“Private credit” has become a headline label covering wildly different investments – loans to software companies, rescue capital for distressed borrowers, and real estate-backed lending all filed under the same term.

Recent Wall Street Journal coverage treats the space as if it moves together. Dustin and Adam walk through why it doesn’t.

Real estate private credit specifically is fundamentally different. The loans are backed by real, tangible property. And if a project runs into trouble, lenders often have concrete tools to work through it. The mainstream headlines don’t make that distinction.

But even within real estate private credit, not all deals are the same. Rescue capital to distressed borrowers sits in a different risk bucket than lending against stabilized cash flow. The category is still a solid cash-flow vehicle – Dustin and Adam break down what to actually look at when evaluating any credit fund: collateral, liquidity structure, and concentration.

Episode Release Notes & Resources:

• [WSJ] They Built Blue Owl, Wall Street's Hottest Firm. Now They Have to Save It: https://www.wsj.com/finance/investing/blue-owl-private-credit-downfall-b657a53a
• [WSJ] Private-Credit Warning Signs Flash After Blue Owl Unloads $1.4 Billion in Assets: https://www.wsj.com/finance/investing/private-credit-warning-signs-flash-after-blue-owl-unloads-1-4-billion-in-assets-02494fab
• [WSJ] Blue Owl Fallout Sets Off Retail-Investor Panic. Their Advisers Are Urging Calm: https://www.wsj.com/finance/investing/blue-owl-fallout-sets-off-retail-investor-panic-their-advisers-are-urging-calm-e6d81c5f
• Private Commercial Credit Fund: https://bigspringcap.com/pccf

Watch episode on YouTube: https://www.youtube.com/watch?v=1N1WF32Bhvw

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

A $3 trillion financing gap exists between the companies that make everyday products and the buyers who purchase them. When a hammer manufacturer needs payment in 30 days but Home Depot pays in 120, someone has to bridge that gap – and it’s rarely a bank.

Andreas Schweitzer, trade finance veteran who was running a half-billion-dollar book of business out of Panama at 26, joins Dustin and Adam to break down an asset class most investors have never encountered.

Andreas now runs Artis Trade Invest, financing everything from Spanish gas stations to German chocolate factories to software invoices owed by the City of Zurich, generating 8–12% net returns for investors.

He explains how trade finance works mechanically, why government regulations keep pushing banks out of small business lending, where this fits alongside real estate as a fixed income replacement, and what risks (including organized fraud) come with the territory.

Episode Release Notes & Resources:

• Artis Trade Invest: https://artistradeinvest.com
• Arjan Capital: https://arjancapital.com
• Andreas’ book - Trade Works: The Smart Investor's Path to Uncorrelated Returns: https://a.co/d/0cdVlSBA
• Connect with Andreas on LinkedIn: https://www.linkedin.com/in/andreasschweitzer/

Watch episode on YouTube: https://www.youtube.com/watch?v=HhpX8cZUX34

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

How much of your portfolio should be liquid...and does a private credit fund or a line of credit “count” as liquidity?

Adam recently got a one-on-one portfolio review from Bob Fraser (co-founder of Aspen Funds, author of Invest like a Billionaire, and Wealth Independence Podcast guest on episode v1.25). Bob’s verdict was blunt: Adam is too concentrated in real estate, too light on liquidity. Bob’s rule of thumb? 10–20% of net worth in something loosely liquid – brokerage accounts, private credit, or bond portfolios.

If you invest in real estate or alternatives, you’ve probably heard some version of this advice. But what does it actually look like in practice? Dustin and Adam dig into the trade-offs: whether debt availability counts as liquidity (and the 2008 lesson on why it might not), how cash flow changes the equation, and the tax drag that comes with moving capital from depreciation-heavy assets into income-producing ones.

They also break down a move most investors overlook: the Solo Roth 401(k), with $70,000 in annual contribution limits vs. $7,000 for a Roth IRA. And finally, they explore how to weigh current cash flow against long-term tax-free compounding, especially if you’re still in the building phase.

