#108: The Danger of Wishful Thinking During Challenging Times (aka the Stockdale Paradox)
Real Estate Investing with Coach Carson
Chad Carson
4.9 • 613 Ratings
🗓️ 6 April 2020
⏱️ 21 minutes
🧾️ Download transcript
Summary
Episode #108 - James Stockdale was a prisoner of war for 7.5 brutal years, and he said that realistic optimism (and not wishful thinking) helped him to survive.
In this episode, Coach shares advice from Stockdale that can be very helpful for us when facing challenging times in life or real estate investing.
Transcript
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| 0:00.0 | who the people were who didn't make it out of that prison. |
| 0:03.4 | What were they like? |
| 0:04.6 | And Stockdale's response was they were the optimist. |
| 0:08.0 | They were the ones who said, we're going to be out by Christmas. |
| 0:11.9 | The optimists, the ones you think having the right attitude, |
| 0:16.4 | didn't make it out alive because they died of a broken heart. |
| 0:27.2 | Yeah. make it out alive because they died of a broken heart. Welcome to the real estate and financial independence podcast. My name is Chad |
| 0:31.5 | Carson. You can call me coach. And this is a show all about investing in real estate so you can |
| 0:36.5 | achieve financial independence |
| 0:37.9 | and do more of what matters. |
| 0:40.6 | It's always a privilege to have you here and listening. |
| 0:43.0 | Today's episode is going to be a short and sweet one, but it's an important topic. |
| 0:47.7 | I'm going to share with you the danger of wishful thinking during challenging times. |
| 0:57.2 | This is also known as the Stockdale paradox. |
| 1:01.5 | That sounds kind of weird. Don't worry. I'm going to explain in a moment. I'm going to tell you a story about a gentleman named James Stockdale, who's a prisoner of war during the Vietnam War. |
| 1:07.3 | I want to tell you his story and some lessons we can all learn for today's times, for whether |
| 1:12.1 | it's a personal challenge, a lot of the things going on with a coronavirus and a fear and |
| 1:16.7 | unknown with that, but also financial challenges. I wanted to get into how we can think about |
| 1:20.9 | that from a mental standpoint to both protect ourselves and also to be able to take |
| 1:26.2 | advantage of the most opportunities should |
| 1:28.7 | they arise after a financial crisis or after financially challenging times. |
| 1:34.5 | But before we get into the main topic, I want to take this time to show my appreciation to all |
... |
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