Wealth by Design

Ikigai (pronounced ee-key-guy) is a wonderful Japanese concept made from two Japanese words: iki, meaning “life” and kai, meaning “effect, result, worth or benefit.” Combined: “a reason for living.” Beautiful, Isn’t it? There is no need to visit a Buddhist temple in Bali to “find yourself.” Instead, Dustin and I want to use this episode to help you find your reason for living, aka your Ikigai! Grab your headphones and a pen, your purposeful future awaits!

Sir John Marks Templeton (November 29, 1912 – July 8, 2008) was an American-born British stock investor, businessman, and philanthropist. He is credited with giving this investment wisdom in February 1994: "Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria." Today, Dustin R. Granger, CERTIFIED FINANCIAL PLANNER™ and I break down exactly what that phrase means, and how it can help show what is happening in the financial market!

Here's What You'll Learn

• [1:22] Who was Sir John Templeton?
• [3:15] Bull Market explained
• [3:45] Bear market explained
• [5:00] Bull markets are born on pessimism...
• [8:00] ...grows on skepticism...
• [9:15] ...Matures on optimism...
• [11:00] ...Dies on euphoria
• [14:30] Toujours Worth Software - Guided Wealth Portfolios
• [16:10] Worth It Inspirations

"Bull markets are born on pessimism…

Bear markets/sentiment always bottom at some point and this creates a perfect entry to buy a stock at the cheapest price possible. The first rule of investment is "Buy Low and Sell High", but many people fear to buy low, because of the fear of the stock dropping even lower, then you may ask "When is the time to buy low?" The answer, according to Sir John: When there is maximum pessimism.

...grow on skepticism…

Even when the market starts to rise, people are often skeptical. This can't be real, another drop is headed our way, watch out for the double dip, don't invest. Ever heard these things before? That's skepticism talking. This may also be the point when there are more investment options, since many people are hesitant to invest, for fear of the bottom falling out. If fortune favors the bold, then boldly invest, in spite of the skepticism.

...mature on optimism...

"Bull Markets...Mature on optimism" may be the easiest stage to recognize. The talking heads are optimistic, everything seems to be growing steadily upwards, and people have a positive outlook on investing. In fact, people start volunteering more of their wealth towards investments. If the market was represented by a clock, maturing on optimism would place the hands around 9-10pm. Remember though, while everything is optimistic, stock prices may be higher, so if you are considering investing, it's wise to turn it on autopilot, and not let something "shiny" distract you.

...and die on euphoria

The reason that bull markets die of euphoria is that market prices, particularly in the "momentum" stage of the investing cycle, are based on the assumption the current cycle will continue into perpetuity. Earnings, the economy, sales, etc. will continue to expand in a linear fashion…forever. Since the economy, as well as virtually everything in life, is cyclical, it is only logical that eventually, the disappointment of those assumptions sparks the beginning of the next bear market cycle. How can you tell if this is happening in the market? Dustin says to try and gauge the emotions of everyone around you. What is being said around the break room or by the talking heads? What is the prevalent emotion? Remember, the best thing you can do is have a clear plan, create a system and stick to it!

Resources & People Mentioned

• Toujours Worth Software - Guided Wealth Portfolios
• The Handmaid's Tale
• Jealous Guy - John Lennon

Connect With Danielle and Dustin

• Ask your questions!
• On Facebook
• On Twitter

• Connect with Dustin on Twitter: @DRGranger

Sir John Marks Templeton (November 29, 1912 – July 8, 2008) was an American-born British stock investor, businessman, and philanthropist. He is credited with giving this investment wisdom in February 1994: “Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.” Today, Dustin R. Granger, CERTIFIED FINANCIAL PLANNER™ and I break down exactly what that phrase means, and how it can help show what is happening in the financial market!

The idea of competition is engraved in our minds. We believe that we have to compete for the same jobs as others. If someone has a job, that means you can't have the same job. And if a company has a certain market share, that means you have to compete with that company to "win" a piece of their share. What if instead of competing, we focused on creating. On this episode, Dustin and I share a few well-known examples of people who created instead of competing, and how the world was changed as a result!

