We may have different notions of what it is like to experience wealth, but the reality is that experience in itself is wealth. It depends on how present you are to capture the full essence of that experience. Whether or not you have achieved the monetary value that you would associate with financial abundance, true wealth lies in your ability to savor the daily experience of life, to be present in everything you do. In this episode, Patrick Donohoe reminds us that life is short and can even be shorter than we imagine it to be. Why wait to celebrate the wealth that you already have? Join in and participate in Patrick’s two-part challenge that will help you grasp the true meaning of wealth.
Watch the episode here:
Listen to the podcast here:
Experiencing Life: The True Essence Of Wealth
I’m excited to be with you. I have a short one for you. It’s going to be simple, a couple of points, but I think they’re profound and awesome. Before I get to that, I wanted to thank those of you who responded to my request over the last several episodes to provide feedback in a survey. In response, that’s going to help me to frame and design a digital education course specifically for the blog audience. Your ideas are amazing, how candid you were, how truthful and honest you were, it was humbling. I’m grateful to you. Thank you for doing that. If you have not received the book that I had promised you, it is on its way. Here’s what I’m going to talk about.
The reason why I decided to do this, I’ve been up in my studio doing an event that is for financial advisors. I’m doing it with two of my partners, Todd Langford and Kim Butler. I’m in a familiar set. I did a lot of the episodes previous to COVID-19, but you see some different colors and some different branding. It’s the Prosperity Economics Movement. This is specifically an event for advisors, but there are some things that came up in our event. There are also some topics that have come up in some personal relationships that I have. Surprise, they align with a lot of the things we’ve been discussing and talking about on the show.
That’s why after multiple hours, I think almost ten hours of recording, I’m going to talk about this because I think it’s that important. Hopefully, it resonates with you. It’s simple and profound. Now first make the statement that for me, and in my experience, I’m not sure how it is for you but ultimately people pursue wealth. They pursue material things. They pursue achievement. They pursue success because ultimately they want improved, meaningful relationships. Whether it’s relationships with an intimate partner whether it’s a relationship with children, with parents, with neighbors, with friends. It’s to achieve milestones in levels in order to experience life at a different level, not by yourself, but with those you care about, those you love. Most everything involves a relationship. You’re investing your business whether you own a business or you work for another business, the quality of your life oftentimes is in proportion to the quality of your relationships.
Understanding relationships is powerful. This is an event where we’re talking about providing financial advice to people, but the personal conversations I’ve had are in relation to some family and personal relationships. Here’s what it boils down to. It’s interesting but first, people do not want to change especially if the change is insinuated by somebody else. That’s number one. Number two, people don’t want to be wrong especially when it’s insinuated that they are wrong by somebody else who thinks they’re right. Here’s the fascinating thing. Even though people don’t want to change and even though they don’t want to be wrong, they still want different results, better results.
You’re probably asking yourself the question or thinking through your mind that overly used cliché which is the definition of insanity is doing the same thing but expecting a different result. If a person doesn’t want to change and they don’t want to be wrong, isn’t that doing the same thing they’re already doing if they truly want different results? Yes, but here is an amazing thing. When you insinuate a person needs to change or that they’re wrong, it’s not that they won’t change or that they won’t be willing to do something different, but it’s how the approach occurs. He’s since passed, but we talked last time on the show about Dr. David R. Hawkins and the levels of consciousness that he has, which is a very interesting conversation. In that level of consciousness, it talks about force. In the force component, this is a big part of financial services where you have an ego-driven industry where people are telling each other what to do. It presupposes that they’re telling somebody what to do, it’s because they’re not doing what they’re supposed to do, which means they’re wrong. If they’re not doing what they’re supposed to do, it means they have to change. Instantly you have this battle that occurs when you’re below that line between force and power.
As you look at having a true intention of either giving people advice, knowing that there is this path that they could be on that will give them the results that they want, but yet they don’t want to feel like they’re being told what to do or that they have to change or that they’re wrong. How do you go about doing it if that’s what your genuine intention is? Here’s the epiphany. When you approach people in a neutral or an accepting state, these are two levels that David R. Hawkins talks about on his levels of consciousness. Neutrality and acceptance are you go into a relationship and there’s no judgment. You’re curious about their life, their day, what they’ve learned recently, what they’re doing. You make compliments, you acknowledge them and you have to be genuine and doing this. You can’t fake this, but that’s the idea of neutrality and acceptance.
Wealth Experience: There are ways in which we can show up and really capitalize on the experience of life.
You love a person, accept them for who they are and celebrate that and genuinely want for their happiness. As they experience your non-judgment, as they experience you that you’re curious about them. You’re curious about their life. You’re curious about their interests. You’re curious about their day. If you make a mistake, you are apologetic. You’re humble about it. If that’s where a relationship starts and then you start to discover what a person wants, what new results they want, then they will typically approach you with wanting advice. With wanting direction, with wanting feedback, with wanting perspective, with wanting your opinion.
Without that, I would say sequence, you approach those two primary resistance variables, which is they don’t want to change and they don’t want to be wrong. When you start to establish a meaningful relationship using what I said, those two levels of consciousness, neutrality and acceptance, it’s where people start to be compelled by you, empowered by you and ultimately seek after your perspective and advice. At that stage, you provide insight into, “What are you trying to accomplish? What do you want?” You provide guidance at that point.
It’s an interesting dynamic. I want you to think about some things that you do in your life where you may have the right intention of telling your kids what to do, tell your neighbor what to do. You see the path that they’re on and you want them to have the results that they want, but yet there’s resistance to what your opinion and feedback are unless the dynamic of the relationship is neutrality and acceptance. Try that on for size. It’s something I’ve learned probably a decade ago, but because human nature is designed, especially in males we’re designed to solve problems, especially when it comes to relationships we have with the opposite sex females who sometimes are not necessarily wired the same way.
I hope I don’t go down a bad path here and say some politically incorrect things. I’ll speak specifically to my relationship with my wife. When my wife has challenges and she’s facing a problem, when I go in there and solve it and then say, “We’ll do this or do this,” it immediately creates conflict. When I go in with a spirit of listening and she downloads, talks and she gets things off that are pent up, I realized over the years that she doesn’t want solutions. She wants me to care, for me to be there. Even though every fabric of my being is a solution, it’s not necessarily what she wants. That’s a totally different conversation as far as your intimate relationships are concerned.
What I wanted you to get from this is I’ll summarize. Number one, relationships make the world go round. Ultimately, it’s what we all want. We want more meaning and more quality to those relationships that improve the quality of our lives. That’s business, that’s investing, literally everything. When we insinuate, when our energy, questions, mannerisms, state makes a person wrong or that they have to change something, the guard goes up. It’s like an instant force field. The idea is to get the guard down for them to be open, enrolled, the state of neutrality whether it’s the statements you make, how you answer questions, the energy of acceptance and neutrality is powerful.
As you approach relationships that way, you don’t judge, you listen. You try to understand, not solve. It is going to create an environment for that relationship to grow. Ultimately, you could have all the solutions. If you approach it the wrong way, people resist it. If you approach it in a strategic way, people will embrace it and love you for it. I hope you learned something from this episode. I appreciate all the support. It means a ton to me. Share it with friends, neighbors and family. I would love nothing more than that. That’s it. We will see you next time. Go out there and create some value for yourself and for others. Take care.
