The Life Unsettled podcast with Thomas O’Grady, provides candid insights with both solo and interview episodes into breaking through income and financial concerns for a satisfying life and your future as an entrepreneur. The interviews break out successful entrepreneurial journeys and contain content to keep you motivated and raise your visions and dreams to higher levels than you currently might think. Those higher levels that you don't even know is true breakthrough success.
This initial episode provides direction and an overview of the Life Unsettled podcast. It will focus on business, entrepreneurs, finance, how to achieve success and how to redirect or re-position your future in a tumultuous world.
The world has changed and it is or is going to affect all of us. This podcast's purpose is to help people with these issues as they age.
- Those born before 1964 are in the crowded baby boom generation, which already had lower relative income because of their sheer size.
- People over 45 – 50 years of age are being layed off and replaced by younger, less expensive workers.
- The years from 45 to 64 considered by economists as the net savings years of a person's life, when children are gone and financial obligations are less, are severely hampered.
- Meanwhile, life expectancy, which was closer to 70 – 72 years of age, now must be planned out to 90 – 92 years of age. So, less resources and less potential must support a much longer retirement.
As a PhD economist, I was looking at and researching these issues for myself. After seeing some of the capabilities today to disseminate my own ideas and gather the ideas of others, I decided that I would share this information and make it a much broader topic. So, this podcast will include many topics and ideas as well as motivation to assist everyone.
At the start, I know that we will all need a lot more for any retirement. People will need to supplement, replace or enhance their current income and wealth and probably multiple streams of income.
I am the demographic that this podcast is targeting. I have a tremendous stake in the information gathered. I want to bring you along on my and probably your journey wading through the underbrush as the enormous issues evolve and are addressed.
Some of the topics will include ideas on expanding your opportunities and ideas. There will be topics related to how to succeed or achieve. After all, if you need to consider something new or different to supplement or replace income at age 50, you have more of your adult life ahead of you than since you turned 20 years of age. That's right, there is so much more you can do, whether your own business a home based business or helping someone else.
Transcript and Introduction to the Entrepreneur Journey:
This first episode is an overview of Life Unsettled. As a backdrop, the world has changed. People in their 50’s today are being laid off and being replaced by less expensive workers, and there’s no reason to think that this is going to change in the future or change back to the system that we had before where people would normally think in terms of retiring from some company at the age of 65.
This leaves us with a little bit of a dilemma, or actually a major dilemma for those above the age of about 45. As an economist, we call the years from 45 to 65 net savings years; those were the years people saved for retirement. That has been pulled out from underneath people’s planning.
Very few people truly even have enough money for retirement, and this will only get worse. Simultaneously, people are not dying at 70 to 72. It used to be: people could retire at 65, and they had about 5 to 7 years more where their savings, etc. would carry them over. Now they may be living from 85 to 92. Before, we would have needed a lot more money for retirement to last until 90+ years of age. Instead, we are seeing difficulty even preparing for retirement.
The purpose of this podcast is to help provide success stories, motivations, and insights from successful entrepreneurs, financial people who can help answer questions and provide some ideas. Some of these ideas may give you the thoughts of how you can supplement your income, replace it, or how you can use it more effectively for your retirement or while waiting for your retirement.
It will contain some individual episodes on my thoughts on various topics. I am, of sense, the person that’s in this target audience who is addressing these same topics, and wants to bring you along on my journey and research these topics. Maybe we can help each other out. You’ll be, in a sense, looking over my shoulder as I do this, and hopefully you’ll be alongside me and this will be a nice friendship.
Why am I doing the podcast? The first place, I was researching this topic anyway. Heck, I’ve been an economist, researching and studying things related to cause and effect, problems affecting people, investments, etc., while taking these same things in the context of causality all my life. So, how does one and how do we get out of this dilemma and/or prepare better for it?
