October 4, 2023 • 16 mins
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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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hey guys, ryan Dement , I hope you guys are having a
great day this week.
On the Chasing FinancialFreedom podcast, you guys have
me again.
I've been having somerescheduling issues with my
guests and I don't particularlylike that, but it is life.
But this week is going to be alittle bit of a different
(00:23):
approach because it's not.
I'm not just going to talkabout business, I'm also going
to put some personal aspectsinto this week's podcast, and
the first is really about thenoise that's going on in our
country.
If you're in the United States,I'm sorry.
That's what we're talking about.
(00:45):
And the next aspect, or the nextpiece that I really want to
talk about, is how we react toit.
And the third is what can we doabout it?
So the first piece it's, youknow, tuesday, october 3rd, and
the 10-year Treasury is hit 4.77, all-time high.
(01:08):
It's really crushing the realestate market.
It's slowing down.
There's problems all over theplace.
There's just a lot of noisewith that.
What can we do about it?
Absolutely nothing.
But how we react to it is huge.
And by by no means am I notstressed, because I have houses
(01:35):
to sell for a Bayard Parkproject.
I also have loan originationsthat I'm working on.
So there's a bunch of stuffthat I'm doing and it's all
impacted by this market, and themarket is so crazy and there's
so many people telling us thatthis is going to crash and it's
going to do this or it's goingto do that, and how can they
(01:58):
tell the future?
If they can, they should beplaying the Powerball today,
because or yeah, it's today ortomorrow for 1.2 billion, so
they can win it and be done byall 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
(02:23):
came out today, they wereexpecting 8.8 million jobs to be
open.
They came in at 9.2 or 9.3million jobs.
So there's still a ton of jobsopen, meaning there are still
people sitting on the sidelinenot working.
Either they're sitting in thebasement playing video games at
(02:45):
mommy and daddy's or they havesome type of side hustle income
coming in, whether it's Uber, orthey're doing stuff like I'm
doing social media.
What are the cases?
We still have some opportunityfor people to be employed and
there's not people applying forthose jobs.
So there's some room there.
(03:08):
The other piece that really getsat me is all these individuals
that speak about everything iscrashing and this is the great
reset that we need.
That's going to set everybodyapart.
Do they not realize?
If we have a great reset, it'sonly going to eliminate the
(03:28):
middle class and people that arebelow that and pretty much put
everybody in lower class, andthen everybody else above that
is going to be wealthy.
That's not the society we wantto live in.
We want to have some equalmeans, so we have some play in
what we're doing in our lives.
I'm just so sick and tired ofall these people talking about
(03:52):
what the market's going to doand then they complain about it
when it doesn't happen on theirtimeframe.
The last time I checked,there's only one person that can
actually predict any of thisstuff and he's upstairs God and
I don't see him out laying betson whether the market's going to
(04:12):
crash or not.
Is the stock market doing welltoday?
No, it's down almost 400 points.
But this is what I'm talkingabout, guys.
This is the piece that reallyjust gets at my goat, at my craw
.
However you want to say it,you're so worried about the
noise that we forget to tightendown our own hatches to prepare
(04:35):
for the worst.
Is it bad to prepare for theworst?
No, do it.
But also, at the same time, youhave to continue to start
living or, excuse me, keepliving your life.
You got to go to work, you gotto pay your bills, you got to
take care of your family, youneed to enjoy and have downtime.
All those things have to playinto effect of what's going on
(04:58):
in your life.
But if we sit there and worryabout all the what ifs that
could happen in life, itparalyzes us.
I'm going to talk from personalexperience.
I listen to these guys becauseI want to learn and when I try
to absorb as much information asI possibly can guess what
happens, I get paralyzed becauseI start worrying about all
(05:19):
these other things that aregoing on that I'm so worried
that I'm not going to be able tosell houses, I'm not going to
be able to close loans, we'renot going to be able to do this.
We're not going to be able todo that.
True community is not going tobe able to raise donations.
It just becomes so much noiseto where I'm paralyzed and it
absolutely stops all my progress.
(05:40):
And that's BS, because there arestill markets to be had in this
time and age.
There's still deals to bebought.
There's still transactions tobe sold or work with others.
We're still going to hit fourto 4.3 million transactions in
(06:02):
the real estate industry thisyear.
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 getdivorced, they had a death in
the family, god forbid or theyhave to go back into the office
and they moved so far away fromthe office that they've got to
(06:24):
sell their house.
