Podcast appearances and mentions of charlie monger

“Curation is creation,” Eric Jorgenson told me. “There's this false god of originality that I just don't buy. Maybe that's because I stumbled into this awesome niche as a curator-editor, but I have no problem being front and center about saying this other person who is really smart said this thing and I learned from it. Here's something I learned from Charlie Monger or Nassim Taleb and here's what I learned from it or here's how it conflicted with this other thing.” “If that's borrowed authority or curation, I find it so much easier to write when I'm reacting to something or complimenting something or rephasing it. I have no problem being upfront with the reader about that. Respecting curation as a form of writing is maybe what unlocked the opportunity of these books. These books aren't written. I'm not sitting with a blank page and generating content. Every word of this book came from a resisting resource where I'm the super-editor, trying to take everything they've ever said and stitch it together to make something great.”  These books include The Almanack of Naval Ravikant: A Guide to Wealth and Happiness and The Anthology of Balaji: A Guide to Technology, Truth, and Building the Future. “I don't know if it's harder or easier, but I certainly respect it as a craft. I think it' made me a better writer. It's given me permission to write a shitty first draft and then edit my own work. To some people who maybe struggle with pushing themselves towards originality or getting that first draft done, I say don't shy away from using raw material or reacting to something that's out there or borrowing heavily and making that your source material.” Want more? Steal my first book, Ink by the Barrel - Secrets From Prolific Writers right now for free. Simply head over to www.brockswinson.com to get your free digital download and audiobook. If you find value in the book, please share it with a friend as we're giving away 100,000 copies this year. It's based on over 400 interviews here at Creative Principles. Enjoy! If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts? It only takes about 60-seconds and it really helps convince some of the hard-to-get guests to sit down and have a chat (simply scroll to the bottom on your iTunes Podcast app and click “Write Review"). Enjoy the show!

In this episode, Jon shares his experience attending the Annual Shareholder Meeting at Berkshire Hathaway. Jon and Elizabeth go in depth on topics such as: – Key takeaways from Warren Buffet's and Charlie Monger's – Being an emotionless investor and how to rely on data when doing due diligence on investments. – The pros and cons of mixing personal with business relationships. – All the information you need is out there for free, but it is up to the person to apply the knowledge. – Diversifying your investments vs selecting key investments

JMART CAST is J-Mart's Monday Morning Podcast. Like Bill Burr but bettah :PToday's episode is about:dog peed in my housesnow melted away and came backonline poker with friendssending Bitcoin to a friendhow to use BitcoinTrudeau Emergency PowersGiveSendGo donors getting doxxedBitcoin given to truckersCharlie Munger hates BitcoinAfghani woman escapes thanks to BitcoinConnect with J-Mart on Social MediaInstagram - https://www.instagram.com/jmartfit/​Twitter - https://twitter.com/jmartfitFacebook page - https://fb.me/jmartmoves​Medium page - https://jmartwrites.medium.com/Newsletter - newsletter@jmartfit.comYou can also check out my State of Health Podcast (health education geared) on the platform of your choice:Apple - https://podcasts.apple.com/ca/podcast/state-of-health/id1540500767Spotify - https://open.spotify.com/show/280adseGOPdxg6cZZrTqbR?si=gBPeEknXR0y7gW1DuZpSxQAmazon Music - https://music.amazon.ca/podcasts/01bb34c0-00a2-45e2-8627-95c32aba7c0e/state-of-healthStitcher - https://www.stitcher.com/show/state-of-healthGoogle Podcasts - https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5yZWRjaXJjbGUuY29tL2QzZGIwODYxLWJmODItNDc0Mi1iZGYzLWMyZDAxODQ4ODY2Ng==Referral LinksShakepay - Sign up with my link and we'll each get $10 to buy crypto:https://shakepay.me/r/HNT0N6QWild Meadows Farm — https://wildmeadowsfarm.ca/register?referral_code=V2OMFtc5XYJdBlockFi — https://blockfi.com/?ref=153dfa59Support this podcast at — https://redcircle.com/state-of-health/donationsMusic: www.bensound.com

David Horne and Marty Balkema are founders of Calm Capital, a holding company with at the time of this recording, 10 companies under management with $8 Million in total annual revenue. The holding company model, popularized by Warren Buffet and Charlie Monger with Berkshire Hathaway, is becoming more and more common in the world of online business. David and Marty help demystify what exactly a holding company investment strategy is and take us through an example acquisition, their first company purchase of Pttrns, in this podcast interview. We also learn how the guys met, how they transitioned from being founders to investors and acquirers of other companies, and what financial structures they have used to finance their acquisitions. I'm fascinated by this emerging trend of online holding companies for many reasons. It gives tech entrepreneurs an additional pathway for exiting their business, and it's an exciting way to compound your capital, increase cash flow and diversify your income as an owner of many companies. As an entrepreneur who enjoys having multiple projects, what Marty and David are doing really appeals to me. You get to enjoy owning companies in many different niches, but you're not stuck in the day-to-day trenches of running the companies. Enjoy the interview, and please share it with anyone you think could benefit from hearing from these two trailblazing entrepreneurs. Yaro Podcast: https://www.yaro.blog/pod/Blog: https://www.yaro.blog/

(2:55) - 87% of S&P 500 companies that have reported earnings have beaten analyst expectations.(14:27) - Individual investors are holding more stocks than ever before, according to a study from J.P. Morgan.(24:12) - Warren Buffett and Charlie Monger are seeing varied degrees of success the last decade compared to earlier in their investment careers.(36:52) - Fidelity cuts value of Jack Ma's Ant in half following issues with Chinese Government.

