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TWS 20 | Embracing Challenges

Wealth Is The Result Of Your Relationship With Challenges

September 9, 2021 Patrick Donohoe Podcast Comments Off on Wealth Is The Result Of Your Relationship With Challenges

Life compels us to move forward and to grow, although there’s uniqueness and variety. We may not know what tomorrow is going to bring, but we can still choose to show up to the life we are given and strive to rise despite the challenges. After all, strength and growth come only through continuous effort and struggle. In this episode, Patrick Donohoe explains the importance of understanding the principles of growth through embracing challenges. He discusses adversity, obstacles, struggles, challenge, and friction. This is the perfect time to encourage yourself to embrace challenges when they come. Recognize the opportunity to do it strategically so you could unleash your potential and even create successful investment decisions.

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Listen to the podcast here

Wealth Is The Result Of Your Relationship With Challenges

One of the driving forces of human beings is freedom, which infers financial freedom too. Several years ago, I set out to discover how any individual, regardless of their financial situation, could evaluate their finances in five minutes or less and have a firm date when they could achieve financial independence. The latest version of this calculator, which is free for readers, can be found at TheWealthStandard.com/calculator. The calculator is going to take you just a few minutes to complete and it’s going to provide you with a specific financial independence date. Go check it out now.

Every individual of humanity lives a unique life. There are similarities but ultimately, each life is distinctly different. Billions of people are all distinctly different. We have these uniquely defining characteristics that then show up to new sets of circumstances and experiences on a daily basis. The nature of which is continually compelling us to move forward and grow. Although there’s so much of this uniqueness and variety, there are constants. There are these universal laws or principles that govern the results we get from growing.

You’re reading a wealth and personal finance show and that has been the focus for years. To me, that signals that you’re compelled to grow in some way, going from where you are financially to a new level. It’s natural to be compelled to grow continually. Growth requires a path of following these laws and principles. Following these constants cannot be circumvented. You can’t go around it. In this path, some of these principles and laws are the riddling of pressure, adversity, obstacles, struggles, challenges and friction. It applies in pretty much all finance but to this audience, to your earning potential and also to successful investment decisions.

You have to push through these obstacles in order to grow to success. Napoleon Hill, a great quote along these lines says, “Strength and growth come only through continuous effort and struggle.” To me, what this means is strength, in essence, amplifies your efforts. The degree of your efforts is going to determine how you face the specific challenge friction in question. It determines whether you embrace it as something that’s part of growth or rebel against it because you don’t understand the law or principle.

I’ll give you a physical example. I’ve worked out at the same CrossFit gym for many years. CrossFit is relatively rigorous. This applies to just exercise in general. I’ve come to understand that there’s this crossover point that people that do it for the long run have to push through a threshold. It’s the point where you go from, “I can’t stand up. Every part of my body is aching. My body is telling me, ‘What the heck are you doing to me?'” You can’t walk down the stairs. You can hardly get out of bed.

The individual of humanity lives a unique life. Each life is distinctly different. Click To Tweet

When you break through that threshold, do you look at workouts the next morning and your body wants to do it. It’s like, “I can’t wait to get the kick out of me tomorrow.” When you hear someone say, “I hate working out. I can never get up that early. I don’t have time.” To me, these statements signify rebellion from a challenge because that threshold has not been crossed. They’ve not understood these principles or laws of growth.

In CrossFit, I’ve come to realize that a new person must do it for at least six months until they break this threshold. Typically, that’s eighteen months where they go from hating it to loving it. Typically, that threshold is not crossed because of the pain and ultimately, no one is able to experience the other side. I believe you can grow from those same laws and principles applied to psychological growth. Like a physical muscle, you can grow that same type of mental strength. You can come to love the challenges of life, frictions of life, difficulties of life, as well as the subsequent pain. The principle is almost identical.

The feelings are what’s processed in your mind both physical and mental. All of that is processed. I believe you can continually develop mental strength through consistent and ongoing exercise. It’s not physical exercise. Let me give you some examples of exercise. Psychological workout is done through personal development whether it’s reading books, listening to podcasts, taking courses, training, having a personal coach or business coach, going to seminars, events and so forth. Things that push you to those thresholds.

When those muscles are exercising strong, you can show up to life and embrace those challenging experiences. Hope for them because you know what’s on the other side. There are mental obstacles but ultimately, you embrace every moment of the experience because you know what it’s going to lead you to. For those of us in the last few episodes, I participated in an endurance event called 29029. That number symbolizes the elevation of Mount Everest.

This event consists of a pretty crazy feat. You have to hike up and down a mountain numerous times until you reach that 29,000 feet of elevation and you have only 36 hours to do it. The event took place at a ski resort about an hour from Salt Lake called Snowbasin. The elevation gain of each hike was roughly 2,300 feet, with a distance on each hike of 2.3 miles. It’s a straight uphill hike and you do it thirteen times. I started at 6:00 in the morning on Friday. I ended at about 1:00 PM on Saturday but I had until 6:00 PM on Saturday to finish.

TWS 20 | Embracing Challenges

Embracing Challenges: Start exercising so that you don’t do it out of shape when you show up to these challenges. You don’t do it malnourished. You do it strongly. And when it comes, you can pivot. You can be agile. You can embrace them.

On the first day, the adrenaline and excitement were there. I completed ten hikes on the first day. I hiked from 6:00 in the morning to 1:00 in the morning. It was 6:00 AM all the way through the evening to 1:00 PM. You hike up. You take a fifteen-minute gondola ride down, where I got in the habit of eating and getting some food in my body but went through ten straight. It was brutal. I was seeing things at the end like hallucinating. I had to go to bed, wake up the next morning and then complete the final three hikes on Saturday.

I’m going to open you guys up. I was reluctant to do this but I recorded some audio notes of actual videos during the event. The second part of this episode is going to consist of that compilation of those few videos when I was right in the thick of it. The reason why I did this event is that I knew I was going to face extreme pain and threshold where my body was going to tell me, “Stop. You need to quit. This isn’t normal. You can’t do this to me.” It happened multiple times. You’re going to read about it in these videos that I recorded while doing the event.

The reason was personal growth. I wanted to grow or face these thresholds because I understand the principles of growth. I would be lying to say that I always look forward to challenges, obstacles and friction because of these unique experiences that we have on a daily basis, you don’t know what life is going to throw at you to grow. I’m not saying that I completely embrace all the difficulties of my life but here is a time and an opportunity I had to do it strategically where I knew I was going to face these challenges.

