Imagine telling a farmer 200 years ago that someday, people would make a living helping businesses get found on Google. First, you'd have to explain Google, then the internet, then computers. And yet, when we talk about AI, we tend to assume we can already see all the jobs that will ever exist. We look at what people do today, consider what AI might replace, and start subtracting. The concern is reasonable. If a machine can do something you spent 20 years learning, that's a big deal. Telling someone to be excited about the future doesn't pay their mortgage. But there's another side to the equation, and history gives us a reason to consider it. As we moved from an agrarian society into an industrial economy, machines transformed work. Factories needed machinists. Railroads needed engineers. Electrical systems needed electricians. Entire careers emerged that previous generations couldn't have imagined. Then came the internet. It was a terrible development if you owned a video rental store. Newspapers lost classified advertising, and travel agencies faced customers who could book their own flights. Meanwhile, we got online retailers, web developers, digital marketing agencies—and people making a living talking into a microphone and sending you emails like this one. I think we need to leave room for the same possibility with AI. If a business can produce more at a lower cost, ideas that were once too expensive become possible. Something that required 50 employees and millions of dollars might become something a few people can build. That creates the potential for more businesses, more commerce, and jobs we don't even have names for yet. The transition won't be painless, but I wouldn't bet against our ability to find new things to do. As an investor, this feels a little like the California Gold Rush. Everyone wants to find gold—to own the next AI company before it becomes a household name. I'm just as interested in what all those miners will need. The new economy will need power, buildings, equipment, and transportation. There may be opportunities in supplying those needs even if we can't predict which companies will win. Transportation makes this particularly interesting for real estate investors. If you could work or sleep during your commute, would you live farther from your office? If fewer people needed parking, what could happen to that land? If moving goods became cheaper, would the ideal location for a warehouse change? Those questions get to the heart of what makes real estate valuable. Our job as investors is to see where the puck is going—and understand how technological change could create demand for something we can own. This week on the Wealth Formula Podcast, Marc Scribner of Reason Foundation joins me to explore autonomous transportation and what it could mean for real estate and the broader economy. We discuss what's happening, what's still speculative, and where investors may need to rethink their assumptions. Everyone is looking for the next big thing. I want to understand what the next big thing will need.

578: Everyone is chasing AI gold. What will the miners need?

When you finally start making some real money, you don't necessarily realize what that really means. In a way, you've just started another business. Think about it. The money you've earned and saved now has a job. Its job is to make more money. That makes you the CEO of the business of your own money. Now imagine you started a business with a few million dollars of your hard-earned capital. Would you hand it over to someone else to run, check in two or three times a year, and basically hope they were doing a good job? Of course not. You'd want to know how the business was performing. You'd look for ways to increase revenue, reduce expenses, minimize taxes, manage risk and make better decisions. So why do so many high-paid professionals treat their money completely differently? They hand it over to a financial advisor and essentially say, "You deal with it." I think a big reason is that the financial industry has programmed us to believe that investing and personal finance are too complicated for us to understand. I don't buy that. If you became a successful physician, attorney, business owner or other high-paid professional, I'm guessing you have enough intelligence to understand your own money. Probably more than the person managing it for you. That doesn't mean you should do everything yourself. I certainly don't. But there is a huge difference between getting professional help and outsourcing your financial brain. You should have your own investment philosophy. You should understand what you own and why you own it. You should understand your tax strategy, your risk, and where you're trying to go. Then your financial advisors, CPAs, attorneys, and other professionals become what they should be: experts helping you execute your vision. My conversation this week on the Wealth Formula Podcast with MC Laubscher got me thinking about all of this. We were talking about family offices and how wealthy families manage their money very differently than most high-paid professionals do. And the more we talked, the more I realized that the biggest difference may not be access to some secret investment. It's how they think about their money. They treat their wealth like a business. They are involved. They are intentional. They surround themselves with experts, but they don't simply hand over responsibility for their financial lives. You don't need hundreds of millions of dollars and a formal family office to start doing the same thing. There is nobody in the world who will ever care as much about your money as you do. So maybe it's time to start treating your wealth like the business that it is. This week's conversation with MC is a good place to start. - Learn more about Wealth Formula Banking at www.wealthformulabanking.com Get MC's new book: https://producerswealth.com/books

577: Your Money Is a Business w/ M.C. Laubscher

AI may ultimately change the world. It may also be covering up how weak much of the current economy really is. Both things can be true. We keep asking whether "the economy" is strong or headed toward recession—as if every part of it moves together. But what if significant parts of the economy are already contracting while an extraordinary spending boom in one narrow area makes the overall numbers look fine? That is more than an academic question. It changes how you invest. If economic growth is broad, today's resilience means one thing. If it depends heavily on government borrowing, asset-rich consumers, and a handful of technology companies pouring enormous amounts of capital into AI infrastructure, it means something else entirely. And AI doesn't have to crash for that to become a problem. The spending simply has to stop accelerating. Then there is real estate. The same conditions making many projects unworkable today are also preventing tomorrow's competition from being built. In multifamily, that creates an interesting paradox: the ugliest part of the cycle may also be laying the groundwork for the next opportunity. But only for investors who buy at the right basis and can survive the debt in the meantime. This week on Wealth Formula Podcast, I speak with economist Dr. Anirban Basu about what is really holding up the economy, where the headline numbers may be misleading us, and how investors should think about the risks and opportunities developing beneath the surface. Are we looking at a genuinely strong economy—or a weak economy being supported by a few unusually powerful engines? Those are two very different investment environments.