#bitcoin (03/05/2021) This show: Microstrategy announces it intends to buy more Bitcoin, The wife of actor Ashton Kutcher says they have owned Bitcoin for 8 years, beware Safemoon and Dogecoin could lose you all your money, Charlie Monger is on one again… and UBS's latest argument against Bitcoin. Some great tweets as always. The Bitcoin Book: A Beginner's Guide to the Future of Finance https://amzn.to/3glAyBN Support The UK Bitcoin Master: Leave a Lightning tip: https://tippin.me/@UKBitcoinMaster Leave a BTC tip: 3AQfQDVxz7Nyz68tJjwS44D7McvaWZvL2L The UK Bitcoin Master conducts Bitcoin consultations chargeable in Bitcoin at 0.004 BTC (Or £100) for up to an hour using Skype or Zoom video conferencing. Please note that he only consults on Buying, Storing on a Trezor and Holding, but he will also just talk Bitcoin if that's what is required. He DOES NOT advise on Trading, Mining, or Alt Coins! email him at UK-BitcoinMaster@pm.me to arrange a consultation.

A book from one of my mentors, Charlie Monger, is titled 'All I want to know is where I'm going to die so I don't go there'. This speaks to understanding reality for what it is not what you want to hear.

A book from one of my mentors, Charlie Monger, is titled 'All I want to know is where I'm going to die so I don't go there'. This speaks to understanding reality for what it is not what you want to hear.

I have read thousands of books and articles on success. I’ve listened to thousands of audios, podcasts and even cassettes by successful people talking about the various principles of achievement. They talk about the seven traits of this and the ten things successful people do and so on.   But out of all of the successful people I’ve followed, only one person specifically mentions energy. The energy you need to make it to the top in any endeavour.   He is Lord Jeffrey Archer, the multi-million selling author, former MP and athlete.   In an interview, Lord Archer said that you need a lot of energy to be successful in any endeavour. He cited his own example of how he made it back after losing all his money on the stock market – due to poor advice. He recalled that he had to work during the day and write books during the evening until the early hours. That took a lot of energy and drive, he said.   If he came home from work exhausted and said, “I’m tired” and then just slumped down in front of the television with a beer he would never written his bestselling books which have made him millions of pounds.   I’ve met Jeffrey archer on a number of occasions. Despite his advancing years, he is someone who has tremendous energy and charisma. You can hear it in his voice and see that twinkle in his eye. You can literally feel his energy and vibrational force. He has what people used call a magnetic personality that seems to light up the room.   I met him not long after he had been released from prison after serving a sentence for perjury. He allegedly lied in court about a newspaper libel case against him involving a liaison with a lady of dubious character.   Most people would’ve crumbled and just hidden away from society, but not Jeffrey. He was full of life and promoting a new book he had just published - collection of stories he wrote in prison!   Jeffrey may have his flaws, but you cannot deny that he has achieved a great deal in his life.   When I think of the successful people I know personally, without exception, they all have one thing in common: energy!   They are invariably up in the morning going about their business and getting things done. Even at the weekend they don’t let the grass grow under their feet and you’re more likely to find them doing something active than sleeping on the couch. Many of them have said to me that they find it hard to sit down keep still!   It’s not just about physical energy. You also need mental energy to think through ideas or have the resolve to keep going when things don’t always go your way.   It takes energy to bounce back from a setback or disappointment, as Lord Archer has done many times in his life.   It takes energy to write a book, submit a good CV or read a contract thoroughly.   It takes energy to study for years to obtain a degree, masters or PhD. Doctors and lawyers didn’t get where they are working 9 to 5.   It takes energy to go to meetings in the evening when you’ve already done a hard day’s work or attend training events at the weekend to improve your knowledge and skills.   Where does this energy come from? Are we born with it? Is it God-given or can we create our own energy?   There is no doubt that some people are just born with an enormous amount of energy, talent and drive. That doesn’t guarantee success and many people waste their talent and energy, like the young men burning up their youthful energy and “sowing their wild oats” as the saying goes.   Billionaires like Richard Branson, Elon Musk and the later Steve Jobs and Sir James Goldsmith were all blessed with massive energy, appetite and drive. They seem to be able to burn the candle at both ends and put in long hours to get their business off the ground like boosters on a rocket.   In addition to building a huge fortune, Sir James Goldsmith famously had a wife in Richmond, Lady Annabel Goldsmith and mother of Zac Goldsmith MP and Jemima Goldsmith, while openly keeping a mistress in Paris. He once said that if you marry your mistress you create a vacancy.   Donald Trump’s ex-wife once said that his idea of downtime was reading the Wall Street Journal on a treadmill!   In his bestselling book, Think and Grow Rich, Napoleon Hill went further and said that successful men had high sex drives! He added that they controlled their urges and “transmuted” their sexual energy into something productive.   Interestingly, billionaire Charlie Monger, the partner of Warren Buffett, attributes their success to the fact that they like reading company reports rather than chasing chorus girls.   In effect, he was agreeing with Napoleon Hill, but also confirming that you need something other than energy to be successful.   There is definitely an element of natural energy, just like an athlete born with natural speed or agility. Sometimes you can see it in children who are blessed with certain natural abilities.   Not everyone is born with unique talent like three-time Olympic champion Usain Bolt or swimming superstar Michael Phelps, but there are other qualities in people with high energy which we can tap into.   Passion   Successful people have passion and are extremely passionate about what they do. That in turn gives them more energy and more drive because they like what they’re doing. On the other hand, people who hate their job are not exactly going to work with a spring in their step, and when they arrive they need four cups of coffee to keep them awake!   Okay, so what if you’re not blessed with this super energy and drive? Well, it’s not all bad news.   You can be very successful without being a billionaire or star athlete. If you don’t have that super energy you can still do things to have more energy in your life.   For instance, you can look after yourself, get enough sleep, eat the right foods and take regular exercise. You can also feed your mind with the right food by reading something inspirational first thing in the morning.   Find something you are passionate about and follow your passion. I don’t mean give up your day job immediately, but do what Jeffrey Archer did and follow your passion in your spare time.   We can all find energy to do the things we love, like a hobby or going out with friends. The energy is there within you.   Have you ever noticed that when you’re sitting around all day on a Sunday you feel more tired than you do when you’re at work? This is because our bodies were designed for movement and the more you move, the more energy you seem to have.   People with high energy tend to have a positive attitude and a pleasing personality. They lift you up and can literally light up a room with a positive energy.   People with low, negative energy seem to sap and drain your energy.  They exhaust you and bring you down – to their level. They complain about how bad things are and how they've got “no opportunity” in this country. I point out that penniless migrants come from all over the world to live in the UK because they know this is a land of opportunity, and they usually succeed. Low energy people just can't see it or want it handed to them on a plate. They are the people of the party that nobody wants to talk to!   Finally, stop pissing about wasting time. The founders of Microsoft and Facebook started their businesses while still at university. They could not have become successful if they spent their time partying and drinking. In fact, Mark Zuckerberg developed Facebook as a way of meeting girls on campus.   There’s an old saying, that if you want a job done give it to a busy - coping with a lot of work - person. On the face of it this doesn’t make sense since a busy man or woman already has a lot on their plate. The fact is, busy and successful people are usually organised, focused and driven.   Unsuccessful people are invariably disorganised, unfocused, lethargic and negative. If you ask them to do something, they will tell you that they don’t have time - even if they are unemployed.   A lot of physical energy is actually in the mind. When you have a passion for something, like your hobby for instance, you never seem to lack energy. You never have that “Monday morning” feeling.   I know a lot of people in their late 80s and 90s who do charity work for rotary and other charities. They have energy because they have a purpose in life. One of them plays golf at 95 and looks after his sick wife. Another is involved in several organisations and sings for a local operatic society.   They all know that if they had “retired” at 65 and sat in an armchair watching daytime television they would probably be dead by now.   Another friend of mine who is 81 has amazing positive energy. He still works part time doing in-store demonstrations and exhibitions. Recently he has found a new lease of life doing film extra work. He is now busier than ever doing film shoots all over the place and having a great time.   He recently said to me that when he sits around on a quiet day, he feels tired and lethargic, but when he is out and about filming at six in the morning, he is full of energy.   So, do you have the energy to succeed? Yes you do! It’s up to you to find it, harness it and use it to your advantage.   If you’d like more information on how to acquire wealth building assets using none of your money, email me at Charles@CharlesKelly.net or send me a message through Facebook or my Money Tips Daily community.   Other articles at www.moneytipsdaily.com There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook. Would you like an opportunity to attend a free No Money Down Property Discovery Day? email me at Charles@CharlesKelly.net or send me a message through Facebook or my Money Tips Daily community.

The fascinating Nile Rodgers story shows that not all wealthy and successful people are solely motivated by making and holding onto money.   It’s a common misconception that all rich people are greedy, money grabbing, only motivated by making money and hoard and keep all their cash to themselves.    I’ve studied the lives thousands of wealthy and successful men and women, and personally know many very rich people.    In 95% of the cases I’ve studied and witnessed, the above assumptions are just not true.    Of course, most self-made people look after and manage their money, and want to ensure that they can leave something for their family when they die. Beyond that, they are usually generous and give fortunes away to charity and worthy causes.    In my personal experience in working with charities like Rotary International, the busiest and most successful people give up their money (The Bill and Melinda Gates Foundation donated $100 dollars to help Rotary end polio) as well as their valuable time in order to help others. They volunteer and show up when asked to lend a helping hand, as well as putting their hands deep into their pockets to support projects financially. Unsuccessful people usually say, “I haven’t got time”.    The common belief that the rich and successful are solely motivated by money is rarely the case.    Successful people have usually found something they love doing, which is why they are successful. To be successful in any endeavour, you have to enjoy and love what you do, otherwise you could not take all of the knocks and setbacks.    Unsuccessful people are invariably doing jobs they hate, which is one of the reasons they are unsuccessful.   Steve Jobs and Bill Gates loved building computers from a young age. Warren Buffett and Charlie Monger love investing and spend hours and hours reading company reports.   The rich also want to make money, but that is not the sole reason for their endeavours. That’s why they go on working long after they’ve made enough money to live on for the rest of their lives.   You may have heard the expression, “he’s made more comebacks than Frank Sinatra”? That’s because the great, and very rich, singer (who’s private was cleaned by a 14-year-old Nile Rodgers) retired several times but got so bored that he kept coming out of retirement to do more concerts well into his seventies.     In an interview for the Sunday Times Fame and Fortune feature, multi award-winning musician, writer and producer Nile Rogers said he had no idea how much he earned last year. He said that his accountants organise enough for his needs and the rest is put into trust or goes to charity.   His financial priorities now are making sure that there is enough money to keep We Are Family Foundation going long after he is gone.     Every year, his foundation takes 35 kids from all over the world to New York to mentor them.  They are kids that he believes will have an effect on or can change the world in a positive way, like Jack Andraka, who as a teenager come up with a $15 screening device for early-stage pancreatic cancer.    The 66-year-old cancer survivor describes himself as a “worker bee” who has been credited on over 1500 albums, which have gone on to sell 500 million copies. He has worked with a wide variety of artists from David Bowie to Madonna and Daft Punk, with whom he enjoyed a renaissance as a performing artist winning 3 Grammys in 2014.    In his younger days, Rodgers was a big spender. He received a $4 million royalty cheque for the 7 million-selling single Le Freak when he was just 27 years old. He went on a big spending spree buying a Porsche and a fast boat like the one he saw on the 80’s TV show Miami Vice, even though he lived in New York at the time. Unlike many of the "stars who lost it all" I feature in my book, Yes, Money Can Buy You Happiness, Rodgers successfully maintained his earnings throughout his career while his spending habits gradually mellowed.   He was adaptable and, like the Gibb brothers, went into writing and producing for other artists when he saw that the 70's disco era was over.    There's a saying that the poor work hard for their money but the rich make the money work hard for them. However, after losing money on Wall Street in the junk bonds scam, Rodgers said he now allows his money to "rest" while he does the work. He “invests” in technical schools in Africa teaching underprivileged young kids to code.   There are of course entrepreneurs who just wanted to be rich, like the Ryanair boss Michael O’Leary who said he set out in his business career to make a lot of money.   Are all rich people nice, generous or mean and nasty? Of course not.   Money is like alcohol; it just amplifies more of who you are. If you’re broke, mean and miserable, money will probably just make you rich and even more mean and miserable!   For Nile Rodgers, money buys him the freedom to do the things he wants to do, to keep on rocking and make a difference in the world. Long may you continue!   Key Takeaways   Not all rich and successful people are solely motivated by making money.   Not all rich people are greedy, money grabbing and only motivated by making money.   The rich and successful, like Nile Rodgers, give an enormous amount of time and money to help others.   Money amplifies more of who you really are.   You can order my book Yes, Money Can Buy You Happiness, on Amazon: http://bit.ly/2MoneyBook

Why You Should Invest In Assets Instead Of Leaving All Your Capital In The Bank  I once attended a seminar featuring Robert Kiyosaki of the 'Rich Dad Poor Dad' books fame. They got a very smart 10-year-old boy to stand up on stage and repeat his mantra. They asked him, what is an asset?  “Assets puts money in your pocket “, the boy gleefully replied.  They then asked him what is the liability.  The boy said, “liabilities (e.g. cars, consumer goods) - takes money out of your pocket”.  He’s probably a millionaire by now!  However, this rather simplified description of an asset and does not really explain assets fully.  Whilst it’s true that assets can put money in your pocket, like property or shares, not all assets give you a regular income and the value can go down as well as up. For instance, gold and silver, or classic cars and watches are not going to give you an income unless you rent them out, but the value generally increases over time but can also decline for many years. Obviously, you can also enjoy using them.  Assets are not always tangible or physical. They can also be things you create like blogs, podcasts, books, songs, websites, online stores, copyrights, inventions, email lists, Facebook pages and many others including of course businesses. My best investments and greatest assets have been the businesses I started from scratch with hardly any money.  One very sound reason for investing your money in assets, as opposed to leaving it in the bank, is to protect the value of your savings against inflation.  If you are earning half of one percent and your savings and inflation is running at 1%, The rate at which the buying power of your money is going down is double the amount you are earning on that money. Whilst a half percent doesn’t sound much, over the years it will eat into your savings like a moth-ridden pair of curtains. We all need some ready cash in the bank by the way.  It was only about 15 years ago I could buy a flat in my area with a 15% deposit or around £20,000 - £25,000. Today, I would need £40-£50,000 to buy a similar flat with the same percentage deposit. This is because properties have gone up faster than inflation while savings in the bank have lost their buying power.  In other words, if I was sitting with £20-25,000 in the bank for 15 years the value or buying-power of that money has diminished and would no longer be sufficient to put down on a flat, as first-time buyers saving for a deposit find to their cost.  Put another way, I have doubled or even tripled the value my money put into the property over a 15-year period. In addition, I also enjoyed income in the form of rentals. Had I left it in the bank I would have earned a little bit of interest, but the real value has gone down. Yes, it requires more effort on my part but the little bit of work itself was well worth it.  Assets can also include stocks and shares, which also provide dividend income and the prospects of future growth.  Today, we’re not even earning half a percent on our savings but less the .25% in some cases and inflation is running at nearer 3%.  You might say, okay everybody knows the value of properties go up and inflation reduces the value of your money. If that is the case, why do so many people leave their money in low-interest bank accounts for years instead of investing in real assets?  Part of the reasons are lack of knowledge, poor education, complacency or just laziness – it takes a lot of effort, get up and go and tenacity to travel around looking at properties, doing your homework, applying for finance, dealing with tenants, builders, brokers, and estate agents!  Not everyone wants to be a landlord or property developer. My own relatives don’t want the hassle and own one residential property at a time despite the fact that they could have used their equity to build up a sizeable portfolio.  When I worked in the bank, we had clients with substantial savings in old, obsolete accounts (earning extremely low interest-rates). When we advised them to simply move the money into a different account, which required no effort on their part, they would refuse and preferred to just leave it where it was.  Investing in assets obviously takes some time and effort and requires knowledge and expertise. There are also risks.  For these reasons, millions of people hand over their cash to fund managers to invest into assets on their behalf – usually into shares and bonds on the stock market.  