I knew it was going to be a struggle. My body would signal my mind, “Stop. You can’t do this. What are you doing to me?” I wanted to, number one, push through some additional thresholds because we all have a threshold. It’s like this continual threshold. Once we’re there, there’s going to be another one. That was one of my goals but I also did it for my kids, who, as you’ll see in some of the videos, we’re able to walk across the finish line with me. I wanted to demonstrate to them that inside of them are the same genes as mine but also human genes that can overcome challenging things and difficulties.

I have two teenage daughters. There are lots of emotional things going on in their life. I did this event because, even though it’s not the same challenge, there are parallels. I also did it for you, whoever is reading right now. I’ve seen amazing things in people. Those that are in CrossFit make it through the threshold and it changes their life. It changed my life. I’ve also seen it in business whether it’s with employees or clients. Seeing thousands of people face some extremely difficult circumstances but push through it and grow and then start to connect the principles and laws of growth to those challenges and what they became because of it.

Life compels us to grow, and it's going to give us obstacles. Click To Tweet

The purpose was to encourage and inspire you to not just embrace challenges when they come because we don’t know what tomorrow is going to bring or the next day. We just know that life compels us to grow and it’s going to give us obstacles and challenges. Start exercising the muscle so that when you show up to these challenges, you don’t do it out of shape and malnourished. You do it strong and when it comes, you can pivot. You can be agile. You can embrace them even though they may be challenging at first.

I did it to inspire you to take some action whether it’s signing up for one of these physical events. They’re all over the place, marathons, half-marathons and 5Ks. You can find them anywhere. You have endurance races and obstacle races. I believe that these physical challenges parallel well with the psychological challenges that we face. In the end, if you get strong physically, it doesn’t mean that you’re going to be successful financially but there is a parallel because what led to a strong physique and body, the same principle is applied to strong psychology, mental wherewithal.

That allows us to break through to these levels in which we can create massive value for people. We can show up to life happy, fulfilled, motivated and ultimately achieve and continue to achieve the levels of wealth that will create a rewarding life. It was rewarding. I’m very blessed to have been able to participate in it. I’m glad you guys are reading. I hope you learned something. I hope you were now inspired and motivated to go find something that physically challenges you whether it’s an event, hiring a coach or it’s something business-wise. Continue to push those limits and strengthen those muscles. I know you can do it. We’ll see you in the next episode.

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This is journal entry number one. I just completed my sixth summit. The event is you have 36 hours to do thirteen summits. Each summit is 2.3 miles and 2,300 feet of elevation. It’s pretty rough. It’s a lot more difficult than I thought. There are these super steep parts of the trail. I’m on a gondola. I’m playing on my strategy. What I’m thinking is doing another 2, maybe 1 at dinner and then try to get 10 before the end of the day, which will leave me a good amount of time so I can get 5 to 6 hours of sleep. That’s the plan. I’ll do another journal entry when I’m done now.

TWS 20 | Embracing Challenges

Embracing Challenges: There are these universal laws or principles that govern the results we get from growing. You’re compelled to grow going from where you are right now, financially, to a new level.

This is journal entry number two. It was impossible. Nothing is impossible but I finished at about 1:00 AM in my tenth summit. I was super exhausted but I had two lessons from yesterday. In the first trail, my body was feeling it big time. I was feeling undernourished. In every step, I was feeling it in my calves and hip flexors. Something happened going through the sixth time, where I got a second wind. What’s interesting in our body is it’s not biologically designed for the life we get to live. It’s meant to be stressed. It’s meant to push limitations. We’re meant to walk and run. We’re meant to deal with physical strain. I felt that it was incredible and I did three.

After the fifth summit, I did three more before dinner and then I had some dinner. I think I ate too much and then I did two more before I went to bed. When I was finishing the final summit, someone had this little board where each time you summit they have this hot iron that you brand this wooden board every time you summit. Someone had mistakenly put my tenth summit there already. As I was going to put my brand, I saw it and then I was like, “That’s not right.” They were like, “You have to put it in the eleventh.” I was like, “No.”

First off, my mind was like, “Do it, just put it.” I put it on the eleventh one then you’ll only have to do the two tomorrow. It was incredible. I think sometimes our body sends messages to us when we’re dealing with stress, pain or anxiety. It operates for us, protecting us with survival instincts. It was interesting that sometimes, specifically that night, where my mind went to do that, “You only have to do two.” I didn’t do that. I did two already and I’m headed down the gondola to do number thirteen. I feel amazing and my family is going to meet me at the top. It was a great journey. It was a fun experience.

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TWS 19 | Successful Life

Life Lessons From Strangers: Discovering The Keys To Success By Connecting With People

September 2, 2021 Patrick Donohoe Podcast Comments Off on Life Lessons From Strangers: Discovering The Keys To Success By Connecting With People

TWS 19 | Successful Life

 

There’s so much to learn from every individual we meet. The right connection with the right individual might unlock the secret to a successful life. In this episode, Patrick Donohoe shares two eye-opening conversations he had with two individuals who are very different yet equally successful in their own ways. He details his chance encounter with renowned golf course architect and designer Robert Trent Jones Jr., who is still filled with so much passion for his job at 84 years old. In another interaction, Patrick recounts his meeting with former NFL player and Hall of Famer Emmit Smith, now a sought-after speaker and best-selling author. Tune in as Patrick shares the valuable life lessons he received from these great individuals and why it’s important to connect with the people around us.

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Life Lessons From Strangers: Discovering The Keys To Success By Connecting With People

Tony Robbins has said that the eyes are the gateway to the soul. I’m about to participate in an event in Northern Utah called 29029 Everesting, which is essentially hiking up a mountain multiple times until you reach the elevation of Mount Everest. It’s done in about a dozen locations around the country. At least it was previous to COVID just a handful of times this year.

I just came from a conference on the island of Hawaii, and so I did not have time to be in my office and record an episode for the week, but I’m going to record some audio sound blips as I hike up and down this mountain because it is challenging and specifically commenting on the nature of being in this team environment where there’s another 100 or some people hiking with you, encouraging you and just some of the success stories that come from it.

