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If you want to be wealthy, do as the wealthy do. The wealthy do not use IRAs and 401Ks to invest in heavy loaded mutual funds. That system is set up to make others wealthy! The ultra-wealthy get a completely different set of options when it comes to investing their money. They often have direct ownerships in businesses and real estate. They may own…
 
People are social animals. We aren’t designed to be wearing masks, not touching each other, and quarantining. Yet for the last six months, that’s been our predicament. At the same time, we are increasing our dependence on digital socializing through social media and have significantly increased our collective screen times and subsequent exposure to…
 
It is the second week of September—my birthday week. And…as I reflect on the past 12 months, I can’t help but think, “What a shitty year”. The only solace I take in my reflection is knowing how radically things can change over the course of 12 months. The pendulum just needs to move the other way. The good news is that this time next year could, an…
 
“You’re nuts!” That’s what I would say to anyone a year ago who suggested that we would face a global pandemic that would put us in a recession magnitudes greater than 2008 (based on GDP), make all bars and restaurants shut down and cancel professional athletics. I would also think you were nuts if you told me that despite all of this financial des…
 
There is a phenomenon in finance that I have witnessed first hand that I find fascinating. The best way to explain it is to tell you about a guy I know out here in California who has been very successful as a fund manager. I asked him once about the expectations of his investors and he quickly replied: “5 percent”. Knowing this guy was pretty savvy…
 
Back in the early 1990s, I was a freshman at Columbia University in New York. Frankly, I wasn’t very interested in the academic part of college at the time. I was too busy doing what a college kid might do after being dropped into Manhattan after going to private school in the midwest. In fact, I realized that college courses were starting to inter…
 
“Be careful what you wish for…lest it come true!" -Aesop’s Fables I remember back in college going to the mail center daily in hopes of finding and acceptance letter to medical school. Back then, I really romanticized the idea of being one of those heroes in a white coat. Fortunately, I got what I wanted and was very excited. The next August I drov…
 
Entrepreneurs are just professional problem solvers who keep score by how much money they make. I know this because I am an entrepreneur at my very core. It’s not a choice I made, it’s the way I was born. Entrepreneurship is not usually glamorous as frequently depicted in the movies or on reality shows. Most of us have more failures than we have su…
 
When in Rome, do as the Romans do. If we follow that advice, what do we do in an economic environment like today? Austrian economists would tell us to stop printing money and to keep the Fed out of the bond market. If we did that, we would go into a depression. No one denies that—not even the Austrians. The disagreement is on whether or not it’s th…
 
Robert Kiyosaki’s Real Estate Advisor, Ken McElroy, was kind enough to give his perspective on the current state of apartment investing on last week’s episode of Wealth Formula Podcast. Ken’s perspective on the state of the apartment market was pretty bleak. While there is no doubt I respect Ken’s views, I also think it is important to get the pers…
 
I have been on the record for a while now anticipating the “tsunami following the earthquake.” In other words, COVID-19 was a destructive economic force but the aftermath may be even worse. The theory is based on historical observations of how these things tend to play out. The problem and potential flaw in the rationale, however, is that there rea…
 
In our latest video conference, a question was asked that I think pretty much all of us have at this point. If the economy is in the tank, why does the stock market seem to be tone-deaf to what’s going on? It’s the elephant in the room, right? Well, I don’t claim to know the answer to that but let me give you my two cents. First, fiscal and monetar…
 
Robert Kiyosaki is the author of Rich Dad Poor Dad, the best selling financial book of all time. He went on to publish several books including Cashflow Quadrant which fundamentally changed my life. To say that Robert Kiyosaki has made an impact in the world is an understatement. He has helped to create a generation of entrepreneurs inspired by his …
 
“It’s hard to make predictions—especially about the future.” That’s one of my favorite Yogi Berra quotes. It’s funny but also incredibly true. Think about what is happening now with COVID-19. Social scientists make predictions based on assumptions. The epidemiologists are making projections on the spread of the virus even though they have no signif…
 
