Podcast Ep. 7: Winter Is Coming

Podcast Ep. 7: Winter Is Coming

Invest In Your Life Podcast

Episode 7: Winter Is Coming

Winter is coming. It's more than a fun Game of Thrones reference. Winter is truly coming for us in our lives, especially when it comes to our finances. How can envisioning the worst and preparing for it (counter-intuitively) bring us peace? In this episode, I talk about how the "winter is coming" attitude can actually bring us peace in times of crisis. I also go into how - if you change your strategy in the face of adversity - you don't really have a strategy at all.

Full Episode Transcription:

00:04  Welcome to the Invest In Your Life Podcast, the show where we explore the connection between personal growth and personal finance. My name is Patrick King, and in each episode we'll talk about what you can do to live a life that's truly rich. Don't take this the wrong way, but I am not giving you advice. I only give advice to clients who have hired me to be their fiduciary financial advisor. If you're not one of those folks, then just consider this to be helpful tips and information and be sure to consult with your financial advisor, your attorney, your CPA, your witch doctor, or your mom before you try this at home.

01:01  All right, all right. Welcome to the Invest In Your Life Podcast. I'm Patrick King and happy to have you here today. I've got a great show. Winter is coming. Yes it is, and game of Thrones is right around the corner for us. The final season for all of y'all. Game of Thrones fans out there. I know you're pumped. I know. I am pumped. I don't get excited about television very much, but I am excited about game of Thrones. What's up? I'm a nerd proud of it. So winter is coming. If you're familiar with the show, it's something that just gets thrown around pretty much in every episode and yeah, so acknowledging that wintering said, how can that help us? How can that help bring us peace in our lives and our financial lives? Let's talk about that. That's the topic today, but first let's get into the gratitude.

02:06  Gratitude today, one of these days, I'm going to get that Beastie boys song. I'm not sure if I'm going to get in trouble for licensing that are using that in the podcast, but you know what I'm talking about. That gratitude song by the Beastie Boys. Love that, but my grads, who for today is, I went to the dentist today and I just want to be grateful for the fact that dental cleaning technology has moved to the point such that they don't scrape them a little hooks on your teeth anymore. It's amazing. I think the gap, these little water Jess is cleans a plaque right on off, easy peasy, no pain and that scraping sound or the hot pitch. I think half the problem with the dentist, it's not the, it's the how it feels is the fact that they put like a 20,000 rpm drill thing and your teeth to chip away at all that plaque. Just the sound of it reverberates in your skull, you know, but not anymore. Evidently. So man went to bucket dentistry here right down the street. They took care of me. It was amazing. So I'm grateful for that. It was the easiest cleaning. I mean not got good teeth and that stuff can be a pain in the butt sometimes. Right? Yeah. Yeah man. That's my gratitude for today.

03:32  All right. The topic is your winter is coming, winter is coming. Oh Man. Uh, game of Thrones also coming, but winter is coming and the, I guess that's the, the saying or the motto or whatever of the House stark in the show. And I guess it's always a reminder that no matter what things, no matter how good things are, you got to remember that bad things are just around the corner. It's a, I guess kind of a very pessimistic way to look at life. But how can we use that to bring, bring us peace. It's kind of a weird counterintuitive thing, but I'm going to get into it. Yeah, and this is totally where I pull out the Mike Tyson quote cause he's somebody we should work to Emil way. Everyone has a plan till they get punched in the mouth, right? Yeah. So, so think about that specifically with your finances. How are you going to react the next time a bear market or God forbid a recession rolls around because guess what it's going to happen.

05:00  It's going to happen. Winter is coming, folks don't know when, but you know sun goes up, Sun goes down. Just the way it works. Market goes up, market goes down. You know over the long term we s we really believe that the market's going to go up. If you're an investor, you believe, whether you want to admit it to yourself or not, that the market is going up over the long-term. If you don't expect a return on your money over the long term, then why invest at all? It's time to get the MREs and AR-15 ammo. Time to stockpile that shit. Cause if you're an investor, you believe the future is going to be better. Now it may not be better over the short term because that's the way it is. You give up your certainty in the short term for a return in the long term. That's investing folks and that means winter is coming. So yeah, there's going to be a bull market. A bull market is going to be a bear market. It is going to be good times. There's going to be recessions. Your reaction to the bad times will have everything to do with your strategy.

06:29  And if you change your strategies in the face of a crisis in the middle of a recession in the middle of a bull market, you don't have a strategy. Strategies account for good times and bad times. Having a plan means having it for good times and bad times. None of us want to plan for the worst. None of us want to think about the worst, but check this out. What if planning for the worst can AV actually give you peace of mind? I'm going to give you an example out of my life, you know, a couple of years ago I got rear ended on peace tree. Some kid was texting or playing Pokemon go or whatever the hell and he hit me probably going 30 miles an hour. He, whatever he was looking at, it wasn't the road and I got a concussion and all that stuff. But you know what? When I got hit, I knew my insurance is taken care of because I thought about the worst when I got all of that auto policy and all that stuff taken care of.