I wanted to do is comment real bridge last episode with this event that I’m doing with two conversations I had with Hall of Fame individuals. One is a professional athlete, which most of you will know. Another is also a Hall of Fame individual in the Golf Hall of Fame, who you may not know. When I was at this conference, I had the opportunity to play golf. It’s a famous course called Poipu. The Poipu Golf Club is a PGA event that’s held there. It’s a beautiful golf course. The grounds are incredible they have these two ocean holes that are magnificent. I got to play it a couple of years ago and it was a joy to play it again.

As we were leaving the 18th hole, there was an individual that approached us. He was in a golf cart, somewhat to disheveled this old green golf hat and wrinkly. You could tell that it been worn a million times. He was driving along the path. We were exiting and he was older in age, and he asked, “How’d you guys like the round of golf? How’d you like the course?” We were like, “It was incredible. I played here before and these were their first time playing. It was beautiful. It rained a little bit.” He was like, “This is one of the most famous courses or the most favorite courses that I’ve designed.”

I was like shocked. The individual next to me is like, “Did you helped with the grounds crew? Did you helped build it?” He’s like, “No. I designed this course.” This gentleman that I was playing golf with is an avid golfer and knows golf history. His son plays on a NCAA Division one team back East. He’s like, “What’s your name?” He said, “My name is Robert Trent Jones Jr.”

My partner was like, “No way.” He had probably a dozen bud lights by that point, maybe a few more. He said, “Show me your driver’s license,” to get him to approve it. This guy, which I’m sure that was not anticipating that question, opened up his wallet and didn’t have his driver’s license on him, but he had an American Express Black Card that said Robert Trent Jones Jr. on it.

Hunger is a never-ending principle of life. Click To Tweet

We got to laugh out of that, but then we start a conversation and he had this journal that he was showing us that mapped out a lot of the courses that he designed. It showed some of the drawings. He’s written poems about the golf courses that he’s designed anywhere from Indonesia to Hawaii. He was up in Hawaii doing a redesign of a golf course in Princeville, which is in the Northern part of Kauai. He’s been in Mexico. He’s been all over the world designing hundreds and hundreds of golf courses and his father, Robert Trent Jones Sr., I think he did an upwards of 600 either designs or redesigns of golf courses. It was in the family. It was becoming a legacy.

We’d have this conversation, and I remember it distinctly where he started opening up his book and looking at us. I looked straight into his eyes and it was an unbelievable connection where I saw how much this man loved what he did. As he was flipping through his journal and diary, there were pages that were earmarked. Clearly, the book had been used many times to show other individuals, but it was truly inspiring to have a conversation with the man who discovered his calling in life, and he wasn’t done. I think he’s 83 years old, almost 84. You could tell that he lives in breathes what he was meant to do in life and it was an incredible lesson.

I mentioned in the episode that when we connect with people, whether it’s a stranger in line at the coffee shop, someone at the airport or someone at a restaurant, those are people that we’re meant to meet. You may not think that. You may be skeptical, but there’s a stoic idea around the fact that the people we come in contact with, we are meant to communicate with them.

We’re meant to connect with them. At least I speak for myself. Don’t take the opportunity to do that at a deep level. I connected with this individual, Robert Trent Jones Jr., through his eyes and saw how powerfully he loved his life. How much he loved doing what he did. He got to travel all around the world. He was at this golf course because there was a group behind us that was playing.

They’re part of the golf club there and he was going to show them some of the designs for the golf course up in Northern Hawaii. As he ended our conversation, I started to have a conversation with them, he didn’t skip a beat as far as the passion and the excitement that he had for what he was going to do and talk about golf, golf courses and golf course design with these gentlemen who also had, apparently, a passion for golf. That was my first interaction and my connection.

The second one was with a Hall of Fame running back for the Dallas Cowboys name Emmitt Smith. Many of you will recognize that name. He was a guest speaker at the conference I was at. There were two phases of our conference. We were at phase one. There was another phase two and another group of people coming in after us.

TWS 19 | Successful Life

Successful Life: When we connect with people, whether it’s a stranger in line at the coffee shop or someone at the airport or at a restaurant, those are people that we’re meant to meet.

 

He was the last speaker on the morning. We were departing and he was going to speak that evening to the other group that was coming in. There were only a few people there, and many people had already left on their flights but there are 25 to 30 people in the room. It was a general question and answer, and he talks about two distinct things. He talked about the team and the idea of hunger, the principle of hunger. I didn’t get to ask him any questions there. I didn’t get to interact with him personally.

After this little speaking engagement, we are checking out of our room and went to have breakfast. My family went to have breakfast. I went to the gym and, lo and behold, as I was getting my workout underway, Emmitt Smith walks in and gets on the Peloton bike that was right next to me and started doing his workout.

I said, “I enjoyed his talk in the morning. I was grateful that he was there,” then I get into my workout. We talked for about an hour and a half. When I was done, he was getting out of his workout and we were the only ones in the gym. I went up to him. He didn’t have any water bottle with him, so I gave him some water. I said, “I really enjoyed your talk this morning. There are two things that I took from it, and I’m super grateful because I have been thinking along these lines lately.”

The first thing was the idea of teamwork. I told him, “What I’ve discovered in some of the most successful businesses, including my business, are those that have participated in successful teams in the past, and most of it is through sports teams, especially at a very high level, maybe high school but collegiate or professional levels.” There’s an individual that’s on my team at Paradigm, who was a Commander of a Navy Submarine for twenty years and retired as a Commander.

The idea of teamwork within the military is profound. The success, as far as individuals are concerned, comes from how they see their role on their team. That’s what he spoke to that morning, whether it’s Terrell Owens or other athletes who are very individualistic, egotistic and don’t operate that well on teams that tend to ruin the culture of a team.

Emmitt Smith, even though he was individually accomplished, he accredited a large part of his success to his team. The second principle was the idea of hunger. I said, “Hunger is fleeting because you can be hungry and it drives you for a moment, but when that moment is gone and when achievement is made, that hunger no longer gives you the drive for the next level.” He’s like, “I totally agree.”

