351: Unlocking Greater Focus, Creativity, and Happiness Through “Stillness” with Ryan Holiday

Podcast Summary

• The Importance of Self-Reflection and Mindset in Real Estate Investing: Effectively apply knowledge to real estate ventures by engaging self-thinking and creativity, rather than relying solely on external tools or resources.

  While it's possible to outsource various tasks related to real estate investing, such as cleaning or making sales calls, it's crucial to reserve the role of long-term thinking and idea generation for yourself. During this episode of the Bigger Pockets podcast, host Brandon and co-host David discussed the importance of reflection and mindset in maximizing the value of the information we consume. They welcomed guest Ryan Holiday, a renowned business author, who shared insights on how to effectively apply the knowledge we gain to our own real estate ventures. While tools like DealMachine and Rent to Retirement can streamline aspects of the investing process, it's essential to engage our own thinking and creativity to make the most of these resources.

• Ryan Holiday's Focus on Personal Growth and Vacation Rentals: Ryan Holiday, a bestselling author, investor, and advocate for personal growth, prefers vacation rentals for their cash flow and travel benefits. He trains for life's challenges by making things harder, not easier.

  Ryan Holiday, a New York Times best selling author, has written several impactful books including "Ego is the Enemy," "Conspiracy," and his latest release "Stillness is the Key." Holiday's work focuses on personal growth and improving various aspects of life. He is also a real estate investor. In his investments, he prefers vacation rentals as they provide cash flow and allow him to travel to desirable locations. Holiday's philosophy is to train for life's challenges by making things harder on oneself, rather than making life easier and failing when faced with trials. For those interested in Holiday's work, a free audiobook and a free month trial can be obtained by going to audibletrial.com/biggerpockets. Holiday's latest book "Stillness is the Key" is highly recommended.

• Lesson learned: Personal use shouldn't sway investment decisions: Consider market conditions, return rate, and local regulations before investing in vacation rentals. Personal use shouldn't be the sole deciding factor.

  Investing in a vacation rental property can be a good financial decision if it generates a solid return, but it's essential not to be swayed by the desire to use the property for personal vacations. The speaker learned this lesson the hard way when he became skeptical of hard money lending and started looking for properties where he could do the entire investment process himself. He bought properties in Austin and Florida, with the latter producing similar returns despite the added cost of a property manager. However, high property taxes in Austin made it challenging to make the math work. The speaker also warned against rationalizing an investment purchase based on a desire to vacation in the property, as this can lead to potential money losses. He emphasized the importance of considering the rate of return and the specific market conditions before making an investment. Additionally, the speaker touched on the legal challenges of vacation rentals in certain areas, such as Austin, where some properties may not be suitable for this type of investment due to local regulations.

• Considering the impact beyond ROI during market cycles: Negative visualization can help investors make informed decisions by considering potential downsides and their impact on life, preventing regrets

  During market cycles, especially in real estate, it's essential to consider the potential work and personal impact of an investment beyond just the potential return on investment (ROI). People often overlook the effort required and the potential negative outcomes, leading to mistakes. For instance, buying a vacation rental can mean not only acquiring a passive investment but also a job with added responsibilities. Moreover, individuals may ignore their inner voice warning against a bad deal, focusing solely on the potential upside. To avoid this, it's crucial to think about the potential downsides and their impact on your life before making an investment decision. This practice, known as negative visualization, can help investors make more informed decisions and prevent potential regrets.

• Setting goals based on pain endured: Stoicism teaches us to manage emotions and respond effectively to adversity, focusing on what truly matters for peace and happiness

  Setting goals should not be based on what we want, but rather on the pain we're willing to endure to achieve them. Stoicism, an ancient philosophy, offers a comprehensive approach to dealing with the stresses and challenges of life, including entrepreneurship. It's not about suppressing emotions, but rather learning to manage them and respond effectively to adversity. For example, when selling a property, it's important to consider the impact on others and act ethically, even if it means taking a financial hit. Stoicism provides tools and strategies for dealing with the inevitable hardships of life, helping us to focus on what truly matters and find peace and happiness in the process.

• Focus on learning and growth from experiences instead of dwelling on negatives: Instead of being discouraged by setbacks, view them as opportunities for growth and improvement. Reframe your mindset to focus on solutions and developing new skills.

  Instead of dwelling on the negative aspects of life and the things that don't go as planned, we should focus on learning from these experiences and turning them into opportunities for growth. This means reframing our mindset and asking ourselves what virtues or skills we can develop in response to the situation. For example, if we face a business loss, instead of being discouraged, we can view it as a valuable lesson and an opportunity to improve our strategies and avoid similar mistakes in the future. By taking control of our thoughts and focusing on solutions rather than excuses, we can become stronger, more resilient, and better equipped to handle life's challenges. As Ryan Holiday put it, "What do I need to do to get there instead of I can't get there or someone didn't give it to me or it's too hard or whatever?" By adopting this mindset, we can accomplish great things and find fulfillment in the journey.

