Wealth Formula Podcast

Last week, I got a few emails wondering why I was sending out "scammy" emails from my friend Teeka Tiwari about investing in pot. Actually, I totally understand. If you don't know Teeka, those emails might sound a little bit like snake oil advertisements. As you know, I pride myself on not being a platform for internet marketers or for people raising capital that have no clue what they are doing....

Debt is like a lethal weapon. It can be used for good and it can be used for greed. It can be used to create wealth and it can be used to destroy it. In short, debt is nothing more than a tool. The problem is that a fool with a tool is still a fool. Debt gets a bad name because of this. But the reality is that, in skilled hands, debt can be used to create unlimited wealth. In Investor Club, we use...

These days you hear a lot of people use the word "sustainable". It's actually one of those words that I don't really understand very well. I guess by definition, it means something that you can keep on doing in perpetuity—something you can recycle and use over and over again. In that regard, the kind of investing I advocate for is "sustainable investing". Those of you in investor club know that on...

We've had a number of webinars and podcasts related to tax mitigation over the last several weeks. Unless you are new to the Wealth Formula ecosystem, you know that when we think about investing, we think not only about how much we are going to make, but also what we are going to keep. For those of you in the accredited investor club, we've talked about the power of utilizing bonus depreciation fo...

I am a lousy trader. I've said it before and I fully recognize this fact. That's why, I try very hard to stay focussed on investing rather than trading. Nevertheless, I still get trapped in behaviors that I invariably regret. For example, you may know that I am a believer in bitcoin. I truly believe this will be one of the best investments of my lifetime over the course of the next few years. That...

You might remember me talking about a part of the brain called the prefrontal cortex (remember I spent some time in the brain surgery business). The prefrontal cortex is the CEO of the brain. It's the part that's really good about making good decisions. For example, if you see a teenager doing something very dangerous and potentially lethal, it may be due to a poorly developed prefrontal cortex. A...

In recent weeks, I have had a series of webinars for Investor Club called the Tax Day Postmortem Series. Investor Club is the Wealth Formula accredited investor email list. The webinars so far have been for strategies limited to accredited investors such as oil and gas and conservation easements. However, we will have some coming up that will be available for everyone to watch. That said, there is...

Back in 2014, two of my medical businesses were KILLING it. I was making money hand over fist. Unfortunately, however, I made a mistake that many entrepreneurs make. Instead of taking money off the table and putting most of it into stable assets, I decided to dump the majority of it back into the business to grow even bigger. In fact, I went on a national campaign opening offices across the countr...

Lately, I've been getting a lot of questions from investors on how to choose investments—particularly private placements that are readily available to accredited investors. First, let me be clear that there is no magic solution to getting all of your investment picks right. In fact, if you invest long enough, something will go wrong. Next, nothing I say should be construed as investment advice. Al...

When I first described by "work" to my CPA, Tom Wheelwright, he said, "So you are an entrepreneur who just happens to be a surgeon". I hadn't thought about it that way, but I guess that's what I am. Now listen, I don't take the label "entrepreneur" necessarily as a complement. It's more of an affliction than anything else. If you are an entrepreneur, you know what I am talking about. We can be a r...

It's funny how long lasting paradigms perpetuate without question for centuries without being questioned. It used to be in most places, specific religions were mandated by the government to its people and heretics were persecuted. Of course that still exists in many parts of the world but the point is that a large part of the world does not see that as simply status quo anymore. If you live in the...

Sometimes in this "alternative investment" podcast world in which we live, I hear about great "investments" that are yielding 20 percent or more. On the surface, they sound great. In fact, the yield part might actually be real. However, because we are so ingrained in the "investment" world, we often fail to see an obvious distinction that may not be so obviously disclosed. You see, there is a diff...

I was just interviewed on a podcast earlier today and we got on the topic of gold. You know that I'm not a huge advocate for precious metals right now. Anyway, the argument became a little familiar. Ie. The global economy is going to melt down, there will be a zombie apocalypse and the only thing that zombies accept is gold and silver. A few years ago I would have gotten sucked into all of this an...

