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This business coaching episode explains how communication ends frustration.

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Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Step #1 For Follow-Up: You must verify that communication has occurred.
  • Notable Quotable: “Be fearful when others are greedy, and greedy when others are fearful."
    -Warren Buffett
    (Buffett is called the "Oracle of Omaha" or the "Sage of Omaha" and is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth - www.goodreads.com)
  • Recommended Reading: The Snowball: Warren Buffett and the Business of Life.
    -Warren Buffett
    (www.amazon.com)
  • Notable Quotable: "Frustration ends when clear communication begins."
    -Jose Miranda

- Step number one, you must verify that communication has occurred. And so what is this? What really are we talking about here? - This is my Achilles heel. This is the one that I struggle with of these three the most. - Yeah. - Is because I've read so many books, and I read so many books, like this weekend, I'm reading. That's what I do. I have downtime, I'm reading. When I wasn't reading, I did so much I forget about it. But this weekend, I'm studying a ton of search engine related stuff. In addition to that, I'm listening to audiobooks right now by Tony Robbins. There's a couple things he teaches right now, I really love some of his financial principles. And I'm also learning about Carl Icahn through his investment strategies, and I'm also learning about Warren Buffett. So these are all, when I'm driving, I'm listening, when I'm sitting down I'm reading. So I will say something like, "Hey, be greedy when people are fearful." And the person I'm talking to is like, "Did he just promote greed?" 'Cause I said, "Hey, just be greedy." So like a young guy will come to me and say, "Hey, should I invest in this property?" And I'll say, "You need to be greedy "when people are fearful. "When the market is fearful, be greedy." And I'll say it, because to me, that's the answer. The answer is, yeah, when the market's struggling and someone is in a desperate situation, that's a great time to buy a house. If someone is in a foreclosure, that's the best time to buy the house. - Right. - Because you're buying it for the lowest possible price, but the value's still there. Anyway, I would assume that the young man has read Warren Buffett. But they haven't, so I just make the statement assuming that they know what I was saying. So now, as I've matured through my career a little bit more, now what I do is I'll say, "Hey, be greedy when the market's fearful." And then I'll check myself, and I'm like, "Do you know what that means?" And the young guy'll say, "No, no I don't." I'm like, "Oh, okay. "Well Warren Buffett, in his book Snowball, "teaches you his financial principles, "and one of them is to be greedy "when the market is fearful. "So what you wanna do is you wanna be fearful "when the market's greedy, when people are all buying, "buying, buying, you wanna be kinda scared "because you know that the collapse is near. "And when the market's at the bottom, "it's the best time to buy." And then they're like, "Oh." So you have to verify that communication has occurred, that both parties understand their task. - There you go. - So if you said, "I need you to make sure you go "to the store and buy cups." I did this week for a young guy, I said, or to a young lady, I said, "You go buy cups." That's not a good statement. What kind of cups? Are we buying chalices? Are we buying some chalices for a Snoop Dogg concert? Are we buying expensive cups, cheap cups, red cups, red Solo cups? Are we buying plastic cups? Are we buying throw-away cups, keep? So to define, "Buy disposable coffee cups "from the company called such-and-such." When I put that, oh, now communication has occurred. - That reminds me of the quote that I often hear, and it says this, "Where clear communication begins, "frustration ends on the ear of the listener." - Do it again, do it again. - Where clear communication begins, frustration will end on the ear of the listener. That's what my mentors used to tell me. - Boom. - Unbelievable, that was hot sauce right there. Wow. - Yeah, that's a Jose Miranda original, 'cause I added a few things to that. - That's kind of a, are you from Puerto Rico originally? - Yeah, and so I would like that, yes. No, but no, seriously. - With cheese. - You're from Puerto Rico though, right? - Yes, sir. - That was awesome, that was like a Puerto Rican poet moment right there, that was awesome. - We needed some salsa music there, you know? - We'll work on that. - We'll keep moving, but that was incredible. - Thank you. - I'm gonna marinate on that for a few weeks. - Thank you.

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