No matter what stage you are in your business, there will always be challenges to face and overcome. The difference between those who succeed and not is how they look at these challenges. In this episode, Patrick Donohoe goes solo to talk about overcoming obstacles in business, particularly the mindset it takes to see them through as a leader. Taking cues from authors and industry leaders, he shares the many lessons and resources out there that can help us realign the nonlinear nature of life that loves to thrust us into uncomfortable places. Join Patrick in this discussion to gain some more wisdom and clarity about overcoming obstacles and the nature of leadership.
Watch the episode here:
Listen to the podcast here:
Overcoming Obstacles And The Nature Of Leadership
I hope you have enjoyed the last few episodes. I wanted to first thank the response that we’ve had to the request for feedback in regards to a course that is being created specifically for the audience. Your books are on the way, so you should receive those in the next few days. Although there are some international people that it may take a little bit longer for your books to get there. Nonetheless, thank you guys for your feedback. It was interesting that the feedback was diverse. It wasn’t the sample size that I thought it was going to be. We’re going to extend the survey and do another ten books. We went through the hardbacks. We went through the softback.
We’re going to have a survey. It’s getting a gauge as to where you’re at in business, where you’re at with your investments, where you are with your finances, with your overall sentiments regarding your financial state. That is going to give me a good pulse on the direction to take the different aspects of the course that is being conceptualized. I’m thankful. You have been awesome, thorough, open, honest. I appreciate the candid feedback. Let’s get into the episode.
There Will Always Be Obstacles
I have two topics. First, I want to make the statement that what I had seen in those surveys, what I see with speaking with clients, what I see with the advisors that I mentor is there is always going to be an obstacle. There’s always going to be something that you’re challenged by. There may be this instance where a day or a week, or maybe a month, not much longer than that. They’re always going to be challenges. Even when you accumulate wealth, when you establish a business, there are always going to be challenges.
The non-linear nature of life requires a conditioned linear response. If not, the reaction is going to align with that non-linear and you’re never going to be able to correct the out of control car that’s spinning around these curves. We’re going to talk a little bit about that when it comes to a conversation that I had also with a book that I have re-read. It’s a challenge called 75 Hard. It was put out originally by Andy Frisella, who has a couple of cool motivational podcasts for entrepreneurs, business owners, a straight-up guy. He created this for himself first, but a lot of other people have taken the challenge. In 75 days, you have a checklist of things that you must complete. If not, you have to restart the challenge or quit the challenge.
These checklist items are two 45-minute workouts, one has to be outside. You have to take a picture, like a selfie of yourself to see your physical change over the course of time. You have to drink a gallon of water. You have to read ten pages of nonfiction. You also have to follow a diet. There are no cheat meals or alcohol for 75 days straight. I’m going into week four, about twenty days. It’s going awesome. If you guys want to check it out, search the #75HARD. You can find that out.
The reason I bring that up is that in there are the ten pages. I’ve got into some more books that I’ve been intended on reading. I’ve been reading Shannon Lee’s book who’s Bruce Lee’s daughter. It’s a book about his quote that has so much meaning. We do a whole episode on that regarding being like water. Water takes all sorts of forms and makes its way into whatever it wants to and absorbs friction. It’s a fascinating concept. I won’t get into that now.
One book that I’ve gone through during my workouts, as well as reading is Power vs. Force by David R. Hawkins. He passed away in 2011 or 2012, but he wrote some incredible books on a variety of topics. The one, in particular, is the idea of how we show up. Mostly we don’t do it intentionally. We show up randomly non-strategically. There’s a spectrum that exists when it comes to the energy or the feeling we give to others, whether it’s in the words that we use, whether it’s in our overall demeanor, our tonality. There’s a force spectrum and then there’s a power spectrum.
The force spectrum is the intentions, motivations, energies, words that are used to describe the force side of things is pride, ego, anger, and desire. It’s a fear or shame. When you show up that way, the idea of force is that it’s either a net-zero or a net negative. What that means is you create either the same as what you consume or take, or you produce less than what you take. There is power. Power, the words they used to describe this spectrum. They’re different degrees. One is courage. That’s where it starts.
The nature of courage, hero, overcoming adversity, and these are all net positive. Meaning, you’re producing more than you take or consume. There’s neutrality. It’s being able to assess the situation, the nonlinear aspects of life, and handle it rationally with a reason as opposed to emotionally and reacting to it. You have acceptance. You also have words such as reason, love, joy, peace, and enlightenment. This has much to do with wealth and business.
I consider the Pareto Principle. It’s like the 80/20 rule. This is 80%. How you show up, the energy that you put off, who you are and showing up to whatever the circumstance is. Especially if it’s business, you have some control and influence over that. If you don’t intentionally understand the way in which you show up, then there’s 80% gone of success or at random. It’s interesting to perceive the obstacles people have, the fear that they have of not being able to overcome obstacles or what they would look like if you don’t overcome an obstacle.
The Nature Of Leadership
It’s driven by that carnal aspect of our makeup that reacts to things as if we’re going to get murdered, killed or wiped out. That’s where I look at. If you can understand the energy levels associated with power versus force, then you can start to see how you’re showing up. Are you showing up trying to force initiatives? Are you showing up to empower initiative? That’s the first topic. We’re going to talk about that a little bit. The second topic is going to be the nature of leadership.
I had an excellent conversation with a client that I wanted to share with you. There are two things that I pulled from that. This client is successful, younger under the age of 40 or turned 40, and also in an executive-level position that pays high six-figures plus bonus, but it’s in a corporate type of structure. The conversation revolved around the hierarchical order that they’re in wanting to influence change but having a lot of pushback. Feeling also compelled to go out on their own, have more freedom, experience or capitalize on this entrepreneurial spirit that they have in them. Most people that get to that level especially at an early age with that type of ambition have.
Overcoming Obstacles: Even when you accumulate wealth or establish a business, there will always be challenges.
Power Versus Force
First, I’m going to conclude my thoughts in regards to this Power vs. Force: The Hidden Determinants of Human Behavior. There are some different examples and anecdotes that he has in there. It’s a powerful concept. I’ve been able to experience myself and calibrate or know where I’m at, the words I described to use how I’m feeling, what I’m thinking, what my intention is, what my motivation is. If they’re below the line between power and force, which force ends at pride, ego and power begin at courage. It’s knowing there and realizing that if I show up in those power states, the states of neutrality, acceptance, and courage, I’m going to look at the world differently. I’m going to look at opportunities differently.
I’m going to look at the non-linear experiences that I have whether it’s somebody making a mistake at the office or someone misrepresenting this, that, or the other. It could be something a spouse says. It could be something that a sibling says or a child says. It could be that someone you respect says. We are in this volatile environment of emotions when it comes to politics. That is something that you can easily get sucked into. That’s where those types of feelings whether it’s resentment, anger or fear.
You know what that’s like. You can tell when a person is in that state. You can sense it. You understand it. Now if you have some better context where force is going to be a net-zero at best or a net negative, but power is always going to be a net positive. It’s focusing your attention, energy, perspective, the motivation behind powerful forces, those that empower others. You know that. We experienced those energies and those that are most influential. Those that make the biggest difference that commands well. You feel and sense that. That’s the biggest thing.
I’m going to give you some call to actions as far as how do you determine that? What can you do to understand where you’re at and ways in which you can show up? I’ll give you one little insight. What I do at least to see where I’m at on a daily basis is, I would first say that it’s challenging to get into these empowering states to have that state of courage, that state of neutrality, that state of acceptance, that state of joy, and happiness. What you could do is you can use your past, body and mind’s amazing capability to remember the experiences of the past.
