WEALTH

Diving Deep Into The $1.9 Trillion Stimulus Bill

TWS 81 | $1.9 Trillion Stimulus Bill

 

Just recently, the House passed the $1.9 trillion stimulus bill in the hopes of rescuing America from the economic damages brought about by the pandemic. But what does it really entail? What are the underlying consequences of putting out all of this money? In this episode, Patrick Donohoe flies solo to share with us his thoughts about this new bill. He takes a look at it from different perspectives and then offers some insights on how you can best navigate your wealth and more.

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Diving Deep Into The $1.9 Trillion Stimulus Bill

Thank you for supporting another episode. I’m glad that you’re here. I’m going to freestyle it, I’ll be by myself. I’m going to bring on some cool guests to speak about some of the points I’ll bring up. I’m going to make some comments regarding the $1.9 trillion stimulus bill. There’s enough information out there in other podcasts that analyze the details. I’m going to approach it from a couple of different angles in hopes of inciting you a different perspective of what’s going on so that you can best navigate your wealth, your business, your profession and the enjoyment of life. I believe that is what wealth is. It’s to extract, to experience the joy in life, regardless of what’s going on, tall order. Wealth is something that most people pursue. Oftentimes when they associate it with money and material things, they come to find out that it is not what they wanted.

Best to start with what wealth truly is, which is mindset, being able to look at your circumstances, look at your life and extract the good, the beauty, the gratitude, which if you think about it is all around us. I tried to approach this $1.9 trillion bill from a more neophyte position, meaning 8-to 10-year-old who understands ideas at a certain level. I look at the $1.9 trillion package from an economics perspective, a legal perspective, a precedent setting perspective. I stepped back and I look at the first idea, which is the surface, especially the title, the American Rescue Plan is pitching this $2,800 per family and also extension of unemployment benefits. I look at how much of the bill that amount is. I’ve seen figures around 9%, 10%, even if it’s 15%. That’s where the focus has been.

It’s unfortunate because in the end, when an 8-to 10-year-old see’s candy, they see an amusement park. They see the surface benefit and don’t necessarily have the experience to look at the unintended consequences. It makes sense to me. Majority of Americans do support the bill. At the same time, I believe if they took a shovel deep look into the other points of the bill, tenets of the bill, where money is being spent, it would cause even the young person to scratch their head. $1 billion here, $10 billion here, $500 million here, things that are unrelated to COVID, but at the same time are being pitched under this umbrella that it’s necessary to rescue America. That’s the first thing that I observed is looking at this from a psychological perspective and how a bill that is monumentally massive in size.

TWS 81 | $1.9 Trillion Stimulus Bill

$1.9 Trillion Stimulus Bill: The government was not set up to take care of people. It was set up to protect the rights of the people.

 

We’ve become desensitized to the language of money. I’m sure $1.9 million to most Americans is a lot of money. 1.9 trillion seconds ago is 60,000 years. This is a massive amount of money and it is going everywhere. If money were free that grew on trees, if it’s what most 8 to 10-year-olds think money is where you swipe a card and you get stuff, it makes sense. Who wouldn’t want all of this stuff? There are consequences for spending this money because it’s not free. Interest has to be paid on it. Principal has to be paid back. For those of you who are interested in economics, monetary policy, and monetary theory, this idea of MMT, Modern Monetary Theory, which removes some of the responsibilities associated with spending money at a government level, it’s something that is happening in a sense. This $1.9 trillion, the amount of debt that’s being piled up, it’s not possible to payback without some significant dire changes.

We’ll get into some of the precedent setting. A couple episodes back, I talked about some of the points of Biden’s fiscal ideas and specifically taxes, what’s going to change in that respect? I believe that because of how this bill was passed, $1.9 trillion, the majority of Republicans, all of them I think opposed it and all of Democrats were in favor of it to an extent. It was right down the line. It’s interesting where this sets a precedent with all their laws that are going to be pushed forward through the House, the Senate and then signed into law. It’s interesting to look at what Biden wants to push forward is going to be an inevitability. That’s the precedent that it sets. It may not be 100% absolute but close.

Going back to a couple episodes ago, whether it’s higher taxes, whether it’s removing step-up in basis for real estate, whether it’s eliminating capital gains, meaning capital gains will be treated, especially for high income earners as ordinary income. These are sweeping changes, changes to the debt tax, the estate tax, the lifetime exemptions that are available and what can be included. It’s crazy. It’s time to pay attention. There is going to be an impact. This is the precedent that it’s setting. It’s setting another precedent as well, which is one that’s way more philosophical. I’ll end with this, making this a shorter episode.

The precedent is that American people are not creative enough, hardworking enough to take care of themselves, to solve their own problems, to exercise their ingenuity, which is deep inside of everybody. This is where the precedent is dangerous. An example is an article that came out a few years ago, it was a study. It was done in Europe, somewhere Sweden, I believe. The study showed that if families had one less child, it would make a huge difference as far as the carbon footprint human beings leave. It’s an incredible claim. You can remove people and we wouldn’t have any carbon footprint. You look at the human ingenuity specific to this claim. The inventor, Bill Gross, you can look him up, has a project called Carbon Capture, which is an economical way to remove a toxic carbon dioxide from the atmosphere. If one of those children that weren’t born wasn’t Bill Gross or was Bill Gross, there’s no solution at that magnitude.

The point I’m trying to make is that when we’re put in predicaments of challenge and difficulty, we can take the easy way out and most people would, if that hand is extended. We can take another way out, a route that allows us to understand ourself at a deeper level, to understand what we’re made of. Think of the loss of fulfillment, the loss of self-respect, self-esteem knowing that you overcame challenge. It’s the feeling of rising above adversity. It’s a feeling of conquering something on the surface that you did not believe was within you, what you weren’t capable of. To me, these are the massive losses that are impossible to quantify. The precedent that’s being set is that, “When there’s challenge, don’t worry about it. You don’t have to do anything. You can sit back and relax. We’ll be there to help you.”

I don’t believe that this is an environment of growth that leads to what we’re looking for, which is a sense of self-understanding, a sense of self-reliance, respect, and having the understanding, having the knowledge that we accomplished something. We overcame something. That to me is sad. I look at the genius in everyone and how that genius is being put on the altar of sacrifice. I believe that there are circumstances where people find themselves in challenging times, maybe impossible to fend for themselves. At the same time, I think that is the exception, but we are making it the rule.

There are a couple of interviews I’m going to link to as I conclude this short episode. They were done a couple of years ago, one with Greg Lukianoff, who’s the author of The Coddling of the American Mind, another one, which is a follow-up to that book with Andy Tanner, talking about what we teach our children, the importance of challenge, of difficulty, of overcoming, and the sense that comes from overcoming, the muscle that builds. It’s important especially with what’s going on now.

As a recap what to take from this episode, number one, I look at it’s a clear path to higher taxes, to inflation, and ensuring that you ask yourself the question, “How is my wealth, my portfolio, my financial future impacted by inflation?” I’ll give you a short crash course on inflation, this $1.9 trillion in addition to the north of $100 billion that hasn’t been spent from the previous COVID stimulus bill. This is the money that will go into circulation even though it goes into areas that would make you question, “Why would we do that?” Go look at some of the details. That money is going to find its way into the business’ pockets. That business is going to buy stuff. They’re going to pay their employees, maybe give them a bonus or raise. Those employees are going to go out and spend money. This money came out of nowhere. The money was not earned. Now, we have that much more that is circulating in our economy.

When you have more money circulating and a seemingly finite amount of goods and services, what ends up happening is that more money bids up the price of assets, of goods and services. We’ve seen that already and we’re going to see even more of that. What that means is that the money you have, the money you earned, the value of your assets, your wealth will be buying less stuff in the future because those things have gone up in price. That’s the nature of stimulus and inflation, higher prices. You can also define inflation as the devaluation of the dollar. That’s the first thing.

We have a prime opportunity as human beings to grow, to thrive, and to learn. Click To Tweet

The second thing is legislation that is coming down the pipe, whether it’s taxes or otherwise that is being pushed forth by the administration. We see that a precedent has been set where they can pass laws that are highly controversial. They can pass measures that are highly controversial. Pay attention and start setting up your tax strategy to help you keep more of the money that you’ve earned. Finally, it’s the context of challenge and hardship. I’m not debating that there isn’t hardship. I’m not debating that COVID hasn’t made an impact or the response to COVID has not made an impact. It has. It is evident, not just the United States but around the world.

I remind myself that government was not set up to take care of people. Government was set up to protect the rights of people. People have done some incredible things over the course of time. In this day and age with access to limitless information, resources, knowledge, we can debate the definition of knowledge, but finding solutions, whether it’s YouTube, books, blogs, podcasts, the majority of which is free if not insanely inexpensive. People have the resources to solve problems. At the same time, when resources aren’t needed, they are rarely taken advantage of. Water is not valuable until you’re in the middle of a desert and thirsty, or running a race. It’s the environment where resources become valuable.

We have a prime opportunity as human beings to grow, to thrive, to learn, not just for our own betterment and the remuneration that comes tangibly materially but it’s the feeling, the sensation. It’s the understanding we have about ourselves about what we’re made of. I think we all thirst for that. In essence, we’re being robbed of that because of what’s going on, where governments are taking care of us. They’re solving our problems. They’re giving us handouts. As I look at it from an 8 to 10-year-old, I can see on the surface that the bill makes sense, the narrative makes sense. As 8 to 10-year-old, maybe 12-year-old, when you realize you’ve been deceived or screwed, you’re going to be pissed. I look at the emotions that are going on in the social and political atmosphere. They’re high, it’s tense.

TWS 81 | $1.9 Trillion Stimulus Bill

$1.9 Trillion Stimulus Bill: People have the resources to solve problems. At the same time, when resources aren’t needed, they are rarely taken advantage of.

 

This is by no means to incite more of what doesn’t serve you, but it’s to make you even more aware of what’s going on, to navigate your life where you’re not dependent on others, you’re not dependent on handouts. You’re dependent on yourself. It’s to take actions, to make efforts to those ends. Thanks for reading. I appreciate the support. Tune in to the next couple of episodes. We’re going to be talking politics. We’re going to be talking tax strategy and some investment strategy given what’s going on with our environment, specifically how the tax implications could impact your investment strategy or wealth strategy, and some ideas of how to remedy that. Until next time, take care. Bye.

