Survive the Global Recession and Build Massive Wealth | Raoul Pal (Replay)
Tom Bilyeu's Impact Theory
Impact Theory
4.7 • 5.2K Ratings
🗓️ 24 October 2024
⏱️ 148 minutes
🧾️ Download transcript
Summary
On This Page: Wishing your way to wealth and success, complaining about who is wealthy, and riding the wave of misplaced time, money and effort is not why you’re here. Stock markets, investment portfolios, 401Ks, and bank accounts look like the stuff global disasters are made of.
You’re living through weird times and having a biological experience of unforeseen proportions when you look at the global economic sh*t storm we’re in. So the top 5 ideas and people you’re spending your time with really matters, perhaps more than ever before. Perspective is key, and you get to decide if you’re living in a friendly or hostile world.
Raoul Pal, CEO and co-founder of Real Vision, has some ideas that can certainly help average up how you think about getting through our current recession. Whether your money is all in crypto, in a 401k that’s reduced by half, or in none of the above, the ideas that Raoul shares in this episode may be some of the most important ideas you’ve ever heard.
Are you still living and acting based on an American Dream that died decades ago? Does the thought of buying during a market drop scare you or excite you? Listening to these conversations between Raoul and Tom is going to break some of your ideas apart and allow you to put together a new and improved perspective that will allow you to thrive during this recession and maybe even get a little excited.
[Original air date: 9-3-22].
SHOW NOTES:
0:00 | Introduction Raoul Pal
0:27 | Thrive in the Economic Collapse
41:39 | Crypto 101 Masterclass
1:11:59 | Recession 101 Masterclass
1:41:51 | The Biggest Opportunity
2:13:30 | Adapt to the Changing World Order
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What's up, everybody? It's Tom Bilyeu here. If you're serious about leveling up your life, I urge you to check out my new podcast, Tom Bilyeu’s Mindset Playbook —a goldmine of my most impactful episodes on mindset, business, and health. Trust me, your future self will thank you.
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Transcript
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| 0:00.0 | I think there's three things you need to do here. Income. Income pays your bills. |
| 0:05.0 | Income can pay your mortgage. Income does everything. Without income, you've got nothing. |
| 0:10.0 | Optionality. You need to have things that can pay off a startup or a hobby business on the side. |
| 0:15.0 | That will never happen if you work for a corporation. |
| 0:18.0 | Focus on your income. Work hard, look for other opportunities that |
| 0:21.4 | can leverage that. And then thirdly, if I've got this income, look for investment opportunities |
| 0:26.3 | that can change my life. |
| 0:27.8 | The financial system's not as bad as it was. So they're not the bad guys this time around. |
| 0:32.0 | They got told off. They got to not, don't borrow as much money. The individuals have not been great but not terrible. |
| 0:41.7 | The government borrowed a lot more and corporations borrowed a lot more. |
| 0:46.5 | So to put it in perspective, the US is about 25% of the global economy. |
| 0:55.0 | Yet they have 100% equivalent of global GDP in debt. |
| 1:01.0 | So this is the most indebted economy in the history of world economics in terms of global debt because it's so big. Now, the US is not |
| 1:15.7 | the only one here. Europe's got massive debts. Japan's got massive debts. So lots and China's got big |
| 1:22.4 | debts. Everyone's got debts because we borrowed for our future selves. You know, why get enough tax income for |
| 1:32.7 | the road system I need to build? Why not just issue more bonds and build it now? Because the bet is |
| 1:38.2 | I'll create more productivity in the future and then GDP grows and it's easiest to pay off. And that |
| 1:43.0 | generally works okay. Like the bet |
| 1:45.0 | that you took is, will my income be able to cover this debt in future? In most circumstances, |
| 1:51.0 | it is. But what happens is when your debt becomes so large and something happens to your income, |
| 2:00.8 | then you start to say, well, can I pay this debt? |
| 2:04.6 | So we talked about that part. |
... |
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