[podcast_subscribe id="2664"]

https://youtu.be/U-z679SqxY0

[intense_tabs] [intense_tab title="Show Notes"]

If you want to grow your money, you invest it. You’ll never make millions or become independently wealthy by working a job and putting some of your salary into a savings account. Entrepreneurs understand this concept a lot when it comes to their businesses, but not necessarily when talking about their personal finances.

Today, I’m talking with Buck Joffrey; a former neurosurgeon turned investor and entrepreneur. He runs the Wealth Formula Podcast, and he has over $250 million in managed assets. I wanted to pick his brain to help understand why so many entrepreneurs will make boatloads of cash in their business, only to turn around and hand it off to a financial advisor.

As you probably guessed, Buck didn’t take the natural path to investing. He wasn’t working some dead-end job and dreaming of a better future. He dedicated years of his life toward the medical field, becoming an accomplished surgeon making a hefty salary. However, what motivated him to switch gears was actually investing.

According to Buck, the “aha” moment came when he realized that the financial industry is designed to keep people investing in the same old stuff - stocks, bonds, and mutual funds. This is the “conventional” wisdom, and everyone and their mom is doing it, so there must be something to it, right?

Well, since Buck is a pretty smart guy, he figured out that he shouldn’t be trusting someone who makes less than he does about how to invest his money. After doing some research, Buck set off on his own and never looked back.

So why is it so hard for entrepreneurs to do the same? As Buck puts it, they are so smart and so successful, but they naturally assume that some advisor knows more about personal investments than they do. That’s rarely the case, mainly because the pitch is always the same - put your money in “safe” accounts and watch it grow conservatively.

Instead of relying on conventional wisdom, Buck recommends alternative investment sources. Real estate, precious metals - there is so much opportunity out there that it’s frankly remarkable that more business owners aren’t taking advantage.

For Buck, investment is all about growing more wealth and expanding your means. As the saying goes, “live within your means.” Well, if you’re only making $40,000 per year, then you’re pretty limited in what you can do. However, if you increase your earnings to $400,000 annually, you have a lot more options.

So, rather than going the traditional route and investing in the stock market, Buck recommends asset management and accrual. You’re smart enough to build a business from the ground up - you’re smart enough to learn how to invest in these alternative sources. Simply put, don’t trust the advisors about what to do with your money. Expand your mindset and figure out the best solution for your needs.

If you want to hear more about Buck’s thoughts on investing, including how rigged the financial system is for those who follow it, check out the rest of the episode here. You can also listen to Buck’s podcast, the Wealth Formula, or visit his website at wealthformula.com. It’s your money - do something with it.

[/intense_tab] [intense_tab title="Transcript"]

Transcript

TBD

[/intense_tab] [/intense_tabs]

Share this: