Think Smart, Retire Smarter: Circle of Competence
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When IT comes to the circle of competence, warn buffer t said, the size of the circle is not very important. Knowing its boundaries, however, are vital. Welcome to the show dedicated to you, help you.

You're not just survive retirement, but to have the confidence because you're doing the work to really lean in. And rocket, i'm excited for today's show. We ve got two great topics.

Topic number one is going to continue building our mental mindset arsenal and talk about the circle of competence. Where are the more important ones? In addition to that, we're onna hear a retirer story from Karen on the importance of d cumulation.

She's walked a journey over a number of years of accumulation, of accumulation, and has had a mental shift that has changed everything. And her having a great retirement, a wonderful story. I've been blessed to be a small part of IT, so we're hear from Karen before we get started with the circle competence.

I want to invite you to join me for a live online meet up on november seven at seven P. M. central. We're going to do two things. One is we're going to answer the question to convert or not to convert when IT comes to rough conversions. And we're going to approach IT through how do we think through this in an organized way, so gon to use some of these mental models to build frameworks so you can think through IT to feel confident in the country you come to.

And then second, i'm going to invite you to join the rock retirement club or can have an open house in that same meeting where i'm going to show you how the great retirement club has everything you need to create a retirement plan you can have confidence in and access to experts and others that are on the journey. So you can focus on your journey of rocking retirement, not just planning for IT. You can sign up for this at live with Roger dot com.

When that said, let's get to the circle of competence. okay. Before we talk about the circled confidence, I just want to share something personal and some things I think you're important.

For a while now, I have been a private pilot really excited because it's going to help me get to colorado more quickly and more and more people are interested in or are becoming private pilots to have more mobility. And I think it's a great idea. But there are five tips I would suggest, given the experience that I have of doing this, definitely my circle of competence that I want to throw out there.

For those of you that are either flying or thinking about this, number one is you really got to stay current on your aircraft and profession, which means you got ta fly and practice different maneuvers to improve your skills. This is really important because you never know what could happen up there. And more schools you have, the Better.

So i've seen so many pilots go out on the weekends and just want to do the same thing over and over again. And when life throws a cur ball, they may not be prepared in your hundred thousands of IT in the air. That could be problems.

Number two is understanding the weather. Develop a strong understanding of weather patterns and how they impact when you fly. If you think about IT, you go out on a Sunny day, which is sort of what I see a lot of pilots do.

What happens if a storm comes in? The patterns of that can change that Sunny day very quickly. You ve got to know how to read forecasts and interpret metres and tasks to make more informed decisions.

If you don't do that again, it's all great until it's not. So you got to understand whether patterns and how that impacts how the plane is going to act. The third one is you got a plan thorough, always prepare detailed flight plans, including the road fuel requirements, alternate airports.

Again, you get up there to Sunny day. I see this weekend pilots, something happens. What if they have to go to another airport? Do they even know where one? Is this not the time to go? Be figuring that out, right? So I got two more.

Okay, great. Second, I got to stop here because the truth is I am not a private pilot. I don't know the first thing about flying yet.

These five tips that I was going through are probably very accurate. I literally put IT together in about two minutes. I don't know what i'm talking about.

I'm sure they are great tips, but I have no knowledge, no web of knowledge related to them. I prepare at them confidently. This is what i'm talking about in the circle of competence and why this is so important.

Because we live in an age with the internet t where almost anybody can sound smart on a topic very quickly. And that's good. It's great to be have access to information, but it's also dangerous if you're out there trying to navigate real information in real wisdom through the sea of knowledge and marketing messages that we get.

And on your journey to retirement, you get one shot at this. You want to do IT right? You don't want to be. Let us tray with bad or incomplete information. And this is going to get even worse.

Just the other day, I received a marketing email from a company that was offering artificial intelligence product that would create content for me. I could put in the topics what I wanted, and I would send me blog posts, social media post outlines on any topic I wanted, say, in retirement. And then I could tweet those, or I could just simply publish them out there to the world as mine, without ever actually doing any thinking that's powerfully efficient, but very scary.

In fact, I know this could happen, that I could take those outlines. I could put that into an A I engine and create a podcast in my actual voice and published without me ever actually having to stand in front of this microphone. This technology is out there and already being used. So as you are working on building your competence in retirement planning so you can create great life, you're likely going to go to the internet or a podcast.

And it's likely that a lot of the information that you're going to get is the surface level information, not from someone necessarily has depth and experience and actually doing IT and a is just going to make this worse because we won't even know if we were talking to is A I or not pretty soon. So the circle of competence suggests that individuals should focus their efforts and decision making within areas where they have a deep understanding or expertise. Yeah, that sounds like a really good idea.

And so what is a circle of confidence, surface knowledge? Well, a of understanding based off of lots of experience. And we're onna go into some examples of this.

So we used a war buffs quote at the beginning. So let's start with warn, who is a master at staying within his circle of competence. So I started in the industry, and ninety ninety, right near the beginning of the technology boom, the new economy, the internet.

IT was so fun. IT was so easy to make money back then. I thought I was so smart.

I didn't know anything. Well, for one nine hundred and eighty seven to two thousand, the S. M P. Five hundred generated five hundred eighty two percent relative returned before the bubble burst in two thousand, just between nineteen ninety five.

In two thousand, the nas deck index, which is mainly technology stocks, just in those five years, IT rose four hundred percent. This was a new economy. People were making money and left and right.

I felt really, really smart as a Young planner during that entire time. Warn buffer t owned zero technology stocks. And I can recall articles and C, N, B, C talking about these dinosaurs.

N being one of them that didn't understand the new economy, didn't understand the internet and they were antiquated and they should be put out to pasture even after technology burst that boom burst in two thousand warn but its still didn't buy technology stocks. In fact his first major stake in and a technology stock and IT might have been the first technology stock ever purchase, wasn't until two thousand eleven. IT wasn't a facebook or or amazon.

IT was IBM one of the oldest blue chip companies in america. That was his first technology sucked by. His next major buy was in until two thousand sixteen, and that was apple. He believes in stiggins with what you know and understanding the boundaries and not getting over confident. Now he had valuation models that he could have tweet to go into technology earlier, but he was very clear.

I know what my sweet spot is, and i'm going to respect those boundaries and not try to stretch before i'm ready into things I don't quite understand, even if I could talk smart about them. That's the difference between a depth of knowledge and surface knowledge and where that circle of competence is. Now book that I would recommend to you called great mental models will have a link to IT in our six shot saturday email.

A while ago, I started to research and build a library mental models. And during that research came upon this book. And we did this book as a books study internally, and now they have a four volume set, great, great set, well worth IT.

When they outlined the circle of confidence. They use an example of climbers verse shirt s. So let's think about this.

There's a great book called in to thern air by john crack hour, wonderful book that documented his expedition to climb out everest. And everything went wrong on this. IT was a disaster.

People died. And he chronicles that expedition. fact. The subtitle to the book into the there is a personal account of mount ever disaster, published in ninety ninety nine.

Great book. Now he is climbed out arrest. Is he an expert on climbing? mt. Arrest is that in his circle of competence, he definitely has experienced doing IT and has something to share that real world with that is truly important.

But he had a particular experience book in that with another climate, which there have been many that have climbed out ever successfully, didn't have a disaster. In fact, everything went right. They had great weather.

They submit early. They definitely have some expertise in climbing out ever s but they're informed by their particular experience. There are an end of one example of climbing out t ever, and there's a lot of value in that experience.

But if I were to go look for someone, an expert, to climb out ever, I might talk to these two people, but I would need to make I understood that their experience informs their council on whether I should do IT or not. I know john rack. I might say, no, go do that.

Where is the other guys? Like, oh yeah, it's simple. Man, it's it's awesome. You need to do IT. So let's think about that when IT comes to retirement.

Let's say you're in a coffee shop or you're reading a blog online and it's you're talking to somebody and it's through experience retiring. That's really helpful to good to learn from people that ahead of us. But the first person you talk to is a lady that has an amazing pension, and that plus of security covers most of their bills.

They retired at the beginning of a bull market, and there are eight, nine years in, and they have more money than they began with. What is their counsel to you on retirement? It's going to be informed by their experience plus whatever research they've done, but it's GTA be pretty good.