07:45  So when I got an ambulance to go to hospital, I knew my car situation was taken, care of, property is taken care of when he was stressed about it because I knew I had a plan, I had a strategy. So, so where in life can you think of the worst in order to have peace if it happens? You know, obviously we're talking, you know, connecting your finances to living the life that you want to live on. This show, so your investments is an obvious place. What happens if the market goes down 10% 20% are you going to scramble and try to change everything up? That's changing your strategy, which means you don't have one. What about a disaster plan for you and your family? You know, you think about Katrina, right? It's not pretty, but if you think through it and make a plan and have a strategy instead of being confused and scared in the moment, you might be a lot more confident. It might be scary. Yeah, it might suck. Absolutely. But you know you've got a plan.

09:16 Ready.gov is a good place to start with that, by the way. And I encourage you to do that. I encourage you to do that. What about something like the Snowpocalypse that we had here in Atlanta back in January of 2014 yeah. Y'all know we don't have snow plows down here. Yeah, it was, it sucked, man. It sucked. I mean, no lie. And there were some people who got stranded out in the freezing cold all night and all that. Maybe you have a get stranded kid in your car. Maybe you have a, what is it to uh, uh, get home kit, get home bag. Something to think about. So if it happens to you, you're prepared. What about all your insurances sucks to think about Diane, right? Talk about that on this show a lot. Life Insurance. How are you going to stick your family with a, with a tough financial situation.

10:18  You've got to take care of them. If you're young enough, that stuff ain't, expensive. You know, and you don't have to insure yourself for a bazillion dollars either. And like I mentioned, cars, house, umbrella. Not a lot of people know about this umbrella thing, but it's cheap. And if somebody tries to sue you, you'll be glad you had health, disability, long-term care, all the insurances. I don't know. Something to think about. But if you have a plan, if you've got a strategy when you faced, if you're faced, who knows? I hope all this effort is for nothing. But just in case you're a state planning, you got your wills and stuff. A lot of people think they don't need wills cause I don't have a lot. You know whether you have a lot or don't you need that estate planning stuff. Who's going to be the Guardian? Are Your kids?

11:22  I think about debt because winter is coming. Oh man, that's it. That's the topic. Does your thinking about the worst can give you peace if you actually make a plan? All right Tom, for ordering off the menu. I mentioned being at the dentist's office today. Guess what? You know they put the TVS on the wall and the ceiling now. Yeah, so they, they wanted to show me all kinds of pictures of my teeth and stuff like that. I didn't want it. I said, those pictures are for y'all. I don't care. As long as I look good when a smile, that's all I need to know. As long as they're not falling out, that's all I care about. I want to look at some like crazy micron picture of muck teeth because that's gross man. I want to think about that. They even had like some crazy like practical joke show. I just said cut the TV off. So that's how I ordered off the menu. I think I kind of freaked out that the hygienist a little bit. I was like, just cut it off. She's like, what? Nobody ever cuts it off. That's how ordered off the menu today. Yeah. All right, now for that, let's move on.

12:46  All right, Q and a. Send me your questions. Hit me up, Patrick at invest in your life, podcast.com check out the website, invest in your life, podcast.com and uh, hit me up with questions there. Would love to.

13:05  Okay. It's Pura Vida time. Pura Vida. What is the good life for me? And this is one of those simple things and it's kind of funny how often this creeps up into my gratitude practice. Every day is my coffee and it's not just coffee, coffee with heavy cream. I like it real thick and juicy as soon mix. The law says damn is delicious and a man. It's just one of those things that I just love in life and it's supposed to be good for you having all that fat. You know, I'm doing the keto thing, right, but damn it is delicious. I used to do breve latte all the time, so if you don't know what a breve latte is, it's like you go to like Starbucks and instead of making you a latte with milk, they make it with half and half.

13:55  It's a rich. Got a few calories in it though, so you can't do those all day. That's a, that's Pura Vida for sure. For me today, the show. All right folks, that's the show for today. Short and sweet. As always, I hope you enjoyed it. Let me know.

14:19  What do you feel like you need to prepare for? Where do you feel like you're underprepared in your life? What parts of your life, and here's a good test for that. What parts of your life give you stress when you think about them? Might be a place where you can sit down, think about the worst, and make a plan. You know, maybe it's Tom. Hit me up, Patrick at invest in your life, podcast.com invest in your life. podcast.com is website. Love to hear from you. Thanks again for listening and until next week, peace. Talk to you then. Thank you for joining me today. To find out more and get access to my free financial resources visit. Invest in your life, podcast.com

15:11  The thoughts and opinions expressed here are my own and or for general information only. They are not intended to be recommendations or specific advice for anybody. I'm not a doctor or a licensed therapist, so please consult with your healthcare provider if you had any issues regarding your physical or mental health. Any investment performance that's referenced here is historical and of course has no guarantee of future results. Last but not least, the Easter Bunny isn’t real.

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