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Seeking The Uncertainty You Can Comfortably Live With

TWS 76 | Uncertainty

 

The great Tony Robbins once said, “The quality of your life is in direct proportion to the amount of uncertainty you can comfortably live with.” But up to what extent is it comfortable? How do you measure the amount of uncertainty you can handle in life? In this episode, Patrick Donohoe shares a breakthrough that had him realize the ways we all are seeking uncertainty in life just as much as certainty. He tells us about some of the reflections that occurred to him on what we need to do in order to take in more without reaching beyond the limits of how much uncertainty we can live with, most especially when it comes to our finances. 

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Seeking The Uncertainty You Can Comfortably Live With

Thank you for tuning in. I’m excited to be with you. I’m grateful for your support. I’m excited to share with you some things that have been on my mind that have impacted the way I’ve viewed my life, my financial life, viewed financial life of clients that I have. I’m excited to share that with you. As a side note, there has been a group that is advertising and marketing underneath the #TheWealthStandard and they’re promoting different courses and other things, this is not us. This is not me. Please, if you have come across them, we’re reporting them, doing some cease-and-desist stuff. We’re on top of it but we wanted to let you know that’s going on. There are some people who have purchased some of their material that is associating the reason to this show, which is not true. This is not our group. This is not us, so please be cautious.

I’m excited because I had this breakthrough and the breakthrough occurred in a software training that I host every year, at least I have for the last few years. It’s Financial Advisor Facing. I’ve gone and participated in this training many times. It’s also something I’ve felt strongly about hosting here at my office so that my team can participate in it. In 2020, it was different because of COVID and quarantine, so the majority of it was live but it was virtual. Nonetheless, I had some thoughts that I hadn’t had before. It starts with a quote that I learned from Tony Robbins. I’m not sure if he is the author of this quote. He’s the author of some pretty amazing quotes. This is an amazing quote but he also uses quotes by others as well.

This quote says that, “The quality of your life is in direct proportion to the amount of uncertainty you can comfortably live with.” Uncertainty in his words is a need that we have. He believes we have six human needs. Certainty is the first one. Uncertainty is the second. It’s a contradiction there. You also have significance, love and connection, growth, contribution. These needs that we have, one of them being uncertainty is that we want variety in life, adventure, we want new. We want different. If everything was the exact same thing, we ate the exact same thing, we wore the exact same thing, we did the exact same thing every single day, life would suck.

We're all seeking uncertainty. Click To Tweet

At the same time, we want a degree of certainty. The uncertainty side of things is the new movies you get to watch, the new clothes you get to buy, the vacation you get to go on or the new place you get to visit, the new car that you have, a new experience, skydiving, bungee jumping, scuba diving. The uncertainty is this adventure. It’s doing things that are new and exciting. Comfortably live with, that’s a very interesting word and this is where the epiphany is.

This school I go to, this training, the software program that we put on is called Truth Training. It uses a software program called Truth Concepts. I first learned about this software during this 2009, 2010 period of my life, where it was a very vulnerable time in my life. I was in the middle of getting crushed by the 2008 and 2009 timeframe where I almost went out of business. I almost went bankrupt, lost my family. It was very challenging. It was a scarce point in my life where I was afraid. I lacked certainty. I had way too much uncertainty going on.

That is what I pushed. Truth Concepts is geared around validating the financial product, financial strategy claims. It’s objectively looking at scenarios whether it’s a mutual fund, a piece of property, an alternative investment, it doesn’t matter. It’s objectively analyzing it so that you can see between the lines, the fluff of a sales pitch and understand what’s truly going on. It was humbling. It gave me not only a realization of how individuals are making investments and planning their life financially but also gave me confidence in what I was doing.

TWS 76 | Uncertainty

Uncertainty: Improving the foundation of certainty that you have with your financial life will allow you to experience even more uncertainty than you currently experience.

 

It was right. It was beneficial. It helped people. It started to help me as well. It gave me more certainty. This is the realization that I had at a much deeper level is if uncertainty is what is required to have a higher quality of life, if it’s not balanced out with certainty, it puts you in this position of not comfortable living with uncertainty. You’re uncomfortably living with uncertainty. In essence, improving the foundation of certainty that you have with your financial life will allow you to experience even more uncertainty than you experience.

Going to human needs, these driving human needs that we have most are not aware of those. I’ve been aware of them for quite some time. It doesn’t mean that I understood them. I continue to understand how those needs manifest in me whether it’s the degree of certainty that I’m looking for, it’s the degree of uncertainty that makes me feel alive and excited and gives me that adventurous experience of life. There’s also the need for significance, the thing that allows us to understand that we bring value to the world. There’s also the need for love and connection but there’s also a need for growth.

There’s also a need for contribution, which is giving back, being of value, of service to others. As we look at where we’re getting these needs, one of the big things I’ve learned in my personal development is to strategically position myself so that it’s not this random way in which I’m meeting needs. It’s not this random impulsive behavior that has me doing this, that and the other, and hopefully getting what I want in the end but it’s strategically doing it.

What gave rise to more people wanting to invest is the dream of doubling and tripling a return and what that would mean to their life. Click To Tweet

That’s where in addition to revisiting this software, how financial products work, the combination of financial products and how taxes and inflation and other impacts other financial influences out there give either rise to the claims that are being made or in question the claims that are being made. It allowed me to step back and ask myself the question, “What are our people after?” The driving force behind human behavior is these needs.

As much as I was in this training, there was also a lot of buzz and excitement with regards to what was going on Wall Street, mainly in a few different companies, GameStop, AMC, where you had a group on Reddit and other influence that were combining efforts of retail investors and influencing the rise of certain stocks, which squeezed out those who were short-selling those stock, which are mainly hedge funds. There’s lots of buzz. There was lots of excitement. There was lots of adventure there.

A lot of people made a lot of money but as you can guess, the excitement and buzz led to a lot of people losing money. In the end, what I wanted to do with this very short episode is highlight the fact that we’re all seeking uncertainty. What gave rise to more people wanting to invest was that dream of doubling and tripling, 600% return of what that would mean to their life. It’s exciting. You also had those that were driven by this unbridled control of their behavior and lost money.

The lesson and the connection I made is there are things that are going to pull me, pull you toward adventure, excitement. I believe that degree of certainty that you have as your foundation will allow even more of that. Unfortunately, that’s not the case with everyone but those that understood this principle, whether it’s using the words that I’m using to describe it or using others. If there was a foundation of certainty, certain things that you can count on whether it’s cashflow, your profession, your business, your liquidity, the financial products you have that did provide certainty of outcome or the highest degree of certainty for that outcome, these bets, these risks made you feel alive but did not take you out of the game.

TWS 76 | Uncertainty

Uncertainty: You can experience more uncertainty, adventure, and excitement in your life when you improve the quality of the degree of certainty that you have.

 

That’s my breakthrough is before, I was very prone to creating more certainty and more certainty in my life but not equating that certainty to the amount of uncertainty that I could experience. I don’t get a big rise by making those types of bets in the market. That’s just me. I like to have experiences with my family. I like to make bets in my business as far as trying this thing, trying that thing, developing software, developing a course, developing ways in which I can create more value for clients. That gives me a lot of excitement.

Because I have a degree of certainty that backs me, I’m allowed to push more and more of the limits that were in place previously. I encourage you guys to do the same thing. Don’t let your impulses, your passions be a quilt, strategically position yourself to take advantage of those. That’s what gives us this higher quality of life. However, the positioning is where you create whether it’s financial education, it’s a degree of certainty and the financial products that are at the foundation of your financial life, whatever the case may be. Just look at that, it’s a balance. You can experience more uncertainty, more adventure, more excitement in your life when you improve the quality of the degree of certainty that you have. That’s it. Stay tuned for a couple of episodes that you guys are going to enjoy that are forthcoming. Go out and create some value, have an amazing life. We’ll see you next time.

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The Wealth Gap: Identifying Inequalities With Connor Boyack

TWS 59 | The Wealth Gap

 

One of the most controversial topics today is the existing and widening wealth gap between the rich and the poor. Tackling this important conversation to offer a unique and even quite controversial view, Patrick Donohoe is joined by Connor Boyack, founder and president of Libertas Institute—a free-market think tank in Utah. Here, Connor gets into the significant wealth that has spun great talks about inequality from both sides of the political aisle to create divisiveness. He goes deep into capitalism, the billionaires that keep getting rich, and moving up the economic ladder. Follow along to this insightful episode to learn more about this issue we’re facing now in our society.

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The Wealth Gap: Identifying Inequalities With Connor Boyack

Thank you for tuning in to the show. Connor Boyack is an incredible man. He’s been on the show before. We’re talking about a controversial topic. We’re breaking it into two parts. The first part is going to get into the wealth gap that is significant. Wealth inequality is a theme that’s being used by both sides of the political aisle to create divisiveness. Right now, there are a lot of upset people. This episode, without the proper context, may upset you, so go back and read the last 4 to 5 episodes.

Hopefully, that will prepare you to think rationally about this sensitive topic. The drive we have to make a difference grow and be free is evident across most human behavior. Achieving that result is what I characterize and what I’ve tried to talk to you about as true wealth. The show’s mission is to help you identify sound principles that will guide you to achieve wealth and prosperity regardless of the environment or economic circumstances. Right now, it may not seem possible but understanding the principles will allow you to understand that it’s not the environment that creates that end, it’s principles, and acting on those principles.

Through this lens, these emotionally sensitive topics will inspire you instead of infuriate you which is, unfortunately, the way in which people are looking at this topic. My compadre, Connor Boyack, has dedicated his professional life and arguably because of some threatening experiences that he’s had his whole life to defending the principles of prosperity by being involved in the political arena here in Utah. Also, by expanding that into the world of literature and education with over 21 books, most of them through the children’s book platform.

For those of you who have listened to Connor before The Tuttle Twins books, I get comments about that more than anything else that’s coming from the show. Connor is going to give you a code to get these books. I’m offering something for the rest of 2020. For those of you who purchase the package and Connor is going to give an insane discount for all of the books or the online curriculum that he has, I’m going to match that. What I mean by that is if you purchase, I’m going to pay for another either package of books or the online course that you can give to somebody else. I’m going to do that through the end of 2020.

I hope you gain a lot from this. I hope you’re able to step back and think through some of the points that we make and that it enlightens you to understand the narrative but also understand how to have a productive, and meaningful conversation with somebody else about this topic. I hope it inspires you to understand how the world has improved because of the environment that we have in which people can start businesses. They can be free to fail, free to succeed, and how that improves everybody’s life. Let’s cut to the interview. Without further ado, this is Connor Boyack.