• The importance of stillness for optimal performance and focus: Cultivate stillness through intentional practices and hobbies for peak performance and improved focus, as encouraged by ancient teachings and modern authors like Ryan Holiday

  Stillness is the key to optimal performance and focus in various aspects of life. Stillness refers to a mental, spiritual, and physical state where we can ignore distractions and fully concentrate on the task at hand. This concept is not new and has been mentioned in ancient teachings such as Christianity, Buddhism, and Stoicism. The book "Stillness is the Key" by Ryan Holiday encourages readers to make stillness a regular practice in their lives. Churchill, as an example, found relief from his heavy workload and stress through hobbies like painting. Another tangible tip is incorporating hobbies into your routine to provide mental rest while staying active. Additionally, having a clear understanding of what "enough" is for you can help reduce stress and improve focus. Overall, stillness is essential for peak performance and can be cultivated through intentional practices and hobbies.

• Understanding what's enough in life: Identify goals, let pursuits serve means, balance ambition and contentment, having enough doesn't halt growth

  Having a clear understanding of what you want in life and what is enough for you is crucial to avoiding the trap of constantly chasing more, which can lead to financial and emotional bankruptcy. The story of Joseph Heller and Kurt Vonnegut illustrates this concept, as Heller found contentment with having enough, while the billionaire they were with could not. It's essential to identify your goals and let your pursuits, such as real estate, serve as means to achieve them, rather than becoming an all-consuming identity. Balancing ambition and contentment is a challenge, but it's essential to remember that having enough does not mean stopping your passions or growth.

• Focusing on the process and enjoying it is more fulfilling than chasing external rewards: Instead of chasing external rewards like fame, wealth, or validation, find joy in the process of what you do for true fulfillment

  Focusing on the process and enjoying what you do for its own sake is more fulfilling than chasing external rewards. Joseph Heller, the author of "Catch-22," emphasized this when he responded to a New York Times reporter who criticized his later work by asking, "Who has written a better book than Catch-22?" The pursuit of fame, wealth, or external validation can lead to disappointment and dissatisfaction. Instead, it's essential to do what you love because you genuinely enjoy the process, not just for the rewards it may bring. Investing in real estate, for example, should be done because you find joy in maintaining a building or sourcing tenants, not just for the potential financial gains. Similarly, wanting to make $30,000,000 to continue being an author may not lead to true freedom or happiness. It's crucial to ask yourself why you want what you want and consider whether the cost of achieving it is worth it. Brandon Turner, a real estate investor and author, is known for asking these questions to help people avoid getting caught up in the pursuit of external rewards and focus on what truly matters.

• Exploring new opportunities with financial stability: Financial stability from smart investments can lead to freedom and personal growth, but consider potential consequences and find stillness for clarity and creativity.

  Focusing on financial stability and making smart investments can provide freedom to explore new opportunities and pursue personal growth, while also allowing individuals to consider the potential impact on their overall quality of life. The speaker shares how his passive real estate investments have given him the freedom to contemplate new business ideas without the fear of financial instability. However, he also emphasizes the importance of considering whether success will bring positive or negative consequences, such as potential limitations on mobility or the need to constantly manage a business. Additionally, the speaker emphasizes the importance of finding stillness and quiet moments in life, as these can lead to clarity and creativity. He shares personal experiences of finding inspiration during long drives with a crying baby and during a challenging triathlon, where the absence of music and external distractions allowed him to think more deeply.

• The importance of balance in learning and introspection: Find balance between consuming info and introspection, avoid over-reliance on external stimuli, prioritize reliable sources, and make meaningful connections with new info.

  It's essential to find a balance between consuming information and giving ourselves time for introspection and silence. Over-reliance on external stimuli like music or podcasts can hinder our ability to hear our inner voice and process new information effectively. Additionally, constantly filling our minds with new information without taking the time to apply it can lead to a lack of impact. It's crucial to prioritize learning and growth while also allowing ourselves the space to reflect and make meaningful connections with the information we consume. Furthermore, investing in reliable and trustworthy companies can help mitigate the challenges of an ever-changing market. Ultimately, it's essential to challenge our perspectives and consider alternative ways of thinking and operating to achieve greater focus and effectiveness.