They do this through vehicles such as pension schemes, unit trusts, investment trusts or mutual funds as they are known in America. Fund managers collectively invest into assets typically property, bonds and shares and the holdings are divided into units.  This all sounds fine, but there are some drawbacks.  Firstly, charges, commissions, and fees can have a major impact on investment returns and ultimately how much money you have when, or if, you can retire. Investment houses and fund managers charge fees including an annual management charge and ongoing administration fees. You may also have to pay commission or fees to an adviser for financial advice.  Whilst an annual management charge of say 1% may seem almost insignificant, over time it can add up to a substantial sum when applied to the total value of the fund.  An annual management charge of 1% of a £10,000 investment is £100 a year. However, in 20 years’ time, the fund may have grown to £100,000 with growth and additional investments and 1% of that is £1000 per year.  There is also a loss of growth on the money that would have been invested had the charges not been deducted.  There are other charges applied within a fund which you need to consider carefully in the information regulated companies have to provide. All in all, charges on managed investments over the long term will affect the value of funds.  When you go to any major city and look at most of the tall office buildings they are usually owned by banks and insurance companies, the two institutions which largely control our money.  Obviously, nobody expects fund managers to work for nothing especially as they are actively managing your money. This brings me on the second drawback with entrusting your money to someone else. Performance.  Active management in my book means that by picking out the best stocks and shares the managers should beat the average growth of the market as tracked by the indexes, such as the Dow Jones, FT 100 Index or FT All Share index, right? Wrong! The vast majority of active fund managers do not even match, let alone beat, the average price rise of the various indexes. When you consider that the average index by definition includes the best and worst performing shares you would think that by selecting which shares to buy and sell the fund manager would easily outperform the average growth movement. Sadly, this is not the case.  Research published by Standard and Poors in 2017 on US funds reported that roughly 1 in 20 fund managers beat index funds. Over a 15-year period, 92.2% of large-cap funds lagged behind the S&P 500 index in America.  When a few fund managers do manage to beat the index, they are hailed as superstars. Legendary investors like Warren Buffett and Charlie Monger have outperformed the index over decades, but they do not run a fund. Their investment vehicle is a listed company called Berkshire Hathaway, which invests in other companies. The share is trading at around $300,000 a share at the moment! You can buy a smaller fraction of a share though.  If you want to invest your money into a managed fund, such as a unit trust, some advisors – I am NOT your financial adviser by the way - say that you could look at an index-tracking funds, which track the main indexes and has lower charges due to being largely run by automated systems. There are a number of different types of funds and tracker funds and you should take independent financial advice.  The stock market has made money over the longer term, but it is still notoriously difficult to pick the right share, as even the expert fund managers have found to their customer’s cost. If you are planning to invest directly into shares you should take time to learn how the market works by reading books or taking courses. Then try investing in a dummy account before risking your hard earned cash.  Whilst I have invested in shares over the years, my favourite investment has always been property for three main reasons.  1. I can see and touch property – it’s tangible unlike a managed fund or a share certificate which is basically a piece of paper.  2. it is under my control not a fund manager or the management team of a company in which I am investing. I can rent it out, flip it, divide it into rooms or flats (subject to licensing and planning in some areas) or even live in it if I had to. It is more ill-liquid than shares but usually less volatile.  3. and more importantly, unlike shares or bonds, I can use leverage or borrowed money to buy this asset class.  Depending on the markets and bank lending conditions, I can buy a £100,000 property for £25,000 along with a £75,000 mortgage. I will, of course, have to pay the loan back and pay interest, but I am enjoying growth and rental income on a £100,000 property (the rent usually pays the mortgage and leaves me with an income after all costs), not a £25,000 property. Do you see the difference?  If I’d invested my after-tax money into shares I would have a holding of £25,000 and received dividends and growth based on £25,000.  In my experience, most property I have bought has more than doubled over a 10-year period. If I sold the above property for £200,000, I would be sitting on a gross gain or profit, before costs, charges, and tax, of £100,000.  Does this mean I’ve doubled my money and made a 100% gain? Actually no, because I only put £25,000 into the deal (with a loan of £75,000), which means I have actually quadrupled my investment of £25,000 or made 400% return on my capital employed in the deal.  In the above example, I am ignoring taxes, legal fees and stamp duty (which are costs), but also rental income (which are gains).  But there’s another, often overlooked, bonus. When I repay the loan after 10,15 or 25 years, the value of the debt has diminished as inflation is now working in my favour. Governments benefit from periods of high inflation to their advantage when they borrow money through bond issues.  Try walking into your bank tomorrow and ask them to lend you money to buy shares in BT or Apple using the shares as security. Just for fun, when they try and sell you one of their own investment funds ask them to lend you the money. They will usually be surprised by the question and inform you that it is not possible to borrow money to buy these assets. When you delve a little deeper you will discover that they view shares, unit trusts and even their own funds as too risky for them to lend their money on but NOT too risky for you to put your life savings into.  Shares are used as security in ‘leveraged buyouts’ of large listed companies, but seldom for small investors.  In summary, you’re nearly always better off investing in assets over the longer term. However, the price of assets can fluctuate and you could lose your money if you buy the wrong asset at the wrong time or need to sell fast. It is always in your interest to seek independent financial advice, but even better to become educated so that you can be your own financial adviser.  