Latest / No Time to Waste Podcast - w Marcus Murray / Financial Success & Financial Vulnerability
Transcript
- 0:00SPEAKER_00: Welcome back to the No Time to Waste Podcast Studio.
- 0:03SPEAKER_00: I'm Marcus Murray, your guide, and I just wanted today talk about something very, very quick.
- 0:09SPEAKER_00: In our last episode, we talked about the four quarters of life, and we ended with a conversation about life in the third quarter, since that's where we are.
- 0:19SPEAKER_00: You know, when you get to that age of 51 to 75, it's a very special time and we cannot make a mistake.
- 0:26SPEAKER_00: Here's the key.
- 0:27SPEAKER_00: The word that they say today is don't fumble the bag.
- 0:31SPEAKER_00: It's incredible how the decisions that we make during this quarter can cost us everything.
- 0:37SPEAKER_00: It's very important that we're totally tuned in, locked in to a few different concepts that are critical in this quarter.
- 0:46SPEAKER_00: One of them is the financial security.
- 0:48SPEAKER_00: Financial security.
- 0:50SPEAKER_00: What does that actually mean and what does that look like in the third quarter?
- 0:54SPEAKER_00: If we just imagine for a moment that we spent the first half of our lives creating assets and creating resources, and some of us have actually achieved what we would call success, where you've become financially successful.
- 1:11SPEAKER_00: But did you know, or would you be surprised to know, that being financially successful does not mean that you are secure.
- 1:22SPEAKER_00: You could be financially successful and economically vulnerable.
- 1:28SPEAKER_00: Think about it.
- 1:30SPEAKER_00: Financially successful, you've achieved, but economically vulnerable.
- 1:36SPEAKER_00: Because it's not about how much money we make, it's about how many different ways does our revenue actually flow?
- 1:49SPEAKER_00: Does it just flow from one direction, or have we been able to create multiple streams of revenue?
- 1:58SPEAKER_00: When there are multiple streams of revenue, it creates economic stability and security.
- 2:08SPEAKER_00: Because if one stream, for whatever reason, becomes encumbered or blocked or temporarily thwarted, there's revenue coming from other streams.
- 2:21SPEAKER_00: So that is something that you only learn over time not to have all of your eggs in one basket.
- 2:29SPEAKER_00: We've heard that.
- 2:30SPEAKER_00: And if we don't plan for it, plan the strategy of how are we actually going to survive economically in the event of what we used to say, come what may, because things do come, then we're left at the discretion of those that did plan.
- 2:49SPEAKER_00: So I want to challenge you today.
- 2:51SPEAKER_00: Because of the wonderful point that we are in in life, why don't we get a piece of paper and jot down on the paper, you'll draw one line straight down the center, and you'll put on one side of the paper your strengths.
- 3:07SPEAKER_00: And on the other side, you're going to put things that you enjoy.
- 3:12SPEAKER_00: How can you look at the strengths and the things that you enjoy and find your next?
- 3:19SPEAKER_00: It's very important because at this moment we have an opportunity and we still have the ability to pivot, and we've got to activate our next because we all say it, there's no time to waste.
- 3:35SPEAKER_00: So, what is that really going to look like for you?
- 3:39SPEAKER_00: What does that really mean as we're looking at economic viability and stability versus economic vulnerability?
- 3:50SPEAKER_00: If we think about it, it's not too late to put things in place.
- 3:56SPEAKER_00: But if we do the same thing, can we honestly expect different results?
- 4:02SPEAKER_00: I don't think so.
- 4:03SPEAKER_00: So let's make the change, let's make the decision that we will begin to explore opportunities to activate our next.
- 4:13SPEAKER_00: Let's not just be on the sidelines cheering for others.
- 4:17SPEAKER_00: You can do this.
- 4:19SPEAKER_00: I'll see you on the next five minute episode.
- 4:22SPEAKER_00: Take care for now.