Wealth Formula by Buck Joffrey

Robert Helms and Russell Gray are known best as “The Real Estate Guys.” This radio show and podcast is the number one real estate show in the world. Many of you already know them and listen to them. What most of you probably don’t know, however, is that Robert and Russ are also very good at real estate development. In fact, they are currently developing the first Hilton in Belize which will be the largest hotel on the island of Ambergris Caye–the number one island destination in the world according to Trip Advisor. In this episode of Wealth Formula Podcast I will discuss the pros and cons of international investing with Robert. In addition, we will talk about the Belize market and specifically the Hilton project which they have been working on since 2013 but will be complete in about one year. I hope you enjoy the show. Buck

The elegance of Robert Kiyosaki’s Rich Dad Poor Dad is in its simplicity. You invest for cash flow. An asset is something that puts money in your pocket while a liability is something that takes money out of your pocket. That simplicity was frowned upon by Kiyosaki’s critics when the book came out. Financial critics found nothing useful in his book and felt that it was actually an over-simplification of the investing process. There was one major problem with that critique of Kiyosaki’s book. People had been investing for cash flow for years before Robert Kiyosaki was even born. Real asset investing predates stocks, bonds, and mutual funds by a long shot. In fact, my own father was investing for cashflow via single family homes and duplexes shortly after he came to this country as an immigrant in 1967 and he certainly didn’t invent the concept. Dr. Tom Burns is another guy who was investing for cash flow before Kiyosaki’s work. He was finishing orthopedic surgery training in the early 90s when he realized that, despite loving his profession, his profession was being attacked by HMOs and other external forces and that reimbursement would likely suffer over the course of his career. He was right. So after training, he began investing in real estate. Tom is an interesting guy. In fact, he was one of the first to even read Rich Dad Poor Dad and is even acknowledged in the second edition of Kiyosaki’s classic (for more on that, listen to the episode). If I have not been able to do so with my own track record, Tom will hopefully reassure you that investing in real assets that cashflow is, indeed, the path to enduring wealth. Listen to this week’s episode of Wealth Formula Podcast to hear about his exciting journey over the last two decades. Enjoy the show.

Happy holidays everyone! I hope you all had time to rest and rejuvenate. How about we make some New Year’s resolutions and stick to them in 2017. There are thousands of you out there listening to me from around the world. If you’re listening to my program, that means that you are already investing in real assets to create wealth or you want to start doing it. If you want to start doing it, write it down and make it happen in 2017. Time has a funny way of slipping away from us and it is really easy to procrastinate. Case in point, in 2008, I had this idea for a blog and podcast that I was going to call poor doctor. This was just as I had finished my residency and just before I embarked on my career as a serial entrepreneur and investor. I did not own any businesses or any other kinds of assets. However, I knew I would someday. In fact, I was so sure of it that my blog and podcast were going to document my progress and, someday, show all the doctors out there how I transformed myself from a lowly broke surgical resident to a wealthy business owner and investor. 8 years later, here I am. I own multiple businesses with combined 8 figure revenues and my personal net worth is also in 8 figure land. I don’t want to toot my own horn, but I had a vision of what I was going to do and I did it. There is no reason that you can’t. The one thing that I did not do was to start that website and podcast. I actually do own the domain and WealthFormula.com started out as poor doctor.com but that’s about where it ended. I got to busy and stopped documenting my rise to where I had envisioned. I regret it. It would have made for great content and a great example for those today who are in the position I was in 2008. The moral of the story is, stop procrastinating. Your success a couple of years from now depends on you taking action now and the longer you wait, the farther out you will push your own success. Today’s show will feature a couple of guys who have really created their own destiny by taking massive action. Listen to the story of Jake and Gino from Wheelbarrow Profits as they go from being a drug rep and pizza guy to a powerhouse apartment investing team. It is truly inspiring and thoroughly entertaining. While you listen, think about what you could do today to start heading in the direction that you want and how you are going to get there. Some of you may decide that you want to go all in like Jake and Gino. Others may want to take a more passive role and invest through communities such as my own investor club, other syndication groups, or through turn-key providers. Either way, there is something that makes you come back and listen to my show and others every week…a desire to which you need to start paying attention and taking action for yourself. I hope you enjoy the show.

