Freedom Through Passive Income

Ep 256 - The 3 Acts of Your Financial Life

September 13, 2022 Flip & Dani Robison Season 1 Episode 256
Freedom Through Passive Income
Ep 256 - The 3 Acts of Your Financial Life
Show Notes Transcript Chapter Markers

Ben is back in this episode to discuss the 3 acts of your financial life. We're going to talk about the backdrop of your financial life and make sure that each of us know what part of life that we're in and how it works. 

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There are three acts of life. The first act is the coming of age act which is growing up and preparing you for life and work. The second act is the great adult adventure. Your time commitments are growing, life is becoming more complex, your earning power peaks and you have the most possibilities. The third act is the after adult adventure.  This is when you have more time, slow down and less earning power. If you want an explanation about some of these processes, a good book to look at is Strength to Strength by Arthur C. Brooks.

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Hey everybody! Flip and Dani and Ben here. Welcome, welcome, welcome. Welcome to another episode of our podcast and our podcast is called Freedom Through Passive Income. That's right, we have our special guest, Ben, here again with us. He was in town. So he joined us for a couple of podcasts. And so this episode, this one is called lets see if I can get it, The 3 Acts of Your Financial Life. Yes. And thank you, Ben, for kind of coming up with this, again, series of podcasts to help us as we're, you know, kind of talking to everybody because we'll say something and you'll think of an idea. And we're like, oh, we should just talk about this. And so Ben is here, again, to kind of host the podcast. And we're going to be here just having a cup of Joe, and chatting with Ben and having fun and hopefully sharing some value. Yeah. 

Well, it's great to be here again, and 3 acts of life. The genesis of this was a quote I heard from Jim Rohn, he was a kind of a business speaker, philosopher, several decades back in which he talked about, he says, when I was in my 20’s, I was very clear about where I was in life. And I happen to be in my 20’s, as he was telling the story in retrospect, that he was in his 40’s or 50’s, at that time, and I thought, what does that mean, knowing exactly where you are in life. And so we're going to talk a little bit about today about the backdrop of your financial life and making sure that each of us know what part of life that we're in and how it works. C.S Lewis was a writer again in the 20th century, and he talked a little bit about the value of looking at your life and finding patterns. In different levels, relationships, it could be workwise, it can be family wise. So if you, when you look back on your life to you, do you find patterns that kind of help you say, okay, we're here in this life. So therefore, we need to be doing this or that.

If you look back at my life, my life was pretty much up until about 10 or 15 years ago, a big hot mess. So you want me to answer? Well, I mean when you said about the 20’s, I'm like, oh I don't remember half of my 20’s. You know, it's just yeah. So go ahead Dani, how do you feel? Well, I would say that it was hard to, I was a very next step person, it was hard to see into the future, right? I knew that we wanted to be successful, and we wanted to make money, be able to retire early. And I say that being 50 years old right now, right? I knew what the next step of what we wanted, I didn't know how to get there. And it was a repeat of that process of continually trying to get down that road, not knowing when we were going to get there. And we continue to age as we went not even honestly realizing it to some extent. You know, we just, we landed on 50 and went, Whoa, what happened? I'm still 26. So, yeah, I think it was very, very difficult for us to wrap our heads around it. We only focused on the next step. And I don't know if that's something that everybody does, but it certainly was, our strategy was just focused on what's in front of us, put your blinders on, try to get to what you think is your end destination, and deal with the challenges as they come. 

And I think a lot of people live their life. Next step at a time. Yeah. And it's natural, because we start off during our school days, you were with a group of other students, and we are doing the next step, next grade with junior high to high school and perhaps higher education. So the track is put out in front of us and then we get on to the next step of relationship and marriage and having kids and we talk about work and moving up the ladder and work and usually by 30 or the early 30s, you start to run out of these first time. You're like, almost like opening up presents on Christmas morning. And then you open up you're like, okay, wait a minute I'm out of presents, what happens next? So what we want to talk a little bit about, and this is probably especially true on the cruise ship, because so many people in cruise ship living, what you did, and then my wife and I did. There's this life now, which is exciting. And we're seeing the world and we're having fun, and it's very low expense, because the ship gives us housing and food. But there was always this, in the back of everybody's mind when they're in the music side or the art side. What happens after we get off the ship? Yes. Yeah. And it was this looming question. So some people are taking courses that are just thinking of having conversations when during their time when they're off the ship, you know, for several months, what are we doing next? 

