In this engaging episode of the Lazy Wealth Creation podcast, host Carl welcomes a special guest, Grace, a bright and inquisitive Year 10 student eager to learn about money and wealth creation. The conversation explores the importance of education, the different ways to earn money, and the Cashflow Quadrant concept from Robert Kiyosaki's "Rich Dad, Poor Dad." Carl and Grace discuss the distinctions between being an employee, self-employed, a business owner, and an investor, emphasizing the tax implications and financial strategies associated with each quadrant. Grace shares her insights on money management learned in school, while Carl highlights the significance of understanding assets and liabilities. The episode is filled with humor, relatable anecdotes, and valuable lessons for young listeners looking to navigate their financial futures.
KEY TAKEAWAYS
Understanding the Cashflow Quadrant : The discussion highlights the Cashflow Quadrant, which categorizes individuals into four groups: Employees (E), Self-Employed (S), Business Owners (B), and Investors (I). Each group has different tax implications and income potential, with investors typically having the most favorable financial outcomes.
Importance of Education : The conversation emphasizes the value of education and hard work in securing a good job. However, it also critiques the education system for not adequately teaching students about wealth creation, investment strategies, and financial literacy.
Assets vs. Liabilities : A clear distinction is made between assets (things that put money in your pocket) and liabilities (things that take money out of your pocket). Understanding this difference is crucial for financial success, as it guides individuals in making better investment choices.
Influencer Marketing : The podcast discusses the role of social media influencers in modern marketing, explaining how they can earn money through affiliate marketing and commissions. This highlights a new avenue for income that is particularly relevant to younger generations.
Investing in Art and Property : The conversation touches on alternative investment opportunities, such as art and real estate. Investing in these assets can lead to significant financial returns over time, especially when approached strategically.
BEST MOMENTS
Grace: "I wanted to learn more about money and how you can make some and how it develops in a way."
Grace: "In Wellbeing, year nine, we had a book on money management... they give you like a description sort of thing."
Grace: "If you could recap me, what did they teach you about how you get money in school?"
Carl: "When you are working hard to get a job, that means you're working in exchanging your time for money."
Carl: "The very best quadrant to be in... is the investor quadrant... those are the ladies and gents who pay the very least amount of tax."
HOST BIO
Meet Carl Mannion, the warts-and-all host of the "Lazy Wealth Creation Podcast." From a council estate to self-made millionaire, Carl's journey is both humorous and inspiring. Despite describing himself early on as "autistic, poor, and hungry," he now proudly identifies as "autistic, doing-well, dadbod."
Through candid interviews, Carl shares the highs and lows of his journey, offering invaluable insights into overcoming adversity and seizing opportunities in the world of wealth creation. Despite facing challenges like a marriage breakdown and single parenthood, Carl persevered, achieving millionaire status in his 40s.
Join Carl on the "Lazy Wealth Creation Podcast" for practical advice and entrepreneurial wisdom. Whether you're starting from scratch or aiming for greater heights, Carl's relatable story and guidance will inspire you on your journey to financial freedom.