Never discount the moments of opportunity where you're able to connect with somebody. Click To Tweet

Hunger is a never-ending principle of life. Finding something to be hungry about, passionate about driven to accomplish or to achieve. I said, “With teamwork and hunger, did you know that as you exited the NFL?” He’s like, “No. I experienced it, but I didn’t understand how teamwork applied to business.” Now he’s a successful real estate developer in Texas and a couple of other areas I believe but the idea of hunger where he had hit all of these major levels in his professional career and getting to those levels and more levels just wasn’t possible anymore. Hunger, drive, and the why behind his new achievements had to be discovered, and it’s a never-ending process because once another level is hit, it’s again circling back and finding something else to be hungry about.

The lessons from these two interactions are as follows. First, you don’t ever know who you’re going to meet, and just like I had this eye contact and presence, which I’ve been working on a lot over the last couple of years with Robert Trent Jones Sr., I did the same thing with Emmitt Smith where most people wouldn’t go up to him and start a conversation with them.

I didn’t start the conversation. I was like, “I know you love golfing. Let’s go golf before you leave and before I leave.” He declined because he had to give a speech that night, but recognizing that all human beings are the same in a sense, and they all, mostly at least love connection and love conversation. The fact that I went up to him is something I probably would’ve done a couple of years ago.

Knowing that connection is deeply important to me now, and specifically being able to connect and understand eye contact, presence and being there, the energy is profound and palpable. It was only about a 30-minute conversation I had with Emmitt Smith, but the idea is, when you’re able to connect at that level and have common ground that you agree upon and speak to, especially when it comes to principals, it’s a conversation I’ll never forget with both of those individuals.

That’s the first thing is never discount the moments of opportunity where you’re able to connect with somebody. It could be a Robert Trent Jones Sr. It could be Robert Trent Jones Jr. It could be Emmitt Smith. You’ll never know. As I mentioned, it could be a billionaire or your next business partner. It’s someone that can inspire you to take your life to the next level.

You don’t know but what you do know and if you can operate your life on this belief, a good call-to-action is to consider all of the connections and relationships that you have with people. When you interact with somebody, consider that as something that was meant to be and that moment as something that you were destined to fulfill. How are you going to fulfill that conversation? Are you going to be present? Are you going to have eye contact? Are you going to engage? There’s so much fulfillment that comes from that level of communication and conversation.

TWS 19 | Successful Life

Successful Life: Seek out passion. Seek out something to be excited about when it comes to your vocation. Your zest of life is amplified when you participate in that.

 

The second is find something that lights you up in the morning. I would say seek not find. Find is a singular event. Seek out passion or something to be excited about when it comes to your vocation. Seek out like Robert Trent Jones Sr. something that your blood pressure raises your excitement level. Your zest for life is amplified when you’re able to participate in that.

Two more things, teamwork. Know your role on a team. Be part of a team. Even in business, we may think we have individual titles, responsibilities, and positions but we’re part of a team in a number of ways by understanding that other people play different roles and complement ours. It’s also being there when times are tough and willing to accept, help and support when times are tough for you.

The last thing is hunger. Know your why. I would say a very simple first principles idea behind success is your hunger. It’s that driving force behind why you’re doing what you’re doing. Hunger could be a level of lifestyle that allows you to take your family to places and experience things with your spouse. It may be individual, able to golf every Saturday, have a membership at a country club, or provide charitable contributions even time to cause you’re passionate about.

Find something to be hungry about. That hunger and why is going to drive you through the inevitable friction, difficulty and challenge. That stands in the way between where you are right now and what you want to accomplish and achieve. Guys, thank you for reading. You’re amazing. I appreciate the support. Check-in with the next episode, where you’ll know a compilation from this physical challenge I’m about to embark on. Until then.

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Life Is On The Other Side Of Fear

August 26, 2021 Patrick Donohoe Podcast 00:19:20 Comments Off on Life Is On The Other Side Of Fear

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TWS 18 | Other Side Of Fear

 

How many times has fear held us up? How many opportunities did we miss just because we were too afraid to try? It is time to overcome that and start living life. As Patrick Donohoe highlights in this episode, life is on the other side of fear. He further elaborates that by pushing our fear thresholds, we realize that we can do more. Life demands growth, and if we hold ourselves back, we can’t possibly get to the life we are meant to live. Join Patrick in today’s show, where he shares his own experiences and lessons learned that you could apply in every aspect of life.

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Life Is On The Other Side Of Fear

Everything you could possibly want out of life is on the other side of fear. I want to qualify that statement. I got some feedback that my head was in the cloud. I was not aware of what was going on in the world because of what I was choosing to focus the topics of this show on. I get it. I understand why someone would say something like that. There’s a lot going on. My intent is not to propagate ignorance. This show rarely, if ever, touches on circumstances and experiences that are outside of our control. In the Middle East, there’s always going to be conflict. There’s been for a long time. There are also things going on in government that are sad but that’s been the case for a long time. We don’t have control over monetary policy, fiscal policy, COVID. We don’t have control over policy.

We don’t have control over whether there’s quarantine or not. There are so many things that we think there’s a solution of control and influence and we get all worked up about it. I choose to focus on the things that I can’t control. The qualifier is everything that we could possibly want out of life is on the other side of the fear that we have control and influence over. In all aspects of life, there’s a gap between where we are now and where we want to be. Those are the two points. There’s a gap in between. That gap is laced, typically with some degree of fear. Fear of failure, success, pain, of what others will think of you if you succeed, of what others will think of you if you fail, and of what success or failure will mean to yourself image when you believe about yourself.

Life commands and demands growth. Click To Tweet

The irony is that when we toe the line with this fear, there’s another fear that fills in the gap that takes its place. It’s a never-ending loop. An infinite loop. There are ways in which we can strategically push these thresholds. If we don’t, we are always going to come up against these thresholds because if you think about it, part of us tries to avoid fear and pain and rightfully so, at the same time, because life commands and demands growth. It will put things in our place over and over again, challenge, friction, pain, and problems so that we grow. Looking at what we can do to strategically position circumstances, experiences that will allow us to push those limits and thresholds, it could minimize or mitigate some of the challenges that often surprise us.

Early in my business career, I learned some invaluable lessons but it was at the cost of a lot of pain and failure I told you about. An investment failure that I had over ten years ago, but there were some relationship challenges that I had and they kept coming up over and over again. When I got out of the mess of 2008, 2009, 2010, I rebounded. I had a small team. I was doing pretty well, connected with the group and the group had another financial advisor that was working with them. I had a great relationship with this individual for a short period of time. Our wives are from the same country. We shared similar interests. We were very passionate about our principles, our values, and what we were doing financially.

