Tony the idea of being unshakeable it's
clearly more than money but in this
context what is it truly mean to be
unshakable it's a state of mind it
relates to money because most people
when they're trying to figure out how to
create financial freedom create more
stress for themselves worrying about
what's going on and when you're truly
unshakable you have the mindset where
you understand how the market works you
understand that real estate can go up or
down stocks can go up or down but your
family can still do well unshakable is a
bear market can come a correction can
come and there's no fear in you or if
there is a little fear we're all human
you don't stay there you find a way to
break through you find your Center and
when you have that Center you do what's
right to be able to take care of
yourself and your family and I was
interviewing about a year and a half ago
you know the former fed chair Alan
Greenspan who for 19 years the most
powerful man in finance in the world
under four different presidents spent
five hours with him about three
privately and to one stage and from her
group and one of my final questions to
him when we talked about all this crazy
change and all this volatility and how
do people get things together I said
look if you were back head of the Fed
today what would you do and there was
this long pause it pause we pause and
they leaned in me said Tony I'd resign
it did not build much confidence in me
or anybody else would be watching and
yet in the midst of all that as you well
know there's a few unicorns in the
financial market very few these people
that have found a way to do well overall
the decades in good times and in bad and
they know what it takes to be unshakable
and it isn't just guts or confidence
it's understanding certain facts that
when you know them they for you the
metaphor I give people is that you know
if you go yeah most of us have heard the
old Sufi metaphor of you know the man is
walking along in the middle of the night
and he sees a snake and freaks out runs
away and he comes in the morning and
what does he see it was a rope and so
once you know it's a rope you'll be
there in the middle of the night you're
not scared again this book unshakable is
this it's really a financial freedom
playbook for anybody it's the real
essentials about how to go from where
you are to where you really want to be
but how to do it with peace of mind how
to do it even when things are volatile
and enjoy yourself and I'm really proud
that we're also donating a hundred
percent of the profits as we did with
money master the game to feed another 50
million people we're going to feed I've
said 200 million people the last two
years with feeding America is my partner
I'm going to feed a billion people and
this is part of that so this book is
something that can change somebody's
life and while you're doing it really
take care of other people that are in
need Tony part of this is about
psychology right sometimes for some
reason we focus more on the negative
events than we do in the long term
positive ones so even though and I think
this is freedom fact number five that
historically bear markets only happen
every three to five years for some
reason they seem to make in an overlarge
impression on an investor psychology
well I don't care you know I was talking
to Jack Bogle who started a guard you
know three trillion dollars in assets
and he said I said what do you do in
America mark I cuz I read all my books
and remind myself not to sell anything
because it's it yes it happens what
let's just say it figures everybody
understands it since nineteen hundreds
115 years we've had 34 bear markets
since 1947 we've had 14 so overall in a
hundred and fifteen years it's averaged
every three years in the last you know
50 years or so it's an average about one
every five years but the problem is that
the average drop is thirty-three percent
right and you know roughly a third of
the time the market drop is forty
percent or more well when you lose at
least on paper in your head that still
the part of our brain that allows us to
go into fight or flight that survival
mechanism is triggered by money issues
they've done MRIs and shown it is if
you're literally your life was being
threatened and so when that happens
unless you train yourself to be in Jacob
unless you know hey look this happens
every three to five years and if I try
to get out is we're going to show you in
a few moments I'm gonna have the wrong
timing I just need to stay in and won't
lose in it he'll look like I've lost but
over the long term if I want to stick
with it I can make it happen because we
know what the returns are afterwards we
know how the market jumps after we've
taken this hit in a bear market
everybody members where were we in 2009
we today but what's really important to
know is that in the midst of all this
these bear markets last on average a
year there's a few times in there a
couple of years but usually on average
it's a year so a year really is any
other business if you could get a
Ferrari for 50 percent off you would be
pretty excited right but is a stock
markets the only place in the world when
things go on sale where people freak out
and what you want to be as the
unshakable when everyone else is in
turmoil you want to go this is the
greatest opportunity my life let me get
these things now because you're going to
go back up and value because
historically that's what's happened in
the US markets for 200 years two
centuries no matter what you do American
business seems to find a way to resolve
and become more profitable whatever you
do part of that is our population grows
part of that is inflation and so the
combination of these factors and our
increased productivity as a society
which keeps growing especially with
technology allows these markets to
continue to grow so it's going to happen
