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Host: Jess Dewell
Guest: Joe Pepper
We are lifelong learners.
Pursuit of good is not an easy road.
What are the types of experiences we overlook as being the best to learn from?
Risk is a part of learning – it’s uncomfortable.
Money literacy, relationships, …risk… is handed down from our parents and we can critically evaluate what works for us.
Inflection of experience with learning and building on it.
Live Audience Question: What are the best resources, that we as business people, and our kids too, can use as the material for learning financial literacy?
Live Audience Question: Can you describe the financial differences for a 19 year old today who cares about being with a 19 year old who isn’t … what will the differences be at 35 and even 65?
Get to a new mindset based on where you are and where going: risk and relationships.
What did I do well, what did I do poorly, and how can I do it differently next time?
Ask for what you want.
Evaluate our own experiences to find the nuggets to learn from.
Live Audience Question: Learning is hard and it takes time, not to mention the motivation to do it – let alone do it constantly. How do you find the motivation to keep on learning?
It’s BOLD to pursue inspiration from lifelong learning.
Joe Pepper 3:13
What does it mean to be a lifelong learner? Honestly, I think that’s different for each person, depending on your life experiences and what you’ve been through. And the pluses and the minuses that we have experienced on our watch here.
Joe Pepper 3:31
There’s an innate desire for people to be good.
Joe Pepper 3:46
Throughout life and everything else, I believe that we have a strong desire to pursue excellence, and pursue goodness. Which is not the easier route to take, but it is definitely the most rewarding.
Joe Pepper 4:21
The more you can define what you want, the more likely you’re going to be able to get there. But you’ve got to know the goalpost. You’ve got to know what the end game looks like. Most people can’t explain what they want 30 seconds or less. And I think that’s really where it all begins.
Jess Dewell 4:59
Sometimes we don’t know where the goalpost is. Sometimes we don’t even know what that would look like. And we just start taking action, which is fine as long as we stop to find out, “is this actually finding a goalpost that we’re working toward? or is this just a journey that we’re on to have a journey to be on?” And I think there’s a big difference in that capacity.
Joe Pepper 5:38
Years ago, I had the privilege to meet Neil Armstrong. His journey to the moon, he was talking to me about it, and he said, “You know, 90% of the time on that flight to the moon. We were off track. We would have shot right past the moon, if we would have stayed on the same trajectory that we were on, we would have missed it complete.” And the whole way there it was just a series of course corrections that got them to where they want it to be, which was the goal post. But sometimes we don’t know what those are other than the first next 10 feet in front of us. And if you know what the next 10 feet are, go for that and then course correct.
Jess Dewell 7:31
Part of lifelong learning is all about risk. It’s about our willingness to be uncomfortable to be sitting in uncomfortable, and understanding that it’s not going to stay that way. But we’re going to be there for however long we choose to or must be there to get the experience that we need. And can we face that?
Joe Pepper 8:12
Success does not lie in comfort. Success and comfort are at opposite ends.
Joe Pepper 9:07
I sit with people that have businesses, I do a risk analysis with them, and I say, “Okay, what are the risks you’re taking? Is their market risk Is their competition risk? Is their equity risk? Is their capital risk? Is or their vacancy risk?” Every business has risk. And I think it’s just good to know those going in, but beyond that, you just have to work and pursue the things that you know are going to get you the best results. But risk is very important. Knowing it, and knowing it’s going to make you uncomfortable, and being okay with that.
Joe Pepper 10:47
I believe that the challenges that we are thrown in life are meant to help us grow. I’m a musician and have been my entire life, but it doesn’t pay very well. So I finance my habit of music through my profession. There’s a statistic out there that 85 to 90% of the songs out there are written in times of valleys or depression. If we didn’t have times that gave us need, or want, or desire, we wouldn’t have most of the music we listened to today. Those are times when you can learn.
Joe Pepper 11:41
When you look at the Great Depression, most of those that came out of that there were so uber successful, were forced into that situation because of need. And they were forced to be creative and look what happened. Multi million dollar stories that are in our history books, of people, men and women, that did amazing, incredible things.
