SUMMARY KEYWORDS

action, decision, share, realize, principle, helping, recovering perfectionist, recognize, portfolio, birthday, indecision, talk, stuck, enthusiasm, streams, trip, episodes, faster, podcast, Billy

SPEAKERS

Billy Keels

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Billy Keels  00:00

Today's conversation is sponsored by first generation Capital Partners. If you're an accredited investor, and you want to know about how we're helping other accredited investors keep more of their income, go to first gen cpe.com forward slash going long.

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00:12

You're listening to the going long podcast with Billy keels, the number one podcast for long distance real asset investing.

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Billy Keels  00:22

Welcome to the gold long podcast, we're back once again to continue to help to educate you so you feel much more comfortable as well as confident investing beyond your backyard. And yes, I'm your host, Billy keels, and we're back for another one of our solo episodes. So today is an episode, I'm really looking forward to it. This is something that I'm actually feel a little bit, oh, maybe a little bit nervous, because it's something that I haven't shared. It's something that I didn't share for quite a long time, something I felt a bit shamed about. But I know that by me sharing this, and I'm sure you're gonna get a lot out of it. And because you're part of the going on family, you continue to be here, you continue to download, you continue to share episodes, I want to share this with you, because I know it's going to help you to get to your goals much faster. At the same time, I'm keeping my promise, because I want to make sure that when you're writing your honest written reviews, as well as ratings that I'm recognising you, because it's the right thing to do. And you know what, especially when you have a top 1.5% podcast, you're gonna get your, you're gonna get your comments read across the entire globe, at least more than 30 countries at this point in time, and 10s of 1000s of downloads, and I want you to be recognized. So here we go. Today's comment comes from the grace think I'm pronouncing that correctly the goddess in they say high quality show with an outstanding Host. Oh, thank you very much. Here we go says Billy injects his show with a strong dose of enthusiasm mixed with experience in a dash of real world wisdom. He's an incredible human being who cares about helping others achieve new levels of success in their own lives? Well, thank you very much the grace appreciate you sharing that and yeah, definitely, I like have the enthusiasm, I really enjoy the conversations I get a chance to very, very fortunate because I get to sit down with a lot of amazing guests that share their stories and, and help me go along, family move forward faster. So if you want your written, honest, written review, read, just make sure you leave it and guess what I'm going to be reading all of them. So this is this is kind of a fun thing. I'm enjoying this, and I hope you're enjoying it as well. So, but today we're going to talk about something that will cause me a lot of pain. And I don't want you to go through the same pain. And anyone who is a recovering perfectionist anyone or or is currently a perfectionist, I'm recovering. Because I recognize that perfectionism this doesn't exist in a bunch of other stuff. But maybe we'll talk about that. And if you leave your honest written review, we can talk about it as well. But yeah, so when you are looking for perfection, a lot of times you can, you can get stuck. And even if you are someone who is a high paid professional, and you know that in your life you want change. One of the reasons you're here is you're looking for ideas, I'm assuming that you're looking for ideas, you're looking for the insight, so that you can take action, or if you're already taking action, how can you make it even better and more efficient, whatever it is that you're doing. But the thing is, you want some type of change in your life. And unless you're willing to actually take action, there's a chance that you could get stuck, like I got stuck, right. And so, you know that when you're just relying on your on your job on even though it's a high paid job, you know that every day that you are not creating some type of stream of income that's hitting your bank account. And, um, we want to stress this that's hitting your bank account, not some portfolio statement that says you have this that you're going to get when you're 60 years old, like that's a different thing. That just makes you feel better, but it's not hitting your bank account. You can't use that unless you're willing to take action and take penalties if you're not 59 and a half and all that stuff. We'll talk about that I'm sure to another time. But the idea is you're creating additional stress for yourself. Because you're no you're not taking action, you're just maybe blindly putting money into that plan that you're gonna get when you're 60 or 65, or whatever the case may be. Or you're just putting money in the stock market, because that's all you've done, and you're not even really watching it. Well, that's causing stress. Because you know that any point in time your company could be reorganized. Maybe you have a new manager that you don't get along with or you're just at a point where you want to change well, you know, every single day, you don't make a decision, you're causing additional stress for yourself. I don't want that for you. Also, when you're not taking action, you're really staying trapped in where you are. And if you're staying trapped, then well, it's causing extra stress for you. I don't want that. But here's the thing. And the reason I'm saying this is because I that was me. And one of the stories that I up until recently didn't really share because I felt pretty ashamed about it was basically the day that my oldest son was turning three years old. At a very high level. I'll just tell you the story like I basically missed his third birthday. And that was a big deal for me. It actually kind of crushed me emotionally because As I was wanting to be a very present father and wanted to make events and for me birthdays are like, that's my thing, like, I really want to be there for birthdays, and I am there for birthdays. And the thing that happened for me when my son turned three was, you know, I was chasing behind my corporate gene. And I was chasing that to the point that I got lost. But the real reason was, I was, if you talk to me before that day in October of 2012, like I knew everything about real estate, right? And why am I saying that because I read Rich Dad, Poor Dad, I started going down that rabbit hole, I was listening to a bunch of podcasts, I was watching a bunch of videos. And I was a theoretical like mastermind, I knew everything I could tell you, all the different business, all the different models about real estate, you know, whether it was buying a property the rents came in, and that rents was the revenues, the revenues, minus all the operating expenses that gave you your net operating