If you spent over a decade training to become a surgeon, would you give it all up after only 6 years of practice? For most professionals, it's a no-brainer, but not Buck Joffrey. When a nagging feeling of pursuing entrepreneurship hit him, he set up a business to transition fully from being a physician to an investor. Since then, he continues to build 7 to 8 figure businesses remotely. Given his professional background, he made it his mission to provide financial education for high earning professionals through his podcast, The Wealth Formula. On this episode, he shares tips for investors and syndicators, how to build a track record, and the Wealth Formula.
Key Market Insights
- A surgeon for roughly 6 years turned entrepreneur
- Finished surgical training in 2008
- Started multiple 7 to 8 figure businesses since then
- Currently holds a substantial portfolio of investments in real estate, energy, internet, and health sector
- An international No. #1 bestselling author of Several Secrets To Eternal Wealth
- Financial educator for high paying professionals
- Host of The Wealth Formula podcast
- Owns medical businesses including a behavioral health clinic in Chicago
- Other Passive Income Streams: Real Estate Investments, Insurance Products, Syndication Business
- Helps facilitate people investments through joint ventures
- Tips for Investors: Get to know the team before looking at their track records
- Syndication is the business of raising capital
- The Wealth Formula: Wealth = Product of Mass, Velocity, and Leverage
- Mass is money you put into an investment; Velocity is how quickly you get your money back, and Leverage is other people's money or the bank's money
- Tips for Syndicators: Find multiple groups that compliment what you do
- How to Build a Track Record: Identify your customer, and build a database; Build your brand; Market; and Give, give, give before you ever take
- The Poor Middle Class vs The Ultrawealthy: Poor Middle Class invests in stocks, bonds mutual funds; The Ultrawealthy, invests directly through multiple businesses and real estate
- Key to Significant Amount of Passive Income is multiple businesses - generate income to invest in real estate
- Phoenix Market - tremendous amount of growth; emerging industries, landlord-friendly laws
- Texas Market - huge developments, tax-friendly, landlord friendly
- Atlanta for Southeast Market - very fast growing market
- How to choose a market: Follow opportunities such as possible business and population growth
Bull's Eye Tips:
Winning Your Market: Only invest with people you know and trust.
Tracking Marketing Changes: Constantly pay attention. Follow the news, follow the money.
Daily Habit: Meditate.
Resources:
Text "Wealth Formula" to 41422 - Get a free copy of Seven Secrets of Eternal Wealth
Seven Secrets of Eternal Wealth by Buck Joffrey
Episode 30 - How to Bounce Back Fro Failure with Damion Lupo
Book Recommendation:
QRPs: Alternative to Self-Directed IRA by Damion Lupo
Get a free copy: Text Forget IRA to 41422
Digital Resources
Blackfolio
Cryptopro
Tweet This:
"80-90% of the battle is learning who you can trust."
"Your business is not going to last unless you have happy customers happy"
"Align yourself with the right people."
Places to Grab a Bite:
El Bajio
Connect with Buck:
Wealth Formula Podcast
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