So there are still peoplebuying and selling houses.
Is it a lot?
No, but back to the reactionpiece.
If you can't tell I'm fired up,is this how can we continue to
listen to all the noise andexpect change in our lives?
(06:45):
It doesn't happen.
Finding what works for you andyour family and your loved ones
is tough in this day and age,because there's a lot of instant
gratification From myexperience and how I'm dealing
with it.
I do it in doses and I try totame my thought process If I
(07:08):
find things that are reallyrubbing me the wrong way or
making me feel like I'm going tostop and just be.
Oh my God, the world is falling.
I have to stop listening to itor watching it and come back to
reality and say okay, if that'sthe case, how am I going to
solve that problem?
What can I do to prepare formyself?
I'm reading this book right nowwho, not how?
(07:35):
And one of the things they talkabout is you putting skin in the
game for yourself to grow.
And how are you going to dothat unless you prepare yourself
to be able to get on the otherside?
And if you don't do that, howare you supposed to have a
better life?
(07:55):
How are you supposed to takecare of your family?
And that skin in the game forme is I have to find better ways
I shouldn't say better waysmore effective ways to market my
businesses, and whether that'straditional email marketing,
whether it's mail marketing,whether it's knocking on doors,
(08:16):
I have to get that done, becauseotherwise my businesses will
fold, nothing will happen, I'llbe stuck, and then I will have
to disappear, and that doesn'twork for me.
That's a motivation for me.
So I'm thinking of some ideasfor some marketing pieces that
(08:38):
most are not wanting to do, andI'm going to go try them.
I'm going to try them in smallscale 25 or 50 mailers.
These are handwritten lettersthat I'm going to do and I'm
going to see how it goes, seewhere it takes me and how the
end user perceives it.
I'll get feedback and we'llfigure it out.
(08:59):
But that's what we have to do inour lives, guys, not just
business, but our lives.
If we continue to sit aroundand 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 towhere we don't have to worry
(09:19):
about things?
And that's where the differencebetween people that have money
or success in their lives versuspeople that don't.
They take failure as a road tosuccess and they know that they
have to continue to succeed orthey continue Sorry, they're
going to continue to fail, whichwill get them closer to their
(09:40):
success, and that is is like ano brainer.
But until you are not allergicor fearful of failure, your life
doesn't change.
And that's how these people areacting in social media and out
in the world is they're creatingthis fear because they want you
(10:01):
to be paralyzed, becausethey're doing whatever they're
doing in the background to makethemselves even more successful,
have more money, be being abetter place than they were
before.
That was a little bit of amouthful, but how can you
overcome fear of change?
Is very simple Do it.
(10:23):
Know that you're going to fail.
Come back to the failure, learnfrom it, move forward.
It's very simple, guys, but weover complicated because we're
complicated human beings.
We like to put emotions andeverything else in between and
it all it does is boil down towhat's between your two ears,
(10:45):
your mind, your brain.
You have to focus on knowingthat change is going to happen.
When you have failure, you'regoing to have breakthroughs, and
those breakthroughs will getyou to the other side of where
you want to be.
But there will be pain alongthis path.
(11:06):
The pain doesn't mean you stop.
The pain means you keep going.
If you have to rest, rest it'slike going to the gym the day
after what happens.
You're sore.
Go back again and continue toflex your muscles and use them
to grow yourself, to pushyourself into another space that
(11:29):
you've never been in.
Guys, now is the time.
If you are in business a W-2employee, self-employed,
whatever the case is or in yourpersonal life, when chaos is out
there, I think there's a sayingout there when there's blood in
(11:50):
the streets, you need to takeadvantage 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 away to the other side of pain.
That's going to be so huge foryou and if you don't, you'll be
(12:16):
part of the people on the streetbleeding.
I don't know how else to saythat to you guys, but here is
the wrap-up in all of this short.
This week, I want to make surethat I'm staying focused and I'm
ranting, and I don't want tokeep on going around about it.
Whether the financial marketscrash or not, you still need to
(12:37):
be prepared, and the only wayhow to be prepared is to make
sure you have enough money inyour bank.
God forbid, if somethinghappens, you can pay your bills,
whether you follow Dave Ramseyor whoever else, you need to
have money in your savingsaccount, whether it be $1,000,
$10,000, whatever.
You need to start somewhere.
The next piece stop being anover-consumer.