Wealth is not the natural condition in life. Poverty is the natural condition in life. Click To Tweet

He is the President of Libertas Institute, which is a nonprofit think tank here in Utah, but it’s also an educational organization. They promote through a lot of influence up on Capitol Hill during legislative sessions. They promote the principles of liberty but they also educate the public in many different ways. Connor is also the author of 21 books. It also includes a children’s series, which is incredible. It’s called The Tuttle Twins. Connor, welcome to the show. You’re no stranger here except for those that are new and new readers. Thanks for coming back. I appreciate your time.

I’m happy to be here. I’m excited to get into the issues with you.

This is a hot one because it’s something that’s been politicized. It’s being weaponized by different political parties. It’s the wealth gap. I’m going to read some statistics which I haven’t given you in advance I’m sure you won’t be surprised. This is given the federal reserve’s stats, whether they’re objective or not. I would say it’s close to as objective as possible. In the United States is $104 trillion of private wealth in terms of money. The top 1%, $32 trillion, the next 9%, $39.1 trillion, the next 40%, $31 trillion and the bottom 50%, $1.5 trillion. There’s a gap and the gap is shown to widen. Connor, I think we are able to have a conversation that understands both perspectives. When you hear these numbers, when you hear the narrative that’s used and how it’s weaponized and politicized, what goes through your mind? How do you process that?

I’m excited by those numbers, where other people find them repugnant and see an inequality that needs to be addressed. I’m conversely excited and that’s for an important reason. What would those numbers have been like a century ago? What would those numbers have been like three centuries ago? The fact that much wealth has been created has made it so that we all live like kings. Even that bottom 50%, the bottom 10%, even the bottom 2% live like kings compared to people a century ago.

The creature comforts that we enjoy that this wealth inequality has allowed wealthy people to amass capital, to invest in research and development, and come up with new innovative conveniences. The fact that Jeff Bezos is now going to be delivering our products by drone on the same day we order them. Packing the mule over the mountain with a couple of workers that take up a three-week journey to get to you and by then, half of what you ordered has been stolen or moldy. The fact that some people have gotten rich should not distract us from the fact that everyone has gotten rich.

Wealth is not a natural condition in life. Poverty is the natural condition in life. The fact that some people have become wealthier than others doesn’t discount the fact that basically everyone has become wealthier. Everyone has a higher standard of living and it’s this system for all of its warts and bumps and everything else. It’s not perfect. It’s this system compared to any other that has allowed for that massive creation of wealth and prosperity across all the demographics that you can imagine.

TWS 59 | The Wealth Gap

The Wealth Gap: The comforts we enjoy from this wealth inequality have allowed wealthy people to amass capital to invest in research and development and develop new, innovative conveniences.

 

I could have guessed that you were going to say something along those lines, even though we haven’t even talked about this in detail previous to the interview. I have some statistics here that I usually will find from an opinion and perspective research, depending on the perspective. It doesn’t make the news headlines that often but one of them is Matt Ridley. He’s written a bunch of books. The one that hit me the hardest years ago was The Rational Optimist, which is when everything was falling down and he wrote this book that said that the world is amazing.

Here are some of the things that he cited in a blog post. He said, “Extreme poverty has fallen below 10% of the world’s population for the first time.” It was 60% when he was born, which was in the late 1940s. Child mortality has fallen to record low levels. Famine virtually went extinct. Malaria, Polio and heart disease are on the decline. One of the least fashionable predictions that he made was the ecological footprint. We have been able to use more sustainable resources and be more efficient with the way in which we are attentive to those initiatives.

As far as the use of land and the use of water when it comes to producing food has dropped 100%. I can keep going on and on as far as how people are coming out of extreme poverty. Peter Diamandis is more on the technological front. He’s talked about the fact that we’re approaching four billion people with smartphones. Where people are getting connected, they’re getting access to information, education, and so forth. I agree with you. There’s a disease of abundance than there is of scarcity when it comes to living the way that we live now versus what life would have been 100 years ago.

I was going to add to your list before with the proliferation of mobile phones and so forth, access to banking or cryptocurrency, sending money around, transmitting to family members and other countries. The fact that Africa didn’t get into landlines and telephone poles and all the rest. They leapfrogged over that and now have like 95% plus penetration of cell phones, even out in these remote villages where they can access Wikipedia and suddenly any villager can learn from all of the knowledge in the world.

I was a missionary in Honduras many years ago and I lived in these tiny little pueblos for two years. I remember once a week, we would get an opportunity to email the family and say, “I’m still alive out here.” We do that at these internet cafes that were crazy expensive. They were rare. The internet was horrible. Now, the same thing as you pointed out. Everyone’s got cell phones, constant connectivity, connecting all the world, creating amazing remote work opportunities where people out in these villages can go on Upwork.com and say, “I can do graphic design. I can do editing. I can do translation and I can do whatever.” It creates all these economic opportunities that they didn’t have before.

I care a lot about issues surrounding charity and poverty. I don’t want to sound like I’m some kind of greedy capitalist. My wife and I focus and try to lift those who are in need and find ways to serve. I know of no other economic system that does it better than what’s often called capitalism because you have the incentive for these people to go and produce. That means the Jeff Bezos and the Elon Musk and others are going to amass substantial wealth but they’re not extracting it from anyone. It’s not a zero-sum game. They’re not forcibly taking it from people. All that means is they figured out a way to serve a crap ton of people because capitalism and entrepreneurship and business is service. It’s, “I hate pulling weeds and the fact that someone will come to serve me by pulling my weeds and we have an economic exchange, I can make it worth their while.”

There's more of a disease of abundance than there is of scarcity when it comes to living the way that we do today. Click To Tweet

That is still service to me because I would rather part with $10, $20, $50 or whatever than do the weeds. Having an electric car, having drone deliveries, or whatever the issue is. These people have figured out a way to serve a ton of people rather than a few people. In my mind, that is a system that should be praised, notwithstanding that. I do think it’s important that we still look at the inequality issues and figure out even better ways to help people move up that economic ladder. It doesn’t come from the traditional. Do you remember the lobsters and the bucket story? Where you put lobsters in a bucket and as one tries to get out, the other crabs pull down, “Let’s try and pull it down so we can get up.”

That’s not how the system works. We can figure out a way to build up more people. We don’t have to tear down the 1% and take more of their money and remove their incentives to serve even more people. We can do it in a way that empowers even more people and removes those roadblocks of regulations. Even people who want to start a food truck, they’ve got to deal with a nightmare of regulations to get their foot in the door and entrepreneurship to maybe do a food truck to then do three, to then do a brick and mortar restaurant and grow an empire of franchise.

If we have these regulations and other problems in the way that prevent the people on the bottom, if you’ve got money, you can make problems go away. You can be strategic and figure out a way around them. It’s the people on the bottom who don’t have those resources. They can’t navigate the system. They’re often trapped by the system that purports to help them and puts them on the dole and says, “Here’s some money. Go sit on a couch, watch Netflix and chill while we subsidize your inactivity.” What if instead, we remove those roadblocks that don’t have the capital and the network to circumvent on their own so that they can bootstrap themselves up and be able to go to work? There’re many stories of rags to riches that you can’t say that everyone who’s wealthy gets wealthier and everyone who’s poor stays poor. That’s not reality at all but I do think there are improvements we can make to help more of those rags become riches and give even more people that opportunity.

Now, let’s cross lines because just as much as we ourselves have rationalized this, not together but in probably similar ways, the overwhelming majority does not believe this way. Let’s look at their perspective. How do you sympathize with them? How do you understand why they’ve come to a conclusion they have which could be the diametric opposite of ours? How is that being politicized?

You may have seen the video of a Black Lives Matter leader protesting outside of the courthouse saying to the camera, and to the public that it is okay that we go loot these businesses, that we do these riots, that we bash in the store windows, that we take all these apparel, toys, electronics and everything we’re taking because they have insurance. There have been other Black Lives Matter protesters who I watched a video of one woman defending the pillaging of white store owners as a form of reparations because, in her words, it was the black community that has built that business and never been able to take advantage of the profits.

The downside there is, first of all, that’s not how insurance works or why it exists. I think the first comment reflects an economic misunderstanding. She’s trying to justify theft. The second comment was more interesting to me. This notion of reparations and this long-standing injustice that certain people have been kept down. They’ve been denied these opportunities and to that, I say I don’t disagree. There have been a lot of these problems. Zoning laws were instituted because of racism. It was a way to segregate neighborhoods and keep black people out of white neighborhoods. You still have those problems to this day. Zoning boards and city councils and others will perhaps not overtly or explicitly but they can hide their bias and use zoning laws to keep certain people down and prevent them from having commercial activity in their neighborhoods or from integrating into other parts of the city or whatever.

TWS 59 | The Wealth Gap

The Wealth Gap: The fact that some people have become wealthier than others doesn’t discount the fact that basically everyone has to become wealthier.

 

It’s because it was illegal. They could have been fined. They could have been put in jail if they crossed those lines.

There are certainly these policies that have been in place over time that have been put in place but the tough thing I have with reparations is that you don’t have an opportunity to connect one-to-one. By that, I mean that maybe someone did something horrible 80 years ago or 20 years ago, or 150 years ago but how does that justify perpetuating the injustice by forcing someone else whose fault it is not to pay for the misdeeds of what someone else does? I sympathize. I want to help. I want to remove those roadblocks. I want to help everyone be able to flourish and have that opportunity. I just struggle with what some of the demands are where people look at that inequality, and they have this kind of aggregate perception that there’s this systemic problem. Therefore, we’re going to have a systemic solution, an aggregate solution that uses the sledgehammer and says, “We’re going to do this so that we benefit.”

In a way, that’s continuing the injustice that they’re talking about by perpetrating it on more people who are innocent of the misdeeds that they’re rightly pointing out in the past. It becomes a sloppy way. I sympathize with the problems, the solution is where it breaks down. That’s where I think if we can sit down and talk together and resolve this, maybe we’d come up with some interesting ideas. I feel like a lot of the people who speak out against inequality and who are especially vocal about it, especially in the past few months with Black Lives Matter and some of these groups, there’s a bit of an economic ignorance there and perhaps political collectivism where they’re trying to force these solutions on other people. Thereby, they become the perpetrators of the injustice they’re speaking out against.

You have this balance between very strong deep-seated emotions that go back generations. It goes back culturally. That’s when we start out talking logically about the wealth gap, it’s provable. At the same time, people aren’t going to sit back and say, “You’re right. I should think about things differently.” People have these deep-seated emotions that reinforce a perspective. For me, I try to sympathize and empathize with that. I look at some of the extreme things that human beings to this day still do to one another, do to children, do to women and do to the minorities. It’s sickening.

