Welcome to Wealth Formula
I approach everything in life similar to the way I approach business. One of my cardinal rules as an entrepreneur is to avoid working IN a business so much that I stop working ON it. For example, if you have a bakery, you don’t want to be the one who is baking, doing accounting, and sales at the same time. If you do that, you become too busy to do anything else but daily tasks and, as a result, you become extremely myopic. It is important to be able to step out of your business and look into it once in a while. When you do that, some of the obvious glaring weaknesses or areas of needed improvement become obvious.
High wage earning professionals are often experts at the details but can’t see the proverbial forest for the trees. They are simply too busy to see anything else other than the next client, the next patient, or the next work day. There is essentially no time for introspection or evaluation of the most important asset than any one of us has: our lives.
When was the last time you stepped out of your life for a moment and looked at it critically? What were your dreams when you first started down this journey of “success”? What are they now? Why aren’t you living your dreams?
Now I’m not talking about the kinds of dreams that you know, for obvious reasons, will never happen. For example at 42 years old, 20 pounds overweight, and 3 spinal operations, I am pretty sure that I will never play in the NFL. Those are not the kinds of dreams to which I am referring.
I am referring to the dreams that I hear all the time from people around me. Some people want to live somewhere else. Some people want a different kind of job or want to start all over in another field. Others simply want to have more time with their children. It simply breaks my heart to see my hard working, high paid professional friends living like zombies with hopes of stockpiling enough cash away for the next 20 years to finally begin “living their dreams” in retirement.
Why not take take a moment to look at your own life critically? You may find that with a little introspection and a little bit more courage, that some of those “dreams” you have might be able to come to fruition sooner than you thought with some small but critical adjustments.
This week’s episode of Wealth Formula features the first of many episodes of “Ask Buck” where you, my fellow professionals looking to transform into entrepreneurs and sophisticated investors, ask me the questions that are on your mind. This week’s topics include questions about cash flow versus cash reserves, topics in real estate LLCs, flipping versus cash flow investing and more. Ask your questions at Wealthformula.com by clicking the tab that says “ask Buck”. I love the enthusiasm that all of you are showing and hope to continue building this new unique community of professional entrepreneur/investors. There are not enough of us out there and we need to spread the word to our colleagues so that they don’t end up like all the other victims of Wall Street!
Lane is your classic highly educated, high wage earning professional. However, he doesn’t throw his hard earned money into the stock market. Lane uses his money to buy houses and is gradually phasing out his own need to have a boss. At the age of 30, he’s already more than half way to replacing the income generated by his engineering job.
The best thing about Lane is that he knew NOTHING about real estate before he started. He is a classic example of someone who understands the wealth formula. He doesn’t have to quit his day job to make it happen. With a little bit of time spent learning about investing in real estate, he has already accumulated 11 homes across the country. Find out how by listening to the latest episode of Wealth Formula Podcast.
In this episode of Wealth Formula Podcast, we talk with Dr. Eric Tait, MD, MBA about his transformation from an internist to founder and president of Vernonville Asset Management LLC. Dr. Tait gives his insight into the economy and ideas about how to invest your hard earned money (hint: NOT the stock market!)
We learn to walk by repeatedly falling down. We learn to talk by first making unintelligible noises. We are hard wired to learn through trial and error but are brainwashed by an educational system that teaches us that doing things a different way is wrong and that failure is bad. The reality is that any great entrepreneur or investor must take chances repeatedly to learn and to succeed.
Zed Williamson was a high paid professional but was not satisfied. He shed his golden handcuffs and went on to build a company just like the one he worked for…but better. In the process, he gave him self a BIG raise!
Implications of the world order on your pocket book.
Is the stock market about to crash? Is inflation about to take off? What should you do?
Back to Basics. What is exactly is the wealth formula again?
This is one of my favorite quotes of all times. It is attributed to Lawrence Summers, former US Treasury Secretary and … [Read More...]
Financiers Bet on Rental Housing - NYTimes.com. So...the clock is ticking. Indications are that the housing … [Read More...]
So I had a back and forth with Pat Flynn over twitter on this topic recently so I thought I'd share the details with you … [Read More...]
Is there a difference between being rich and being wealthy? Everyone will have a different definition of this if you … [Read More...]
You can have the finest education in the world...even the finest business education but you simply cannot succeed in … [Read More...]
As many of you know, I LOVE trying out new business opportunities...especially when the risk is low and potential ROI … [Read More...]
Why is it that most people find investing in the stock market so secure? Is it because we are programmed to believe that … [Read More...]
To some the idea of scalability is not a new concept...particularly for those with a background in business. However, to … [Read More...]
Are business partnerships a good idea? Well, they can be. However, I haven't had much luck with them. The first time I … [Read More...]
Well--I'm not that old in the real world but on the cyber world, at 39 years old, I am ancient. Not only am I ancient … [Read More...]