Here is the complete transcript of the podcast
This podcast is all about success. Every day, I’m here talking about either business, career life, relationships, one small little area of each, one of these big areas. Sometimes I get questions from the listeners from a radio show or from this podcast, and I try to answer them here. And sometimes I make up the questions on my own. And I try to answer them hoping that all this helps. So if you are a repeat listener of this podcast, that means you have subscribed to this podcast, and you like what I share here, then do me a favor, that should be placed where you can write your comment and rate this podcast. And if you’re watching this on YouTube, then please there is ample space there to write a review, write a comment, or subscribe to the channel, you can press the bell icon so that every time a new podcast comes out, you will be notified.
If you’re completely new here, and you’re listening to this for the very first time, today’s topic is going to get you in today, I want to take some time and talk about the end of life, as we all have to leave one day, how do we deal with debt, something that I have not done at all on this podcast, very rarely have spoken about this. But something that I have come personally very close to a few times. And I’ve started to respect it. So how to plan your debt, so that your loved ones and people who you leave behind, do not have to suffer. And as I’m recording this podcast, I am suffering. So this whole thing is coming from a very good place in my heart. Now, I have no idea why. But when I talk to people, and I talk to people for a long amount of time, in different setups on various topics, for several different durations each time, I rarely see people bringing up the topic that people talk about investments that carrier that jobs, that children, the grandchildren, but they never talk about that. And they don’t talk about aging either. So for some reason, as a society, we have been camouflaged successfully by the media buy everything that’s happening around us all the time, the glory, for some reason, we missed the basic point, which is this life is a lease. This life is being given to us for a certain amount of time for which we have to pay rent or dues every day. And suddenly, without knowing when this lead is going to be expiring, it expires. So there isn’t anything that we really own, technically speaking. And for some reason, nobody talks about this. And whenever I talk to people that like okay, we are here forever and if we all die, if at all, this discussion of that comes up. They’re like, yeah, I want to come back again. I’ll be reborn. I prefer to be reborn to my children, my grandchildren. And I’m like, really? This is how you think? Yeah, that’s how it is. That’s how I want it to be and my God listens to me. Okay. And I cannot. Because remember, I was telling you the other day, here on this podcast, I said, Don’t try to change people’s beliefs, because people believe what they believe. There is no need to fight them. So I don’t. But the truth is, we all live as if we are not gonna die. And this is one of the biggest cognitive dissonances hurdles the right word, but you get the idea somehow, you know, like, nothing will happen to me, I would outlive myself, whatever, whatever that is. So, that’s not the truth to this. we’re born, we’re going to go, Austin is this while we are preparing to live every day? How can we prepare to go? What are some of the things that need to be in place?
I’ll give you my personal story. My father, night abruptly had a stroke and lost his memory. Here I am trying to figure out things. My mother at first was there next to him, but then I tried to figure out where we have all the papers. Who do we entrust to everything and who should be taking care of things while we the kids are not around? All that came in Luckily, I had the support I have to support all that is good. But then still, there are things that need to be sorted out and need to be closed and I cannot because of several constraints in the process. All this is this happened in one country and I’m in a different country and all that a lot of issues and challenges, which are if you see are a mess Sunday, provided my dad would have prepared and provided that I prepare so that my children don’t, and you prepare so that your children don’t. So that’s the idea of today’s podcast. So what do you need to do? Well, the traditional thinking is this, the traditional thinking is that I’m going to put everything on one document, I want to leave the document to my children, so they know exactly where things are. Well, it turns out that you can’t do that. Most people don’t think that you cannot do it, most people don’t. And my friends tell me that they’re going to do that, and they haven’t done that. And the struggle is there isn’t a structured way of doing this. So let’s talk about what things your children or your loved ones need to know about you.