What if the retirement has no pension? They retired during a bear market and they had some big spending shocks. And you're talking to them about retirement.

What are they going to say to you? Both of them have experience of one, and that is going to inform their decision making and their level of competence in the journey. Very valuable.

But compare that to a sherpa. We go back to the mount everest example. A sharp a is the is in the palace.

And there people that guide others up the mountain and down, they Carry all the stuff. And they do this multiple times a year, year after year. They're going to have a detailed web of knowledge that the one time climber is not going to have.

And so they're likely going to be more in the circle of competence when IT comes to climbing mt. Everest than the kind of people that you want to talk to in addition to the people that have maybe done at once. This is important as you access information to improve your competency here.

So how do you know if you or someone else is in their circle of competence? Well, you're gonna be much more aware of knowing what is noble and what is unknown, which is important. You can have a good sense of what you don't know and what you can't quite figure out that you have to navigate on my judgment calls.

It's going to be harder for someone that has limited experience. To really understand the things that they don't know. In fact, if you look at a chart, I forget where I saw this.

I have to go find this of a mastery journey, someone building competence in a topic. You go from having none and really knowing nothing, but very quickly you can move up to feel and like, okay, I get a sense for this. I researched IT.

I've talked to a lot of people. I feel like I know this topic and your confidence actually goes up pretty quickly. Then if you continue on that mastery journey over years to build that web of knowledge, your competence goes up because you have that web of knowledge, but your confidence actually goes down because you're much more aware of the known unknown.

So it's weird that a lot of people that are extremely competent are more humble and have less confidence than those earlier on the journey, in addition to knowing the unknown. So having a sense of that, someone that is in their circle of competence can much more easily anticipate second and third order consequences decisions. Wow, if I do that, that seems like the best thing to do.

Yeah but I know from experience that this that and the other thing could result around that. So you have more informed decision making. I think of like somebody who is definitely in their zone of, say, zone zone circle and mixing those words up their synthetic in their circle of companies is doctor bobbi to boys.

When IT comes to health and research, especially when he reads a study about supplements, he has a greater appreciation because of the work that he's done over decades of, oh, what does that really says that the right kind of study is IT really indicating, but IT says that does, to what level can have confidence in that? He is actually very comfortable in those new answers, whether if I read a study that says, I should take the supplement IT, oh, that guy sounds smart. Okay, i'll try IT very different.

Not my circle of competence here. Let's using another example of somebody who is outside the circle of competence will use myself. I feel that way all the time in some areas.

But a year and half ago, I talked about doing a series on expat retirement people retiring overseas. And I didn't do anything on IT for over a year and half. Sorry about that.

That was a result of a couple things. One is just busy as lots of topics. And I realized that I started to do basic research on expat retirement, that there was a lot more that I didn't know, that I didn't know, which is important to know. There is a lot more to IT. And I could have very easily create a month long episode, create an outline similar that I did to flying the aircraft, and talk relatively intelligently about the aspects of an expert retirement.

And that might be helpful, but IT sure felt vote to me, because I knew there were so many things I didn't even understand, I didn't know, which means that was going to take a lot more time to build some level of competence before I felt comfortable telling you had to do IT. And so as a result, what I did, which is a good strategy, is I did basic research. And then I talk to people that were more in the center of the circle of competence when I came to expert retirement, we had je on the show who works with people that retire overseas.

She's an expat herself to the united states, much more in her, the center of her circle. So I brought her on, and we brought on the gentleman from thailand who was wonderful, who lived overseas as entire life as an next patent, is retired in thailand in the center of his circle, in order to serve you Better. That helped you, hopefully, because I realized that I could fake this and I could sound smart.

But I didn't know. I didn't know a couple of examples. So if you're not in your circle of confidence, what do you do? Well, what did you learn? The basic? You definitely do research.

You start to talk to people whose circle components is strong in that area, and then you actively think about the topic. Maybe you right, maybe you keep a log, and you work on your mastery journey in order to improve. And over years, maybe decades, you will slowly work up to be an expert, compete in that topic, knowing boundaries, expand gradually, keep score, improve good structure.

