Episode Transcript
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(00:01):
Hey, what's going on you guys. This is Joseph Bonner and welcome to
today's episode. With so much goingon in today's world, it seems like
everything is kind of going crazy,from the weather to let's be honest people,
and uncertainty about the future is acommon thread in topics being discussed globally,
(00:24):
not only in the news and themedia, but also in private homes
and so I'm hoping today's episode onhow to Prepare for an Uncertain Future will
prove to be not only inspiring andencouraging, but also help you and your
families to prepare for uncertainty, beit financial, emotional, mental, and
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all of the above. So we'regoing to talk about seven specific ways that
you and your family can prepare foran uncertain future. I want to start
off first because I think mostly peopleare majorly concerned about, you know,
finances. There have been stories whereindividuals have you know, saved their entire
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life are put money into a fourone k. There's one lady who had
put her whole life savings into herfour oh one K and that's all she
had. And she had worked onthe stock market as an assistant for you
know, some forty odd years ofher life and nearing the age of her
retirement. Her furl one k wascompletely emptied, like nothing, like there
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was nothing there for her. AndI remember when she was doing this interview,
she was in the point of tearsbecause she's at this retirement aid,
so she should be getting ready torelax and enjoy the rest of her you
know, wonder years or silver yearsas you call them in and now she's
stuck not knowing exactly what's going tohappen. And so I know a lot
of people are concerned about building fortheir future financially, and so let's talk
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a little bit about that right now. So point number one is you want
to start building an emergency fund.Now, I know that's said than done,
because you know, a lot ofus are living from paycheck to paycheck.
And I do apologize if you hearany noises in the background. Just
keep in mind that we are recordingthis show in India, and at least
where I'm staying in India. Theydo not care what you're doing. They
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will make as much noise as possible. And I'm not going to stop,
stop and restart the show over andover again just because people are not cognizant
of the fact that someone else isrecording, So please just bear with me
as I proceed. So you wantto go ahead and start by saving enough
money to cover at least three tosix months worth of living expenses. Now,
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this is going to give you somekind of a financial safety net in
case of an unexpected job loss orother emergencies. Now, the hard part
about that is obviously, again,like I said, a lot of us
are living from paycheck to paycheck.However, you're going to have to really
force yourself to put aside this money, even money that you quote unquote don't
have to put aside, put itaside anyways. There's never going to be
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an idea dealistic situation for many ofyou out there to when saving is going
to be ideal or it's going tobe something that's easy to do. It's
not especially going forward. So you'regoing to have to force yourself pull money
from wherever you need to to startthis emergency fund account that's going to allow
you to cover expenses for at leastthree to six months in case of a
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financial emergency, no matter how difficultthat is. Maybe talk about over with
your family, with your kids,cut back on things that you can cut
back on, and start building youremergency fund as soon as possible. Another
thing that you're going to want todo point number two is you want to
diversify your income sources. A lotof us are used to working nine to
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five jobs, right are you knowwe work the nightshift. However, if
you have multiple streams of income,obviously legal multiple streams of income, I
should emphasize that it's going to definitelyhelp you to offset some costs, but
also, at the same time evengive you a little bit of that extra
money or income that you need toprepare for an uncertain future. So like
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consider exploring maybe side gigs, freelancework. I would be very cautious about
investing, especially with the economy todayand with today's market. But some people
can do real estate and they usereal estate investment as an opportunity to make
an extra sort of income. Andthat makes sense, you know, because
real estate sometimes it's a win,times it's to lose, especially if you've
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been considered. I do want tocaution you on that because you know,
there are some individuals who've invested inreal estate and they've opened up these air
and air and b homes. AmI saying you right, air Andbnb or
I don't know how to say it, although I use them, But anyways,
they've opened up these homes on theseplatforms right to make some extra income,
and when guests come to these homeswith these properties, they completely trash
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them. I mean, I'm talkingabout trash them. And I feel so
bad for the individuals who share thesestories on social media because you know that
they are only this because they're tryingto take care of themselves financially. And
for someone to have such a lackof compassion and good human decency to come
into somebody's property and do that,it's utterly deplorable. So you do have
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to understand that if you do decideto invest, even in real estate,
our homes of that nature, itis a risk. And again you're talking
about we're talking about preparing for anuncertain future. So you may want to
find a different source of income that'sgoing to help you to again make a
little extra money to prepare for thisuncertain future. That's not going to be
such a big risk as real estate. But again, to each his own,
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and now let's go ahead and moveon to point number three. You
really want to start investing in yourmental and emotional wellbeing. And that's even
right now before a calamity or uncertaintyyou know, takes place. You know,
cultivate resilience and develop coping mechanisms todeal with uncertainty. So one of
the things that you can practice isyou know, just relaxing, seeking support
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from your friends and family if ifyou do not have one, and maybe
you perhaps desire one, you know, seek out a professional therapist. I'm
taking care of yourself mentally and emotionallyis extremely important. So if you learn
how to do it now when thingsaren't so bad, these will be practices
that you can go back and relyon when things start to get worse.
