Wealth Formula Podcast

Ray Dalio, legendary Hedge Fund Manager and over-all smart guy has been talking about the coming “financial winter” for the last few years. He’s looking at the same things we talk about on this show all the time–near zero interest rates for a decade, ballooning asset prices, quadrillion dollar derivative markets, etc. Neither Ray Dalio […]

Ray Dalio, legendary Hedge Fund Manager and over-all smart guy has been talking about the coming "financial winter" for the last few years. He's looking at the same things we talk about on this show all the time--near zero interest rates for a decade, ballooning asset prices, quadrillion dollar derivative markets, etc. Neither Ray Dalio nor I are doom and gloom guys--we were just talking about the facts. But then...something happened. America got TRUMPED. The stock market took off again and asset prices got even fatter. To top it off, the new tax bill created the biggest tax cut for corporations and wealthy individuals since 1986. The result--we ain't going to be seeing winter anytime soon. We've got global warming! That is unless there is a black swan event like nuclear war for example. I saw Ray Dalio on TV the other day and he echo'd that sentiment. He said over the next two year if your money is on the sidelines, "you are going to feel pretty foolish." the floodgates just opened to massive economic growth and optimism. So what am I doing? Well, I'm investing and trying to find solid opportunities for my investor club. I'm never sitting on the sidelines anyway. Something is always for sale. And if you want no correlation with the markets at all, there is always life settlements. But market exposure isn't so bad right now. Put double digit gains in a product like Velocity Plus that allows you leverage your gains but take no downside and BOOM! You're going to make some money. Anyway, we live in interesting times (isn't that a Chinese curse?) So, for better or worse, make it work for you. Kenneth Ameduri has been doing just that as a professional investor an entrepreneur. On this week's Wealth Formula Podcast, we will discuss everything from gold to cryptocurrency so make sure to tune in. Shownotes: [00:40] Introduction [08:11] Kenneth's story [13:30] 2018 in Kenneth's eyes [15:55] Politics and the economy [22:35] The precious metal market [24:45] The interplay between cryptocurrency and precious metal [31:57] Artificial intelligence technology [36:14] Investing in the booming of AI [38:21] Kenneth's Crush The Street (https://crushthestreet.com)

The Chinese word for crisis and opportunity is one and the same. I know this from personal experience. My entrepreneurial career was launched because of a crisis. It was 2009 and I had my first job out of training at a company called Lifestyle Lift.  You may recall late night infomercials showing miraculous rejuvenation of […]

The Chinese word for crisis and opportunity is one and the same. I know this from personal experience. My entrepreneurial career was launched because of a crisis. It was 2009 and I had my first job out of training at a company called Lifestyle Lift. You may recall late night infomercials showing miraculous rejuvenation of aging faces. As it turns out, Lifestyle Lift was basically a facelift mill. Young surgeons like me would sign up and do 3- 4 facelifts per day. Lucky for patients, I was actually a very good surgeon and my results were as good as anyone in the organization—which covered most states and hundreds of doctors. It was my first experience being a non-resident physician and the money was more than anything I could have made on my own at that point. I made over a half million dollars in my first year out of training. At first I loved it—this was a novel concept to me. I liked operating and the more I operated, the more money I made! Understand that as a surgical resident I made $50,000 in my final year of training and it didn't matter how much I worked. After a while, though, I realized that there was a guy above me—the guy who owned the entire organization that was making A LOT more money than me and his fingers didn't hurt from operating at the end of the day. Having recently read the Cash Flow Quadrant, I started to plot my own business. In reality, I had nothing going. How many people do you know talk the talk but never pull the trigger? Anyway, that could have been me. However, my big mouth got the best of me. I talked to the wrong people who relayed to management that I was plotting a rival business to Lifestyle Lift—which seemed like a pipe dream at the time. Anyway, management was not happy with me. They already were concerned about the rocky relationship I had with the office manager who they had hired from a near bye hair salon. I was not keen on the idea of this moron being my "boss". She made me clock in and out for heavens sake! Anyway, despite being one the highest volume surgeons that Lifestyle Lift had with a virtually zero complication rate and patient satisfaction that was unparalleled in the organization—they fired me. I was shocked! I had never been fired before. I had never really failed before and this felt like failure. Anyway, I spent the next few days frantically figuring out what I would do. I had a newborn and no job. I had some money saved up but not enough to last that long. I had a choice. I could get another job and make $300,000 per year working for another organization. The problem with that was that I had this sickening feeling that the problem with Lifestyle Lift was not necessarily their fault. Sure I could vilify them—they were kind of an evil organization. There is no doubt about that. But most corporate organizations are kind of evil from the employs perspective aren't they? The bigger issue I had to contend with was realizing, for the first time in my life, the entrepreneur's curse. I am unemployable. I'm quite sure that had I taken another job that a similar scenario would have emerged. Somehow I would find myself in the middle of conflict with "the man" and I would probably get fired again. So I really only had one option—I had to start my own business. Now that was a journey itself that I won't describe here. Suffice it to say that at one point, I was down to my last $2000 in the bank but ultimately turned this crisis into my first multi-million dollar business. Sometimes it takes a swift kick in the butt and free-fall to get you to act on something you were meant to do. Crisis equals opportunity. Without a crisis like getting fired, it's hard to walk away from the warm comfort of the golden handcuffs. My guest on Wealth Formula Podcast had a crisis of her own a few years back—a life and death matter that made her realize that she had to make a change. The result: a multi-million dollar real estate organization and real wealth. Listen to this show because it could inspire you to make important changes in your own life. Shownotes: [00:40] Introduction [03:00] Crisis = Opportunity [14:42] Buck introduces Kathy [15:37] How did Kathy get started in real estate [23:25] Kathy's take on our current real estate market [27:50] Markets with a bad reputation [32:12] Dealing with issues on your property [35:43] The Airbnb industry [38:09] Real Wealth Network: www.realwealthnetwork.com

