There comes a time in all of our lives where we make poor financial decisions, but what
you do with those financial decisions will determine whether you become richer as a result
or whether you become for a as a result. So today's episode, I want to talk about some
of my poor financial decisions and how they actually led me to create more wealth in my
life and hopefully this will encourage you and the way that you approach your setbacks
and use them as an actual catapult to move you forward. So Hey, I'm Ryan from [inaudible]
Dot Com dot a U. I help people achieve financial freedom and the idea for this episode came
as a result of this skateboard which is behind me. Now. This has recently been painted by
my wife who is a fantastic artist bus. As you can see, it is extremely, extremely rusted.
This has been outside for quite some time. The bottom is also very destroyed. This skateboard.
It means a lot to me.
It is a joy to ride. It has huge sentimental value because it's been in my life for over
10 years now. I bought it when I was with my wife before she was my wife. All of my
kids had re written on the skateboard and I just love the way that it feels, so what
I did was I got my wife to repaint it as you can see and went to the skateboard shop yesterday
to try and get some new bearings for it so I could continue to use it as well as some
grip tape thinking, you know, might cost me 40 bucks or something like that. My budget
isn't super tight, but it's also not super loosey goosey either. And so went to the skate
shop, ended up paying about 80 bucks for bearings and grip tape and then in the end turned out
that the old bearings that actually fused onto the truck and we couldn't get them off,
couldn't get a refund for them, was able to get a credit. But basically it was about $80
down with nothing to show for it. Which kind of punched a hole in our budget this week
that we weren't expecting. I wasn't expected to be $80 down and still not have a skateboard
to show for it and to have to invest a couple of hundred dollars to fix this thing if I
want. It's actually gonna be more expensive to fix it than it is going to be to buy a
brand new one. So that was a bit of a setback which made me really, really frustrated yesterday.
I just hate it when you invest money into things and it just doesn't work out. So spent
$80 and basically got nothing for it. My wife had a similar situation where she has to go
to a funeral and she purchased a dress for the funeral.
She doesn't own a funeral dress and it ended up being the wrong one, but it was on sale
so she couldn't take it back. So there was another $40. Another mistake we had made in
our budget that we couldn't really recover from because she couldn't return that dress
even though it wasn't actually. Right. So sometimes you have financial setbacks like
this. It might be small financial setbacks like the one that we've had this week where
we've just kind of overspent on things that really didn't work out or it could have been
larger setbacks. I've had businesses in the past that have failed. I've invested thousands
of dollars into different projects that never turned out to be anything. I bought domain
names for thousand dollars that I had big plans for that never made me a dime. You guys
know the USB stick story where we were really tight on cash and I spent our savings at the
time, our entire savings on USB sticks from China to resell on Ebay and ended up getting
fraudulent USB six that weren't actually what they said they were and so lost a great deal
of money there.
So there's a lot of financial setbacks that happen in your life, but what you do as a
result of those financial setbacks, I think we'll have a big impact on whether or not
you become wealthy. So for me, using the skateboard as an example, I was actually really upset
and frustrated at the situation because I know that this is going to blow out our budget
for the week and we weren't in budget last week either. And so that was really frustrating
for me. Something that has great sentimental value is just currently still broken and has
cost me a great deal of money, not a great deal but a bit of money and so I was a bit
upset about it, but what I decided to do as a result of this setback was to use it to
motivate me to go forward. So now I'm $80 in the hole with this ad in my wife's dress
that was $40, $120 in the hole.
As a result of mistakes that we've made this week, we can wallow in that. We can try and
budget better and live tighter. But the decision that I actually made instead was to actually
use these mistakes to fuel me and to drive me to earn more income and not just earn more
income, but to create more assets. I do have an episode with Ben Everingham talking about
this that was released yesterday, how the rich don't work for money that they worked
to build assets and so that's what I decided to do. I decided to take the frustration that
was this skateboard and the money that I've put into it. I still want to pay to get it
fixed, which is going to be a couple hundred dollars all up, but uh, use that financial
setback as fuel for me to push me forward and to make extra money and to create more
assets in my life.
So it's actually fueling me to work harder. So I know that the budget is screwed this
week. Basically, me and my wife are terrible at understanding when we've made mistakes.
Like let's be honest. Okay. But what we are good at is looking for ways to make extra
money in our lives. And so I'm taking this mistake that I made. I'm going to flip it
on its head, use it as fuel to get me to work harder to build more assets that will then
generate income that will then pay to have this board completely fixed and then still
generate income. After that. Robert Kiyosaki talks about it a lot. If you want something
nice in your life, if you want a new car, if you want something material, so for me,
it's the skateboard right here. If you want something material, rather than going out
and purchasing that material thing, what you should do is you should go out and create
or invest in an asset that generates passive income and then basically get the passive
income from that investment and use the passive income to then buy your material thing.
And so this is delayed gratification, but what it means is that you still get what you
want. Eventually, you don't get it straight away, but you do get it, but what you've done
is you've gone out, you've shifted your focus away from the material thing towards creating
an asset. You've gone out and you've created an asset that is generating you income and
that asset will then buy the skateboard for you or whatever it may be, and then you have
your skateboard, but you also have an asset that will then continue to make passive income
in your life. And so that's what I've decided to do with this financial setback. So use
it as a driver, use it to create more assets in my life that will then go and pay to have
this thing fixed, but then go on and continue to make money thereafter as well.
So I'm using this financial setback to actually create more passive income in my life which
will overall make me a wealthier person. So I just thought that was a really interesting
way that I've approached wealth and I've approached financial setbacks in the past. Have done
it in many times throughout my life. And I thought that it might be able to help some
of you guys out there as well. So if you have those financial setbacks, use them as fuel
for the fire to get focused on assets that you can create extra income that you can make
to pay for that. And then some ideally generating passive income well into the future there.
Try your best and don't forget to check out the episode I did with Ben yesterday on what
to focus on if you want to be rich. So go ahead and check that out on property.com dot
a u four slash five slash 60. If you haven't watched that already, don't forget to subscribe
to the channel as new episodes coming out every single day. And until next time, stay
positive.