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Mindset & Money | My True Motives

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Hosted by
Mike Ayala

On this episode of the Investing For Freedom podcast, Mike talks about his motivations for doing what he does and the motives of most investors. He divides investors into three groups and explains why you’ll never have true freedom being in one of those groups, and also explains how you can avoid them and truly become free 

“I was investing for Freedom – True Freedom.”

HIGHLIGHTS:

0:00 – Intro
0:55 – Mike wrote the premise of this podcast in his blog over on www.michaelayala.com/blog
1:41 – Investors have different motives; Group one – the thrill-seekers
2:15 – Group 2 – an extension of high school, they just want to fit in
3:13 – Group 3 – Doesn’t have an agenda, leaves the decisions to financial advisors and they just want to make it to retirement safely
4:16 – Mike talks about when he was shown his 401k numbers as a plumber
4:24 – Group 1 and 2 usually end in disaster
5:16 – Mike is familiar with group 3
5:45 – Mike didn’t force his kids into doing what he wanted them and let them do what they want to do
6:33 – A lot of times group 3 isn’t happy with their investing portfolio
7:24 – Mike realized group 3 lacked freedom
7:48 – It’s a lifestyle thing for Mike
8:40 – Mike talks about the freedoms he was investing for
9:14 – It can be scary to go against three investment groups
9:48 – You don’t have to sacrifice memories for possessions or vice versa
11:13 – You can start looking at your profession as a business and become an investor
11:44 – Mike always asks himself “is this going to get me closer to what I want?”
12:22 – Mike doesn’t want to have to work every day and that’s why he does what he does 

 

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Episode 145