When you decide what’s important in life, you’ll want to take a little time and repeat an interview with yourself at least once a year to see how you are doing. How are you doing with your business, finances, spouse or partner, children, family, friends? If any of these areas of your life is out of balance — you are out of balance.
Life Balance will always need adjusting
One statement that Brad Johnson said to me one time is that you can always find what you are interested in through podcasts. Brad said, “Go search on any podcasting app for something you’re interested in, and you’re going to find probably hours of content on that topic.”
Listen to the right influences
When you take time to listen to these influences, influencers, and podcasts, it’s like positive ideas and conversations that you can grow from. Suddenly, you have access to conversations you otherwise wouldn’t have — at a super-high level of information.
These thoughts about podcasts were fun to talk over with Brad Johnson because we have a similar philosophy about investing. Through podcasts, you can learn about my methodology and my network of experts and professionals — and the same with Brad.
Be a lifetime learner
Brad points out that he was surrounded by top financial advisors, who were also lifetime learners in his career. So any financial person he could learn from, he did — by going to conferences and being a student — all the while he was investing and building up his financial future.
Set up your finances so you can do what you want — Lifestyle Investing
Brad and I worked together to help him build up some cash so that he was able to make a change in his business when he wanted. Brad Johnson had a six-figure passive income that made it possible for him to change jobs and build a business when he wanted to do that. When you’re married with three kids — financial stability is essential if you plan to make a life change.
You’ll want to listen here to Brad tell about how he could move on with the next chapter of his life because he was financially prepared.
Brad Johnson talks about how we get paralyzed in the short term if we don’t have money ahead. That’s what wealth means to him — having enough money that he’s not worried about a paycheck coming in every two weeks.
I loved a statement from Brad — it’s that when you are looking at life and finances, it is really helpful to “zoom-out” and catch the broader view.
Brad gave the example of lying on your death bed (at 100 years old) and telling your kids that they can be anything they want to be — accomplish anything they put their minds to. Then “zoom-out” and take a look.
Modeling or Preaching
If you zoom out and you are stuck in a really lousy spot, and you haven’t done anything with your life — or worse — done nothing in your life you’re happy about, what is the lesson?
You must take your own advice and do something if you want your kids to do something. But, then, ask yourself if you are just preaching — or are you modeling? Brilliant thoughts!
Have You Decided What Wealth Means to You?
You will want to make a firm decision about what wealth means to you. You must be intentional about how you go about your life — especially in financial matters. Looking at the lifestyle you are trying to create for your loved ones; that thought will help you with many of your decisions and plans.
In all my work, I try to distinguish that I want you (my friends and clients) to be a lifestyle investor. Don’t do everything you do to invest for later — don’t be thinking “golden handcuffs” until the end. You want to live a beautiful and fulfilled life that has a purpose — that’s a lifestyle. There’s a difference.
Brad added another component — being present. When Brad Johnson talks about deciding what wealth means to you — he mentions “assigning your definitions so that you are really doing life on your terms.”
That means that living by what the world says is wealth may be a wrong definition for you. So you have to come up with your own definition of what wealth means.
I always talk about how my lifestyle investing meant buying back my time. My time is really valuable to me, and I wanted back some of the time I had invested. That is what I’ve been able to do with lifestyle investing.
Financial advisors should have their own financial advisors
One point you may want to hold on to from Brad Johnson is that our emotions make us do strange things. As humans, we are not really wired to be good financial advisors.
Everyone knows that you should buy low and sell high. But a reasonably high-ranking study, The Dalvar study, shows that the average investor underperforms the benchmark companies, like the S&P 500, by a long shot.
Get an accountability partner
Figure out what wealth means to you, and then get an accountability partner who can help you reach your goals, whatever they may be. For example, if you want to make it to the gym, it will be easier if someone meets you there or goes with you. The same principle exists when you invest. Have someone that will help you so that you don’t make off-the-cuff decisions that will be problematic.
Take a listen to the podcast with Brad Johnson — you’ll get a whole bunch of advice about wealth, angel investing, and seed-level investing. In addition, Brad tells you some little-known investing facts and where he puts his money.
Tailwind vs. headwind
I’ll leave you with one last beauty — invest where there is a tailwind and not where there is too much of a headwind.
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