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Going Long Podcast Episode 237: How to Build Confidence as well as Expertise
In today’s solo show you’ll learn the following from Billy himself:
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Billy Keels 00:00
Today's conversation issponsored by first generation Capital Partners. If you're an accreditedinvestor and you want to know about how we're helping other accreditedinvestors keep more of their income, go to first gen cpe.com forward slashgoing long.
You're listening to the goinglong podcast with Billy keels, the number one podcast for long distance realasset investing.
Billy Keels 00:22
Welcome to the Glendonpodcast, we're back once again to continue to help to educate you so you feelmuch more comfortable as well as confident investing be on your back yard. Andguess who I am? Yes, I'm your host, Billy keels, we're back once again, today'sanother solo episode, these are one of the conversation types, I guess, thatyou've asked for. You want to hear more from me. And so we want to continue togive you more of what it is that you're looking for, keep this relatively briefepisode, but really want to share some of the things that either I see orthings that I know that are going to help you to make a significant impact ongetting to your goals and being able to do that much faster. And one of thethings that we want to do in this kind of monologue episode is want to continueto recognize you because our podcast continues to move up I mentioned before,we're still in the top 1.5% of podcasts globally, literally, like from everysingle different type of podcasts, it's out there, largely because of youcontinuing to download the episodes continue to share them. And I want to recognizeyou for continuing to leave your honest written reviews. And remember, thepodcast is listened to in over 30 countries. And we continue to have 10s of1000s of downloads. And because of that, I want to put your comments in frontof everybody. And so if you want to leave your honest, written review, as wellas radio, I'm going to start recognising them here. Because I think it's well Ithink it's the right thing to do, because you've been taking your time and Iwant to recognize you and have you recognized in front of a global audience.And so today's comment comes from none other ADA. And the comment is actuallywonderful. First of all, let me just begin by saying that Billy is an amazingperson full of positive energy and an awesome host. Well, thank you so verymuch. If you haven't been a guest on his platform, you're missing out. His teamis professional with quick responses. And overall as a pleasure to listen to myepisode, as well as past guests, you won't regret it. So none other 88 Iappreciate that. And apparently you are a past guest. So that means a lot tohear that from you. And absolutely, I have a wonderful team. And without thisteam, we would not be at 230 Plus episodes, you wouldn't continuously get thehigh quality, whether you're watching this on the video version or the audioversion, the team is absolutely fantastic. And so everybody who is handling andworking with our with our potential guests or with our guests, to the finalediting, absolutely fantastic team. So thank you very much, once again, noneother 88. And we appreciate the wonderful. And don't forget, if you want tohave your comment read in front of a global audience, like I said, over 30countries, and 10s of 1000s of downloads is where a lot of people arelistening. Just leave your honest written review as well as rating and know,I'll make sure that I spend some time and talk about it. So the other thing,let's get into today's really brief conversation. And I want to commend you forcontinuing to make progress. Right? You're clear at this point on, you know,where's the destination want to go? You're understanding more about thedifferent vehicles? How are you allocating the different resources. And youknow, one of the things that I've also recognized that when even when you getclear on all these kinds of things, that you can have this tendency to maybeget stuck, or you necessarily want to move forward really, really quickly. Butyou don't one of the things that I've recognized when you're progressing, youget to a certain point and you're in you're thinking to yourself, Okay, well,now how do I how do I move even faster? And one of the things I want to sharewith you is something that happened to me actually, early on, and this is I'mgoing to share this like ninja secret for learning languages. Because a lot oftimes you're making progress, and you're thinking okay, well, yeah, but how doI actually go out and make this repeatable? And I believe most of you know, atthis point in time, as I've been working, travelling throughout 86 countriesand live in Europe, for the last 21 years, I've had a chance to learn fouradditional languages besides English. And so sometimes people are like, wellhang on a second, you started learning languages in 27. And so none of them areyour native language. But you know, what's your secret? So because you're partof the going long family, I'm going to share my secret with you, this is asecret that not a lot of people know, but I guess after I shared here, then awhole bunch of people are gonna know. But I want you to understand the secretbecause it's, it's really not a secret as long as I if I can do it, you candefinitely do it. And so one of the things that happens, right is I know thatwhere you're going, you know where you're going, you know that you have the rightvehicles, you're allocating resources properly, but you're not feelingconfident. And that has a lot to do with me. You know, in the beginning, I wasnot necessarily feeling confident with languages. I'll actually let me justtell you the story. So when I when I got to Paris in 2001, September 2001. Iknew that I was accepted at a university. I knew you know where I was, I wasgoing to a university called the Sorbonne at the time, I said, but it'sactually last summer Burn. And so when I was accepted that University of Paris,before I got there, I gave myself three clear objectives. Number one, I wantedto learn more about French language and culture. That's why I was going there.Secondly, I wanted to learn more about wine, specifically read one. And thenlastly, I wanted to also understand how to Salsa dance. Don't ask me why I cameup with the last two. But it's just two other things that I wanted to do,right. But what I knew that I wanted to do was specifically was I wanted tolearn language and culture. But I also wanted to do other things that I on thisone year sabbatical, had been saying that I wanted to do but I just keptputting it off. Like, I remember going once in watching my mom, she was doingsalsa dancing with her dancing with a bunch of her friends because she lovesdancing, and I didn't know how to dance. And then I saw some people dancingsalsa. And I was like, wow, that was really cool. So I wanted to learn how toSalsa dance. So when I moved to France, the thing that I recognized as I wasgoing to class, like I really wanted to understand, like, how can I start salsadancing, so I really walked around and walked all around the center of Paris,because that's where I was living. And I found the dance school. And when Iwent in, I went to the dance school. And I felt super uncomfortable. Becauseone, I didn't even speak French. I didn't know how to speak well enough and thelanguage barrier, but I knew