When I talk of causality, I mean it very much as: you would be starting a business – what is going to be the motivational key factor that will cause people to buy your product, buy your service? What would motivate you to provide such a service? In a sense, the causality is something that has an effect on something else. For somebody in mathematical economics, this is fairly straightforward and something that I think of, in the sense that it’s inside my head, this thought pattern.
To give you an interesting, but also an enlightening example of how causality can prepare you for something that’s coming up, it’s good to reflect back a little bit. In the past, while I was a graduate getting my PhD at UC Berkeley, at that time I worked for Aaron Gordon. Professor Gordon, at the time, was quite old. Actually, he died during the time I was with him, unfortunately. Actually, he died filling out his taxes. Anyway, that’s a side sorry note.
He, under the former President, John F. Kennedy, wrote the definition of employment and full employment under what was called “the Gordon Committee.” Working for him, we were researching the effects of demographic changes on the population on unemployment and employment, looking at the inflation component as well. While doing that, I noticed that Baby Boomers were entering years where people would normally locate in center cities. Why? Because that’s where all the action is, etc. Plus, when they got their jobs there, they really didn’t have the income yet to really commute. Again, this is cause and effect.
What did I do? It was obvious – they were going to move into the center cities, there was going to be a lot of crowding, a lot of changeover. I started buying downtown apartment buildings in San Francisco. In the early 80’s, it was clearly going to be hotels, since the baby boom moved into occupations requiring travel.
Despite what politicians and pundits want you to think, even back in 1975 while working for Aaron Gordon, I saw and it was clear then that starting in the mid-80’s and lasting throughout the 90’s, we would see an almost unprecedented boom in the economy. Why? Again, cause and effect. In the research we were doing at that time, we saw that the prime age males, which were really the ones at that time that drove both the inflation rate and the growth rates of the economy… Now, yes, today, we have more substitution between men and women, but the concept still holds. We found when the unemployment rate of prime age males, that is 35 to 44 years of age, fell below 2%, inflation would commence and an economy would be slowed down intentionally by the government because of the increase in inflation.
Simultaneously, while this is happening, the economy is usually a drain on it from the teens and early 20s that had high unemployment rates. In a sense, because of unemployment insurance and other things, they were a drain on the economy. During this boom period, actually what happens? They’re the ones that would normally supply the service jobs for the prime age males or prime age people. So there was actually a shortage of them, relative to those in the baby boom.
The only thing the government could do possibly to mess up this unprecedented growth that we were supposed to see is by making a mistake. Here was a time for full investment in the stock market, and yes, we knew that back in ’75 and it just carried forth. Why? Because of those factors.
Aside from that, that just gives you an overall guidance and a feeling for what you can do with a little understanding of causality. We’ll be looking at a lot of that in probably much lighter terms, but we will be looking at a lot of that when we try to glean from entrepreneurs and other people, and hoping to spark ideas, intellects on your own for what you can do during this time, as well as what I can do, obviously.
In the episodes, I’ll be interviewing somebody, I’ll be interjecting or inserting things that I see, and following up with questions that I think are key points or key takeaways to either at least make sure we mention them, if not, delve a little bit further in them. The interviews will be conversational. I want them to be enjoyable for all; not just me, but also the interviewee. I want to generate the conversation as much as possible within guidelines of time, mostly.
That is, though: what can we learn from other people’s journeys? Let’s think of terms of if you would ask some mentor or somebody that you wanted advice from: what can you glean from their experiences?
Goals of this podcast are summed up in the following way: providing some insights. You've probably heard the expression that you’re the average of the five people you associate most with (see episode 20). Some people say your income will be in there. But whether it’s your income, your outlook, your environment – it is somewhat the same and it does restrict your growth or helps your growth, depending on who those five people are.
One of my goals is to be one of your five, as a friend you can reach out to. This is your show, as well as mine. Leave me your comments, your problems, your issues, your ideas. They may lay the foundation for future episodes, and together, we will address them either in the comments section or in those other episodes.
With that, we begin. Thank you.
one of your five.