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You can retire tomorrow.
Patrick Schulte and his wife did.
They left their careers to sail around the world (without ever sailing before), and go on a 4 year journey. That journey has not yet ended.
Patrick is a trader, and co-author of Live on the Margin: Learn to Take Risk, Profit From Fear, and Retire Tomorrow.
He still is an active investor, and shares his wisdom on freedom, wealth, and investing success.
We talk a lot about lifestyle, and Pat is the definition of living your own lifestyle.
In This Podcast, You’ll Learn:
- What a mini-retirement is, and why you should take one!
- Why making money, in and of itself, is a dead end.
- What a truly wealthy guy knows!
- Why you need to be working towards something.
- The most important skill or quality of a successful investor.
- How you can really expand yourself.
- What stocks you should focus on as a beginner.
- And much more!
Definition of Wealth:
- Wealth is having enough money to do what you want. But, before that, it is knowing what you want. The truly wealthy people knows what he wants and goes out and gets it.
- Option Volatility & Pricing – “The bible of options strategies for those that are serious about investing, but is a dry, deep read.”
Best Piece of Financial Advice:
- “Taking a loss is more important than booking 10 winners.” As a beginner, taking a loss and accepting that you’re wrong is so, so hard to do. Pat talks earlier about ego, and the power of losing it to become a successful trader.
Action In Next 7 Days:
- If you truly want to get on a path towards wealthy, the key is to cut your spending. Most people do not want to hear this, but it is the truth.
Connect with Pat:
I love a number of things that Pat shared.
1) “The truly wealthy know what they want.” As my friend David Wood says, CLARITY IS POWER.
If you have clarity about what you want, what you’re shooting for… you have that “why” that so many people talk about. If you have that, you can fix it in your mind and go after it.
For a long time, I didn’t know what I wanted. Now, I know exactly what I want, and exactly what is going to happen. I don’t know how I’m going to get there every single step of the way, but the end is clear.
I am a huge fan of having a vision board and visualizing what you’re going after. You have to have a reason for making more money.
2) If you get into investing in anything, you must lose the ego. It is an absolute must. You have to accept that you’re wrong sometimes. That means that when a stock you have goes down 20%, you have to sell it. Don’t think, “Oh, it is on sale now, it’ll come back.” Before you know it, that stock could go down another 50%. Cut your losses.
This is the same as with anything, whether it be a bad relationship or investing. Cut your losses.
Investing is a battle against yourself and your own psychology. Master your ego, and investing success is in your future. We’ll talk about a lot of this in Investing 101 – sign up here!
- Create your perfect life. If you could retire tomorrow, what would it look like?
- Start a vision board that includes this life.
- If you’re concerned at all or not financially free, cut expenses. You can do it. Pat and his wife lived on $1,000 per month. That’s it. You can easily find 20%, and use that to invest in yourself with personal training of some sort, or by using that money to make more money in an investment vehicle of some kind.
- Pat talked about the power of just starting. Invest in yourself and start now. Start learning today, so that you can live the rest of your life however you want.
Kyle Musser says
“You an be right or you can be rich” Great episode @austin netzley
Patrick is a perfect example of someone who understands lifestyle design. Love it!
Austin G. Netzley says
Yup, I love that quote @KyleJMusser:disqus. 🙂
Check the ego at the door and you can much more easily become wealthy.
… And lifestyle is so important, and everyone has the opportunity to create whichever type of lifestyle they want!
Christine Draper says
Love that you have comprehensive summaries for those of us who don’t have time to listen. I really need to learn more about this. The idea of a mini retirement is certainly appealing.
Austin G. Netzley says
@crdraper:disqus, thanks for the comment!
The old thinking of working your entire life to retire at the end when you’re old is gone. Mini-retirements are the way to go. Enjoy yourself now! And you’d be surprised at how it helps you succeed when you are working, as well. So many wealthy people sprint and then rest, sprint and then rest. Mini-retirements allow you to do that!
Melinda Yeaman says
This is a great recap and this topic hits home. Much of my “why” includes travel…before retirement age! Thanks for this!
Austin G. Netzley says
Same with me, @melindayeaman:disqus! Traveling is fun, a great way to learn, and really helps you understand your “why”. Once you know this, the world is yours. I’ll be off on a global adventure effective 2 days ago. Woot! 🙂
You’re right! I don’t want to hear about cutting my spending. hahaha. j/k Great stuff. I just did a mini-retirement earlier this year where I traveled around the world for 6 months. I totally agree, even though I might not do all the things he mentions.