So if you can start developing someof these mental and emotional well being techniques
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during times of relative peace, whenthose are certain times roll around, these
practices will will be like a foundationfor you to kind of ride out the
wave of uncertainty and everything that comeswith it. One of the things I've
always done because I love I lovereading, so I love to read.
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I've always been an avid reader,and so reading helps me tremendously just you
know, put my mind at easeand and and refocus, and so thankfully
with those good habits. Of course, I choose very carefully what I read.
You can't read just anything now,but that helps me to not only
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cope with the things that I'm goingthrough now, but also just kind of
stay focused on what's more important.And the book that I read is my
go to is the Bible. That'sjust me personally, that's my reading book.
You may have something different, butfind again something that's going to help
keep you emotionally and mentally well groundedduring difficult times. Point number four.
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Continually putting yourself in situations to whereyou're going to be able to learn and
even upskill. So, for example, enhance your skills, your knowledge,
remain adaptable to the changing job market, stay up to date on the industry,
industry trends. You know, ifyou got to take courses, attend
workshops, pursue higher education to adegree to stay competitive, it could open
up more doors. And I willsay higher education is relatively important depending on
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the type of field that you're in. Obviously, if you're a doctor,
then you're going to definitely, youknow, need a degree so that you
can practice not only legally, butalso ethically. However, everybody's career path
does not require necessarily higher education,but it may require that you get some
training from some of these institutions thatwill help you to stay competitive in your
job market. So, for example, I love personally to take training courses
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that are relevant to whatever job thatI'm working on. A lot of individuals
out there have enrolled in courses atuniversities, are even just you know,
small community colleges, so as tojust stay relevant. Whatever you have to
do to continue to learn and continueto adapt and build new skills so that
you're you can stay adaptable in today'sjob market by all means do so,
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all right, let's go ahead andmove on to point number four. You
want to create a flexible budget.Now, developing a budget allow that allows
for flexibility and adjustability is extremely importantbecause this is going to help you to
adjust as need to be depending oncircumstances, emergencies and the like. You
definitely want to minimize unnecessary expenses andfocus on saving for future goals. So,
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for example, I know that alot of people you know, look
at you know, going to geta couple coffee at a cafe. It's
just like it's their treat to themselves. And although I think it's important that
you definitely treat yourself throughout this process, you may want to maybe not go
so often and this can help youto navigate the fluctuating financial circumstances that are
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happening to everyone right now just alittle bit more effectively. And I'll also
just be mindful that maybe some ofthe habits that you have now, spending
habits are not necessarily going to bebeneficial in case of an emergency. So
it may be just a good ideafor you just to kind of review your
spending habits adjust where it need beso that your habits are in line with,
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you know, the life that notonly that you want to live,
but at the same time that fullyis cognizant of the fact that emergencies can
happen at any moment, and weare fully prepared for that. We're not
financial crunch because of poor spending,which again which is requires a flexible budget
because maybe one month, you know, it's an anniversary and you want to
spend a little bit extra money onyour anniversary, but it's fine because the
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other months you weren't, you know, splurging. So again, a flexible
budget. All right, let's goutand move on to point number six.
Very important. You want to prioritizeyour physical well being now. And we
talked about emotional, we talked aboutmental, we talked about financial, but
let's talk about physical as well.Taking care of your physical health is very
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crucial if you want to maintain anoverall healthy lifestyle and just well being,
especially considering uncertainties in life. Youknow, you want to be physically able
to adjust as trying circumstances come youand your family's way. And what are
some ways that you can do that. Just engage in regular exercise, try
to eat a balanced diet. Definitely, definitely, definitely not to be underestimated
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is get enough sleep. A healthybody contributes to a better emotional and mental
visions. If you're healthy and wellrested and you're well fed, typically when
some of these emotional challenges come,you're going to be more prepared to handle
them mentally and emotionally because you're physicallytaking care of yourself. If for some
reason, your physical you know,schedule is not allowing you to get enough
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rest, you're not eating properly,it's going to factor over into your emotional
and mental resilience, and at thesame time that's going to factor over into
your job and your ability to eventake care of yourself financially. So all
of this is really interlinked into makingsure that you're fully prepared for uncertainty.