that I wanted to Salsa dance, so I had to breakthrough that fear barrier. I ended up going to this salsa dancing studio, itwas in an area called Luma. High in Paris. And so it was fantastic. Because thething is, I eventually got in and I started in the very basic beginners class,like, Who is this, like the basic beginners? And so when I was in the beginnersclass, the thing that happened was, guess what? I was in a class with a bunchof other people that also wanted to learn salsa that were had the very samebasic level that I did, at the same time, because I was living in Paris, guesswhat, about 90% of the room was French speakers, French people. And the thingthat happened was yes, I was extremely uncomfortable. Because I remember evengoing in the very first class, I got there a couple minutes late, I went allthe way to the back. Or they actually the teacher put me in the very front ofthe class. That was kind of a funny thing, because I didn't speak the language.And I didn't know I did a salsa dance. But the fact of the matter was, I get achance to look around. But then from there, what happened is I continued to goback to the salsa class. And when I was at the salsa class, going back weekafter week, eventually we started going out and salsa dancing in the evening.Now, you're probably thinking, Well, yeah, Billy, but what does have What doesany of this have to do with you know, become more confident as an investor?Well, it's very similar to in the very beginning, you know whether or notyou're an accredited investor, so you know which path you want to take. Asyou're taking your path, you know, the destination that you want to get to. Andthe very same way that I knew that I wanted to learn French language andculture, I wanted to learn how to Salsa dance, I wanted to learn more aboutwine, you have your objectives, you're figuring out which of the vehicles thatyou want to be able to use. So I was clear that I wanted the education.Afterwards, I was able to also take action, I felt very uncomfortable, becauseI didn't speak the language because I also did not Salsa dance. But at the sametime, I started meeting locals, locals, meaning people who already spoke thelanguage. And we were on this path together to get better at salsa dancing. Andso they became in the very similar kind of way that I like to help youunderstand that once you're clear on the path, it's about taking action. But inorder to take action, you really need to make sure that you have two keyelements before number one, that you start to get your education in the sameway that I was getting education on language at the Sorbonne to improve whichwas the ultimate goal, language and culture. But then I had two things thatwere also helping me that ability to want to learn how to Salsa dance, I wasmeeting local people who were native French speakers, and locals to help alsohelped me understand more about the culture. This is the ninja part of thetrick, which is not really even a trick. It's just sharing what my experienceis. And then lastly, I took action. So if you think about where you want to beable to build confidence, as well as expertise. It's a simple three stepprocess. First of all, you need to get your education because you're clear onyour goal, but start to get the basics in the same way that I went to theSorbonne to earn understand French language and culture. That was the basicsfor the education that I needed. Secondly, it's about making sure that you haveaccountability. Because if you say you're going to do something, it's alwaysbetter if you have accountability. And guess what if you have accountabilityfrom someone who is already better at where you want to go than where you'regoing, then go with someone who can provide you accountability. Hopefullythat's clear. But basically, let me make it clear for you. My accountability.Were the friends that I was meeting that were local French speakers, nativesthat understood the French language and culture. And then thirdly, it's abouttaking in action, now I was taking the action, I was feeling uncomfortable, Iwas standing in front of the class, I was going out salsa dancing in theevenings. And guess what, in the beginning, it felt very uncomfortable. Butbecause I knew I had my accountability partners, when I made the wrong step,they helped correct me, when I was saying the wrong thing, they helped to correctme. And then I was continuing to go back and get the education to learn to haveaccountability partners, and then to go out and take action. It's a very simplethree step process. When you get education. When you have your accountabilitypartners, and you're taking action, that's going to help you become much moreconfident over time. The more that you repeat it, the faster you becomeconfident. And then guess what, you're also going to go from theoreticalknowledge to becoming an expert, because although I'm not a native Frenchspeaker, today, my French is pretty darn good. Most of my French friends toldme that at least. And so it's the same process that I've actually used to learnItalian, the same process of use to learn Spanish in the same process that I'veused to learn Catalan, always adapting it. But when you know what your goal is,that's a very simple three step process, I've just told the entire world thesecret. So listen, I want you to go out, I want you to take action, and thenapply the same thing for your investing, it's the exact same thing, once youare clear on the destination that you want to go to, you start to becomeeducated on the vehicles, once you're educated on the vehicles, find the peoplethat are experts in those vehicles, so that you can also gain the expertise,the confidence that you need, and most importantly, take action on thosevehicles don't just stay in the theory, get involved, take action, sometimesyou're going to have to take or probably most of the times, you're going to betaking action on imperfect information required to do it. That's the only wayyou're going to build confidence and expertise. So hopefully, this little storyhas helped you. I've shared my secret, I just shared my entire soul witheverybody across the globe. So hopefully this is helpful. And most importantly,I want you to take this story and use it to get closer to your goals as itrelates to investing. And also to for those of you who know, you're anaccredited investor, you want to find out more about things that we're doing.This is one of the other action points you can take, go to first ncp.comforward slash going long. And we'll be able to connect with you there. And alsoI want to hear your honest written reviews as well as your feedback. Let meknow what you think about these conversations are these monologues more thanthat? Because I want to continue to do them. I'm actually enjoying them. But Iwant to know, is it something that you like? Is it something that you'regetting benefit from? And we'll continue to do that. So while you're goingworking on your three steps, your education, you're finding your accountabilityand taking action. I'm going to be here preparing the very next conversation.So until then go out and make it a great day. Thank you very much. Trust thatyou enjoy today's conversation and once again, today's conversation wassponsored by first generation Capital Partners. If you're an accreditedinvestor want to find out more about how we're helping accredited investors togain their personal freedom even faster. Go to firstgencp.com forward slashgoing long.