Emergency Podcast - I Just Lost $500k This Morning: Here's a Framework for Dealing With a Crisis

**SPEAKER_1** (0:00)
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**Shaan** (0:32)
Good morning, Sean here. I woke up this morning and I checked my portfolio as I do in the mornings. First thing, one eye open, swipe, see how the stock market's doing, see how crypto's doing, see how sales are going.
And I woke up today and I was down over half a million dollars.
And you know the phrase everybody wants, you wanna make money while you sleep? Well, this was you lose money while you sleep. The stock market is bleeding, crypto is crashing. And I had a moment in the morning where I had to decide, how's today gonna go? How am I going to interpret this? How am I gonna put a meaning on this? So I wanna share with you something I've learned that really helps me, and it's about crises. So it is very easy to get information, panic, and make a move. So in the stock market, you might panic sell, panic trade.
And even if you're not gonna take an action like panic selling, it is very easy for me, I'll speak for me, it's very easy for me to get some news. An email pops into my inbox from my boss, or a stock price goes crashing where I have a big position.
And it's easy to not just lose the money, but also lose the day. Meaning, I get the information and it can tank my day if I'm not careful. And a while back, I had this teacher, I did an audio series. So like you would listen to one of these little five minute audio clips a day.
And he's kind of like a life philosophy mindset guy. I'm into that kind of thing. So he had this section called Grandpa Wisdom.
And I loved it. And there was a Grandpa Wisdom about crises that I want to share with you. And he says, when a crisis happens, ask the question, is this a crisis or is this an event?
And the Grandpa Wisdom was, a crisis is nothing more than an event that reveals the state of crisis within. I'll say that again. A crisis is nothing more than an event that reveals the state of crisis within. Okay, so let's apply that to today.
I'm a, some of you know, I have a big crypto position. I'm a big believer in Bitcoin and Ethereum.
Today, Bitcoin is down, you know, or 20% or something like that, same with Ethereum.
And if I was to panic today, it would have nothing to do with Bitcoin and Ethereum being down 20%, just like I should not be overjoyed when they're up 20%.
The grandpa wisdom is that if I feel a crisis, when I look at that number, it reveals the state of crisis within, which is that I don't believe, I don't have full conviction in my investment, because when I invested, when I buy, I don't think about it like, this is going to go up, I need this to go up every day. No, I know it's going to go down. It's not even that I need it to be up this month. Does it have to be up in the month of May? No, May 2021 doesn't even matter. I'm buying this for the long term. I believe that in the long term, the prices are going to be much, much higher. I believe Bitcoin is going to be over half a million dollars per coin. And so if I was to panic today, what that would reveal would be that there's a state of crisis within, there is a conflict within me that says, I don't know, is this going to happen or is this not? And if this doesn't happen, you know, then what? Then what happens to me? Then am I wrong? Am I dumb? Am I poor? You know, your brain, I should say my brain, can go to some crazy places if I let it. And so, you know, that's where you have to ask, is this the slice of the pie, right? If this was a pizza, a slice is just an event. It's just part of a whole, a whole story. And you would never overreact to a slice versus a pie. If the pie is wrong, that's the whole pizza. And so I try to be very, very careful what I allow to be a crisis in my life. And this is not just about money, right? This can be anything. You're really excited about a date, and you get to the bar, and you're waiting, and you're sipping your drink awkwardly, and you're sort of checking your phone compulsively, and then you get that text, they're not coming, right? They flaked out on you. This is a crisis or an event, right? Does that ruin the rest of your night?