(13:00):
Stop consuming stuff that youdon't need.
Focus on what you actually needto survive and pay off all
those credit card bills.
Credit cards are through theroof right now 22, 23%, I've
even seen 23.99%, and people arelike why would I want to get a
(13:21):
home equity line to pay that off?
Duh, 23.99% versus 9% or 10% ischeaper than 23.
That's 1300 basis points less,which would be a huge difference
.
You're paying five or sixcredit cards a month versus
(13:41):
making two payments your first,your mortgage on your first and
your HELOC, which is your second.
No brainer, get rid of yourdebt.
You can always refinance outonce rates come down.
By all means.
Rates will come back down inthe future.
Do I know when?
No, it's a cycle.
This will change.
(14:02):
This, too, will pass.
Lastly, if you're going to tunein the noise, you have to have
some type of filter or a stop, awall to where you can stop and
walk away in it not bedetrimental to your health, to
your business, to your family.
Otherwise, you'll get placed ina spot that I've been in
(14:29):
several times, to where I letfear take over and everything
stopped and I did not getanything accomplished.
Now I'm doubling down on mybusiness, I'm doubling down on
me and I'm finding ways to fightthrough the noise, so I am not
paralyzed by all the crap that'sgoing on in the market.
(14:50):
Is the market shitty?
Yes, I know that, but I can'tcontrol it.
All I can do is react and moveforward.
And my reactions are how can Iput myself out there versus
everybody else?
Is everybody else's puttingtheir heads in the sand and
(15:11):
saying, oh, I'm just going towait this out, or it's too
shitty out there, I'm not goingto do this?
That's a bunch of crap.
Now's the time to build yourbusiness even stronger and take
market share from others, and ifyou're not doing it, you're
losing business because there'sothers out there like me that
will come, take your business,and that's just really the gist
(15:34):
of it.
Fight through the noise, don'tgive up.
Take your losses, learn fromthem, move forward.
Very simple, guys.
Sorry, I was on a rant thisweek, but I wanted to get this
out.
It's short and sweet.
I'll see you guys on the otherside.
Have a good one.
Hey guys, ryan Dement , I hope you guys are having a
great day this week.
On the Chasing FinancialFreedom podcast, you guys have
me again.
I've been having somerescheduling issues with my
guests and I don't particularlylike that, but it is life.
But this week is going to be alittle bit of a different
(00:23):
approach because it's not.
I'm not just going to talkabout business, I'm also going
to put some personal aspectsinto this week's podcast, and
the first is really about thenoise that's going on in our
country.
If you're in the United States,I'm sorry.
That's what we're talking about.
(00:45):
And the next aspect, or the nextpiece that I really want to
talk about, is how we react toit.
And the third is what can we doabout it?
So the first piece it's, youknow, tuesday, october 3rd, and
the 10-year Treasury is hit 4.77, all-time high.
(01:08):
It's really crushing the realestate market.
It's slowing down.
There's problems all over theplace.
There's just a lot of noisewith that.
What can we do about it?
Absolutely nothing.
But how we react to it is huge.
And by by no means am I notstressed, because I have houses
(01:35):
to sell for a Bayard Parkproject.
I also have loan originationsthat I'm working on.
So there's a bunch of stuffthat I'm doing and it's all
impacted by this market, and themarket is so crazy and there's
so many people telling us thatthis is going to crash and it's
going to do this or it's goingto do that, and how can they
(01:58):
tell the future?
If they can, they should beplaying the Powerball today,
because or yeah, it's today ortomorrow for 1.2 billion, so
they can win it and be done byall 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
(02:23):
came out today, they wereexpecting 8.8 million jobs to be
open.
They came in at 9.2 or 9.3million jobs.
So there's still a ton of jobsopen, meaning there are still
people sitting on the sidelinenot working.
Either they're sitting in thebasement playing video games at
(02:45):
mommy and daddy's or they havesome type of side hustle income
coming in, whether it's Uber, orthey're doing stuff like I'm
doing social media.
What are the cases?
We still have some opportunityfor people to be employed and
there's not people applying forthose jobs.
So there's some room there.
(03:08):
The other piece that really getsat me is all these individuals
that speak about everything iscrashing and this is the great
reset that we need.
That's going to set everybodyapart.
Do they not realize?
If we have a great reset, it'sonly going to eliminate the
(03:28):
middle class and people that arebelow that and pretty much put
everybody in lower class, andthen everybody else above that
is going to be wealthy.