We all understand what courage is like. There are moments in our past where we’ve exercised courage, where we stood up to something that was challenging and difficult. We remember how that felt. Neutrality, it’s the same thing. We remember when we were empathetic, neutral to something where all things being equal. It may have come across as something that went against our belief system, what we would’ve done and otherwise would have set us off, but yet we were neutral to it. We found that looking at another’s perspective, understanding, the way they look at things may have caused the behavior. Suddenly that type of reason and rationale allows us to be more indifferent to the situation.
Acceptance, joy, happiness, and success, those types of feelings are within us because we’ve experienced that in the past. We yearn for that. Going to this conundrum of how most people think, which is once they have something, once they have this money, once this occurs, then there’ll be happy. They’ll be in that state. It’s backward. You’re more likely to get everything that you want if you experience and understand that state first.
This goes into experiencing and understanding what you’re like when you remember the experiences of your life, where you were courageous, empathetic, and you felt on top of the world and things happened, but it was water off a duck’s back. I have these multiple memories that I’m starting to collect that allow me to easily go into a state where I know I’ve made a difference. I know I’ve impacted someone. I know that I’ve stood up to adversity and overcame the adversity. I try to have my days centered around that energy of power as opposed to what we normally gravitate toward as human beings, which is force.
Hierarchical Structure In The Corporate World
Let’s move on to part two. What’s interesting about some of the feedback that you guys gave. There are several business owners that responded and talked about some of the challenges with their businesses at various sizes. There are also those that were in successful positions, but they were positions that weren’t entrepreneurial, weren’t their own business. It was working essentially for somebody else. What I would say is that there’s a hierarchical structure in small businesses. There’s also a hierarchical structure in the corporate world. Sometimes people get frustrated with reporting to somebody, having somebody tell them what to do. Therefore, they will go off and try to create something on their own. Be self-employed, be an entrepreneur, and start a business.
I’m going to be the first to tell you that the typical path for an entrepreneur, a small business owner now going off and doing things on your own, you’re going to make the same amount of money net and spend probably twice the amount of time and energy. Running a business, being an entrepreneur, being on your own, it’s a skillset that requires more of you than where you’re at right now. I’m not saying that it’s not possible or you shouldn’t do it, but there is a calculated, strategic way in which you can experience it.
I did an interview. It was an episode that lasted a while. It was with Michael Gerber. He wrote The E-Myth. There’s E-Myth for every profession that’s out there. There are E-Myth principles and then they’re applied to several different types of professions or industries. You also can check out Michael Gerber’s book, The E-Myth. There’s E-Myth Revisited. He has a lot of online content as well. It was an awesome interview.
The interview was scheduled for 45 minutes and we ended up going almost two hours. Go back and read that. Where I was going is if you look at the foundation of success within a corporate structure, within a hierarchical structure or in the small business or entrepreneurial world, the one element is that creates success. It’s that 80/20 Rule is leadership. The conversation I had was with this successful individual. He had accomplished a ton. He has seven figures of savings. He makes high six figures and it’s in the healthcare industry.
He has a leadership position, but it’s not the leadership position. There’s only one more level to go and then he’s capped out. What’s going through his mind is there’s a marginal improvement to get to that level, but is it worth it? Is there something else I can do? Should I go on my own? I’ve established all of this knowledge. It’s one of those things where he has initiatives. He has things that he wants to do to grow the specific group. There are about 100 people to a certain level, but yet there’s someone at the top that hired him that is pushing back.
75 HARD challenge: The 75 HARD-Running: Stay Motivated Journal
There’s this feeling of them being threatened. If this person is able to initiate these types of changes and orchestrate them and achieve success, then it makes them look bad. They’re afraid of looking bad because they’re afraid of being let go, less valuable, etc. I’m going to approach it in two ways. Number one, how I approached him being a leader when it comes to those that are above him, even being able to lead them. It’s also finding opportunities that are derivatives of what your core competencies are, your success is. I’ll explain both of these pieces.
The first one is when you are hired or join a company, it is so rare. I’ve seen it a few times. It’s becoming more available and more apparent that companies are going in this direction, but it’s a good sign when you are hired into a hierarchical order where you’re being hired as a position above the person and have a great interview process. That’s golden. Most people are hired underneath the person that’s hiring them or bringing them on.
In your position, not necessarily in a meritocracy where the order is based on experience, knowledge, expertise, core competency. It’s based on seniority, how long you’ve been there. It’s based on those types of factors. This person was hired within a hierarchy underneath the true leader. It was his role to essentially do their job so that they would be able to go out, make rein, be influential here, there, and the other. It made sense from the beginning, but then it came down to making these types of changes, where it would create improvement. It would avoid obstacles. It would prevent some haywire things from happening, which were evidenced.
It’s a train going on the track. It’s on the track. It’s going at a certain speed, yet there’s a gap in the track right before a bridge or a bridge that’s out. One person can see it, the other can’t. There’s a hierarchical order that says that, “I can’t see it. You can see it. Because I’m in the senior order, we’re going to keep going.” It was a multi-hour conversation. The way that I looked at it, which is how I have learned to run a business is this person who’s seniority to him, they have good leadership capabilities.
It has nothing to do with the change and the initiatives that want to be integrated into the structure of the business. It has to do with the way in which it’s presented. I caught this person essentially saying, “They should know this. That’s their role. They should know what to do. They should know that this isn’t working. They should know this and they should.” It’s one of those things where you try to approach irrational behavior with rational thinking. There’s always a quagmire.
The idea is you need to put yourself in that person’s shoes, understand what they want, understand what their life is about, understand their identity, understand what they’re afraid of, what keeps them up at night. When you know that, then you can see how going on the path that they’re on can lead to what they don’t want. You can talk about that, bring that up, highlight that and have them consider that as a possibility.
At the same time, you can’t go in and say, “This is what we’re going to do. Here’s my plan,” because then you’re leaving it up to them to define the meaning of that, and whether you’re trying to usurp their authority or whether you’re trying to help. The context of the conversation and recommendation is way more important to set from the very beginning. The best way to do that especially in hierarchical order is to understand what this person wants. What are they afraid of? What are they passionate about?
This person happened to have a lot of layers of identity that they were trying to protect. They felt threatened by the change that would make them look bad. At the same time, the path that they were going down was going to compromise all the different aspects of their identity, to begin with. That’s where we went. We started to highlight how can you have a conversation with this person and come at it from a neutral perspective, energy, and go in and say, “You want to do this. You want to make rein. You want to be on these boards. I know you’re passionate about that. I know it’s making a difference and here’s what I’m seeing in the future. I see that we’re going on this path. Because of my experience of what I’ve seen at other groups and other companies I’ve been with, this is what the end result is going to be. Here’s where I think we can establish a few pieces of change here, a few pieces of change here, and this is how it’ll get you what you want.”
It may not say it in those words but essentially allude to the fact that it’s going to help them to be better, to get what they want. It’s done in a collaborative fashion. We went into a lot of other details. The idea is that when you’re in this hierarchical order, the greatest fear somebody has is looking bad. If they look bad, the results of that are going to be them losing their job, their position, and losing their credibility. That is going to compromise what is most important to them. You got to work your way backward. You got to start with what’s most important to them? What do they want? What are they after? What are they passionate about? What are they striving for?
Try to view the world the same way they view the world and then approach it, showing how the path that they’re on is ultimately going to lead based on the experience of the new to a place that they don’t want. They may not be able to see it. It’s providing a replacement of their belief system, their perspective with an alternative that will get them what they truly want. Approaching that way is strategic, at the same time, this is where true leaders are. You can be a leader whether you’re the mailroom person or you can be a leader at that level of executive.
