Valuetainment - June 03, 2020


Episode 473： Is Ray Dalio Right？


Episode Stats


Length

5 minutes

Words per minute

177.70158

Word count

1,002

Sentence count

77


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode I talk about the importance of having an evergreen philosophy that can be tested in good and bad times. If a philosophy only works during good times, it's not a worthy philosophy to study.

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 You know the last two weeks I've gotten so many messages of people asking me for cash,
00:00:26.240 I need help, I need you to bail me out because you don't know what happened.
00:00:29.640 I bought my house, put the whole down payment into this house and I cannot believe what's going on right now.
00:00:34.180 I lost a job, I'm about to lose my house, I'm trying to foreclose, the bank is kind of working with me,
00:00:38.540 they're trying to do modification with me, but again I need some help because I've got to pay the bills.
00:00:42.720 Everyone's texting me about cash.
00:00:44.300 Now here's the thing you've got to be thinking about.
00:00:46.760 People are where they are in their lives because they listen to someone's advice.
00:00:51.480 And someone giving their advice and you take it, in that situation you have two characters.
00:00:56.000 One is the influencer, the other is the influenced.
00:00:59.640 You listen to the influencer who influenced you to go do whatever you want to do.
00:01:04.180 For example, the influencer says, cash is trash.
00:01:07.720 And you say, you know what, cash is trash.
00:01:09.480 Let me go take all my cash and just put it in real estate because that's how I'm going to be a millionaire.
00:01:13.660 The influencer says, you know, real estate's the American dream.
00:01:17.060 And you go buy real estate because you think it's the American dream.
00:01:19.540 The influencer says, you know, never study politics because it's a waste of time.
00:01:23.240 So you don't study any of that stuff.
00:01:24.760 And then you look at that philosophy and you see if it works during good and bad times.
00:01:30.520 And if a philosophy only works during good times, it's not a worthy philosophy to study.
00:01:36.240 If a philosophy is only worthy during bad times, it's also not a good worthy philosophy to study.
00:01:41.920 You need a philosophy that's an evergreen philosophy that can be tested in good and bad times.
00:01:47.380 For example, cash is trash.
00:01:50.640 What is the opposite of cash is trash?
00:01:52.500 I don't know a single person in America today or in the world today that doesn't wish they had more cash.
00:01:57.260 Why?
00:01:58.060 Because if you had more cash, you're not going to be controlled by anywhere you're at.
00:02:01.560 Your job, your boss, the marketplace, the industry, the 3.2 unemployment, applying for unemployment two weeks ago, 6.6 million.
00:02:08.380 That's 10 million people applying for unemployment in a month of March.
00:02:11.080 A record by 659,000 was a prior one.
00:02:14.420 Why are they needing this kind of stuff?
00:02:15.920 Because they don't have cash.
00:02:16.920 Real estate is the American dream.
00:02:18.580 Is real estate really the American dream or is it a great marketing job?
00:02:21.500 Because the real American dream is equity, entrepreneurship, owning yourself something, owning a piece of something where it's not just putting all your money into a home.
00:02:31.040 Average real estate return, 3.2% long term.
00:02:33.940 Am I really going to become wealthy through that?
00:02:36.180 Is that really the right way to go?
00:02:37.300 Maybe the American dream is entrepreneurship, intrapreneurship.
00:02:40.740 And never study politics.
00:02:41.980 Plato once said, those who say never study politics will be fooled by those who do.
00:02:47.600 Meaning, those who say it's foolish to not study politics will be governed by fools who do.
00:02:53.460 That means if you don't study politics, other people that do study politics who are fools will govern you.
00:02:59.400 And they'll make decisions for you.
00:03:01.180 Do you want that to happen?
00:03:02.120 And so maybe you ought to privately study politics.
00:03:04.700 Maybe you don't publicize it, but you go study politics.
00:03:07.640 And see what is really going on.
00:03:08.820 What is the motive behind these guys?
00:03:10.040 What is the motive behind these guys?
00:03:11.740 Again, the whole purpose of today's message is the following.
00:03:14.360 Sometimes it requires a bad time to show up for you and I to ask ourselves if our philosophies work during good and bad times.
00:03:26.400 Sometimes during bad times, you and I have to ask ourselves, who are the top five people I listen to the most?
00:03:32.960 How are their philosophies doing today?
00:03:35.760 When the economy expands for 129 months in America, you know how easy it is to make money?
00:03:40.760 Very easy.
00:03:41.440 But when the economy isn't and it drops 39% in a month, now which philosophies work?
00:03:48.000 Because cash is king today.
00:03:49.800 Because entrepreneurship is king today.
00:03:51.680 Having a skill set is king today.
00:03:53.580 Knowing the politics and the motivation behind politicians is king today because you know no one can control you.
00:03:58.220 So write down whoever the influencer it is that influences you and write down their philosophies and see if it's worked for you.
00:04:05.780 Good and bad times.
00:04:06.960 If it has, keep studying those people.
00:04:09.800 If it's not, you may need to make some adjustments to which influencers you study to.
00:04:15.080 Because by the way, this is not also pointing the fingers at the influencers.
00:04:18.380 Because the world is filled with influencers.
00:04:20.960 This is to give you the control of who you listen to.
00:04:25.240 So you can't say, screw this person, the hell with you, Pat, the hell.
00:04:27.920 No, no, no.
00:04:28.700 You're in charge.
00:04:29.360 No one's forcing you to be influenced by anybody.
00:04:31.620 You make that decision.
00:04:33.000 Make that decision moving forward.
00:04:34.520 If your list is a worthy list.
00:04:36.340 If it is continued, if it's not, start eliminating some names.
00:04:38.780 Just like sometimes you've got to eliminate certain friends out of your life.
00:04:41.480 Maybe sometimes you've got to eliminate certain influencers out of your life.
00:04:43.920 Thanks everybody for listening.
00:04:45.340 And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.
00:04:49.920 Give us a five star.
00:04:51.340 Write a review if you haven't already.
00:04:52.820 And if you have any questions for me that you may have, you can always find me on Snapchat, Instagram, Facebook, or YouTube.
00:04:58.780 Just search my name, Patrick Bid David.
00:05:00.700 And I actually do respond back when you snap me or send me a message on Instagram.
00:05:05.520 With that being said, have a great day today.
00:05:07.340 Take care everybody.
00:05:08.080 Bye-bye.
00:05:08.340 Bye-bye.