Why the heck did I start a podcast anyway? A lot of people ask me that. Well, it went something like this. I used to listen to podcasts all the time—most of them real estate related. But after a while, I realized a few things. First of all, even if I liked a particular podcast, a good chunk of the shows really didn't relate to me at all. For example, the shows about making a few thousand dollars flipping houses or wholesaling really were not part of my world. I was, after all, "a highly educated physician" and successful entrepreneur who had some money already. I didn't need to "escape from a cubicle". I just wanted to make more money and invest outside of Wall Street. There was NO ONE SHOW that spoke to me. On the other hand, I got so interested in investing topics that I couldn't keep my own mouth shut. My wife would take me to a party and I'd be pretty much bored out of my mind unless the conversation turned to either NFL football or the economy. Once in a while, I would find a kindred spirit and nerd out talking about investing or how to save on taxes. Over time, I realized that I had learned so much reading books and listening to podcasts that some people actually even ENJOYED listening to me and wanted to know more! Then it occurred to me—maybe I should start my own podcast. So I did. The problem was that for the first several shows, no one listened to me and life got busy so I stopped for a year or two. Anyway, about 18 months ago I decided that I was going to go all in on it so that, at the very least, I could record my own thoughts. Then a funny thing happened. People started listening. I started getting guests—some of them were even people who weren't friends doing me a favor. Before you know it, I got invited on other people's podcasts! Today, I've had up to 30K downloads in a single month. I even interviewed Robert Kiyosaki! It's really been sort of a crazy ride! Now here's the thing—when I started, I didn't really even think about making money from the podcast. It was just sort of a hobby. But then monetization became pretty easy. Businesses wanted to sponsor my show and, since I love investing, I started investor club and began my own funds. It has all been incredibly organic and, from the standpoint of the podcast itself, still doesn't really feel like work. Sounds sort of nice doesn't it? Talk about your passions and make some money doing it? That's basically what I'm doing and I'm 100 percent convinced that this is something that you should consider doing as well! Maybe you are a doctor but, unlike me, actually ENJOY talking about medicine. There are TONS of people who would love to hear you talk. You don't have to ramble on at parties to people who don't want to listen to you. You can literally talk about ANYTHING that interests you because there are others in the world, even if they don't live near you, that share your passions. Podcasts allow you to find those people, find your tribe. And here's the thing. It's technically very easy to do and you might even make some money doing it. I'm hoping to inspire you to podcast so I got my friend Paul Colligan on the show to talk about this relatively new medium. Paul has taught thousands of people to podcast and is a master at not only the technical part but also on marketing and monetization. If you think you have something worth sharing with the rest of the world, make sure to tune into this week's show! [00:40] Introduction [02:16] Why I do what I do [13:10} Buck introduces Paul Colligan [14:18] How did Paul get into podcast [20:26] The growth of podcast (www.edisonresearch.com/infinite-dial-2017) [27:12] Paul's definition of podcasting [32:03] What makes a podcast interesting and successful? [46:37] What does it take for YOU to have your own podcast? The four "M"s in podcast [51:42] Focus on your passion [53:08] The podcast advertisement and syndication movement [58:00] News of the podcast world since Paul's prediction of 2018 (www.thepodcastreport.com/134) [01:00:58] Paul's new book: How to Podcast [01:02:50] Learn more about Paul [01:04:54] Outro

I don't have an IRA or a 401K. In fact, most people I know who are higher net worth do not. You see, what I'm realizing more and more as I continue to gradually climb up this wealth ladder is that there seems to be a separate set of rules at each stop. Don't get me wrong. I don't think there is anything wrong with the traditional retirement account paradigm. It's just that there are so many other options out there that 99% of people out there know nothing about. That's one of the reasons I love doing my podcast. I feel like a special agent from the professional world spying on the ultra wealthy and bringing back their secrets to share with you—I like playing financial James Bond! Some of these products and strategies I'm learning about are absolutely mind boggling and are actually things that you could be doing yourself. One of the guys who has been teaching me about some very interesting strategies is Christian Allen. Christian has worked with ultra high net worth individuals for years and he's now helping us professionals gains some of these perks. You are not going to want to miss this week's wealth formula podcast because he is going to reveal some of unbelievable strategies on this show. Make sure you don't miss this interview—it really could change your financial life.

