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About benny

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  1. @Danioover9000 Good lord man, it was a joke! Yes, everyone, the video is really long. I guess tongue-in-cheek humor doesn't translate well over a forum.
  2. In addition to being really short (just kidding, it's long as all get out. But I'm sure followers of Leo's content are used to that sort of thing ), it's also hilarious and incisive. Enjoy!
  3. I thought this was really profound and wanted to share A profound purpose is one that brings the collective into closer alignment with high consciousness values - Truth, Love, growth, beauty, understanding, excellence, creativity, etc.
  4. I need a few principles for note taking that will cut my reading time down. I spend wayyyyy too much time assessing text and trying to jot down every bit of info I think is important. I want to get through one book on Leo's book list per week. Right now it's taking me anywhere form 1-2 months per book. What are the principles for quick, effective note taking?
  5. @Leo Gura I probably wasn't going to go with this option, and this really seals the deal for me. Thanks for your guidance. I've been running this by people in my own life who I really admire and respect. One of those people is my uncle, who, over the course of his career as a serial entrepreneur, has generated vast wealth for himself. Let me run his perspective by you and get your thoughts, if you don't mind. Three points to put the conversation into context: 1. My money is actually already tied up in stocks. I didn't include that information in my initial post because I didn't realize how relevant it would be to the discussion. 2. My portfolio is being managed by a highly reputable manager who works for one of the big investment firms. I was able to leverage family connections to get my foot in the door (i.e. he manages my parent's money, so he took me on despite not meeting the financial requirements for his typical clients). 3. The stocks are in a TFSA (tax-free savings account). I'm not sure if you have something similar in the US, but essentially I can withdraw that money whenever I want without penalty and it is 100% tax free, including any dividends and capital gains I make from investments. From my uncle: · Do not cash out. Stay in the market. You want exposure. · Do not put the cash into the S&P 500. A good money manager is supposed to be able to beat the S&P 500, or any index for that matter · Get my financial adviser to explain his strategy for the next 12 months, then run it by my uncle. · For life purpose o Create excel spreadsheet o Know what resources you need, their cost, and why you need each resource. o Create a budget: what are you going to spend, on what, and when? If need be, you can liquidate part of the portfolio to cover expenses. That's it. Your insight and guidance is greatly appreciated.
  6. Option 6: Put my current savings into an ETF and then work to build an addition 30k to use on LP Pros: I get the benefits of the cash for LP/investing in self and I put myself on track to generate wealth Cons: It will take me roughly 2.5-3 years to generate the 30k. During that time, very little time to invest in personal dev or my LP. I'll also be 29-30 and still not on track with LP. Also, all the work (or at least some of it) that I've done in the LPC will be outdated. I'm writing this as a way of processing my thoughts, but I welcome any insight or perspective.
  7. Alright, so I've spent my morning contemplating this. The way I see it, I have five options. 1. Invest in stocks 2. Invest in S&P 500 ETF, contribute 20-30% of my monthly earnings each month, and let it grow. 3. Invest in businesses 4. Learn about and invest in crypto 5. Invest in myself, my life, and my life purpose Option 1: invest in stocks Basically, the appeal here is that I can leverage family connections to get a highly reputable financial advisor who works for one of the big firms to manage my money. There is also a very small chance of exponential growth. The downsides are (1) I can't touch the money; (2) at best, I can realistically expect 7-10% return annually, which in unsubstantial at 30k; (3) there is an equal, of not better chance of losing some, if not most, of the money; (4) I cannot use the money to invest in myself; (5) can't touch the money for years Option 2: Invest in S&P 500 ETF This is more appealing than option 1. It's much safer, less stress, and, given historical averages, I can expect 8-10% growth annually. The compound interest, coupled with a 20-30% contribution of my monthly earnings each month, would generate substantial wealth in 20-30 years. Also, in Canada, we have something called a TFSA (tax-free savings account). All the money in that account, including all interest