Property has consistently made me money over the years and continues to do so to this day. Buying property and dealing with tenants requires effort and at times a lot of patience, however, the returns more than justify the work. You can easily do this in your spare time. As long as you know what you’re doing and buy locally or in a market you understand, you can run a small portfolio of properties while still holding down a full-time job. You can also use management companies to collect rents and deal with the tenants like the many landlords who never visit their properties.  Before you rush out and buy a property, I would suggest that you learn about property investment from someone who has done it successfully – not your relatives or someone who has a couple of buy-to-lets. Unlike when I started, today there are many courses available which can teach you the basics of getting started in property.  Over the years, I have attended dozens of property courses, but the ones I found most useful and practical are the courses run by Progressive Property. I have also got to know one of the founders, Rob Moore, who owns and controls over 600 properties with his partners. I think you can safely say that they know a thing or two about property!  Progressive offers a free taster course which takes you through the basics of many different strategies from single lets and HMO’s to options and deal packaging. You’ll not only learn from these courses, but they are a great place to network and meet interesting and like-minded people. I attended their beginner course and was sitting next to a man who I later found out owned 140 houses!  Author and speaker Brian Tracy said that only 10% of people ever study after leaving school or university. I find that the most successful people I know are continually learning, attending courses and seminars and updating their knowledge. They stay on top of their game, which is why they remain successful and get richer.  If you’re interested in finding out more about property courses, click on the link below or drop me an email/messenger.   See omnystudio.com/policies/listener for privacy information.

Active investing and passive investing each have its strong suit. What is best for you and how do you adjust your investing philosophy to maximize your wealth? Hello everyone and happy fourth of July to you, you know aren't you glad we are living in a country that is free or we can have opportunities, really the sky is the limit, I know there is a lot of negative talk about America and certainly there is a lot of politician who like to you know maybe sound like we are the worst people in the world but what a great country to live in to be able to really be or do anything that you want to do in life. I mean it is really exciting and I am so grateful for this country. [00:01:04] You know when I listen to some of those patriotic songs, some of them really get to me, one of them that gets to me is America the beautiful world, it talks about the soldiers and it says something to the fact that they love liberty more than life, I mean who are these guys, I mean the life of our soldier who love liberty more than life and willing to give their life for our freedom. I mean those guys are just amazing to me and I am really grateful for them and I hope today, independent day, hope you just take a second and look at all the wonderful things that we have in our country and then take advantage of it. [00:01:58] So anyway have a great fourth of July and enjoy the fireworks. You know today I want to talk about the difference between active and passive investing, what I don't think a lot of even financial advisor understand is really what that means. When you look at active portfolio manager, basically what they are trying to do, active being the keyword here, they are trying to actively beat the market or a specific index which is called the SNP 500. [00:02:34] Active portfolio management is all about moving money, trading, getting in and out of things, riding the wave up, getting out before it heads back down and trying to actively manage that money so that it outperforms the index or a benchmarks or the market as a whole. [00:02:53] Passive portfolio management, what it tries to do is mimic the investment or the index, so try to just do as well as the index. And although those might be accurate description of active and passive portfolio management, it is just not what we like to do when it comes to active or passive management. The reason is this, I think both those things are really different to achieve, now certainly if you want to just be a passive investor, go by the index, get it as cheap as you possibly can, don't pay fees, don't pay advisors, don't pay a broker, just get a least expensive ETF or portfolio of the index and just leave it, then you are probably going to do pretty close to the index. [00:03:57] But don't ever expect that you would do better than the index and for some that might be okay. Active portfolio management is much tougher to be able to think that you are going to jump in and jump out of things and actively manage that money and then eventually outperforms the index after the fees and the cost and commission that goes along with active portfolio management, that is a little bit more difficult to do. [00:04:23] what I like is what I call being actively passive, active in the sense that you know what is going on, active in the sense that you know what you have invested in, active in the sense that you know why you invested in it and active in the sense that you are following along and making sure that the investment that you put your money into is still doing what you thought it would do. [00:04:53] let me give you an example, let just presume I want to own a particular stock, we are just for fun we will call it Apple, so what I first want to do is really understand Apple and I want to make sure I am capable of understanding that. You know Charlie Monger who is Warren Buffet partner, he talks about this pretty succinctly, the first and foremost thing that you should do is make sure you have the capacity to understand investment. [00:05:26] so let's just assume I understand Apple, I use Apple and I am very comfortable with Apple. Now, we won't talk about price at this juncture because there is a difference between price and value, price is what you pay and value is what is worth and some of those sometimes those things there could be quite a spread in those prices. So we won't talk about that but let's say I am into Apple at a price that I am comfortable with, there is value there, now I want to stay active in the sense that I kind of want to read news about Apple, I want to know what is going on, I certainly want to read the annual shareholder report, I probably want to watch anything that the CEO is talking about. [00:06:15] I definitely want to see what is going on in the new product launches and how those are accepted, so I want to stay active in the