Welcome back to the weekly market awareness broadcast. We have a number of guests with us for this episode. We are talking about digital currency and money mentors. 2020 moved digital currency to the forefront. Chris Kline, our digital bitcoin and cryptocurrency expert is joining us for this episode.
We kick off the episode talking about the rise of cryptocurrency in 2020. We talk about what you should do today with regards to cryptocurrency. We have been getting so many questions about mentors. We have several special guests joining us to discuss why it is important to have mentors, especially money mentors.
Show Notes:
- [01:23] Check out the upcoming program, New Year, New You on January 5th.
- [02:54] In this episode, we are talking about two big themes, digital currency and money mentors.
- [04:08] 2020 was the ultimate test for digital currency.
- [06:25] Cryptocurrency had a chance to rise to the occasion in 2020 and mature.
- [08:06] Major players are coming into mature cryptocurrencies including Square and Paypal.
- [09:01] The supply is shrinking and the demand is high, so we have the perfect storm for crypto this year.
- [11:51] Positioning is super important. If your money is not where it needs to be, inside of an entity or self-directed IRA and prepared to execute a trade you have missed that opportunity.
- [12:18] Because of the speed at which cryptocurrency moves, positioning is critical.
- [13:00] Get off zero. If you own zero bitcoin today, you want to own something by tomorrow and then you slowly accumulate over time or position yourself for a larger purchase.
- [13:45] Chris recommends that everybody starts with bitcoin unless you have a particular coin you are passionate about.
- [16:12] In Utah, Texas, and Ohio gold and silver are transactional and accepted as tinder for taxes.
- [19:01] A lot of entrepreneurs don’t know how to lead themselves. They are used to being told what to do or guided by a boss. Mentors take a similar role.
- [19:54] Loral shares the story of her first mentor.
- [21:01] Mentors guide you, help you avoid costly errors, share their Rolodex, experience, and provide guidance. Masterminds are basically co-mentorship.
- [22:10] Thomas shares his first experience with the book The Four Hour Work Week and attending a Three Days to Cash workshop.
- [24:18] Eileen shares about her first mentor at her first job.
- [26:31] She has experienced so much growth because she has the mentor that she needs.
- [27:20] Oftentimes your employer is your first mentor.
- [28:51] Tamara’s biggest mistake is that she didn’t ask for help.
- [30:07] We all have bad experiences working with others at some level, but we can’t carry that forward. It is what it is, grow up, move on, create from where you are, and design your life from where you are.
- [31:17] When you are looking for a mentor, you want to look for a group of people around the mentor who are doing what they have done.
- [33:01] Always keep an open door to something new because you never know what you are going to experience.
- [33:25] Chris shares about his high school principal mentoring him and his first business mentor.
- [35:04] There is value in every mentorship you can find but you have to remember that nobody has all the answers. Sometimes we even outgrow our mentors.
- [37:56] Sometimes we have to transition from a mentor.
- [39:26] You need to have a mentor because you are not going to figure it out on your own and their wisdom and experience will compound your path to success much faster.
- [40:53] Always have a notebook available for brilliant tips. You may not need them right then, but you may use them later. Document because you never know what you may want to go back to.
- [42:42] Be a mentor always and have mentors. Always pay it forward.
- [43:08] Be really clear on what you want a mentorship on and then be coachable.
- [44:01] You want many mentors in different areas.
- [46:27] It is important to surround yourself with people operating in their strengths and expertise.
- [48:33] You will never be alone again when you get the power of a mentor.
Links and Resources:
Ask Loral App Loral on Facebook Loral on YouTube Loral on LinkedIn Money Rules Millionaire Maker Store Real Money Talks Podcast Integrated Wealth Systems Affiliate Sign-Up