Wealth Formula Podcast

I've really been thinking about this thing lately that they call the law of attraction. I'm sure you've heard of it. Remember a few years back when that book, "The Secret" came out and they made a movie of it as well? Actually, that book was sort of a rip-off of "the secret" that Napolean Hill talks about in Think and Grow Rich which was written about eighty years earlier. The concept is simple—your thoughts become reality. Ok, so it sounds like a little self-helpish I know. But think about it—what is part of your reality today that DID NOT start out as a thought? Your job? Your kids? Your house? You thought about all these things at some point before they became your reality. In that sense, OF COURSE your thoughts became your reality. It's funny because my wife says that even when we first met—when I made $50K per year in San Francisco, I always acted like I had money. If I was out to dinner with her or another friend, I always made sure to take care of the bill. I was always a good tipper and I always KNEW that I would make a lot of money some day. Of course I was a surgical resident at the time so some might argue that making good money some day wasn't much of a leap of faith. But it was different and it is different for me than it is with a lot of people. I have a built-in abundance mind set. The idea that money and resources are limited doesn't instinctually resonate with me. I hate when people talk about living within or below their means. To me that defines a low threshold of means in the first place. I am, by no means, a spendthrift. But, despite joking about it on this show, I am not cheap—especially when it comes to expanding my means. You see, last year alone I spent about $100k on financial education and masterminds. Some might call that excessive. But I don't think so. This year alone, I will be able attribute about $1 million dollars in income directly to the information or people that resulted in that $100K total investment. Would you invest $100K this year for a 1000 percent gain next year? Well, that's what I did. Meanwhile, I have had some tell me that $197/month for my course and network is too expensive. What am I going to say to that? My $197/month course, network, and mastermind are better than MOST of the $25k/year masterminds I have joined. If you thing that's too much money to take it to the next level—then you won't. And I say that not because I'm saying you have to buy my course or be part of my mastermind calls to be successful. I'm saying that because you are not viewing the world through the lens of abundance. You see expense where I see investment. Words matter. Mindset matters. I am living proof that getting yourself in an abundance mindset is paramount if you are ever going to be wealthy. So when you listen to Dave Ramsey or Suze Orman, just remember, they are talking to poor people and those people will stay poor. Do you think Dave Ramsey and Suze Orman really live in a world of limited resources? They are entertainers and they make a lot of money pretending to think like the poor and middle class. But, guess what, with their own money they invest like the wealthy. When I speak on this podcast, I am speaking to a wealthy person. That is my avatar. If you listen to me and my words resonate with you, you likely live in a world of abundance already. Check yourself. Check your words. Check your thought patterns. Check your behavior. Do you live in a world full of fear and scarce resources? Are you worried that you will run out of money before you die? Are you afraid that if you invest your money then you will lose it? Or, do you believe that you are going to grow into someone healthier, happier, and more wealthy than you are today? A 15 year old high school dropout once said, "If you think you can do a thing or think you can't do a thing, you're right." That, of course, was Henry Ford. And those words are the words of a wealthy man. But remember…the thoughts and the words come before the result. It always has to be in that order. You can change your thoughts and words consciously and I urge you to do so if you want a better life. Speaking of a better life, my guest today on Wealth Formula Podcast has some different views then me but he also believes he has found the "freedom formula". Make sure to find out what it is. Shownotes: [00:07] Intro [14:05] Buck introduces David Denniston [20:52] The freedom formula [23:11] Pile of cash vs river of income [33:49] The economy [36:38] The tax bill [40:38] Land [51:08] More of David Denniston on: doctorfreedompodcast.com [52:38] Outro Flipping or cashflowing with land: https://www.wealthformula.com/resources/