At the same time, you look at history and it’s always happened that way. I look at what do we do now with the “civilized society” that we supposedly live in so that the political sphere is not injecting these cheap, slighted, and shallow emotions into the narrative to gain political capital? What do you do? How do you reconcile all of this? What’s the solution because you have these deep-seated things that are not going to go away and then you have these rational things that we can show, the rich and wealthy people have created much as it relates to our lifestyle?

We use the same internet browser as Jeff Bezos. We have the same iPhone as Bill Gates. They’re not living much of a different lifestyle other than maybe the car they drive and where they go on vacation. It’s not much different. How do you reconcile this, Connor? You’re amazing at taking divisive topics when it comes to liberty and teaching people through books, through education but also promoting principles on Capitol Hill and being influential to lawmakers who clearly have one perspective. They lean toward a party. How do you reconcile all of it?

The market doesn't like uncertainty. We need to have some kind of predictability. Click To Tweet

This one is tough because over the past several months during the shutdown and everything, I’ve been talking to folks about these issues. I feel like among people who are more free-market minded, conservative, libertarian, Republican, whatever you want to call it, there’s a lot of unease in the sense that people have long felt on the foundation of society and their principles and whatever. The degree to which these riots have happened, killings, lootings and all these kinds of things, the way society and culture has been changing as a result of all these events. A lot of these people I’ve talked to have felt uneasy like those footings, the foundation of society is shifting underneath them and they feel that there’s this instability where they don’t know how to act. They don’t know how to step forward. If the ground is loose, how do I know that’s a sure footing so that I can move forward with my life?

There’s absolutely risk and the market doesn’t like uncertainty. We need to have some kind of predictability and this is a tough question for me because how do you forecast things? How do you offer a solution and try and figure out what that approach is? What I’ve seen a lot of families do is think about turning inward. It’s like the story of a tree. When there’s a drought or something to conserve resources, the tree is not going to grow that year. You look at the rings of the tree and when they’re tight like that, that’s during a year where it didn’t have growth. It was in survival mode.

It feels like a lot of families are in that mode right now where they’re trying to say, “How do I talk to my kids about these issues? What do I think about these issues? What voices do I trust?” I’ve seen a lot of these people shift from engaging online or community activism or going up to the Capitol or trying to change the world to say, “I’ve got to protect my family. I’ve got to figure out what we’re going to do and how we make sense of this.” Not only economically, like how’s our job doing but also, if society can shift this much where we’ve got shutdowns, mandates and “Karens.” We have this culture now of shaming one another like, “You’re insufficiently compliance. I’m going to call the cops on you.”

We haven’t had that before in our society. We have riots, lootings, all these blue states and Democrat mayors, letting these people run amok destroying businesses and government buildings. We’ve seen that in Eastern Europe. We’ve seen that in some parts of Asia and Africa and elsewhere. We’ve never seen that in America. That shift is disconcerting to a lot of people. I even feel this way, partially myself, where I struggled to figure out, “Is there anything I should be doing or can be doing right now that I’m not or should I be trying to maintain my balance so that when the ground solidifies a bit more, then I’m ready to move forward?”

Things seem to be changing quickly for a lot of people. I think it’s rational to be like, “I need to wait this out and see where things land.” We’ve shifted a lot. I’ve shifted personally, a lot of my energy into our children’s books, and helping families get material to have these deep conversations and talk about these ideas. It seems like that’s where an investment right now is going to yield a lot of dividends in the future, as opposed to on the policy side of things trying to figure out where to step when the ground is shifting.

I hope you enjoyed part one of this two-part interview. Come back for part two. This is where we get into education. We get into inspiring, influencing and helping kids understand the environment and how to essentially change their life with some simple tweaks. Connor has made some amazing resources available. I’m going to match through the end of 2020 any purchase you make with his steep discount, allowing you guys to give that as a gift to somebody else. Check out all those details on TheWealthStandard.com. Thanks again. Don’t forget to tune into the next episode.

Important Links:

 

About Connor Boyack

Connor Boyack is founder and president of Libertas Institute, a free market think tank in Utah.

Named one of Utah’s most politically influential people by The Salt Lake Tribune, Connor’s leadership has led to dozens of legislative victories spanning a wide range of areas such as privacy, government transparency, property rights, drug policy, education, personal freedom, and more.

A public speaker and author of 21 books, Connor is best known for The Tuttle Twins books, a children’s series introducing young readers to economic, political, and civic principles.

Connor lives near Salt Lake City, Utah, with his wife and two homeschooled children.

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Will The Economy Rebound? With Jason Hartman

TWS 49 | Economy Rebound

 

The COVID-19 pandemic has undeniably thrust us into very unfamiliar ground. Economies are crumbling; systems are collapsing; the future remains unknown and unpredictable. With all these things happening, some of the most significant questions anyone wants to know are: Will things go back to normal? Will the economy rebound? In this episode, Patrick Donohoe brings Jason Hartman, the founder of the Platinum Properties Investor Network and host of The Creating Wealth Show, to help him answer this pressing question. They talk about what is going on in the economy and where investors fit in the picture, covering the good, the bad, and the ugly. On to the side of the consumers, Patrick and Jason then tap into life insurance companies and the effects of media in this time of the pandemic.

Watch the episode here:

Listen to the podcast here:

Will The Economy Rebound? With Jason Hartman

I hope you are safe. I hope you’re enjoying paying attention to everything that’s going on. It’s quite a world in a society that we live in. I decided to go online and research some of the most frequently asked questions through Google as it relates to the topic of The Wealth Standard, which typically revolves around investments, finance, and entrepreneurship. There was a question that surprised me, so I wanted to have a good friend of mine, Jason Hartman. He’s the Host of Creating Wealth Show as well as 7 or 8 other podcasts. This guy is definitely busy.

I had Jason on because Jason is informed. He thinks outside of the box and I thought it was a great discussion. The question is, “Will things go back to normal? Will the economy rebound?” This episode is a little bit shorter. We spent a few minutes on that and I think it’s going to give you some decent insight into what’s going on in the economy. I’m going to reserve some additional commentary of my own for after the show. If you feel so inclined, go ahead and stick with me until then. We have a ton of resources available on the website and we’re adding more. We have a couple of things that are in the works that I’m excited about. Check that out. There are a couple of free courses as well as other material that’s important to me that I feel will bless you and impact the way you do business and enjoy life. This is my interview with Jason Hartman.

Jason, there’s a question that I’m seeing more and more and it’s understandable because of the environment that we’re in. It’s, “Why the economy will rebound or not?” I think there are sentiments and signals pointing to it not rebounding, but also rebounding. What are your thoughts on that?

Free speech is incredibly important, but the mainstream media has been telling free lies in many ways. Click To Tweet

I think we are in a time where we are going to see the square root recovery or the modified square root recovery. Everybody’s talking about, “Is it going to be a U-shaped recovery with a long valley or is it going to be a V that went down pretty hard and we’re going to come back pretty quick?” Things aren’t coming back. It’s nice to see that faster than I thought, but ultimately, what we’re going to see this type of recovery is going to be square root sign. It goes along, it goes down, then it goes up. It’s up higher. The modified square root is it’s going along, goes down with the pandemic, comes up, but it comes up lower and that’s the recovery we’re going to see. I think we are waking up and we’re just barely waking up to it. This is not just the US. The whole world is going to wake up to a smaller economy than it had before. However, the good news is that there are lots of opportunities for investors, even in that environment with the mass migration to suburbia and all of that stuff we’ve talked on our mutual show.

The other thing is that there are a lot of efficiencies being created in the economy. We don’t know how efficient that’s going to make us, but it’s pretty good. We both were talking about how much more efficient we can be not traveling. That’s terrible for the airline industry, hotel industry and many other industries that are related. For business people, you can get a lot more stuff done when you stay put. That’s the efficiency of remote work, extremely efficient. A lot of new technologies have come up with the needs of remote workers. There are a lot of efficiencies being created too. Will that overcome the disasters that are being created? I don’t know. We’ll see.

I look at the rebound and it begs the question, “Rebound to what?” Is it the rebound to what was before? I don’t think so. In a sense, as you alluded to, it is going to be better but right now, it is in-between when something happens that causes plans or assumptions to not work anymore. What humanity does in times of need, which is innovative, figure out ways of doing things differently. It’s usually better. The outcome of traveling is, “I need to meet with this person. I need to get this deal done. I need to go visit somebody or I need to X, Y, Z.” People are figuring out other ways to do that.

In a sense, more efficient ways to do that. That’s the genius of humanity is they always rebound. Will the economy rebound? Not to the same degree, I don’t think, but humanity will rebound. It’s times like these, especially the extreme nature of what happened, the shutdown and then we have protests and rights. There are a lot of extreme things going on. I believe that it’s the yin and yang. The more extreme, on the other side of the spectrum, it’s going to grow too. It will be interesting to see how it all plays out.

Necessity is the mother of invention and that has certainly been showing a lot lately. No question about it.

I miss seeing you. I miss hanging out with you.

We’re doing it but it is not the same. There’s no question about it, but in a lot of ways, it does create a lot of efficiencies. Look at the size of the industries that have been hit hard from this, the layoffs, the bankruptcies, and the foreclosures that will come out of this. It’s significant. There are some areas of the economy there, interestingly, very insulated. The low-cost necessity housing in my world is insulated. It’s interesting about your business though, which is unique, insurances. It’s one of the most unique industries in the world because it has this unique characteristic, a negative cost of capital. You paid for it before you get it. With most things, you get it and then you pay for it or you pay for it at the same time you get it. In insurance, you pay for it first. Insurance companies have an interesting thing. You’re on the life insurance side, but other insurance is going to be hugely hit. With the civil unrest and all the damage and all those insurance claims, all the business interruption claims from that, but previously COVID and continuing COVID. The insurance industries got to be pretty hard hit from that, but I don’t know about life insurance. Your business is good through all this.

TWS 49 | Economy Rebound

Economy Rebound: The whole world is going to wake up to a smaller economy than it had before. However, the good news is that there are lots of opportunities for investors.

 

The only barometer you have is when you look at history. They have been able to thrive through some challenging times, World Wars, other epidemics, or pandemics. These industries have been around for a couple of hundred years. It’s similar to your industry where everybody needs a place to live. There’s a median part of the bell curve where that sits a lot of people, tens, or probably hundreds of millions of people.

They don’t need an expensive place to live in a city, but they do need a place to live.