You may know that by the end of last tax year, I sold most of the real estate that I held by myself—as owner and operator? Why? Well, first of all, I realized that to do real estate right, it really is not ever TRULY passive unless you have a full time operator doing all the work. The other thing that I realized is that for a busy person, finding the right operator with whom to invest passively is...

Remember when you were a kid and you would go to the doctor? Your parents revered your doctor. The held him in high esteem. They trusted him. They would never say things like, "He's just doing that test so he can make some extra money" or "He's getting kickbacks from the drug company". These are the types of things I regularly hear when I'm in the Sauna at the local YMCA. Doctors and science are b...

To all those who made it out to Scottsdale last weekend, it was great to see you! Of course I'm biased, but I have NEVER seen such a high quality group of people at an investors event before ours. You guys are by far the most interesting podcast listeners in the entire podcast ecosystem—guaranteed. Of course the speakers were fantastic as well. Ken McElroy, Tom Wheelwright and David Steele from We...

Welcome back to the show everyone. I hope you enjoyed the show. If I were a dentist, I would definitely check this out. Think of it this way. The concierge aspect of the model is valuable in and of itself. If you don't care for cryptocurrency, immediately convert your crypto to dollars. If you want, keep some in crypto and see it potentially 100X in the next few years. Anyway, I like the idea and...

As you know, I have been on a kick to challenge myself to learn more about things that I don't know about and to challenge my personal investing dogmas. Recently, you saw me come out of the proverbial gold closet and proclaim that I don't see the point of owning physical gold. You can hedge the economy with appreciating real estate with leveraged debt and cash flow to boot. Who needs gold? Again....

If I hadn't listened to Peter Schiff, I would have made gobs and gobs of money in the past few years. Now, don't get me wrong. I like listening to Peter Schiff's podcast. He is a very smart guy. In fact, he predicted the financial meltdown of 2008. It would be even more impressive if he had not predicted the financial meltdown of every other year that there was not a financial meltdown, but he did...

Bitcoin and Blockchain are not dead. In fact, if you look at the history of bitcoin itself you see that it seems to have a feline propensity for multiple lives. After being battered and beaten up so many times, why is bitcoin not dead? I am reminded of a movie that I recently watched with my nine year old daughter from the late eighties called The Princess Bride. If you happened to miss this one,...

If I have given you the impression that my life since leaving surgical training has been all ups and no downs, I have unintentionally misled you. The first business I started which was an owner operated medical business did well quickly its true. It allowed me to start investing in real estate. But that first acquisition I did not go well and it turned out to be a $300K lesson in how due diligence...

It's so strange to think of the way our politics have evolved even in my lifetime. The first president I remember (barely) is Jimmy Carter. Most of grade school for me were the Reagan years. After a bumpy start, the 1980s became the roaring 80s. It was a decade remembered for wealth and excess. Remember Wall Street with Michael Douglas and Michael J. Fox as the Alex P. Keaton on Family Ties? The R...

Changing your personal financial belief system is like changing religions. Think about it. Maybe you grew up Christian or Jewish. Whether you practice or not, you have some pretty established beliefs. That's why it's not that common for people to convert from one religion to another. Maybe that's an extreme example but there is a parallel when it comes to changing your personal investment strategy...

Not everyone is that excited about blockchain. Especially these days as the market is about 90 percent down from its January highs. But remember, while the bubble was real, so is the technology. There is something here that will start to permeate our world—even if we have no desire to invest in cryptocurrencies. You see, blockchain and other distributed ledgers create a tremendous amount of effici...

I remember being in medical school thinking that I wanted to be a surgeon. The idea of it appealed to me very much. I certainly had the personality of a surgeon. But there was something about which I felt very insecure. You see, growing up, my dad was about as white collar as they get. I didn't learn anything about cars and never put up any shelves. The only reason to think I was any good with my...