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Deep Dive with Ali Abdaal

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

👉 [Free live masterclass, Sat 21 Nov] Launch your online business by Christmas and land your first high-paying client by January →

Mark TilburyguestAli Abdaalhost

Mar 23, 20231h 47mWatch on YouTube

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CHAPTERS

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Chapter summaries

Leaving School and Learning a Trade
Mark Tilbury tells Ali Abdaal how he left school at 16 and trained as a carpenter/joiner on his mentor's advice. He explains that making wooden bins for a big retailer pushed him out of that job.
- •Mark disliked school and left at 16
- •His mentor told him a trade was the best bet
- •He did a three-and-a-half-year carpentry and joinery apprenticeship
- •Repetitive bin-making for a big retailer pushed him to leave
Too Many People Go to University?
Mark argues too many people go to university when they could have thrived in trades, which leaves a skills shortage and high costs. They discuss whether coding counts as a trade, and Mark says he hires on experience over exam results.
- •Mark thinks about 25% going to university is too many
- •Trades are worth investing in and avoid student debt
- •He employs on experience rather than exam results
- •Ali agrees and says some of his team did not attend university
Advice for Teens Unsure What to Do
Asked what he would tell a 17-year-old with no direction, Mark suggests trying many different jobs to learn what you dislike before committing to university and its debt. They discuss the debt and job-limiting effects of a degree, and how his son skipped university.
- •Try many jobs to find what you don't like
- •Going without a goal means a lot of debt
- •Graduates may feel limited in the jobs they'll accept
- •Mark sees university as a business that pushes people through
- •His son skipped open days and called going against the crowd brave
Side Hustles and Selling All Your Time
Mark describes his teenage side hustles, from selling mackerel to flipping Escort Mark IIs, and how he ended up selling every hour he had. A conversation with a rich customer about making money work for you was his turning point, and he discusses work-life balance and the comfort trap of salaries.
- •He flipped cars bought for about £300 and sold for £500-600
- •He taught model helicopter flying and worked in a model shop at the weekend
- •He realised his time was maxed out and capped his earnings
- •A rich customer told him to get his money to work for him
- •Comfort in a salary is dangerous if you want to be rich
Quitting to Start a Business and the Possibility Mindset
After the staircase conversation, Mark left work to start a business. He says business is not as complicated as people think, since everyone is winging it. He and Ali contrast his era's narrow career options with today's wider possibilities.
- •Mark says we are all winging it in business and learning lessons as we go
- •His own lessons stick because he learned them himself
- •Career options were narrow when he was at school
- •Today's information access, such as day-in-the-life videos, shows more possibilities
- •Ali says more medical students now realise they don't want medicine
Entrepreneurial Spirit, Passion and Hobby vs Business
They discuss whether entrepreneurial spirit can be taught and why enjoying the work matters. Mark says a passion only works if you look at the business side, and Ali compares this to treating YouTube as a hobby versus a business.
- •Mark says entrepreneurial spirit is innate, though business can be learned
- •90% of people can be pretty good if they're dedicated
- •Enjoyment is needed to persist, as in Ali's tennis example
- •Passion businesses fail when the business side is ignored
- •A hobby and a business are different things
Getting the Shop Funded: Business Plan and Barclays
Mark explains how he opened his first radio control model shop. He wrote a detailed business plan, was turned down flat by one bank, and then was backed by a Barclays manager. He recalls opening day with almost no money.
- •He wrote a detailed business plan over weeks after working part-time for someone
- •One bank refused him and Barclays agreed to back him
- •It was a startup loan that needed the first two months to go well
- •On day one he was so skint he slept in the van
- •He says that at 20 the worst case is losing what you have and starting again
Starting a Burger Business: Simplicity, Funding and Passive Income
Using Ali's burger-loving friend as an example, Mark advises keeping the menu simple and the product consistent. He covers funding through friends, family and fools, why a small budget is a superpower, and why digital products and passive income still cost time or money.
- •80% of food ventures fail, so be different and keep it simple
- •Keep quality consistent so customers return
