Today’s show is about wealth, Wall Street and real assets. I’ve brought Dr. Buck Joffrey on to the show to talk about this. Buck knows the old mantra of, “Investing in a diversified portfolio of stocks, bonds and mutual funds,” is simply outdated and dangerous, especially, for high paid professionals given the instability and the volatility in the markets today. He advocates entrepreneurship and investing, especially in hard assets and those that provide cashflow because that’s really the reliable way and the approach to building solid personal finance. I’m in line with his thinking and what he advocates. I want to get him on the show to talk about his perspective on these things. It was an interesting conversation, so I think you’ll thoroughly enjoy it.

If you missed our last episode, be sure to listen to The Real Estate Investor Ladder of Success – Trevor McGregor.

Enjoy the show!

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Wealth, Wall Street and Real Assets with Buck JoffreyIt’s my pleasure to welcome Dr. Buck Joffrey to the show. Buck is an accomplished surgeon, entrepreneur, asset manager and podcaster. He is also the number one best-selling author of Seven Secrets of Eternal Wealth. With a negative net worth upon finishing his surgical training back in 2008, Buck quickly became a serial entrepreneur and real asset investor amassing an eight figure net worth. Buck, welcome to the show.

Thanks for having me.

It’s a pleasure having you on. I listen to your podcast. I love the content you put out because I consider myself an arm chair economist. I like to learn about the global economy, macroeconomics, how things play into real estate and other asset classes here in the US and where I should invest and where I should maybe not invest. Before we get into all that stuff, which I find really interesting, let’s start off with you. Tell us about your journey, how you got started from becoming a doctor and then getting into real estate and an asset manager.

It’s started out, as you said, I was your typical A-student, as Tom Wheelwright would say, the recovering A student. I went through medical school, graduated top of my class, I went to start out a neurosurgery residency, became a brain surgeon. I decided the lifestyle wasn’t for me, but I finished another type of surgical training. I was a little bit easier on my life but it was still surgery. I enjoyed doing that. I spent about 33 years preparing myself and getting trained, etc. and then practiced for about four or five years and then effectively retired. That was about 2008, 2009 when I finished my training. I was a pretty academic guy. I was very interested in all the research stuff and so on and so forth.

Right around 2008-2009, obviously, there was a mortgage meltdown, all these people losing their money. Fortunately, for me I didn’t have any money already. It gave me a chance to look at what other people did wrong. One of the thoughts that I had when I was coming out was, “I’ve gone several years making minimum wages as a surgical resident. Now, I’m going to go up six figures plus, how am I going to this differently than all these people who lost a bunch of money?” Instead of going the route of just being another guy who hands my money over to a financial planner, I took it upon myself to become more self-educated, got inspired by, of course, Mr. Kiyosaki. The man who’s probably created more millionaires than anybody else on earth. I got inspired from him. I started my own practice, turned that into a business, phasing myself out. Did it again with another business, phasing myself out.