Now for you, you like gradual. This is great. But I care about retirement planning. I'm looking to experts as well. I am probably listen to this retirement podcast.

How do I know who I listen to or who I engage is competent? Add some level in retirement planning. That's the issue before the house for you.

And whether it's listening to a podcast, reading articles, it's more helpful for you, I would think, to read and listen to people that have actual experiences doing IT or people that have researched and thought on this topic for decades. Because what I hear often, especially with people that have advisers, are, yeah I have an advisor. There's super nice.

We've known them for years. We've helped us commute assets really smart and they've shown me retirement calculations. And IT says I met ninety nine percent.

They say that i'm fine and they say they'll help with tax management. But when I ask questions, IT never really gets below the surface. IT never gets specifically like how I actually going to pay for my life.

They continued talk in the genre generalities. There goes my voice again. And they never tell me specifically how I gona do IT, or perhaps they say they help with tax management.

But when I want to get into rough conversions and whether I do or or not, IT never gets deep. That never gets specific. IT always stays at a higher level. I hear that a lot. And that actually makes sense because the vast majority of us in our industry and other industries are generous and we know a lot about topics, but that is indicated when people are getting to the edges of the circle of competence or maybe outside of IT. I would listen to that when you feeling that because IT may mean you need to do more work or perhaps it's not the right match.

So how do you gage someone's circle of competence? I think one is you ask pRobing questions that force them to go beyond the surface level knowledge and can they communicate clearly, which is definitely indication of deep knowledge. When you can communicate something clearly, that's an indication of deep knowledge.

Another tactic when you're talking with someone is just ask them, what are your known unknown? You were talking about retirement planning, a roth conversion. okay.

You're telling me all the reasons I should do a roth conversion. But what are the unknowns here? What are the things that we just know? We can't know and see how they answer that. If they can answer that specifically or with confidence, they maybe they thought about this.

But if they can't, that might be an indication that they are at the edges of their competence, ask specific questions on topics, and this can be hard, but asking detailed specific questions that prove the edge of someone s knowledge can be very helpful. One in the answer they give you, but two in how they answered that they dane around IT. Are they not actually answering the question and acknowledged that they have a gap there? If they do, that can tell you a lot of whether they're just not willing to admit their gaps or indeed, they have specific answers to the questions.

But if we don't ask specific questions and ask the follow up questions to probe, it's gonna very easy for someone to dance around the topic at a high level. So the outcome we want is to have people around us that have a circle of competence, but they know their limits. They're comfortable admitting when they don't know something.

Often times over confidence is a red flag because there are new answers when you really get deep into a subject. And this is just important for you as you build your competence in retirement planning and navigate whether its blogs or podcast or advisors, because you only get one shot at doing this. Retirement planning in making decisions.

And current is a good example. Who are going to speak with a second SHE had the perspective of how the cumulation work, which created a limiting life from a finance perspective that didn't allow her to do certain things, and was only her getting perspective from someone that had competence, not using myself in this example, out sort of work. But, you know, that helped her see things differently because you only get one shot.

I mean, he did this in her early sixty. She's in her late sixties. Now if SHE hadn't had that perspective, her life would have been different.

That's why this is so important and it's harder than ever because the internet and everything on IT is a sale cycle. Just trying to get you to do things. So it's hard to find safe education by real experts.

okay. But that said, let's go charity cain and hear her story and her journey to understanding documentation. Carry you, and I missed each other to have this chat while at the round up. I'm glad you are able to hop on how you 一个。

i do IT great.

Now, you just came back from the northwest or, no, the east.

I spent a week in for mountain, the fall OK, just enjoying the leaves and the apples .

and the Chris pair. Your first non texas rea fall.

I believe I recommend that all.

So let's start with the basics roughly. How old are you?

I'm sixty nine. No.

sixty eight, sixty eight. And what was your profession when you worked?

I taught pediatrics, OK, and I did some government related researchers work on the site.

OK. And when did you, quote, quote, retire from that career? Well.

I became a window five years before I retired.

Look at.

and I retired at sixty two when I then had health insurance from my work. I was said to the teeth with the committee work that goes with teaching and the paperwork that goes with teaching. I liked my job, but half of IT with paperwork.