- •Funding: friends, families and fools before banks
- •Mark has never used venture capital and dislikes the burn stage
- •Passive income still requires an investment of time or money
Slow Lane vs Fast Lane and Having an Exit Strategy
Mark says he combines both routes, putting about 10% of earnings into an index fund since 18 while building a business. He explains how his model business had to adapt to the internet and why he built an exit strategy. Ali explains why he sees his own work as a lifestyle choice.
- •He has invested about 10% of earnings in index funds since 18
- •Entrepreneurs see answers rather than hurdles
- •His model business adapted from shops to online
- •He made the business turnkey so it no longer depends on him
- •Ali sees his work as a lifestyle rather than something to exit
What Is a Business and Why Charge More
Mark defines business as buying or making something and selling it for a profit, saying a side hustle is already a business. They then discuss why people undercharge, covering value-based pricing, fear of ripping people off and Mark's mechanic story.
- •Business is buying or producing something and selling it at a profit
- •A side hustle is a small business
- •Charging more can earn more for less time
- •Mark says a mechanic he knew went out of business by undercharging
- •Value-based pricing is illustrated by the computer-fixer story
Mark's Business Today: Designing and Selling Physical Products
Mark describes his current businesses, including shops, eBay and web sales, and a design, import and manufacturing arm. He tells how the Riot airplane came from a school design and compares physical and online sales, covering bulk container buying.
- •He runs shops plus design, import, manufacturing and distribution
- •His best-seller, the Riot, was designed when he was 14
- •Online sales bring little enjoyment compared with seeing his designs at flying clubs
- •He ships 40-foot containers and buys in bulk on the manufacturing side
- •YouTube revenue is shared 50/50 with his son
Buying vs Renting and Index Fund Questions
Mark prefers to buy his home outright and pay off loans, while saying he would borrow more freely if he started again. He covers audience questions about finance, pushing index funds in an ISA and a bigger focus on earning more rather than just saving.
- •Buy your main home and pay it off for security
- •He is loan-averse but says money can make money
- •Audience asks what to invest in to get rich tomorrow
- •Index funds in an ISA are simple and tax efficient
- •To invest with little spare money, he says make more money and take action
Die with Zero vs Generational Wealth and Giving
Responding to Ali's description of Die with Zero, Mark says he enjoys experiences but prefers generational wealth. He also discusses how he gives to charity.
- •Mark enjoys experiences and tries to spend a bit more each year
- •He doesn't like dying with zero and prefers generational wealth
- •His grandad and dad both told their sons to do better
- •He says people give for reasons they can say they gave for
- •His business supports Kent Air Ambulance
Regrets, Work-Life Balance and Working with His Son
Mark's one regret is not spending enough time with his son, and he stresses honesty with partners about work demands. He discusses running a business and the podcast with his son, and says the end game is helping people through content.
- •His main regret is missing his son's swimming events
- •Honesty with a partner about time commitments matters
- •He admits being at a helicopter lesson and then a competition around his son's birth
- •Working with his son can be argumentative but fulfilling
- •He wants to keep making content because of positive comments
Levels of Wealth, Buying Time Back and Spending
Mark says about 80K buys most of what you want, and further wealth adds comfort and lets you buy back time. They discuss outsourcing chores, the value of doing jobs yourself first, and where spending improves life, such as premium travel.
- •About 80K covers most of what you want
- •More money brings comfort and the ability to buy back time
- •Mark says he has done every job in his businesses
- •Outsourcing chores also creates work for others
- •Rewards such as his son's Rolex can keep you motivated
Interviewing Andrew Tate and the Platforming Debate
Mark describes interviewing Andrew Tate, whom he found courteous, while disagreeing with some of his views. He and Ali discuss platforming controversial guests, taking what you can from interviews, and the value of editorial control.
- •Mark says Tate was a perfect gentleman who gave extra time
- •Mark agreed with roughly 80% of Tate's views and not the rest
- •Tate said he was poking the bear, and they pushed back on his views on women
- •Mark thinks de-platforming is wrong and viewers should take what they can
- •Mark says finding the right partner makes you stronger

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