sense that I know what is going on with Apple but I want to be passive in the sense that I don't want to trade it in and out, up and down with charts looking at moving averages, I want to eventually hold that as long as I possibly can for life maybe, certainly for the next ten years. [00:06:47] You know Warren Buffet said he won't own a stock for ten minutes that he wasn't willing to own for 10 years. So in that regard we want to be extremely passive, we'd like to just get in and hold that thing forever and as long as the company is still doing what we thought it was supposed to do, as long as the company is still good management, the different things that will go a long way to helping that company grow. Then we want to stay involved but we want to be actively passive. [00:07:22] so that is a big difference between what happened when you have access to a capital, when it is time to invest, you certainly going to want to invest when price and value and at least that parity or hopefully prices below value, that is even better. And then again we just want to stay active in terms of understanding and knowing what is going on in the world. [00:07:49] so those are big differences, when you walk into a traditional financial planning firm and they throw out to you a bunch of mutual funds, they are hoping that you will stay passive and not really know what is going on but yet the mutual fund managers are very active, so that is what I call passively active, you are passive, you are doing nothing to learn, you are doing nothing to understand, you don't have any idea what these mutual funds are buying and why they are buying them. [00:08:21] yet the mutual fund over here is very active, I mean the turnover ratio in mutual fund sometimes getting to the 100, you know when they are turning over that portfolio, you know 100% of a time in a given year and maybe even much higher. So they are very active and that is maybe not so good for you, maybe not so good for the fund but that is how most mutual funds are built. There are some that do more of a buy and hold strategy but for the most part, they are very active in and out of stuff and when they hear just even the slightest bit of news that might be negative, they are out of that thing and because they can't afford to have a bad quarter. [00:09:04] Every time you get your mutual fund statement don't you expect it to go up and if it is not at least going up a little bit or staying flat, you are wondering what is going on and it could be easy for you to be swayed to pull your money. Yeah, you are very passive and I am not saying you, I am saying most traditional financial planning company’s clients are very passive, they don't know what they have, they don't know why they have five or six or eight different funds, they just know that you know it is just diversify and that their financial advisors is taking care of them. [00:09:37] so they are very passive, they are not reading about the stocks that they own and they are not keeping up on the company news and new launches and products and as a result that is a dangerous place to be in, first and foremost you are going to be the type that panics quickly when market starts to crash because you don't know what you have and why you have it, you just know that your advisor picked a lousy fund. [00:10:03] and meanwhile that manager over there in the fund is moving and try to sell out and keep your profit as best he can. As a result, mutual funds typically way underperform the index over time, there might be a year or two where they beat the index but after you add in fees, commissions, all the trading course and then eventually taxes, you are lucky for mutual fund can even come close to just passively investing in the index. [00:10:33] so that is kind of a good snapshot of the difference between active and passive investors. Now you got to ask yourself what type of investor are you, what type of investor do you want to be? You know you don't have to be full time, all addict, everyday 24/7 to be a good investor, all you have to do is you have to have capital and that is where cash value often times comes in then you just have to be able to understand what you are investing in, why are you investing in it and whether or not price is at least equal to value at the time you get involved. [00:11:14] now this is real estate, this is gold, this is oil and gas, this is stock, this is the corner business that you might be interested in, this is any kind of investment. Here we do a lot of real estate right now and it is actively passive, we are certainly active and making sure that we are going to the right location, that the subdivision looks like it is going to be you know marketable, that it is in a good area. They say location, location, location. [00:11:47] so all that is very active then we, because we are very active, because we are the builder as well, our building companies then take a vertical but investors who are with us, they are very active in the beginning and then they are a little bit more passive while everything is going vertical. In the meantime, they might be reading everything from what is going on with mortgages and interest rate to the community that has been built in. [00:12:16] I mean they might want to be much more active and just understanding what is going on. So again whether it is real estate, individual stock, businesses, whatever your interest is, you want to be actively passive, you want to be very active in understanding what is all about and then very passive in trading it, getting it out and trying to get the next thing on board. And this has been proven, you don't have to go out and try to say, well is Dan right on this, all you had to do is look at guys like Warren Buffet and Charlie Monger and Charlie Icon, [00:12:51] I mean these guys all have very similar philosophy. [00:12:56] Warren Buffet just killing them all in this actively passive perspective. So alright there you go, that is it for this week, again go out and have a great holiday and thank a soldier if you see one, be grateful you live in this country and then take sometimes and just really understand and be involved in your investment and the things that you are interested in, that is it means, that is first and foremost, only invest in things that you are interested in and then understand it and you are going to be just fine and you are going do so much better than those who sit down were traditional financial advisors and buy an array of mutual funds and then crush your finger and hope your market goes up. [00:13:45] you will never know what is going on you will always be in the panic mode if things are correct. So any question that you have always reach out questions@wisemoneytools.com and I will be happy to answer them just as quick as I can and in the meantime make sure you subscribe to the videos, to the podcast, don't miss an episode and we will try to do this together. Alright till next week, take care.