As you know, I left medicine entirely about a year ago. I still have a couple of medical-related businesses but that's about it. Without question, I have moved on. All of my physical and emotional energy are devoted to things outside of medicine. Why? Well, I used to think it was a touch of attention deficit disorder. Sort of that—"been there done that" attitude. The thing is, when I think back to when I started not enjoying medicine, it actually started in residency—as far back as my first year of surgical internship. It's sad because I was a HIGHLY motivated medical student. I was driven to succeed and my professors loved me (because I was a serious kiss-ass). But then I started a neurosurgery residency and—well…I lost my mojo. I experienced: physical and emotional exhaustion cynicism and detachment feelings of ineffectiveness and lack of accomplishment I heisted these three descriptions of a person with the clinical diagnosis of burnout from a psychology journal. The physical and emotional exhaustion I figured was from the fact that I was working 100 hour weeks (before the 80 hour work week limit now enforced). Cynicism and detachment—this is horrible. I was surrounded by death in the neurosurgical ICU. When a patient died, it was not sad. It was an inconvenience. I found the paperwork irritating and it was difficult to be truly compassionate to families. That's the truth. I hate to say it, but that's the person who I had become. And, as for the feeling of ineffectiveness and lack of accomplishment? Well, you just need a couple of unsupportive senior residents to make you feel like crap. Surgical training in most cases is quite hierarchical and I found many residents to be of the kiss up kick down variety. Remarkably, I finished seven years of training despite my, almost immediate, distaste for the system. But it was also that dissatisfaction that, in part, made it so easy for me to go another direction. Did I have to go another direction? Was that the only way for me to feel better? I always thought so. But if you look at "burn out" as a kind of disorder like depression or even a back problem (a literal pain in the ass), then maybe there is a way to not give it all up and start over. I did start over. But, it was a little easier for me to do that than most. First of all, I didn't have much in the way of responsibilities when I first started my entrepreneurial life. My first daughter was a baby and my wife and I didn't even own a house. For others, the golden handcuffs of a high paid job and responsibilities, like paying the mortgage and for private school and colleges, makes burn-out a particularly challenging problem. In that case, it's good to know you have options—that you can possibly treat the affliction without having to either give it all up or to simply continue to be miserable. Burn out is a real problem for people who are highly successful and well paid. Most people have little sympathy for the doctor or engineer making $350K per year feeling burned out. That makes it even more difficult to deal with because you might feel like it's not ok to admit you're not happy. But, the reality is that at every level people deal with the same crap. We are all human and we have the same types of problems. Maybe you're just burned out? Maybe someone you know is burned out. The good news is that there is help out there and there's not a reason to be miserable anymore. Diane Ansari-Winn was an anesthesiologist who went through burn-out herself and now has become an expert on helping other physicians identify and cope with burnout. She's my guest on Wealth Formula Podcast this week. Of course, burnout affects everyone, not just doctors so this is relevant to just about anyone professional listening to this show. This topic may not be as sexy as making tons of money but it may help you or it may help you identify someone you care about that needs help with a very treatable condition…burnout. Shownotes: [00:07] Introduction [17:08] Buck introduces Dr. Dianne Ansari-Winn [17:52] Dianne's story [24:54] What is burn out? [32:09] Happiness: Physiology vs Psychology [41:26] How to approach a burn out issue [47:56] Get in touch with Dianne http://www.dianneansari-winn.com/ www.physicianvitalityinstitute.com A doctor's Life Podcast [49:16] Outro

Everywhere I turn, it seems like someone is talking about how the market could crash any day. As I write this, I see that the Dow has taken a beating today because of the Trump "tough on China" rhetoric. Tariffs, rising interest rates, ballooned asset prices—is this baby going to blow or what? I don't know the answer to that. Last week, we had the Chief Economist of Fannie Mae on the show. He didn't know either. Jim Richards and Peter Schiff are confident we are doomed—but when don't they think we are in trouble? The reality is that, at any given time, we have no idea when there will be a correction. The only thing we do know is that what goes up must come down— that's about all. As for when, I can tell you that whether it's the housing market or the stock market, the other will follow. That's the way it works. You see, almost all of the asset markets are correlated. That means, they all follow each other. So, when one starts to tank, the others do as well. That's just the nature of the game. Now, does that mean you should stop investing? I don't think so. I think investing in quality assets will eventually lead to you coming out ahead. On the other hand, if it were possible to stay out of the line of fire—to invest in something truly uncorrelated with any market, would it make sense to do so? I think so. That's why I am an advocate of an asset class that few even know exists outside of Warren Buffett, Bill Gates, and some hedge funds. This asset class is backed why one of the few guarantees in life—death. In this week's episode of Wealth Formula Podcast, you'll learn exactly how you can take part in the ultimate financial hedge. Make sure to tune in! Shownotes: [00:07] Introduction [10:15] Buck introduces Tim Wright [11:35] What is life settlement? [16:39] "Is it legal?" Yes! [19:43] How has life settlement evolved? [26:17] The process of buying life settlement [32:03] Mitigating risks [37:07] Projection of life settlement [42:12] Outro

