The podcast explores the importance of having a plan in various areas of life including finances, investments, and training. The hosts share their experiences and discuss the benefits of discipline, focus, and strategic allocation. They emphasize the significance of automation and setting up an environment conducive to achieving goals.
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Quick takeaways
Having a plan can increase effectiveness and reduce anxiety in various aspects of life, including business, health, and finances.
Implementing a plan in crypto investing, personal finances, and training can help avoid impulsive decisions, reduce emotional strain, and increase consistency.
Deep dives
The Importance of Having a Plan
Having a plan in various aspects of life, including business, health, and finances, can lead to increased effectiveness and reduced anxiety. The speaker shares personal experiences of making impulsive decisions and getting distracted by shiny objects, which resulted in negative outcomes. By developing a plan, one can stay focused, prioritize key goals, and avoid being overwhelmed by excessive opportunities. The speaker gives examples of implementing a plan in crypto investing, personal finances, and training. The key takeaway is to have a plan, stick to it, and be open to adjusting it as necessary.
Implementing a Plan in Crypto Investing
In the context of crypto investing, having a plan is crucial to avoid emotional decision-making, impulsive investments, and FOMO behavior. The speaker shares their personal experience and highlights the importance of determining the allocation of funds across different risk levels, maximum investments for each asset, and the type of assets to focus on (such as infrastructure projects). Creating a systematic approach, like dollar-cost averaging, and automating investments based on predetermined percentages can help reduce emotional strain and minimize the impact of short-term market fluctuations.
The Benefit of Plans in Personal Finances and Training
Implementing a plan in personal finances involves automating the allocation of salary into various bank accounts for specific expenses, including housing, utilities, groceries, and savings. The speaker emphasizes the value of doing the upfront thinking and planning to reduce stress, eliminate decision-making overload, and avoid falling into impulsive spending habits. Similarly, in training and fitness, having a detailed plan with specific goals, routines, and a supportive environment can increase the likelihood of consistent training and reduce friction. The key is to create a plan, stick to it, and make adjustments when necessary to adapt to changing circumstances.
This is not the place where you'll hear about how to build a billion-dollar business, win an ironman event, or find spiritual enlightenment. What I can share is my experience around how to build, lead and exit a business of maybe a few million dollars, how to place in the top 10 in a mountain bike stage race or how to implement systems to continually work and improve on your mental and physical health.In short…I might be able to offer a little help on how to be moderately successful. To be really clear, nothing that I share is financial advice or advice of any kind for that matter but rather my own experience shared. It’s critical that you do your own research on anything that I share in this podcast and that you take responsibility for your own decisions.I want to challenge you to be more than just a passenger. If you hear anything in any of the episodes that resonate with you and that you want to implement in your own life, take action by teaching that thing to someone within the next 24 hours and then ask them to hold you accountable for doing the thing that you said you were going to do. Teaching is often the best way to learn and accountability is usually the thing between talk and meaningful, consistent action. I hope you find some value... Lastly, Please give us a rating - it really helps us to reach more folks like you: https://lovethepodcast.com/Htbms Get in touch with me here. - Mike