Episode Release Notes & Resources:

• Book: Invest Like A Billionaire - https://a.co/d/0iZKevDx

Watch episode on YouTube: https://www.youtube.com/watch?v=-1zAFjc3xZI

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Matt Paulson started making money on the internet in the 1990s. Today he runs MarketBeat, a financial media company generating $50 million in annual revenue with 6 million email subscribers — all bootstrapped from a $5,000 college grant. He also co-owns 2,100 apartment units and 35 commercial properties through Creston Capital in Sioux Falls, SD...and if that wasn't enough, he also runs a $40 million venture capital fund investing in Midwest tech startups.

Dustin and Adam sit down with Matt to talk about why he treats MarketBeat as a cash flow engine rather than an exit play, funneling profits into commercial real estate as his long-term wealth vehicle. Matt started in real estate the way most people do: as a passive LP. But after one deal, he wasn't impressed with what he saw from most syndicators...so he found a partner and started buying directly as a GP. He also shares his advice for LPs still evaluating syndicators — including why everyone should run their PPM through ChatGPT before writing a check.

The conversation also covers AI's impact on financial publishing, why "you can't vibe code 6 million email subscribers," how a single tweet turned into a $100,000 consulting business, and Matt's framework for saying no to protect what actually matters — gym time, family time, and focus.

Whether you're deploying business profits, a W-2 salary, or returns from a previous deal, Matt's approach to building long-term wealth through real estate (without chasing exits or overpaying on fees)  is one of the most practical frameworks we've had on the show.

Episode Release Notes & Resources:

• Follow Matt on Twitter (X): https://x.com/MediaKing
• MarketBeat: https://www.marketbeat.com

Watch episode on YouTube: https://www.youtube.com/watch?v=S6bm6_ZQUZA

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Can you imagine borrowing millions for a real estate property, but not having to personally guarantee the loan? That’s the reality of non-recourse debt – and it’s one of the biggest differences between residential and commercial real estate lending.

Dustin and Adam break down how non-recourse loans work, why lenders care more about an asset’s income than the borrower’s personal ability to repay, and what Freddie Mac considers a “small balance” loan (hint: the minimum is $1 million).

For passive investors, the debt structure of a deal tells you a lot about the sponsor’s risk management. Understanding how recourse and non-recourse loans work (and when a lender might require personal guarantees) helps you ask better questions during due diligence and spot red flags before you invest.

Watch episode on YouTube: https://www.youtube.com/watch?v=60EvbVkCvAg

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

If you think a 14% return in the S&P 500 and a 14% cash-on-cash return in real estate are the same thing, you’re missing the full picture.

Dustin and Adam dig into Robert Kiyosaki's recent tweet about selling $2.25 million in Bitcoin and reinvesting it into real assets generating $27,500 per month in tax-advantaged cash flow – and why the top reply (”just buy an S&P 500 ETF”) gets it completely wrong.

One return is paper gains you can’t spend. The other is real money hitting your bank account…plus appreciation, plus depreciation deductions that could make the income effectively tax-free.

They also break down why the 4% retirement withdrawal rule can destroy a portfolio if you retire into a bear market – and how cash-flowing assets eliminate that risk entirely.

Episode Release Notes & Resources:

• Robert Kiyosaki tweet: https://x.com/theRealKiyosaki/status/1991936172860563661
• Reply tweet: https://x.com/inqtelx/status/1991946858462363677
• 4% rule tweet: https://x.com/kurtsupecpa/status/1994759500180365437

Watch episode on YouTube: https://www.youtube.com/watch?v=gTSkrNv8FGQ

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Dustin and Adam break down why two Wall Street Journal articles published on the same day – one about “little known” tax strategies and another about the “invitation only” world of private investing – both miss the bigger picture.

The WSJ tax article covers SALT deduction changes, Roth conversions, inherited IRA withdrawals, and 529 plans – all standard Wall Street product advice. But the tax code is far bigger than the Wall Street product bubble. Real estate, oil and gas, and other private investments offer dramatically more powerful tax benefits…and they’ve been in the code for decades, ready for savvy investors to take advantage of.

