November 18, 2025 • 45 mins
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In this episode, we pull back the curtain on the five financial moves that created real change in our lives....no fluff, no hype, just the systems and decisions that actually stuck. We discussed the importance of going all in on a few moves instead of ten half‑started projects.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_01 (00:00):
Alright, y'all.
So in our last segment, we justtalked about giving a little
shout out to D'Angelo, how hewas, in essence, the soundtrack
to my teenage years.
In this segment, we're gonna betalking about the top five
financial moves that actuallychanged my life.
Alright, guys, so listen, let'slet's talk about this.
So we we're gonna talk about thetop five financial moves that
actually changed my life.
Listen, guys, um, I know a lotof people will give you BS.
(00:22):
I'm gonna give you real, real,real things.
And I'm gonna say this througheverything that I teach you guys
or everything that I'm lettingy'all know about, this is
through the School of HardKnocks.
I think a lot of people wouldjust be lying.
And if they're successful aboutsomething, they'll just say, oh,
well, I'm successful on that,and not really giving you the
real real.
I'm telling y'all the truth,right?
And I'll say this right now likeif you do things half-assed,
(00:43):
right, it is expensive.
Whatever you do, if you're gonnado it half-assed, as me and Dr.
Renee have learned, it's gonnabe expensive, it's gonna waste
time.
Um, and I'll be honest with you,for me, it's like messes with my
confidence.
So I'm learning now, 10 yearsin, that although you can throw
a lot of different things um atthe kitchen sink in terms of
(01:04):
like real estate and investinghere and you know, doing side
hustles there and all thatstuff, like it there's something
to be said about committing,there's something to be said
about having focus to like oneor two things and really
spending real resources, realattention um uh to that.
Otherwise, when you have like 10different things that you're
(01:26):
trying to handle, and thenyou're trying to teach people 10
different things, people can seeit.
They know that you're notcommitted to it.
And in essence, maybe nine outof 10 things will be a hobby,
right?
And for us, what we're trying tolet y'all know is that we
changed our lives with veryspecific action.
And I think, Dr.
Renee, what we need to be clearabout is like what are the
(01:48):
things that we did that actuallychanged our lives, not what are
the experiments that we did thatare kind of augmenting our
lives.
And I think that's what happenedto us, where we did like
specific moves that changed thetrajectory of our lives big
time.
Those are things that we need tolet people know about.
And then I think we startedexperimenting, and as a result,
(02:10):
you know, maybe we could havedone.
Um, they augmented our lives,maybe, and some to some extent,
some of them even subtractedfrom us.
But I think we should just bereal with them about that.
So let's hit it.
All right.
So I'm gonna say the first thingdefinitely is automating money
like a system, right?
Not an emotion.
So we talk about budgeting allthe time.
(02:31):
So I'll be very real with youall.
Like we are at a point now whereum, you know, we pay ourselves
first.
So if we get a paycheck, themoney goes into our savings, and
that's savings for kids' collegethat goes into savings for our
emergency fund, that goes intosavings for our car fund, just
in case the car breaks down,that goes into savings for
insurance, right?
(02:51):
So we have disability insuranceand we pay ours one year at a
time, the premiums, because it'scheaper that way.
So we put our money in and itjust comes into our bank account
and then it gets diverted intoan online savings account where
we can't touch that money, andit just gets automated for us.
Yeah.
Um, because I think a lot oftimes, if you get really
(03:13):
emotional with your money,right, and you're not systematic
with it, that's where you gethalf-assed with it, or that's
where you start to hold on tomoney longer than it needs to be
held on to.
SPEAKER_00 (03:24):
Or you start spending it when you don't start
spending it.
SPEAKER_01 (03:28):
Right, right.
I I I wholeheartedly agree withthat.
And I think the key thing for usright now is we started thinking
about our future first, right?
Like where are we gonna be in 15years, where are we gonna be in
20 years?
And um, obviously, the firstthing that we discussed 10 years
ago was we gotta get out ofdebt.
(03:51):
We put, I'd say what, 90% of ourour resources towards paying off
our debt.
SPEAKER_02 (03:56):
Yeah.
SPEAKER_01 (03:57):
The last 10%, we always main sure that we put
money into our 401ks so that wecan get the match.
You wanna let them know why thematch is important or you want
me to do that?
SPEAKER_00 (04:09):
You mean the match from your employer?
SPEAKER_01 (04:11):
Yeah.
SPEAKER_00 (04:12):
Yes, free money, right?
So basically, you know, you ifyou if your employer does match,
right, in your 401k, that's ifthey do.
Not all employer employers do,but if they do match, um, what
you want to do is definitely putup to and including what they
(04:33):
are going to match.
So for example, if your employersays that they're going to match
up to whatever 15% of yourpaycheck is, then you want to
get as close to that 15% aspossible because you're gonna
put in 15% and then they'regonna match that amount of money
that you did not necessarilyhave to work for very
(04:55):
specifically, right?
You didn't have to put in timefor dollars for that money um
directly.
So that is what we call freemoney, and you want to be able
to do that because that willthen help your 401k accrue
interest much faster.
SPEAKER_01 (05:10):
Yeah.
And I would say this, y'all.
After 10 years, I think the bestway to, if you want to create
wealth for yourself, is I'll behonest with y'all.
Like, I think we talk about realestate way too much.
I think we talk about othertypes of like alternative typing
investing way too much.
What is at your job, or if youare locum's doc, like the
(05:34):
low-hanging fruit of justgetting out of debt, saving
money, putting money into abrokerage account, putting money
into your individual retirementaccount, putting money into your
HSA if you can afford to, andyou know, make sure you choose
the right spouse.
(05:55):
Like, don't get a divorce,right?
SPEAKER_00 (05:58):
Is that right there?
SPEAKER_01 (06:00):
That right there.
Those are the most important.
It's like it's like uh Hitch,that movie Hitch, right?
Where you got funny ass, what'sthat name?
Kevin, what's that name?
What's the white guy's name?
SPEAKER_00 (06:10):
Kevin Kevin shoot Kevin.
SPEAKER_01 (06:15):
Kevin Bacon, the white guy, and he's doing the
things with his q-tips andthrowing it away and doing all
this stuff.
It's like, and what does Hitchsay?
He's like, listen, just atwo-step.
Simple.
It's right here.
I don't need to go out to pizza.
I got pizza right here.
Kevin James.
Kevin James.
Kevin James, you know what I'msaying?
We got pizza right here.
And that's what it is with yourwith your finances, y'all.
(06:37):
Right here.
See the two-step right here.
Starting there.
I got my IRA, yeah.
You know what I'm saying?
I got my 401k right here.
I got my 403B.
Ooh.
Ooh, you can do that sometimes.
Ooh.
Uh-huh.
What what move is that?
That's the HSA.
That's the HSA.
If you have enough, right?
Do the HSA.
Right?
And then, like this, you knowwhat I'm saying?
You got a good spouse, you knowwhat I'm saying?
(06:58):
Who you can trust.
You know what they do at night,you know what I'm saying?
Uh-huh.
You know where they be at.
You know what I'm saying?
Ooh.
Hey, ah, right?
People try to make it toocomplicated, yo.
I'm telling you, with thesesyndications, these real estate
thing, y'all, you know, you'regonna be a surgeon and you still
need to be doing like syndicate.
Like, listen, y'all.
I'm telling you, don't fall forit.
(07:18):
Um, we've been there, and we'regonna talk about it on a future
episode.
I'm telling you, am I lying,Renee?
Because we got to talk aboutthis house that we got in
Pennsylvania that I just want tosell, you want to keep, and I
don't think that it's it's worthit.
But the most important thing ispay off your loans, guys.
Save your money, do all the taxadvantage things, focus on that
(07:43):
and stay consistent with that.
Once you get consistent afterthat, then you might want to
consider some of these otherthings.
That's my number one thing.
SPEAKER_00 (07:53):
I I I'm gonna do the two-step while you're talking.
Don't do no two-step while youtalking.
Go ahead.
So I agree with you to someextent.
Um, but I think that we have todistinguish building wealth
versus saving for retirementbecause I don't think that those
(08:14):
two things are the same.