The first and foremost is that it’s a financial thing that must be addressed. So, your life insurance, if you have any, the properties that you have, or assets that you have, and assets include physical assets, and also immovable and movable assets, whatever they are like gold, or these days, Bitcoin, all that information has to be at some place clearly communicated. So your insurance policies, your asset documents, your bought movable immovable, then your wills and your trusts, that information, and all other assets listed somewhere. If you have a locker, that locker key, if you want your funeral to be done in a specific way, then all the instructions for the funeral, then your living trust, then you’re will all back like your last will they say. And any testament you have all that information. And because we live in the digital world, now you need the passwords of all the sites, some social media sites, a love you to nominate somebody to take care of closing down your social media accounts upon your exit. So you could do that I have done it. Point is passwords for all different websites. And I have like 1600 websites that I access. So all the passwords for all besides all this have to be centralized, structured and conveyed or communicated to your loved ones. But all this is good if we have a life we know we are planning and running. So what is the time to put all these things together? The truth is any time not before you go take a risk. So you are going today to take some skydiving classes and you decide for me to take the class, I need to have these things in place. So that if something goes wrong, at least my loved ones are safe and secured and informed. Well, the truth is doesn’t matter. But there are flying in the sky, or you’re on the ground in your room right now.
Risk is everywhere. It’s all about how you see risk. So if you have life, then you have risk. Anything could happen to anyone at any point in time. So there isn’t something’s called. Or if somebody is about 90, then only they may fall down. And you know, whatever. Truth is, life is fragile. Anything could happen. So why not we prepare. All this is good. You can Google this information and the list of things that you need to take care of, or they’re available ready for you to act on. But then I want to share something with you, which is very different. But I wanted and in fact, significantly did it for my children. In 2019. I made a choice. And I’ve been doing this for a very very long time which is to go climb a mountain and be on different mountains I hike I run and all that. So at one point, I decided very early on that I’m I will want to go to Mount Everest. That desire came true in 2019 and attempt. Now as a part of that, my goal was to put all these things together this entire list my life insurance, and passwords all back together, but I couldn’t. Those were okay. I got some bits and pieces done. I got them done in bits and pieces. But the thing that I really wanted to do was some messages that I wanted to leave for my children. I wanted to tell them I wanted to record their 16th 17th 18th 19th 20th birthday wishes Just categorized about 70s, or questions about life. And at different stages of my life, I came across these questions. And then I thought I would record my answers to those questions. Because there is a possibility that my children would come across these questions. And they, they would want to know how, as a father, what would I tell them? So I recorded a few videos, it was hard, and I was getting pretty close to leaving to Everest. So I couldn’t complete that project. But the message there is that you need to prepare at the highest possible level for your loved ones. Then on the flight to Kathmandu, and from there on the helicopter to Luke law. I was thinking in my mind that, listen, the questions I had when I was 13, 14,16, and 18, all that there were in those times under those circumstances, and my kids are in these times under these circumstances. So those questions may not apply to them. What questions should I be answering on these videos? And then as I landed in Lukla, I started my trek, I started to kind of, you know, calm myself down by saying, Listen, it’s okay. They will figure it out. There isn’t a way to answer all the questions for them on videos, they said, They’ll figure it out, it’s fine. I want to share this with you. Because this is how, as a parent, you should be thinking if you’re a parent. And as a child, your job is to spend time with your parents and collect all the information about everything they plan to leave for your clear instructions, you have siblings, you have clear instructions on what goes to whom. And so that, so that you preserve your parent’s values, as they transition, it very important that when people see you, they see your parents, and then they truly have left somebody behind. And that probably is their wish anyway. So nothing should be done outside of their wishes. That’s my belief. That’s my belief.
Not that I’m imposing that belief here on you. But you get the idea. It’s important that you get all this information. Okay, there are not many things we own. And I want to also draw, I want to also share an incredible resource with you that since 2017, has really taken over my thinking, which is the Swedish, that cleaning, which is more or less like cleaning up everything that you have kind of giving away all your possessions or donating them or getting rid of them to a point where everything is so streamlined that when you leave your loved ones are not struggling anymore. And this concept was put together by Margareta Magnusson, and she wrote this book, The Gentle Art of Swedish Death Cleaning: How to Free Yourself and Your Family from a Lifetime of Clutter. Incredible book that I read. And I talk about it all the time about this book in my seminars and workshops. And I read this book because I was really crippled through this process. So this book came out long after I went through the suffering events that happen in my life already by the time but I want you to spend some time trying to explore this book. And there are many books that teach the talk about decluttering and structuring your life. And you don’t need to do all that the book says. But then you have to find yourself and this book will allow you to find yourself at some level. So you start making some changes in your life and prepare yourself so that you can exit cleanly, nicely. And when the end comes, then you know that you have left all the information, all the right pointers for your loved ones.
Okay, that’s all for now. And wherever you are, be safe and I will catch up with you tomorrow. Every day, right here on successful trading. Stay tuned.