#204 The Power of Persistence & Resilience in Achieving Your Financial Goals

Hey, everyone. Hope you're having a great day this week. We're going to be talking about two really important factors in achieving your financial goals. Yes, it's the power of persistence and resilience. We're going to be talking about all those things this week, so stay tuned. Welcome to the Passive Income MD Podcast.

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Okay. I don't know if you can tell right now by listening to my voice. I'm pretty amped up right now. I just had some coffee. I had a cold shower. That is my combination to get things moving. I love having tons of energy in the morning. It really sets the day off. Right? I mean, what are your habits to get going in the morning? And so I'm ready this week to talk about the two most important qualities in building wealth. Those are resilience and persistence. Or you can also call it perseverance. The obviously, you hear about that a ton. If you have kids, you know what I'm talking about. You want that for your children. You want their kids to fall down and then just get right back up or to hit challenges and figure out how to get past those obstacles. In fact, you've done a ton of that in your own life. To get where you're at, think about how many doors you had to knock down, how many obstacles you had to overcome. I mean, there are probably people out there listening to this that aced every single test, never got rejected, never had an issue. I feel like my wife is one of those people. She just excelled in every single thing. I'll say my journey wasn't quite as clean and as. As easy. Actually, I shouldn't use the word easy. She studied her butt off to get where she's at. Maybe the better word is windy, a little bit more treacherous. I definitely had my share of rejections. I've shared it in podcast prior. Yes, some of those came because of my own actions or my own unwillingness to put in the time, energy and effort necessary. And then I had to figure things out. But I'm wondering for you that, you know, are listening to this. When you've had some situations where you've had some difficulty, some obstacles you hit up against the wall, you fell down, how did you get past that? How did you get the confidence to pick yourself back up and try again? Maybe for some of you, you made an investment. Maybe it didn't go all that well, you lost some money. How did you get the confidence? I mean, in that situation, everyone would feel discouraged. There are a lot of people who run to that situation, decide never to invest in that area again. I've heard of situations where maybe you invested in real estate. Initially it didn't go well, or in one syndication it didn't go well. And now you have this story in your mind where it will never work for you and you decide, I'm never going to do that again. I'm going to stay with what I know, which is simply working in the hospital and I'm just going to continue with that. Or you can go another route, which is figure out that without doing all these other things, you won't get where you want to be. So you figure out a way to get past it, to remain persistent, to remain resilient, to become that person that you want to be, to have that life that you want. So what does it take to get there? So we're going to talk about these things today, so maybe I should back up a little bit. So what really is persistence and resilience? Are they the exact same thing? How are they defined? I define persistence as the ability to keep trying as many times as it takes until you meet your goal. Resilience is more the ability not to be deterred by setbacks. And of course we all know setbacks will happen. But you persist through that with a positive mindset and confidence, knowing that you're going to win and you're going to get to your specific outcome.

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So again, if you're listening to this it's something that you have, something that you've had to utilize to get where you're at. How many of us use that in our financial goals to help get where we want to be? Let me tell you the market, whether it's the stock market or the real estate market, it can be fickle, it can be volatile, can be totally uncertain, unpredictable. And all of us want that strategy, to sail through that without any problems. But we all know that's not realistic. If you look at the most successful investors out there, Warren Buffett, Elon Musk's, all of them had moments where they lost a significant amount of money. Many of them were at the risk of some major financial issues like bankruptcy. But they found a way to be resourceful, to stand in the face of all that adversity and to get through, to get where they're at today. Now, personally, I've had my share of losses when it comes to investing, but what did it teach me? It taught me to diversify. It taught me how to vet people, sponsors, opportunities better. It led to new opportunities. It led me to new connections. It led me to the idea of understanding that with one challenge, with one issue, it doesn't really set my whole financial future, that I can pick myself up, that I can find other ways to create income, that if I'm smart and intelligent, continue with the strategy, that stay on the path, it can help, and I can have a big win in the end. So maybe you're going through something similar right now. Maybe you're in a situation where you've had some setbacks when it came to financial issues, whether it's in your job or whether it's in your investments. The market hasn't been cooperating with you and you're wondering what you should keep doing. Maybe you become a little gun shy. You're not sure what to do with your funds, you're not sure where it's going to go. And that uncertainty, maybe it keeps you up at night or keeps you from moving forward. So maybe it'd help to look at some of the qualities that someone who's persistent, resilient have that we can learn from. And again, myself as well included, to start off with. They're positive, resilient and persistent people. They stay positive when faced with setbacks, meaning that obviously they're realistic. They know where they're at, they know where the challenges are and what's happened, but they maintain a positive, forward, moving mindset. They know that success doesn't come without some failure. That iteration and course correction is necessary to get where you're at or where you want to be. They know that the negative things are simply a step to help you get where you want to be. It's always positive and it's moving forward. They're also very self confident. They know that they have what it takes to get where they want to be. Their goals, their meet, their dreams. They look back and they realize they have the talent, the intelligence, the network. They've done it in the past to get where they're at and they know they can take those resources to get where they want to be. I get it. Many of us are great in one domain in our life and we worry in the other side. We don't have enough knowledge or resources or we're not, we don't know enough, we've never done enough. But if you really think about a step back, we know how to be successful in that area too. We get educated, we try, we try again, we diversify. We've done it before and we can definitely do it again. And lastly, the thing I've noticed about persistent and resilient people, they surround themselves with other like minded people and resources and other people can, that can help them get where they want to be in the form of mentors, coaches. They find other successful people to support them, to share their struggles with, to share their wins. Now this might seem like a stretch to a lot of people because we like to hold our finances close to our chest. Do you have somebody outside of your own spouse or partner and your CPA perhaps or your financial advisor that you share your finances with? I have a small group that every single quarter we share finances with each other. Meaning we show our assets, our liabilities, we, we talk about new investments we've made, we talk about failures that we've had with certain situations and we share it with each other. Cause there's so much learning that happens when you get in a group like this and obviously you have to trust one another. We have an understanding that nothing goes beyond those sessions and we don't judge each other. We all know we have our goals, our numbers might be slightly different, but we're all trying to do better. Do you have a goal like that? And if not, consider finding a group like that of people that are like minded. Same mindset of people that you can trust and cause it's going to help you to be persistent, resilient in times when you run into some challenges. They're probably going to be able to share. Oh, this happened to me. Oh, I was there too I had these challenges, and this is what I did, and this is where I am now. And you're going to be able to do the same for others. We obviously have a lot of groups in our community like the Leveraging Growth Accelerator, people part of our mastermind, the Momentum Mastermind, people who are part of our Platinum Investor Club, our real estate investment club. The reason we started these communities is to create environments like this where you realize your challenges are not your own. People have similar struggles, similar challenges. But you also get stories of people who've overcome, people who have persisted and maintained in difficult times to be successful. I think we all know in the back of our minds that those financial goals that we've set, maybe they're lofty, they're all achievable. But having that right mindset, having that grit, having the right community, we all know that's what it takes to get where we want to be. So I want to encourage you right now if things are challenging in your investments, in your work, in your job, in your relationships, in your health, keep pushing through. You've been successful in the past and you know you can do it again. One of my favorite quotes that I always look at when I find times are tough and it seems challenging is a quote by Nelson Mandela. He said, it always seems impossible until it is done. I say something similar to my kids whenever they say they can't do it. I say, you can't do it until you can. And I just have to remember that to apply that to my own life as well. I hope this helps in some way. Keep the course. You're doing amazing work. Let us know how we can continue to support you. Have an amazing week and let's talk again soon.

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