“Be fearful when others are greedy and greedy when others are fearful,” said a wise sage from Omaha. We’ve heard these words from Warren Buffett for years. On the surface, the advice seems pretty obvious in the investing sense right? After all, when a sector gets obliterated it will either disappear entirely or it will eventually rebound. Most of t…
 
What a strange time we live in where even public health issues are politicized. The wingnuts on the right want to downplay a virus that has already taken the lives of more people than the Vietnam war. The wingnuts on the left want to demonize anyone who even suggests an alternative approach to dealing with the pandemic outside of staying at home in…
 
What are notes? Well, for simplicity, let’s call them mortgages. You owe the lender money when you take out a mortgage. However, that lender can sell that mortgage to someone else. That’s what it means to buy or sell a note. Notes can be performing or non-performing. Non-performing notes are simply those that have had trouble paying on time in the …
 
As expected, the government roll out of the multi-trillion dollar stimulus program to save the economy has been sloppy and slow. People who need to tap into unemployment insurance can’t get through on the phone. Businesses who need money can’t get the money they applied for and, when they do, the terms are very unclear. Some businesses have given u…
 
I have to admit, I did not think that this Coronavirus thing was going to hit us this hard. To be clear, I’m not just talking about how deadly this pandemic has turned out to be in terms of human life. A month ago, if you told me that just about every small business in America would be shut down, I’d have thought you were crazy. I guess I had becom…
 
Remember a month ago when this whole Corona-thing was sort of a theoretical issue? After all, we only had 15 cases reported in the whole country and no one had died. Sure, we were starting to see the news in China and Italy but they were so far away. Even the president said it would just disappear! But then every day things got substantially worse—…
 
A few days ago we had the worst single day loss in US stock market history. The next day we had the single best day seen by the Dow Jones Industrial average in 80 years. I have no idea what kind of volatility there will be between the time I write this email and when you actually read it but it's kind of ridiculous. Don’t you think? This volatility…
 
What we are experiencing right now is truly a black swan event. Even those who predicted a recession had no idea how badly the global economy could be crippled in just a few weeks. Hopefully it will be short-lived. But frankly, even a few months of people staying at home and not buying anything will have extraordinary repercussions. The fiscal and …
 
We live in a world where things can change fast! A couple of weeks ago, it seemed like this novel coronavirus was some exotic disease in China. Before you know it, it became a big enough problem in Italy to cause a national lockdown. Then last week, the NBA season in the United States was suspended. What’s going to happen by the time I release this…
 
I spend most shows interviewing other people. However, once in a while, it’s fun to speak to you directly. We call these question answer shows, “Ask Buck”. I recorded this podcast episode just before the holidays and I hope you enjoy it. By the time you get this note, Thanksgiving will be over but I do want to express my thanks to you for being par…
 
With the recent boom of real estate crowdfunding platforms, I often get this question, “What do you think of the (fill in catchy name) platform? What platforms do you like?” The problem with this question is that it’s really not asking the right question. I am a real estate investor. When I invest in real estate, either as a general or limited part…
 
In college, my two favorite courses were biochemistry and organic chemistry. The logic was very soothing to me. In high school, the only thing that gave me that sense of logically progressing to an answer was mathematics—especially geometry proofs. In other words, I like concrete answers and am not as comfortable leaving arguments unsettled. Like y…
 
A simple question can have so much complexity around it. Here’s one I get all the time: “Should I pay off my house?”. Conventional wisdom says this is a no brainer. Look at all the financial gurus out there like Dave Ramsey and Suzi Orman—they all think you ought to be paying off your mortgage. Is it possible that they are wrong? Even in the unconv…
 
With the end up the year coming up, my mind is focused on what I can do to mitigate my tax burden. We’ve done multiple webinars on different strategies already this year within investor club. However, my favorite strategy to minimize my tax liability is to maximize depreciation. As it turns out, I have two houses in the Chicago area that I rent out…
 
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