Chasing Financial Freedom

Navigating the Noise: Overcoming Financial Uncertainty and Fear with Resilience

October 04, 2023 Ryan DeMent Season 5 Episode 40
Chasing Financial Freedom
Navigating the Noise: Overcoming Financial Uncertainty and Fear with Resilience
Show Notes Transcript Chapter Markers

Anxiety and fear can paralyze us, especially in times of financial uncertainty. Ever wondered how to overcome this and move ahead? This episode is all about navigating through the noise and coming out strong. With the 10-year Treasury rate hitting an all-time high and a slowing real estate market, we discuss the implications and share some personal stories of resistance. Despite market volatility, there's a promise of opportunities - 9 million open jobs and the chance to take market share from others. We talk about the touted 'great reset' but also stress on the importance of living our lives and looking for opportunities in the face of adversity.

Shutting out the noise is a challenge in our fast-paced world, but it's also the key to staying focused on what truly matters. Ever felt overwhelmed by market fluctuations? We have, and in this candid conversation, we discuss ways to stay resilient and double down on our business. Sure, the market may be beyond control but our reaction to it isn't. We talk about the importance of persistent diligence, learning from failures, and leveraging them as stepping stones to success. So, gear up for an engaging, motivation-packed episode that could help you build resilience and carve your path through challenging times.

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Speaker 1:

Hey guys, ryan Dement, I hope you guys are having a great day this week. On the Chasing Financial Freedom podcast, you guys have me again. I've been having some rescheduling issues with my guests and I don't particularly like that, but it is life. But this week is going to be a little bit of a different approach because it's not. I'm not just going to talk about business, I'm also going to put some personal aspects into this week's podcast, and the first is really about the noise that's going on in our country. If you're in the United States, I'm sorry. That's what we're talking about. And the next aspect, or the next piece that I really want to talk about, is how we react to it. And the third is what can we do about it? So the first piece it's, you know, tuesday, october 3rd, and the 10-year Treasury is hit 4.77, all-time high. It's really crushing the real estate market. It's slowing down. There's problems all over the place. There's just a lot of noise with that. What can we do about it? Absolutely nothing. But how we react to it is huge. And by by no means am I not stressed, because I have houses to sell for a Bayard Park project. I also have loan originations that I'm working on. So there's a bunch of stuff that I'm doing and it's all impacted by this market, and the market is so crazy and there's so many people telling us that this is going to crash and it's going to do this or it's going to do that, and how can they tell the future? If they can, they should be playing the Powerball today, because or yeah, it's today or tomorrow for 1.2 billion, so they can win it and be done by all means. Is there pain? Yes, do it. Is it going to crash? I don't know. There's just a lot going on. But when jobs data excuse me, job data came out to me, data came out today, they were expecting 8.8 million jobs to be open. They came in at 9.2 or 9.3 million jobs. So there's still a ton of jobs open, meaning there are still people sitting on the sideline not working. Either they're sitting in the basement playing video games at mommy and daddy's or they have some type of side hustle income coming in, whether it's Uber, or they're doing stuff like I'm doing social media. What are the cases? We still have some opportunity for people to be employed and there's not people applying for those jobs. So there's some room there. The other piece that really gets at me is all these individuals that speak about everything is crashing and this is the great reset that we need. That's going to set everybody apart. Do they not realize? If we have a great reset, it's only going to eliminate the middle class and people that are below that and pretty much put everybody in lower class, and then everybody else above that is going to be wealthy. That's not the society we want to live in. We want to have some equal means, so we have some play in what we're doing in our lives. I'm just so sick and tired of all these people talking about what the market's going to do and then they complain about it when it doesn't happen on their timeframe. The last time I checked, there's only one person that can actually predict any of this stuff and he's upstairs God and I don't see him out laying bets on whether the market's going to crash or not. Is the stock market doing well today? No, it's down almost 400 points. But this is what I'm talking about, guys. This is the piece that really just gets at my goat, at my craw. However you want to say it, you're so worried about the noise that we forget to tighten down our own hatches to prepare for the worst. Is it bad to prepare for the worst? No, do it. But also, at the same time, you have to continue to start living or, excuse me, keep living your life. You got to go to work, you got to pay your bills, you got to take care of your family, you need to enjoy and have downtime. All those things have to play into effect of what's going on in your life. But if we sit there and worry about all the what ifs that could happen in life, it paralyzes us. I'm going to talk from personal experience. I listen to these guys because I want to learn and when I try to absorb as much information as I possibly can guess what happens, I get paralyzed because I start worrying about all these other things that are going on that I'm so worried that I'm not going to be able to sell houses, I'm not going to be able to close loans, we're not going to be able to do this. We're not going to be able to do that. True community is not going to be able to raise donations. It just becomes so much noise to where I'm paralyzed and it absolutely stops all my progress. And that's BS, because there are still markets to be had in this time and age. There's still deals to be bought. There's still transactions to be sold or work with others. We're still going to hit four to 4.3 million transactions in the real estate industry this year. Is it the lowest point? Pretty close. 2007 or 2008 was 4.1 million. So yeah, it's low. People still have to move, people still have to relocate for their jobs, they get divorced, they had a death in the family, god forbid or they have to go back into the office and they moved so far away from the office that they've got to sell their house. So there are still people buying and selling houses. Is it a lot? No, but back to the reaction piece. If you can't tell I'm fired up, is this how can we continue to listen to all the noise and expect change in our lives? It doesn't happen. Finding what works for you and your family and your loved ones is tough in this day and age, because there's a lot of instant gratification From my experience and how I'm dealing with it. I do it in doses and I try to tame my thought process If I find things that are really rubbing me the wrong way or making me feel like I'm going to stop and just be. Oh my God, the world is falling. I have to stop listening to it or watching it and come back to reality and say okay, if that's the case, how am I going to solve that problem? What can I do to prepare for myself? I'm reading this book right now who, not how? And one of the things they talk about is you putting skin in the game for yourself to grow. And how are you going to do that unless you prepare yourself to be able to get on the other side? And if you don't do that, how are you supposed to have a better life? How are you supposed to take care of your family? And that skin in the game for me is I have to find better ways I shouldn't say better ways more effective ways to market my businesses, and whether that's traditional email marketing, whether it's mail marketing, whether it's knocking on doors, I have to get that done, because otherwise my businesses will fold, nothing will happen, I'll be stuck, and then I will have to disappear, and that doesn't work for me. That's a motivation for me. So I'm thinking of some ideas for some marketing pieces that most are not wanting to do, and I'm going to go try them. I'm going to try them in small scale 25 or 50 mailers. These are handwritten letters that I'm going to do and I'm going to see how it goes, see where it takes me and how the end user perceives it. I'll get feedback and we'll figure it out. But that's what we have to do in our lives, guys, not just business, but our lives. If we continue to sit around and wait for something to happen or somebody to take care of us, how are we supposed to grow and be able to get to a place to where we don't have to worry about things? And that's where the difference between people that have money or success in their lives versus people that don't. They take failure as a road to success and they know that they have to continue to succeed or they continue Sorry, they're going to continue to fail, which will get them closer to their success, and that is is like a no brainer. But until you are not allergic or fearful of failure, your life doesn't change. And that's how these people are acting in social media and out in the world is they're creating this fear because they want you to be paralyzed, because they're doing whatever they're doing in the background to make themselves even more successful, have more money, be being a better place than they were before. That was a little bit of a mouthful, but how can you overcome fear of change? Is very simple Do it. Know that you're going to fail. Come back to the failure, learn from it, move forward. It's very simple, guys, but we over complicated because we're complicated human beings. We like to put emotions and everything else in between and it all it does is boil down to what's between your two ears, your mind, your brain. You have to focus on knowing that change is going to happen. When you have failure, you're going to have breakthroughs, and those breakthroughs will get you to the other side of where you want to be. But there will be pain along this path. The pain doesn't mean you stop. The pain means you keep going. If you have to rest, rest it's like going to the gym the day after what happens. You're sore. Go back again and continue to flex your muscles and use them to grow yourself, to push yourself into another space that you've never been in. Guys, now is the time. If you are in business a W-2 employee, self-employed, whatever the case is or in your personal life, when chaos is out there, I think there's a saying out there when there's blood in the streets, you need to take advantage of it. I know that sounds horrible, but it is so true. When everybody else is fearful, you need to be charging as hard as you possibly can to find a way to the other side of pain. That's going to be so huge for you and if you don't, you'll be part of the people on the street bleeding. I don't know how else to say that to you guys, but here is the wrap-up in all of this short. This week, I want to make sure that I'm staying focused and I'm ranting, and I don't want to keep on going around about it. Whether the financial markets crash or not, you still need to be prepared, and the only way how to be prepared is to make sure you have enough money in your bank. God forbid, if something happens, you can pay your bills, whether you follow Dave Ramsey or whoever else, you need to have money in your savings account, whether it be $1,000, $10,000, whatever. You need to start somewhere. The next piece stop being an over-consumer. Stop consuming stuff that you don't need. Focus on what you actually need to survive and pay off all those credit card bills. Credit cards are through the roof right now 22, 23%, I've even seen 23.99%, and people are like why would I want to get a home equity line to pay that off? Duh, 23.99% versus 9% or 10% is cheaper than 23. That's 1300 basis points less, which would be a huge difference. You're paying five or six credit cards a month versus making two payments your first, your mortgage on your first and your HELOC, which is your second. No brainer, get rid of your debt. You can always refinance out once rates come down. By all means. Rates will come back down in the future. Do I know when? No, it's a cycle. This will change. This, too, will pass. Lastly, if you're going to tune in the noise, you have to have some type of filter or a stop, a wall to where you can stop and walk away in it not be detrimental to your health, to your business, to your family. Otherwise, you'll get placed in a spot that I've been in several times, to where I let fear take over and everything stopped and I did not get anything accomplished. Now I'm doubling down on my business, I'm doubling down on me and I'm finding ways to fight through the noise, so I am not paralyzed by all the crap that's going on in the market. Is the market shitty? Yes, I know that, but I can't control it. All I can do is react and move forward. And my reactions are how can I put myself out there versus everybody else? Is everybody else's putting their heads in the sand and saying, oh, I'm just going to wait this out, or it's too shitty out there, I'm not going to do this? That's a bunch of crap. Now's the time to build your business even stronger and take market share from others, and if you're not doing it, you're losing business because there's others out there like me that will come, take your business, and that's just really the gist of it. Fight through the noise, don't give up. Take your losses, learn from them, move forward. Very simple, guys. Sorry, I was on a rant this week, but I wanted to get this out. It's short and sweet. I'll see you guys on the other side. Have a good one.

Navigating Financial Uncertainty and Overcoming Fear
Fight Through the Noise