"Explore How to Create Multiple Streams of Income and Become Recession-Proof"

SUMMARY 

At the end of their first year of university, the speaker noticed a student advertising his company's furniture removal services. This prompted two thoughts in the speaker's mind: the idea of a side hustle was interesting, but they felt that they should focus on their engineering career instead. The speaker then explains their history with side hustles and their initial interest in money. They explain that their mother had informed them that they weren't allowed to get a job. The conversation thus highlights the speaker's internal conflict between focusing on their future career and exploring the idea of having a side hustle.

The speaker talks about how they were told to get an education and find a job, although they felt like they were not good enough to cope with the real world. They explain that their family had a negative experience with entrepreneurship, and their mother often said an Italian saying which translates to “we are so lucky that if we were to open up a hat shop, people would start being born with our hats”. The speaker then shares a funny story about their dad's business, Verbal Design, and how they do math homework in high school to find out where their name came from. They had expectations of being named after someone famous but were ultimately disappointed.

Valerio and his co-hosts are discussing the idea of becoming recession-proof and having multiple streams of income. Valerio shares a personal story of his parents’ company, Verbal Design, that went into administration due to cash flow issues. This experience made entrepreneurship a taboo in his family, and even as a child Valerio was already aware of the financial issues his family faced. His co-hosts then discuss the book Rich Dad, Poor Dad by Robert Kiyosaki and how it can help people become recession-proof and build multiple streams of income. They also talk about the importance of taking advantage of multiple sources of income and not relying on just one.


This conversation is about Rich Dad, Poor Dad, a book written by Robert Kiyosaki and Sharon Lecter. The speakers don't claim to be financial advisors, but they do agree that there are some principles in the book that are worth considering. The conversation then compares financial education to a one-legged stool. Without the stability of a full stool, the person sitting on it will topple over without the necessary safety and comfort. The idea here is that without the proper financial education, people will not have the necessary stability and comfort to make financially secure decisions. The speakers then encourage listeners to share their own experiences with financial education so that they can learn from one another.

TIMESTAMPS 

0:00:00   Exploring the Benefits of Side Hustles: A Conversation with a University Student

0:02:35   Exploring the Impact of Family Experiences on Education and Career Choices

0:04:35   "Exploring Recession-Proof Strategies with Robert Kiyosaki's Rich Dad, Poor Dad"

0:08:49   "Exploring Financial Education Principles from Rich Dad, Poor Dad"

0:10:24   Discussion on the Metaphor of Personal Finances and Life Security

0:11:55   Exploring Different Income Streams to Achieve Financial Security

0:17:34   Exploring Active Income Streams: From Salary to Business Owner

0:19:18   "Pros and Cons of Investing in Property: A Discussion"

0:20:45   Discussion on Property Appreciation and Deposit Schemes

0:23:17   Discussion on Risks and Rewards of Investing in Real Estate

0:24:59   Heading: Strategies for Achieving Financial and Time Freedom

0:26:38   Investing in Stocks and Shares: Time, Money, and Returns

0:30:52   "Making Your Money Work For You: Understanding Investment Strategies and Side Hustles"

0:35:27   "The Benefits of Side Hustles: Leveraging Passive Income for Financial Freedom"

0:36:56   "Exploring Multiple Streams of Income: A Discussion with Valerio Tomasso and Mark Jason"

HIGHLIGHTS 

The money investment needed for that good return, for that decent amount of returns here should be low now, because the barrier to entry to these things aren't as high. You can do this. Like I said with YouTube, you can find ways where you don't need to put that initial amount in high amounts in marketing. There'll be levels to this, of course. And you know, the higher you get up, the more you can invest. So that's why people will use, say, bad cameras and work their way up to decent equipment and such. So the investment needed for good returns doesn't have to be that high, it's the quality of what you provide which needs to be high.

It's that mentality with it. But then if you were to look at the fourth stream of income here and this is where you make your money work for you, but it's really making yourself work for your money, it doesn't matter. Side Hustle and this is where you get into things like providing courses. Say you become a creative, you do things in your spare time. It's all these hobbies and activities you do that make you money. So maybe for us, maybe put costs, it could be whatever activity you do as a side hustle. Some people abate goods, others make certain foods, some provide certain services, but that's hardly wrong. They provide certain services.

So there is a huge range in terms of what you get back, depending on the performance, depending on the time you left the stocks in there, and depending on all the other factors, the economy, et cetera. So a great example here is that pre Pandemic probably, I will call it six months before the Pandemic started, I think I started investing in the stock market probably about £300 a month. And what I would do is I would think about one or two companies that maybe come up on the news and I will start reading on them, I will start looking at the performance, the outlook, I will start looking at how they're planning to expand the market.

But bearing in mind that you want to invest in different let's call it like. Legs for the stool, as Mark mentioned earlier in the episode, this can be a very good way of doing so because it's a different revenue stream that can supplement your income. And in terms of returns, the returns that really vary, they go all the way from low to high, depending on the amount of money that you put in the beginning, but also depending on the company that you invest in.

Absolutely. Having talked about real estate, let's touch on to investing in the stock market a little bit. So you may have heard quite a lot about stock market investment as well as cryptocurrency investment. I cannot classify them as the same. One is risky and the other. But in the great scheme of things, the time needed to do those type of investments is relatively low. So the set up time is essentially you researching which stock and shares you want to invest into.