Hey everybody! Flip and Dani here, founders of the Freedom Real Estate Group Family of Companies and welcome to another episode of our podcast, which is called Freedom Through Passive Income. That's right, and welcome to another episode. And for those of you watching, you can see that we're in two different locations. But for those of you not watching, just imagine us being in two tropical, beautiful locations.
Welcome to another episode. This is our week 49, Live! Live! Live! This is our week recap and key takeaways, but of course, it's Fun Shirt Friday! Yes, happy Fun Shirt Friday. And that is? Isn't that your ugly sweater? This is my ugly sweater edition, Fun Shirt Friday. This is awesome. If you can't see it, and you're only listening. Just imagine an ugly sweater. And that's what I've got on.
But yeah, so like we said yesterday, we're in different locations. This is how it's going to be for the rest of this season or the rest of this year. And so we're making through with it. It's a little bit different. A little bit weird, but we got this. That's right.
All right. So week 49 Recap & Key Takeaways, we're going to go back to Ep 337 - "5 Social Media Dangers". All right. So the first key takeaway is one of the dangers of social media include comparing yourself to others, which can be the enemy of your contentment when you believe everything posted on social media and try to keep up. Also social media can create too much distraction and a lack of focus in both life and business.
Another key takeaway is some social media platforms create a competition instead of collaboration. When they were originally designed as information sharing platforms, social media can cause a misuse of our time. Instead of scrolling through posts, we find ourselves overly immersed, reading every comment or searching for approval by making our own comments upon comments.
Another key takeaway is using social media can lead to physical and psychological addiction because it triggers the brain's reward system to release dopamine, the feel good chemical. Dopamine is actually a neurotransmitter, a chemical messenger between neurons, which is involved in neurological and physiological functioning. It's the same chemical our brain releases when we eat, have sex or gamble or use our smartphones. For some users in social media. Their brains may increase dopamine when they engage with Facebook, Snapchat, Instagram or other social media platforms. When a user gets a like, a retweet, an emoticon notification, the brain receives a flood of dopamine and sends it along the reward pathway. It feels wonderful, but it also acts to reinforce our need to satisfy the feeling next time. This cycle of motivation, reward and reinforcement is a dopamine that gets users thinking, looking, craving rewards and more.
One well known social networking service that hosts short videos fostering such high levels of addiction among its users, the company added an addiction reduction feature to the app. Some people use social networking sites as a coping mechanism to relieve stress, loneliness or depression. Compulsive users of social media tend to isolate, and they are chasing that constant reward system, which can lead to interpersonal problems such as ignoring real life, relationships, work or school responsibilities, and one's physical health. In turn, they feel bad about their behavior, and to escape that undesirable feeling. They double down on their social media behavior for relief, when social network users repeat the cyclical pattern of revealing undesirable mood with social media use, the level of psychological dependency on social media increases. Yeah, that was a long one. But I appreciate Joe adding that third one which went into way more detail about the effects of social media that was super important. Yes. All right.
Ep 338 - "85% of People Are Unhappy With Their Job". Key takeaway number one, it's an astounding statistic that 85% of people aren't happy with their job. And if we don't love what we do, we decrease the odds of being successful and productive and must take steps to alter our path to one of loving what we do. Key takeaway number two, the first step on the path is to have a vision or purpose, so our work no longer feels like a job. If we want to create Freedom Through Passive Income so we can elect to work rather than have to work we need to understand what steps we must take along our path to arrive at that destination. The vision is the first step in the journey. The second step or rule is that we should never listen to the naysayers, use those who doubt us for motivation. And remember the Nelson Mandela quote, everything is impossible until someone does it. That's right.
