33: QuickDive – Are You an Investing Insider?


Do you feel like investing and building wealth is only for the brightest and most elite? I used to feel that way too. We do not have to feel like we are on the outside of an arena where only the professionals can play the game. With a little information and direction, we can find public arenas/courts/fields to play the game. It still takes work and your skills will improve with time, but you need to get on the court and start playing ASAP!

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Phil Salter 0:01
All right. Welcome to no better time. I’m Phil Salter. And I’ve been thinking about something for my quick dive today, a conversation I had with my brother in law during my family union a couple weeks ago.

And he was kind of expressing to me how much he’s kind of being inspired by me doing this podcast and kind of get excited to dive more into investing. But he just like, doesn’t know where to start. And I know this feeling of feeling like it’s so far away. so complicated, so difficult. And just kind of only for like, people have a certain eliteness or something. And he kind of compared it to like, I feel like, there’s this game happening, people are playing this really difficult professional level sport inside of an arena. And I didn’t even Anam on the outside arena. I don’t even know how to get in there. And I’m like how it looks. And we started diving into this analogy of like, trying to find the entrance to the arena. And once you know where that is, then you’re getting then you’re sitting in the stands, and you’re watching them play and you get a better perspective, you start to learn, oh, that’s how the game works. That’s the rules. That’s what they’re doing. But they’re still doing this, like, elite professional levels. So if I’m at an NBA game, and I’m watching LeBron James play basketball, just because I can see him doing it does not mean Oh, now I can go do that. Right. So it’s not it’s a good analogy. And so when I came up with but it’s not the doesn’t necessarily tell the story as it really is. Because it still makes it seem like it’s this elite thing that we can actually do. Because it’s like, it’s not like you can go to a game, you know, a football game or a soccer game, and a professional level or basketball game. And before you know what you’re watching and now you’re sitting on the you know, the courtside seats. Now your next thing you know you’re in the game. No, you’re not going to be in that game. But it’s more like this. There’s a bass, there’s a public basketball court somewhere where you can play. And you don’t have to be able to play at the professional level. To be able to play the game and start getting warmed up and start improving your skills and see progress. You just need a little information. He needs some directions to that public park, where that basketball court is because if you look just outside your door and say, There’s nowhere to play basketball, you have to very well there’s nowhere to play baseball, where would I pay baseball has to be a very specific kind of field. There are public baseball fields, you might have like a game like golf, that’s even more of a barrier of entry. And that might even be a better analogy. Because there is a certain barrier of entry to investing, you have to learn some things. You have to know where to go, you have to know where to put it in, you know, just it’s not like crazy information to learn. But it is a barrier of entry. Same with golf, you need to get some clubs, you need to know where a golf club is. For the clubs to play with, and the place you play golf is a golf club. Why am I having trouble remembering this? what it’s called? Right? It’s called a golf club where you play golf. Oh my gosh, my brain right now. But you may think well, that’s for rich people. Well, yeah, of course it does cost money, not just anybody go golfing, I’m not gonna act like this is not a privilege to do. Investing is a privilege that some people feel like they’ll never be able to do. But if someone was really anyone could golf if they really, really wanted to, they could find a way to borrow or rent some clubs, and go online. And book a tee time. Anyone can do this. It’s scary, because it’s really nerve racking when you go tee up. Going hit up, try to hit the golf ball for the first time. Guess what you can go pay for a bucket of balls and go to a driving range. In practice, there’s ways to get familiarized with stuff, you can go read books, you can listen to my podcast, and you can learn about investing. That’s your warmup. That’s your driving range. And the time will come we need to put that ball on that tee and go for your first drive

in a real round of golf. And you’re likely going to make mistakes, and it’s gonna go into the dirt or you might completely miss the ball together. But every time you swing, you’re getting better. So let’s not be intimidated by the overwhelming thing in front of us. Because guess what the thing we think is overwhelming is not that overwhelming. I golf pretty regularly now. And I used to be so intimidated by this idea. And so afraid that I would embarrass myself think about this. If I go try to invest money and I just, I might embarrass myself. If I’d ask questions, not ask questions learn. Don’t be intimidated. By doing this thing that seems so difficult because nothing is as difficult as it seems. I was driving with my cousin Jericho just yesterday having conversation and I was just talking about man like I mentioned how like, oh, something he seems really over really hard to do. But I was like, everything’s just step by step. I don’t remember what he’s like. And he’s like, do you think that applies to everything, any other things in life, I’m like, absolutely. Any challenges then we want to do or learn. It’s about finding what that first or next step is, and taking it because nothing is just one giant leap. It’s all steps. So let’s take the steps, start learning. I think, starting next week, next Wednesday, I’m going to start doing like a dive into this book I’ve been reading, I’m trying to figure out I want to do this, but I want to kind of break it into sections and talk about the concepts. It’s called the simple path to wealth. By jL Collins, I think jL Collins, and I might kind of highlight some areas of it, because it’s changing my life, just understanding the simplicity of this. And the sooner I start doing this, and we do this, the better. But it’s never too late. So let’s keep learning and growing and learning how to invest our money and growing wealth, because it is something anybody can do on some level. Maybe not immediately, maybe there’s some steps you need to take to be prepared, like paying off debts. Or maybe you it’s about a career change, so you can make more money. I’m not saying that people don’t have struggles, and that I’m not perfect, because I’m exceptionally privileged in the position I am in this world. And there’s so much further I can go. And the same goes for anyone who’s listening. We can overcome any challenge or any deficit or anything that any challenge we were born into, or that we have. It doesn’t mean it’s not going to be hard. But man, let’s figure it out. If you have any questions, if you want to add to this conversation, and what I’m saying if it makes any sense, or if I’m just talking nonsense, I want to hear it. So please email me at No Better Time. podcast@gmail.com, please share this podcast with a friend. I want people to hear it. I really for me. I’ve thought about like, what is my definition of success for this podcast. And it’s not making a million dollars. Because that’s, you know, it’s not that I would be sad about that. It’s with the podcast, I mean, making million dollars off the podcast or having a million listeners, that’d be amazing, because that means people are gaining something from this though really, for me. My indication of success will be when people start sending me questions and actually saying, that was awesome. What about this? I was wondering about this or that with investing or saving? Or how do I teach my children this or that? That’s what will be my definition of success of this podcast is people seeing me as someone they can turn to and ask these questions to and I can then turn answer them. I want to do that so badly. I hope you can get enough faith and trust in me to ask me these questions. I hope you can share with friends that more people hear this so that I can be in a position to do that. I have such big dreams for this podcast and in what it can be. So I appreciate you for listening. In you have a wonderful frigging day.

Transcribed by https://otter.ai


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