Ep26: Tom Corson-Knowles – Start with the right Mindset
In this episode, we discuss, why Tom Corson Knowles is a SuperInvestor* and how he achieved financial freedom in a record time even though he made all the beginner mistakes and experienced major financial setbacks at the very beginning of his entrepreneurial career. We will discuss his book Rules of the Rich and his personal investment philosophy and how he intends to grow his cash flow platform going forward.
Short Bio
Tom is the Best-selling Author of more than 20 books, including Secrets of the Six-Figure Author and The Rules of the Rich. He is the Founder of TCK Publishing, an independent book publishing company, and Host of The Publishing Profits Podcast Show (144). His mission is to help people make better decisions with better information.
Show Notes Timeline
Part I – The Earning Phase
- 2005 – At university, Tom never wanted to work in a cubicle and work 100h shifts even though all his classmates wanted to work on Wall Street.
- He early on understood he needed to become a business owner if he ever wanted to become financially independent and strive for those activities that would fulfill him. He started his first own business in 2007 and his real training would begin with some painful experiences along the way. In the end, these experiences would make him stronger and the successful business owner he is today.
- After some initial setbacks, he started TCK Publishing in 2011.
- It was a fresh start and he used all his learnings from his failed attempt
- Today, his business platform with various cash engines is highly profitable
- He has had very high double-digit growth rates (from 10% to over 100% a year) with high reinvestment rates
- He confirms Dan Andrews 1000 day rule as a digital entrepreneur to achieve financial success.
- Currently, Tom is expanding and diversifying into new business initiatives that seem part of a natural evolution and growth phase.
- His advice:
- The best investment you can ever make is in yourself, your education and training. (skills to build your own assets)
- That follows investment in your own business platform that will have by far the highest ROI (build your own assets)
- Finally, he recommends to invest in financial markets for diversification purposes, but be satisfied with lower returns (buy other people’s assets)
Phase II – The Diversification Phase
- Good habits will be a decisive factor in your investment career. Lottery winners usually don’t have the habits to handle money – the end up broke after a couple of years.
- Before you invest in capital markets have a cash reserve that gives you optionality.
- If you look into new investments without prior knowledge and experience, spend time studying it.
- Choose investments that appeal to your personality and avoid situations where you would be “jumping on the bandwagon” – without knowledge/ without any experiences. It’s recipe for disaster.
- In investing you need to be curious and drive to understand new investment opportunities.
- Ownership mentality from phase I helps in your investment career which goes along with training the right mindset.
- Savings is part of a successful strategy that works, even though you don’t have to take to the extreme.
- What counts is a combination of learning, saving and investing and repeating the process that made Tom financially successful.
- Before you start out, according to Tom, you have to develop the right mindset first before you start your entrepreneurial or investing career.
LINKS
https://www.tckpublishing.com/
The Publishing Profits Podcast Show
Twitter: @JuiceTom
*The Superinvestors of Graham-and-Doddsville: Reference to a speech Warren Buffett gave at Columbia University in 1984.