• Maximizing productivity through deep work and meaningful connections: Effective time management involves prioritizing deep work and meaningful relationships for greater productivity and success, even if it means taking time away from work to relax and process ideas.

  Effective use of time and prioritizing deep work and meaningful connections can lead to greater productivity and success, contrary to the common belief that constant hustle and pushing oneself is the only way to achieve. As Ryan mentioned, powerful people like Peter Thiel and Bill Gates have learned to monetize their time by focusing on relationships and long thoughtful conversations, which cannot be outsourced or paid for. Additionally, taking time away from work to relax and process ideas is essential for generating new and innovative thoughts. The idea of "complete freedom" mentioned in the context of routines refers to the paradox that while freedom may seem desirable, it can actually be detrimental to productivity and success, as having a consistent routine provides structure and allows for focus and deep work.

• The importance of having a routine: A consistent routine brings structure, purpose, and focus to our lives, helping us balance important work and creative thinking while providing a sense of control.

  Having a consistent routine can bring structure, purpose, and order to our lives. The interviewee shares how he used to reject routines in his younger days but now cherishes them, especially as a parent. Routines help center us and provide a sense of control, allowing us to focus on important work and creative thinking. Lack of routine can lead to feelings of unease and make it difficult for our brains to focus on deeper tasks. However, it's important to strike a balance and not become too rigid in our routines, as flexibility is also essential for growth and adaptation. Overall, a well-established routine can contribute to a more balanced, focused, and productive life.

• Establishing routines and limiting choices for reduced stress and increased productivity: Routines and limiting decisions save mental energy for important choices, reducing stress and increasing productivity. Figures like Steve Jobs and Barack Obama exemplify this concept by eliminating daily decision-making through wardrobe choices and journaling.

  Having routines and limiting decisions can help reduce stress and increase productivity. During high-risk situations, the brain goes into a state of focus, but living in that state constantly can hinder growth and awareness. By establishing routines and limiting unnecessary choices, individuals can save mental energy for more important decisions. This concept is exemplified by figures like Steve Jobs and Barack Obama, who wore the same outfits daily to eliminate decision-making. Similarly, having a journaling routine can help individuals reflect on their thoughts and experiences, leading to personal growth and improved mental clarity. By focusing on consistency and efficiency, individuals can reduce stress and make the most of their time and energy.

• Reflect, learn, and grow through journaling: Journaling helps gain perspective, identify patterns, prioritize tasks, and learn from past experiences. It promotes wisdom, sharpens decision-making skills, and serves as a reminder of life's importance. For personal and professional development, journaling is an essential practice.

  Journaling is a powerful tool for self-reflection and personal growth. By putting thoughts and experiences down on paper, individuals can gain perspective, identify patterns, and learn from their past. Journaling also helps prioritize tasks and focus on what truly matters in life, serving as a reminder of our mortality and the importance of making the most of each day. The process of journaling encourages introspection, promoting wisdom and sharpening decision-making skills. Additionally, journaling can serve as a valuable resource for business growth, helping individuals identify key actions and maintain focus on long-term goals. Overall, journaling is an essential practice for those seeking personal and professional development. For more information, check out Daily Stokes and their journaling resources.

• Focus on what truly matters in the present moment: Successful people focus on progress and not just material wealth, and they prioritize community, family, and making an impact on the world.

  Material wealth and success, while important, should not be the sole focus of our lives. As Ryan Holiday emphasized during our conversation, becoming a billionaire or having a large sum of money doesn't matter in the grand scheme of things. Instead, we should focus on what truly matters in the present moment and not let our identities be defined by our success. Additionally, successful business people share a common trait - they get started and make progress, despite any obstacles. For real estate and business inspiration, Ryan recommended David Brooks' book "The Second Mountain," which encourages readers to focus on community, family, and making an impact on the world. For fun, Ryan enjoys running, swimming, and working on his farm. Overall, Ryan's insights offer valuable wisdom for living a fulfilling and successful life.

• Incorporating stillness for mind benefits: Practice meditation or mindfulness for better mind absorption and decision making in real estate investing, with the help of an investor-friendly agent.

  Incorporating stillness into our daily lives can greatly benefit various aspects of it. Our minds are constantly bombarded with new information, and we need to give it time to absorb and become useful. This can be achieved through simple practices like meditation or mindfulness. Ratings and reviews on iTunes help us continue producing valuable content, and following us on YouTube and social media allows you to stay updated on our latest content. Remember, investing in real estate involves risk, and it's important to consult with qualified advisors before making any investment decisions. With the help of an investor-friendly agent, you can navigate the market and make informed decisions with confidence. Take the first step towards financial freedom by finding your investor-friendly agent today at biggerpockets.com/deals.