Motivation Daily by Motiversity - THE MINDSET OF A BILLIONAIRE - Ray Dalio Billionaire Investors Advice

Episode Date: September 21, 2022

"You Cannot Be Successful If You Are Betting With The Consensus." RAY DALIO. The Mindset Of A Billionaire.Inspired? Get Ray Dalio's Best Selling Book PRINCIPLES: https://amzn.to/2QRetQDAlso check out the new illustrated version: https://amzn.to/36SM8iaSpecial thanks to Tom Bilyeu. Subscribe for more inspiring interviews: https://www.youtube.com/tombilyeuSpecial thanks to Patrick-Bet David from Valuetainment. Subscribe to them for more inspiring interviews: http://bit.ly/ValuetainmentYouTubeSpeakerRay DalioMusicAudiojungleDisclaimer: Some of the links above may be affiliate links. If used to make a purchase, we receive a small commission. Thank you for your continued support! Hosted on Acast. See acast.com/privacy for more information.

Hello listeners, Motivosity is excited to share that we have launched a new podcast called Morning Motivation by Motivore. If you are looking to start your day with positivity and the most uplifting motivational audio, this is the show for you. For today's episode of Motivation Daily by Motivority Podcast, we are sharing a recent episode from the Morning Motivation Podcasts. If you like it, go follow the show. New episodes are being released every week. The link is in the description. If you want your life to be successful, you will not let yourself do certain things

because you're just no good at them. Once you get that picture down, then you can find the past wherever the paths are. You're open-minded. The holy grail of investing, it's three pages long. and it explains basically this important thing. Because when that epiphany happened to me

and how I would do it, it changed everything. And it's so important for the average person who's listening. And let me explain why that is. Because the average person who's listening, too many people, think that they can go into this very difficult zero-sum game of betting against the consensus and be right. You know what I mean? In other words, investor says,

I'm going to go in the markets. I'm going to make money. Betting against the consensus and be right. Right. Because the consensus is built into the price. Okay. That's what's a, so think of it as like going to a horse race and there's handicaps. Okay. You're not going to pick the best horse and you're not going to pick the best company. A terrible company can be a better investment than a terrific company. A terrible company can be a better investment, just like the terrible horse,

can be a better because the odds that are changing. Like you go into that, that becomes the long shot. But because the long shot is going to pay off 25 to 1, right? If he comes in, you could just as likely bet on the long shot as the leader, and it's going to be equally likely that you're going to make money, right? Otherwise the market would be doing the opposite. Well, the market is like that, right? In other words, if everybody believes that something's going to be terrific, okay, then everybody's betting on it and its price is high.

So it's not what's best necessarily. It's what's best relative to what's in the price, what's discounting. You know, everybody crashes, and then you're faced with that crash. And you either have an epiphany or you don't. You either walk off the field and say, hey, I don't want to do this anymore, and you give up on that going after your audacious goals, or you gain really humility. You know, how do you feel that you're going to be wrong? And so I think then that whole notion is, you know, to come back with the finding the smartest people I could find who disagree with me. Also, I'm in the investment management business that you have to bet against the consensus.

otherwise you can't make money because it's in the price and you have to bet against the consensus and be right or as an entrepreneur I'm an entrepreneur I had to bet against the consensus and be right and so to gain that humility was the thing so you either get off the field or you learn right

the greatest tragedy of mankind or the greatest tragedy of individuals who together make up mankind in their dealing with each other is they have bottled up in their heads wrong opinions that they don't know how to stress test because they think if it's in their heads, it's right, if they have an opinion.

And it's so easy to get around that if you can think about how do I go beyond that. So the reason I'm saying that is I love partnerships in which there's a back and forth and you knock things around and you get to the right answer where there's open-minded, and learning at the same time as there's the assertiveness as you're trying to figure things out together.