income, when you had your net operating income, once you paid your mortgage, or your debt service, everything after that, you got to keep and so I understood that business model, I can explain it to everybody. And I can tell you about the debt service coverage ratio, I can tell you how to come up with IRR in when people would ask me what my portfolio look like, I would go back and reiterate the stuff that I knew, because when they asked me, I hadn't taken any action. And one of the reasons that I hadn't taken any action was because I was so busy in my day job, I wasn't really clear on what I was doing. And because I hadn't taken any action, I didn't have any additional streams of income that would have provided me additional confidence to say, hey, listen, I'm not gonna go on this trip, because actually being at my son's birthday is more important. And so I chose that day to go and take that trip to Frankfurt. And the same time I took that trip to Frankfurt, that day, that changed something in me completely, because I realized that I never ever wanted to be in that position again. And so having gone through that, and it was something I was really ashamed of for quite a while. But the reason that I share that is because I realized that I'm not the only one. And I'm also not naive, by the way, I'm not saying that you if you're in a role that you take these trips are your job really says that or dictates that you have to go I'm not saying that because I recognize that sometimes there are moments that you have to go. At the same time. I also know that when you have streams of income that are hitting your bank account, it will provide you confidence, it provides you expertise. And when you have to make certain difficult calls, whether or not you go on that business trip or not. If you have to take that personal day off, you know that you have two streams of income that are going to keep you calm, because the thing that at the end of the day is the most important is what emotionally helps you to feel proper or feel right. And I know looking back on it had I had those streams of income had I had that additional confidence. That's a trip that I would not have taken. But I'm looking on it. This is now you know, some 12 years later. The reason I'm sharing it with you today is so that you can be clear on what it is that you want to do. And I know we continue to talk about that as you get the education, but also don't get stuck in this hole indecision in terms of being able to move forward. Because if you don't make decisions, if you don't take action, then you'll be stuck. Very stuck very much like I was and I was this theoretical mastermind, but I wasn't actually deciding on taking action. But I can tell you that once I took action, I had a five-year goal. And once I took action, it didn't take me five years, it took me 18 months. And I'm sure something very similar will happen to you. And so if you're feeling like you're you can't make a decision, or you are you know all the theory, but you get into this analysis paralysis, and you're not actually taking action that's going to start to build your portfolio or start to build your your investment portfolio. Let me share something with you. And this is a this is a principle that I've actually learned from someone else. I don't even remember who I learned it from. But it's one of the things that will help you break this cycle of indecision actually get you to take action. And it says a principle that came from the late General Colin Powell, it's the 4070 principles, what is the 4070 principle? And how is it going to help you? It's definitely going to help you get out of a point of not making a decision, it's going to help you make decisions and take action and move forward. And what is it exactly? So the 4070 principle basically says that when you make a relevant when it's time to make a relevant decision, if you want to make an investment in a certain type of asset, you need 40% of the information, you need a minimum of 40% of the information if not, you don't have enough basis to make a an informed decision. So, you need a minimum of 40% of the information to make decision. And you want no more than 70% of the information kind of for two reasons. Number one, if you go beyond that 70% Then it's going to take you so much more time to go from 70 to 30. That by the time you've made the decision, it may the Invest When opportunities maybe no longer there, or you're gonna go from 70, to try to get to 100% of the information, and you're gonna get back in that same loop. So the like, the sweet spot is, and I've been applying this, and this is actually helping me make decisions faster and someone who's a recovering perfectionist, this is definitely helpful. And it's the same way that it will help you in terms of making your investment decisions. So once again, the 4070 principle is making sure that you have at least 40% of the information to make an informed decision, and no more than 70% it's going to help you make speedy decisions, informed decisions and get you into action. And by the way, if you're a recovering perfectionist or perfectionist, like one or two things is going to happen, you're gonna make the decision, and you are going to realize it was the right decision, or you're going to realize that that maybe wasn't the right decision. And you're going to start to pivot and recorrect and adapt and not make that same decision again. So I wanted to share that with you. Because I don't want you to go through a painful process, emotional process, if you can avoid it. The same thing that I went through with my son's third birthday, you can apply this principle, the 4070 principles to help you to go from paralysis analysis to actually making a decision taking action and starting to move things forward for you, for your family so you can get to the life and the lifestyle that you're really looking to achieve. So hopefully this has been helpful to help you to get out of that cycle of dealing with indecision. Applying the 4070 principles is going to help you avoid a lot of emotional stress and help you to get to the goals that you really want to get to so and if you're one of those people that needs more information, you need more data, and you are an accredited investor. Don't forget to go to first ncp.com forward slash going long got some things how we're helping accredited investors today be able to create consistent returns as well as keep more of their capital, and not pay so much in taxes. So with that, I'm really looking forward to you continue to download continuing to share leave your honest written reviews, I'll make sure to be sharing those on these episodes. And can while you're working on that I'll be here preparing the next conversation. So go out and make it a great day. Thank you very much. Press Did you enjoy today's conversation and once again, today's conversation was sponsored by first generation Capital Partners. If you're an accredited investor want to find out more about how we're helping accredited investors to gain their personal freedom even faster. Go to firstgencp.com forward slash going long.

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