Robert Kiyosaki’s CPA, Tom Wheelwright performed a miracle. He made me think taxes were interesting! Why? Well, most people think of taxes as, at best, a necessary evil and at worst down-right punative. But after reading Tom Wheelwright’s book “Tax Free Wealth”, he made me look at taxes a totally different way. As Tom likes […]

Robert Kiyosaki's CPA, Tom Wheelwright performed a miracle. He made me think taxes were interesting! Why? Well, most people think of taxes as, at best, a necessary evil and at worst down-right punative. But after reading Tom Wheelwright's book "Tax Free Wealth", he made me look at taxes a totally different way. As Tom likes to say, "If you want to pay less tax, you have to change your facts." The tax code has two purposes really—one is to pay for stuff—government, schools, bridges, etc. Everyone knows that one. But here's where it gets interesting. The second purpose of the tax code is for it to encourage you to invest in certain ways. For example, our dependence on foreign fossils was not good for our national security. So, the government made it incredibly tax friendly for people to allocate investments into oil and gas drilling. Now, we don't have an oil problem anymore. I had a conversation with a guy a New Year's party recently and he was really excited about the idea of a carbon tax. While I certainly am advocate for the environment, I also recognize that no one likes taxes. He'd apparently spent a lot of time on this so I asked him why not spend more time trying to figure out how to incentivize people to make green energy investments. I gave him the oil and gas example and asked him why not to push for more incentive based solutions rather than taxing. He didn't seem to like the conversation much so he sort of slipped away. That, in turn, got me in trouble with my wife who felt my challenge may have come across as confrontational. The thing is that what I've come to realize in life is that people run towards pleasure and run away from pain. Taxes are like pain and tax incentives are like pleasure. Like anything else you want to sell in life—it's all marketing. Anyway, the Trump tax over-haul is the biggest since 1986 and to understand how this will affect you, I have the perfect guy to talk about it this week on Wealth Formula Podcast—the guy that Robert Kiyosaki told me was the smartest tax guy in the world…Tom Wheelwright. Listen to this podcast because it might make you more money than anything you actually invest in over the next year.

You know, one of the interesting things about getting older is that you have the ability to look back and tell a story about yourself—to create a narrative about the moments and the people that, for better or for worse, changed the course of your life. I remember the day I decided to become a doctor. I remember the day I met my wife. I remember walking into my beach house in Santa Barbara for the first time. At the time, these moments don't seem that significant but you realize how quickly, on a day to day basis, little things happen that end up making an enormous impact on the direction of your future. For me, one of those moments came on the way back from my honeymoon in Puerto Vallarta. My wife and I got married the day after I graduated from residency in 2008 and left for a week in Mexico. On the way back, I was looking for something to read on the plane. So I found a dingy bookstore that had a handful of books in it—mostly romance novels. The only book that sounded remotely interesting was a purple book called the Cash Flow Quadrant. I didn't know anything about money at the time but I knew I was finally going to start making some after years as a broke surgical resident so I figured I'd try to learn something. At that moment, I had no idea that making that decision to buy that book in a third world airport would forever change the course of my life. I'm not exaggerating folks. My identity at that time was as an academic surgeon. I had made my mark by writing papers and book chapters. The only financial education I had in my life was a macroeconomics class that I took in the last quarter of my senior year of college just to meet a requirement—and I took it pass-fail so I could do the bare minimum. I had no interest in money and no interest in investing. Like many doctors, I thought of money as dirty and something that people with manners did not talk about. And, I fundamentally did not understand what it meant to be an entrepreneur--much less consider whether or not I would like to be one myself. I am not exaggerating when I say that reading that The Cash Flow Quadrant had no less affect on me than being struck by lightening. After all, who am I now? In order of how I view my identity: 1) I am an entrepreneur. 2) I am an investor. 3) I am a financial educator. 4) I am a husband and father to three little girls. 5) I am a Minnesota Vikings Fan. 6) I am a board certified surgeon who doesn't practice anymore. This is my stream of thought when I honestly ask myself who I am today. I was 34 years old when I finished my surgical training—the culmination of my formal education. Thousands upon thousands of hours of study and long hours in the hospital went in to create this identity of a surgeon…and now, it's number six on my list! And to be clear, the only thing I regret about this list is that I didn't get to this point quicker. We all grow up with talents—many of which we will never know. What if Wayne Gretzky grew up in Africa? It is truly a gift to be able to find your true calling. Sometimes it just takes a little bit of luck. For me, this moment of luck came when I stumbled upon the work of Robert Kiyosaki. Having him on Wealth Formula Podcast this week, for me, represents a momentous milestone in my journey. Please indulge me, and yourself, by listening to the show!