At the same time, the same principles apply. Even though there’s way down in the pecking order and the way high up on the pecking order, human behavior, human nature is always relevant. As you can imagine, a person that is at this prestige, that is ambitious, that is young, that is accomplished a lot, they’re thinking of plan B. If they can’t ram through their plan A, which is, “This is what we need to do you should know that, and you should accept my proposal,” they’re thinking of a plan B.
Plan B is, “I’m going to go somewhere else. I’m going to go to another company. Somebody is going to value me more or I’m going to go on my own.” It was interesting because I did an episode a number of months ago where I talked about how the Native Americans would capitalize on every aspect of the buffalo. The same thing with a cow and petroleum, where you have this one central commodity and one central thing, but there are many derivatives and uses out of it. We had that conversation and this individual was very entrepreneurial and driven.
Be Water, My Friend: The Teachings of Bruce Lee
We started to identify the different factions of their value. We started to look at what is their experience? What are they passionate about? What are the ways in which they can do a little bit of a derivative in certain areas? We identified a couple of opportunities. I’m going to give you that example and I’ll cut to some of the calls to action that I came up with. Regardless of where you’re at, you can apply a similar perspective as this individual that I had a great conversation with.
The derivative was he had expertise in the medical field and it was in the merger acquisitions business side of things, business structure. He also had many different contacts in that field of different medical companies, pharmaceutical companies, health networks and insurance companies. He had many executive-level contacts. I said, “What are opportunities where you’re seeing the medical industry go? What direction is it going? What do you see as the future?”
It went to these different startups and incubators that have been created in the city that he’s in that will be forming little specialized services, some of them are medical devices, but essentially it was a startup world, an incubator world of the medical industry. He identified not just one but a couple of them. That’s where I said, “Do you know anybody that’s there? Somebody that is part of it, that’s running it.” He had those relationships.
It went into what role could you play in order to not only have influence in those areas where you can provide some legal and business consulting on a small scale. It’s a derivative of what he’s already doing, but be able to influence good and also potentially have an opportunity for investment and grow his wealth, but then it could lead to a more firm consulting opportunity. I’m not sure what’s going to happen. I’ll know if he took action, which I guarantee he’s already taken action knowing him. The idea is that those opportunities existed. Our mindset is focused on what our primary core competency and obligations are.
Depth Versus Breadth Of Experience
We often don’t necessarily look at, within those competencies, is there a value that can be derived from that and applied to other areas of the business world as opposed to having to go off and completely start fresh and do something new? It’s being able to identify opportunities, whether it’s consulting, freelancing, etc. The thing I wanted to say in that regard, it’s the breadth versus depth. There’s this interesting concept in a business where you can have a depth of experience, which is extreme specialization, or you can have breadth, which is a wide range.
You’d go wide and shallow or you can go narrow and deep, or you can start doing a hybrid. It’s being intentional about your breath, knowledge, experience, specialty, as well as your depth. That is an interesting observation that you can make where you start to realize potential opportunities to go deeper into your field. Opportunities where you can gain even more specialized knowledge or you can start to go to the next level breath wise horizontally where you can start to understand maybe derivative aspects of your field.
In the end, this is what leads to you making not only the biggest difference and the most amount of money, but it’s being the most fulfilled. I’m going to be the first to say that you don’t have to go out on your own and form a business in order to do this. There are many opportunities. Even more so with COVID-19 and what it has facilitated as far as remote work. People are working from all over the world now where they had to be in a specific centralized location in the past. I look at the tremendous opportunity that exists to number one, identify your core competencies. Identify your strengths. Identify what I call human life value assets that I talk about in the book and start to leverage those.
Start to apply them to different areas with different companies and splinter or create derivatives of that and test here and test there. You don’t have to completely jump ship in order to pursue these types of ventures. What I would say is that from a call to action standpoint with regards to this second part of the episode, you get to know objectively and not just use assumptions or gut reaction as to where your strengths and passions are. This is the know they self where you can look at different assessments that are more objective in nature. The first that I love is Kolbe, the second is StrengthsFinder. The third is the Myers-Briggs.
It’s not simply taking these tests, but it’s studying and understanding the reports. Within those reports, it’s finding if you were to break down the talents, the passions or the fulfillment. As you take those assessments, what do you feel the most strongly about? Were they spot on more than any other area? That’s a signal for you to focus on where they nailed everything almost verbatim. That is where you can start to understand your competencies, where you’re passionate about and find opportunities where you could potentially go deeper.
You can enhance or magnify the depth of what you know before you go horizontally and the breadth of it. Going to The E-Myth, most people when they get frustrated in the hierarchical order of working in a structure, they pursue this path of entrepreneurship, self-employment, and starting their own business. Their core competency is in this little narrow niche whether they know it or not, but yet they take on a breadth of things. Whether it’s, you got to know some accounting, marketing, sales, all these other aspects of things.
It’s an interesting dynamic where you look at people that want to be freer. They want to have more opportunities. They want to make more money. Oftentimes, it’s the paradox. What you should be doing is probably the opposite of what you’re inclined to do. One of the calls to action for you is to know yourself at a deeper level, take these tests. You’ll spend maybe $100 on them, but they will be golden. In there, it objectively shows who you are, why you’re paid, what value you’re bringing to the world.
You can also assess what aspect of those reports is your core and use that as an indicator of what to pursue and find ways in which you can go deeper. A great way to determine that is within that niche, what’s your maximum income? What’s the maximum income in that specific area that these types of reports and self-assessments give you? I study mine all the time. I look at them. Sometimes I’m frustrated by them because I’m inclined to do this, that or the other, but they keep me in my core.
Power vs. Force
The second thing is a call to action I’ve already mentioned this and this goes to part one. From where you show up, your most common and consistent state, is it in a position of force or is it in a position of power? Are you showing up afraid? Are you showing up prideful? Are you showing up angry or resentful? Are you showing up courageously? Are you showing up neutral? Are you showing up with a feeling of acceptance that regardless of what happens, it’s happening for you? It’s not happening to you.
Get a pulse on that and then find some core memories of where you showed up as a hero. You overcame adversity, find those memories where you were neutral, where you were empathetic, where you took control and did it in an empowering way. When you find those, that is one of the best shortcuts to try and to show up every day. Maybe you start showing up in business settings, in meetings, in presentations, and then start applying that to your relationships, starting to apply that to your social relationships.
That’s it. This was a cool episode. It’s something that’s been on my mind. Hopefully, you found value in some of these nuggets. Go head over to TheWealthStandard.com. There’s an episode page for every single episode. Within that page, you can find those links. I’m going to put another plugin for feedback and assessments. That assessment will take you probably ten minutes or so. That feedback is going to help me tremendously because I’m already spending a ton of time putting together content, putting together videos, putting together a course that I believe encompasses the philosophy of the book. It also encompasses the philosophy of the show and the different themes and topics we’ve had over the last few years. It encompasses it in an actionable, personalized way.
I’m excited for that to come out. I want to be as double, triple, quadruple accurate as possible. That’s only going to come from your feedback. Thanks a ton. Thanks for reading. I appreciate it. If you found value, pass it on to others. I spend money on this. I don’t make any money doing the show other than providing value to the other companies that I have. Share this with others, get the word out. These are things that I believe come back when you’re able to share value with others and they find value in it. It’s this compound effect. It always comes back to you. We’ll see you in the next episode. Take care. Bye.
Wealth is found in experience and relative to the degree of our presence in that experience. The question is, how are you showing up in your daily experiences? On today’s podcast, Patrick Donohoe talks about what true wealth is and how you can navigate toward what you really want in life. Touching on the different aspects or archetypes of your personality, he explains how identifying and understanding the different aspects can help you show up in that archetype so you can enjoy, achieve, and succeed in life.
