#204 The Power of Persistence & Resilience in Achieving Your Financial Goals ft. Dr. Peter Kim
In this episode, Dr. Peter Kim dives deep into the winning mindset for financial success! We’ll explore the powerful duo of persistence and resilience, unpacking how they help you conquer setbacks and reach your long-term financial goals. We’ll also chat about the importance of staying positive, building a supportive community, and learning from the journeys of others.
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Episode Highlights
Now, let’s look at what we discussed in this episode:
- Two Most Important Qualities in Building Wealth
- What Really is Persistence and Resilience?
- What I Noticed About Persistent and Resilient People
Here’s a breakdown of how this episode unfolds.
Episode Breakdown
Two Most Important Qualities in Building Wealth
Peter talks about the two most important things you need to get rich: being tough (resilient) and never giving up (persistent, also called persevering). We all hear this a lot, especially if you have kids. You want your kids to be tough and not quit when things get hard. You want them to figure out how to overcome challenges.
Peter admits his own journey to wealth wasn’t easy. He faced a lot of rejections, some because of his own mistakes. But he learned from them and figured things out.
Peter wonders how you, the listener, deal with tough times. How do you pick yourself up and try again? Maybe you made an investment that didn’t go well, and you lost money. How do you get the confidence to invest again? Some people get discouraged and give up on investing altogether. They might have a bad experience with real estate and decide it will never work for them. So they stick with what they know, even if it doesn’t help them reach their financial goals.
The other option is to figure out a way to keep going, to be persistent and tough. This episode will explore what it takes to develop these qualities and how they can help you reach your financial goals.
“Think about how many doors you had to knock down, how many obstacles you had to overcome.” — Peter Kim, MD.
What Really is Persistence and Resilience?
Peter explains that achieving financial goals requires a powerful combination: persistence and resilience.
Persistence, he says, is the relentless drive to keep chugging along, no matter how many times you get knocked down. It’s that inner fire that pushes you forward even after facing setbacks. Resilience, on the other hand, is the mental toughness to bounce back from those inevitable challenges. It’s the ability to stay positive and confident, knowing these are just temporary hurdles on the path to success.
Peter emphasizes that even the most successful investors, like Warren Buffett and Elon Musk, have experienced significant financial losses. But what separates them from the rest is their ability to learn from these setbacks and come back stronger. The key, Peter argues, is to maintain a positive outlook, believing that success is achievable despite the inevitable bumps in the road. Building self-confidence in your abilities and past experiences is crucial. Remember that you’ve overcome challenges before and you can do it again. Diversifying your strategies and income streams is another important aspect of resilience. Don’t let setbacks in one area derail your entire financial journey.
By embracing both persistence and resilience, Peter assures that you can navigate the uncertainties of the market and achieve your long-term financial goals.
“They know that success doesn’t come without some failure, that iteration. And course correction is necessary to get where you’re at, or where you want to be.” — Peter Kim, MD.
What I Noticed About Persistent and Resilient People
Peter concludes by discussing the importance of surrounding yourself with positive and like-minded people on your financial journey. He highlights the benefits of mastermind groups or communities where people share their goals, successes, and failures. This open sharing fosters learning and creates a support system, especially during challenging times. Hearing stories of others overcoming obstacles can be motivating and reinforces the idea that achieving financial goals is possible.
Peter acknowledges that financial goals might seem ambitious, but with the right mindset, perseverance, and a supportive community, anything is achievable. He encourages listeners to keep pushing through challenges, reminding them of their past successes.
To underline this point, Peter shared a motivational quote from Nelson Mandela: “It always seems impossible until it is done.”
“So I want to encourage you right now, if things are challenging in your investments, in your work, in your job, in your relationships, in your health, keep pushing through, you’ve been successful in the past. And you know, you can do it again.” — Peter Kim, MD.