Right?
So while the IRA, the 401k,those may be building, you know,
or saving for retirement.
I don't think that is the samething as building wealth.
And I think you don't think thatthere's a distinction.
SPEAKER_01 (08:32):
I think you're playing with some.
I'll leave it with you likethis.
I think the big mistake thatpeople make is you talk to
people who got right out ofmedical school or out of
residency or people who areyoung attendings and be like,
yo, listen, like rather thanworry about, we're not saying
rather than worry about boards,but the person is basically
saying you got to get multiplestreams of income from your
(08:52):
house, you got to get mad doors,you got to do this, all these
different things.
It's like, listen, pass yourboards, put money into your
401k, save your loans, and thenlisten, if you decide to get
into real estate, I'm gonna bereal with you, you have to spend
a lot of time working on it.
Because if you do it half-assed,if you do it half-assed, it's
(09:13):
gonna come back and bite you inthe in the butt.
And you have to make a decisionin your mind.
Am I ready to walk away frommedicine now?
The reason I say that is becauseif you're operating a lot, if
you're doing procedural-basedtype of uh um, you know, you you
really need to work on yourcraft.
And it's hard to work on yourcraft while you're trying to,
(09:35):
you know, make sure that thetenants plumbing is taken care
of.
SPEAKER_00 (09:38):
Yeah.
SPEAKER_01 (09:39):
It's tough.
SPEAKER_00 (09:40):
It is.
SPEAKER_01 (09:40):
So I'm not saying I'm not saying that you can't,
I'm not saying that um, youknow, you can't build wealth
outside of the 401ks and allthat stuff.
I'm not saying those thingsdon't, or excuse me, the the
real estate things, but what I'msaying is is yo, just like if
you're gonna do real estate,then you better do real estate.
That's all I'm saying.
(10:00):
Right.
Right?
SPEAKER_00 (10:01):
I know, I know, but I think I think the the
distinction that I'm making isso that people understand, like,
your 401k, your IRA is notreally for building wealth,
right?
That is building a retirement,right?
Because you you can certainlybuild a 401k in an IRA and never
(10:22):
be wealthy.
Right?
Like that that is possible.
SPEAKER_01 (10:26):
Why where are you getting that from?
Tell me, explain, because you'rejust saying things without
really explaining it.
SPEAKER_00 (10:31):
Meaning, like, so when so the what is the
definition of wealth, right?
Is what we have to really thinkabout.
If you're doing your 401k andyour IRA, and we're talking
about building wealth, it'slike, well, building wealth
when, right?
Because at some point, your 401kand your IRA is for you to
(10:55):
retire.
A lot of these definition ofwealth.
SPEAKER_01 (10:57):
Here, real quick.
Wealth is the total value of allassets owned by an individual,
which can include both physicalpossession, possessions, right,
and intangible assets minus alldebts.
It is a stock of your network.
It is a stock of valuableresources and possessions, such
as money, property, investments,rather than a flow of income
earned over time.
SPEAKER_00 (11:18):
Go ahead.
Right.
So it's your essentially, thatwas a rhetorical question, by
the way, when I was like, whatis your what's the definition of
wealth?
Essentially, your net worth isgoing to determine whether or
not you're wealthy.
But wealthy when is really whatI'm asking, right?
Because the question is, do youwant to wait until 65 or 59 and
(11:40):
a half, you know, to determinewhether or not you are wealthy?
Some people want to build wealthstill in their youth so that
potentially they might be ableto walk away from medicine,
right?
So I think we need to kind ofdistinguish that.
It's like, yeah, build your, youknow, build your retirement.
But if you are trying to buildwealth, what are some of the
(12:03):
things that you need to do inorder to do that, you know, in
the next 10, 12 years whenyou're not hitting 59 or you're
not hitting 65 years old?
SPEAKER_01 (12:16):
Okay, I get what you're saying.
What I'm telling you guys, guys,what I'm telling you all right
now is this your biggest abilityto build wealth before you
retire is your income as adoctor.
I'm telling you guys right now,not how many real estate
properties you have, right?
The the way in which you'regonna buy real estate properties
is through your income as adoctor.
Is that is that the truth?
(12:37):
Yes, yeah.
Right?
So that means that you need topre that means you need to
protect that ability to makemoney as quickly as possible.
That means you need to getdisability insurance.
That is, you know, okay, right,just in case something happens
to you.
That means you got to pay offyour debt so that the money that
you're bringing in as an incomeis going like into your savings
account or is going into abrokerage account, right?
(13:00):
Like you got to be able to dothat.
Um, you got to make sure youpass boards, you got to make
sure that you're okay, you know,clinic-wise, clinical-wise,
right?
Whatever it's procedural in theclinic or whatever, right?
But that's that stuff is hard inand of itself.
And then to throw it on top ofthat, oh yeah, you need to try
to get like, you need to try toget this, like um, you know,
(13:21):
this multifamily place.
And then listen, like they callin because you got toilets that
are not flushing and all thatstuff, especially when you
finish this residency, that's alot.
So all I'm just saying is Iunderstand what you're saying.
I'm just letting people know howit looks like real time.
That's all I'm saying.
Right.
That's all I'm saying.
I think so.
Yeah, if you have a hundreddoors, if you have a hundred
(13:43):
doors, that's great.
But if you have a hundred doorsand then you still, like you are
heart surgeon and you still gotheart surgery in the morning and
all these different things whenyou're studying, right?
Right.
SPEAKER_00 (13:52):
That's all I'm saying.
I agree.
I agree.
I think that what's important.
Be careful.
I think what's important here isthat people need to understand
that there's a certain, there'sa certain priority, right?
And people don't understand thatyou can't prioritize there's no
way that you could prioritizeeverything on the same line.
Everything can't be number one,right?
(14:13):
And so I think what I hear yousaying, because correct me if
I'm wrong, isn't it?
They hear what I'm saying.
Well, I'm asking you, okay,correct me if I'm wrong, but
what I hear you saying is thatthe first thing you need to do
is actually make sure that youcan work as a doctor.
(14:33):
And what does that mean?
There are check boxes that makesure that you can work as a
doctor.
You gotta pass your boards,gotta be able to be licensed,
right?
You gotta get a job as a doctor,right?
When you get a job as a doctor,make sure you keep that job, you
know, to the point where you cancontinue to make some income.
(14:54):
Whether you jump from job to jobto job is is not the issue, but
make sure you keep a job, somejob, uh a locums gig, anything,
right?
Just work as a doctor.
Make sure you protect yourability to work as a doctor,
i.e., disability insurance.
Because if your hands are brokenand you can't operate, you got a
(15:14):
problem.
Yeah.
So get your disabilityinsurance, right?
That's job number one is makesure that the thing that you
invested all this time and moneyinto that you actually are able
to do.
That's number one.
Then number two, save yourmoney.
Save your money.
Why you why you spendingeverything?
Why you gotta go out and get thenew car?
(15:36):
Why you gotta go why?
Why are you doing that?
Right?
Save your money.
Stop spending your money allover the place.
Spend the money for things thatyou need, absolutely.
But you gotta take it.
SPEAKER_01 (15:45):
Don't be buying lucids.
Don't be buying lucids.
You ain't gotta buy no cigars.
You gotta bring back the loveinto this.
You ain't gotta buy no cigars.
You ain't gotta buy sneakers.
Yo, get some sketches, so you'llbe all right.
SPEAKER_00 (15:57):
It's the S, right?
Not telling people what theyshould have, shouldn't buy.
But you know, save your moneyfor the things that actually
matter, right?
SPEAKER_01 (16:05):
And the real quick, real quick, even the sneaker,
the sneaker, uh, that whole likehow like Jordans are like a
thousand dollars, that wholelike pyramid scheme is gone now.
I love it.
I love it.
Yo, try to buy some sneakers,and as soon as like a minute
into them being on the website,they completely sold that.
This is stupid, yo.
Come on.
(16:25):
Anyway, move on, move on, moveon.
SPEAKER_00 (16:27):
But yeah, so save your money.
The way you do that, the way youknow what money that you're
gonna save and what money you'regonna spend.