We started working together and I saw some early signs. There were some red flags that came up regarding this individual’s desire to be independent beyond their own and not work with me in tandem. I did not feel the same way, but this individual did. I did not say anything. Red flags came up. I wanted to avoid conflict and build a relationship and it kept coming up over and over again. The final straw was this individual went to a group that we were working with and said, “I don’t think Patrick is necessary. I want to take over.” The group came to me and said, “This is what this person is saying. What do you think?” I was like, “I’m out.” It was too late. The relationship was ruined.

There were other circumstances after that with a team that I had built, at one point in 2014-ish, we had upwards of 70 employees. We were doing well and the wheels started to come off. There were people put in positions they shouldn’t have been in. There were those that had an illusion of experience and try to influence this area and that area. The conflict was a daily occurrence. I did not face that conflict. I did not know how to handle it. I kept pushing it off. What ended up happening is more of the same happened and ultimately, over the course of about twelve months, dozens of employees were either let go, fired or they’ve left on their own accord. It was insanely painful. I wanted to go back on my own. At the same time, I recognize the principle that life business was teaching me a lesson. I needed to learn that lesson.

What are the lessons you can gain from this? First off, again, nature is commanding growth in your life, your relationships, your finances, professionally, every area of your life. Physically, nature is compelling you to grow. Most people push off those signs. They don’t listen. They think that there’s an easier way, a shortcut and ultimately, what happens is a stronger experience then another strong experience. They keep stacking up until there’s a massive failure in pain. That’s when we decide to say, “This is a lesson. I need to make some changes. This is what I need to do.”

I’m going to go over two primary lessons you can take from this story. The first one is with regards to what I learned in any situation where another person is involved. I do not wait when a flag comes up. When a red flag occurs, I approach it head-on. Some of the things I say is I learned this from a therapist who specialized in businesspeople. I worked with her for over a year. She’s amazing. Karen Kindred, if you want to look her up, she has some podcast episodes and some interviews.

She taught me how to communicate with how I feel about certain things because you can’t argue with how somebody feels. It’s a way of feeling. I got to the point where these red flags came up. I said, “This is what is going on. This is how I feel. Please, help me understand your perspective.” That’s it. It’s very simple. You can use this in business and in your intimate relationships, your family relationships.

It helps you understand and share with and communicate with people at a deeper level. You either can gain perspective that you may not have had or their intention may be what you assumed and you know early on so you don’t have to prolong the inevitable, which will be even more painful if you continue to wait. I have an equation. When I feel something, see something that is irritating, that is frustrating, that borderline is like, “This is not right,” I approach it head-on. I share what I’m feeling. I share what my perspective is. In most circumstances, I’m not seeing things the same way as this other person. Them being able to express themselves helps resolve.

If the intention is what I assumed it was, I then escalate and say, “This is what I’m going to do next because this is how I feel. I don’t want it to go on any longer.” It points to a very quick conclusion that if a person does not want to essentially align with whatever the perspective and situation is, then there is a clear exit and it happens quickly. It’s so simple, but it’s been incredible. I’m going to give you the second lesson. I’m going to spend a little bit more time on this one, which is strategically designing a threshold by breaking through thresholds. Lesson two is you can strategically stretch yourself by pushing your own limits and learning to love challenges, friction, and conflict because you know that you can thrive because of being able to face it. Your psychological muscles continue to grow.

TWS 18 | Other Side Of Fear

Other Side Of Fear: Find something you can do once a year that pushes these physical and psychological thresholds and builds your muscles, which ultimately allow you to face whatever challenges.

 

I believe your income, your wealth, what you can manage, whether it’s people or money, are correlated with this ability to handle conflict, friction, and challenge. There are some invaluable lessons that you’ll receive in this. Self-respect and self-competence are scraping the surface. Plus, being able to strategically position yourself in these areas will also allow you to grow at a much quicker pace. A few years ago, I saw this crazy guy speak at a Tony Robbins business event. His name was Jesse Itzler and he has this thing called a Big Ass Calendar. He says in a nutshell, “To do at least one crazy physical thing every single year.” Jesse pushes this to the limit. I’m not going to talk much about it.

I mentioned on the show before, but he wrote a book called Living with a SEAL, which is when he invited a Navy SEAL that he had met to live with them for a couple of months because he was so impressed by this individual’s ability to live a lifestyle at this very heightened level from an accountability perspective. He also wrote a book called Living with the Monks, where he spent a good amount of time living in a Monastery in, I believe, Upstate New York, again, to experience a very simple, basic lifestyle.

Jesse has a myriad of programs that he advocates. He does this thing called Hell on the Hill. He has a house in Connecticut where they have this big hill and run up a hundred times. He has the event every single year. He also has this event called Everesting. It’s done at about a dozen places around the country where you essentially hike up and down typically ski resort hills, the equivalent of the elevation of Mount Everest. You hike up, take a gondola down or a chairlift down, hike up again, typically over 36 hours. It is significant as far as elevation ends up being 25 miles-ish.

He does these events because he has connected this idea of pushing your physical and also mental thresholds strategically. What it does, it’s not just the physical aspect, you learn what you’re capable of. You push yourself to those limits that help your body, mind, and you realize that it can do hard things. It transits and builds muscles. I’m going to come back to the Everesting. There are other events, too. I’ve mentioned the Tony Robbins events, which are very psychological in nature that push you to these thresholds. An old business colleague of mine, Garrett White, has a program called Wake Up Warrior, which is primarily designed for men but pushes you to these psychological as well as physical limitations. A guest that I’m going to have on soon, Tim Reynolds. He has a course called Reclaim your Gladiator, where he does something similar. Mostly physical in nature at his ranch in Texas.

If you keep pushing these challenges off, life is going to put them in your path regardless. Click To Tweet

There are so many different events like this, but the idea is to find something you can do once a year that pushes these physical and psychological thresholds and builds your muscles, which ultimately allow you to face whether they are challenges in marriage or friction in business. It allows you to face those and grow quickly from them instead of doing what I did, pushing them off. You attack it head-on because you understand the nature of the challenge, friction, and growth. The fact that if you keep pushing them off, life is going to put them in your path regardless. What I’m going to do soon, as you guys are reading to this episode, I am going to be going up this ski resort at Snowbasin. It’s in Eden, Utah, about an hour North of where I am in Salt Lake City. I’m going to be doing Everesting.