Hey hey! Welcome to episode 163 of Life on Fire. As an entrepreneur do you focus on what you can control or what you can’t? Where you put your focus and your attention can have all the difference in your results, and no one knows that better than our guest, Tai Lopez.   Tai is a certified financial planner who has gone on to become an investor, partner, or advisor to over 20 multi-million dollar businesses. He’s here to talk about purpose, mindset, and marketing. As you might expect, he has an insane amount of wisdom on those topics!   We kick off today’s show by talking about Tai’s background. He was raised in a single mom household in the ghetto of Long Beach; his father was in jail when he was born. By the time he was in his mid to late teens Tai realized the world was a complicated place with an overwhelming number of choices and options.   So he decided he’d find the smartest person he knew and that person would have all the answers for him. He wrote a letter to his grandpa who was the smartest person Tai knew, and asked him for help.   His grandfather wrote back quickly but not with the response Tai wanted to hear; his grandpa told him life was too complex for one person to have all the answers. Instead he told Tai he’d be lucky if he could find a handful of people who would point him in the right direction.    Within a week of his grandpa’s response Tai also received a box of books from him with a note to read them. Tai’s quest began with those books; to this day he is a voracious reader, one of the things he attributes his success to.   In this episode you’ll hear:   What can you control and what can't you control in your life? 5:05 Why snapchat is going to be huge. (24:30) The 10-10 Principle: Tai explains it, and what it has to do with social media right now. (28:40) Of the 100 brands in last 20 yrs how many used paid advertising to get there? (46:35) How much annual income has been proven to provide an increased level of happiness? (54:00) And so much more!   In those books Tai discovered clues about life, and he shares his discoveries on this episode.   For example if you are wanting to become a millionaire most people will tell you to find others who are already millionaires. Good advice, but Tai says to go one step further: hang out with people who would be embarrassed to only be millionaires!   On the practical mundane side of things Tai also has many recommendations including simple marketing tips and strategies to build your audience. He has the chops to prove his recommendations worthy: he has over 300 million people worldwide watching his content in over 70 countries and has one of the most watched channels on all of YouTube!   Whether you’re a savvy entrepreneur or just starting out Tai’s marketing tips will benefit you. First he says to get good at video. Although non-video formats of marketing are still relevant, video creates deeper connections. Be sure to have a video up on your home page, don’t hide it on page 3 of your site.   For social media pick one or two outlets that are your favorite, develop a strategy for each and then test that strategy to see if it works. If it doesn’t, adapt and try again. Repeat that process until you find what does work and then stick with that.   Tai calls this AGF: adaptive growth framework. Don’t bring any sort of conclusions into your business strategy (for social media or anything else), instead use the AGF approach and bring hypotheses. Then implement those, and adapt and adjust on a continual basis. Doing so will give you infinite power in your business.   Once you’ve understood AGF you can implement it with KSE, which stands for Knowledge, Strategy and Experiment. Here’s an example:   Let’s say you want to start a podcast. The first step is K - knowledge. Who is crushing it as a podcaster? Find three people and listen to their shows. Pick one person you want to follow and focus on the next step of S for strategy.   Strategy is a personalization of the knowledge you gained from the first step. The person you’ve chosen to follow in the footsteps of - who are? What have they done? Is it applicable to you, can you do what they have done? Why or why not? Be sure to answer these questions and create your strategy.   From strategy move on to E for experiments. This is where you test your knowledge and strategy to see what works, what doesn’t. Based on your results continue to gain knowledge, strategize and experiment.   Those are just a few of the knowledge bombs Tai drops on this episode! He also shares how to create success with paid media, what he’s most excited about for 2016 and why he’s investing time and energy into live streaming apps and Snapchat. Tune in and check it out on episode 163 of Life on Fire!     EPISODE RESOURCES Tai Lopez http://www.tailopez.com/ Tai Lopez’s recommended books tailopez.com/books Tai Lopez on Twitter https://twitter.com/tailopez/ Tai Lopez on YouTube https://www.youtube.com/user/tailopezofficial The Handbook of Evolutionary Psychology, by David Buss http://www.amazon.com/Handbook-Evolutionary-Psychology-David-Buss/dp/0471264032/ref=asap_bc?ie=UTF8 Purple Cow, by Seth Godin http://www.amazon.com/Purple-Cow-New-Transform-Remarkable--/dp/1591843170/ref=sr_1_1?s=books&ie=UTF8&qid=1448485044&sr=1-1&keywords=purple+cow How to Win at The Sport of Business, by Mark Cuban http://www.amazon.com/How-Win-Sport-Business-Can/dp/1626810915/ref=sr_1_3?s=books&ie=UTF8&qid=1448485077&sr=1-3&keywords=how+to+win Relentless, by Tim Grover http://www.amazon.com/Relentless-Unstoppable-Tim-S-Grover/dp/1476714207/ref=sr_1_1?s=books&ie=UTF8&qid=1448485121&sr=1-1&keywords=relentless Poor Charlie’s Almanac, by Charlie Monger http://www.amazon.com/Poor-Charlies-Almanack-Charles-Expanded/dp/1578645018/ref=sr_1_1?s=books&ie=UTF8&qid=1448485147&sr=1-1&keywords=poor+charlie%27s+almanac 67 Steps program http://www.tailopez.com/flow.php?lp=FS-7506 The Accelerator program https://www.tailopez.com/product.php?id=FS-1021&source=topnav The Inner Circle program https://www.tailopez.com/product.php?id=FS-3092&source=topnav&campaignickname=topnav Life on Fire website  http://www.lifeonfire.com Subscribe to Life on Fire TV Podcast  http://www.lifeonfire.com/itunes Write a Review on iTunes http://www.lifeonfire.com/itunes