In 2008, when I finished my surgical residency, my net worth was about negative $75,000—not bad considering that number included education until I was 33 years old!
As you know, 2008 was also the year of the great meltdown of the financial system. Doctors that I knew who had been practicing for decades with the intent of retiring soon, suddenly realized that they couldn’t! Half of their money had evaporated within days!
Why? The short story is Wall Street greed. You see, Wall Street has created this really profitable game for itself. Here’s how it goes.
You work hard to make money. You entrust your money in Wall Street through your wealth manager with hopes that your wealth will grow.
Of course Wall Street charges you a lot of fees and wins whether you win or lose. They also make big bets with your money so they can make even more money for themselves.
When they win, they win big but you don’t get to see the money. When they lose, they are too big to fail so they get bailed out by you—the tax payer.
Pretty nice gig if you can get it right?
How do they get away with it in the first place? Why do we do we as professionals keep coming back for more? After all, doing the same thing over and over and expecting a different result is the definition of insanity, right?
What kind of financial education did you get growing up? What did they teach you about personal finance?
Chances are, you weren’t taught anything about investing. The educational system teaches you nothing about personal finance.
And when we get out of school, what replaces the classroom? How do make up for what we haven’t learned? Where do we turn to for answers when we need to learn about real life?
What replaces the curriculum when you leave school? The answer?…CONVENTIONAL WISDOM!
The problem is, conventional wisdom is not always right. For a lot of years conventional wisdom was that the world was flat.
Conventional wisdom, believe it or not, might not even be unbiased. It might have been perpetuated by big money, big banks—wall street.
Think about it. What is conventional financial wisdom? Let the experts invest your money in a diverse portfolio of stocks, bonds, and mutual funds.
Why is that conventional wisdom? The only time my dad invested in the stock market was the during the dotcom crash and he almost lost his shirt.
How many people do you know have gotten wealthy BECAUSE they invested in stocks, bonds, and mutual funds? Do you think the most wealthy families in the worlds, like the Waltons and Rothschilds invest in mutual funds? Of course not!
Then why do most high paid professionals believe that investing in mutual funds is the responsible thing to do? Because it’s conventional wisdom. But here’s the problem:
CONVENTIONAL FINANCIAL WISDOM IS THE CREATION OF SPECIAL INTERESTS!
It came form Wall Street. It has been hammered into you as gospel and to stray from that line of thinking—well, it’s like heresy.
I can’t tell you how many times I have heard from very smart, highly trained professionals confess to me that they feel sort of guilty or unnerved about investing in “alternative assets” like real estate.
Does that sound like you? Even your family gets on your case—they tell you that you are going to lose all your money and that you are not being responsible.
I’m hear to tell you that if you don’t believe in trusting your money to Wall Street, that you are NOT an irresponsible heretic. I am living proof that wealth can be created outside of Wall Street.
In my humble opinion, I will go as far as to say that it is a hell of a lot easier to become wealthy investing outside of Wall Street.
But where do you start? I’m asked this question all the time. And there is no simple answer. There is a lot to learn. This is podcast number 100. We’ve covered all sorts of investments, tax strategies, and even asset protection.
But…we’ve never before put it all together in one place in a COMPREHENSIVE format taught by some of the smartest financial minds in the world—something that can be studied and maybe even mastered.
That is…until now. I am really proud to present to you a labor of love on which I have spent the last 6 months and over $150,000 to create. I have created a course called Your Roadmap to Real Wealth and you can learn more about it at WealthFormulaRoadmap.com
The course was produced by my friend Pam Hendrickson who spent nearly 20 years producing courses for Tony Robbins to prepare for this moment—ok maybe Tony wasn’t just a warm up for me. But..the point is I wanted the best of the best to make this happen. And that’s what I got!
Just look at some of the names on this faculty: Rich dad Advisors Tom Wheelwright and Ken McElroy. Tom’s tax firm has helped me legally save literally millions of dollars of taxes in the past few years. Ken McElroy is the guy I learned real estate from and who I consider the Michael Jordan of multifamily real estate.
Speaking of real estate, how about the real estate guys, Robert Helms and Russell Gray—friends of mine and some of the best in the business at teaching real estate.
We’ve got Marco Santarelli—the turn-key rental guy and, if notes are your thing, how about Jorge Newberry, founder of American Home Preservation. Then there is Mauricio Rauld, my SEC attorney teaching you what you need to know about investing in private placements.
We’ve even got my own asset protection and estate planning attorney Kevin Day to teach you why I sleep well at night knowing what I know and being structured the way I am.
And finally, we’ve got the legendary Dean Graziosi teaching us about the millionaire mindset and the meaning of true wealth.
How about that for all start line up?
Of course, it wouldn’t be my course if I didn’t give you everything I personally know about personal finance and investing so I’m part of the faculty as well.
Along with the course, I am also happy to announce the Wealth Formula Network which will now be the home to the Wealth Formula community. This is where I will be spending my time so I can really focus on helping people who are truly committed to take it to the next level.
Again, the course is called Your Roadmap to Real Wealth and it may very well serve as the foundation for the rest of your investing life.
Check it out at WealthFormulaRoadMap.com
[14:29] Question 1
[23:19] Question 2
[30:45] Question 3
[41:00] Question 4
[43:36] Question 5
[45:45] Question 6