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Summary of Transcript:
The video discusses whether we are living through a unique moment or if it’s all the same confusion. It highlights the current situation with low interest rates, people on Reddit moving markets, and the rise of crypto. The video advises that people should save and automatically invest in low-cost investments, as high fees can take a significant percentage of returns over time. The discussion also touches upon the psychology of investing and the current attraction to the quick flip, high-risk investment mentality, and the potential dangers of treating investing like gambling. The speaker shares their personal experience with investing during the tech boom and warns against the “this time it’s different” mentality. Overall, the video provides practical advice for investing and highlights the importance of understanding the risks involved, as well as the potential for long-term gains.
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Summary of Description:
Ramit Sethi, the Wallstreet Trapper, and Russell Brunson offer advice on how to prepare for the upcoming recession in a recent episode of the IT Podcast. The experts discussed strategies for managing and automating finances, as well as the importance of owning equity and investing to build wealth. They also emphasized the need for humility and discipline in investing and making sacrifices in order to reach financial goals. The podcast aims to help individuals struggling with financial difficulties during these uncertain times.
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How to Build IRONCLAD Discipline and Survive the Next Recession
Inflation rates of over 9% in the United States have made it critical to have the right knowledge and strategies in place to be prepared for the next recession. Whether it’s economic cycles or dysfunctional family cycles, certain patterns always repeat themselves. In this video, Ramit Sethi, the Wallstreet Trapper, and Russel Brunson discuss the three ways you can prepare for the upcoming recession and share valuable tips on managing and automating your finances.
Three Strategies for Building IRONCLAD Discipline
Protect & Compound Wealth: Ramit Sethi
Ramit Sethi is a personal finance advisor, entrepreneur, and NY Times bestselling author. He shares three key strategies that can help you prepare for a recession.
First, protect and compound your wealth. Ramit recommends investing in diversified index funds and automating your investments to maximize returns while minimizing risk. He believes that investors should be focused on making long-term, life-changing decisions instead of chasing excitement.
Learn & Get Ready to Buy Equity: Wallstreet Trapper
Wallstreet Trapper is a successful entrepreneur who educates people on how to build wealth, buy equity, and invest in stocks. He suggests that people without abundant resources should learn as much as possible about the stock market and get ready to invest when the opportunity arises.
In addition, Wallstreet Trapper believes that people should take time away from consumption and focus on saving and investing. He emphasizes that the key to building wealth is through ownership and that successful investing requires discipline, patience, and strategy.
Survive Any Downturn: Russell Brunson
Russell Brunson is a serial entrepreneur, NY Times bestselling author, and the creator of ClickFunnels. He shares how businesses can adapt and survive during a severe economic downturn by shifting their messaging and investing in marketing.
Russell also emphasizes that success in business is all about making things easier for customers. The most valuable person in any company is the one who can bring people in and make it rain. He suggests that businesses should focus on building an audience and creating processes that make it easy for customers to buy from them.
Taking Action and Making Sacrifices
Although these strategies may sound simple, they require discipline, patience, and action. Most people find it hard to make sacrifices, and it can be challenging to go without things that provide temporary pleasure.
The key is to start somewhere and make the game winnable. Ramit suggests investing 1% of your portfolio to start, and increasing that amount as your portfolio grows. Wallstreet Trapper advises people to minimize expenses and save aggressively, even if it means doing without some luxuries.
Ultimately, the most important thing is to take action and implement these strategies consistently. Whether you’re just beginning your investing journey or looking to build wealth more effectively, these tips can help you build IRONCLAD discipline and survive the next recession.
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Learn how to build IRONCLAD discipline in this free workshop: https://bit.ly/3QWt1L2
Join the Kyzen journey inside my Discord here: https://bit.ly/3PvwfDT
Listen NOW to the IT Podcast
https://podcasts.apple.com/us/podcast/impact-theory-with-tom-bilyeu/id1191775648
On Today’s Episode:
With U.S. inflation rates being reported over 9%, having the knowledge and strategy to be prepared and survive the next recession is a must! There are elements that make the times we are living through feel unique, but cycles repeat whether they are economic or dysfunctional family cycles.
If you’re struggling financially to keep up with inflation, just lost your job, or you’re trying to figure how to do more than survive these uncertain times, this video is for you.
In this episode, Ramit Sethi, the Wallstreet Trapper, and Russel Brunson layout 3 ways you can prepare for the upcoming recession. Get tips for how to manage and automate your finances, and several other bonus gems that hold the potential to change your life forever, if you’re ready to get to work.
“Victory however long and hard the road may be…” -Winston Churchill
Ramit Sethi is an entrepreneur, personal finance advisor, and NY Times bestselling author. Check out the full episode with Ramit Sethi, Everything You’ve Been Told About Money is Wrong: https://youtu.be/uSgY_PxL_Zo
Wallstreet Trapper is an entrepreneur known for educating people how to build wealth, buy equity and invest in stocks. Catch the Wallstreet Trapper’s full episode, The 1% Do This to Get Rich: https://youtu.be/TXNFLgl3Y1c
Russell Brunson is a serial entrepreneur, NY Times bestselling author, and the man behind the infamous ClickFunnels. Watch Russell’s full episode, How to Survive a Severe Economic Downturn: https://youtu.be/DBQQFrUx7wc
SHOW NOTES:
0:00 | Introduction Protect & Compound Wealth
26:05 | Learn & Get Ready to Buy Equity
45:33 | Survive Any Downturn
QUOTES:
“Investing is not about excitement. You want excitement? Get a dog, […] investing is boring, it’s like watching concrete dry, and it should be.” Ramit Sethi [10:49]
“The best investors are humble.” Ramit Sethi [13:39]
“Most people would rather pay $250,000 in hidden fees than pay $10,000 out of their pocket.” Ramit Sethi [25:30]
“It’s hard for people to make sacrifice, because you gotta now go against and do without some of the things that gives you that momentary gratification.” Wallstreet Trapper [28:34]
“You gotta start somewhere, you gotta make the game winnable…” Wallstreet Trapper [31:24]
“The key to wealth is through ownership.” Wallstreet Trapper [33:18]
“You can’t work your way to wealth, you gotta invest your way there.” Wallstreet Trapper [33:57]
“The companies that are going to survive and be nimble are the ones that understand how to shift their messaging…” Russell Brunson [52:40]
“The money you make will be in direct relation to how simple you make somebody else’s process.” Russell Brunson [57:16]
“The most valuable person in any company is the person who, […] can make it rain, who can bring people in.” Russell Brunson [1:02:17]
Follow Ramit Sethi:
Website: https://www.iwillteachyoutoberich.com/
Podcast: https://www.iwillteachyoutoberich.com/podcast/
Instagram: https://www.instagram.com/ramit/
Twitter: https://twitter.com/ramit
Follow Wallstreet Trapper:
Website: https://www.wallstreettrapper.com/
Twitter: https://twitter.com/Wallstreet504
YouTube: https://www.youtube.com/channel/UCR6hXiWOlFWc46qMFMClKHA
Instagram: https://www.instagram.com/wall_street_trapper/
Follow Russell Brunson:
Website: https://www.russellbrunson.com/hi
YouTube: https://www.youtube.com/c/FunnelHackerTV
Instagram: https://www.instagram.com/russellbrunson/
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