every three to five years it's going to
be a thirty-three percent drop a forty
fifty percent drop but what we're going
to show you in this book is how to set
up a portfolio how to diversify so that
when that happens you don't take that
kind of a hat you're still in really
great shape but more importantly as
Peter proved with all this clients
during that time let's go in and let's
take advantage of this this is the
chance to leapfrog from wherever you are
financially to where you really want to
be because this is where you going to
see the greatest growth number seven the
greatest danger is actually being out of
the market now this is totally
counterintuitive right cuz everybody
says look the ideal would be you get in
at the right time and go up and then you
get out before it goes down but you know
no one's ever been able to predict Adam
the best of the best of the world but
here's the fact that will blow your mind
JP Morgan did a study and schwab open
until we did studies over 20-year
periods of time so in 1996 to 2015 and
they found it on average if you're in
the sp500 of um an eight point two
percent return which compounding over
time is extraordinary for people who
helps you get to that wealth but in
those 20 years if you just miss the 10
best trading days 10 days out of 20
years and your return would be four
point five percent it would
always be cut in half just by missing
those two days how are you going to know
in 20 years which of those 10 days are
give me other statistics about 20 days I
think one of the big misperceptions is
ok if the markets at 10,000 like it was
a few years ago and I wait well what
what what are their only three things
that can happen if I'm in cash one is
the market goes down I feel great but am
I going to go in at nine thousand do I
really feel great about the market at
nine thousand I didn't feel good at ten
I still have not met that investor in my
long career second it goes sideways I
lose dividends are better than being in
cash or CD third it goes up now the
problem with it going up is it might not
come back to 10,000 it might do exactly
what it did go to 11 12 13 15 19 9 you
know extra even you've lost your
opportunity now if I go in there's three
things that can happen it goes up I'm
high-fiving everyone around me it can go
sideways I better than cash it can go
down big deal I can buy more or I wait
it out that's the worst thing in the
world that happens is I wait it out so
being out so like Tony says
counterintuitive being out is what
results in permanent loss being in the
worst outcome that can happen and it's
still a low probability event is
temporary loss of capital so Peter isn't
it also true that those advisors who are
not fiduciaries who are brokers they
will make money whether they're
encouraging you to buy or sell so they
actually have a disincentive to advise
you hey don't do anything stay the
course you're going to be fine I think
it's when you're in the brokerage world
you just don't know how anyone's being
compensated if they disclose it to you
usually there will be conflicts
sometimes they get paid commissions so
there's an incentive for activity
sometimes they get paid a fee but only
if you're in certain asset classes so
there's an incentive for you to be those
asset classes sometimes they get paid
different fees a different asset classes
so there's incentive for you to take
risks you might not want to take those
incentives have nothing with your best
interest that's just the incentives of
what makes the most money when I
corporation they might have their own
bond-esque they might have their own
mutual funds they might have their own
hedge funds I mean so I think the key is
you want to have an advisor you pay a
fee and that p is the same on all of the
investment advice all of the time and we
you can get yourself to that which I
mean like Tony sit at the top of this
that's extremely rare unfortunately in
this profession but if you can find
somebody who's investment these the same
no matter what they
do what no matter what they recommend
that's the best case scenario in terms
of at least having an alignment before
we even get to the next steps with
advisor and I want you to know I give
the 10 days motive in the second
statistic that I found in those 20 years
if you have a market 20 days the 20 best
days you're 8.2 drops 2.1 you might have
have your money on a Treasury or
something of that nature right and if
you missed the top 30 days in 20 years
you lost money and so how are you ever
going to time that and then even the
best fact that we found is extraordinary
and this was done by JP Morgan they
found that six of the 10 biggest trading
days up sides were within two weeks of
the 10 worst trading the hazel so it's
like when peoples guts are being ripped
open that's when the greatest explosion
of opportunity happens you know really
what we're talking about in real wealth
is what is it that makes you feel truly
abundant what makes you feel totally
alive you know what's what's life on
your terms look like because everyone's
different you know some people's idea of
wealth is a beautiful home of the white
picket fence and three beautiful
children some people's idea of
extraordinary life is writing beautiful
poetry are growing a garden or building
a multi-billion dollar business and
employing people producing resources
there's no right or wrong the question
is what's going to light you up because
I can't tell you how many people
including billionaires you know
interviewed 50 of them over a period of
three years lien half years and i would
i would not say they all sound happy if
that's totally not true you could be
rich and happy you can be poor and you
could be happy at you know problems are
not I with some people problems and
happiness have no relationship you can
have tons of problems and be happy
you're going to be rich and unhappy
