Ep. 100 - Power of Delayed Gratification
Guest: Sophia Stone of Halotopia Jewelry
What You'll Hear in This Episode
The Power of Delayed Gratification [spp-timestamp time=”01:45″]
Preparing Your Portfolio for Retirement [spp-timestamp time=”11:46″]
Minimizing Your Tax Burden in Retirement [spp-timestamp time=”23:19″]
Interview with Sophia Stone – Founder of Halotopia Jewelry [spp-timestamp time=”39:15″]
The Power of Delayed Gratification
You've likely noticed there are a large number of kids today who can't handle the idea of waiting for whatever it is they want at that moment. It's really no surprise considering we all live in a world where we have instant access to everything. Food, movies, knowledge, relationships, and just about everything else.
Most young people have no concept of delayed gratification. In fact, most people in general don't understand how this works. We all live in a world where we can have whatever we want with a the swipe of a card or the signing of loan documents.
If you’re serious about building a lasting business to a very high level, you must subscribe to this idea of delayed gratification. Without it, your hard work will bring small instant rewards but not something that will begin to grow exponentially.
In case you didn’t know, delayed gratification is the intentional act of forgoing current pleasure for the sake of future reward.
Delayed gratification basically comes down to the power of self-discipline. It’s no different than the struggle we have around eating the right foods or not eating late at night right before we go to bet. Sometimes you have to say ‘No’ to an immediate reward (like a late night snack) in favor of a much better reward further down the road.
Using Motivation to Increase Your Efficiency
Utilizing delayed gratification to increase your long term results is a powerful tool, but you can increase that power exponentially when stack increased efficiency on top of your delayed reward. Let me explain…
If someone came to you and said “Hey, I’ve got an all expense paid First Class trip to Tahiti and I’d love for you to go, but you have to leave tomorrow.” You’d suddenly have a tremendous amount of motivation to complete the work you had to do this week, in a much shorter amount of time.
The best way to make sure you get everything done before your trip to Tahiti is to take a few minutes and write everything down. Give yourself the time and mental space to do a complete brain dump of everything you need to have done before you leave.
Here's the Hidden Secret to Efficiency
Most people have a very hard time accepting the reality I’m about to share with you, but I promise you it’s held true for everyone who tries it. The more vacation you take, the more efficient you become. It’s hidden because it doesn’t make sense to people. How in the world can I go on more vacations and make more money? It’s because vacation allows you to experience mental and physical downtime which recharges you so you’re more efficient when you get back to work. The increase in efficiency far outweighs the lost time to vacation.
Get Your Free Copy of Michael Wall's Best Selling Book
Get Your Free Copy of Michael Wall's Best Selling Book
Retire Once Retire Well
Prepare Your Portfolio for Retirement
There are things that work against you when you retire that worked for you before retirement. One of the big concepts that fall into this area is something called dollar cost averaging.
Dollar cost averaging is when you commit to put money into your investment every single month. Doing this, you average out the ups and downs of the market.
When you retire, you’ll most likely stop adding money into your portfolio. In fact, in retirement, you’ll be taking money out of your portfolio every month and you risk doing the opposite of dollar cost averaging which can be a huge downdraft on your portfolio.
There is a completely different structure for your portfolio when you go from your income producing years to your retirement years. You need to know what changes are needed to protect your assets so they last through your retirement years.
Make sure you have this conversation with your advisor so you can strategically reduce the taxes on your wealth over time. You have to make sure you’re moving your money into safe harbors which will protect your wealth in retirement.
It important you don’t fall for those who are making claims about the market they can’t substantiate.
Here's What We Know the Market Will Do Next
The truth is, the only thing we know about the market is that it’s going to do one of three things today. It’s going to go up, it’s going to go down, or it’s going to go sideways. Anyone who claims to know which one of those three things is going to happen is likely a financial salesman.
Over the past 9 years we’ve enjoyed an incredible bull run (up market) but that doesn’t mean we know what the market is going to do tomorrow. You do need to keep in mind, this is one of the longest bull runs in history.
Watch the video below and make sure you’re prepared to identify “financial salesman” when they approach you.
BONUS VIDEO TIPS
How to Avoid Financial Salesmen
What types of financial advisors are available to you and which one is the best for your situation?
This segment from the CBS Sunday Morning Money Report explains how you can make sure your financial advisor is looking out for your profits before looking out for their own.
Minimize Your Tax Burden in Retirement
Our national debt goes up by almost $100,000 every 3 seconds.
There are 327 million people in the United States. 166 million are currently receiving government benefits. That’s almost half of the people in the United States who are drawing on the resources of the Federal Government.
As you can imagine, with almost half of the population drawing on the financial resources of our heavily indebted government, we’re sitting in a very precarious place.
Our government officials know there is a huge portion of the available money sitting inside of retirement accounts, typically in tax-deferred investments. Some have claimed this is the reason we’re seeing city, state, and federal governments clamping down on these safe havens. They know the money is needed to fund the burden on our government budgets.
This is exactly why it’s vital you consult a professional financial advisor who can help you navigate these constantly changing tax laws.
One of the things we make sure we look at with our clients at Wall Private Wealth is their non-qualified money. That would be our non-taxed assets. It’s important this is positioned to increase tax-free income.
Options for Clients Who Have Sold a Business
Conservation easements are the type of investment we look at for people who have sold a business and need to find investments which reduce taxes. It’s important to note, conservation easements are typically reserved for “Accredited Investors” (people with over $1,000,000 in investable assets).
These easements can sometimes give us 2, 3, or even 4 times the amount in tax deductions. That means for every dollar we put in, we can get back $2, 3, or even $4 worth of tax deductions. That’s a very important investment to have when you’re looking at reducing your tax liability.
Founder & Creative Director at Halotopia
Sophia Stone is an award-winning designer and philanthropist who also dedicates her time as an inspirational speaker, writer and Sunday School teacher.
For nearly two decades Sophia designed the interiors of breathtaking residences throughout the United States, being awarded and published for her design talents.