Ep. 6 | Covid Lessons
September 10, 2021
On this episode of The Rich Equation Podcast, Ashish discusses covid. Ashish addresses how there were two types of people and two different mindsets that developed from covid; people on defence and people on offence. Ashish explains how covid was one of the most pivotal moments of our lifetime and how it accelerated innovation and business change by 20 to 30 years.
0:00 – Intro 1:02 – Ashish mentions how Covid was one of the most important, pivotal moments of our lifetime 1:28 – He states that we have more opportunity now, than we have ever had. 1:50 – There are two groups of people; those who have this abundance mindset and those who are scared & afraid. 2:31 – Your scenario can be true based on your mindset & what you are willing to do 3:00 – He talks about how there was a fair time to play defense and offense, but you can’t play defense forever 3:29 – Knowing there are times to play offence & times to play defense. 3:49 – He believes there is a group of people in the world that understand there is more opportunity out there 4:14 – Ashish lets you know time is not in your favor, while you are sitting around other people are moving. 4:28 – He states if you got scared when everything was falling during Covid, you probably missed out on one of the biggest opportunities of your life 5:00 – The rise after six weeks of Covid was incredible, mostly in the stock market but other industries as well. 5:32 – Surround yourself with those who keep you honest, and check your assumptions to make sure you aren’t making reactive changes 5:48 – Ashish mentions how the rich equation has a long term view so it’s important to think about things in the long term meaning short term price impacts don’t even matter.
Welcome to the Rich Equation podcast. Are you ready to discover how to live rich today and not wait for retirement? If you’re tired of struggling and want to live your best life now, you’re in the right place.
Outdated principles will no longer work in today’s environment. It’s time for a new approach. Your host Ashish Nathu will help you discover methods to live the new American dream. It’s time to start living the good life on your own terms and experience a new way to live rich. Now here’s your host Ashish Nathu.
Hey, welcome back to the Rich Equation. I’m so glad you made it back. On this episode, We’re going to talk about COVID let’s hit it, baby. Let’s talk about it.
COVID was one of the most important pivotal moments of our lifetime. It accelerated innovation and business change and money movement within asset classes and generational wealth building. It accelerated it 10, 20 years. We have more opportunity today than we’ve ever had. And what’s interesting about COVID is that, there’s two major schools of thought. There are people who have this abundance mindset that there’s opportunity everywhere, Innovation everywhere. Technology is now at a place that’s never been will allow us to create and manifest things that we could have never imagined.
And there’s a group of people who are scared and are afraid and are concerned about, you know, where their next paycheck’s going to come from or where their next meal’s going to come from, or whether their job’s going to exist in 60 days or 90 days. And I think both of those, both of those scenarios are based in reality in our own minds. So I’m not going to say that either of them are true. What I’m saying is that they can be true based on your mind and your mindset and what you’re willing to do. And the work you’re willing to put in.
I think that COVID helped me understand the contrast of being on defense versus on being an offense. And I think absolutely there was a fair time to play defense, not knowing what was going to happen, not knowing what was going to happen next, whether you had enough cash to survive for a few more months, you know, were you able to keep your employees around and what the rules were there, Health and safety was a huge concern. But you can’t play defense forever. You win by playing offense.
And so having the ability and the awareness to understand that contrast without judgment, to knowing that there are times to play offense and times the bloody offense and going through that spectrum, I feel like after COVID I’m more motivated and super excited to play offense. I think that there is a group of people in the world that understand there’s more opportunity. And so I invite you to really think about this as what is the opportunity for you? What aspects in your life can you start playing offense? Where have you been playing defense for too long? Where do you need to put full throttle and take it to the next gear in your offense? You know, time is not in your favor. Remember that.
While we’re sitting on our hands, other people are moving and they’re getting out there and they’re playing full out. So if COVID has taught me anything, it’s that, you know, patience and not reacting to really drastic events also can create an amazing amount of perspective and wealth. I think that if you got really scared at the bottom or while everything was falling during COVID, You probably missed out on one of the biggest opportunities in our lifetime. Meaning if you sold out, if you got scared and got out while everything was falling, the rise after only six weeks of COVID was incredible. Now I’m not saying in all industries, right? Mostly in the stock market, but also there’s a lot of industries that were completely insulated from COVID and they just completely thrived.
And so having the patience, and I can’t even say that I wish I had more of this patience. I can’t even say that I am gifted with this level of patience, but what I’ve learned is surrounding yourself with people who keep you honest and check your assumptions and slow you down to make sure that you’re not making emotional and stress induced reactionary changes in your investment strategy or your buying behavior, or what have you. It’s super important in these moments of drastic change. And again, here at the Ritch Equation, we have a long-term view. So it’s super to think about things in the long-term and the more we can think about them, the long-term short-term price impacts don’t even matter. So that’s one thought I wanted to leave with you guys today. Hope you have a great one. This is the Rich Equation, Ashish Nathu, have a good one. Take care. Bye.
Thank you for listening to the Rich Equation podcast with Ashish Nathu. Do you want more ideas on how to live rich? Go to www.richequationpodcast.com for show notes and resources. Then take one minute to leave Ashish a five star review on apple podcasts, and we’ll see you on the next episode.