The second article frames private offerings as an exclusive club for the ultra-wealthy, using OpenAI’s late-2025 $40B round as the headline example. In reality, those offerings use the same structure that sponsors use for apartment syndications and oil & gas funds – the same mechanism available to all investors with ~$100,000 to invest. The article’s “invitation only” framing doesn’t match reality.

If you’re earning a strong income but feel like your tax strategy starts and ends with maxing out an IRA or 401(k), this episode walks through what the mainstream financial media leaves out – and why the private investment space is far more accessible than most people realize.

Episode Release Notes & Resources:

• [WSJ] Don’t Overlook These Little-Known Ways to Cut Your 2025 Taxes: https://www.wsj.com/personal-finance/taxes/lower-tax-bill-2025-6a4a628d
• [WSJ] Inside the Invitation-Only Stock Market for the Wealthy: https://www.wsj.com/finance/investing/private-stock-market-growth-bb71bde1

Watch episode on YouTube: https://www.youtube.com/watch?v=pJRzGNeUnOY

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Short-term rentals have become one of the more popular tax strategies for W-2 employees looking to reduce their taxable income – but is the so-called STR “loophole” really worth the hype?

Dustin and Adam break down how the strategy works: buying a property, running it as a Schedule C business, hitting the 100-hour material participation threshold, and using cost segregation plus bonus depreciation to generate massive year-one tax deductions. Adam walks through a concrete example – a $500,000 house with 10% down producing a $150,000 deduction, effectively making the down payment free for someone in the 30% tax bracket.

But they also cover the risks most STR influencers skip: declining demand since COVID, higher operating expenses, cyclical revenue swings, and the very real time commitment of running an active business. They discuss when a hands-off alternative like an oil & gas syndication might be the better pure tax play, and the concept of exiting an STR via a 1031 exchange.

If you’re a high-earning W-2, you’ll be able to evaluate whether the STR strategy fits your income level, risk tolerance, and lifestyle – or whether you're better served by other tax-advantaged investments.

Episode Release Notes & Resources:

• Email [email protected] for an introduction to Penn Properties, Adam’s short-term rental management company
  
  

Watch episode on YouTube: https://www.youtube.com/watch?v=d2NL4H4eQPk

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

When you die, should your investment portfolio be sold off and split among your heirs…or structured to keep producing for generations? It’s a question most investors put off or avoid entirely, but the answer leads to two very different estate plans.

Dustin and Adam explore the philosophical divide between liquidating everything at death versus building a self-sustaining portfolio designed to outlive you. The conversation was sparked by a real exchange Adam had with a fellow investor whose estate could justify a family office – but whose plan was simply to sell it all. It's the kind of default thinking that explains why most family wealth tends to disappear by the third generation.

Beyond the philosophy, they cover practical considerations: how family dynamics shape the right approach, why involving heirs early matters, the role of trust structures in avoiding probate, and when it makes sense to treat your investment portfolio like a business you're handing down.

Whether your estate is a stock portfolio or a collection of private real estate investments, this conversation will help you start defining what you actually want your wealth to do after you're gone.

Episode Release Notes & Resources:

• Estate planning & asset protection attorney referral: send an email to [email protected]

Watch episode on YouTube: https://www.youtube.com/watch?v=666ZWT4yGHE 

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

What happens when you drill an oil well and oil starts gushing before you’re ready to catch it?

Dustin and Adam walk through their latest oil and gas fund – an 11-well vertical portfolio in Oklahoma that closed for investment at the end of 2025.

For most investors, the draw was the tax benefit: intangible drilling costs created an estimated 90%+ deduction – and as year-end approached, demand surged from investors racing to shelter income before December 31. What started as a six-well fund grew to 11 to meet that demand.

Then the first well came online at nearly 100 barrels per day, flowing under its own pressure without ever being hydraulically fractured – meaning the fund was already cash-flowing before it even finished raising capital.

Dustin and Adam walk through what went right, what surprised them, and what the deal looks like now that more wells are coming online with oil prices up 13%.

Whether you’re evaluating oil and gas as a tax strategy, a cash-flow play, or both, this is a real-time look at how a deal like this actually unfolds.

Watch episode on YouTube: https://www.youtube.com/watch?v=xBQR0XZxYT4

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.