It’s one of those things, whether it’s a building, a car or business interruption insurance, those are micro but from a life side of things, it’s macro because it is everybody and it’s life. These are circumstances that don’t have a huge impact on mortality. I have seen where it is more difficult from a health standpoint to go through and gets certain approval ratings and health ratings. At the same time, nothing else has been impacted. In fact, these are the times where these types of companies thrive because they have a lot of capital and they know how to make a good investment. I would say the best investments they’ve made in the past is when that investor behavior occur. When times are the worst is when they are typically ready to pull the trigger. They have dry powder to do that.

Do you monitor what life insurance companies are investing in? Is that something you look at? Tell us about that. That’s interesting because they used to have office space, office buildings, and shopping centers. Those are hard hit, the multifamily apartment side and they invest in that. If it’s not a high-rise, I think that’s going to do well. You have some social distancing opportunities and not have to go in elevators or garden style.

They’re institutional investors. The deals that they participate in are big. It’s not a one-off multifamily apartment. These are bigger buildings. It could be developments or land. The example I use quite often is one of the companies we work with purchased a huge parcel of land in Boston Harbor during 2000 or 2001. It was during those dot-com crash plus 9/11. They bought a huge plot of land for $100 million and have sold individual parts of that parcel for over a billion. There aren’t many people or companies that can write a $100 million check but insurance companies, these big mutual private companies can.

Have you seen any evidence of they’ve changed their focus that they’re more focused on housing versus shopping centers? It is because the shopping centers and office space will be hard hit, but housing is good. Other assets like the medical office would be pretty good. That will be the one office category that will probably be okay through this. Does it get that granular in your view of it?

Not usually. There are regulations as far as what they can invest in. How much of their portfolio based on the rating of the company because they’re all rated. There are a few different rating agencies similar to how publicly traded companies are rated. They take out debt. Insurance companies are also rated. Based on their size and based on their rating, it gives them some flexibility as far as where they can invest, but it’s regulated. In large part, they have safe assets. I have big positions in the debt of strong stable companies, but they own mortgages. These are mortgages usually on commercial properties and their LTVs are extremely low rates. There’s a default on the real estate that they own. That impacts how they’re rated and subsequently what they can invest in. They do release reports as far as their portfolio is concerned. You can see that on an annual basis.

Let’s flip to the other side of that equation though. What about the consumer side of it? Have you seen these life insurance companies? Are they being more strict from their underwriting criteria? Are they rejecting more applicants? Are they raising their prices for insurance? In other words, that’s a barometer of whether or not they think the risk is higher. What’s going on there?

First off, there are regulations around the mortality expenses. There’s a whole commission that does this, and they usually do it about every ten years. There was one done in 2017. There’s a regulation on that from that standpoint. However, there are different tiers of health that a person can be in and there are all sorts of different criteria. I’ve seen them adjusting those. If somebody is older and has some health conditions, that is something that is a high risk these days given COVID.

They increase the price and they’re declining more people, but the price is higher too?

Price is higher because of ratings. They can adjust how they rate somebody. We have a standard way in which mortality is measured, then you can have a substandard or above standard. The above standard gives you a little bit better rating, substandard gives you a worse rating. The actual standard, they don’t touch because that’s regulated, but the above and below standard, they can.

What else can you tell us about that?

It’s one of those things where it’s a sign that they know how to respond during difficult times. I would say from the economy rebounding or not rebounding, the companies that don’t have the experience of downturns are getting hurt or have overextended themselves. These are big companies. Starbucks announced that 500 locations are going away. Big companies are reacting to it because these events weren’t priced into their business model. Now that it’s there, you’re going to have a different way of doing business.

I’m not sure if wages are going to get hit or benefits are going to get hit. Companies are going to act differently because what’s priced into their business model is something like COVID or some Black Swan event that can come out of the leftfield and disrupt the entire world economy. It was interesting because I got a news flash and it was this guy that was in a silent retreat for 90 days and he just got out. I challenged my daughter because she was sitting next to me. I said, “If I’m that person, talk to me about what went on over the last 90 days.”

What’s amazing is the time perception for all of us, the entire world has changed so much because the news was coming at us quickly. With the civil unrest at the time, the reopenings were starting. It’s crazy. Do you realize the biggest news story of 2020? We thought it could have been what was going on in January. It was the Australian wildfires. Nobody is even thinking about that. Right before that were the Amazon wildfires. That’s out of our collective consciousness and it goes to show you that in some ways, people have a short memory. Collectively, we can’t pay attention to that much. We can only pay attention to a few things. I noticed this whenever I go and kicking back in a hotel room on a trip somewhere.

I’ll let the news play and I do not do this at home. I haven’t even had a TV at home because I can’t handle the commercials and the garbage on it. I’ll turn on a news station on the TV in a hotel room a lot of times and let it play. It’s like the same stories over and over all day long. If you’re there for a conference, you go to the conference in the morning, turn on the news, come back, turn on the news. It’s the same stories. It’s just a repeat. I think to myself, “Isn’t there anything else going on in the world?” There’s way more, but maybe they’re lazy and they don’t cover the other things or it’s that people can’t perceive any more than that. It’s entirely possible.

These are times when people think differently. That’s why the questions that we have been answering are important because there are different questions that may have not been asked previously to COVID. If you look at the disruption, there’s more questioning of media and people are asking themselves about time, “Is that true? Is that perspective right? Is there another perspective and trying to form that?” Media has the majority of people’s attention and that’s where they get influenced and then because of our upbringing and most people in the public school system, we’re taught to listen and to obey in a sense, and we have to do what we’re told. People are questioning it these days. I think that’s a good thing because there are other forms of media, news, and ways in which they can validate what’s true and what’s not.

Sadly, those ways are being censored by the big disgusting tech companies. We are on one of their platforms and it’s scary. Love them or hate them. I’ve got to tell you, Trump has made some good points about the media. They have an agenda. This is not about free speech. Free speech is incredibly important, but the mainstream media has been telling free lies in many ways. It’s biased and ridiculous. They are dividing people more and it’s awful. We’ll see what comes of it.

There are two kinds of converging forces within an individual that fuels it. The first one is people hate to be wrong. If they’re wrong or challenged, they resist and they fight it. The other one is people hate being deceived, lied to, and told mistruth. It’s like you have this convergence of these two powerful forces. In the end, humanity in a sense always prevails. It’s a matter of time and everything else has to happen.

It takes a long time, though sometimes to work through those cycles. Unfortunately, it does, but we shall see. The upshot of this is my opinion is modified square root recovery. We’re going along, the economy was booming, went down, and coming back up. We’re going to come up less than before, but the good news, some efficiencies have been created. We’ll see how those pay off over the coming years. Your opinion I think is somewhat similar to mine, but what do you think?

Sometimes, we have amazing learning experiences from challenging times, yet we try to position our lives never to have them. Click To Tweet

It is. At the same time, the variable that I’m concerned about is everything is fueled by credit. If credit contracts, that’s going to negatively affect the economy. I look at how do you measure the economy. The economy will rebound and rebound is a function of measurements. You’re rebounding to a certain measurable level. I believe that paying attention to the fed, what they’re doing, how they’re stimulating expansion, and contraction of credit. It’ll be interesting to see how that plays out because that’s going to be a variable. It may make some of our assumptions invalid. These are the Black Swan variables who knows what’s going to happen. At the same time, long-term, I agree with you. The economy is going to be even better because it’s going to be more efficient. There’s going to be less waste.

Everybody, happy investing. Thanks for reading.

Thank you, Jason.

I hope you enjoyed that short interview with Jason. He’s a great guy. Check out his podcast, the Creating Wealth Show. I believe he does a couple of shows a week and he has 1,200 or 1,300 episodes. This guy is a machine and smart. We just scratched the surface. He’s been on the show before, but if you guys have not had a chance to follow him, I would encourage it. I want to comment on some thoughts I’ve had as I’ve reflected on our interview as well as the question that was posed, which is, “When things go back to normal?” It’s been interesting living through this. I think we’re going to look back on these times and appreciate them and see some change and growth in us, hopefully. It’s different than what anyone anticipated.

I’ve been thinking about the idea of challenging and difficult times and in hindsight, I think we see how they’ve changed and helped us. Oftentimes, we don’t go into those difficult times with that attitude and perspective. I believe that it is an opportunity to do that. Something I’ve talked a lot about on the show is how these times refine who we are, help us understand, and grow. Without challenging times, I don’t see how much growth is possible. It might be marginal at best. This came to an important discussion in my family, specifically with my two daughters. I think that most children who grow up in the United States, if you compare the United States to other parts of the world, whether it’s third world countries in Africa or the Middle East, India, as well as Asia, I look at sometimes how we have this amazing learning experience from challenging times, yet we try to position our lives to never have them.

It’s interesting how that works. I’m not going to say it’s a paradox, but maybe it is. I realized something in relation to my daughters because they’ve experienced this shutdown and it’s different. At the same time, I look at it being a challenge. It also is an environment where you can as easily complain about and sit back and relax, and except the paycheck from the government and not do anything. I believe I know why that happened. I believe that we have the biggest opportunity cost when you paper over challenges, especially these Black Swan challenges because humanity thrives during these times. It’s not always in the moment, especially in the beginning moments, but as we figure things out and we find solutions and we innovate, things become even better.

There are going to be instances of that because lots of companies are failing, going bankrupt, and weren’t prepared. There are going to be some valuable lessons learned from that, which is good. I look at my kids on how they interact with me, their little brother, and others. For the most part, they’re incredible but I’ve noticed lately a sense of entitlement, a sense of selfishness, and a narrow perspective of life. I wouldn’t expect them to have a broader perspective because they haven’t experienced challenging things. Those of us who live in the United States who benefit from many things that we take for granted, as you compare us in our circumstances to the rest of the world, but yet you still find yourself complaining, getting frustrated, and irritated.

I’ve stepped back and I’ve looked at what an incredible time that we live in and what an incredible opportunity for me to be more aware of who I am and why I’m in this situation. The first thing I did with my girls, I wrote them a letter about their mom. Even though the content of the letter is known to them, I wanted to put some emotion into it. That letter was telling them about their mom. My wife was on here a couple of years ago and we discussed some of this. She grew up in some horrible circumstances in Mexico. It is a very poor city. She lived in a cinder block home. There were only three rooms, a cinder block or concrete floor, and a small shower. She never had her own bedroom or bed. She always slept with the brothers or slept with her mom. Her dad wasn’t around. He was working outside of Mexico.