So if you want to buy the lucid,if you want to buy the
sketchers, that you basicallybudget, right?
Make sure you know where thathard-earned money is going.
SPEAKER_01 (16:45):
The funny part is you come to work, you come to
work, you're gonna be wearingthose nice Nikes, and then
you're gonna take them off andput on those nasty shoes anyway.
So just wear the shoe that youknow, like I don't see the
point.
You cannot tell people what tobuy.
Like, like do people be buyingexpensive figs scrubs.
Why?
Especially if you're a surgeon.
It's like, all right, if youreally operate in, you know you
ain't trying to get blood allover these nice scrubs.
SPEAKER_00 (17:06):
That's how I'm gonna be able to do it.
But we can't actually wear figsinto the OR unless you're going
to really understand.
SPEAKER_01 (17:12):
Yeah, I don't know why they do that.
The hospitals, but most of thetime I see people change right
before.
SPEAKER_00 (17:17):
Yeah, I was gonna say, usually hospitals are like,
nah, you can't wear that in herebecause they're wearing it
outside.
But in any case, all right.
Let me finish my point.
Like, can I finish my point,please?
Like I'm just asking you, isthat what I'm hearing you say?
Yes, that's because you'reyou're kind of like going like,
well, do this, do that, do this.
But people still need apriority, like a list.
SPEAKER_01 (17:36):
Guys, focus on the hanging fruit, focus on a
low-hanging fruit.
Focus on making sure you can bea doctor and that what
everything that requires you tobe a doctor, focus on that
first.
Then focus on the things that'llum keep money flowing to you.
And what I mean by that ispaying yourself first, putting
your money in different taxadvantage accounts that are for
(17:58):
you, right?
And focus on investing thatstuff.
Once you get to a point whereyou feel like, you know what, my
career is um, my career as aclinician is really good.
I feel like what I've broughtin, I have a good enough nest
egg.
Maybe I can start consideringsomething else.
But just know that when youstart doing all of these
different side projects, or ifyou consider a side project, it
(18:19):
needs a lot of attention, right?
And there's a possibility thatthat attention can take, or the
attention that's required to bevery successful in that field
will take away your attentionfrom what you're doing as a
clinician.
It's just in my opinion, like Ican tell you 30,000-foot view
that it's great to go into realestate, but I can also tell you
(18:42):
from the ground that it's tough.
SPEAKER_00 (18:45):
So, at what point would you say that someone
should take on a side hustle?
SPEAKER_01 (18:52):
I don't know.
It's not up to me, it's up todown.
SPEAKER_00 (18:56):
No, I don't know.
I mean, you just went on thiswhole tirade about how people
buy looses in in Jordans.
Like at what point?
SPEAKER_01 (19:07):
I I I think that I think there's a point where
somebody who's in medicine hasto realize or they come to a
realization that they don't wantto do this forever.
That may occur when they juststart as an attending, it may
(19:29):
start when they are finishingresidency, um, it may start
later on, but whenever theyrealize that, right, that's when
they are going to startexamining and looking at other
ways in which they can basicallyget off the ramp, right?
Whether that's through investingin real estate or what have you,
(19:53):
right?
In my line, like that's themajority of people that hold my
question.
Let me finish.
Let me finish.
Most people who come and theywant to talk about um, you know,
I got into syndications or I gotinto the side hustle, it's gonna
build me a certain type ofthing, is they got, in essence,
what's the word I want to use?
(20:14):
Either they got jaded or theyjust feel like yo, medicine is
not for them, and they want todo something different.
That's usually the number onestory that they tell before they
start telling people about thespecifics, right?
So that's that's the reason whyI'm saying that.
SPEAKER_00 (20:27):
Right, but that's not what I'm asking you.
Thank you for your answer, butit is completely not what I was
asking you.
My question was more because wewere talking more about
finances, I'm asking you at whatwhat is the general state of of
their finances that you feelthey would have to be at in
(20:50):
order to then embark on that,right?
Because they they will have thatthought, right?
And then they'll start workingtowards that thing.
What is the point at which youthink in general, right?
In general, because we we can'tbe in everybody's pocket, but
what is the point in general atwhich you think that they should
(21:13):
start down that road of okay,now I'm gonna dip my toe into
this other venture.
And not even necessarily leavemedicine altogether, but at
least really just I'm gonna gointo my first project.
I'm gonna divert my attention tothis just I got you, I got you.
(21:35):
So I'm gonna hold my thoughts.
SPEAKER_01 (21:37):
I'm gonna hold my thought until you say your
point.
I'm gonna use that as a point ofprivilege.
Go ahead, say what you gotta sayfirst.
That was it.
SPEAKER_00 (21:45):
My I said my question.
No.
Um, you go first.
Go first with what?
I'm asking you a question.
You don't have thoughts aboutthis at all?
No, I'm asking you a question.
SPEAKER_01 (21:58):
I'm asking you a question.
So mine is going to be, like, Ican't give specific numbers.
Mine is going to be when yourealize that you are willing to
take some losses for the greatergood.
And what I mean by that is whenyou realize that you may need to
make a significant investment insomething else, whether that's
(22:21):
time, energy, or even money toget you off that off-ramp of
medicine.
Right.
Now, that hopefully is occurringonce like you are like feeling
very stable.
And for me, stability would beyou're out of student loan debt.
(22:41):
You've passed your boards,clinically, you feel like you're
like on cruise control.
That could I can't tell exactlywhen that's going to be for some
people.
For us, that was six years in.
Right?
That was like six years into ourto us leaving residency.
You know, so for somebody else,that might be a little bit later
on.
(23:01):
But when you get to that pointwhere you're like, yo, this is
not sustainable, I need to dosomething else, you may need to
consider that.
SPEAKER_02 (23:07):
So you know, okay.
SPEAKER_01 (23:08):
But let me let's let's for the sake of moving and
not being circular, let's let'skeep it moving.
So um, number two, I have istaking taxes seriously, right?
You have to learn the game oftaxes, and you have to realize
that there's no reward inrunning away from it.
Right.
I think I've said this inearlier episodes that the IRS
(23:32):
code is like a book of it'sbasically a cheat code on how
you can lower your taxes.
And if you are nervous about it,if you run away from it, then
what ends up happening is youget treated like everybody else
and you end up paying a lot oftaxes when you don't really need
to, right?
So it's not just saying I have aCPA, but you really need to
(23:52):
understand the strategy.
And there are books, I'll putthem in the show notes.
There's some books out therethat can help you and easily
understand the strategy of howto keep your taxes low, the
decisions that you need to make,whether it's doing some
charitable contributions orputting money into your taxable
accounts, um, there's a lot ofdifferent things that you can do
to help bring your taxes down.
And that's, I know in the pastwe've always said, oh, if you're
(24:15):
locums, you can do all thesedifferent things.
Even as a W-2, uh as somebodywho's employed, there are things
you can do to lower your taxburden, right?
So super important.
Um, I think that when we likeearly in our career, right?
I think when like we had a CPA,and what we realized is that
(24:35):
like when I wasn't engaged orwhen you weren't engaged, like
really locked in, focused withwhat we needed to take care of
from a tax standpoint, by theend of the year or when it was
time to do our taxes, there wasalways regret.
unknown (24:47):
Yeah.
SPEAKER_01 (24:48):
It was always regret where you're like, damn it, why
didn't we do A, B, C, D?
Why don't we track this stuff?
And I'm just saying, like, thisis another low-hanging fruit
where if you put your fullattention towards making sure
you're making the rightdecisions with your money and
the right decisions that's goingto help you in terms of taxes,
if you could make thosedecisions, you're gonna keep
(25:09):
more of that money in your bankaccount instead of giving it to
the IRS.
SPEAKER_00 (25:13):
Yeah, I think that that's I think that that's true,
but I also think that that'svery tough, right?
Because the planning or, youknow, the questions that you
have to ask in order to be ableto really get the full benefit.
So yeah, if you don't, if youdon't know how to ask the
(25:34):
appropriate questions becauseyou just don't know what
questions to ask and you don'thave a great CPA, then it
becomes a little bit difficult.
And I think that's what happenedwith us, right?