576: Is AI Masking a Much Weaker Economy? w/ Dr. Anirban Basu

Interview with Dennis Blitz, President of The IRA Club. 
http://www.iraclub.org/

Interview with Dennis Blitz, President of The IRA Club. http://www.iraclub.org/

Interview with Dennis Blitz, President of The IRA Club. 
http://www.iraclub.org/

003: Using Your IRA to Buy Assets Instead of Worthless Paper

The post <a rel="nofollow" href="http://www.wealthformula.com/podcast/podcast-episode-3/">Podcast Episode 3</a> appeared first on <a rel="nofollow" href="http://www.wealthformula.com">Wealth Formula</a>.

The post Podcast Episode 3 appeared first on Wealth Formula.

The post <a href="http://www.wealthformula.com/podcast/podcast-episode-3/" rel="noopener noreferrer">Podcast Episode 3</a> appeared first on <a href="http://www.wealthformula.com" rel="noopener noreferrer">Wealth Formula</a>.

Podcast Episode 3

002: The Real Story Behind Real Estate

<img width="150" height="150" src="https://www.wealthformula.com/wp-content/uploads/2017/11/wfbg-150x150.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" srcset="https://www.wealthformula.com/wp-content/uploads/2017/11/wfbg-150x150.jpg 150w, https://www.wealthformula.com/wp-content/uploads/2017/11/wfbg-300x300.jpg 300w, https://www.wealthformula.com/wp-content/uploads/2017/11/wfbg.jpg 700w" sizes="(max-width: 150px) 100vw, 150px" />The post <a rel="nofollow" href="https://www.wealthformula.com/podcast/podcast-episode-2-real-story-behind-real-estate/">002: The Real Story Behind Real Estate</a> appeared first on <a rel="nofollow" href="https://www.wealthformula.com">Wealth Formula</a>.

The post 002: The Real Story Behind Real Estate appeared first on Wealth Formula.

The post <a href="https://www.wealthformula.com/podcast/podcast-episode-2-real-story-behind-real-estate/" rel="noopener noreferrer">002: The Real Story Behind Real Estate</a> appeared first on <a href="https://www.wealthformula.com" rel="noopener noreferrer">Wealth Formula</a>.

<img width="150" height="150" src="https://www.wealthformula.com/wp-content/uploads/2017/11/wfbg-150x150.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" srcset="https://www.wealthformula.com/wp-content/uploads/2017/11/wfbg-150x150.jpg 150w, https://www.wealthformula.com/wp-content/uploads/2017/11/wfbg-300x300.jpg 300w, https://www.wealthformula.com/wp-content/uploads/2017/11/wfbg.jpg 700w" sizes="(max-width: 150px) 100vw, 150px" />The post <a rel="nofollow" href="https://www.wealthformula.com/podcast/podcast-episode-1-introduction-wealth-formula/">001: Introduction to Wealth Formula</a> appeared first on <a rel="nofollow" href="https://www.wealthformula.com">Wealth Formula</a>.

The post 001: Introduction to Wealth Formula appeared first on Wealth Formula.

The post <a href="https://www.wealthformula.com/podcast/podcast-episode-1-introduction-wealth-formula/" rel="noopener noreferrer">001: Introduction to Wealth Formula</a> appeared first on <a href="https://www.wealthformula.com" rel="noopener noreferrer">Wealth Formula</a>.

Share Wealth Formula Podcast

Sign up to save your podcasts

Wealth Formula Podcast

Wealth Formula Podcast episodes

About Wealth Formula Podcast

More shows like Wealth Formula Podcast

BiggerPockets Real Estate Podcast

The Peter Schiff Show Podcast

The Real Estate Guys Radio Show - Real Estate Investing Education for Effective Action

Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business

Creating Wealth Real Estate Investing with Jason Hartman

Get Rich Education

Main Street Business

Passive Real Estate Investing

Real Wealth Show: Real Estate Investing Podcast

Tax Smart Real Estate Investors Podcast

The WealthAbility Show with Tom Wheelwright, CPA

Real Estate News: Real Estate Investing Podcast

Ken McElroy Show

Rebel Capitalist News

PassivePockets: The Passive Real Estate Investing Show