And that one in fun. I've heard that before. I've heard that before. How is that journey from a retirement perspective of losing your husband and then recreating yourself on your own?

I was so busy surviving. I had Young children and we just were peddling. I don't think I really thought about anything more than just keeping them stable and me going.

And so when did you process for yourself or have you i'm .

working on IT. I think from retirement on, we had so many dreams together, and i'm now going through those dreams and doing things that we had planned to do together. And it's a little bitter sweet, but it's still a whole lot of fun.

Before we have done, you said, I have one thing i'd like to accomplish this chat. So what you articulate .

that I learned from you, and they are rc about concept of accumulation. And that huge I had run on, all multicolored. I had everything plan from seventy on. But IT IT sounds great, but I never occurred to me that I could spend principle.

So in accumulation, your concept was only off of the interest that IT might generate.

the four percent.

okay, whenever interest you get. So talk to me about your understanding of deep, what IT was before and what IT is now in terms of you are understanding.

well, first of all, I had when I retired, I retired to a second job, the the research staff. I worked in research oversight basically, and IT was a wonderful job with great people. I got to do really cool stuff.

I was involved very preferable in the research that current cycle cell i've been involved in, a butch of new drug development been way fun. And IT was A, I had planned for that to go on into my eighties. And then the lady that are on the company sold IT to a large across the nation.

And everybody in texas, Scott dropped, and that was half by salary. yeah. And that was like six months after I retired.

And so if you think of accumulation as the interest, or are the four percent, you probably felt somewhat constrained.

a lot constraint. The boys were coming up on college. I had set aside four years of college at a statelet. All and each of them had a functional car. They were pretty much taken care of.

no.

but my plans had included that money that no longer existing.

And so when you ran your scenarios, did I say you are OK from a high level?

I did IT among a carlo level, but I didn't understand the idea of setting aside four years of actual cash. I didn't understand that IT was okay to break into the big pile of money. I just didn't know how to separate. I don't think a lot of people know that .

did IT feel wrong to touch principle? IT still feels wrong.

I've been looking for seven years, and I still feels wrong.

And so what was the second order consequence of not feeling? You could touch principal from a life perspective .

or IT meant I didn't do things if I now realized is possible today. And I could do them when I was Young and able and flexible, although honestly, i'm healthier. Now that I was at sixty two.

i've seen that .

journey and a lot of flexibility, a lot of stampa, and no longer have long disease ahead. Life is much Better.

but denying yourself doing those things had an impact.

Oh yeah, I had, I had a basic grade life. I had a good life, but IT was the bed, great life. And that's all I really allowed myself to drink.

Do you regret that you wish would have known sooner? Or do sure.

But but I probably would have spent a lot more and wouldn't have quite as much to plex with.

yeah, well, who knows? right? Who knows you?

Well, you know, I would have loved to travel a little more while I was two of us .

inside of one of us when we first really interacted. And I have my frame of how that conversation went. And I was around travel, and you had done a lot of IT.

I talk to you six months after the company was sold, about six months after retirement. I wait to IT talking about, was I? Was I going to be safe? Was I going to be OK even planning base great life. And I have budgeted for a trip to europe when I was seven day when social security turned on in. My cash flow improved .

yeah and so to be clear, Karen is not a client. SHE is just a club member. So I came in not having a lot of context. So IT was very acute. This worry about M I OK what we IT .

was for me, IT was very real, because all I had was the montardo s from fidelity and from, I don't mean think we had no retirement back then in club.

I don't know yeah, that was a long time ago. So I forget what we were using at the time. So conceptual, the computer, the model says you're okay. I don't .

believe IT.

and I think that's Normal. It's just sums number and you can see specifics. I get that.

I think you somebody asked good to go higher than ninety nine percent.

That was that idea yeah. And often times, I think in financial planning, a retirement planning, we do relatively good on feasibility, which is what software is good for. But I still is not detailed enough to give any confidence of exactly how to work.

And there are a lot of us who simply don't have spread shit .

skills yeah and you don't need sophisticated ones and you have what now I assume of at some level, if not from a py cake and point, would I call about that conversation related to M. I OK. And I had a little bit of context was, yes, you were financially, but also you had thrown out there.