If we're talking about mistakesthat we made, there were just
some questions that we didn'tknow, and it was like trial and
error.
So we had to lose money beforewe could start really
understanding that, oh, wait,you know, all of these things
(25:56):
that we should have known duringthe year last year, we're gonna
ask up front this year, and soon and so forth.
So just you know, keep track.
SPEAKER_01 (26:06):
I think you bring up a good point, but I'll be honest
and tell you that the next timeI met with the CPA, they told me
things and I just forgot aboutit.
You know what I'm saying?
So there's there's knowledge andthen there's even
implementation, right?
So those are two separatethings.
So I I agree with what you'resaying.
Sometimes it's hard.
Well, it is hard to get thatinformation if you're not an
(26:26):
expert at that.
But then once you get theknowledge also, there's another
step to implementing it, right?
Right.
Same thing with student loans.
It's like, yeah, I don't want tobe in student loan debt, but
then once you get the knowledgeto know that this student loan
debt sucks, implementing theplan is two separate things,
also.
Right.
So I I agree with you.
I think you make a good point.
(26:47):
I'll link below some of thebooks that we've used.
Um, but I do think it'simportant to understand that you
don't need to love your taxes.
Um, you just can't afford toignore them.
I'll leave you to like that.
Is that fair enough?
Does that work for you, Dr.
Renee?
Don't nobody love their taxes.
You know what I'm saying?
So your CPA loves taxes.
(27:07):
So all right, let's move to thethird one that I've learned.
Listen, y'all.
Um this one's gonna be a littlebit controversial for half of
our audience, but I'm just gonnasay this right now.
All right, so I have it on mynotes as choosing locums or
independent contracting for lifeor contracting so that you can
(27:30):
have a life of autonomy as wellas control.
I say that with the caveat ofthere are plenty of people who
are employed right now who havecontrol of their lives and
they're not independentcontractors.
What I'm saying is after 10years, what we're realizing is
money's important.
Income, getting the most amountof money that you can get paid
(27:53):
is very important.
But for me and Renee, we don't,or at least me, I don't value
Rolexes more so than I valuetime with my family.
I don't value lucids more sothan I value time with like why
do you do this, me?
Dr.
(28:13):
Love, you know we love me.
We love you.
Actually, I have lucid, I havelucid jealousy, actually.
I think lucids are a way bettercard than Tesla and stuff.
And listen, y'all, let me tellyou something right now.
Dr.
Love, he is killing it.
He does things the smart way.
He And he loves his family.
He has 109, he does things as a1099 ER doc, and he is killing
it.
So if you guys are looking foradvice on what to do it from an
(28:34):
ER standpoint, you guys need tobe looking at him.
So I say that in jest.
I'm joking around.
But he does it the smart way.
His lucid is as a businessexpense, right?
So as much as I joke around, myman is doing it the right way,
right?
But what I'm just saying is it'simportant how you work and why
you work, as opposed to whatyou're getting from it, which
(28:54):
could just be an income, right?
Because you could get paid amillion dollars to do whatever
you want to do in medicine.
That sounds great.
But if you every weekend have tobe on call, if you can't get
away and go to a funeral, youcan't have your birthday off,
you can't have your spouse'sbirthday off or your kid's
birthday off, or you know, yougo to a wedding and it's time to
give your daughter away and youcan't be there because you got
to deliver a baby.
We heard that one.
(29:15):
What what are we talking abouthere, right?
So I just think that it's superimportant that, yes, me and
Renee are locum tenons, we'reindependent contractors, we have
decided to focus on autonomy andcontrol.
But I think also for you guyswho are independent, or excuse
me, for you guys who areemployed, you know, it's super
(29:35):
important to really focus, Ithink, on the control aspect
more so than the income aspect,um, to some extent.
So you know.
SPEAKER_00 (29:44):
Yeah, I think you know, we I had a quick
conversation with someone umabout you know quality of life.
And quality of life, when wetalk about quality of life, a
lot of times we're talkingabout, you know, the quality of
life outside of the hospital.
But remember.
Remember, there's a quality oflife also inside of the
hospital.
So, you know, make sure that,yeah, if you're getting a good
(30:06):
income or you're getting somesomething from this job, that
it's a job that you actuallywant to wake up and go to.
Because, you know, if it's a jobthat you don't actually like,
there are things about the jobthat you fundamentally just say,
I don't want to do this, but itis giving me this benefit or
giving me this income.
Then the question is, you know,for that time that you are at
(30:29):
work, which could be a lot oftime that you're at work, is
your quality of life beingaffected?
Um, so I think that that'ssomething to think about as
well.
Choose wisely.
SPEAKER_01 (30:41):
Oh, yeah.
I a hundred percent agree withthat.
Um, for me, control over mytime, it's the highest form of
wealth.
I just leave it to you likethat.
Could we be making more?
I'm gonna let y'all know, guys.
We could be making way more,y'all.
Like, yo, I could get like threelucids.
You know what I'm saying?
But um, I've decided wrong withLucids, four Jordans, you know
(31:05):
what I'm saying?
All right, you know, but youknow, I wanna make sure my kids
like me, and that's important tome, you know.
So that's all you gotta pay them$20 each.
I gotta make sure my wife loveslikes me, you know what I'm
saying?
So you gotta pay me$20.
And and I and I got a securitysystem now, Dr.
Renee.
(31:25):
I know when the milkman comes inthe mailman, all that shit.
She got AI, all that, all right.
Anyway, let's move on to realestate.
Boom.
I was gonna bring it back tothis.
So you gotta understand, why areyou laughing?
You gotta understand where I'mgoing with this.
Real estate, right?
(31:45):
You can do real estate, guys.
It's important if you make itimportant.
But it has to be done withintentionality, all right?
Not just like I should buysomething because somebody says
I should buy something, right?
Real estate really works whenyou work it, right?
So that notion of I'm gonna doreal estate and it's gonna give
me passive income.
Nah, I don't work like that.
unknown (32:05):
Dr.
SPEAKER_01 (32:05):
Renee, am I lying?
SPEAKER_00 (32:07):
You're not.
SPEAKER_01 (32:08):
Right.
If you're gonna do it, you gottaunderstand the numbers, you
gotta understand the market thatyou're in, you gotta understand
who's gonna manage the property.
Are you gonna hire a propertymanager?
When you get a property manager,are they gonna take money from
you?
Right?
SPEAKER_00 (32:23):
Well, yes, they're always gonna take money from
you.
SPEAKER_01 (32:26):
All this stuff, like you can't half-ass this, yo.
If you really decide to get intoit, it's work, right?
Like Big Daddy can't is work,baby.
You know what I'm saying?
Like, you gotta be ready, right?
And the other thing too is I'mtelling you right now, like, I
ain't I know people always talkabout like, yo, like I'm gonna
get this property and in 10years it's gonna be a pre man.
(32:47):
I don't believe in all thatappreciation hype.
For me, it's about cash flow.
How much prop how much money I'mgonna get from this property
right now in terms of rents andso forth.
That's one thing that I wouldsay.
So um wait, what you laughingat?
SPEAKER_00 (33:02):
Well, I do think that appreciation uh is a real
thing, so I do believe in it.
Um but you know, it depends onwhat you're going into the real
estate for, right?
If you're going for a buy andhold, then yeah, like then you
gotta worry about the cash flow.
But if you're going in for, youknow, some sort of a flip or
(33:26):
you're doing a syndication, youknow, you're going into real
estate for a you know, for aspecific um reason in a specific
way, then yeah, you're gonna gointo real estate or your your
going your motives for goinginto real estate might be
different than someone else's.
You have to ask yourself, whatis my motive for going into real
(33:48):
estate?
Am I truly trying to buy andhold, right?
Am I trying to buy and hold andbe, you know, be the landlord of
this place and potentially get aproperty manager if I need to?
Um, and if not, then if you'rebuying and holding, if you're
not getting a property manager,then yes, you're gonna have to
be extremely involved inmaintaining this property.
(34:10):
If you're going in for a flip,then you're gonna dump a whole
bunch of money into it with thehopes of getting a bunch of
money out of it pretty quickly,right?
So you're not buying andholding.
