Podcast Summary
The importance of long-term decision making: Long-term decision making leads to greater success and financial stability. Avoid short-sightedness and consider the long-term consequences of your actions.
Making decisions for the long-term perspective is crucial for individuals and businesses, according to Gary Vaynerchuk. He emphasized this idea throughout his conversation with Eric Wall on the AskGaryVee Show. Gary shared his experiences of making significant decisions, such as investing in the stock market and creating content, with a long-term vision. He highlighted that people, especially those who may be experiencing financial success for the first time, often struggle with patience and the temptation to spend their newfound wealth in the short term. However, Gary emphasized the importance of considering the long-term consequences of decisions and advised against being financially short-sighted. He also shared his personal struggle with the desire to cash in on his hard work and the importance of remaining patient and committed to the long-term vision. Overall, the key takeaway is that making decisions with a long-term perspective can lead to greater success and financial stability.
Investing in the long term is crucial for success: Continue investing in divisions, agendas, and people, even when it's difficult in the short term for long-term gains. 80% of market corrections don't become bear markets, but those who sell during them lose. Prepare for crashes every 5 years by having a long-term investment strategy.
Investing in the long term is crucial for building a successful business or empire, despite the short-term financial realities and pressures. The speaker, who has scaled significantly in his life, emphasized the importance of continuing to invest in divisions, agendas, and people, even when it may be difficult to afford in the short term. He referenced the advice of Tony Robbins, that 80% of market corrections do not become bear markets and will correct back, but those who sell during corrections will lose. However, crashes do happen every 5 years on average, and it's important to be prepared for them by having a long-term investment strategy. The balance between short-term and long-term goals is a difficult one, but the more one can invest in the long term, the more they will ultimately win.
Bear markets are temporary and followed by bull markets: Investing in long-term opportunities during bear markets can lead to greater returns than taking short-term pleasures
Every bear market, on average, last 1-2 years and results in an average loss of 33%. However, you don't lose those 33% unless you sell your investments. Furthermore, every bear market in American business history has been followed by a bull market. So, while it may be tempting to take your money out of the market during a bear market, doing so over the long term can result in lost profits. Instead, focusing on long-term investment, even if it means sacrificing some short-term luxuries, can lead to greater returns. The speaker emphasizes this by sharing his personal example of investing in his future instead of taking short-term pleasures. He says that instead of spending money on short-term luxuries, like flying economy instead of a private jet, he invests that money for the future. He hopes that by sharing his journey, his legacy will be inspiring others to invest in their long-term future, rather than focusing solely on the present. He also mentions that he doesn't charge for his advice because he's not interested in short-term money, but rather in building long-term relationships.
Stay updated and connect: Engage with the speaker through YouTube and DMs for updated content and personal interaction
The speaker encourages his audience to engage with him on multiple platforms. Firstly, he emphasizes the importance of watching his vlog on YouTube for further content. Secondly, he invites listeners to connect with him directly through Direct Messages (DMs). The speaker uses colloquial language and a casual tone, implying a personal and exclusive interaction. This suggests that he values building a strong connection with his audience and encourages open communication. Overall, the speaker's message is to stay updated with his content and to reach out for a more personal interaction.
