Ep 25: Your 2024 Game Plan: What's In, What's Out for Financial Victory?

Episode Description

🌟 Welcome to the first episode of The Big Bo $how in 2024!🎉 Join Big Bo (a.k.a. Jason Blumstein, CFAⓇ)As we embark on a new year, it's time to sharpen our focus and set the stage for unparalleled financial success. In this episode, "Your 2024 Game Plan: What's In, What's Out for Financial Victory?" we dive deep into the strategies that will define your year.

  • 📈 Are you ready to evaluate and refine your financial playbook? Just like a well-coached sports team, success in finance requires not just hard work, but smart work—knowing what to keep and what to let go.
  • 💡 Key Personal Investment Areas: We'll explore key areas for personal investment, the importance of resilience and adaptability, and redefine what true wealth means in today's world.
  • 🏆 Winning Financial Strategy: We'll dissect the ins and outs of a winning financial strategy, helping you identify the essential moves and unnecessary distractions that could impact your journey to financial victory.
  • 🏈 Sports Predictions & Financial Insights: Plus, don't miss our exciting segment on sports predictions and insights into the world of finance and beyond.

Whether you're a seasoned financial player or just starting out, this episode is packed with actionable advice, inspiring stories, and Big Bo's unique take on achieving success in 2024.

🎧 Tune in, get inspired, and start your year with a game plan that leads to financial victory! 💪

Episode Transcript

Happy New Year and welcome to the first episode of the Big Bo $how for 2024. Your 2024 game plan. What's in, what's out for financial victory.

However you spent your holidays, I hope you're rested and ready for a full year of success. The question is, how are you planning on achieving this success? Whatever your goal, be it a championship ring, your dream promotion, or making progress toward financial freedom, you need a playbook from an experienced coach.

Take my beloved Miami Dolphins. The players aren't sent out each week, with no preparation and hope for the best.  They are carefully pieced together set of plays tailored to the strengths of their teams and the weaknesses of their opponents. These plays are even adjusted on game day as the team adjusts to what the other team throws at them. While they might not succeed as much as I'd like, losing this weekend to the Kansas City Chiefs in the bitter cold, this preparation is what sets them up for success.

After every game, the coaching will assess what needs to be in and what needs to be out for the team each year to continue to move things forward. This is based on what is working for the team and what is holding them back.

So you've got your goals for the year, but have you taken the time to assess what should stay in or be taken out of your playbook?

If you haven't, don't worry. In this episode, episode 25 of the Big Bo $how, I'll break down what should be in And out of your 2024 playbook without further ado. Let's get after it

All right, let's get after the first episode of 2024 on the Big Bo $how, brought to you by Julius Wealth Advisors, your 2024 game plan.

What's in, what's out for a financial victory. So let's talk about what's in for 2024. You see, this time of year, across traditional media, social media, I've seen countless people on brands sharing their ins and outs. If you're looking to progress on your journey to financial freedom this year, these are things that should be in for you.

Number one. Investing in yourself. The greatest tool you have to succeed in life is yourself. This is your invitation to invest in yourself this year. One way to invest in yourself is to become a lifelong learner. One of my idols growing up, as listeners to the $how know, was Charlie Munger, who sadly passed away recently.

Charlie was a lifelong learner. Lifelong learner, who constantly read and research topics of interest, even athletes at the top of their game, turn up to training every day to refine their skills and hone their craft. They invest in themselves, lifelong learners, sharpen their minds and consume the knowledge thry need to get them closer to their goals by doing the same.

You can gain the knowledge you need to progress, rather than stalling every time you encounter something you don't know or are unsure of. The first step is to look at your goals. Is it to improve your health and fitness, for example? If so, you need to improve your knowledge on nutrition and exercise.

Another example would be of course to improve your finances or to begin the journey towards financial freedom. Getting the help of an expert like potentially those at Julius Wealth Advisors should allow you to demystify the financial world and improve your financial Literacy, investing in yourself, knowledge.

Remember, many in the financial industry have made their fortunes trying to gatekeep this crucial information. The right person can help you unlock an all important piece of knowledge. Whatever your goal, seek out the knowledge you need to achieve it. Become a lifelong learner and invest in yourself in 2024.

Number two, not cracking under the pressure. Resilience and adaptability are essential for survival in the financial world and life in general. If you take the lead of the best businesses, you see this practice at its peak. The resilience of these businesses come from the strength of their foundation.

This could be an excellent product, a foolproof marketing strategy, or a highly skilled workforce. Your foundation, your family, your skills, and your mindset should be the source of your resilience and give you the strength to weather any storm. That being said, you also need to be adaptable. You need to have the ability to adapt, as this is what sets human beings apart from the rest of the natural world, and got us to where we are today.