Watch the episode here:
Listen to the podcast here:
True Wealth: How To Navigate Toward What You Really Want In Life
Thank you for tuning into this episode. It’s going to be a short one but I appreciate the response to the last episode and your willingness to answer some questions for me. If you don’t know what I’m talking about, I had requested that you, the audience, would help me to design an online course specific to this audience. A lot of it is relevant to what we’ve discussed this 2020. Some of the topics and themes relating to what true wealth is. Of course, trying to figure out how to navigate toward what you want in life.
I’m up at our place in the mountains. We are on fall break for the kids and my brother and his family came out as well. We’re spending some time up here. It’s somewhat cold but nonetheless peaceful. I had an experience on the way up and that’s what I wanted to talk about for this episode. On the way up, we came up around 9:00, 10:00 at night and it’s about an hour drive outside of Salt Lake. There was a canyon that is somewhat busy during the day and this time of night, it was complete black. There weren’t any cars on the road as we were coming up which was very rare. Lots of animals are crossing the street, etc. At the end of the road, it’s about a 5, 6-mile road, there’s a T.
In one direction you go North into Wyoming, the other direction you go East. It goes on the other side of Park City and there were a bunch of sirens there. You can go 50, 60 miles an hour on this road. At the T, what had happened is the car that was crashed through this big wall didn’t see the stop sign and kept on going as if the road continued straight. I’m not sure what the outcome was, but given all of the ambulances, it was not pretty. The reason why I’m bringing that up is because sometimes, we’re wired to believe and live as if we had 50 years ahead of us or 100 years ahead of us.
We’re going to die at 95 but we don’t know what happens. Every day is different. Every day is dynamic. Our wiring and our patterns are similar. At the same time, our experiences can be completely different. Our environment is completely different but our patterns are the same. The topic I wanted to talk about was what wealth is in relation to experiences. I believe that wealth is found in experience and relative to the degree of our presence in that experience. My question to you is how are you showing up in your daily experiences? Are you showing up based on what your pattern has dictated? Human nature answers questions because of how prone we are to patterns and habitual behavior. We address the same questions and same situations in a similar way and I’m no exception.
That’s the example I’m going to give. In the past, whether it was a vacation, a trip, dinner with my wife, or being out with the kids, I had so much going on. I had emails I had to answer, text messages showing up, online messages, project in which I played a role, record this, try this, or do this. I had so much weighing on me and what it did is, it bled into all areas of my life. I found myself in some amazing places, whether vacation or trips and I didn’t enjoy them at all. It became frustrating because I was in these incredible places, I was able to be with the people that I love, and I wasn’t able to enjoy myself.
There was a teaching that I was exposed to Tony Robbins and some of the events I went through with him, and it took a few go-rounds for it to connect. I shared a little bit of that experience at the Platinum Group Finance Events. It was a February 2020 episode in which I talked about it but there was something I connected. It’s made a massive difference and I’ve been able to enjoy myself much more. There are still times in which my old patterns creep in. At the same time, I’m now present to that. I’m able to adapt and adjust so that I can take advantage of the experience and enjoy myself because, in the end, time is short. I look at my daughters and they’re grown, women.
True Wealth: Wealth is found in experience and relative to the degree of our presence in that experience.
They’re in their teenage years, they have a couple of years left at home, and it pains me sometimes. The time has gone by so fast. Don’t get me wrong, there have been incredible experiences I’ve had with them. At the same time, I realized that my inability to adapt situationally has impacted the degree of happiness and fulfillment I have in those experiences. My point behind all of this is because money does not give you better experiences. Money does not give you this complete different mindset shift because you’re able to drive a certain car, go on vacation, or live in a neighborhood, etc.
It amplifies who you already are. That’s my point behind this idea of mindset first, your state first, your understanding of the miracle we have of living in 2020 with all of the technology, the communication capability, the medicine that we have, the understanding of ourselves based on biofeedback, or other means. Our ability to communicate with loved ones, we are able to live on, there’s much to be grateful for but society continues to find itself in dire straits as if the world was going to end.
My point is there are ways in which we can show up and capitalize on the experience of life. I believe that if you’re able to do that before you have a lot of money coming in and make it easier because the situations, problems, and challenges amplify because of financial wealth. This is the teaching that impacted me. Carl Jung is a psychologist, I’m not a psychologist by any means and I am fascinated by human behavior. What makes us tick? Why we do certain things? Why do we continue to do certain things? Why we do things that we know are wrong but still, we continue to do them?
We’re all subject to this to some degree but Carl Jung talked about these aspects or factions of our personality called archetypes. There are some primary archetypes that are out there. What I started to do is connect to the different aspects of my personality and be able to understand what aspect of personality is best suited for certain experiences that I had. Let me give you some examples. First off, let me explain the different archetypes. Carl Jung has many different ones, but there are some common ones, whether it’s in mythology or history. You have the king archetype, magician archetype, lover archetype, and warrior archetype. I’ve thought about this before. Most people show up as one of the three, I would say tier two archetypes, which is the magician, the lover, and the warrior.
I call these situational archetypes. King archetype is rare. I look at how I’ve shown up in the past and it’s either the warrior or the lover. What I started to realize is that tapping into my king, my sovereign archetype for women to be the queen archetype, it’s being able to understand that archetype is the leader. You can picture a good king and there are many different examples of it. They’re able to understand and lead the other three archetypes situationally so that when the magician needs to show up to have fun or to be creative, the magician shows up. If the warrior needs to show up because something has to be overcome, a fear or a challenge has to be broken through. The warrior is able to show up.
The lover is able to show up in times where compassion and empathy are needed. I look at the organization of these archetypes especially as I look at the different experiences and situations. I find myself in every day and then knowing my magician is the best to show up in this to have fun, to enjoy a night out, to enjoy a game, a board game, to be able to solve some problems, be creative, and be agile. The lover, when it comes to my family, neighbor, or someone that’s gone through a hard time. When I need to overcome something, conquer and push through, and fight through somebody or something, the warrior shows up. These archetypes have enabled me to understand myself better but also to be able to enjoy the everyday experiences that I have.
True Wealth: There’s a power to being fully engaged and to play full out.
It’s going to be a short show but I’m going to end with a challenge. I want you number one, as it relates to the first story I explained, this car crash coming through the Canyon as I was coming up into the mountains is, to take 30 minutes in something that you have going on and be able to be as close to 100% present as possible. Present meaning you are completely engaged. There’s a power to being fully engaged and to play full out. The second challenge I have for you is to start to look inside yourself, inside your personality, and identify the magician in you, the fun, the happy-go-lucky, the creative and the agile part of your personality. Identify the lover side of your personality where you’re compassionate, loving, empathetic, and then identify the warrior inside of you.
The one who shows up, who is able to break through a wall if that’s what’s needed, but here’s the most important one, to start to identify the archetypical king, the sovereign, or the queen inside of you. The one, who rules cares about what’s right, who is noble. Not the dark or shadow side of that archetype or personality but the actual light side, the sovereign side. Identify these archetypes. Sometimes, people name them or associate them with characters in history that they have an affinity toward. Once you are able to identify those aspects or factions of your personality, it’s then identifying some situations in which you can show up in that archetypal side of your personality, enjoy, achieve, and succeed.
This is what’s worked for me and it’s a part of the course that I want to create. It’s going into a lot more detail when it comes to understanding your archetypes, being able to situationally apply them, enjoy, and thrive in certain experiences as opposed to winging it and figuring things out. I want to be light. I appreciate your attention. I hope you gained something from this challenge. We’d love to hear from you. Email me at Hello@TheWeathStandard.com. Let me know about your experiences. That’s it for now. Talk to you next week.