If you listen to Wealth Formula Podcast, there is a good chance you listen to other shows with similar themes and opinions. In my niche, the one on-going theme is that the zombie-apocalypse is just around the corner. The zombie apocalypse is of course another financial meltdown reminiscent of 2008 or worse. And to be fair, it could be on its way. The problem is that people started saying that almost as soon as the last recovery began. A decade later, a lot of people have made a lot of money by not sitting on the sidelines. I have been guilty of this a little by myself to be honest. I have been concerned about the economy for the last couple of years and I still am. But, we also have to understand that we cannot predict the future. The next recession may very well happen next month but it may not be that big of a deal at all. On the other hand, it could be that avalanche that the likes of Jim Richards have been predicting for years. So what do you do? Well, first, you've got to listen to people outside of your own circles a little bit. This real asset investing community that listens to podcasts is a relatively small ecosystem and sometimes it's like living in an echo chamber. Everyone seems to be saying the same thing. In fact, when I met Robert Kiyosaki in April of 2017 on the Real Estate Guys Summit at Sea, I asked him what he thought of what all the speakers were saying. He told me that it worried him a little bit. When I asked him why he said it was because everyone seemed to agree too much. He said, "It makes me wonder what I'm missing". This a real phenomenon that we all should check ourselves on—including me. Tribes tend to congregate around a core set of belief systems which may become so pervasive that opinion or belief can be misconstrued as reality. In other words, make sure that you get your information from multiple sources. Listen to people with whom you disagree and try to articulate why you disagree with them. People who have taken a Chicken Little approach to investing over the past 5 years look pretty foolish right now. That's fine if you really did your research. But if you did so because you follow only one doomsday economist then you've got to start branching out. One economist who I have been following is someone you might wish to add to your repertoire. He is actually considered a mainstream voice in the financial world and one that I consider to be one of the more balanced. His name is Doug Duncan and he is the chief economist at Fannie Mae. In this week's Wealth Formula Podcast, Mr. Duncan will tell us how he sees the rest of 2018 and beyond. Make sure to tune in!

Robert Kiyosaki told me that Rich Dad Poor Dad was written to be a promotional piece for his Cash Flow board game. He really did not write it with the intent of making money on the book itself. Well, that little promotional piece ended up being the number one best selling financial book of all time—not bad!  […]