Those that are too slow to adapt, are often left behind. So keep an eye out for the changing tide and be ready to adapt when it comes. One simple way that you can adapt to challenging situations is to adopt a growth mindset. Simply put, this mindset is viewing the challenges in your life as an opportunity for growth and development.

Of course, this can be hard at times, believe me, I know. But in the face of a challenge or tough times, your mindset is crucial to how you approach it and how well you will come out the other side. No matter the field, one's ability to adapt is a direct proportion to their ability to survive. Businesses that can adapt changing trends and markets often stand the test of time. Teams that can adapt to whatever challenges are thrown at them by their opponents are more likely to come out on top on the scoreboard.

Are you seeing the pattern? The same can be said for your finances in 2024. So keep calm, adapt and overcome.  Adaptability and resilience is what's in for 2024 playbook.

Number three, remembering that wealth isn't only a number. This should be in your 2024 playbook for success. I can't stress this enough. Wealth isn't always a number. Financial freedom does involve numbers, of course. But this is only one piece of the puzzle.

True wealth is the time for things that mean the most to you, whether it's time spent with family. Traveling, pursuing a hobby, looking after your health, or anything else that brings you joy. This year, take the time to properly invest in your health. Make time for your family, friends, and the people that matter most to you. Take moments to enjoy yourself. Life is often a momentum game. And the more positive things you can have behind you, the more positive momentum that you'll be able to generate.

The same goes for the opposite direction. The pursuit of material wealth or belongings leaves you feeling empty. Very often. Neglecting your loved ones leaves you lonely. Neglecting your health leaves you tired and unable to perform. These things feed into a negative feedback loop. They enforce negative habits and outcomes.

To put it plainly, true wealth is when your life is in good balance. It's not a Ferrari and a flashy watch or a big number. Keeping this in mind will keep you in the game and on the path to true wealth and will help you avoid many of the pitfalls that will take you off of it by chasing true wealth. You can live a more fulfilled life on your terms.

So those are the things that are in your 2024 playbook. Let's take a quick break. And when we get back, let's talk about the things that should be out of your 2024 playbook. We'll be right back.

All right, welcome back to episode 25 of the Big Bo $how What's in what's out for your 2024 game plan? Let's talk about what should be out of your game plan. Number one, focusing on the macro. The news social media and even movies these days want us to focus and panic about the big things at play in the world stage.

These events are often distressing and paint a grim picture of the future. The thing is, we have little control over these events, no matter how close they may be to our hearts. This energy can be better spent on the things you can control, the actions you take toward your goals. There is only so much mental load that you can take on, so try as best as you can to use it for the things you can control.

For example, you can control your spending, how much you save and the choices that you make to put yourself in a better financial situation. You can control whether you make time each day to exercise, spend more time with your loved ones or focus on a hobby. We are a summary of the little choices that we make. The macro is a summary of the little choices, the micro. So why not focus on these little things that you have a choice in and that you can control. The little things often lead to big things. So stop focusing on the macro. That's out for your 2024 game plan.

Number two, what's also out is get rich quick schemes. We've seen them time and time again, and I know we'll see them again. The hot new commodity that promises wealth and riches outside the more conventional pathways to wealth. However, these things are often found just as quickly.

This year, your focus should be on the tried and true path to your own wealth, not what puts money in the pocket of someone else. Anyone can sell you a dream, and they will try to do so. Remember. People rarely report their losses, but they will tell anyone who listens about their wins. Time and time again, when these fads appear, we hear about the handful of miracles, those that have defied the odds and struck it rich.

What we rarely hear about, often, until the fad passes is all those who didn't succeed and never really had the chance to do so. So don't buy into the hype. Stay on your path. Remember the formula. Time and discipline squared. That is the tried and true path over get-rich-quick schemes. Get them out of your 2024 game plan.

Number three, comparing yourself to others. Get that out of your game plan. Theodore Roosevelt once said, “Comparison is the thief of joy.”ss And in the world of social media, where everyone seems to share only the best of their lives, These words have never been truer. Comparing your life and your situation to others simply isn't fair.

No two people are the same. And therefore, their challenges and their advantages will Differ. There's a reason they call it doom scrolling. Spending your time on social media is terrible for you. Whether it's simply wasting your time that you could be doing to make yourself better, or as proven time and time again, corrode your mental health as you compare your life to those showing a highlight reel on the internet.

This year, make a point to try not to compare yourself to others. Focus instead on your journey, your goals, and whatever obstacles may stand in your way. So let's take a quick break, and then let's come back with everyone's favorite segment, Bo Knows, as we compare your 2024 game plan to the world of sports.