exactly right now what has happened so
it really were talking about true up is
between your ears it's your brain and
your heart working together and it's
defining what is life on your terms look
like and then putting a plan in place
that really makes that happen and then
making sure you're truly enjoying a long
way because to me there's nothing worse
than an angry rich man or woman you want
to slap them they got every resource on
the planet but the challenge is we all
have a 2 billion year old brain and it's
it's it's basically trying to not
trained to make you happy you're
rain is trained to make you survive so
survival means I gotta look for what's
wrong all the time be prepared for it so
I can fight it or flight from it and in
reality we don't have a saber-toothed
tiger to fight off any more so now
people get stressed even when they have
money to think about what do people
thinking of me or you know or do I have
enough money when you know the average
American who's in dire straits and I
don't see anybody in dire straits you
know what I see the hundred million
people here for the last two years I'm
going to feed a billion people through
my partnership of being America over the
next eight years I care but I also know
that if you are in poverty in this
country you're in the one-percent a
financial baby you're not the
ninety-nine percent you're one percent
of the world so the resources are
available but what we don't do is
appreciate enough we let little stuff
stress us out and dig stuff stress us
out so in the book the last chapter of
the book is how do you organize your
life so you don't just wait til someday
when you have a certain amount of money
and then you're happy because a lot of
people get that amount of money and then
they go is it still enough or or what
don't I have or what's happening with my
family they still find a way to be
stressed so money's not the solution
it's a vehicle and if we use it right it
can enhance the quality of life
let me give you a simple example let's
say you have two people at our 35 years
old and they've accumulated $100,000 of
the entire life and they're going to
invest that hundred thousand and nothing
else again and they're going to leave
that money in the stock market say for
30 years till they're 65 years old well
65 years old if you paid three percent
of these 3.12 is the average according
to Forbes you got forward and thirty-two
thousand dollars so your hundred went
before it's pretty nice but if you paid
one percentage sees your hundred
thousand went to seven or and sixty one
thousand dollars I mean here's the other
big difference if you're taken away say
sixty thousand dollars year for your
retirement the person who got four
hundred thirty two thousand dollars it's
going to last till or 79 and the average
lifespan is 85 + so what's the biggest
fear everybody has today baby boomers
especially if they're afraid I'm gonna
write they're not afraid of death death
is way down hat or two number one is
living without any money being totally
broke right and it's going to happen to
them the person that you know only had
one percent of these they're gonna last
till there are 92 years old and that
same out of money and they can take more
money perm you know year for their
income so these people have to
understand when you hear a one-percent
number you know what's 1% 2% amongst
friends yeah but those one and two
percent of 3% numbers can be the
difference between whether you're going
to be financially free or you're going
to have to work full-time at walmart can
old age you know being a greeter or
something that's insane nobody should
have to do they want to do that that's
totally different but having to do that
because someone else got always sees is
just unacceptable so our goal is below
open the door and show people the truth
once people know the truth is so easy to
put yourself in a position with those
fees disappear and yet you get greater
returns the worst part is these guys
overcharged for underperformance and
it's a fact it's not an opinion that
we're expressing its you know studies at
Yale studies in the book we fill it with
study so you know there's nothing here
is opinion this is all unassailable
because it's coming from the greatest
investors in the face of the earth and
the studies at the universities of that
step one is obsessed get totally focused
unleash your desire that gives the
energy step two is not waiting its
massive action key change your approach
until you find effective execution if
you're running east looking for a sunset
I don't care how positive you are you're
not going to be the sun's that is the
wrong strategy it's just not going to
happen so you got to have a proven
strategy and you can get there faster
same we have done it with these books
you're saying I could go this or I could
spend four years interview 50 of the
smartest people in the world all
billionaires are started with nothing
and binder what they did and take
compressed decades in today's that's
really the purpose of everything that I
do so when you have that plan and keep
changing your approach I always tell
people you know how long would you have
average kid to learn how to walk before
you turn the kid who said dude it's
never going to happen you're not a
walker just give it up you know are you
crazy think it's going to keep trying
until well that's really step two you
keep changing your approach into your
fine and then the third step to
achievement really is simple as it may
sound if you're obsessed you know what
you want you take a massive action maybe
you modeled somebody figure out the
right action so you get there quicker
and you're executing you still need a
little grace some people call it luck
you could call God but I really believe
that there's the part we do and then
there's the part that comes to us but i
do know grace shows up a lot more when