Here's What You'll Learn

• [1:30] Create, don't compete
• [3:45] You can put your unique spin on the subject
• [5:00] The action superstar
• [7:00] The second smartphone
• [9:30] The abundance mindset
• [18:45] Everyone should have blinders on
• [20:45] Supporting others requires a change in mindset
• [22:30] Allow your brain to rest
• [26:15] Toujours Worth Software - Guided Wealth Portfolios
• [27:15] Worth It Inspiration

The action superstar

Before he became famous, Arnold Schwarzenegger auditioned for several roles and was told by many that he had no future as an actor. His body was considered strange, and his accent was hard to understand, and his name was too long, so he was passed up. Not settling for that answer, he eventually went on to create a brand new genre of actors, one he called action superstars. After Conan The Barbarian, Arnold was in high demand! The trick to his success? He created when everyone else was competing. This creativity gave him an edge and made him stand out.

The second smartphone

In 2002, the world was introduced to the Blackberry smartphone. It could text, call, open an email, send faxes and browse the internet, all at the same time! Sales skyrocketed! From business execs to solopreneurs, everyone was using the Blackberry! So why did Steve Jobs think he could compete? He didn't. Instead, he gathered together nearly 1000 people for "Project Purple," and then in 2007, launched the first iPhone. The rest is history. Imagine if he had adopted the scarcity mindset, looked at the Blackberry and decided that he couldn't compete in that space. What are you working on right now that looks like the Blackberry vs. iPhone story? Truth be told, the world needs your creative ideas, your spin on that idea or product or service!

Create, don't compete

There's enough opportunity for everyone in the world. The problem is that most people don't use the opportunities. If you want to have a specific career, go out there and create it. The same is true for your business. And don't focus on limited resources, naysayers, or any other reason you should not do it. If Arnold Schwarzenegger listened to the people who said he would never be an actor, a whole genre of movies would not exist. If Steve Jobs had decided that the Blackberry had no equal, the iPhone would have never been created. What company or idea are you working on that may have a similar story?

Supporting others requires to you adopt an abundance mentality

If you are trying to be creative and carve out your niche, but you find yourself having a lot of animosity towards others, it may be time to adjust the way you are thinking. If competition seems to win out over creativity, remember to adopt an abundance mindset. There is enough for everyone...enough wealth, enough business, enough creative ideas. When you change your mentality towards abundance, you will start to see it everywhere.

Resources & People Mentioned

• The Tim Ferriss Show: Terry Crews Episode
• Iron Maiden
• Ancient Aliens Show
• Ep 26
• John Coltrane

• Toujours Worth Software - Guided Wealth Portfolios

Connect With Danielle and Dustin

• Ask your questions!
• On Facebook
• On Twitter
• Connect with Dustin on Twitter: @DRGranger

The idea of competition is engraved in our minds. We believe that we have to compete for the same jobs as others. If someone has a job, that means you can’t have the same job. And if a company has a certain market share, that means you have to compete with that company to “win” a piece of their share.

The recession of 2008-09 may have occurred nearly a decade ago, but it's still a painful memory for many entrepreneurs. Unfortunately, economic downturns are a fact of life when you're running a business. But there are steps you can take now to prepare your business to weather a storm and emerge even stronger. On this Worth It Episode, we will share 5 tips you can use to help you prepare for a recession.