We'll be right back.

All right, let's get after everyone's favorite segment to start off 2024. Let's do it right with the Bo Knows segment, let's go on the topic of ins and outs. We all know my favorite time of the year is upon us the NFL playoffs. Last weekend the top teams are in the hunt for the title And the rest are on the outside looking in trying to get better for next season Unfortunately this weekend we saw that happen As well to my Miami Dolphins who got pretty much destroyed by the Kansas City Chiefs in one of the coldest games In NFL history.

Now you can make excuses about how the defense was decimated the Miami Dolphins could never win in the cold but the fact of the matter is the team did not perform against good teams they had only one win against teams that had over a 500 record and they had the second worst point differential against those teams, only one team was worse the Washington Commanders.

So this team needs to get better, especially when it comes to playing good competition. But let's move forward. Let's talk about the teams that are remaining, and I give you a quick Super Bowl prediction of who will play. Let's start with the AFC. In the AFC people think you have the Baltimore Ravens who are the number one seed and they'll make it to the Super Bowl That's, that's everyone's sort of fancy pick. I mean they did look powerful towards the end of the year and actually throughout the entire year But I'm going to pick the Buffalo Bills as much as this pains me to pick them Since they knocked off the Dolphins twice this year and claimed their number two seed within the playoffs I'm gonna take the Buffalo Bills. Why?

Because they are a very well-balanced team. They have a very good offense and a very good defense, and frankly, I think the Ravens, if they get down, I'm not sold on Lamar Jackson's ability to come from behind. I have not been sold on Lamar Jackson throughout his entire career. He could prove me wrong, but I'm gonna go with the knowns that Josh Allen, in my opinion, and the Buffalo Bills are a more well-rounded football team.

Let's move on to the NFC. The NFC, this one, in my opinion, is fairly straightforward. We saw the Dallas Cowboys get eliminated this weekend in a surprise upset. Who may be, in my mind, the only team that could potentially do something against the San Francisco 49ers. I mean, the 49ers, especially as it relates to the NFC, they are a powerful force.

They have a great run game, a great passing game, an unbelievable defense. It's gonna be pretty tough in my opinion for anyone in the NFC to knock them off So I'm gonna go for the Super Bowl of the Buffalo Bills and the San Francisco 49ers so who will win the Super Bowl this year in my opinion? I'm gonna roll with the Buffalo Bills and the Bills Mafia Buffalo Bills in my opinion will take it home this year because They have more experience and are much better team.

They've been there before. They've kept on knocking on the door, even back into the nineties when, they lost four Super Bowls in a row. I think this is the time they finally get that championship trophy. So let's go with the Buffalo Bills to win the Super Bowl. So, however the competition will play out, only time will tell.

Let me know who you see lifting the trophy this year. Feel free to connect with me, either via email at info at info@juliuswealthadvisors.com or Look me up on LinkedIn. Reach out, let me know your thoughts. The playoffs though, aren't the only big changes happening. In the football world, Bill Belichick is leaving the Patriots and coach Nick Saban has called time on a glowing career at the University of Alabama.

These coaching greats had more in common than just success. They also shared a similar mantra and formula for their success. Discipline, attention to detail, and having a cause that is bigger than yourself. These factors are key to success in the world of football and the world of finance. This, in fact, is the same mantra that I, and many others who have generated sustainable wealth, have lived.

You need to maintain your discipline, whether it's training every day or sticking to a savings commitment. You need attention to detail to spot the gaps in your skills or returns on invested capital that are needed to get you to where you're going to go. Finally, you need to be playing for something bigger than yourself.

Whether it's the legacy of a team, the chance to make history, or building something for your family that you can pass down for generations to come. Whether it's football, finances, or frankly any other goal, the formula remains the same. Time plus discipline squared equals success. For us here at Julius Wealth Advisors, that success is seeing you get your goals.

Being that coach, like a Bill Belichick, like a Nick Saban, that is going to help you reach your financial freedom goals.

So as we wrap up the first episode of 2024, let's summarize the ins and the outs. In, investing in yourself. In, not cracking under pressure, in, remembering that wealth isn't only a number.

And what's out, focusing on the macro. Get it out of here. Get rich quick schemes, out, comparing yourself to others. That has no place within your game plan.

So that's it for the first episode of 2024, the Big Bo $how. And with it, I wish you nothing but the best in the new year. And I'll end the $how as I end all the $hows, reminding you to live a life of integrity, live a life of knowledge, obtaining as much knowledge as you can, and always live a life that you're passionate about.

All the best. Until next time, let's get after 2024, let's go.


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