Robert Kiyosaki told me that Rich Dad Poor Dad was written to be a promotional piece for his Cash Flow board game. He really did not write it with the intent of making money on the book itself. Well, that little promotional piece ended up being the number one best selling financial book of all time—not bad! Countless people that I know have been touched by Rich Dad Poor Dad and credit it with transforming their lives including me. Yet Robert describes the work as an "accounting book". And if you go back and read it, it is! Assets, liabilities, and cash flow. That's what the book is all about. The genius of Robert Kiyosaki is that he is able to explain accounting to the masses in a way that makes sense and is entertaining.You see, accounting isn't that sexy but it is important. In fact, I believe that everyone should be required to take an accounting class in high school. Why? Because accounting is the basis of business and it also should be the basis of personal finance. Everyone should see their own personal finances as a business. You have money going in, you have money going out and what you have left is profit. Your personal financial statement should be viewed no differently than financial statements viewed by a business owner. You want to add assets and reduce liabilities and you want to make sure you have adequate cash flow. Makes sense right? If you do that, you might actually start behaving differently. Let me give you an example. I have a friend here in Santa Barbara who is a famous house designer and real estate investor. I went to his new house a few weeks ago and it was full of very expensive furniture. He also collects vintage cars like old Ferraris. Now you might think that all of this stuff is a waste of money. But…he actually buys these things because he wants to put them on his personal financial statements as assets. Think about it. If you buy a brand new Maserati today it will cost you over a hundred thousand dollars and start depreciating the minute you drive it off the lot. My friend, on the other hand, bought his vintage Ferrari for 75K several years ago and now it's worth 400K. He could have gotten brand new furniture but he chose antiques that look great AND appreciate in value. Talk about a guy who understands accounting. Even his toys are real appreciating assets! He sort of got me thinking about buying that 1960s Porsche 356 that I've always loved. Anyway, it's just another way to view the world and one that is really quite valuable. Accounting is fundamental to financial literacy. My guest on Wealth Formula Podcast this week understands this well. His name is David Norris and he's a doctor with an MBA who has made it his mission to teach others financial literacy. Make sure to listen to the show!

Why is it easier for the rich to get richer? Why is it that the "first million" is the hardest? Well, there's lots of reasons for that and I go through them in some detail in Your Roadmap to Real Wealth. But one very important reason that the rich get richer is because they have more money to invest. I know what you're thinking right now, "Wow, Buck, you are a genius!" Ok it sounds really simple. I get it. But my point is this. If you make more money, you will be able to allocate a higher percentage of your income towards investments rather than paying your bills. Right? If you make $50K per year or less in San Francisco, as I did a surgical resident, there's no money left to invest. On the other hand, if you make a few million dollars per year, covering your expenses shouldn't be that hard. Most of that cash can be used to create more wealth. You can use that money to buy things like real estate, businesses, precious metals, even life settlements. And, because you can spare to lose a few bucks, you can also allocate some money towards investments that might be highly speculative. Speculation is not a four letter word if you do it in a calculated way. I don't consider my speculative investments gambling at all. I consider them asymmetric risk investments. In other words, the upside is several orders of magnitude higher than the downside—even if the downside means losing your entire investment. For me, this is "Maserati money". I can either buy a Maserati and guarantee that I will never see that cash again, or I can take a shot down the field that has a chance to create transformational wealth. What is transformational money? Well, add a zero to your current net worth. Unless you are starting out as a billionaire, that number will transform your life. Rich people do that all the time. I've talked about this before but the Winklevoss twins (the ones who sued Mark Zuckerberg) did this by buying a big chunk of bitcoin before most people did a few years ago that took them from the ranks of mere eight to nine figure mortals to the billionaire boys club! What if you could go from six to seven figures or seven to eight? Would that change your life? Adding a zero would change mine for sure It might even be enough for me to give up my Toyota for a Maserati or a classic Ferrari. My problem is that I am cheap. A lot of people who make a lot less than me drive expensive cars. I'd just rather make more money. So, what is my asymmetric trade these days? If you listen to me regularly, you know that I am a cryptocurrency enthusiast. I am now allocating a full 10 percent of my investable assets into distributed ledger technology. Why? Because I truly believe that this may be the biggest opportunity to create transformational wealth that I will ever see in my lifetime. I have been obsessed with what's going on in this world for over a year now and have already made some extreme profits. You may also know that I have my own cryptocurrency fund which I believe is positioned very well to benefit from the trillions of dollars about to hit this market. Now, if you are brand new to cryptocurrency, it might be a good idea for you to listen to my introductory podcasts on this topic with Palm Beach Confidential editor, Teeka Tiwari. I interviewed him in episodes 86 and 104 of Wealth Formula Podcast. Today, I am going to introduce you to a project that I represents the future of distributed ledger technology. I have been following Swirlds Hashgraph since I first learned about cryptocurrency. A friend of mine, who is an insider in this world, tipped me off to the project. Since then, I have studied it and followed its progress closely. Hashgraph is the next generation of distributed ledger technology. It solves all the problems of blockchain projects such as bitcoin and ethereum. For that reason, many have referred to hashgraph as "the bitcoin killer." The reason is that the technology is so good that it serves as an existential threat to blockchain ledgers such as bitcoin and ethereum. Now here's the good news. It's not too late to invest in this project! In fact the hashgraph public ledger and token, hedera, will not be circulating until later this year. You are WAY ahead of the game. And while this should not be construed as investment advice, I would highly suggest you pay careful attention to my guest on Wealth Formula podcast this week as I interview Mance Harmon, cofounder and CEO of Swirld's Hashgraph.