You're whole you're hoping thatwithin a few weeks you're gonna
be able to make your money back,right?
If you're going into asyndication, then you're putting
(34:31):
in your money, but you'rethinking, okay, well, I'm gonna
wait for the appreciationbecause that is literally the
only way that I'm going to getmy money back, is for this thing
to appreciate, and then I'mgoing to sell it at the point at
which I feel that theappreciation is going to give me
a significant prop uh profit.
So I think you know, it youcan't lump everything together,
(34:55):
right?
And there are still other waysof doing real estate, right?
I'm not lumping all these kindsof things.
SPEAKER_01 (35:01):
Man, I ain't lumping everything.
Well, I'm saying is if you'retrying to get that with that
that multifamily, listen, I'mtelling you how I look at it.
And that's what I've learned,not what do you call it?
You trying to give people thetext.
I'm telling you what I'velearned.
Listen, I'm inside what you'relearning, but you can't.
Get that cash flow, everybody.
Get the cash flow.
That's what I'm saying.
SPEAKER_00 (35:20):
But but you're telling them this in the context
of you know, one way of doingreal estate.
You you're not getting a lot ofmoney.
The way in which I've done it.
The way in which I've done it.
Well, you've done it two waysnow, but you're you're done.
That's the way I wouldn't do,guys.
Okay, I understand that.
But you but you have tounderstand that someone who's
listening may not reallyunderstand what you're saying.
(35:42):
And you have to distinguishbetween every month from your
rent from your renters.
SPEAKER_01 (35:48):
I want that check.
Give me that check.
Where that check at?
You know what I'm saying?
And who's gonna get that check?
And where that check is gonnago.
That's what I'm saying.
Don't worry about what the houseis gonna do in 10 years.
Where are the rents?
Where they at?
SPEAKER_00 (36:02):
That's buy and hold, babe.
That's what I'm talking about.
So, and that's buy and hold.
That's buy and hold.
So some people may not want todo buy and hold.
They want to go take away.
SPEAKER_01 (36:12):
I can't front though, Dr.
Renee.
Hey guys, I can't front.
Listen, don't I make Dr.
Renee look good?
I know I'm bad.
I know that I am like my pointsare so like like they could be
like I over summarize things andso forth.
So I make Renee look like thereal smart person and stuff.
Trust me, I think like she does.
I'm just giving you all thereal.
She's not giving you real.
You know what I'm saying?
I am giving you the real.
(36:33):
That's a real thing.
That's why I say I make her lookgood.
Talking about.
I make her look good because Iknow I I take the I take the
fall.
I'm the fall guy.
I got it.
SPEAKER_00 (36:41):
Nah, maybe I'm making you look bad.
Maybe that's what's happening.
Maybe that's actually what'shappening.
Maybe I'm just making you lookbad.
SPEAKER_01 (36:48):
Let's move on to the next one.
But before we move on to thenext one, listen, real estate
isn't passive unless you'vebuilt the system to make it
passive.
That takes time, that takesenergy, um, that takes
dedication.
That's all I gotta say aboutthat.
SPEAKER_00 (37:02):
So oh my god, go to the next tip.
Please, please, let's close thisout because I can't put this man
no more.
No, you don't close nothing out.
SPEAKER_01 (37:12):
You the co-host, I'm the host.
I tell you what.
SPEAKER_00 (37:15):
Anyway, hurry up me.
SPEAKER_01 (37:17):
I gotta go pick up our kids.
Let's go.
Protecting the asset, and theasset is me.
I'm telling y'all, this is superimportant, guys.
Number five, protect you, right?
The asset is you.
For me, it's my health, it's mymind.
Um, I'm focusing on rest, I'mfocusing on strength and my
health, and um also insurance.
(37:38):
Telling y'all right now,insurance is a big thing, y'all.
Telling y'all.
SPEAKER_00 (37:42):
What kind of insurance name?
SPEAKER_01 (37:44):
Uh, I'll get there when I when I get there.
Don't tell me what it is.
All right, thank you.
Oh my gosh.
Um, trauma surgery hasdefinitely taught me that when
the body goes, the mission goes.
Because I see people's lives getsnuffed out really quick, right?
So it's super important um tomake sure that you're um the
relationships are right, thatyou're taking care of your body.
(38:06):
Um, you're telling people thatyou love them when you do.
And um, you know, work isn'teverything, right?
So for me, uh, as you all know,I've been focusing on working
out.
I've been focused on a mix ofstrength training as well as
getting ready for a 5K.
I want to build my heart and Ialso want to build my my
physical so that my wife don'tleave me looking sexy.
(38:27):
I love that, right?
Um, okay.
I'm focusing on sleep.
Check them cameras again.
Yo, that's fine.
You know, I learned how to blockout negative energy, right?
Um, I'll be honest with y'all,guys.
(38:49):
Insurance is a real thing.
Insurance is a real thing.
Um, disability insurance, I knowit's one of those things that if
you never need it, then youspent all this money.
Um, but you can't predict ifsomething will happen to you.
You could be doing somethingvery simple, something very
run-of-the-mill.
And if you injure your hands oryou get injured and you can't do
(39:10):
your job, then the best abilityfor you to make wealth is
sideline, right?
So, you know, you listen to ourour um sponsors, you know that
who we rock with and what wehave to say about disability
insurance, but it's veryimportant to have that.
The other type of insurance thatI would say is very, very
important, y'all.
Um, once you have kids, once youhave dependents, is life
(39:31):
insurance.
But even more so than that, yo,I'm gonna tell you something
right now.
As from a ground-levelgrassroots is umbrella
insurance, y'all.
Super important.
Super important because you'llbe shocked um at people who are
not in the field and they lookat you as a target.
(39:54):
Some people may look at you justas dollar signs, and the ability
for you to have coverage that umyou think you'll never need, or
for you to kind of think aboutlike people coming after you
just for you know your insuranceor just for you from a financial
standpoint is something that Ithink is is hard to grasp,
particularly when you come froma certain demographic.
(40:16):
But once you reach reach acertain level, it's like, yeah,
I gotta protect, I gotta protectmyself.
And I gotta protect my abilityfor my family to um feed and eat
and all that stuff.
So I would say insurance is veryimportant also.
Um, so that's that's that's onething I have to say.
And I I I left it as lastbecause I think that you know, I
(40:38):
don't want to spend too muchtime here.
Uh but I also don't want to saygoes without saying.
Like this is really important.
SPEAKER_00 (40:44):
Yeah.
I agree.
That's all I got to say aboutthat.
SPEAKER_01 (40:48):
Yeah, if if like the you know, like guys, like the
system that we have is like Dr.
Renee works weekends and I workthe rest of the week.
Um but we both have disabilityinsurance, we both have umbrella
insurance.
Um Renee is now starting to pickup walking more and exercising
more.
Um, but this is this is a systemand it's a plan.
(41:11):
And the key thing is like if Ibreak down or if Renee breaks
down, like good portions of thisplan break down, right?
So for us, staying healthy, um,that is a financial strategy,
actually.
SPEAKER_00 (41:25):
Yeah, yeah.
Oh, absolutely, absolutely.
So if you insure your car, youshould insure your body.
SPEAKER_01 (41:33):
Yeah.
And it's funny, like a lot ofpeople will insure their car,
and then when it comes toinsuring themselves, definitely
with in firms of disability oryou know, anything else, they're
like, Well, I don't need it.
SPEAKER_00 (41:45):
It's like, well, but you know Well, they insure their
cars because you you legallyhave to.
Um But I think a lot of peoplewould not insure their cars if
they didn't.
If if it weren't illegal.
Um But you know, you can alwaysget another car.
You can't always get anotherbody, right?
(42:07):
And that's I mean, I think justthe the logic behind that, it
just makes sense um to insureyourself.
So hopefully those of youlistening out there, everybody
has disability insurance.
SPEAKER_01 (42:20):
Yeah, I and I would say this, guys, like to end this
whole subject, like yes, I thinkthat there's a lot of things
that I'm saying that I've saidum that are real, um, that to
some extent I say some thingswith ingest and so forth.
But I hope you guys understandthe core components of what I'm
saying, which is Dr.