Episode – Introducing A Course Survey That Will Take Your Life To The Next Level
While our experiences can be varied, there are still some common threads that bind us to reach our financial goals. In this unique episode, Patrick Donohoe works to tie those and create a course that will allow you to take your life—financial, professional, and investments—to the next level. Asking for your help, he shares a survey that will guide him to feel the listeners’ pulse as they try to create wealth and, in turn, offer the best course that can take you there. Join Patrick in today’s show as he breaks down the questions that need your answers and will help you breakthrough to the next level and beyond.
Watch the episode here:
Listen to the podcast here:
Introducing A Course Survey That Will Take Your Life To The Next Level
I have an episode that’s different than the past. It might be shorter, but who knows? It can go long. I have no idea yet, but I have prepared some thoughts around some help that I’m going to request from you. This year has been monumental for everyone, including myself. It’s allowed me to introspect a lot more. I’ve shared quite a bit of that on the show. I like to take it to another level. I brought on another person to my marketing team and him and I had made a goal to create a specific course for the show’s audience before the end of 2020. If you are reading this down the road, this is October 2020. I’ve given you a lot of material whether it’s the book or whether it’s courses I’ve done with my company Paradigm Life, but this one is going to be specific to the show.
What I want to do is derive the common things that hold people back and create some curriculum, some education, as well as exercises that allow you as readers to take your life, your financial life, your professional life, your investments to the next level. That sounds somewhat cliché. At the same time, there are those fundamental principles that pertain to unique, personal situations. All of us have a different perspective of the world. There are some things we have in common. At the same time, we all have different experiences that have formed. Our paradigm formed our perspective. Those are all unique at the same time because we’re human. We have some things in common. I believe that there are some end results, some achievements in life that everybody wants. I believe that there are some fundamental principles regardless of the uniqueness of our situation, that if we understood them and if we applied them, we’ll be able to break through to the next level and then the level beyond.
Instead of talking about it on the show, because I know information and ideas have some value. As a business owner, entrepreneur and observer of our modern reality, I realized that ideas are abundant, but what’s scarce is execution. It’s the ability to act and create a new reality based on the ideas that we have. I’d like to first walk you through in this episode the survey I’d like you to fill out. It’s short. There are half a dozen questions or so as well as a statement that you can make. I believe that about 20 would be a good sample size, maybe 30, but for the first 10, I’m going to give you a signed copy of the book and also free access to the course once it’s available.
For the second ten, I’m going to send you a free copy of the paperback. I’m going to walk you through that survey and give you something in exchange. I think this is going to be a great starting place because this specific course, I have tons of ideas around it. At the same time, I want to order it in the right way. I want to make it actionable so it’s not information that you absorb and then try to figure out what to do with it. It’s information you absorb and then are able to do something with it. This isn’t a course that’s available now. It’s going to be available at the end of 2020, but I’m going to start into it.
Let me give you some context as to some of the questions I’m going to ask. The content of the solo shows I’ve done have revolved around disruption, a major disruption in some cases, to all of our lives. I believe disruption is interesting because the scale or the magnitude of that disruption is what I believe impacted people. At the same time, we’re disrupted by things every day. I believe that life and the unique path that we have in our living is going to face specific disruptive events. As I’ve quoted the famous quote from Victor Frankel, “Between stimulus and response, there is a space and in that space lies your freedom,” and it’s the response to the things that happened to us.
It’s the ability for us to stray away from being convinced that the outside circumstances have to align in order for us to be happy. Whether it’s a specific person in a political office, a boss treating you the right way, the partner that you have or the employees that you have. When we start to condition, happiness, success and our achievement around the outside world conforming to our wishes, that’s when things go sideways. At the same time, that’s what we all do. I would say that the course, what it’s going to do is it’s going to help you understand what you want. It’s going to help you define these end results and the purpose behind them. That starts to help you align with the actual financial behavior that you have whether it’s how you spend money, how you save money, what are some of the obstacles you have and the actions you have to take.
Next Level: The meaning that we’ve created around our experiences in life has woven together in the way we perceive things.
However, those actions without the right mindset are going to be fleeting, temporary. Ultimately, you’re going to end up most likely right back where you started, maybe even worse. Let me get into it. I’m going to start with the first question. I’m going to maybe summarize what I’ve already stated. We have these experiences of life and the meaning that we’ve created around those experiences and all of that has woven together in the way in which we perceive things. The way in which we perceive things is mostly subconscious and little is conscious. We have this operating system that gets up every single day and does the same things. We’re in these patterns, even though the day is brand new and the experiences, in a sense, are brand new yet our operating system is the exact same.
We’re going to respond in a similar way, which creates a deeper pattern and then I would say it makes it more difficult to transition out of that into something that can potentially give us what we want. Let me get into the first question. I’ve ordered these strategically and it’s not a perfect order, but I asked the questions and I ordered them specifically for a reason. Here’s the first question. If you could get the world’s foremost expert on any topic for a day, who would be the expert? What would the topic be? Why? I think this is profound because number one, I believe that the answer shows some of the values that you have come to understand over the course of time in your life. You associate those values with somebody. Somebody who demonstrates them in reality. You’re able to identify that, but then also extract some of the potential characteristics and values out of this person that aligned with you and then start to discover why.
The second question. What thoughts about money occupy your mind the most during the day? What do you find yourself thinking about the most? It’s a redundant second part. At the same time, what this does is it allows you to understand the focus of where your attention is. The 10,000-year-old part of our DNA is looking for what’s wrong. It’s looking for danger. It’s looking to protect us. I look at all of us having the tendency to gravitate toward these protectionist type of feelings. At the same time, if we don’t become aware of them and then also know how to process, understand and subsequently respond to them, then we are essentially allowing these patterns we’ve developed over the course of time to run our programs. It could be a virus. It could be some malware or some spyware. It’s essentially infiltrated itself into your operating system and essentially stimulating a process that you don’t necessarily want. This is a question I believe is going to be introspective into what you think about and how that pattern is either helping you move forward or holding you back and preventing you from achieving what you want.
The next question is in a brief summary, tell me about a financial struggle you are facing and what you associate as the reasons for that challenge? I think this is an interesting question because struggles are going to be something we all are going to face for the rest of our life. I believe struggles and adversity, if you contextualize them in a certain way, are the grounds for growth. As we look at them as something that’s holding us back or looking at them as something that is challenging us to face that challenge, push through and grow from it, we’re going to have different outcomes. Sometimes I believe struggle without the right focus can be those preventative things that we believe can’t be conquered.
At the same time. If you look at the miracle we have with communication, with information whether it’s books, courses or videos, most of the world’s challenges from an external standpoint, even from an internal standpoint, from a psychological spiritual standpoint have been overcome. As you start to connect your struggles, what you’re going through, challenges, what you define as in your way, that’s when you can look to those that have overcome challenges. Those that have pushed through and then start to connect what needs to be a belief system inside of you that allows you to be in the right mindset to overcome whatever the challenge is in front of you.
Seriously, it’s any challenge. If you don’t make enough money, if you’ve lost in investments, if you feel guilty about something, if you’ve made a mistake, if you’ve hurt somebody, if you’ve been raised a certain way where you believe that you can’t make more than this or else you’re greedy or unworthy. There are other people that are suffering in the world and who are you to want to achieve great things and leave these other people in the dirt. There are weird stories that we have in the background, in our subconscious, are there. I believe that as you address those, as you become aware of those, you can understand yourself better but also start to take the steps to overcome those challenges.
