In this episode, we discuss the importance of investing for your future both financially and personally.
Full Transcript
Hi Everyone, welcome to the You’re Daily Cup of Joe Podcast, with your host Joe Bautista. In this podcast, my goal is to give you quick lessons on how to grow yourself physically, mentally, emotionally, and spiritually so you can have better careers, better relationships, and better personal finances.
I’m also the author of the book “More You Know, More You Grow: How to Get Better Every Day”. In this book, I wrote down over 30 tips to help you grow in those four cornerstones. I’m also the founder of Grow With Joe where I combine financial planning with self-development coaching for Latino professionals.
In today’s episode, we’re are going to talk about the need to invest in your future. If you’re not currently investing in your future, I got news for you. You’re already investing, but your outcome is probably one that you don’t want. If you spend all of your 20s, 30s, 40s, 50s, and 60s, not putting money away towards your retirement, then the retirement will be one that only has social security and that is not going to fully replenish your salary.
The same thing could be said with your self-development if you spend all of your 20s, 30s, 40s, 50s, and 60s not investing in your physical, mental, emotional, and spiritual self, then you’re also going to have a bleak future. This is something that you won’t see until the future and it will come by so slowly that you won’t notice the danger until it’s right in front of you and then it will be too late.
All it takes is one heart attack or back injury, where you can’t go back to work, and since you didn’t save up or invest in yourself, you will get whatever you get by the government and other social programs. It might be enough but most likely it won’t be enough. I’m glad there is a safety net for folks but if you want to have more control over your situation then you need to take control over your personal development and your finances.
In order to get on long term care provided by the government, what needs to happen is that you need to get on Medicaid and to get on Medicaid, you need to exhaust all of your resources. You might even have to sell your home to get care, there are a lot of rules for Medicaid so it is best that you seek a professional like myself to help with these questions and to help you prepare for this type of future.
If you’re in your 20s, 30s, and 40s, you still have time to prepare for these events. As a financial planner, I hate to see folks in their 50s and 60s worried about retirement because I know the type of stress they are going through. This is a big reason why I started Grow With Joe, to make sure the future generation knows the things that should know about money so they don’t become stuck. It causes a lot of stress. I was in one relationship and her family was not prepared financially for a lot of things and it just caused a lot of stress and family bickering. So I want to tell people it is important to invest in themselves and for their retirement so that they don’t become stuck in life and stressed out.
So when you don’t invest in yourself and your retirement, you made a choice not to. You might not be aware of your choices, but a choice was still made. I invest in myself by working out, reading books, listening to business podcasts, building up my network of friends, and putting away money for my future. I know the type of future that I want, and I’m going to go out and create it. By not doing all of these things, you’re going to get an outcome that involves not investing.
That type of outcome is not a very bright one. You might be stressed out, your health might be deteriorating, you might be struggling with money and other stuff that is not very good. I have seen what happens when people don’t invest themselves, and it is not an outcome that I want for myself, and I use it as motivation to work on things that will give me a brighter future. I’m trying to take control of the situation instead of being passive about it and seeing what the world will give me instead of creating the future I want.
I’m very future-orientated and I like to plan things out. I don’t like to leave things up to chance because I know that the best way to get what I want, is to be intentional about the process and to follow that process. If you want to have a nice house, a great family, and a great career, you have to follow the process. There are a lot of different processes that you can choose from, but you just need to get started. I’m trying to start my own business and it is so difficult and lonely at times but I know I need to make these investments now so that when I’m older and have less energy, I will have the assets to help me live my life.
When you’re making your choices for what you do for your day, you can do things that will give a low return on your investment or things that will give you a high return on your investment. Spending an hour to clear out your e-mail box, is a low-value activity, checking your stats can be a low-value activity if you don’t use that information to get better. Building a course, writing a blog post, creating a video, reaching out to advocates, and sending thank you notes are activities that have a high return on your investment.
It is much harder to do those things but they will give you the return on the investment required to give you the life you want. So when you go through your day, ask yourself, by doing this activity, will it give me the future that I want. You should spend 3-4 hours a day on these activities. Then you spend 3-4 hours on administrative and managing stuff, 8 hours sleeping, and 2-3 hours for yourself, and 2-3 hours for friends and family. It doesn’t have to be exactly like this, but it’s a good starting point. You just have to make sure that you have the right balance that will give you the future that you want.
I know the future I want, and I’m doing activities today at age 33 that will help me get the future that I want. Do you know?
Thanks for listening to today’s episode, to summarize it, if you’re not investing for your retirement and in yourself, you’re already are, and your return on investment is very low and probably won’t be enough for the future you want. So start taking control of your future by choosing activities that will give you a higher rate of return. Success is guaranteed but it is a much better path than taking a passive approach. If you need help in helping you navigate your future, just go to growwithjoe.me/schedule to set up a meeting with me.
To get a free copy of my book “More You Know, More You Grow: How to get better every day” just go to my website growwithjoe.me/book and just pay for shipping and handling.
I have a quiz on my website that grades your inner circle, so if you want to find out if your inner circle is an A, B, C, D, or F, you can take that quiz at growwithjoe.me/quiz
I’m also trying to do a feedback Friday episode, so if you have a question that you would like to have my answer on the air, just e-mail me at [email protected]
I’m also on Instagram at Grow With Joe and Facebook just look up Grow With Joe
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Thanks for joining me today and remember if you go with Joe, you can grow with Joe, cause Joe knows Dough.
*Music outro
