Episode 7: Adam Carroll: Build a Bigger Life, not a Bigger Lifestyle
Too often we expect people entering college or even into their 20’s to know what they want to do vocationally, now through the end of their days. But we all know life doesn’t work that way.
In this episode of the Uncommon Life Project podcast we talk with Adam Carroll, a financial literacy expert who helps young adults (and anyone else) gain a better understanding of money and building wealth.
You’ll learn how Adam has leveraged his passion for public speaking and financial planning into multiple projects and ventures.
Adam Carroll is a nationally recognized financial literacy expert, TED Talk speaker and documentary filmmaker. He’s the author of three books on money, the most recent being “The Money Savvy Student.” He speaks in schools throughout the US and has developed a widely used money curriculum. Adam founded masteryofmoney.com as a source for high-quality financial resources for those in pursuit of mastery in these critically important topics.
What you’ll learn about in this episode:
- Paying attention to those small or potentially life-changing “this is what you are supposed to do” moments
- Success is never a straight line. Be ready to zig and zag until you get there
- How to turn your knowledge or skill (like speaking or writing) into passive income
- Lessons learned from losing money
- Amortization isn’t just for mortgages. How to understand your debt load
- There are many, many paths to the Seven Sources of Residual Income
- Specific ways to sacrifice in the short term to prepare for long term financial stability
- How to teach your kids about money – have them interact with real money from a young age
- Creative ways of leveraging your skills to maximize earning potential
The Golden Nuggets:“In 2004 I wrote a book called Winning The Money Game, about how people grow up not really knowing the rules. They don't know that they're playing it and they're playing it wrong.” – Adam Carroll Click To Tweet “People want to believe success is a straight line from A to B, from here to here. In reality it zigs and zags and goes backwards and forwards and then takes a diversion and then eventually ends up where it's supposed to.” – Adam Carroll Click To Tweet “Content has real value. Being able to create something and then turn around and profit from it over and over and over again – that’s a beautiful thing.” – Adam Carroll Click To Tweet “When I started speaking at college campuses, number one, I wanted to help those kids succeed faster. To me, a big part of succeeding faster is understanding that life is what you make of it.” – Adam Carroll Click To Tweet “As we layered on more and more pieces of revenue and income to the family, it eased the burden and the concern of things going south.” – Adam Carroll Click To Tweet “My wife and I realized we had to get serious about teaching our kids about money. We need them to understand decision making. They need to handle money and they need to make money decisions on a daily basis.” – Adam Carroll Click To Tweet “Financial freedom is important. We are all looking for that. Why is it important? You probably know the answer: because financial freedom leads to time freedom.” – Adam Carroll Click To Tweet “Predictable, recurring revenue, that's the key. If you want to grow, you want to keep building -whatever it is - predictable, consistent, revenue is the key.” – Adam Carroll Click To Tweet