Renee's will give you the30,000-foot view of like what to
(42:43):
expect.
I prefer to give you like thereal grassroots view of certain
things, right?
So the reason why I kept pushingthe whole thing with cash flow
is I believe that it's importantto get cash flow.
But yes, appreciation isimportant.
Like you want to make sure thatwhen you get a house that you
know that in the next 10 years,if you're in an okay
(43:05):
neighborhood, that eventuallythat property will be worth
more.
That's important.
But also at the same time, youdon't want to be using your own
money to be paying the mortgagefor that property because you're
not getting enough money.
That's true, right?
That's all I'm just saying,right?
And I think a lot of timespeople will say certain things,
but then they're not reallyreally being honest about what
(43:25):
it means on a day-to-day basis.
Yeah.
If you're not getting the cashflow, who's gonna pay the
mortgage?
Right.
You can't wait 10 years for theappreciation to kick in when the
mortgage company is like, wewant to our more, we want our
money.
That's all I'm saying, guys.
So listen, you know, every majorfinancial decision that we've
made, it's mainly because wewent all in.
(43:46):
And the things that I'm tellingyou that I have an issue with or
that I'm telling you this is howit really is, is mainly because
I did it half-assed, or we didit half-assed, right?
So whether that's starting aside business, whether that's
putting too many irons on thestove, um, but things that we
talk about really positively,paying off debt, you know, uh
(44:07):
paying off debt, you know, um,making sure that we're doing
locum tenons and making surethat, you know, we have a really
tight family unit.
We were all in on that andstuff.
So um, Dr.
Brandon, you want to addanything else before we finish
this?
SPEAKER_00 (44:21):
No, I think you make a good point that that's the
recurring theme, right?
You know, there's there's nothere's no amount of financial
advice that you're going to giveto someone that is going to
explain to them what you justexplained.
It's like you just have to goall in, you know.
So I could tell you, well, dothis, do that, whatever.
But if you're not all in it,then it doesn't matter.
(44:44):
Like your money is not gonnasolve your problems.
You're going to solve yourproblems by your commitment.
SPEAKER_01 (44:49):
Right.
And just like you said before,and I'll I'll just leave this
will be the last point.
Even if you don't like yourcareer, or even if you're having
a problem with your job and youthink that maybe real estate may
be the key to get out of it.
Well, I'm gonna tell you thisright now.
If you do it half-assed, it'lljust be another distraction.
So that's what I'm talkingabout.
(45:10):
If you feel like real estate andum whatever side hustle that
you're doing may be the key todo it, go all in and do it.
And that will help you get offthe that will help you get on
the off-ramp to whatever yourproblems may be clinically.
That's all I'm just saying.
All right, y'all.
We just finished the fivefinancial tips that I've learned
over the last 10 years.
(45:30):
Um, next we're gonna get into alistener question um about doing
locum tenons and then going toanother continent.
Check out the next one.
Alright, y'all.
So in our last segment, we justtalked about giving a little
shout out to D'Angelo, how hewas, in essence, the soundtrack
to my teenage years.
In this segment, we're gonna betalking about the top five
financial moves that actuallychanged my life.
Alright, guys, so listen, let'slet's talk about this.
So we we're gonna talk about thetop five financial moves that
actually changed my life.
Listen, guys, um, I know a lotof people will give you BS.
(00:22):
I'm gonna give you real, real,real things.
And I'm gonna say this througheverything that I teach you guys
or everything that I'm lettingy'all know about, this is
through the School of HardKnocks.
I think a lot of people wouldjust be lying.
And if they're successful aboutsomething, they'll just say, oh,
well, I'm successful on that,and not really giving you the
real real.
I'm telling y'all the truth,right?
And I'll say this right now likeif you do things half-assed,
(00:43):
right, it is expensive.
Whatever you do, if you're gonnado it half-assed, as me and Dr.
Renee have learned, it's gonnabe expensive, it's gonna waste
time.
Um, and I'll be honest with you,for me, it's like messes with my
confidence.
So I'm learning now, 10 yearsin, that although you can throw
a lot of different things um atthe kitchen sink in terms of
(01:04):
like real estate and investinghere and you know, doing side
hustles there and all thatstuff, like it there's something
to be said about committing,there's something to be said
about having focus to like oneor two things and really
spending real resources, realattention um uh to that.
Otherwise, when you have like 10different things that you're
(01:26):
trying to handle, and thenyou're trying to teach people 10
different things, people can seeit.
They know that you're notcommitted to it.
And in essence, maybe nine outof 10 things will be a hobby,
right?
And for us, what we're trying tolet y'all know is that we
changed our lives with veryspecific action.
And I think, Dr.
Renee, what we need to be clearabout is like what are the
(01:48):
things that we did that actuallychanged our lives, not what are
the experiments that we did thatare kind of augmenting our
lives.
And I think that's what happenedto us, where we did like
specific moves that changed thetrajectory of our lives big
time.
Those are things that we need tolet people know about.
And then I think we startedexperimenting, and as a result,
(02:10):
you know, maybe we could havedone.
Um, they augmented our lives,maybe, and some to some extent,
some of them even subtractedfrom us.
But I think we should just bereal with them about that.
So let's hit it.
All right.
So I'm gonna say the first thingdefinitely is automating money
like a system, right?
Not an emotion.
So we talk about budgeting allthe time.
(02:31):
So I'll be very real with youall.
Like we are at a point now whereum, you know, we pay ourselves
first.
So if we get a paycheck, themoney goes into our savings, and
that's savings for kids' collegethat goes into savings for our
emergency fund, that goes intosavings for our car fund, just
in case the car breaks down,that goes into savings for
insurance, right?
(02:51):
So we have disability insuranceand we pay ours one year at a
time, the premiums, because it'scheaper that way.
So we put our money in and itjust comes into our bank account
and then it gets diverted intoan online savings account where
we can't touch that money, andit just gets automated for us.
Yeah.
Um, because I think a lot oftimes, if you get really
(03:13):
emotional with your money,right, and you're not systematic
with it, that's where you gethalf-assed with it, or that's
where you start to hold on tomoney longer than it needs to be
held on to.
SPEAKER_00 (03:24):
Or you start spending it when you don't start
spending it.
SPEAKER_01 (03:28):
Right, right.
I I I wholeheartedly agree withthat.
And I think the key thing for usright now is we started thinking
about our future first, right?
Like where are we gonna be in 15years, where are we gonna be in
20 years?
And um, obviously, the firstthing that we discussed 10 years
ago was we gotta get out ofdebt.
(03:51):
We put, I'd say what, 90% of ourour resources towards paying off
our debt.
SPEAKER_02 (03:56):
Yeah.
SPEAKER_01 (03:57):
The last 10%, we always main sure that we put
money into our 401ks so that wecan get the match.
You wanna let them know why thematch is important or you want
me to do that?
SPEAKER_00 (04:09):
You mean the match from your employer?
SPEAKER_01 (04:11):
Yeah.
SPEAKER_00 (04:12):
Yes, free money, right?
So basically, you know, you ifyou if your employer does match,
right, in your 401k, that's ifthey do.
Not all employer employers do,but if they do match, um, what
you want to do is definitely putup to and including what they
(04:33):
are going to match.
So for example, if your employersays that they're going to match
up to whatever 15% of yourpaycheck is, then you want to
get as close to that 15% aspossible because you're gonna
put in 15% and then they'regonna match that amount of money
that you did not necessarilyhave to work for very
(04:55):
specifically, right?
You didn't have to put in timefor dollars for that money um
directly.
So that is what we call freemoney, and you want to be able
to do that because that willthen help your 401k accrue
interest much faster.
SPEAKER_01 (05:10):
Yeah.
And I would say this, y'all.
After 10 years, I think the bestway to, if you want to create
wealth for yourself, is I'll behonest with y'all.
Like, I think we talk about realestate way too much.
I think we talk about othertypes of like alternative typing
investing way too much.
What is at your job, or if youare locum's doc, like the
(05:34):
low-hanging fruit of justgetting out of debt, saving
money, putting money into abrokerage account, putting money
into your individual retirementaccount, putting money into your
HSA if you can afford to, andyou know, make sure you choose
the right spouse.
