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Summary of Transcript:
The speaker discusses the importance of income for paying bills and investing in opportunities that can change one’s life. He explains that many countries, including the US, have large debts because they borrow for their future selves with the hope of increased productivity in the future. However, if the debt becomes too large and something happens to the income, it becomes difficult to pay off the debt. The speaker also talks about the importance of collateral and how countries try to backstop the system by printing currency to buy bonds, which is known as currency debasement. He warns about the risk of collateral falling too much in value and liquidation happening, as it can lead to the whole banking and government system collapsing. The speaker cites examples of financial crises in different countries and emphasizes the laws of unintended consequences that can happen if the collateral goes under.
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Summary of Description:
Raoul Pal, CEO and co-founder of Real Vision, shares ideas in a free workshop on how to thrive during the current recession. He advises people to change their perspective on the economy and not be afraid to invest during market drops. Pal also emphasizes the importance of having liquid net worth and adaptation to the changing world order. The workshop covers topics such as economic collapse, crypto 101, recession 101, and the biggest opportunity. Pal also discusses the book, “The Alchemy of Finance,” by George Soros.
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Maximizing Your Potential During the Economic Collapse: Insights from Raoul Pal
If you’re not ready to adapt to the changing world order, you’re going to struggle in the current economic climate. In this free workshop, Raoul Pal, the CEO and co-founder of Real Vision, shares some powerful thoughts on how you can not only survive but also thrive during these testing times.
The Importance of Positive Perspective
It’s easy to fall into the trap of negativity and become overwhelmed by the chaos of the current economic situation. However, according to Pal, one of the most crucial factors for maximizing your potential is to keep a positive mindset. He encourages viewers to think about whether they’re living in a hostile or friendly world, emphasizing that perspective is everything.
The Need to Be Disciplined
Pal also emphasizes the importance of discipline when dealing with money. Whether cash is sitting in the bank or invested in the markets, it’s essential to be smart with the funds you have. He suggests that it’s essential to stay organized and be able to adapt to the changing world, where even the most stable markets can become volatile overnight.
The Power of Perspective for Reaching Your Goals
Pal believes it’s crucial to reframe the idea of the American Dream that many of us have been chasing for years. He argues that this dream died decades ago, and we need to create a new perspective that will allow us to thrive in today’s world. Pal suggests that investors need to approach the notion of buying during a market drop with excitement rather than fear, as moments of extreme weakness provide the best opportunities.
Making the Most of Your Liquid Net Worth
One of the most practical pieces of advice Pal shares during the workshop is the need to focus on liquid net worth. Even if you have considerable wealth, if it isn’t liquid, it’s essentially worthless. Pal stresses that you need to consider your cash flow when thinking about your net worth, as it’s the amount of money available for investment that truly matters.
The Beauty of Bitcoin
Finally, Pal shares his thoughts on crypto and why he’s 100% invested in it. He argues that Bitcoin is the future platform for the Internet of Value, and investors in Bitcoin are essentially VC investors in the future of this technology. Additionally, Pal notes that one of the most attractive features of Bitcoin is that there are no fees involved in transactions, which can lead to significant cost savings.
Adapting to the Changing World Order
The current economic situation is one of the most uncertain in recent memory, and investors need to be prepared to adapt to the changing world order. Pal’s insights and strategies can help you get through these difficult times and even thrive. By staying disciplined, keeping a positive perspective, and focusing on your liquid net worth, you can make the most of your money during the economic collapse.
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Source Description
Build IRONCLAD discipline in this free workshop: https://bit.ly/3QOMOMB
On This Page:
Wishing your way to wealth and success, complaining about who is wealthy, and riding the wave of misplaced time, money and effort is not why you’re here. Stock markets, investment portfolios, 401Ks, and bank accounts look like the stuff global disasters are made of.
You’re living through weird times and having a biological experience of unforeseen proportions when you look at the global economic sh*t storm we’re in. So the top 5 ideas and people you’re spending your time with really matters, perhaps more than ever before. Perspective is key, and you get to decide if you’re living in a friendly or hostile world.
Raoul Pal, CEO and co-founder of Real Vision, has some ideas that can certainly help average up how you think about getting through our current recession. Whether your money is all in crypto, in a 401k that’s reduced by half, or in none of the above, the ideas that Raoul shares in this episode may be some of the most important ideas you’ve ever heard.
Are you still living and acting based on an American Dream that died decades ago? Does the thought of buying during a market drop scare you or excite you? Listening to these conversations between Raoul and Tom is going to break some of your ideas apart and allow you to put together a new and improved perspective that will allow you to thrive during this recession and maybe even get a little excited.
Resources Mentioned:
The Alchemy of Finance: https://www.amazon.com/Alchemy-Finance-George-Soros/dp/0471445495
SHOW NOTES:
0:00 | Introduction Raoul Pal
0:27 | Thrive in the Economic Collapse
41:39 | Crypto 101 Masterclass
1:11:59 | Recession 101 Masterclass
1:41:51 | The Biggest Opportunity
2:13:30 | Adapt to the Changing World Order
QUOTES:
“Even if it’s in the bank. It’s not your money [7:13]
“Humans have a propensity to borrow to create this image of their future self. The future self was the amazing United States of America, that dream that we had in the 50s. That dream died decades ago.” [9:41]
“You should be looking at the moments of extreme weakness, the blood on the streets moment, to be buying more…” [20:43]
“He who has cash in a recession is king, so that’s that combination of income and opportunity. You’ve got income, you’ve got some cash and now everything is on fire sale prices, you’re the king.” [26:24]
“Don’t look at your lost of wealth from peak, that’s stupid. That’s the American dream fixating on something that doesn’t exist.” [28:53]
“We don’t buy the S&P because we want to hang it up on our wall. We buy it cause we want to sell it at a future date to realize money. So, that means our future selves are now poorer, […] that’s what currency debasement is.” [44:47]
“Leverage allows you to borrow future money to use now.” [1:31:07]
“What really matters is your liquid net worth, the money that you’ve got available to invest, and I’m 100% in crypto, and I feel like I’m underexposed.” [1:50:52]
“That’s the beauty of bitcoin, […] You’re a VC investor in the future platform of the internet of value and you’re paying nobody any fees.” [2:02:13]
“Change is happening, and you can fear it, but you’re not going to stop it.” [2:21:04]
Follow Raoul Pal:
Website: https://www.realvision.com/
Twitter: https://twitter.com/RaoulGMI
LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/
YouTube: https://www.youtube.com/channel/UCBH5VZE_Y4F3CMcPIzPEB5A
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