History’s patterns repeat, but many things (like truly severe pandemics) may only happen once in a lifetime. So if you only think about what you’ve personally experienced, you will be unprepared for the future. As a dedicated student of history, Ray Dalio is on a mission to help us weather a coming economic storm that may be even worse than what happened in the late 1920’s and early 1930’s. In this episode of Conversations with Tom, Ray Dalio and Tom Bilyeu discuss the current severe recession and the debt crisis that preceded it. And while Ray does advocate planning for the worst-case scenario, he also offers a powerful reminder that you don’t have to do this alone. This episode is brought to you by: Impact Theory University: university.impacttheory.com NETGEAR: Learn more about Orbi WiFi 6 at netgear.com/bestwifi BLUblox: Go to blublox.com/impacttheory for 15% off your order or use discount code ImpactTheory at checkout. SHOW NOTES:   There’s a pattern to history, but some things only happen once in a lifetime [0:41] Ray discusses debt crises and the problem of money creation [1:29] The Federal Reserve is part of the government but outside of politics [5:38] Money is digital. So how do we know it’s going to be of value? [7:37] Ray talks about the large wealth gap and the rise of China [10:04] Look at your income, expenses and savings, and then do a stress test [12:31] Ray advocates intelligence and non-antagonism in politics [17:07] Ray discusses the success of FDR in dealing with depression and debt crisis [19:47] Ray strongly advocates for the virtues of a complete education [22:38] Tom and Ray discuss the importance of skill acquisition [27:35] You don’t need to make your decisions in your head. You can ask others. [33:56] No one is going to come to save you [36:32] You’re better off knowing that you don’t know than believing you know when you don’t [39:06] Tom talks about the need for people to aggressively get educated and acquire skills [43:04] What you don’t know is greater than anything you do know [47:42] Ray is extremely curious, and he loves learning about the world and then betting on it [50:24] When Ray was 12 years old, he started investing with his earnings from odd jobs [53:32] Ray thinks the decline of the US empire will be manageable [57:11] Ray advocates again planning for the worst-case scenario [59:57]   FOLLOW RAY:   WEBSITE: principles.com  INSTAGRAM: https://bit.ly/2zokFsZ  FACEBOOK: https://bit.ly/35PZHzi  TWITTER: https://bit.ly/2YTYmGc