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Simple Steps: Taking Risks
277 Plays3 years ago
For this Simple Step, we're talking about the number one thing that holds people back from their uncommon path: fear. What if the worst happens? How will I handle losing the stable structure and benefits of my current job?
This week, we'll provide you some simple, tangible ways to turn the unknowns into knowns, quantify the risks, and create a path forward that may not be as scary as it first seems.
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Transcript
Introduction to Uncommon Wealth Podcast
00:00:00
Speaker
Everyone dreams of living an uncommon life and the best asset you have to achieve your dreams is you. Welcome to the Uncommon Wealth Podcast. We're going to introduce you to people who are living uncommonly. We're also going to give you some tools and strategies for building wealth and for pursuing an uncommon path that is uniquely right for you.
00:00:26
Speaker
Hello, everybody. Welcome to the Uncommon Partners podcast. We can name every time. Every time. You know, we could change it any time. You're listening to a simple step with Philip Ramsey.
00:00:44
Speaker
and Brian Dewhurst. There it is. Thanks for tuning in. We actually like these simple steps super quick, in and out, give you a little bit of action.
How Does Fear Impact Uncommon Paths?
00:00:53
Speaker
But today, Brian, if I would say the number one thing that prohibits people from going down their own uncommon path is what?
00:01:01
Speaker
benefits. I'm just kidding. The benefits or fear. I'd say just fear in general, fear of the unknown. Like, so today I wanted to just quick unpack that and kind of help our listeners. If you're thinking about jumping off the proverbial bridge to make sure your parachute opens up, how do you think about that? And to me, this is how we've counseled people in the past, but benefits, I think is a big example. So we got to go through this cause I want
00:01:28
Speaker
It always comes up, right? So I think we need to talk about that at the end and kind of work through this. But what we would always say is start with the worst case scenario. Think about what could possibly like the worst case scenario and just put it on a piece of paper. Worst case scenario is this, okay? One, writing it down maybe makes you think it's not that bad. Or you're like, oh, that's horrible. The other side of the piece of paper, write the best case scenario if everything goes perfect.
00:01:55
Speaker
Okay a lot of times than you do is be like okay is the perfect scenario worth. Risking the worst case scenario but i think it's powerful than on the worst case scenario side to write down things that would have to happen if that were the case in the worst case scenario comes to fruition.
00:02:14
Speaker
Because it doesn't happen like, oh, and now it's the worst case scenario. Things have to happen before you hit the rock bottom. Am I right?
Strategies to Overcome Fear and Plan Goals
00:02:20
Speaker
Yeah. So on that left side, write down what you think would have to happen in order to say that you're going to the worst case scenario and try to write out things that would help you out of that situation. For example, we can talk about benefits in a second, but let's say nobody buys my product.
00:02:42
Speaker
Is that how many months is that going to be? Seven months, six months, two months, one month, uh, and just kind of work through that. And so starting to write kind of an action plan of things that would have to happen in order to be at rock bottom and try to mitigate that with action items. Okay. The other side of it is like your best case scenario. What would, what obstacles do you have to overcome in order to have the best case scenario? And then it's really working out like what is now my risk tolerance? Is it to quit my job tomorrow?
00:03:13
Speaker
Is it that I can start working on some of these action items while I'm working? So this is all different things that we've helped people do. But when we see people write these things down, especially with their wife, it's super powerful. We see that things aren't getting as a daunting.
00:03:28
Speaker
So
Aligning Risk Tolerance with Your Spouse
00:03:29
Speaker
this is a way that you can see if this is a route for you is talk about the worst case, talk about the best case, and honestly, it's going to land someplace probably in the middle. But I want to now talk about benefits. So Brian, go through the decision tree that we're talking about with benefits, because we've heard this a lot. Well, I think to your point, the worst case, mid case, best case, I think you brought up a good point. Like it's at a high level, it's fear.
00:03:54
Speaker
And the fear comes from the unknown. And so many people are like, well, I want to have benefits. And then it's kind of the point you made earlier. Like, what would it cost to get benefits? Well, there's not a number attached to it. So I think my secret power in a lot of our meetings that we talk about, this is just like helping people quantify like, oh, that's only actually $750 a month. We can figure that out. Like, oh, yeah, it's not $50,000 in some boogie monster.
00:04:23
Speaker
You know, it's, oh, it's actually just this. Okay. And here's a solution for that. So, uh, I think it is a lot of times. Or if it is like for my case, when I looked at for benefits, like many years ago, it ended up being more than my principle, my interest and my taxes of my house, like, okay, that's a really big fear. Is there any other solution that could get us to where we want and we found it?
00:04:50
Speaker
But writing it down and realizing like, oh, wow, I can't do that. But what could you do? And how do you think outside the box? It helped me realize I got to do something different because I want to jump off this bridge.
Setting Realistic Expectations and Planning
00:05:02
Speaker
I want to do this uncommon thing. But I think you're totally right. Quantifying it is one of the biggest things. And I agree with you. Your biggest superpower is like, don't put a number to it. And then we can work from there. And if the number is too big, then we'll work out a solution. So I love that.
00:05:19
Speaker
No. And I think you do a great job talking about risk tolerance too. Cause you know, I was just talking to a guy the other day and he's just like, you know, on a scale of one to 10, 10 being the riskiest thing you could do. He's like, I'm a 12, but my wife is like two. So for them, it's like, you know, he's got to really make sure he holds his hand tight with his wife because it's like, she ain't going to be where he's going to be. Yeah. But he's got to hold on to her, you know, so that he doesn't get so far ahead that it's, you know,
00:05:45
Speaker
Costing them, you know more than more than just taking the risk, you know
00:05:50
Speaker
That's good. So that's, I'd say, a quick way that you can think through maybe a decision tree of maybe if this uncommon path is right for you. We hope this helps. We hope that you are eventually going to be underneath your parachute floating around. But I think that's a great point, Brian. You definitely want to be doing that with your spouse because nobody wants to be looking up at the bridge and seeing your spouse like, I'm not coming with you. That doesn't feel great.
00:06:16
Speaker
Yeah. And just realistic expectations too. I mean, just so many, I mean, we have a lot of conversations, so many people is, and you've made me appreciate this more. I think that anybody have just, I'm going to cuss a little bit, but just kind of that bullshit meter of like, when you hear people say things, you're just like, there's no way that's happening. You know? And like, why would you, how like unrealistic those things are, right? And the work it would take to honestly manifest that is like,
00:06:42
Speaker
totally different realm than what you're in right now,
Conclusion: Encouragement to Live Uncommonly
00:06:45
Speaker
you know? Right. And so I think just keeping things
00:06:49
Speaker
towards that worst case or the mid case of, well, what if we just hit singles, you know? Yeah. Where do we end up? You know? So anyways. And know that it's probably going to land somewhere in the middle. It's not going to be perfect. It's not going to be worst case. It's going to be the middle. So you've been listening to the uncommon wealth podcast. I'm your host, Philip Ramsey. And I'm Brian Dewhurst. Keep it simple next time. Go be in common. Thanks everybody.
00:07:16
Speaker
That's all for this episode, brought to you by Uncommon Wealth Partners. Be sure to visit uncommonwealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.