TWS 49 | Economy Rebound

Economy Rebound: The time perception for all of us in the entire world has changed so much because the news comes at us quickly.

 

She had to be an adult at a young age cooking, cleaning, taking care of her brothers, helping them with their schoolwork, but she did it. She did it her own and she got good grades. She accomplished some pretty amazing things. She didn’t have anything. She didn’t have Christmas or birthday presents. They didn’t have food that often and she doesn’t talk about this at all and I’m reluctant to talk about it either. The point is those challenging times, put her in a position to either accept to be happy with them or to shrink. Those circumstances and experiences of life impacted her in a big way and formed her into the woman she is and their mom. There are a lot of other things I talked about in this letter.

The point of me talking about this letter is to give a different perspective of life on an intimate level because it’s their mom and to show you how difficult challenging times help and change us. Whether it’s talking back, refusing to do things, being dishonest, or treating little kids, especially six-year-olds who have way too much energy. They can be irritating sometimes, but it’s to be composed and patient. As I thought about that and about myself and thought about you as readers, it’s looking at the world and recognizing that these are experiences that we have no control over, but we do have control over how we act and how we show up.

When we look at the world in hindsight, by asking the question, “Will things go back to normal? Will the economy rebound and go back to the way it was?” We missed the point because whether that’s true or not, it’s the wrong question. I think the perspective to take is, “How am I going to do better, be different, and help more people be a better steward over my circumstances?” That’s what I’ll end with. I started to approach life a little bit differently where I recognize that life may not be coincidental. Life may be by design and the people I meet and interact with every day, maybe for a reason. Whether that’s true or not, I probably will never know. What occurred to me is knowing that I can show up in a good way every single day, every single moment, and enjoy it. Whether it’s smiling to a stranger or helping somebody, reaching out to somebody, or sending a text. There are a lot of people that are in need.

A lot of people that are lonely these days, but having a perspective of making somebody’s day better, making my team’s day better, inspiring, and motivating. Finding the opportunities to do that has impacted me in a good way and a positive way. I believe that’s possible for all of you. It’s looking at your circumstances and looking at what you’re going to experience tomorrow the next day and realizing that in those moments, the people that you meet and interact with that happen across your path. There could be some amazing opportunities there. I believe we have a stewardship to show up as the best person for those moments.

I believe that it is by design and that’s how I’m operating. It’s been awesome to observe. We look at some crazy times and I hope things don’t go back to normal. I hope we all are better from this. I hope we innovate. I hope we find new relationships. I hope we seek out experiences and do things differently than what we would have done in the past. I think if we show up as the same person after this, we’ve missed a big opportunity to grow. That’s all I wanted to share with you. We have links to Jason’s podcasts as well as any other links that we talked about. Also, check out the website. Make sure you bookmark it and subscribe to the newsletter. We’re emailing weekly. Thanks for reading.

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About Jason Hartman

TWS 49 | Economy ReboundJason Hartman is the Founder of the Platinum Properties Investor Network and host of the Creating Wealth podcast, which is heard in more than 180 countries. Jason is a genuine self-made multi-millionaire and serial entrepreneur who owns 21 businesses in investing, financing, real estate development, and SaaS software. He has owned properties in 11 states, had hundreds of tenants, and been involved in several thousand real estate transactions. He has visited 83 countries, enjoys adventure, fitness, and lifelong learning.
Jason Hartman is the host of 23 podcasts with listeners in 189 countries, over 15,000,000 downloads, and over 5,000 episodes where he shares powerful strategies for business, investing and living the good life. Check out his podcasts and resources at www.JasonHartman.com or www.HartmanMedia.com Available on iTunes and your favorite podcast platforms.
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David Neagle: What It Truly Means To Be Wealthy

TWS 16 | Wealth

 

Just as we thought we are doing just fine with the bare minimum, life happens. After a near-death experience, David Neagle woke up to the realization that he has to do something with his life and make the most of it. Now, as the best-selling author of The Millions Within and is known as one of the architects of the coaching and personal growth industry itself, he has been impacting people to live their purpose and affect others as well. David shares his perception of the world and his attitude. He also talks about how we express ourselves or deal with negative situations in a productive way as he correlates everything to what we know about being wealthy.

Listen to the podcast here:

David Neagle: What It Truly Means To Be Wealthy

TWS 16 | Wealth

The Millions Within: How to Manifest Exactly What You Want and Have an EPIC Life!

It’s quite the honor to have my guest on. His name is David Neagle. He’s the best-selling author of The Millions Within: How to Manifest Exactly What You Want and Have an Epic Life! He has a number of things going on. The book was written a couple of years ago. We’re going to also talk about some of his presence online, the courses that he has and other resources. David, maybe give us an idea of who you are, what your background is and what you’re all about.

I’m from Chicago, Illinois. As a teenager, I was headed in the wrong direction, quit high school at seventeen, got married early, started having children young. Creating all the responsibility that goes with that without any way of being able to fulfill it. I was working two jobs. I was working at a dock six and a half days a week and driving a truck. Right after my son was born in 1989, I had a water-skiing accident. I got separated from a boat and I was sucked through the dam, broke my back. I was only one of two people that ever survived going through that dam up until that time. It was a rough day. That day woke me up to the idea that we don’t know how long we have here. I was playing small. I was not fulfilling my commitments. I didn’t know what it was to be a responsible man, husband, father. My parents split up when I was thirteen. My dad wasn’t around a whole lot. I didn’t have a whole lot of guidance.

That woke me up to the idea that if I was ever going to do something with my life, I need to stop procrastinating and start doing something now. I learned a lot of lessons from that day. As far as the story of where I was and where I’ve come to, that was the main story that changed for me that day, that I need to do something. I didn’t know what to do. I had an idea in my mind that if I’ll let this happen, something was going to break open and my life was going to change in some way, which turned out not to be true. It did cause me to start thinking differently. Once I got back to work and I was okay, I was working so much I was just exhausted. We were living in a bad neighborhood next to a drug dealer. My self-esteem was going down on a consistent basis. I was ashamed of where we were living and that we had to be exposed to that.

On a Tuesday morning in February, I had a complete emotional meltdown in the back of the trailer that I was loading on this dock. I was just praying to God, “Show me a way out. How do I get out of this? What do I need to change?” A little voice in my head said, “Change your gratitude.” I didn’t even know what an attitude was. I began to think about what is an attitude. I picked the person that owned the company that I worked for and I asked myself, “What’s the difference between him and I as far as our attitude? He’s so much further than I am and I would love to be where he is. What is the difference?” I broke it down to three main things that I noticed about myself and him as far as the difference. He must have loved what he did because he started the company in his garage and he was the largest food importer in the country at that time. He treated everybody with total respect. He would very often come through with other business people through the warehouse.

He would always stop and say hello, shake your hand, thank you for working for him, ask how your family was if he had time. He acknowledged people. I figured he also must have done a great job. That’s how he built the business. I wasn’t doing any of those three things. I hated what I did. I was angry internally so I was taking it out on other people. I didn’t hear about the quality of my work. I decided I’m going to change those three things. At that time, I was making $20,000 a year working two jobs, six and a half days a week, all the overtime I could take. I was trying to find a way to get to $40,000. I thought if I get $40,000, that will solve all of my problems. After I changed my attitude and I made this commitment, no matter what, I am going to stick to this. Thirty days later, I tripled my income. I went from $20,000 a year to $62,000 a year.

There were a couple of things out of that that was extremely significant for me. One was I knew that some way somehow, I caused that to happen. I just didn’t know how. Years later, my mentor told me I was an unconscious competent, which is fine until something changes and then you don’t know what to do. I was blown away that this kind of a change could happen this fast with relative ease. It wasn’t like I went back to school. It wasn’t like I was working harder. It was an internal shift in how I was showing up every day. That’s what made the change happen. The other thing was that I was stunned when I realized that the opportunity for that to happen was around me for two years and I couldn’t see it. Later on, I had been reading Think and Grow Rich. In the beginning, he talked about the sly disguises of opportunity. I immediately resonated with that paragraph where he said, “Sometimes opportunity shows up as fortune or temporary defeat or just being unfortunate.”

I thought, “This opportunity was around me for two years and because of my mindset, I couldn’t see it.” That caused me to start studying. I studied for seven years and then I started working with a mentor. From there, I went on to create my own business and became a multimillionaire. Nothing outside of that original attitude change changed all that much. I didn’t go back to school. I didn’t get a degree. I just kept working on myself and applying myself the best that I could at every opportunity that I had. I found out what my purpose was that I’ve wanted to teach other people how to do this. I like working with entrepreneurs, which I still do now. I’ve worked with people all over the world and continue to do so. It is my passion and my joy to wake up other people and lead them to their purpose and the freedom and the expansion of what it is that they’re here to do to affect the people that they’re meant to affect. That’s what gives me the greatest joy of all being able to do that.

How we view things is largely a function of the past. Click To Tweet

The first thing I see is the perception of the world, how we view things is largely a function of the past. Opportunities are probably all around us. It can’t be seen because it’s our past perception unless we start to make changes. That’s a big thing. Napoleon Hill talked a lot about this, which is taking on a mastermind group and essentially an archetype of someone else that represents or an archetype way has characteristics, traits, attributes that are desirable to you and start to act that way. If you act the way you act, you’re just going to get what you’ve always got. It’s the perception. As you wake up every morning, how has that adjusted your perception of the world? When you wake up, how do you view the world?

I view the world as an amazing place. We’re probably at the most amazing time in history. I view the world with an incredible amount of potential that is slightly misguided at the moment. We’re in the midst of a major change. Anytime you see a lot of change occurring, you usually will see a lot of confusion simultaneous to that or parallel to that. That’s what we’re seeing right now. We’re seeing a lot of confusion in values, a lot of confusion in where we’re going as human beings, what’s important to us. I also think that there’s a lot of delusion out there that goes along with it. I’m very optimistic about what we’re doing. One of the things that keeps me optimistic is how many people are showing interest in a positive change for our world and getting involved and working on themselves and trying to make a difference, versus the way that we did it 50 years ago in the ‘60s. We had a great idea back then but I don’t know that we have the emotional tools or the psychological tools to pull it off. We made some progress but people now are starting to show a little bit different and realize, “I’ve got to change me in order to change what is a representation of me, which is the reality that I live in.”

How do you see the correlation of your perception of the world and your attitude?