In all relationships, in one way or another, you have to find out how you're going to make decisions. There are going to be agreements and disagreements, and you have to have the art of thoughtful disagreement. Now, people find their domains differently. Maybe somebody says, okay, I'll take care of these things, and you take care of that. I don't know. Some people, you know, the traditional household might say, okay I'll take care of making the money out and the man goes out and he makes money in the world and then when women says I'll take care of the kids We're not there anymore

But each role I'm trying to say in some way you have to find out how to do the art of thoughtful Disagreement. It's and it makes sense and then also knowing What's good what you're good at and what you're not good at It's a good thing to know what you're good at and what you're not good at Meditation is the biggest gift that I can give anyone. And I would say more than anything, it is whatever reason for success I've had. Because it allows one, back to the two U's. I'll clarify. What I mean is that in your mind, we think, what do you want? And the reality is when you look at the neuroscience and psychology,

that there are different parts of your brain that want different things. And so in the simplest sense, there is the logical part of your brain that you're conscious of, it's called the conscious, and you think you're being logical and you want to make those decisions. And then there's the subliminal, below the limbic system, part of the brain, which is the emotional, and it's not as conscious to you, but it has more of an influence on you than really the logical one. And so they're not a line. And so when you're experiencing that pain or, let's say the ego, right, there were two main things. You've got an ego barrier and a blind spot barrier. If you can get past your ego barrier and you get past your blind spot barrier, you can accomplish anything.

Because you'll also know that you don't have to do everything to, you don't have to figure it out yourself. You can take in from other people the different ways to approach things in the best possible way. And so the realization that we all are really struggling with ourselves and to think which is in control, meditation helps to deal with the alignment of those two things, because both are valuable. In other words, intuition, imagination, the things we really love come from our subliminal uses, right? Our needs, whatever they may be. They come from here, that subliminal. They may be valuable.

They may be damaging. You don't know the difference. And so when they come up and you're looking at those with your logical mind and you can align those things, you're probably in good shape. If you can do that, that alignment

between the subliminal and the logical and you can do that with other people so that you can triangulate with other people and say, does that make sense and get alignment? That alignment is, the path to the future because you only have to know what the best things to do are. You don't have to have them all come up from your head.

And for God's sakes, don't be overly opinionated because just because you have that opinion, it doesn't mean it's true. So that's where the two U's and the alignment really is so important. Give me a couple things that I can do to get more out of a minute. First of all, if you do make your passion and your work the same thing, then you're it's great right because your passion whatever it might be you're a painter or you're an entrepreneur and whatever that is and you find that more enjoyable than going to a ballgame let's say and that becomes a passionate thing that's one thing second to know how to

work with people who can do things really well to get the most leverage out of people okay third how do you get yourself really one of the right work habits? Anyway, there's a whole bunch of those kinds of things where how do I just what you say, how do I get it done without me doing it? Who's the best to do it? All of a sudden you open yourself up to all different possibilities of how you can do that, right?

No time. Struggle well or tough love. Okay, I put those words together because that exemplifies the fact that people don't think they go together. And so if you start to realize struggling well is what you will get you what you want, okay, rather than avoiding struggle, that's what I'm trying to convey. And so if you realize that, then you will go to the struggle. You won't be averse to the struggle. And you will think, and then under that in the book, I wrote all these different ways of what it means to struggle well, okay,

how you have thoughtful disagreement, how you listen to maybe you're not good at that or not, how you learn, how you navigate all the ways through that so that you get stronger. Because if you don't struggle, you won't get stronger. Okay, so struggling well, go above it. You know, okay, struggling well, a big element is to go above your struggle, just like you did. And I look back and say, okay, am I struggling well rather than be in it and doing those things?

So there are a lot of different ways of how to struggle well. But if you know, okay, that struggling is a good thing. Okay, if you want to be strong, it's a good thing. If you worry, you don't have to worry. And if you don't worry, you have to worry. Okay. Because what I mean is if you're worrying about what can go wrong, chances are you will create the protections against that thing going wrong, and therefore that's good. And if you're not worrying about the things that are going to go wrong, then now probably the things you never expect are going to come and hit you.

Okay? And so it sounds counterintuitive. If you worry, you don't have to worry. If you don't worry, you better worry. But what it means is that process of, okay, go to the thing, go to it, and enjoy it. View these things as puzzles. Your personality will change. You'll enjoy it. Okay? Because life is a puzzle. It's a going through the jungle.