DeepSummary
In this episode of the Rich Habits podcast, co-hosts Austin Hankwitz and Robert Croke discuss three important mindset hurdles that people need to overcome on their journey to building wealth: fear of missing out (FOMO), delayed gratification, and staying calm when the markets are volatile. They share personal experiences and examples to illustrate the significance of addressing these hurdles.
The hosts explain how FOMO can manifest in different aspects of life, such as missing out on social events or investment opportunities, and the importance of developing a systematic, rules-based approach to investing to avoid knee-jerk reactions. They also emphasize the need for delayed gratification, making strategic financial decisions aligned with long-term goals rather than succumbing to instant gratification.
Robert and Austin stress the importance of staying calm during market volatility, avoiding emotional reactions, and maintaining a long-term perspective. They encourage listeners to zoom out and focus on their investment thesis rather than getting caught up in short-term market fluctuations. The episode also includes a Q&A segment where they provide advice on topics like working overtime, investing in gold, and managing a high mortgage payment.
Key Episodes Takeaways
- Overcome the fear of missing out (FOMO) by developing a systematic, rules-based approach to investing and avoiding impulsive decisions.
- Practice delayed gratification by aligning financial decisions with long-term goals rather than succumbing to instant gratification.
- Stay calm during market volatility by maintaining a long-term perspective and avoiding emotional reactions.
- Diversify investments across different asset classes to hedge against market fluctuations.
- Regularly review and adjust financial plans to align with changing circumstances and goals.
- Consider renting or downsizing if a high mortgage payment is hindering wealth-building efforts.
- Prioritize building a solid financial base and investing for the long term over acquiring possessions.
- Seek advice and learn from experienced individuals to develop a successful mindset and habits for building wealth.
Top Episodes Quotes
- “When there is a correction, you have to learn to zoom out because so many people, soon as they see bad news, they sell, then it goes right back up.“ by Robert Croke
- “Children do things that feel good. Adults devise a plan and they stick to it.“ by Austin Hankwitz
- “You are owning equity in a company. And so I'm going to own the stock in perpetuity as an investor, not a knee jerk reaction trader.“ by Austin Hankwitz
- “If you did this in a way without the knee jerk reactions and without the emotion, it's just so important to.“ by Robert Croke
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Episode Information
Rich Habits Podcast
Austin Hankwitz and Robert Croak
5/6/24
In this episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz talk about the three most important mindset shifts everyone must make to become a millionaire.
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