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A Purpose Higher Than Profit? | Episode 223
FromSelf Directed Investor Talk: Alternative Asset Investing through Self-Directed IRA's & Solo 401k's
A Purpose Higher Than Profit? | Episode 223
FromSelf Directed Investor Talk: Alternative Asset Investing through Self-Directed IRA's & Solo 401k's
ratings:
Length:
8 minutes
Released:
Aug 23, 2016
Format:
Podcast episode
Description
It’s good to build wealth… but 100 years from now, what will that mean? Statistically, probably nothing at all. But there’s a way to make sure your wealth both provides for your needs, and actually changes the world in an enduring, powerful way. And it all starts with a shift in perspective you can adopt today. I’ll tell you all about it right now in Episode #223. ---- Hello, SDI Nation… welcome to the podcast of record for savvy self-directed investors like you. Hey, today’s show is special… I’m going to dig deeper into my personal beliefs about money and wealth in a way much deeper than I’ve done in the past. So, my friends… today isn’t about investment strategy, capital deployment opportunities or market analysis. Rather, for just a few minutes, we’re going to talk about something more fundamental: Financial philosophy. Allow me to pose an important question to you: Imagine that you were supremely successful as an investor… maybe even Warren Buffet level. What does that do for you… and what is your “role” from that point forward, since you’ve already made more money than you could ever possibly spend? As you ponder that question, also consider this: Most conventional financial advisors use some variation of the “work-backwards-from-the-goal” type of strategy when advising you how to handle your money. In other words, they’ll ask you some questions about how you want your life to look in the future. Then they help you figure out what your chosen lifestyle will cost on a monthly or annual basis. That information, taken together with statistical projections about your expected life span, yields a certain dollar amount you must have saved by a certain date in order to afford the lifestyle you’ve chosen. Ok, so all of that is well and good. But let’s say you follow the plan to the letter, and it works exactly as designed. What have you really accomplished? Yes, a nice life for yourself, sure… and there’s value to that. But what have you REALLY done to leave a mark that makes the world a better place? In the interest of expediency, I’ll dispense with any flowery verbiage here and just say it like this: If the purpose of my life is to pay for my life… what a weak, pathetic, temporary purpose I’ve had. Same for you. Same for all of us. There’s got to be more to this wealth-building thing, my friends… there’s got to be more. If it’s just about making money… well that in and of itself isn’t particularly motivating to me, or to most. There’s got to be more… a bigger purpose… a grand design in play. But what’s the bigger purpose for me? What’s the grand design for you? My friends… there’s a very specific answer to that for each of us, and for each of us, I believe it revolves around one word: STEWARDSHIP. I believe that wise STEWARDSHIP of our resources should be our purposes, rather than wealth building. The core difference is stark. The wealth builder says: This money is mine, and I’ll do what I can to make it grow. A wise steward says: This money is under my control, and I’m responsible to make sure it serves the right purpose. Note that there’s absolutely nothing wrong with doing what you can to make money grow. In fact, wealth building can be an important piece of wise stewardship… but they are not the same, and I propose to you that stewardship is a better model to pursue. Stewardship says: I’ve been entrusted with the opportunity to manage this capital for a bigger purpose. If I’m a wise steward of resources, that means that my needs or preferences may not always be the first consideration in how money is used, managed or invested. Wise stewardship requires that I have a perspective far beyond myself… possibly even multiple generations in the future. One ancient proverb that’s always resonated strongly with me says that wise people leave an inheritance for their children’s children… their grandchildren! This suggests to me that maybe I’m not being very wise unless I’m carefully considering THREE ENT
Released:
Aug 23, 2016
Format:
Podcast episode
Titles in the series (100)
Checkbook IRA LLC: Worth the Risk? | Episode #2: New IRS Activity Raises Concerns Over This POWERFUL Financial Tool by Self Directed Investor Talk: Alternative Asset Investing through Self-Directed IRA's & Solo 401k's