Get Rich Education 203: Wealth Without Debt Is Impossible, Doctors & Investing - with Dr. Buck Joffrey
#203: Doctors’ debt is $200K-$600K+ after medical school. Should they pay it off or invest in real estate instead?
Most view doctors as “successful” - they help people and earn more than most.
Dr. Buck Joffrey joins us. Are doctors “too academic” to be concerned with investing? They miss out.
Get his great Wealth Formula Roadmap Course.
Young doctors often ask veteran doctors what to do with their money. They get referred to a typical financial advisor.
“The Rule Of 72” is misleading. Mutual fund investors often make zero return.
It is impossible to build substantial wealth without (good) debt. That is, debt that’s outsourced to others, like tenants.
I give a concrete example of how debt creates wealth for you with a $1M building where you make a small down payment.
Inflation dilutes the weight of your debt.
Wealth Formula = Mass x Velocity x Debt
Dr. Joffrey’s first apartment building was bought based on “a promise” - a pro forma on a Class D building. It was awful.
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Listen to this week’s show and learn:
02:10 My chat with a new medical doctor and his $450K debt.
06:00 Dr. Buck Joffrey interview begins.
09:05 Are doctors “too academic” to be concerned with investing? They miss out.
12:15 When you have a Dad that’s in real estate investing.
14:35 “The Rule Of 72”.
16:43 Flawed conventional wisdom.
20:00 Debt.
24:58 Inflation-profiting from debt.
28:39 The mathematical wealth formula.
30:13 Dr. Joffrey’s first apartment building was a loser.
31:50 Wealth Formula podcast.
33:47 Dr. Buck Joffrey’s video course: Wealth Formula Roadmap.
Resources Mentioned:
Video Course: Wealth Formula Roadmap
Mortgage Loans: RidgeLendingGroup.com
Cash Flow Banking: ProducersWealth.com
Turnkey RE: NoradaRealEstate.com
QRP: TotalControlFinancial.com