So not to be overlooked is yourphysical well being. If you do find
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that maybe more of a challenging partyou in your schedule, try something simple
as just walking regularly. I rememberone time I had gotten to a weight
that I was not happy with.And the only reason, only reason why
I saw that I was not happywith the weight is like I ended up
doing a television interview and I'm like, who is that personal TV? I
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know that's not me. It wasdefinitely me. And so from that moment,
I was like, Okay, Igotta get serious about my weight.
I gotta get I gotta get healthy. And so I started just walking.
I started walking every day, aboutforty five minutes to about it, but
I think it was I think Ijust started forty five minutes walking every evening,
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and then as I got a littlebit more stronger, I increased it
to about an hour and thirty minutes. But you know, and long story
short, right, I was ableto lose like thirty pounds and pretty quickly
too, just by walking and youknow I was, I was and also
watching what I ate, so noteating as many you know, processed carvers
as that nature. So it didn'ttake long to lose the weight once I
got serious about it. So youknow, maybe it's just a matter of
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you're just making a decision that thisis something you're going to get serious about
and now starting to prioritize your physicalwell being because everything is interlinked and as
you know, now last but notleast, and I say last but not
least because for some of us whoare maybe who don't like necessarily hanging around
a lot of people, and wedon't like being around a lot of people.
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It's just still something that you're goingto need. And I encourage this
is build a support network for someof the you individuals who have been through
trauma and it's very hard for youto trust. This is probably going to
be your biggest struggle, even moreso than anything else, is building a
support network. But I do encourageyou to try to surround yourself with a
supportive community because the supportive community isgoing to help foster you know, relationships
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either within the family, friendships,it could be colleagues, and they're going
to give you an emotional support thatyou need when you need it. They'll
give you advice, they can giveyou assistance during challenging times, and this
is gonna be a valuable resource toyou during uncertain periods of life. So
definitely having a network of support isextremely important. It is. You know,
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even me here right now, I'min a foreign country working on a
project, and although I'm very istay very guarded. I do not let
a lot of people get close tome, even when I'm back in the
States. Of course, I'm thesame way when I'm in a different country.
So even for me, this pieceof advice I want to be honest,
is very very hard for me toapply just because I don't trust people.
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So you may have that difficulty aswell. But what I do want
to say is that there are afew I'm sure in your circle, whether
they be in person or online,are somewhere that some people that you know
that you do feel somewhat comfortable with. And it's those individuals I want you
to focus on so as to buildyour network of support, because that's going
to really help you during these uncertaintimes that are sure to come. So
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just as a quick review, youguys on again how to prepare for an
uncertain future. The reality is isthat things are going to progressively get worse.
I don't want to lie to anyof my viewers or listeners. You
guys know, I've been very honestwith you guys even since we started podcasting
back in twenty fifteen, and Itold you all even then that you can
expect the world seeing to continually progressivelyget worse, not better. I told
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you that, and we're now intwenty twenty four, and mark those words,
that's exactly what's happened. So Ido not want you to be unprepared,
though, for this uncertain future.So if you take a part of
these steven suggestions and utilize them tothe best of your ability, you're going
to at least be more prepared forthe uncertain future. So let's go back
over the points real quickly. Numberone, you want to build an emergency
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fund, divert Number two. Diversifyyour income sources. Number three. Invest
in your mental and emotional wellbeing forcontinuously learn and upscale. Number five,
create a flexible budget. Six prioritizeyour physical well being, and last but
not least, number seven, builda support network. Now, if you
have anything else that you think Ishould have added to this list on how
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to prepare for an uncertain future,definitely let me know. Shoot me a
text, our email. You guyscan message me also on social media.
I'm at mister Joseph Vonner, hardto miss, black guy with the blonde
hair. So you guys, goahead and just reach out if you need
any extra support. If there's anytopics that you'd like me to cover on
the next show, please reach out. I'm here until next time. You
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guys, please take care of yourself. But before you go, definitely listen
to a word from our partners.