Everyone has to protect their assets. The problem is that most of us don’t think about it very much until it’s too late. We live in an incredibly litigious society. Who knows when you might get into a fender bender or one of your kids does and the next thing you know you’re getting sued. The time to plan for situations like this is now…not after the fact. Fraudulent transfers after an accident are pretty obvious to lawyers. Think of asset protection as attorney repellant. You spray it on as thick as you can so those blood suckers don’t get you. Remember, I’m a doctor so I have a natural aversion to attorneys. That is, except for attorneys on my side. Garret Sutton is one of the guys on my side. He also happens to be Robert Kiyosaki’s asset attorney. Although this topic may not sound SEXY…you’re going to want to listen to this week’s interview with him on Wealth Formula Podcast. There are simple, inexpensive ways to protect yourself and you can even use Kiyosaki’s guy to get it done for you! Enjoy the show,

As you know, I am pretty passionate about entrepreneurship and investing. Specifically, I tend to be dogmatic on investing in real assets. Am I right? I don’t know. Obviously I think so. That said, there are plenty of rational, smart human beings that are investing in a more traditional fashion. Are they wrong? Obviously I think so. But…that’s me basing my own opinion after thoroughly educating myself. Whatever you decide is your personal investment philosophy, it is critical for you to understand what the other side is thinking. You never learn anything if you only listen to people with whom you agree. That’s why I wanted to talk to Dr. Jim Dahle, he is a practicing board certified emergency medicine doctor and the editor of whitecoatinvestor.com which is a very popular financial blog focused on financial education for physicians. In essence, he is doing what I am doing, specifically for doctors. That said, there are two major differences. My show focuses on all high paid professionals and entrepreneurs, not just doctors. The other, more pronounced difference, is that his views of investing are more traditional than mine. As you all know by now, I am a hard asset investor and I personally refer to stocks, bonds, and mutual funds collectively as “garbage.” That, by no means, is an attack on Jim. He and I just don’t see things the same way. In fact, Jim offers a great deal of financial education on his site that is really worth checking out and are certainly in “neutral territory”. You can’t have too much financial education. You, personally, need to figure out what you believe in and take action. Both Jim and I strongly believe that financial education and investing is critical to your future. I have a great deal of respect for Jim and what he is doing. His mission is a noble one…to help the over-educated but financially ignorant. That’s something I would like to do as well. So…in the spirit of presenting both sides of the coin, this podcast has 2 parts. First, I interview Jim, and then you will hear me get interviewed by Pete Mathew of The Meaningful Money Podcast. I hope you enjoy it!

It has been a crazy couple weeks for me. As some of you know, I am aggressively pursuing some deals in a couple of great US multifamily markets and I’m getting really close to getting some under contract. That’s good news for me and for my investors! If that sounds interesting to you, make sure you sign up for my investor club on wealthformula.com and I can tell you about what I’m up to…only caveat is that you have to be an accredited investor. Anyway, I’m not writing to you to sell you anything. I brought up what I am doing because I want you to know that I practice what I preach. There are a lot of gurus out there who like to talk about real estate and other real asset investing, but all they do is talk. I want you to know that I walk the walk as well. That brings me to this week’s guest on wealth formula podcast. Many of you will know him already. He is the host of “Get Rich Education”, Keith Weinhold. His show similar to mine in many ways and we often share the same guests by accident! That said, he’s been at this a little bit longer and has a pretty different background than me. What we do share, however, is that Keith also walks the walk. He is an active real estate investor himself. The other thing I like about Keith and you will discover on this show is that Keith has great integrity and believes, like me, in the concept of abundance. Keith is a giver and because of that he has become “wealthy”. In fact, after we recorded this show, the first thing he asked me is “how can I help you with your podcast?” He then spent 30 minutes talking shop with me. Keith is a guy who I can now say that I know like and trust and I think you will too. I hope you enjoy the show!