I can tell you that it is so vastly different from what it was like before I went through that data. I felt very unempowered. I felt very victimized. I felt like I lived in a world where there was nothing that I could do to control my outcome or my destiny. The world that I live in now, just because of the changes that I’ve made personally, is 180 degrees different. The people that I know, that I work with, that I come in contact with are nice, friendly and they want to help. They want to make a difference. That’s not what I used to see before. I saw anger, victimization and entitlement. I know that those things are out there but it’s not part of what my experience is now. I hope I’m answering your question. It’s very different because I changed that.

TWS 16 | Wealth

Think and Grow Rich

This goes to the relationship idea. I’ve been thinking a lot about this lately. I know you’ve spoken alongside Tony Robbins, Bob Proctor and a few others in the personal development world. Something I have learned through just study and education is the idea that having a lot of money doesn’t equate to what people think it does. People are seeking an emotion. They’re seeking a way of feeling about something and proof of that is the people that take their own life even though they have a lot of money. The correlation to attitude and to this is all money and all wealth is an exchange. When you have a lot of money it’s because you’ve affected in one way or another a lot of people. I believe attitude is that connecting piece, which I find fascinating. I never thought about it like this. It’s fascinating to think about how you come across with a perception of like, “We’re the most amazing time in the world or we’re in the shittiest period of history.” You could see it both ways and sympathize with it in a sense. The attitude and how that connects with other people based on that perception is curious. With a person in a perspective of the glass is half empty, you don’t want to be around that person or do business with them. If it’s the other way around, you do.

You’ll hear people talk about what it’s like to go visit different countries. I’ve been to a lot of different countries. I’ve had people say, “The people are rude there. They’re not nice,” and I go and have a completely different experience where the people are warm, friendly, helpful and wonderful. I don’t have that experience. The money part of it, what you’re saying is so dead-on. Every dollar that we spend or that we earn benefits the lives of other people. Money is just a tool. If I’m spending money, I’m contributing to the people that bought or own the companies of the products that I’m buying, which benefits them and their families and their kids. They can send their kids to school. If I’m earning money, I’m building a business which provides jobs and income for people’s families so that they can grow. When I first started off, I didn’t know I was going to have that experience of how much joy I’d get in contributing to the lives of other people in that way. Not just with the products and services that I deliver to the world, but the fact that I provide jobs, I’m doing something that’s meaningful in a very holistic way with everybody that I come in contact with.

There’s a correlation there more than we think. You can do something that’s not meaningful and get money from it. The idea of being wealthy or fulfilled or have that sense of emotion of achievement is because you have both, which is you’ve done something and you feel that. You also have impacted the lives of somebody else because they’ve given you a lot of money.

It’s interesting what people think about money. I remember before I was wealthy, the thought was about what I would do when I was wealthy, what I would spend money on, houses, cars and trips and stuff like that. Then you become wealthy and after you buy things for a little while, it’s not about what you’re going to buy next. You’re not coming from that place. It’s about how you’re going to serve more. For me, that’s what it is. To watch the light go on in somebody’s eyes when you make a difference for them, the psychic income that you get for that far surpasses any financial income that you could. If I wanted to stop working now, I could. I get to get up and do this every day. It’s not something I have to do. The whole attitude behind the fact that I get to get up and make a difference, I make choices in my life that allow me to do that. I get to watch other people have those breakthroughs. That to me is absolutely amazing.

It’s like the accelerator. I was observing a dinner conversation and the net lottery was a huge amount. I was just listening and observing but they were like, “We’re going to be able to do this and do this.” It’s interesting because most people think that way. If you get to that place and you have those things, you realize that it’s an emotion that you’re after, then the acceleration piece is you get to that point. From my perception of those that are wealthy, you’re on a different gear where your drive doesn’t come from having more money. It comes from having more of those feelings, which is serving and helping people.

People want to feel good. One of the problems that we have as a society is that we’re having difficulty keeping up emotionally with how fast everything is changing. The answer that we have to that is drugging people. That causes a major problem because it doesn’t allow them to grow. When we’re seeking those feelings, when we want to feel good, you mentioned about wealthy people taking their own life. I’ve seen that and we’ve also seen some very prominent people commit suicide that you would think to yourself, “They’ve got everything. They’ve got dream careers and they hanged themselves or something.” I did a podcast about Anthony Bourdain after he hung himself because he was one of my heroes. There was no other way for him to get that feeling, whatever it is that was missing in his life. There’s something to be said for finding why you’re here and having the appreciation and the gratitude for that.

If you act the way you act, you're just going to get what you've always got. Click To Tweet

We do an exercise that we do as a company and I also do it with my family. That is every day you have to say three things that you appreciate about yourself and three things that you’re grateful for in your life. The hardest part for adults is to sit around at a dinner table with a bunch of adults and say, “Tell me three things that you appreciate about yourself.” They go blank, they have a hard time with that. If you ask a five-year-old to do it, they’ll be like, “I appreciate my nose. I appreciate my coat.” They come up with things. They have no problem with it whatsoever. It’s almost like it’s taught out of us as we go through life. It’s like waiting for the other ball to drop or whatever that saying is. It’s like there’s always an air of disappointment ready to come into somebody else’s life because they don’t feel they have control over where it’s going.

It’s like you’re selfish or you’re self-centered if you appreciate yourself for something. It’s interesting, it’s like a social stigma. I don’t know what it is. Maybe it’s the school that teaches. It affects a lot of people because I know a lot of people like that, even myself to an extent.

It starts off with the idea that part of our value systems is to put other people first. We’re never taught a healthy balance of putting ourselves first, taking care of ourselves, giving ourselves what it is that we need first and making that okay without being shamed for it. We’re not born with shame and guilt but it is used as a correction tool from the moment we’re born almost and then all through life. Once you pass that on to somebody, we do it ourselves. If my parents shamed and guilted me for my behavior, I don’t need them to continue doing it. I’ll do it for the rest of my life unless I correct that. If I’m doing something that would be outside of what was acceptable for them, I’ll immediately go into shame or guilt and automatically correct my behavior to go back to stay in that pattern. That’s where it has to start to change. Plus, the other thing is this. We’re the only form of life that adjusts our behavior for the appreciation of other forms of life. It happens in nature. The way that we were trained to do that is by limiting the way we can express ourselves.

I’ll do seminars and I’ll ask by a show of hands, “How many of you grew up in a household where it was not okay for you to express your anger?” 90% of the room will raise their hand. We were taught to express ourselves in a way that our parents were comfortable with, but not necessarily based on what we were going through emotionally or how we were feeling. In order to set ourselves free, we have to get back to that baseline of who are we and accepting ourselves for who we are and where we are. Not to say that we can’t get better, but not shaming ourselves for what we haven’t done yet and learning how to express ourselves authentically. Anything that would be considered a negative emotion, like a lot of people, consider anger a negative emotion. I suppose that it is when it’s expressed in a negative way. We’re human beings. When we do have those emotions, how do we express it in a positive way so that we can get it out of our body instead of suppressing it, then at some point blowing up where it does get expressed in a negative way?

We do tend to deal with it. It may seem so subtle on the surface where there’s this little issue and it’s like, “I’m not going to deal with it.” Even though we don’t think that it affects us, it does and it stays. Then the next time something happens, that it’s a little bit more and then a little bit more. That compounds out of control. I’ve thought about a lot of this about how we express ourselves or how we deal with especially negative situations in a productive way. I don’t know if I have the answer to it. I’ve been aware of it and I’ve thought through and I’ve had difficult conversations or had to have difficult conversations. What do I do in order to not subconsciously come across as a jerk?

TWS 16 | Wealth

Wealth: The natural progression is that whatever the dysfunction in life is, it’s going to continue to get worse until we have one of those radical wakeup call moments.

 

Part of it is evaluating how much a person has the ability to accept responsibility for themselves and talking to them based on that level of where they are. If you’re dealing with somebody who is projecting that they’re victims and that they’re entitled. You come like, “No, in order for you to change your life, you’ve got to accept responsibility.” They’re not going to be able to hear you. We have to get back to a place where we were teaching what responsibility is in society and holding people accountable for that. The difficulty that we have is that’s great for kids. A kid’s mind is not programmed yet to blame other people for their actions or where they are in life. When you’re teaching children, all they have to do is make up their minds. That’s the truth. That’s the direction that they’re going to go. They’re relatively okay with that with some guidance. Adults have to change their mind. You have to get them to accept a different idea about how life is based on what the problems are that they’re experiencing and where do they ultimately want to go. The truth of the matter is some people just don’t want to change it.

Also, there are layers upon layers, years upon years that is on top of what the core issue is. It’s typically what’s manifesting those core issues. You’re right, it’s dealing with that. In adults, especially, it’s difficult. Also one thing in relation to what you said, which is this understanding where we put others first before ourselves. The connection that I made years ago and I would say I still have issues with it, which is the best way to take care of others, is to first take care of yourself. If you don’t do that, then you’re going to show up less than what you could for others. You’re hurting others regardless of whether you put them first or not. If you put yourself first, that at least puts you in the optimal position to be of most benefit to others. These are all attitudes. It’s interesting it still seems very counterintuitive to what the overarching universal belief is. I see signs of it changing and adjusting. It’s years, decades and repetition of what’s held as a social belief or an American belief or whatever. It’s going to take a lot of work. It seems from your perspective, I would agree with it that there’s a momentum there.

I was listening to Oprah in an interview one time a couple of years ago. They were talking to her about racism and where we are as a society as far as racism. It was an interesting interview. There was nothing new being said. The question was asked, “What do we do with people that are above 55 years old? They were raised in a different generation with different beliefs. How do we change their minds?” Oprah’s response startled me when I first heard it. She said, “They just have to die.” At first, I thought to myself, “That’s crazy.” Then I was thinking from a realistic perspective, there are some generational beliefs that people are not going to change.

You can tell a person that racism is wrong and it’s ignorant and it’s passed down from one generation. You can bring all the logical argument to someone. If they don’t want to change the belief, they’re not going to change it. They’ll just shut up their mouth but they won’t necessarily change it. That’s what Oprah was trying to say. If you look at other things, it will pass away as those generations of people with beliefs as they transition. New generations of people come up with a more loving mindset or a liberal mindset or however it is that you want to put it. People are becoming more aware of the truth every day. It starts to become more obvious. We’ve pushed the button so far in one direction and there’s too much information that is readily available at everybody’s fingertips. It becomes difficult for the people to try to carry the light from one generation to another to be able to continue to do so.