(05:55):
Like, don't get a divorce,right?
SPEAKER_00 (05:58):
Is that right there?
SPEAKER_01 (06:00):
That right there.
Those are the most important.
It's like it's like uh Hitch,that movie Hitch, right?
Where you got funny ass, what'sthat name?
Kevin, what's that name?
What's the white guy's name?
SPEAKER_00 (06:10):
Kevin Kevin shoot Kevin.
SPEAKER_01 (06:15):
Kevin Bacon, the white guy, and he's doing the
things with his q-tips andthrowing it away and doing all
this stuff.
It's like, and what does Hitchsay?
He's like, listen, just atwo-step.
Simple.
It's right here.
I don't need to go out to pizza.
I got pizza right here.
Kevin James.
Kevin James.
Kevin James, you know what I'msaying?
We got pizza right here.
And that's what it is with yourwith your finances, y'all.
(06:37):
Right here.
See the two-step right here.
Starting there.
I got my IRA, yeah.
You know what I'm saying?
I got my 401k right here.
I got my 403B.
Ooh.
Ooh, you can do that sometimes.
Ooh.
Uh-huh.
What what move is that?
That's the HSA.
That's the HSA.
If you have enough, right?
Do the HSA.
Right?
And then, like this, you knowwhat I'm saying?
You got a good spouse, you knowwhat I'm saying?
(06:58):
Who you can trust.
You know what they do at night,you know what I'm saying?
Uh-huh.
You know where they be at.
You know what I'm saying?
Ooh.
Hey, ah, right?
People try to make it toocomplicated, yo.
I'm telling you, with thesesyndications, these real estate
thing, y'all, you know, you'regonna be a surgeon and you still
need to be doing like syndicate.
Like, listen, y'all.
I'm telling you, don't fall forit.
(07:18):
Um, we've been there, and we'regonna talk about it on a future
episode.
I'm telling you, am I lying,Renee?
Because we got to talk aboutthis house that we got in
Pennsylvania that I just want tosell, you want to keep, and I
don't think that it's it's worthit.
But the most important thing ispay off your loans, guys.
Save your money, do all the taxadvantage things, focus on that
(07:43):
and stay consistent with that.
Once you get consistent afterthat, then you might want to
consider some of these otherthings.
That's my number one thing.
SPEAKER_00 (07:53):
I I I'm gonna do the two-step while you're talking.
Don't do no two-step while youtalking.
Go ahead.
So I agree with you to someextent.
Um, but I think that we have todistinguish building wealth
versus saving for retirementbecause I don't think that those
(08:14):
two things are the same.
Right?
So while the IRA, the 401k,those may be building, you know,
or saving for retirement.
I don't think that is the samething as building wealth.
And I think you don't think thatthere's a distinction.
SPEAKER_01 (08:32):
I think you're playing with some.
I'll leave it with you likethis.
I think the big mistake thatpeople make is you talk to
people who got right out ofmedical school or out of
residency or people who areyoung attendings and be like,
yo, listen, like rather thanworry about, we're not saying
rather than worry about boards,but the person is basically
saying you got to get multiplestreams of income from your
(08:52):
house, you got to get mad doors,you got to do this, all these
different things.
It's like, listen, pass yourboards, put money into your
401k, save your loans, and thenlisten, if you decide to get
into real estate, I'm gonna bereal with you, you have to spend
a lot of time working on it.
Because if you do it half-assed,if you do it half-assed, it's
(09:13):
gonna come back and bite you inthe in the butt.
And you have to make a decisionin your mind.
Am I ready to walk away frommedicine now?
The reason I say that is becauseif you're operating a lot, if
you're doing procedural-basedtype of uh um, you know, you you
really need to work on yourcraft.
And it's hard to work on yourcraft while you're trying to,
(09:35):
you know, make sure that thetenants plumbing is taken care
of.
SPEAKER_00 (09:38):
Yeah.
SPEAKER_01 (09:39):
It's tough.
SPEAKER_00 (09:40):
It is.
SPEAKER_01 (09:40):
So I'm not saying I'm not saying that you can't,
I'm not saying that um, youknow, you can't build wealth
outside of the 401ks and allthat stuff.
I'm not saying those thingsdon't, or excuse me, the the
real estate things, but what I'msaying is is yo, just like if
you're gonna do real estate,then you better do real estate.
That's all I'm saying.
(10:00):
Right.
Right?
SPEAKER_00 (10:01):
I know, I know, but I think I think the the
distinction that I'm making isso that people understand, like,
your 401k, your IRA is notreally for building wealth,
right?
That is building a retirement,right?
Because you you can certainlybuild a 401k in an IRA and never
(10:22):
be wealthy.
Right?
Like that that is possible.
SPEAKER_01 (10:26):
Why where are you getting that from?
Tell me, explain, because you'rejust saying things without
really explaining it.
SPEAKER_00 (10:31):
Meaning, like, so when so the what is the
definition of wealth, right?
Is what we have to really thinkabout.
If you're doing your 401k andyour IRA, and we're talking
about building wealth, it'slike, well, building wealth
when, right?
Because at some point, your 401kand your IRA is for you to
(10:55):
retire.
A lot of these definition ofwealth.
SPEAKER_01 (10:57):
Here, real quick.
Wealth is the total value of allassets owned by an individual,
which can include both physicalpossession, possessions, right,
and intangible assets minus alldebts.
It is a stock of your network.
It is a stock of valuableresources and possessions, such
as money, property, investments,rather than a flow of income
earned over time.
SPEAKER_00 (11:18):
Go ahead.
Right.
So it's your essentially, thatwas a rhetorical question, by
the way, when I was like, whatis your what's the definition of
wealth?
Essentially, your net worth isgoing to determine whether or
not you're wealthy.
But wealthy when is really whatI'm asking, right?
Because the question is, do youwant to wait until 65 or 59 and
(11:40):
a half, you know, to determinewhether or not you are wealthy?
Some people want to build wealthstill in their youth so that
potentially they might be ableto walk away from medicine,
right?
So I think we need to kind ofdistinguish that.
It's like, yeah, build your, youknow, build your retirement.
But if you are trying to buildwealth, what are some of the
(12:03):
things that you need to do inorder to do that, you know, in
the next 10, 12 years whenyou're not hitting 59 or you're
not hitting 65 years old?
SPEAKER_01 (12:16):
Okay, I get what you're saying.
What I'm telling you guys, guys,what I'm telling you all right
now is this your biggest abilityto build wealth before you
retire is your income as adoctor.
I'm telling you guys right now,not how many real estate
properties you have, right?
The the way in which you'regonna buy real estate properties
is through your income as adoctor.
Is that is that the truth?
(12:37):
Yes, yeah.
Right?
So that means that you need topre that means you need to
protect that ability to makemoney as quickly as possible.
That means you need to getdisability insurance.
That is, you know, okay, right,just in case something happens
to you.
That means you got to pay offyour debt so that the money that
you're bringing in as an incomeis going like into your savings
account or is going into abrokerage account, right?
(13:00):
Like you got to be able to dothat.
Um, you got to make sure youpass boards, you got to make
sure that you're okay, you know,clinic-wise, clinical-wise,
right?
Whatever it's procedural in theclinic or whatever, right?
But that's that stuff is hard inand of itself.
And then to throw it on top ofthat, oh yeah, you need to try
to get like, you need to try toget this, like um, you know,
(13:21):
this multifamily place.
And then listen, like they callin because you got toilets that
are not flushing and all thatstuff, especially when you
finish this residency, that's alot.
So all I'm just saying is Iunderstand what you're saying.
I'm just letting people know howit looks like real time.
That's all I'm saying.
Right.
That's all I'm saying.
I think so.
Yeah, if you have a hundreddoors, if you have a hundred
(13:43):
doors, that's great.
But if you have a hundred doorsand then you still, like you are
heart surgeon and you still gotheart surgery in the morning and
all these different things whenyou're studying, right?
Right.
SPEAKER_00 (13:52):
That's all I'm saying.
I agree.
I agree.
I think that what's important.
Be careful.
I think what's important here isthat people need to understand
that there's a certain, there'sa certain priority, right?