Real asset investing is not limited to the rich. In fact, if you look at the crowdfunding movement on the internet, you can now invest in just about anything you want. Crowdfunding laws in recent years were intended to rectify the “unfair advantage” that the more affluent had to investments with greater profit potential. But… don’t forget, the opportunities to invest in real assets were there even before the crowdfunding frenzy. Anyone who could afford it could buy themselves a house and rent it out. As you know, residential real estate is my favorite investing asset class. The problem most people have with this idea is that they do not want to be landlords. Sure that rental house might be a great investment and a good source of cashflow but who wants to worry about tenants, toilets, and termites? Certainly not me…in fact, that’s one of the reasons I chose apartment buildings instead. I felt it was easier to get management for larger assets. In most cases, I still believe that to be true. However, I’ve been talking to more and more investors who have turned to “turn-key” models for investing in single family homes and have had great success with this model. Most of them claim they are getting double digit returns. The idea is that the company not only provides you with deal flow, but it also helps you through the acquisition process with contracts and due diligence and then hooks you up with a quality property manger. I have no experience with this model myself but wanted to learn more so I contacted my trusted friend and fellow podcaster, Lane Kawaoka of Simple Passive Cashflow. Lane has sort of become the turn-key guy. Anyway, turns out that Lane liked the model so much he got involved in the business himself with a guy named Jonathan Mednick who he bought a bunch houses from down South. In this episode of Wealth Formula Podcast, you’re going to hear from both of them and you and I are going to learn together! Hope you enjoy the show.

No one wants to get old but it’s better than the alternative. Imagine getting to that age when you are unable to take care of yourself and you start feeling like a burden on your kids. What do you do? These days, most people in this situation end up at an assisted living facility. When you think of assisted living facility, what kinds of images come to mind? Personally, I think of a sterile Soviet Union style building built in the 1960s with a faint smell of urine covered up with a flower scented cleaning agent. I imagine anonymous cafeterias and care givers who don’t know your name and who are just there punching the clock. But maybe it doesn’t have to be that way. In most states, a growing asset class known as group homes are becoming more prevalent. Instead of that institutional vision, now imagine a regular house in a regular old neighborhood. Imagine that you know all the others living in that house and all the caregivers know you by name. Maybe that would cut down on the high rates of depression seen in the elderly right? Now, imagine owning one or two or three of these and making 30 percent return on investment. Imagine owning something like this where the demographic for your customers is exploding. The opportunities out there are endless but on this week’s episode of Wealth Formula Podcast, we discuss this lucrative, feel good business with Gene Guarino of Residential Assisted Living Academy. Buck

I have talked about Jorge Newbery several times on my show in the past. It has always been in the context of his 12 percent yield mind blowing fund. But little did I know that before that, Jorge was a real estate prodigy making literally millions of dollars from dilapidated, rejected, apartment buildings and resurrecting them back to life. His story also reminds us of the importance of failures in investing in order to know that things don’t always go as planned. Investing in apartment buildings is certainly my favored approach to wealth building but it is not without risk as some might have you believe. But then again, is the stock market without risk? The key to success as an investor is education and experience. I’m a surgeon. When I was a resident learning a new operation, I always studied the textbooks closely before going to the operating room. Then, an experienced surgeon would walk me through the case. But true mastery did not come for any procedure until I finally left training and was out on my own. The same holds true for virtually everything you try to learn, and often, the biggest lessons are learned from mistakes. In this episode of Wealth Formula Podcast, we speak to Jorge Newbery about his book, Burn Zones that tells his dramatic story. If you are a real estate investor, you won’t want to miss it.

This show is about Tax Free Wealth with Tom Wheelwright. So with all my posts about taxes and my special report, you are probably thinking I’m a little obsessed with this whole tax thing. Well, I am and it’s in part because I read this book called Tax Free Wealth from Tom Wheelwright about 3 years ago. If you don’t know Tom, you should. He is Robert Kiyosaki’s tax guru and one of the Rich Dad advisors handpicked by Kiyosaki himself. I only have a handful of must read books in my resources section which you should check out at wealthformula.com and Tax Free Wealth is one of them. It is NOT a boring tax book. It’s actually well written and incredibly fascinating. Folks…the biggest expense virtually all of you have out there is taxes. Furthermore, most of you think you can’t legally reduce your taxes and it is just what it is. You’re wrong. I know this from personal experience having worked with high level tax advisors and it has literally saved me north of 7 figures in taxes in the last 3-4 years alone. I’ve even told a bunch of you about some of my strategies and created a special report that is just a taste of what there is out there that the government WANTS you to do that results in big tax savings. Okay..don’t take it from me. I’m just another doctor. But do me the favor of taking it from Kiyosaki’s guy, Tom Wheelwright! This week’s Wealth Formula Podcast episode could literally change your life.