We’ve been talking about how individuals suppress. Once it’s a group or a collective that’s suppressing something, it’s even stronger. Going to your story and your awakening when you went through that dam, catastrophic events oftentimes disrupt that mindset. Look at 9/11 or you look at the different hurricanes and natural disasters, they tend to bring people together. In those very disruptive environments I would say is where you have this inkling of people are putting aside any differences, political, social and race to help one another. Then a month goes by and it’s back to normal. It’s interesting to see how those types of disrupted events break down those social barriers that are evident.

Every dollar that we spend or that we earn benefits the lives of other people. Click To Tweet

We do a program that’s called Date with Your Darkside. The whole idea behind it is that if you have something in your life that is showing up dysfunctional or a problem that just keeps persisting. My belief is that the universe is always trying to correct us individually, trying to get us back on track with what our purpose is. We don’t readily see all of those signs as we’re going through life. The natural progression is that whatever the dysfunction is, it’s going to continue to get worse until we have one of those radical wakeup call moments, whether it’s the trauma in our own life or we’re seeing it as a society. I’ve told people you don’t have to get to the point where you have a near-death experience to change if you can recognize what the signs are ahead of time. Then unravel or unpack what the patterns and the roles are that you’ve taken on from your parents that are continuing to cause those problems. You can proactively change and then learn the tools and the skill sets that you need in order to literally take your life down a totally different path and have a completely different result.

We’ve been doing that for a long time with people. The results are absolutely astounding that they get from that. For me, it came out of the idea of, “What happened in my life that caused me to change and what have I watched thousands of people do to precipitate change in their life? What caused that? What were the precursors that they experienced that said, “This has got to change now. Something different has to happen.” It doesn’t have to be that somebody dies or gets hurt. It could be something proactive, following something that inspires us, a desire that we have, an inspirational person or book or art or something like that. There are a lot of things in this world that are pointing in the right direction, we just have to wake up to what they are.

What does this have to do with being wealthy? This is a topic of your book and something I think a lot about. Let me first address this notion of awareness. That’s the keyword that you brought up is when these disruptive events happen, you have a new awareness. Your perception has changed. I was having a conversation with somebody and they made an observation about me, which was fascinating. I’m still trying to process it. My parents were both teachers in the same school system that I went to school in. My middle brother and I, we realized early on that we couldn’t get away with anything. The discipline level of normal teacher-student was enhanced because if we did something bad, they went to our parents. It was an extra layer.

You’re always trying to make sure that things look good. Whether it’s the right connection or not, I just found it fascinating that we have all these experiences in the past. It’s everybody. It’s not just me, it’s everyone, where we’ve had certain experiences that we put meaning on and we’ve just continued to grow and enhance whatever that is until it exists now. It’s not like everybody was watching me then. We may have gotten in trouble or whatever. It doesn’t apply or has meaning if you’re aware of and you know how to process it, which is a whole other set of things when you approach the dark side, as you put it with your event. When you show up in life, the value you create to the world is represented in a couple of ways. One of the ways is with wealth, with money which is, “Here’s what you’ve done for the world.” If you don’t have a lot of money, you can be a victim about it and say, “It’s because this didn’t happen or this person is this way, this person is that way.” If you take stewardship and responsibility for it, it’s becoming aware that and then figuring out how to show up different, how to change your attitude and control what you can control. What does any of this have to do with being wealthy or achieving what we define as wealth?

What I believe the way that this is connected is that money itself is very interesting when you take into consideration. If everybody was aware of how to earn whatever amount of money they needed whenever they needed it, which is my definition of wealth. It’s not stacking up money in the bank or in a mattress or whatever. Not that investing or saving is a bad thing. It’s a good thing, but that doesn’t define wealth. Wealth is your ability to bring that resource in. If everybody was aware of how to do that beyond working a job, understanding how money moves and how to bring it into their life then they become uncontrollable. It is one of the ways that society still can control the masses because if they are dependent upon everybody else for the money, then they have to conform to everything that is required in order for them to earn money.

TWS 16 | Wealth

Wealth: Wealth is a mindset; it’s not something that you achieve. It’s not this end result. It’s a way of being.

 

There are one or two reasons that people look at becoming wealthy. One is so that they don’t ever have to worry about money again, which is a negative viewpoint. That’s built out of fear. The other one is, “I am born to be a success. I have a purpose. It is going to require a lot of money for the fulfillment of that purpose and that purpose is going to benefit a lot of people and money is going to have a role in that.” In our website, we have a free download that’s called You Were Born to be a Success. It starts people off in that direction. It’s like turning the corner for that individual in their life. The key is that if we come from this place of, “I don’t have to worry about money because I’ve mastered my ability to bring finances into my life,” you totally change the direction and the purpose and the capacity for a person to expand their life because they’re no longer fixated on, “I’ve got to spend this much time or trading my time for money, working in a job that I don’t like, which makes people unhappy. Working with people I don’t like.” You should do what you love with people that you love and master being able to bring money in your life so that it’s not an issue. Everybody can do it.

My belief is that everybody on the planet has the same amount of money. They’re just either ignorant to that, meaning that they don’t know that that’s the truth or that they don’t want to change to be able to do the things that are required to bring it in. Earning a lot of money is not difficult. There are homeless people that understand that more than there are people that work that understand that. Homeless people are believably resourceful. There are people that walk around free, they talk about all the reasons why they can’t do something and we have people in prisons that are able to get drugs, pornography, cigarettes, all kinds of contraband and they’re in a 9×11 cell, 23 hours a day. How is it that they’re able to be more resourceful than a person who’s free? It’s the change in your mind that binds you. If you think about it in those comparisons.

You have a person that says, “I can’t do this because I don’t have the money.” The problem is that they don’t have the urgency. If you change the urgency in a person’s life in order to get the money, everything changes. If somebody said to you, “If you don’t come up with $10,000 in the next seven days, your kid will lose his life.” That I guarantee, the person will find $10,000 in seven days. That will be the same person that won’t go out and buy a self-help book because they say that they can’t afford it. Or they’ll be late on their payments because they literally stop with the imagination in their mind or the story in their mind that they can’t do it, it can’t be done or they have toleration as to what’s acceptable and they don’t raise their standards in their lives. But if you change the circumstances, they’re able to do it. They’ll break through whatever barrier that they have in order to make something happen.

The word “can,” what an amazingly controlling word that is, which is totally false. You’re hitting on things that just resonates so well. That’s probably what you meant with the title of your book, The Millions Within. Humankind shares very similar attributes as far as who we are, maybe not the physical environment in which we live but who we are and our ability to create and our ability to think. Going back to what we talked about, which is John Locke who lived in a time where there wasn’t electricity, there wasn’t plumbing, where life was very at a rudimentary level. He saw what a human being could create with the right mindset, with the right environment and so forth. As you alluded to in the beginning, we have more opportunity now than ever. Also, you could see a perspective where people think it’s all going to end. It’s all going to end.

What we’ve been talking about here, wealth to me is a mindset and it’s not something that you achieve. It’s not this end result. It’s a way of being. You don’t have to have a lot of money in the bank to think and believe that way. I believe that true wealth is going to come about by first believing and thinking that way, which will create a specific attitude which will then bring you around the right people and get you away from the wrong people. That right there altogether is that state that people are seeking. It’s not a state that you achieve, it’s a state that you are working on all the time.

There's something to be said for finding why you're here and having the appreciation and the gratitude for that. Click To Tweet

It is a state, it is a way of being. It is how you show up every day. Anybody can do it. It starts with this. If you’re willing to take responsibility for everything that’s in your life, you take your power back, which allows you to change your perception and see what you couldn’t previously see before. All the opportunities, everything that you need is here for everybody. It’s not to pick or choose. You don’t see the worry. You don’t see the fear. You don’t see the dysfunction anywhere in nature unless human beings get involved. Nature just flows with life and intelligence. It knows exactly what to do. Think about a beaver building a dam. They don’t go to building dams school as little beavers. That’s instinctual knowledge that they have. It’s the same with birds building a nest. Those are very intricate things if you’ve ever looked at one up-close. How did they know how to do that? We have the same guidance inside of ourselves. We’ve got to stop following the dysfunctional stories that we’ve been told that are not based on any truth and start following what is true. The truth is you have to study a little bit to get to those things. If you’re willing to do that, you can change your life for the better in a very short period of time.

David, this has been enlightening for me. This has helped me connect a few things. I appreciate that from a personal level. We’ve been talking about all of your elements of this. We brought it together well. Thank you so much for helping us do that. I know you have not just the book but there are a lot of other resources that you have that speak to practical ways of implementing some of what we’ve been talking about. Would you mind speaking about that?

All anybody has to do is go to our website, DavidNeagle.com. There is a free download there called You Were Born To Be A Success. There are also a lot of other resources. Our events are all listed on the website if you want to come to participate with us. You could give one of our coaches a call. That information is on the website and they’ll help you work through any problem that you’re having and help you with what is the next step from there.

Are you active on social media?

Yes, we’re on absolutely everything and always communicating there.

David, we’re going to have to do a follow up to this. Thank you so much for sharing your wisdom and your experiences with us. We appreciate it. I’m sure we’ll touch base and talk soon.

Thanks so much for having me. I appreciate it.

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About David Neagle

TWS 16 | Wealth

In September of 1989, what was supposed to be a rare relaxing day with family cruising down the Illinois River in a roomy boat, quickly turned into a nightmare.

David Neagle was pulled deep into the gates of a dam that shredded his flesh, broke his back, and nearly drowned him. No one expected him to survive the accident, and rescue workers even told his family he was already dead. (Entire boats had been sucked into this same dam, without survivors.)

What happened instead is that David, a high-school dropout and dock worker, awakened to the potential previously untapped within him. He made a decision that day to begin the journey responsible for changing his entire life, and now the lives of thousands of others.

David Neagle knows how to help you achieve whatever dream your heart desires – no matter where you’re starting from.

After his brush with death, David began to study his own potential. In the 12 months following his accident – despite being unable to walk for more than a month – he tripled his income. By December of 2000, David had expanded to become an executive corporate manager, a stock investor, and a business owner.

Over the years, David continually sought new mentors with each new level of success he attained. He began to study every great person in history. But it wasn’t until David began studying “The Science of Getting Rich” by Wallace D. Wattles, that he fully understood the transformation he’d undergone. Wattles’ book uncovered the exact change in David’s thinking and in his attitude that had gotten the ball rolling to create his unstoppable success.

Today, David Neagle is the best selling author of The Millions Within and is known as one of the architects of the coaching and personal growth industry itself, having worked alongside other well-known mentors like Bob Proctor, Marianne Morrisey, Tony Robbins and the like for decades.

 

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