That's not the society we wantto live in.
We want to have some equalmeans, so we have some play in
what we're doing in our lives.
I'm just so sick and tired ofall these people talking about
(03:52):
what the market's going to doand then they complain about it
when it doesn't happen on theirtimeframe.
The last time I checked,there's only one person that can
actually predict any of thisstuff and he's upstairs God and
I don't see him out laying betson whether the market's going to
(04:12):
crash or not.
Is the stock market doing welltoday?
No, it's down almost 400 points.
But this is what I'm talkingabout, guys.
This is the piece that reallyjust gets at my goat, at my craw
.
However you want to say it,you're so worried about the
noise that we forget to tightendown our own hatches to prepare
(04:35):
for the worst.
Is it bad to prepare for theworst?
No, do it.
But also, at the same time, youhave to continue to start
living or, excuse me, keepliving your life.
You got to go to work, you gotto pay your bills, you got to
take care of your family, youneed to enjoy and have downtime.
All those things have to playinto effect of what's going on
(04:58):
in your life.
But if we sit there and worryabout all the what ifs that
could happen in life, itparalyzes us.
I'm going to talk from personalexperience.
I listen to these guys becauseI want to learn and when I try
to absorb as much information asI possibly can guess what
happens, I get paralyzed becauseI start worrying about all
(05:19):
these other things that aregoing on that I'm so worried
that I'm not going to be able tosell houses, I'm not going to
be able to close loans, we'renot going to be able to do this.
We're not going to be able todo that.
True community is not going tobe able to raise donations.
It just becomes so much noiseto where I'm paralyzed and it
absolutely stops all my progress.
(05:40):
And that's BS, because there arestill markets to be had in this
time and age.
There's still deals to bebought.
There's still transactions tobe sold or work with others.
We're still going to hit fourto 4.3 million transactions in
(06:02):
the real estate industry thisyear.
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 getdivorced, they had a death in
the family, god forbid or theyhave to go back into the office
and they moved so far away fromthe office that they've got to
(06:24):
sell their house.
So there are still peoplebuying and selling houses.
Is it a lot?
No, but back to the reactionpiece.
If you can't tell I'm fired up,is this how can we continue to
listen to all the noise andexpect change in our lives?
(06:45):
It doesn't happen.
Finding what works for you andyour family and your loved ones
is tough in this day and age,because there's a lot of instant
gratification From myexperience and how I'm dealing
with it.
I do it in doses and I try totame my thought process If I
(07:08):
find things that are reallyrubbing me the wrong way or
making me feel like I'm going tostop and just be.
Oh my God, the world is falling.
I have to stop listening to itor watching it and come back to
reality and say okay, if that'sthe case, how am I going to
solve that problem?
What can I do to prepare formyself?
I'm reading this book right nowwho, not how?
(07:35):
And one of the things they talkabout is you putting skin in the
game for yourself to grow.
And how are you going to dothat unless you prepare yourself
to be able to get on the otherside?
And if you don't do that, howare you supposed to have a
better life?
(07:55):
How are you supposed to takecare of your family?
And that skin in the game forme is I have to find better ways
I shouldn't say better waysmore effective ways to market my
businesses, and whether that'straditional email marketing,
whether it's mail marketing,whether it's knocking on doors,
(08:16):
I have to get that done, becauseotherwise my businesses will
fold, nothing will happen, I'llbe stuck, and then I will have
to disappear, and that doesn'twork for me.
That's a motivation for me.
So I'm thinking of some ideasfor some marketing pieces that
(08:38):
most are not wanting to do, andI'm going to go try them.
I'm going to try them in smallscale 25 or 50 mailers.
These are handwritten lettersthat I'm going to do and I'm
going to see how it goes, seewhere it takes me and how the
end user perceives it.
I'll get feedback and we'llfigure it out.
(08:59):
But that's what we have to do inour lives, guys, not just
business, but our lives.
If we continue to sit aroundand 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 towhere we don't have to worry
(09:19):
about things?
And that's where the differencebetween people that have money
or success in their lives versuspeople that don't.
They take failure as a road tosuccess and they know that they
have to continue to succeed orthey continue Sorry, they're
going to continue to fail, whichwill get them closer to their
(09:40):
success, and that is is like ano brainer.
But until you are not allergicor fearful of failure, your life
doesn't change.