Here's What You'll Learn

• [2:30] Preparing for a recession
• [5:15] #1 - Be financially prudent before the crisis
• [8:45] #2 - Be indispensable
• [9:30] #3 - Diversify your income
• [10:45] #4 - Change your mindset
• [14:30] #5 - Take advantage during the recession
• [19:30] Toujours Worth Software - Guided Wealth Portfolios
• [21:15] Worth It Inspirations

Tip #1: Be financially prudent before the crisis

It's a great idea to start planning before the crisis hits. We recommend saving enough cash to cover 3-6 months of expenses. If you have children, saving for more than 6 months is a wise idea! It's also a prudent idea to pay close attention to your monthly bills that are automatically withdrawn. During a financial crisis, people tend to get more emotional, so having foolproof systems in place is not only a good idea, it prevents the stress of having to manage your finances on a daily basis. Lastly, pay attention to your lifestyle spending habits. Do you drink a Starbucks latte every day? As much as we love them, smart spending may mean cutting back and reallocating that money.

Tip #2: Become indispensable

It's a known that fact that many people lose their jobs during a financial crisis. One way to combat that fear is to work on becoming indispensable. This could mean learning a new skill, pursuing continuing education training, and probably even working harder than your coworkers. Dustin R. Granger, CFP® highly recommends becoming a "renaissance" man or woman, a person with a wide variety of interests and skills. Your work ethic, combined with an insatiable desire to learn is a great way to create job security!

Tip #3: Diversify your income

Today, more than ever, there are ways to diversify your earnings by using your skills and technological know-how to create sources of income that extend beyond your day job.

Technology is making it easier than ever for people to start a side business. Creating multiple income streams isn't easy, it requires plenty of hard work, but it is possible if you're willing to put in the time and energy. For more insights on creating a side hustle, check out episode 16. For some tips on how to grow your following online, check out episode 33!

Tip #4: Change your mindset

To start, don't assume that you are immune from a recession. Many millennials were pretty young during the last major recession, so they assume it "will never happen to them." That also means they are probably not preparing like they should be. A recession doesn't have to be a bad thing. And every recession won't be as severe as the last one. But business cycles are called cycles for a reason. There will continue to be ebbs and flows, upturns and downturns, expansions and contractions. This is the way the economic machine works. The trick is focusing your energy on those things you can control since no one has control over the business cycle.

Tip #5: Take advantage during the recession

Warren Buffet says "Be Fearful When Others Are Greedy and Greedy When Others Are Fearful." What does this mean in the context of recession planning? When other people are not investing because of fear, stock prices drop. That also means if you follow Warren's advice, you can buy up those stocks are a much lower price. That will also mean that as the market starts to go back up, you will be ahead of the game. If you set your investing on automatic when things are booming, it makes sense to just leave it be during a crisis. Like Dustin says…"money is like soap...the more you mess with it, the faster it disappears." In a time of crisis, be leary of the opportunists who will try to capitalize on your fears ("don't buy stocks, only buy gold" or "Banks will fail, don't invest, just keep all your money in your mattress."). This "wisdom" will not serve you well in the long run.

Resources & People Mentioned

• My Favorite Murder- Podcast
• Toujours Worth Software - Guided Wealth Portfolios

Connect With Danielle and Dustin

• Ask your questions!
• On Facebook
• On Twitter

Connect with Dustin on Twitter: @DRGranger

The recession of 2008-09 may have occurred nearly a decade ago, but it’s still a painful memory for many entrepreneurs. Unfortunately, economic downturns are a fact of life when you’re running a business. But there are steps you can take now to prepare your business to weather a storm and emerge even stronger. On this Worth It Episode, we will share 5 tips you can use to help you prepare for a recession.

Instagram is undeniably one of the most important social channels around, and any marketer not yet using it is missing out on something big. Whether you manage the social media of a big corporation, a small business, or you’re using it to promote your own personal brand, incorporating Instagram into your marketing strategy is a must!

What if you have a good job, but you know there's something else you should be doing with your life? What if you are considering a transition, but you are not sure if you should make the jump? Today, Dustin R. Granger, CFP® and I share five tips that will help you determine if you should “Go ahead and jump.”

The old mahogany desks and formal attire have been replaced with minimalist office spaces, younger, more tech-conscience advisors, and even automated, or “robo” advisors that can crunch the numbers much faster. On this episode, Dustin R. Granger, CFP® and I talk about the history of the financial planning industry, and share where we think it’s headed in the future!