I’m going to be going up and down about 13, 14 times and I’m going to document it. I’m not going to document it to signal anything other than wanting to have you guys there as my accountability partner. I’m doing this by myself. There’s obviously a group doing it, but I’m not doing it with a friend, family member, a busy business colleague. I’m doing it by myself. I’m essentially going to be recording my thoughts, my experience, especially in those times of pain and difficulty. You are my audience and family and I want you to hold me accountable. I believe that these physical circumstances allow growth, not just in that specific category but in a lot of other aspects of life. I’ve done a couple of Tough Mudder and Spartan events. There are lots of these mud races, obstacle races, workout routines that allow you again to strategically position conflict, challenge, and friction in your life so that you are constantly growing.

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Thank you for reading. I hope you learned something. Go out there, face some challenges, toe the line. You’ll be glad you did. Email me at Hello@TheWealthStandard.com. Tell me what you’re up to. Tell me what challenge you’re willing to face. Tell me what challenge you have faced in the past. I’d love to hear from you. If you want to adopt this Big Ass Calendar philosophy, psychology, go check out Jesse Itzler. He has a brand called Build Your Life Resume. Thanks for reading. We’ll talk to you next time. See you.

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TWS 17 | Life Happens

Life Happens In Moments

August 19, 2021 Patrick Donohoe Podcast 00:13:39 Comments Off on Life Happens In Moments

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Life often takes us by surprise. Yet, it is in these moments that we often find life-changing opportunities. Patrick Donohoe has two stories that will make us rediscover how life happens in moments. When you come face to face with these situations, do you run away, show up differently, or just live in the moment? Find out how we can grab on to these opportunities in this episode.

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Watch the episode here:

Listen to the podcast here:

Life Happens In Moments

If you knew you were going to rub shoulders and interact with a billionaire, would you show up differently? A few years ago, a friend of mine was befriended by a billionaire. Since then, he has sat in the Owner’s Box at the Cowboys games, traveled by a private jet and spent the weekend in this waterfront mansion in La Jolla in California. Every year, he gets to spend an entire week in either the Caribbean or the Mediterranean on a 300-foot private yacht. On top of this travel, the business and investment mentorship has been invaluable to my buddy.

He told me the story of how they met and it’s going to blow you away. It happens that this friend of mine loves to vacation in the Caribbean and goes there every year. He was staying on the island of Saint Martin in the Virgin Islands. It was a typical day on the beach. He was relaxing. Let’s call him John. He goes up to the bar to order some drinks. While he was waiting for his order, he gets into this conversation with a gentleman who was sitting at a table, apparently waiting for his guests to arrive. I have two nicknames. I’m going to give you one. I call him The Chameleon. He is a brilliant businessman.

First off, he is hard-nosed in business when the necessity arises. He has several decades of experience at this executive level, but he also is a loving husband, father and grandfather. It’s amazing to experience him because he is a totally different person around kids. He runs around, plays and races them foot races. He instinctively knows what part of him should show up in the various experiences that he has in life. As he engaged in conversation with this gentleman at the table, the conversation ultimately led to being invited onto his monster yacht that was in Saint Martin for dinner that night. From that point forward, they became great friends and the rest is history.

I want to give you another relevant story and this story is personal. My two daughters, who are both teenagers, called me in this code-red moment. They were in this heat of realizing that there are going to be tons of people evicted and homeless because of this eviction moratorium based on the quarantine during COVID. There were record levels of heat in the West and there was drought. The Delta variant was a scare because it was going to require masks to be worn again and potential school disruption. It even went to this Bennu Asteroid that was threatening to hit the Earth while the Taliban was taking over the world.

TWS 17 | Life Happens

Life Happens: How we show up is merely based on these primal instincts to be safe.

 

I went home and I was like, “First off, give me your phones.” We sat down and over dinner, had a several-hour conversation and exercise. I calmed them down and then I said, “I want you to take a second, step out of your body and look at the life that you get to live. We’re going to sit here all night if that’s what it takes and come up with 500 things that are amazing about life.” I had to prime the pump and it was a conversation we’ve had in the past. This is how powerful our primal instincts are.

I said, “We’re sitting here, eating dinner. We didn’t have to hunt for food. We’re eating fresh vegetables that we didn’t have to grow. We’re sitting at the perfect temperature because of the air conditioning. We have artificial light so that we can see and experience each other differently. We can look out our window. Because we live on this beautiful hill, we can see the city on one side and then we can see the mountains on the other. There was a sunset happening.” It was one of the most beautiful, picturesque views when they are able to step outside of themselves and actually see it. I said, “Frankly, the world should be in constant awe at the life that we get to live as you compare this life to those who lived 100 years ago.”

It took a few hours to get through this list, but we sat there and I wasn’t going to give them their phones back until we completed this list. After that, their whole demeanor changed. Maybe it was because they got their phones back, but they started coming up with ideas and being aware of things to be grateful for and aware of things that were going amazing. We went into, “There’s not a utopia. There’s no perfection in life. There’s always contrast.” The reason why I tell you these two stories is because there are some fundamental lessons there. The first lesson is how we show up in moments can completely change our life and destiny.

Second, how we show up is primarily based on these primal instincts to be safe and afraid of what’s going on. It’s ultimately this engagement of the fear part of our brain that is in constant operation unless we’re aware. News media and social media understand this fundamentally and most of what is talked about are negative. I would say 80% is negative and 20% is positive, which may be generous. The lesson is awareness of the fact that this is what is taking place with the information that we receive in life, 80% is negative and 20% is positive. It leads us to this necessity of having to have a strategy for determining what’s right, what’s positive and what I can be grateful for. The person that shows up with that state of mind versus the person that shows up in primal in that state of mind, opportunities are either passed on or capitalized on.

When we show up in this way, you have those billionaire relationship moments and that moment changed my buddy John’s life forever. Because I do lots of work and business with him, it has helped influenced my life as well. If we show up in primal, the lesson is that these moments pass by. Our life remains fear-based and stagnant. We’re in constant code red that impacts our health, relationships and ability to earn money. The list goes on. You’re probably asking what the strategies are in order to be aware of this. There’s the strategy that you, as a reader of the blog, are aware of. The strategy, first off, is asymmetric. Asymmetric means that the input, what it takes to do it, versus the output, what you gained from it, is multiple times the input.