I think you had mentioned, well, in six or so years I want to go to era. And so I went out from, yes, you OK to you really want to go to year, but I didn't have the whole story about your husband in some of that moved into the motivation. The next thing I recall was you talking about a degenerate issue from a vision standpoint in your family.

Yeah, my mother, my family has a genetic blindness. And IT was theoretical because I was my mother. But the next generation, nobody had had any problems, and IT was recessive.

And then around the time I talk to you, I had retired. I had lost the second job, and my sister developed vision problems. And that made IT real, that this really was genetic, and IT was part of our generation, and IT might be part of me.

How you doing, by the way.

she's do IT. okay.

It's stabilize, stabilized. okay. And I remember you explaining this to me in this order. And I think this is the value one of understand specifically how to do the cumulation beyond software. Yes, so you can have confidence. The other part is you're in your own bottle and you don't have perspective on all the different pieces because you're living IT, right? Like when you when your husband, you just .

living in the 开始 because I don't understand that a portfolio is designed to be in pieces in .

retirement， for sure. Yeah, I did. no. And I what I recall and we misremember things right because we create our own frameworks around them. But what I recall is, okay, here's this lady care n, she's very nice based on .

what he told me.

she's worried. But oh yeah, he told me, is fine financially for her bed, great life and probably a little bit more. That's when I heard first.

The second thing I heard was I really want to go to europe and maybe you said something about your husband, I don't recall. And i'll probably do that in five or six years. And okay, I get that wants to wait a little bit.

I don't know why. And then the next thing I heard was, oh, there's this issue with vision that my mom had, and I don't think we have about my sister just started to develop, and I might have IT and in my head black. I was like, well, what the how is this lady waiting for the travel? And I think I said something to that effect pretty much.

And I was looking at cash film because I thought you had a little on cash film.

Then we had, I forget the rest of the conversation, but a little bit of a light bob moment and talking through, oh, maybe I can do that. And you had you just sort of changed in a paradise of possibility. Now i'm not taking credit for that. I just get perspective to what was I .

gave you credit for that.

Well, well, okay. And then I think then IT was now had you traveled a lot prior to that with your husband.

done a lot of car travel in the U S. O K. But I really had even flown ed very .

much ah and I maybe you had discuss that because then in the club I didn't anonymous ly, I explained your situation in a life made up with club members and ask them for recommendations where to go, what to do.

And wonderful ideas float in. People were so generous, they had restaurants, they had ideas for how fly, they had guides, they had places to make sure I went to. People were just incredibly kind.

And we have, we actually took this is a some years ago now, but we took all the suggestions and made a very color into A P. D. F. So we'll share that in six shot saturday. I don't even know if you used any of those suggestions, but I would imagine the other thing that flowed from that was even more perspective of encouragement.

Yes, yes, because my people don't do those things.

When you, when you say my people.

what does that mean? My folks didn't travel. I had, I come from people who are blue color, and we went to the coast and galveston. That was a big trip.

Yeah, then you live in texas. That was in the state. And then and that part of IT. I I don't forget how many months IT was later, but four, four months later you sent me a vote. I think I was munich, but I don't remember .

where I was from now. I I said you a couple of O, I sent you a couple from london, and I had decided to do london because I could speak english and I was comfortable there. And besides, I wanted to see the globe theater. And then I took the euro star on recommendation for somebody in a the club. And I went to my dream, which was parisis I spent we can half at parris it's .

a great walk in city all IT .

was marvelously pouring rain so I sent you a drought that picture they stand begin front of the iphone tower um but I sent you a couple from london and in that picture and I was greater like a fool.

So how many years ago is this?

That was in twenty, eighteen.

eighteen, to very early in the club. What have you done? Sense of anything?

A lot once I understood accumulation and particularly sets the money guide elite where you could put in dreams and once and wishes. I have done a lot more european travel. I've been back and forced to england again.

I've taken a medicine ii and cruise with some friends. And we started in barcelo and ended in turkey. That was almost a month. There was just before cove IT and I had actually, or just after cove IT and I had actually gotten sick on the the crease. So I missed a little bit of italy and I went back and did another three weeks in italy.