and profits, are 100% tax-free. The downside: (1) can't touch the money for literal decades. (2) best case scenario, I'm in my mid-late forties by the time it materializes into anything substantial (I'm currently 27). Worst case scenario, I'll be in my early 60s. (3) There is still some risk and I could still end up losing the money. (4) in 20-30 years, 1-4 million dollars will not be worth as much as it is now. Option 3: Invest in businesses The upside here is potential for high ROI with rigorous due diligence. I'd also be investing in someone and their vision, rather than a stock, which I like. There's also potential for learning a lot about the market sector of the business I invest in. Drawbacks: (1) I'd have to learn a lot about investing in businesses. I know absolutely nothing about it. (2) I'd have to do a lot of homework about the company before investing. (3) this option doesn't excite me. (4) I have no contacts I can leverage to make myself a valuable angel investor. All I have is 30 grand. (5) I don't have a direct impact. The people I invest in are the ones making the impact. (6) Diverts tons of time away from my life purpose. (7) Can't touch the money for years. (8) Could easily lose it all as a naïve investor. (9) I can't help but think of something I learned from Eben Pagan: employee ---> self-employed ---> biz owner ---> investor ---> philanthropist. Seems I'm out of sequence with this option. Option 4: Learn about and invest in crypto Upside: I'll learn about an important emerging technology, there's potential for massive ROI (with lots of due-diligence), and I'll learn a lot about finance and investing Downsides: (1) All of my time is diverted away from LP. All my time will be spent learning about this field. (2) this option doesn't stir me. (3) much less investment in myself - my natural strengths, core competencies, etc. (goes for all options so far). (4) crypto is extremely volatile and there is a high likelihood of losing everything; (5) my life will be devoid of vision, meaning, and purpose; my life will be about money and investing, rather than meaning, impact, and contribution; (6) drastically lower capacity to invest in myself. Option 5: Invest in myself, my life purpose The upsides: (1) I'll have capital to invest in myself and my biz - I can pay for books, professionals who can help me develop my natural strengths and core competencies, coaches, consultants, workshops and seminars, courses, private communities/mastermind groups, therapy, coaching. In short I have much more power to move forward and actualize my life purpose. (2) $$$ for high quality website. (3) Massive personal growth. (4) Enables me to develop mastery in my chosen domain. (5) excitement and meaning in pursuing my life purpose (intelligently and strategically, of course) and having the freedom to move forward. (6) Guaranteed returns by investing in myself and my biz. (7) investing in myself has always paid the highest returns. Downsides: (1) lump sum gradually shrinks; the investment in myself is what would be used to generate value in the long run. This entails greater responsibility because it's on me, which makes this option scarier (this, of course, is how you build a profound life. Taking more and more responsibility for my life has always led to better and better outcomes, and this is an opportunity to take more responsibility. In this sense, this is actually an upside). (2) what if I want to switch directions? Will the money I spent still be of value?
  8. @Hello from Russia Could you elaborate on that? What exactly do you mean by eco-friendly home? What do you mean by systems?
  9. @Leo Gura I hear you. I'm going to contemplate this tomorrow and make a decision. Thanks Leo.
  10. @Leo Gura So courses, workshops, investing in my LP, books, coaches/consultants. Would you recommend anything else? Also, wouldn't the compound interest on a 30k investment in a strong ETF likely pay off big-time in the long run?
  11. @A_v_E Great point. I wouldn't learn a lot by sticking it all into an ETF. Gives me something to think about.
  12. @A_v_E The ETF may be lazy, but it's still a viable strategy. I am focusing all of my time and energy into two domains: Personal Finance and Life Purpose (with the overwhelming majority of my time being spent on the latter). The way I see it, the ETF produces steady growth and frees my time to focus on my work.
  13. @Yarco This was extremely helpful, thank you! As far as bedding, dental, tooth brush, etc. All that is covered. My 30 grand is entirely free for investing. I think I'm going to put all of it into an ETF like you mentioned and contribute a fixed amount of money per month to buy more stock. I'm in this for the long haul; more of a get-rich-slow mentality. That compounding interest is very appealing to me.