Joe Pepper 14:12
I don’t know about everyone that’s listening to this, but God bless my folks. My parents did not know a lot about money. Consequently, they weren’t able to teach me. Most of the conversations when I grew up at our kitchen table around money was what we couldn’t do. We were raised on the poor side of the tracks, and that was fine. I started working at a very young age. If you weren’t blessed with parents that taught you about money, are they teaching financial literacy and high school? college? That controls every area of our life. And sadly, there’s only six states in the United States that require a financial education K to 12. And the one I live in, Colorado, is not one of them.
Joe Pepper 14:51
There are financial principles that used to be in our curriculum prior to 1930, and I’ve got school books on my shelf at my house that talks about these financial principles. Every single one of them was deliberately removed in the 1930s, and it has not served our country and our families well. And so what I do, and when I teach, is those principles. Because they are liberating. Eighth graders, back in pre 1930, knew more about money than our college graduates do today. And that’s very unfortunate.
Joe Pepper 16:13
A funny story of when the child says, “What do you mean mom? We can’t get that. You still have checks available in your checkbook.” Because they think it’s just an endless supply.
Joe Pepper 16:24
Albert Einstein said, “Compound interest is one of the most powerful forces in the universe.” One of the best ways he said to explain the power of compound interest is through what’s called the rule of 72. And this is one of those concepts that used to be in our school books that was stripped and removed. I’ve had a conversation with one of the Chancellor’s here at the major universities here in Colorado, and she said, “My students cannot focus on their academics because they are so riddled in debt in college. They’re so stressed, they don’t know what to do with their debt load. That’s a problem.
Joe Pepper 17:15
The respective money, the concept of money, the power of compound interest, loss and taxes — all of those things go into the mentality of money. And you said something a little bit ago that’s absolutely accurate Jess. As we adopt so much from our parents. Our thinking about money and really the mentality around money is not always pristin and how we look at it . Money’s evil. Money’s hard. Money is hard to keep. Whatever our thoughts are and whatever our inner voices are about money, typically sets the stage on how we are going to be successful with it.
Joe Pepper 19:58
Lottery winners are a pipe dream. Most of them can’t hold on to the money. That’s because of their mentality around money. You need to change your thinking and your concept about money first, because until you handle well what you have, it’s not likely you’re going to get more. And that is a process of looking at it, respecting it, and having some coaching.
Joe Pepper 20:23
Most of the time in a family, there’s usually the chemistry of a spender and a saver. And then sometimes you have a relationship where there’s two spenders, and that’s a lot of fireworks oftentimes. There’s other times you have to savers that don’t know how to have fun. And in every one of those situations, somebody who could be an external coach can be very advantageous to help them guide through those waters.
Joe Pepper 21:02
Even people in the financial services industry as a whole, each have a mentor. There’s a reason for that. Because we are emotional about our money. We treated emotionally, and we have so much wrapped around that, it is very powerful to have an outside person look at that and say, “Have you considered? And look at this as an option. And here’s a direction that you could go.”
Joe Pepper 21:30
My grandmother when she was very old, came and lived with me. And she had never made over $20,000 a year in her entire life. One day her bank statement was sitting on the kitchen table, and I was in awe about how much money she had saved. And I asked her, I said, “Grandma, How’d you do that?” She says, “Well,” it’s kind of cute, she said, “I live more simply so later I could simply live.”
Joe Pepper 22:01
I have a farm and I was taking a dump run, and the guy next to me came up in a U-Haul, one of the U-Hauls that could tilt up, and all these televisions came out of the back. These big huge screen TVs were coming out of the back of this U-Haul. I want to talk to him, and I said “Those are pretty pricey in their day. And he said, “You know what they’re really sad thing is? Most of them are still under financing.” We just really need to think about credit, and money, and saving to spend.
Joe Pepper 22:48
It doesn’t matter how much you make. It matters how much you keep.
Joe Pepper 26:30
I believe you should always have somebody who’s more successful than you that you’re following. I think that is paramount. Not the same level of you. Not as achieved as you are. I think you need to have someone in your life that has tasted success, and you bounce ideas off. You need to have a trusted someone who is not financially invested in you.
Joe Pepper 29:36
I read about coaches, and I read about people that have been successful. When you put your head inside of a book of somebody who’s achieved that success, I think you’re going to glean things from it. I’ve been reading self improvement books since I was very young. When I was 15.
Joe Pepper 29:51
I didn’t know what right was. I didn’t know what good was. I had to find that out for myself. And there’s plenty of resources out there.