The next one, and this is the second to last one, what is the biggest obstacle standing in the way of living life at the next level? It’s similar to the previous one. At the same time, it’s not necessarily a financial struggle. It’s a challenge or an obstacle in general. The final one, if I were to build a course for you on the topic of financial independence, what specific subjects would you like me to focus the content on most? As you’ve gone through these other questions, it’ll help me see what amount of content is best to spend on the psychological side of things, the ability to understand what you truly want first to be in the state of mind to have the right paradigm or perspective. Subsequently, how much time and attention and content to spend on actual strategies, the tactics and the accountability associated with that.
I know this is definitely a different episode, but I would love your help. I would love to know especially for those that have read the episodes, what’s going through your mind? What are you struggling with most? What is occupying the space between your ears? What would you like to see in a specific course that will allow you to better understand this material, but also to implement it in a way that is unique to your life? I’m excited. I’ve already outlined quite a bit of the course. This is essentially a survey that’s going to help me refine the order. It’s going to refine some of the initial content and believe me, there’s going to be more that we add to this over the course of time as we iterate based on the results we see you get.
I’m excited about it, so is the marketing team that I have. I can’t wait to start to work on it. It’s 90 days or so before the end of 2020. I want to get moving on it. I’m excited for you to help participate. That’s it for this. It’s a short episode. Thank you for sticking with me. For those that fill out this survey, the first ten, I’m going to send you a signed hardcover copy of the book as well as access to the initial course for free. For the second ten, I’m going to give you a paperback version of the book. Go ahead and access the Google Forms survey and I can’t wait to get your responses. We’ll talk to you again next time. Take care.
Love the show? Subscribe, rate, review, and share!
How we view the world is influenced by the groups that we participate in. What ends up happening though is that the desire to be part of a group is so strong that we often don’t question beliefs, perspectives, or assumptions. We’re unable to defend our position because our greater desire or instinct is to be a part of that community that we never really ask ourselves the right questions to be clear about what we want. On today’s show, Patrick Donohoe shares some introspective questions to help you get clear about what you really want. How about you? Are you certain about what you want? Tune in to today’s episode to get clear about what you want so you’re able to make progress towards it.
Watch the episode here:
Listen to the podcast here:
What You Want: Getting Clear About Your Goals And Desires
Thank you for reading. I hope you enjoyed our episode with Brock Pierce, the presidential candidate. It made me think a little bit about politics and now is a super chaotic time. I hope you aren’t getting caught up in it. It’s a psychological trap. Hopefully, you are going into it with the most objective perspective possible. I want you to think about a couple of things. This is what’s been on my mind. It loops into what we’ve talked about, as well as our environment. The first is a statement which is, “The decisions you make now are either taking you away from or getting you closer to what you want.” The second statement is, “Life is a dance between what you fear the most and what you want the most.”
In my experience, the problem lies with not being clear about what you want and also not being clear about what you are afraid of. It’s evident that there is a lot of group psychology that goes into perspective. Few people are able to defend their position and rightfully so because one of the instincts that we have is to be a part of a group and a community. It brings out our self-confidence. It validates our strengths, achievements and who we are. We were able to find an identity there. That desire to be part of a group is strong that we often don’t question beliefs. We don’t question perspectives and assumptions.
We’re all part of groups. I’m not excluding myself from this because I’m part of religious and business groups. I’m in the United States. I’m in Utah. I’m in Salt Lake City. I’m from the East Coast. I have friend groups there. I graduated from university. I have a group there. We all have perspectives of how we view the world influenced by these groups that we participate in. What ends up happening, in my experience is those dominate our psychology. They dominate our perspective and we’re afraid of being wrong. We’re also afraid of not achieving what we want that we never ask ourselves the right questions to be clear about what we want. The decisions that we’re making keeps us in this holding pattern.
I believe if we do not ask ourselves specific questions daily, then we’re essentially backtracking or falling behind. We’re not making progress and it’s making it even more difficult to have a paradigm shift. It’s more difficult to understand what we’re afraid of, why and what we want. I’m going to give you some examples based on the experiences I have with clients specifically in the financial advice space, which I play in a lot. I also have a few dozen advisors that work with me directly. I also mentor through a group called the Prosperity Economics Movement with my friend and mentor Kim Butler and her husband, Todd Langford. This comes from me hearing from advisors about what clients want and trying to get clear about what they want.
I’ll use a few simple ones so you can understand this. I’m going to apply it to some business principles. It is one of the best times to be aware, to be objective and to be clear. If you think about money and financial advice, most people want more money. It’s almost universal. They rarely are clear about why they want it. This is an easy way to progress through what you want. I’ll give an example, “I want more money.” Why do you want more money? What is it about money that is intriguing to you? Nobody wants paper and ink or more numbers in a bank account. If you had billions of dollars in a bank account and couldn’t spend it, what good is that?
It’s what comes from money. Why do you want more money? I don’t want to worry. First off, there are two lessons in that response. Number one, most people are clear about what they don’t want but are not very clear about what they do want. You then can get down another trail where you ask about what they want. I want more time with my wife. I want more time with my kids. Now you’re starting to hit upon some of the core values people have, which is important that can ultimately be leveraged for you but also leveraged when it comes to understanding others but wanting to spend more time with kids. The question can go deeper. What about spending time with kids is important to you? Why do you want to spend time with your kids? What’s that time like? Is the quality there? I have two teenage girls and it has to be quality time because they don’t want the quantity time. They want quality time.
What You Want: The desire to be part of a group is so strong that we often don’t question beliefs, perspectives, or assumptions.
What about that is what you want? Going to leverage. Unfortunately, most people are driven to change and driven to action by pain. This is what I usually love to ask when I’m talking with clients who specifically talk about, “I want to spend more time with my family, my wife and my kids.” What about that is important to you? Why do you want to spend more time? What would you do? I asked the question. If nothing changes, you don’t spend time with your kids and life continues on, what is life going to look like 2, 5, 10 years from now? You can get into a person and understanding if I don’t do that, then it’s going to impact me and I’m going to have lots of regrets.
My kids are not going to have the greatest relationship with me or at least the relationship that I want. Grandkids could be part of that equation too. You start to open up and understand that the inaction and making the same decisions as you’re making. Money is always an excuse. Time is like a great arbiter of life. We all have the same amount, but we choose to be a certain way, show up a certain way, and manage our time in a certain way. It’s funny where people will binge on Netflix movies, but they have all the excuses in the world to go to the gym, which ultimately can get you in better shape. You have more energy and show up to more time with kids where you’re in a great mood and state and where the quality is there.
The questions I usually ask myself are, “If I was able to spend the quality time with my kids and I felt the way that I wanted to feel. I felt it fully and completely, what’s even more important that I want.” It gets to deeper levels. I want to have cool experiences with them. I want to teach, educate and inspire them. You start to get into some more core reasons and values. The reasons why you’re driven to get up in the morning into work, to take risks and to have a family.
I look at these introspective questions and you usually get down to the same thing which is I want more peace. I want more joy. That’s what’s interesting and we’ve talked about this on the show before, but there are moments that you can reflect on in a meditative state, understand and experience joy and peace without having to go through all of these different things. It is not to say that growing, earning more money and making more money isn’t important. I believe that’s the hardest way to get what you want. Even more interesting is that when you can go about understanding yourself, being introspective, and living in that state, the more likely and the quicker you’re going to make more money. Grow in your business. Understand what you want to do. That’s what I would encourage you, this one thing, which is to be introspective. You have to be introspective about what you want and why you want it. You then can start to associate not present pain, but future pain. If your decisions continued to be the same, your circumstances continue to be the same.