Ep 339 - "Motivational Monday - You Define Your Life". Key takeaway is sometimes as we move quickly through life, we need to pause, evaluate our position and determine the correct path to follow. It is important that during this process, we listen to our trusted circles of partners, friends and advisers to gain that insight, learn from their experience and their knowledge. And as we become more seasoned throughout our lives and gain confidence as people, we can filter out the negative influence because we realize the work of others can be damaging. Another key takeaway is as we grow, we need to realize that handing power over us through words affect our decision making incompetent. Ultimately, we own our actions and those actions have the power to change our lives and the lives of others. Who we are and will become begins with imagination that turns into purpose that we put into action. And if you're listening to this podcast, you are on the same journey as us. And matter is what we think, feel and do every day. And this is why we reach out to you every day, through our podcast, with the hope that we are helping you and to say that all of our paths are important.
Ep 340 - "7 Investor Mistakes". Key takeaway number one, we all make mistakes in business and life and although we like to think it is great to learn from our own mistakes, it is much better to learn from the mistakes of others. In our podcast today we are going to share some key takeaways from the book, Big mistakes: The best investors and their worst investments by Michael Batnik. Key takeaway number two, we're going to discuss the seven big mistakes in no particular order. They are number one, even the smartest people have mental lapses and fall prey to foreign investment decisions. Number two, being smart in one field does not necessarily translate to being a good investor. Number three, it is important to learn from the mistakes of others to avoid repeating those same mistakes and to protect and enhance your portfolio. Number four, be ready to face challenges and obstacles and arm yourself with an advanced plan for all possibilities and unplanned circumstances. Number five, focus on taking smart risks and exercise utmost caution even when something looks incredible and can't fail. Number six, understand that there are times when no one can escape from economic realities and major crashes. Number seven, recognize your investing behavior, biases and tendencies to avoid or mitigate investment losses.
All right. Ep 341 - "6 Investor Success Principles". First key takeaway is in this episode, we talked about what successful investors attribute most of their success to. It's not only important to learn from others' mistakes, but to also learn from their successes.
Key takeaway number two, here are the six key principles discussed. Number one, they invest in what they know. And if they don't know something, they rely on someone who does know, find a team you trust and be comfortable. Don't let anybody push you into an investment that you're not ready for. Number two, they invest in the boring. They prefer assets with a history of predictability and performance. These assets may not generate a buzz like the newest investment kids in the block, but they have proven their worth over time. Boring and long term is really advantageous to you as an investor and your success going forward. And that's why successful high net worth investors have it on their list of principles. Number three, they invest long term and seek illiquidity just to shield their investments from broader market volatility. There's a reason why successful high net worth investors are saying boring investments and illiquid investments because having access to your money is not a good thing all the time. You want to have access to the things you need as an emergency savings. But you don't want to have access to the things that are supposed to be building long term wealth. Number four, they invest in resilient assets in the face of inflation and recession. We know multifamily has proven to be a good asset class and even more volatile environments than we are in right now. And that's why we're so strong in the multifamily market. Number five, they're interested in compounding wealth instead of hitting the jackpot. They see consistency and reliability over the one off homeruns. And lastly, number six they seek significant tax benefits a dollar earned is a dollar saved.
That's right and Ep 342 - "Week 49 live update". We have two key takeaways. I'll let Flip start off the first one. Yes, number one is the annual retreat. We've been doing this for a few years now. And so all the in-office gang, and some of the remote people from around the country flew in for just one to three days. You know, and it's out in the middle of nowhere, in the middle of Ohio. And it's cold, cold there. But it's a great team bonding of activities and it's just a great event for the company itself. Yeah, absolutely. And the other key takeaway was our 2023 podcast planning, if you want to hear more about it, you're going to have to listen to yesterday's episode. But the big key takeaway is that we're going to start weekly podcasts and that we're going to start inviting guests who can share their journey through Freedom Through Passive Income. Very excited about it. Yes, I'm very excited about that as well.
But we hope you enjoyed this episode, make sure you're heading on over to our website, www.FreedomCapitalInvestments.com to join our investor club. We got a lot of stuff going on here at the end of this year and the beginning of next year already, so make sure you're reaching out to Ben and or CJ to get more information about the investor club.
But we'd like to end all of our episodes with Invest Smart, Live Happy. Bye everybody!
Nothing on this 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 on this show are not guaranteed, all investment strategies have the potential for profit or loss.
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