So we want to talk a little bit today about this idea of the 3 acts of life so that we have a better sense of where we are in life and some of the the listening or have a very clear sense of where you are in life and you have acted accordingly and wisely and you're enjoying in the field of real estate, you've made some great real estate investments that are paying off. And so for others that are listening, it's been quite a challenge. Like it was for us, certainly earlier parts of our life. So there's 3 acts that we want to talk about financially, if you think back on your life, relationship wise, or whatever, you might categorize your life a little bit differently. But with the acts of life that goes with this, the first act is Coming of Age, and a coming of age, this is just the years of growing up, junior high, high school, higher education. And if anybody ever asks you, you know, sometimes if you have a child or a grandchild, maybe a nephew or niece that says, Why am I in school? What is this? I never asked that question. And the answer is, one answer you give them is, it's to prepare you for life, as it prepares you for life in a general sense, but more specifically, it's to prepare you for work. When you have this broad education, you can kind of see what the arena is, you can start to see yourself as you relate with these different areas of education, and helps point you in the direction of what you're gonna do for work for that. So that's the first area is coming of age. And again, that's Junior high, High school, perhaps it's higher education, but it's up to the point where you're starting to live on your own and, you know, care for yourself and provide for yourself. 

The second act is what we call The Great Adult Adventure. Woohoo! That's what I've been on. And this is the 20's, 30's, 40's and 50's. During this time your earning power is growing. But also your time commitments are growing, your life becomes more complex, you're dealing with family and work. During this time, you are also wanting to spread your wings a little bit. So for listeners who are and viewers who are in their 30’s 40’s and 50’s. It's good to remember that you are in smack dab in the middle of this great adult adventure. This is the main show. Yes. There is no way, okay, soon, we're gonna move on to the next, the main show, this is it and the clock's ticking. Yes. So, but if you're caught up in this step by step thinking, sometimes it's like, you know, if your parents you're watching your kids start to go through the same steps of growing up in Junior high and high school. So you're kind of stepping by stepping in your parents age, just as you experience as a child for that. So that's the second adult adventure, the great adult adventures act two, in general, by the 50’s, you start into a transition, and you get into the 60’s and beyond, which is act three, and that's After The Adult Adventure. And during this time, you have more time, you have less learning skills, more time, less learning skills, less income possibilities, in general. Now, there may be exceptions to this. And hopefully your exceptions to this, were exceptions to this, were some of your most productive years might be in your 60s and even through your 70’s. But generally speaking, 20's, 30's, 40's and 50’s are the times in which you have the most possibilities, you have the most earning power, the most brain power, you have the most ambition. Yeah. Would you agree with those 3 acts? 

100% agree with that. Absolutely. And, you know, in moving to Florida, that Florida should be called after the adventure. Because most of the towns down there are 55 and over and whatever, you know, it's like they should call Florida, the Swan song state, you know, because that's where everyone goes, you know, after they've gotten to the third act. We just got there early. But no, this is, I love this. Yeah. And I agree with that. I think once we moved to Florida, there was a, I think once we hit 50, there was a shift change for us. And I don't know what that was, the magic of the number. But there was a hey, we knew that we were going to be building, building, building, but we kind of thought at 50, we would have landed. And if we haven't landed yet, we got to get serious, serious fast. And so we had a real physical like, kind of evaluation of where we were when we hit 50, to go, did we make it? Did we achieve the things that we set out to do during those earning years? And do we want to stop? And moving to Florida was a mind shift change because now we've got this big pool in our backyard, we've got this nice house, we're working out of the house, and it kind of said, Hey, you have achieved what you wanted to achieve. Look what you have, settle down. This is the part where you can be ambitious, but you also get to enjoy, right? 

Get to savor life. So if you're interested in the academic, you know, if you're kind of resistant when again, when your 30’s, 40's, 50's you're in the prime of your earnings, and it's easy to say no, I'm going to feel this way. I'm into my 40’s now and I still feel great, I still have energy. I'm going to feel this way in my 50’s, 60’s and maybe through my 70’s. And that, hopefully, is true, but it may not necessarily be true. So from an academic approach, if you want an explanation about some of these processes, a good book to look at is Strength to Strength by Arthur C. Brooks. He's very insightful on the change from second act to third act. And on our next podcast when we come back, we'll talk a little bit about some lessons that we can take away some of the key takeaways for these three acts of life. Perfect. 

Well, we hope that you enjoyed this episode, make sure you head on over to our website www.FreedomCapitalInvestments.com to join the investor club. Also, make sure you're checking us out on all the social medias as well because Ben and the gang are on there. So make sure you can ask them any questions or have any requests or whatnots. 

But we like to end all of our episodes with Invest Smart, Live Happy. Bye Everybody!


Nothing on the show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions and information in the show are not guaranteed, all investment strategies have the potential for profit or loss.


Transcribed by https://otter.ai





Intro
Welcome to our Podcast
We talked about “The 3 Acts of Your Financial Life”
The backdrop of your financial life
Flip & Dani’s take on
A lot of people take their life next step at a time
The 3 Acts of Life
Coming of Age
The Great Adult Adventure
After the Adult Adventure
Do we agree with those 3 acts?
Strength to Strength by Arthur C. Brooks
Join our Freedom Investor Club
Check us out on all social media platforms!
A motto we live by... Invest Smart. Live Happy.
Disclaimer