Mon, 5 August 2019
This is part 2 of a 2-part discussion with Patrick Donohoe, the go-to wealth management guy for Ryan’s wealthiest peers and today’s discussion is centered on how everything comes back to ‘who’.
Everything is people [6:36] everything that has to do with money involves people, successes, demises, everything - Patrick shares how some of his clients and friends use the Kiyosaki B-I Triangle to audit new companies they purchase.
The Pareto principle [10:00] Products are a reflection of what you are doing as a team in the world - choosing who your team is, who your customers are and what systems and structure underly a business is more important than the actual product.
Shifting mindset [13:10] there is an enormous step to take from being self employed to building a sound company and most people will not be able to take it.
Old clues [14:17] Partick shares how he learned to look for clues from older generations and how he understood that you need to not wait to live your life.
The solutions [19:33] most people are in their own way: the actual hard work is to define what it is you want and why you want it. When you figure that out, all of the solutions are there.
Pick an aim [23:10] Because most of us live in a world of plenty, where lethargy can lead to survival, picking a goal just to get up and start is critical. You will be able to adjust the aim as you learn and refine your values.
Bespoke investment strategies [25:54] Finance isn’t as complicated as people believe, and there are so many options to choose from that one solution will not fit all, you should customize your investment plan to your specific needs.
Is this for you? [28:38] You can find Patrick Donohoe’s book Heads I Win Tails You Lose: A financial strategy to reignite the American Dream, in hard copy and in audio version by following this link. For more information visit paradigmlife.net
Relationships [30:58] Patrick shares how he came to understand that he had to move away from his introverted tendencies and that the ultimate value proposition is in relationships.
Subjective pleasure [35:32] Patrick takes the discussion home: figure out why, and Ryan shares the 5 steps to freedom:
2. Cut out
Editorial [37:52] Ryan shares his impressions from the interview.
Thanks for listening!