Opportunities are either passed on or capitalized on. Click To Tweet

The strategy is simply a morning routine. That routine seems so simple, but what it does is arms you to maximize your day and moments because that’s where all the opportunity is. I’ll put a simple morning routine. It’s like a note that I have because I love talking to people and playing golf with business friends, especially in the summer when I get to meet and see my family. It’s a note that I share with them that’s a breakdown with links to the morning routine. I typically use it as well as a shortcut morning routine. Let me go into a few details of what’s in that note. There’s a short way of doing it and then there’s a longer way of doing that.

The short way is an exercise called priming. This is something I learned from Tony Robbins. It takes ten minutes. It’s life-changing if you can get in the habit of doing it. There’s a longer exercise which consists of exercise, prayer, meditation, visualization and personal development study. What this does is sets the stage for every moment that you will experience during the day. Does it mean that you’re going to be perfect in capitalizing on those moments? No, but it’s going to give you the upper hand. It puts you in that position of control so that the billionaire that you could have rubbed shoulders with or maybe did rub shoulders with, a relationship is established as opposed to a massive opportunity cost.

I hope you guys learned a lot. If you want to go deep dive into this, I’ve mentioned this before on the show. The deep dive is a course that I created and have iterated on. I’ve made slight improvements here and there. Some of you may have access to it. It’s a course called A Path To Financial Independence. I’ve put a lot of this in there, but it goes into a lot more detail and gives you some exercises that have made a massive difference in my life and I know that they will make a massive difference in your life. You can access this course. It’s something you have to pay for. It’s available at TheWealthStandard.com/freedom.

Let’s summarize this episode. Meeting a billionaire happens in a moment. Meeting your soulmate, the love of your life occurs in a moment. A life-changing business, professional opportunity, business idea, or professional idea too happens in a moment. Life happens in moments. The human experience seems to be designed so that we show up in primal and this state of survival. This is a challenge that we all have in common, but I believe it’s designed for us to grow and value the process of growing. You can have a huge influence, maybe in a greater influence, on your moments. The strategies exist, but they don’t work independently. You have to put forth a consistent effort. Practice makes everything permanent. Everyone, thank you guys for the support. Thanks for reading this episode.

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Morning Routine 

Challenge – Commit to 30 days non-stop

LONGER WAY – When you have an hour

1. 10-15 min HIIT (High-Intensity Interval Training)

2. Cold Shower – start with the last 30 seconds then add 15 seconds a day until u get used to it.

3. 10-15 minutes prayer, gratitude, visualization, and meditation
a. Priming (below)
b. Headspace or Sam Harris
i. https://hdsp.co/buddy/request/SYlktxz/O0nhLl
ii. https://dynamic.wakingup.com/redeemMonth/6ff7fb

4. 10 Minutes of positive Inspiration
a. Brendan Burchard – https://podcasts.apple.com/us/podcast/the-brendon-show/id821746377
b. Darren Hardy – https://podcasts.apple.com/us/podcast/darrendaily-on-demand/id1449270369

SHORT CUT – When you have less than 30 minutes

  • Previous to Covid, I attended over a dozen of Tony Robbins events. Although there are some hokey parts of Tony and preconceived opinions, he is a freaking genius when it comes to helping people discover their best self then bring it to life every day.
  • His priming exercise is profound. If you have never something like this before, it will feel awkward and weird but just push through that.

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TWS 16 | Managing Risk

Investor Wisdom: Sound Judgment, Due Diligence And Managing Risk

August 12, 2021 Patrick Donohoe Podcast 00:16:40 Comments Off on Investor Wisdom: Sound Judgment, Due Diligence And Managing Risk

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TWS 16 | Managing Risk

 

The road to financial freedom is difficult and fraught with risk. Reaching financial independence means managing risk. In this episode, Patrick Donohoe talks about risk management, investor wisdom and due diligence. He shares an experience with a bad investment and what he learned from it.  Tune in to learn more about what you need to keep in mind when investing.

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Watch the episode here:

Listen to the podcast here:

Investor Wisdom: Sound Judgment, Due Diligence And Managing Risk

This episode is sponsored by the new and improved Financial Independence Calculator found at TheWealthStandard.com/calculator. One of the driving forces of human beings is freedom, which infers financial freedom too. Several years ago, I set out to discover how any individual, regardless of their financial situation, could evaluate their finances in five minutes or less and have a firm date when they could achieve financial independence. The calculator is going to take you just a few minutes to complete and it’s going to provide you with a specific financial independence date. Go check it out now.

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“Life is a series of sensory experiences, then you die.” This statement sunk in at a pretty deep level. Time sneaks up on us. Our survival instincts make us believe that we’re going to live forever. We get those momentary glimpses of our child’s faces, who are now more adult than they are kids. It’s conversations with family members that are in their fourth quarter of life or you hit marital milestones that are calculated in decades instead of years. We can’t get our time back and exchange it for the meaningful experiences we want that were most likely taken up by the mundane work or wasteful, meaningless activities.

You may not consciously link the fleetingness of time to wealth-building and investing, but I want you to consider the possibility that there is almost a direct correlation. In my experience personally and with clients, urgency will breed complacency and impulsiveness when it comes to making financial decisions. This urgency comes from the unconscious realization that you may not have enough money to retire or be financially free. In order to have more money, you must invest and investment requires risk. This urgency is, in my opinion, amplified by the unfathomable amount of information and perspective we are constantly bombarded with, which further limits our capacity to think critically.

We’re all in this tractor beam of stimuli and without awareness and discipline, we have little control over filtering what is constantly fighting for our attention. I saw this report by Statista, a data analytics company, about what happens on the internet in just one minute. It blew my mind. Look at some of these statistics. Two hundred million emails, 69 million messages on Facebook and WhatsApp, 2 million Tinder swipes, 5,000 hours of YouTube videos are uploaded, 695,000 people share a story on Instagram and 9,132 new connections are made on LinkedIn. There’s more. It’s crazy. How do you step out of this tractor beam to make wise financial decisions? I’m going to tell you a personal story to illustrate this.

