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On Today’s Episode:
The principles you live your life by will either reward you with a life you enjoy living or lead you to a life you want to escape. Whether you consciously choose your principles or operate subconsciously on your default network, principles specific to you are guiding you in the outcomes you achieve.
Ray Dalio is the founder of the world’s biggest hedge fund, Bridgewater Associates which manages over $100 billion. His mission has been to share the principles that have made him wildly successful. He wasn’t born into wealth, so when he shares these principles and lessons he’s found repeatedly successful, you may want to take notes.
This episode is stuffed with foundational ideas and mindset shifts to help you succeed and learn to start thinking from first principles. Understanding how to handle your opinions, how to struggle well, how to separate yourself from doing things that are better done by someone else is your first step to major success.
SHOW NOTES:
0:00 | Introduction to Ray Dalio
0:14 | Prepare for the Recession
33:32 | The Secret to Wealth & Success
52:55 | How to Survive & Thrive
1:20:50 | Adopt the Right Mindset
QUOTES:
“When you have a large wealth gap and you have an economic downturn people are more inclined to have conflict.” [10:57]
“People in the top 40% of income will spend about five times as much money on their children’s education than those in the bottom 60%, and that’s neither fair nor productive.” [26:18]
“There’s always a path out there, you just don’t happen to see the path now, so you have to find the path.” [32:44]
“Make your passion and your work the same thing.” [35:52]
“The truth is you can have a lot more life and you can have a lot more if you know how to get more out of a minute.” [37:10]
“Struggling well will get you what you want rather than avoiding struggle.” [39:41]
“If you worry, you don’t have to worry, and if you don’t worry, you have to worry.” [40:53]
“What you don’t know is greater than what you do know.” [1:08:14]
“If you have the equanimity, that calm centeredness, and you have your plan, and you triangulate well with others so that you can get all the best advice and don’t have to approach it in your own head, you’re a long way there.” [1:20:31]
“If you can get past your ego barrier and you get past your blind spot barrier you can accomplish anything…” [1:21:45]
“For God’s sake don’t be overly opinionated! Just because you have that opinion doesn’t mean that it’s true.” [1:23:11]
“If you want your life to be successful you will not let yourself do certain things because you’re just no good at them.” [1:31:37]
Follow Ray Dalio:
Website: https://www.principles.com/
Twitter: https://twitter.com/RayDalio
Instagram: https://www.instagram.com/raydalio/
YouTube: https://www.youtube.com/channel/UCqvaXJ1K3HheTPNjH-KpwXQ
source
What are you doing to prepare for the upcoming recession? Drop a comment below!
Dalio the doomsday prophet
Translation…we have a government that has consistently failed, is causing excessive debt with our money, and not paying it back. This could been have avoided if our government wasn't putting America last.
Ray dodged the war draft to buy bitcoin
And why are we having to tighten our belts?.. because of idiot, selfish evil corrupt government.. Bs
You got to let Ray finish what he is trying to convey before cutting him off.
I'm selling my home. I'm going to use my equity and downsize into a small home on land. Basically becoming debt free and living a much simpler life. I knew the minute Biden started signing all those executive orders undoing what Trump did we were going to get in a s*** pile.
He iz a shill! The fed iz private banking cartel who iz stealing our country by making pretend money 2 buy tangible assets all over the world
These are the patterns deflation every 5 years, inflationation every 5 years and and oh recession and stock market collapse every 5 years! It all happens with in or around a period of every 15 years!! This time the pattern is changing WEF want a huge recession all the way up to agenda 30 2030 and they want it longer than that some say a ressseion all the way up to 2035. Good luck everyone Klaus Swaub is a seriously demonic POS.
Problem reaction solution. Deflation, inflation ressesion.
Why do we allow this to happen!?? Because we are too ignorant.
Hi
Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of it. Not surprising negative market sentiment is so high now, We really need help to survive in this Economy. The fin-Market;s have underperformed the U.S economy as fear of inflation hammers the prices of stock;s and bonds. My portfolio of $250k is down to $172k any recommendation;s to scale up my return;s during this crash will be highly appreciated.
The best thing you can do is to invest in yourself
18:00 This conversation has taken a surprising turn 😅
“increase the size of the pie and divide the pie well” … ?
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly—which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stocck portfolio
Education is definitely not the most important thing. I myself and many others only got debt to show for our education snd ended up at jobs that paid better and didn't require degrees. Better off starting a business before now that they've made that impossible without too much debt and regulations now too.
The Federal reserve is not part of government what a load of bull they are set of private Banks like Chase Manhattan and the Bank of New York they're the global cabal system design system and they have little Minions that go around and protect it they print money at will fictitious money Ponzi scheme back by nothing and when people lose confidence in it gold and silver will go through the roof so will Bitcoin
NO realistic answers on what "Joe Average," 45 with two kids,
$12.87 in savings, 12,000 bucks in Credit Card debt and $21,000 in his raided 401K,
should do to survive. Of course not. "Go back to school." What a laugh;
a solution suggested by someone with $6 million in their checking account.
"Policy makers" doing anything cooperatively that actually works??
What planet are you living on??
Can't blame the "gurus" too much.
Who wants to say: "Too late, Joe. You spent all your money buying crap,
and now you and your family are going to STARVE. Sucks to be you, huh?"
I hold high respect for your work mate because you’re pointing people in the right direction. If there’s one thing I’ve learnt recently is to remain calm especially when it comes to investment in Cryptocurrency . If Bitcoin can sustain these recent highs, it means we're getting a period of some relief rallies across, markets would be good. The crypto market is unstable and you can’t easily tell if it’s going bullish or bearish. While myself and colleagues are trading without fear of making losses but profits, others are being patient for the price to skyrocket, well It all depends on the pattern you follow. I was able to amass a lot of profits 13.5 BTC! when i started at 4.7 BTC by implementing daily trade signals and strategy from Mrs Kathleen Rife ..
It’s the fall of the entire empire. Many people I speak to believe this. Grab the popcorn (if you can afford it and if it’s even on the shelves) and enjoy the movie’s ending.
In our generations most people do not know what they are good at, their natural talents and skills so they can get the best income possible. People in our day would not survive if they had to be self sufficient. Looks like the Amish have a strong point!
He’s a democrat that doesn’t believe in God.
Jesus once said, “It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God.” (Matt. 19:24.)
everyone will be wipe out by cbds ….
So if money don't grow on trees, why do banks have branches? 🙂
The recession is a cinch. How about WW3. !!!!! :0
THESE BABYBOOMERS AND THEIR LIES ABOUT THE FEDERAL RESERVE! GRRRR! THOSE WERE ALL LIES!
The federal reserve is a private bank with ZERO obligation of oversight. They don't pay any taxes and no one can dig into their records/books except those internal to the federal reserve. #CENTRALMOB
He is lying to your face about the FED…he is such a hipocrita
#ENDTHEFED
Yes and this Globalist maldito will be richer than ever while the middle class is wiped put in this COuntry. I am from another Country and thanks to people like Dalio Socialism will come here. He is a traitor to hummanity and the US Citizens. Hipocrit
When everybody thinks they see the same thing coming, it doesn't happen in the form they expected.
Christmas is coming
https://amzn.to/3EhmI13
The jokes on tom! Most people don't have anything! Roflmao
Very good Questions!!