As you know, it’s my mission to help teach you how to build the MINDSET and SKILLS that will help you live an extraordinary life - and over the last few months I’ve been working hard behind the scenes to help create a brand-new tool that will help you do that.It’s called Kyzen - and I am proud to announce that I will be bringing it to the world later this year to challenge you to empower yourself and accomplish greater things in life. To learn more, join my Discord at http://impacttheory.com/discordBig goals require DISCIPLINE. By it's very nature, discipline requires you to do hard things - and that is a skill you can LEARN. I'm teaching my process to build Ironclad Discipline in a new workshop - you can register at discipline.impacttheory.com!Check out our sponsors: Skillshare: Explore your creativity at skillshare.com/impacttheory for a 1 month FREE trial of Premium Membership. Show Notes: Global recession is being talked about literally everywhere. Between the gas pump and groceries alone you can’t help but feel the tension rising.Raoul Pal, a former hedge fund manager that retired at the age of 36, serial entrepreneur, and global macro investor expert is joining Tom for a second time to discuss the realities people need to be aware of to thrive in a global recession. A word of wisdom he shares that was passed on to him is, “he who has cash in a recession is king.” The bottom line Raoul is openly sharing is that income and the ability to advance on opportunities makes all the difference.“Buy when there’s blood in the streets, even if the blood is your own.” - Nathan RothschildHaving a solid work ethic, a strong (and maybe unreasonably optimistic) belief, coupled with income and the knowledge to look for moments of extreme weakness to buy and make moves, without leverage, against opportunities can get you to the other side of this crisis potentially better off than when it all began.You get to decide what to focus on. Will it be the existential global crises or the opportunities most are too scared to see or take advantage of?Recommended Reading:William Strauss and Neil Howe, The Fourth Turning: https://www.amazon.com/Fourth-Turning-History-Americas-Rendezvous-ebook/dp/B001RKFU4I SHOW NOTES:0:00 | Introduction to Raoul Paul1:10 | The Makings of a Global Recession12:30 | Money Market & Loanable Funds21:00 | Debt and Leverage Explained32:56 | Stopping the Economic Implosion 47:23 | Death of the American Dream54:47 | Opportunity for Growth1:09:36 | Thriving In Volatile Markets1:18:39 | Changing Global Order1:28:37 | How Raoul Increases His OptionsQUOTES:“Prices rising, inflation, is evil for our savings because the dollar in your bank account is worth less in a year’s time.” [3:03]“As prices go up, the economy slows down [...] and therefore it becomes self regulating, and it becomes that because people are quite in debt.” [11:16]“Leverage allows you to borrow future money to use now [...] We’re trying to meet the expectation of our future selves always, that’s what drives humans.” [22:11]“This is what people don’t understand about leverage. You don’t own that thing, you only own it when you pay it off.” [26:35]‘Everyone’s got debts cause we borrowed for our future selves.” [37:58]“Humans have a propensity to borrow to create the image of this future self. [...] that dream we had in the 50s, that dream died decades ago, and to fund that dream, the mismatch between the dream and the reality is debt. Sometimes debt is not all bad. Sometimes it can help accelerate some of the things, but if you’re doing it to fund a dream that is never going to exist, that’s the danger.” [47:23]“Focus on your income, work hard, look for other opportunities that can leverage that income and opportunity set that you’ve got for you, [...] look for investment opportunities that can change my life.” [57:51]“You can’t be in it to win it if you’ve got leverage, or if you’re out of the market.” [1:05:52]“Where are we in the volatility, and is this going t