now way easier to find mentors than it's ever been because you have this. Some of the best minds in the world are speaking at events, going on podcasts, and making
Speaker A
videos on YouTube completely for free. And that's why I started making videos myself so I could become to others what Dave was to me. And the biggest piece of advice I ever got from Dave was to learn a high-income skill. So, that's exactly
Speaker A
what I did. I learned joinery and carpentry and used that skill to start designing, building, and selling my own products. And for the first
Speaker A
things are a little different because the best high-income skills don't have to rely on physical labor. Instead, you can learn digital skills like editing videos, copywriting, brand design, building website funnels, or using AI to create automation. So, for example,
Speaker A
let's say you use AI to build high-converting websites that help businesses make more sales. If you can help them make say an extra $20,000 a month, they'll happily pay you two to $3,000 a month as a result. If you're
Speaker A
interested in this and want to learn more, then I'm actually running a free live training very soon. I'll leave a link in the description below.
Speaker A
[music] I want you to imagine for a moment you've stumbled across a little money-making machine that prints out the same amount of money every day. I know, pretty cool, right? Now, at first, you'd be pretty happy. You'd probably take a
Speaker A
holiday or spend it all on some new clothes. But eventually, you start to wonder if it can print more. So, you take some of the money that it prints out and use it to make some upgrades.
Speaker A
Maybe you make it bigger, faster, or more efficient. And suddenly, it starts to print more money. Well, here's the thing. That money-making machine is sort of like having a side hustle or business. I remember when my son first
Speaker A
started his videography business. He didn't have much money to start with, so he saved up and eventually bought his first camera. It was actually this one here. After a while, though, he noticed that his videography skills were actually better than the camera he was
Speaker A
using. I explained to him that a better camera wasn't actually a cost at all. It was an investment into his money-making machine. So, he finally upgraded to this one. And instantly, clients started to notice the difference, which allowed him
Speaker A
to make back all of his investment and much more. So, once you start making money, always consider if there's any tools you can upgrade that could help you grow over the long term. Maybe a new microphone, a better laptop, or an AI
Speaker A
software that makes you more efficient. You'll also be able to write these expenses off, which essentially means decreasing your tax bill, which brings me on to When you start making [music] money for the first time, you never want to be a
Speaker A
big fish in a small pond, especially when it comes to your accountant. In other words, you need an accountant who is used to working with clients far ahead of your current position, who have faced challenges that you haven't even
Speaker A
considered yet. Okay, Mark, but accountants are really expensive. I can't afford that. I hear what you're saying. So, one thing you can do to reduce your bill is to use software that helps you manage your own finances. So,
Speaker A
what software should you use? Well, there are lots of different options out there, but one of my favorites is Odoo, as it allows you to manage your accounts for free. Odoo is an all-in-one business management software that provides you
Speaker A
with a range of applications to simplify the day-to-day management of your business, including project management, website creation, invoicing, and of course, accounting. This is the accounting app, and if it's the first app you're using on Odoo, then it's
Speaker A
completely free. You can easily use this to create and send invoices. It also keeps track of payments, which helps you follow up on late payers, and believe me, I've had a lot of experience with people like that. It honestly cuts down
Speaker A
your admin time as it connects to your bank account and automatically matches payments and transactions. It also lets you generate reports by going up to this tab and clicking balance sheet. And then you can change it to last quarter, and
Speaker A
you can do a comparison to the previous period by clicking here. Then, if you want to look at your profit and loss statement, you just go back to the reporting tab, click here, and you can see a complete breakdown. This is so
Speaker A
important because it helps you keep your finger on the pulse when it comes to your finances, which is the most important part of any side hustle or business. As I was going to talk about them anyway, I reached out to Odoo to
Speaker A
see if they wanted to sponsor this portion of the video. They're giving you your first app completely free for life, including unlimited hosting and support.
Speaker A
If you're interested in that, I'll leave a [music] link in the description below. Look, I wanted to mention this one, but it is a little bit lame, so I'm going to keep it really short. Due to our jobs
Speaker A
nowadays, we spend most of our time sitting down, so it's incredibly important to get a comfortable chair that doesn't destroy your back. The first thing I did when I started this YouTube channel, even before posting my first video, was go out and buy the
Speaker A
chair I'm currently sitting in. It was pretty expensive, but worth every penny and a definite investment into my ability to do YouTube long-term. Believe me, if my back gives out, I'm done [music] for.