Joe Pepper 30:51
As you know, and as parents know, kids are parent death, right? They’re not listening to the parents as much as society. Are the influences incredible? So what I did with my kids, I put them in front of my mentors that I chose. If they said it, it was an epiphany. If I said it, it fell on deaf ears. And they came back and says, “Oh, my God, Dad, you did you hear what he said? Did you hear what she said?” I think exposure is huge. But I also think it’s good to see the outcomes of both path. There is a true study out there that says today people are more afraid of running out of money than dying. By 61%.
Joe Pepper 31:48
I have played the piano at nursing homes, and I’ve listened to stories of people at the end of life. Their desires did not have to do possessions that had to do with the risk they took and the people they spent time with. Those were the two biggest things you hear, go at, go ask them. They will tell you. It’s the people I could have spent more time with and the greater risk I should have taken instead of just being comfortable.”
Joe Pepper 33:16
Life experiences and the things that we have gone through that are the negatives. The painful things are our tuition. It’s like tuition we pay, you’d be able to make better decisions. But it all comes in the self evaluation of what did I do wrong? What can I do better? And what is my role model? And where am I getting my information to become a better me, a better decision maker. A better responsible person with the money God has given me, and how I can benefit myself and others with it.
Joe Pepper 33:50
If you believe in the Good Book, there’s a parable and the one that was condemned was the one that put his money and buried it, and the one that was praised the most was the one that got the greatest return. There’s incredible lessons there.
Joe Pepper 34:06
I believe we are stewards of what God has given us. And the more we are responsible with that stewardship, the more we’re going to be received.
Joe Pepper 39:39
You know, when we’re babies and we’re born, we’re only born with two fears. We have a fear of falling, and we have a fear of loud noises. That’s it. That’s the only thing. We’re born with. Every other fear in our lives, we adopt through our experiences, through something that hurts, something we observed that we didn’t want to experience. Some kind of negativity, whatever it might be, and not one of them. Not one of them are based in reality.
Jess Dewell 40:15
Our lizard brain was wired to remember the bad, so we avoid the bad in the future. And that really hurts us when we think something to in our ears we’ve decided it was bad, and now we’re going to be programmed to automatically avoid it.
Joe Pepper 40:31
What if you could live for the most part of fear free life, there is good fear and there’s bad fear. If you’re not in fear of running that red light, you’re going to get clobbered, right? So that’s good fear, but the unhealthy fear in our life debilitate us, it handicaps. us, and I really believe to my experiences and what I have learned is, reset out of those valleys as fast as you can because on the other side of that experience is nuggets that you can apply to your life and learn and be just a better person.
Joe Pepper 42:29
The reason why it says you love your neighbor as yourself is because you got to love yourself first or you don’t have a pot to pull from.
Joe Pepper 42:53
Forgiveness. That’s a fabulous skill that we need in general, and I think definitely for ourselves. Men and women of every age.
Joe Pepper 43:33
You have to know your Why. What is your Why? What drives you? And it’s not going to be typically material things. These are faces of people that are in your lives. It could be your parents, your children, your grandkids. What legacy do you want to leave for them? What do you want to do for them? If you understand your why, and let that become your motivator, it’s easier for you get out of bed 30 minutes early and say, “I’m going to role play this movie of my mind where I’m going to be 12 months from now or 90 days from now,” and look at it. I have dream boards on the walls of my life in the future, and I look at them every day I wake up, I look at the dream board. It’s in front of my face. Whatever you focus on will get bigger, negative or positive.
Joe Pepper 44:48
If you were the best you, you would astound yourself.
Joe Pepper 44:55
Don’t worry about the approval of others. Love yourself. forgiving yourself. Go out and do something extraordinary with your life.
Joe Pepper 45:09
We’ve all heard about the law of attraction. When you walk into a room, you’ve got that vibrant person that’s just vibrating at that higher level. Everybody wants to talk to them. Is that you? Is that us? Can it be? Of course it can.
lifelong learning, growth, risk management, confidence, respect, mindset, relationships, decision making, experience
How do you pursue inspiration through lifelong learning?
There is a lot of talk about lifelong learning, and about being inspired. Without including integrating what we experienced … is that actually learning? Jess Dewell talks with special guest Joe Pepper about the pursuit of inspiration through lifelong learning.
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