Some times when I go back and listen to my podcasts from when I first started this show, I think to myself, "This guy is clueless." Of course I wasn't clueless. I still knew more than most about investing but man have I evolved. The key to that evolution has been my ability to not be dogmatic about anything. That's tough—especially in the investing world. The paper people think that real estate investors got it all wrong and real estate investors think paper is for idiots. I used to believe that permanent life insurance was one of the worst investments you can make. Why?…because some other doctors told me that. And while the policies they were looking at were likely not good investments, I had no idea that products and strategies like Wealth Formula Banking™ or Velocity Plus™ existed until I got to know some people who had a lot more money than those doctors. Never take financial advice from people who make less money than you do! People have a nasty habit of picking "camps" and defending them even if it is not in their best interest to do so. Just look at modern politics. I am a libertarian who believes in small government and lower taxes for small business. Therefore, I tend to vote conservative (although I have my limits when it comes to character). On the other hand, why are people in the working class voting for conservative candidates against their own economic interests? It's not smart to be close minded and argue against things you don't understand. At least try to understand them first! That's why I asked this week's guest on Wealth Formula Podcast, Andy Tanner to be on the show. Andy is one of Robert Kiyosaki's Rich Dad Advisors and happens to be an expert on investing in paper assets. It sounds almost paradoxical to use the name "Kiyosaki" and paper assets on the same page without some sort of expletive doesn't it? Well, if you listen to this podcast, it will make sense why Andy is a Rich Dad advisor. He may be an equity market guy, but he's all about cash flow. You're going to love this show and, if you already have money in the stock market, this show is mandatory listening. Check it out!

I am proud to say that I have overcome a major handicap to become a successful entrepreneur. It took me 33 years to figure out how to get past this obstacle… but I did it. I'm proud of that fact because very few people with this fate in life become successful business people and even fewer become successful investors. What was this handicap you ask? Well, you see…I was born an A student. I got good grades in high school and college and graduated at the top of my medical school class. I even got into one of the best neurosurgical training programs in the world. Did you know that more people become professional athletes every year than neurosurgeons? Yes indeed. I reveled in my academic success. I pumped out scholarly papers and book chapters like there was no tomorrow. In fact, I remember telling my dad that I was published in a journal called Neurosurgery two months in a row. You know what he said? "Congratulations. How much do they pay your for that anyway?" Silly dad, I thought. He just doesn't get it. He's too busy being a slum lord to understand my world. What I'm doing is important. It's meaningful. It's not just about the money. I thrived on academic achievement and being recognized as smart and important. It was my currency. And for those who are good at school and who constantly get positive feedback, it's addictive. The accolades create a feedback loop. With every accomplishment, award, or title there is a dopamine hit that makes it harder and harder to ever get outside of your own world. That's why I call being an A student a handicap to becoming an entrepreneur. A students don't get to experience failure. In fact, they become so accustomed to success in school that they are often unable to function without someone telling them what to do. And the idea of going into free fall as an entrepreneur terrifies them. Think of the smartest people in high school—did any of them become entrepreneurs? Probably not. Most entrepreneurs come from the school hard knocks. Life doesn't hand them an easy out and most of them weren't particularly good students. They had to wing it and develop the ability to improvise and deal with failure. That quality also happens to be the hallmark of the successful entrepreneur. That describes my guest on Wealth Formula Podcast today. Kevin Bupp went from a middle class family and little aptitude for school to starting multiple successful businesses including a highly successful venture into the mobile home park world. Listen to his story on this week's Wealth Formula Podcast!