Speaker A
Now, I know what you're thinking. Here we go, the old fellow's going to tell us to get an early night. You're pushing 70, and you'll probably fall asleep in your armchair whilst dribbling into your dinner. But, here's the thing. I've had
Speaker A
enough life experience to see what neglecting sleep can actually do to people. That's exactly why you should hear me out. Studies show that not getting enough sleep actually reduces your decision-making ability to the same extent as being legally drunk. I used to
Speaker A
operate like this for months, even years at a time, pushing through no matter what, until about 3 years ago. It [music] nearly killed me. I got home one night absolutely shattered, and I was walking down my own stairs. Now, bear in
Speaker A
mind, I'd walked down these stairs thousands of times before, but because I was so tired, I wasn't thinking [music] straight. So, then I slipped. My legs went straight up, and I came down hard on my upper back, cracking three ribs
Speaker A
and puncturing a lung. The broken ribs missed my kidney by millimeters. This moment changed my mindset completely.
Speaker A
Don't get me wrong, working hard is important. It's played a massive part in my success throughout my life, and a few late nights here and there is simply part of the process. But, listening to your body and getting enough rest is
Speaker A
equally as crucial. The biggest game-changer for me has been this. And no, before you all rush to the comments, I'm not wearing two watches. It's a fitness wearable called a Whoop, and it tracks my sleep, my recovery, and how
Speaker A
much strain I put my body under each day. This isn't sponsored in any way, but Whoop, if you're listening and want to sponsor a big-time athlete with a a body like a Greek god, [music] then you know where to find me.
Speaker A
Every [music] single time I post a video, I get comments like this. "Why even be a millionaire if you're not going to spend any of it? What's the point of money if you don't enjoy it?
Speaker A
Just spend your money and live your millionaire life." But, believe it or not, I do spend money. You see, every time you spend money, you go through three emotional phases. Now, let's see what happens at each of these stages
Speaker A
when you purchase things versus experiences, starting with the anticipation phase. Let's say you're making an expensive purchase, maybe a new iPhone or a pair of designer trainers. You might be pretty excited to get your hands on it, but the thought of
Speaker A
waiting days for it to be delivered actually becomes a bit frustrating. So, we'll say the happiness here is medium.
Speaker A
But, with an experience, things work a little differently. Maybe you've just booked a dream vacation or secured tickets to a concert with your best mates. You're buzzing for it. Course you are. Waiting for the experience doesn't wind you up. If anything, it's part of
Speaker A
the fun. So, based on that, let's call the happiness level for experience anticipation as high. Now, it's time for the moment itself. This is the point you actually get your hands on that new shiny toy or get to live the experience
Speaker A
that you've been waiting for. You'll either think, "This is a nice thing." or "This is great fun." So, in both cases, happiness levels are of course going to be high. But, here's where the truth really starts to reveal itself, the
Speaker A
aftertaste. You might be thinking, "Hang on, Mark. If I buy a physical thing, I've still got it long after the experience is over, so surely that one wins. But that right there is part of the trap. You still got the object. What
Speaker A
you haven't got is the feeling. That buzz you had on day one wore off weeks ago, and now it just sits there getting older and going out of date. So for physical things, the aftertaste is low.
Speaker A
While products get outdated, experiences get retold, and those memories last a lifetime. So the aftertaste for experiences is high. I don't use any of the stuff I bought back in the day, but I do remember the first time I flew an
Speaker A
airplane by myself, or being trackside at the Monaco Grand Prix, or the time I flew radio-controlled helicopters for Ridley Scott in the film Black Hawk Down. Even having one of my heroes, Richard Branson, cook me spaghetti bolognese at his house, followed by deep
Speaker A
conversation about business and success. These experiences shape me as a person, gave me a fuller life, and left me with stories that I can tell my grandkids.
Speaker A
But I know 99% of you will need to live through it to fully understand this point. So feel free to buy the stuff and make the mistakes yourself. And when you look back at this moment, when you're my
Speaker A
age, I'm sure we'll be on the same page. And if you want to learn how to increase your earning potential, then I'll leave that video right up there. But don't click on it just yet. Make sure to subscribe if you want to grow your
Speaker A
wealth, okay? I'll see you over there.
Topics:investingalternative investmentsoutsourcinghigh income skillsbusiness growthpersonal financementorshiprelationships and wealthproductivityfinancial education