I spent uh a rick Steve store and and rome and then I took a bunch of guide books and I spend a lot of time in FLorence and seela and then I went down the pope. I've been back friends and i'm planning to go probably on a german and australian trip but at least a german swiss re. Try, but not sure.

Okay, now you are a single, and to use a word that I don't need to use in a bad way, single, elderly lady.

Yep.

traveling in the world pretty much by yourself, with friends periodically.

with friends and learning groups.

That was my question.

what travel with called the history chicks? I love IT. It's another podcast that features women's history and they had just done a trip to austria focused on maritana. Um and they go they go periodical I will there's a lot .

of groups like the roof scholars. Are you mention .

backroom scholar? Another one, overseas adventure travel is another that i've used.

which is, you don't have to be by yourself.

You can be with, you figure IT all out in a foreign language.

yeah. And you can have guides and sherpas to be there. Pus are .

good. Shoppers are very good.

Sharpers are very good. In fact, we talked about shoppers at the beginning of this episode. So i'm thinking of you A D cumulation. That change in conception of not just seen oh, the software says i'm OK, but seen in detail that it's OK to spend this amount of money in this year of this thing.

It's okay to break into your principle for private things.

And so I might have mend that you correct me care if you think i'm wrong is mentally IT is okay to do that assuming you do the work to see that it's okay by getting a little bit more detail, you don't have to be a spread check geek. But just to realize it's not just about the interest, which is sort of how our parents and .

grandparents did IT. yes.

Now the value of we talked a lot about the club. The club was just a vehicle to help give you perspective. So this isn't about the club, but the two things that I think really come to mind us, one is having people around you to give you perspective.

Yes, because you're in your own life and that's your grounds. zero. Number one. The number two, to find and connect with people that are similar to you but ahead of you on the trail. And this is what you get to do now, is meet you ten year Younger or fifteen year Younger, man or female, that can't imagine themselves traveling or that it's so safe and say, be an .

example of the .

elder lady and i'm doing IT and not like, oh, well, she's doing IT and you can share that you are like them. That's the value of having people around you that think like that.

And and the other value is there a lot of different levels of security in the club. There are some extremely wealthy people, but there are a lot of people .

who are constrained. Yeah, I think that's Normal. They're not the loudest in mediums, but they're the majority.

Then this isn't about the club. This is about your story and understanding the change of the cumulation. And when an example or are you've been, you make me you .

always make me to blast. This is just so much fun and where we're going .

to check in with you again?

Absolutely, I will have got degrees again and Better support time .

on the islands get set.

Now let's time to send a baby step you can take in the next seven days. Not just retired rock life are in the next seven days. I want you to think about the distinction between accumulation, growing assets and d cumulation. And evaluate yourself.

Do you understand that IT is OK to spend principal in order to harvest the resources to live a great life? Where is your mindset? And then just do himself evaluation, because that distinction done within reason can help you create a Better life. So for those of you that want to become more competent in a particular topic I came across, this was actually dann crossed by book the soul of wealth, the finmin technique, which is Richard fireman, who am a big fan of.

He has a technique for building competence in a particular topic, and he says, is take a concept that you want to learn, write down everything you know about IT, and is to know about IT, to do a lot of research and just write down everything, you know and all the research and create an outline of the topic, break IT down by its components to understand. So let's step one. Step two is to teach you to a novice.

They will give you feedback and ask questions, which is going to help you identify gaps in your knowledge, either in your knowledge or and how you explain IT, go through the process of reviewing and filling those gaps and then step for simplify and reduce the quarter in IT. He said. It's crucial that we can teach the concept till like a five year old.

So if you follow those steps on any how to how to tie notes, how to change oil the car, how to retire, is to go through, do the research and then try to teach you to somebody and let them ask tons of questions, and then you identify your gaps. This is essentially how I go through the podcast over the years, and I bring up a topic, I walk through IT an organized way, and then I get ten of emails and questions asked, what about this? What about that? What about that and that? Oh, I didn't mention that.

How do I feel that gap? How do I make this simple? How do I do? It's a wonderful technique. It's outline in one of the chapters of dance book is called the fineman technique. Hope you all have a great well, what today, whatever day?

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