And that's how these people areacting in social media and out
in the world is they're creatingthis fear because they want you
(10:01):
to be paralyzed, becausethey're doing whatever they're
doing in the background to makethemselves even more successful,
have more money, be being abetter place than they were
before.
That was a little bit of amouthful, but how can you
overcome fear of change?
Is very simple Do it.
(10:23):
Know that you're going to fail.
Come back to the failure, learnfrom it, move forward.
It's very simple, guys, but weover complicated because we're
complicated human beings.
We like to put emotions andeverything else in between and
it all it does is boil down towhat's between your two ears,
(10:45):
your mind, your brain.
You have to focus on knowingthat change is going to happen.
When you have failure, you'regoing to have breakthroughs, and
those breakthroughs will getyou to the other side of where
you want to be.
But there will be pain alongthis path.
(11:06):
The pain doesn't mean you stop.
The pain means you keep going.
If you have to rest, rest it'slike going to the gym the day
after what happens.
You're sore.
Go back again and continue toflex your muscles and use them
to grow yourself, to pushyourself into another space that
(11:29):
you've never been in.
Guys, now is the time.
If you are in business a W-2employee, self-employed,
whatever the case is or in yourpersonal life, when chaos is out
there, I think there's a sayingout there when there's blood in
(11:50):
the streets, you need to takeadvantage 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 away to the other side of pain.
That's going to be so huge foryou and if you don't, you'll be
(12:16):
part of the people on the streetbleeding.
I don't know how else to saythat to you guys, but here is
the wrap-up in all of this short.
This week, I want to make surethat I'm staying focused and I'm
ranting, and I don't want tokeep on going around about it.
Whether the financial marketscrash or not, you still need to
(12:37):
be prepared, and the only wayhow to be prepared is to make
sure you have enough money inyour bank.
God forbid, if somethinghappens, you can pay your bills,
whether you follow Dave Ramseyor whoever else, you need to
have money in your savingsaccount, whether it be $1,000,
$10,000, whatever.
You need to start somewhere.
The next piece stop being anover-consumer.
(13:00):
Stop consuming stuff that youdon't need.
Focus on what you actually needto survive and pay off all
those credit card bills.
Credit cards are through theroof right now 22, 23%, I've
even seen 23.99%, and people arelike why would I want to get a
(13:21):
home equity line to pay that off?
Duh, 23.99% versus 9% or 10% ischeaper than 23.
That's 1300 basis points less,which would be a huge difference
.
You're paying five or sixcredit cards a month versus
(13:41):
making two payments your first,your mortgage on your first and
your HELOC, which is your second.
No brainer, get rid of yourdebt.
You can always refinance outonce rates come down.
By all means.
Rates will come back down inthe future.
Do I know when?
No, it's a cycle.
This will change.
(14:02):
This, too, will pass.
Lastly, if you're going to tunein the noise, you have to have
some type of filter or a stop, awall to where you can stop and
walk away in it not bedetrimental to your health, to
your business, to your family.
Otherwise, you'll get placed ina spot that I've been in
(14:29):
several times, to where I letfear take over and everything
stopped and I did not getanything accomplished.
Now I'm doubling down on mybusiness, I'm doubling down on
me and I'm finding ways to fightthrough the noise, so I am not
paralyzed by all the crap that'sgoing on in the market.
(14:50):
Is the market shitty?
Yes, I know that, but I can'tcontrol it.
All I can do is react and moveforward.
And my reactions are how can Iput myself out there versus
everybody else?
Is everybody else's puttingtheir heads in the sand and
(15:11):
saying, oh, I'm just going towait this out, or it's too
shitty out there, I'm not goingto do this?
That's a bunch of crap.
Now's the time to build yourbusiness even stronger and take
market share from others, and ifyou're not doing it, you're
losing business because there'sothers out there like me that
will come, take your business,and that's just really the gist
(15:34):
of it.
Fight through the noise, don'tgive up.
Take your losses, learn fromthem, move forward.
Very simple, guys.
Sorry, I was on a rant thisweek, but I wanted to get this
out.
It's short and sweet.
I'll see you guys on the otherside.
Have a good one.
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Therapy Gecko
An unlicensed lizard psychologist travels the universe talking to strangers about absolutely nothing. TO CALL THE GECKO: follow me on https://www.twitch.tv/lyleforever to get a notification for when I am taking calls. I am usually live Mondays, Wednesdays, and Fridays but lately a lot of other times too. I am a gecko.