Without awareness and discipline, we have little control over filtering what is constantly fighting for our attention. Click To Tweet

In 2006, I was introduced to an investment opportunity in a new oil and gas company. The principals had worked at one of the largest oil companies globally. They were stationed all around the world in the Middle East and parts of Texas and Oklahoma. They stepped down to form their own company and were raising money to acquire these unproductive, inefficient oil and gas operations in Texas. I ended up investing almost everything I had initially. I was very compelled by these guys, but I didn’t understand successful business operations, let alone an oil and gas company. I didn’t know even what the word assay meant. I couldn’t begin to understand what an assay report was, the legalities of mineral rights, contract law or the fact that the investment I was putting money into was debt and not tied to any underlying asset, but I invested anyway.

Leading up to the craziness in 2008, I was getting cashflow every month. I felt like this was a wise investment and I was a good investor. I decided to invest even more. I borrowed money to do it. This was when cashflow stopped. It was devastating. I won’t go into that. I tell the story in the book. After the initial emotional meltdown from 2008 to 2011, I went on this witch-hunt to figure out what happened. I learned a ton about business operations and the cost of lousy operations. An example is the discovery of this oil field operator coincidentally having ownership in a trucking company that was transporting the oil. Apparently, they thought it was okay to charge five times the going rate to this specific operation.

I also learned from the assay and financial reports that the interest that was being charged on these promissory notes would inevitably result in ongoing negative cashflow. There were a dozen other discoveries. I’m not going to get into it, but I’m going to segue into the lessons and apply them to your investment experience. First, one of the biggest skills of an investor is knowing how to think critically, which to me is an inhibitor to impulsive response and irrational behavior when it comes to making financial decisions. Why? All investments originate from a hypothesis perspective. The hypothesis is simply an interpretation by an inherently fallible person who won’t tell you that they’re fallible to highlight all the things they’re good at.

The lesson is to evaluate the team that will execute the investment, “Are they green?” If you don’t understand business fundamentals or the industry that you’re investing in at an operational level, at least stay out. You don’t have business there. It’s a huge risk. The principals in this specific investment, I trusted them and that’s why I invested for obvious reasons. They were successful specialists in their respective careers, but they didn’t possess the adequate business acumen to make the investment successful on a business scale. If they did, there were so many red flags that I was able to find as a neophyte that they would have found out if they knew how to do proper due diligence.

TWS 16 | Managing Risk

Managing Risk: We can’t get our time back and exchange it for the meaningful experiences we want that were most likely taken up by the mundane work or wasteful, meaningless activities.

 

I would also say that private investments like this one don’t have the level of regulation that a publicly traded investment has. That’s why there’s a greater upside, but also it carries a huge amount of risk because of the downside. There’s still risk in publicly traded investments, but what minimizes that risk is the regulatory criteria that come with severe consequences if it’s not met. There’s a high degree of built-in accountability with publicly traded investments. In order for someone to be successful in that arena, they have to consistently meet these criteria. It includes accounting, legal, business operations, executive levels, managers and hiring, which adds to the expense. That is why dividend returns on publicly traded companies in the oil and gas industry like Exxon or Schlumberger are typically always in the single digits.

The next lesson is to know your asset allocation based on risk and control. That was another error where I invested way more than I should have given the amount of money I had at that time. This is one of the reasons I came up with the Hierarchy of Wealth. I wrote about this extensively in Heads I Win, Tails You Lose, which is the book I came out with that tells you more about the theory behind it. The Hierarchy of Wealth has four tiers. It will help you easily look at your asset allocation so that you know the appropriate amount to invest in these higher-risk assets.

What do you do with the lesson? First, we have a free calculator for The Hierarchy of Wealth. You can put your assets into it easily. The idea behind The Hierarchy of Wealth is to go in a sequence of priorities. You build your tier-one capital, which is your foundational capital. Your reserves and sleep well at night account. You do this before investing in anything else. Next, instead of investing outside of you, you invest in yourself. You figure out how to earn more money by being more valuable in the marketplace. As you go through this hierarchy, you invest in more safe assets that have good returns, individual rental properties that have at least 20% equity and a 0.8% rent-to-value ratio. I talked about that in the book as well.

When you get to that point, invest in what you understand. My brother came to me and was a great example. He was through his Hierarchy of Wealth and ready to invest maybe with more risk to get the better upside. We had a conversation about his expertise which is mergers and acquisitions, especially in the healthcare industry. He knew it forwards and backward. Understanding the financials, business plan and team involved, he would be able to go in and do due diligence on a very high level. It’s investing in those areas and companies. It could be a REIT in the healthcare space, Real Estate Investment Trust. It’s something that he was familiar with that he can take his knowledge and expertise and do the proper due diligence to figure out if it’s the best place to put his money that will mitigate risks.

If you don't understand business fundamentals or the industry that you're investing in at an operational level, at least stay out. Click To Tweet

There are other examples I have in the book of being able to invest in areas that you understand. The book you can get for free on the website in PDF format. Go to Resources and the book link should be there. The next thing to do is sharing is caring. Share this information and teach somebody else what you guys learned. It’s one of the best ways to lock in the understanding so that the next time you are faced with financial decisions, specifically in the arena of making an investment, you will remember this experience. Chances are, if you don’t teach somebody in 2 or 3 weeks, the information will be gone.

Let’s summarize this episode. First, all investment is a hypothesis by people. Therefore, it inherently is susceptible to flaw and fallibility that requires due diligence. Learn to judge your judgments when investing because you instinctually will make a judgment unconsciously and look straight to the rate of return and the opportunity to build wealth. You also associate decisions with the character and charisma of the person in charge. Make a judgment about their level of competency without going beneath the surface, which is that big lesson that I learned. It was a hard and painful lesson and one that I hope you don’t have to experience.

Finally, another thing you guys can do is there’s a live demo that I’m doing with the Financial Independence Calculator as well as The Hierarchy of Wealth. This is going to happen in 2021 on September 10th. If you already have the Financial Independence Calculator and the Hierarchy of Wealth Calculator, then you will receive an email. If you don’t have it, you can go to TheWealthStandard.com/calculator. There you will be given the opportunity to register for this live demo that I’m going to do. I’m not sure of the time yet, but it will most likely be in the afternoon. Thank you for reading. I appreciate the support. I hope you learned something and stick with me for the coming episodes. You’re not going to want to miss them. Until then, take care.

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About the host

Patrick Donohoe

Patrick Donohoe

CEO Paradigm Life

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.