you do the first two steps on your own
and grace shows up a lot more when you
acknowledge grace in your life when you
acknowledge that i was born in world
what I didn't have to build this
internet that I can pull out of my
pocket answer anything on earth I'm
driving on streets I didn't pay I'm
reading books I didn't have to write
that's the gift of our lives and I think
when we experience that grace we don't
just experienced more achievement but we
start to experience more fulfilling and
grace not only affects your ability to
get there but it affects what you do and
how you lean you live once you are there
it really determines the quality of your
life because unless you live in a state
of gratitude yeah I did an interview
with sir john templeton as you know is
one of the first billionaire investors
and just a brilliant man he came from
nothing and he don't eat I think with 7
and 15 they still do it the Templeton
fund i think it's 750 million dollars a
year it's bigger than a Nobel funds that
he donates and one day asked him I said
what is the secret to wealth he looked
at me paw
big smile his eyes got really bright
like they always did and he said Tony is
what you teach my kids a lot of things
you know it's begging said gratitude he
said because you night only know
billionaires that are miserable and it's
because they're not grateful for what
they have and we both know people have
no money seemingly but they're so
grateful for their health for the
husband for their life for their
children are so grateful that God this
or maple for their life that they're
rich you know so I think I think it
starts with that gratitude it starts
with that connection to grace is
simplistic as that sounds and so it's
not enough just have your financial plan
you have all the money and be miserable
what's up the money and be really rich
emotionally psychologically it's lovely
David Swensen who is the chief
investment officer at Yale took them
from 1 billion which it took them almost
200 years to get to 225 billion in less
than 20 years he's considered the
institutional superstar and
institutional investing said to me the
mutual funds charge absorbent fees for
our shocking to service to investors and
he does not pull punches he says it's
insane freedom investment and actively
managed mutual fund because when you
take all these additional costs in there
there's just no way they can
consistently beat the market so all
you're doing is giving up your income to
someone who's not doing you a service of
any sort it sounds shocking it sounds
absurd but it's even worse than the 401k
industry I mentioned in the other
podcast for 30 years that industry which
is a six trillion dollar industry
there's 90 million Americans that have a
401k more people have a forum cape and
have a home to give you an idea but for
30 years they didn't have to tell you
what they charge you so they just took
these some of those fees can be as much
as four percent you could say I want it
invest in an index fund and many of them
won't offer it but even the ones that do
sometimes I have a sales load of three
percent up front three percent to get in
the game for something that costs point
zero five percent five you know five
hundredths of a percent by basis points
right so it's just crazy the world we
live in and every one of those one
percent above that first one percent
that you've got to pay or less that's a
decade of income so if you're paying two
percent more that's two decades of
income and you got nothing for it it's
nuts and it can only happen because
there's no transparency and what we've
done with this unshakeable book is bring
you that transparency and show you
exactly what it is and that's also what
Peter's firm does this looks at it and
shows you exactly they read the forms
they figure it out
let's start with most people at this
stage and if they listen our first
podcast know you want to be in the
market right and so you'd seem it might
be simple put yourself and low-cost
index funds might be the description a
lot of people tell me a la journalist we
can say to me isn't it just the solution
can I'd say yeah that's part of the
solution but let's look at reality
reality is that most individuals are
putting their money in the market
they're usually doing it through a
mutual fund and if you look at the dal
bar did a great research study they said
30 year study from 1985 to 2015 and they
said you know what did the sp500 ooh
that's easy to calculate 10.28 percent
so you double your money about every
seven years with that kind of
compounding that's how people become
wealthy that's how they get financially
free the only problem is they
fortunately figured out what the average
investor actually made and they didn't
make the 10.28 and the reason is because
and the number they got was 3.6 six
percent huge difference gigantic now
you're doubling every 20 years as
opposed to every ten years to give you
an idea over that period of time if
you're compounding through time $50,000
compounding at 10.28 you're going to
have just under a million dollars 940
1003 point six six percent you're gonna
have one hundred forty six thousand
dollars not a million it's mind-boggling
what happens so why the discrepancy
between what the market offered what the
average investor got the answer to that
is two things fees and fears right we've
talked a little about fears in the last
podcast oh you haven't watched that help
you will but we're going to talk about
these here because these can destroy
your financial future you can do
everything right you can make all the
right investments be all the right piece
and you're you got your financial boat
moving towards you know your ultimate
goal and you got not a hole in your boat
you got have to both missing if the fees
are too high
[Music]
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