Here’s where I’m going to go next. I’m huge on personal development and growth expansion. I haven’t personally experienced this, but I have clients who are in their 60s, 70s, 80s so I can attest to this firsthand is that getting to a point where you don’t have to produce and work will not give you a meaningful life. I’m not saying to work 40, 50, 80 hours a week, but finding ways to be productive is east central. The reason why I bring that up is that if your lens to the world is based on how you can be introspective and understand what you believe. Understand what you want most and what you’re most afraid of and start to connect present, and future consequences associated with continuing to believe that way. Continuing to make the same decisions, that is why number one, you’re going to be way happier. Number two, you’re going to start to look at the world differently.
Now, infinite problems and infinite pain. Group psychology, holy crap. It’s the political season. People don’t understand economic principles, tax principles and fiscal principles. They understand aspects of it but what they believe is based on the group that they’re associating with. We banter back and forth. The two dominant political parties have weaponized all sorts of issues. What’s funny is that you have facts and information that can be spun in both directions. That’s why I said in the beginning, don’t get caught up in this crap or you can start to see is opportunities, problems because usually, the biggest opportunities come from the biggest problems and the biggest pain.
What You Want: Most people are very clear about what they don’t want but are not very clear about what they do want.
There continues to be south of a million people claiming unemployment benefits. We’re hurting. Businesses are going out. I imagine you are doing well reading this blog and the ways in which you can improve yourself and your income. Hopefully, you’ve gained some tips and knowledge about how to be a freelancer, be a contractor and all of the opportunities to work remotely that exist these days. It’s fascinating how many opportunities there are, yet there are many people without work. Hopefully, this puts you in the position of looking at your day, your routine and having a new lens. That lens is the problems that exist for people, the pain associated with it, the consequences, but also providing and making it possible a new direction, solution and a new way of looking at things. Articulating a problem and being clear about what’s holding you back. What are you most afraid of? What do you want the most? What is the obstacle that’s in your way?
Understanding that for yourself allows you to an interface, have a dialogue with others and form a meaningful relationship. Hopefully, it’s a business relationship. There are a lot of people that are down and out. There are people that are going to lose their homes. They’re not going to have to rent, which means that rental incomes are most likely going to go up. You’re going to have some challenges with taxes, especially if the administration changes, but even if it doesn’t, we’re in such a fiscal mess that we’re going to have tax changes. If you’re in the financial world, there are many opportunities to spread news, ideas and what you’re doing. Doing it in the framework of this problem, the pain associated with that problem and the possibility that there is a solution.
Now is an incredible time to understand where you’re at. You’re dancing between what you fear the most and what you want the most. It’s never going to change. Fears are going to change and what you want is going to change. It’s like an infinite game, but the dance is not going to change. Your ability to be aware, your ability to be introspective and to know what you want to achieve and accomplish that day. The decisions that you make, there’s more insight into them. There’s more reflection into them and the motivations behind them. I believe that will make you, number one, more radiant happy and peaceful. That is a force for good. It’s a power that allows you to have conversations with people from an attacking perspective, from the energy that wants to help and make an impact.
I know this from experience. I know this from reading and having this insatiable desire to understand human behavior and what makes people tick. Relationships to me are hugely important. I sit in this empty office and I don’t have as much interface with people anymore. It made me understand how important that is to me, but then also make the most out of the interactions and the relationships that I am able to interface and have a dialogue with more often.
Hopefully, this has struck a little bit of a chord. I believe all opportunities, investments, businesses and relationships operate within this framework. If you think about it. Understanding it for yourself is vital. If you don’t understand it, you’re not going to be able to adequately understand the perspective and the paradigm of others. Hopefully, this resonates. There are a few books that I would recommend. Thanks for reading this episode. Go out there and make a difference. Be the solution and the possibility for someone. Those opportunities are everywhere.
Patrick is the President and CEO and started Paradigm Life in 2007 after learning from his mentor Kim Butler about financial strategies outside of Wall Street.
With a background in economics and marketing, Patrick immediately realized the opportunity to teach investors, business owners, professionals and families on a large scale using modern digital media and communication technology. Since 2007 Paradigm Life has worked with thousands of individuals in all 50 states.
Run-of-the-mill advice is everywhere. But in order to achieve different results, your strategy has to be different.
In this book, you're going to learn about a hundred year old strategy that's tried and proven to give results. Are you ready to
shift the way you think about investing?
WHAT THE PROS ARE SAYING...
Once in a great while, a person comes along who can explain financial concepts so clearlu that all of a sudden,
what had been a mystery becomes obvious. For many people, Robert Kiyosaki was that person when he wrote Rich Dad Poor Dad. For me,
that person was Patrick Donohoe when he first explained what you're about to learn in this book.
Tom Wheelright, CPA
Author of Tax-Free Wealth, of the Rich Dad Advisor Series
"Patrick's book explains why every American is experiencing worry, fear, and uncertainty with thier finances.
'Heads I Win, Tails You Lose' outlines a better way to take back control and live a life you love."
"Storyteller, man of honor, humble seeker of truth - these are the words I think about when Patrick comes to mind.
I've been looking forward to this book for quite a while and am pleased to tell you, the reader, it is worth the wait."
CEO, Partners for Prosperity
"Patrick is someone that I call upon to learn the strategies of the world's richest people. 'Heads I Win, Tails You Lose' provides
a creative approach for managing wealth outside of the old and tired methods used by everyone else."
Founder of Capitalism.com
Book Nailed it
A should-read for anyone looking to be smart with thier money, and smart enough not to just follow the herd.
Robert K. Cunningham
Very enlightening and actionable!!
If you want a real path to Economic Independance and not a theory this book is for you.
Wise if I read this years ago.
Great book, made me change my thinking on my investment situation.
Take back control of your money
The truth about money. You will be surprised with the information. WOW!
A must read
Outstanding book. Details information most people are not aware of in creating a sound financial programs.
...a critical financial strategy
I simply couldn't put this book down, I read it cover to cover in 1.5 days! #VeryEngagingRead
ABOUT THE AUTHOR
Patrick Donohoe is the Founder and CEO of Paradigm Life and PL Wealth Advisors. Patrick and his team teach thousands how
to build wealth, create lifetime cash flow, and leave a meaningful legacy.
Patrick was recently honored by Investopedia as one of the Nation's Top 100 Most Financial Advisors. He is a highly sought
after presenter and speaker at financial-based events around the country and is the host of The Wealth Standard podcast.
Patrick grew up in West Hartford, Connecticut, and attended the University of Utah, where he received his bachelor's degree in economics.
He lives in Salt Lake city with his wife and three children.
WHAT'S INSIDE THE BOOK?
THE CHAPTER LIST:
1. ORIGINS OF THE AMERICAN DREAM
2. THE PERPETUAL WEALTH STRATEGY™
3. QUESTION EVERYTHING
4. BREAK AWAY FROM WALL STREET
5. AVOIDING THE INVESTING AND LENDING TRAP
6. THINK FOR YOURSELF
7. A SOLID FOUNDATION
8. B ELIKE THE WEALTHY
9. MYTHS AND TRUTHS OF INSURANCE
10. SAVE, BORROW, INVEST, AND BUILD WEALTH
11. START, BUILD, AND PROSPER YOUR BUSINESS
12. YOUR FINANCIAL FUTURE
13. MAKE THE SHIFT
14. TAKE BACK CONTROL