And people don't understand thatyou can't prioritize there's no
way that you could prioritizeeverything on the same line.
Everything can't be number one,right?
(14:13):
And so I think what I hear yousaying, because correct me if
I'm wrong, isn't it?
They hear what I'm saying.
Well, I'm asking you, okay,correct me if I'm wrong, but
what I hear you saying is thatthe first thing you need to do
is actually make sure that youcan work as a doctor.
(14:33):
And what does that mean?
There are check boxes that makesure that you can work as a
doctor.
You gotta pass your boards,gotta be able to be licensed,
right?
You gotta get a job as a doctor,right?
When you get a job as a doctor,make sure you keep that job, you
know, to the point where you cancontinue to make some income.
(14:54):
Whether you jump from job to jobto job is is not the issue, but
make sure you keep a job, somejob, uh a locums gig, anything,
right?
Just work as a doctor.
Make sure you protect yourability to work as a doctor,
i.e., disability insurance.
Because if your hands are brokenand you can't operate, you got a
(15:14):
problem.
Yeah.
So get your disabilityinsurance, right?
That's job number one is makesure that the thing that you
invested all this time and moneyinto that you actually are able
to do.
That's number one.
Then number two, save yourmoney.
Save your money.
Why you why you spendingeverything?
Why you gotta go out and get thenew car?
(15:36):
Why you gotta go why?
Why are you doing that?
Right?
Save your money.
Stop spending your money allover the place.
Spend the money for things thatyou need, absolutely.
But you gotta take it.
SPEAKER_01 (15:45):
Don't be buying lucids.
Don't be buying lucids.
You ain't gotta buy no cigars.
You gotta bring back the loveinto this.
You ain't gotta buy no cigars.
You ain't gotta buy sneakers.
Yo, get some sketches, so you'llbe all right.
SPEAKER_00 (15:57):
It's the S, right?
Not telling people what theyshould have, shouldn't buy.
But you know, save your moneyfor the things that actually
matter, right?
SPEAKER_01 (16:05):
And the real quick, real quick, even the sneaker,
the sneaker, uh, that whole likehow like Jordans are like a
thousand dollars, that wholelike pyramid scheme is gone now.
I love it.
I love it.
Yo, try to buy some sneakers,and as soon as like a minute
into them being on the website,they completely sold that.
This is stupid, yo.
Come on.
(16:25):
Anyway, move on, move on, moveon.
SPEAKER_00 (16:27):
But yeah, so save your money.
The way you do that, the way youknow what money that you're
gonna save and what money you'regonna spend.
So if you want to buy the lucid,if you want to buy the
sketchers, that you basicallybudget, right?
Make sure you know where thathard-earned money is going.
SPEAKER_01 (16:45):
The funny part is you come to work, you come to
work, you're gonna be wearingthose nice Nikes, and then
you're gonna take them off andput on those nasty shoes anyway.
So just wear the shoe that youknow, like I don't see the
point.
You cannot tell people what tobuy.
Like, like do people be buyingexpensive figs scrubs.
Why?
Especially if you're a surgeon.
It's like, all right, if youreally operate in, you know you
ain't trying to get blood allover these nice scrubs.
SPEAKER_00 (17:06):
That's how I'm gonna be able to do it.
But we can't actually wear figsinto the OR unless you're going
to really understand.
SPEAKER_01 (17:12):
Yeah, I don't know why they do that.
The hospitals, but most of thetime I see people change right
before.
SPEAKER_00 (17:17):
Yeah, I was gonna say, usually hospitals are like,
nah, you can't wear that in herebecause they're wearing it
outside.
But in any case, all right.
Let me finish my point.
Like, can I finish my point,please?
Like I'm just asking you, isthat what I'm hearing you say?
Yes, that's because you'reyou're kind of like going like,
well, do this, do that, do this.
But people still need apriority, like a list.
SPEAKER_01 (17:36):
Guys, focus on the hanging fruit, focus on a
low-hanging fruit.
Focus on making sure you can bea doctor and that what
everything that requires you tobe a doctor, focus on that
first.
Then focus on the things that'llum keep money flowing to you.
And what I mean by that ispaying yourself first, putting
your money in different taxadvantage accounts that are for
(17:58):
you, right?
And focus on investing thatstuff.
Once you get to a point whereyou feel like, you know what, my
career is um, my career as aclinician is really good.
I feel like what I've broughtin, I have a good enough nest
egg.
Maybe I can start consideringsomething else.
But just know that when youstart doing all of these
different side projects, or ifyou consider a side project, it
(18:19):
needs a lot of attention, right?
And there's a possibility thatthat attention can take, or the
attention that's required to bevery successful in that field
will take away your attentionfrom what you're doing as a
clinician.
It's just in my opinion, like Ican tell you 30,000-foot view
that it's great to go into realestate, but I can also tell you
(18:42):
from the ground that it's tough.
SPEAKER_00 (18:45):
So, at what point would you say that someone
should take on a side hustle?
SPEAKER_01 (18:52):
I don't know.
It's not up to me, it's up todown.
SPEAKER_00 (18:56):
No, I don't know.
I mean, you just went on thiswhole tirade about how people
buy looses in in Jordans.
Like at what point?
SPEAKER_01 (19:07):
I I I think that I think there's a point where
somebody who's in medicine hasto realize or they come to a
realization that they don't wantto do this forever.
That may occur when they juststart as an attending, it may
(19:29):
start when they are finishingresidency, um, it may start
later on, but whenever theyrealize that, right, that's when
they are going to startexamining and looking at other
ways in which they can basicallyget off the ramp, right?
Whether that's through investingin real estate or what have you,
(19:53):
right?
In my line, like that's themajority of people that hold my
question.
Let me finish.
Let me finish.
Most people who come and theywant to talk about um, you know,
I got into syndications or I gotinto the side hustle, it's gonna
build me a certain type ofthing, is they got, in essence,
what's the word I want to use?
(20:14):
Either they got jaded or theyjust feel like yo, medicine is
not for them, and they want todo something different.
That's usually the number onestory that they tell before they
start telling people about thespecifics, right?
So that's that's the reason whyI'm saying that.
SPEAKER_00 (20:27):
Right, but that's not what I'm asking you.
Thank you for your answer, butit is completely not what I was
asking you.
My question was more because wewere talking more about
finances, I'm asking you at whatwhat is the general state of of
their finances that you feelthey would have to be at in
(20:50):
order to then embark on that,right?
Because they they will have thatthought, right?
And then they'll start workingtowards that thing.
What is the point at which youthink in general, right?
In general, because we we can'tbe in everybody's pocket, but
what is the point in general atwhich you think that they should
(21:13):
start down that road of okay,now I'm gonna dip my toe into
this other venture.
And not even necessarily leavemedicine altogether, but at
least really just I'm gonna gointo my first project.
I'm gonna divert my attention tothis just I got you, I got you.
(21:35):
So I'm gonna hold my thoughts.
SPEAKER_01 (21:37):
I'm gonna hold my thought until you say your
point.
I'm gonna use that as a point ofprivilege.
Go ahead, say what you gotta sayfirst.
That was it.
SPEAKER_00 (21:45):
My I said my question.
No.
Um, you go first.
Go first with what?
I'm asking you a question.
You don't have thoughts aboutthis at all?
No, I'm asking you a question.
SPEAKER_01 (21:58):
I'm asking you a question.
So mine is going to be, like, Ican't give specific numbers.
Mine is going to be when yourealize that you are willing to
take some losses for the greatergood.
And what I mean by that is whenyou realize that you may need to
make a significant investment insomething else, whether that's
(22:21):
time, energy, or even money toget you off that off-ramp of
medicine.
Right.
Now, that hopefully is occurringonce like you are like feeling
very stable.
And for me, stability would beyou're out of student loan debt.
(22:41):
You've passed your boards,clinically, you feel like you're
like on cruise control.
That could I can't tell exactlywhen that's going to be for some
people.
For us, that was six years in.
Right?
That was like six years into ourto us leaving residency.
You know, so for somebody else,that might be a little bit later
on.
(23:01):
But when you get to that pointwhere you're like, yo, this is
not sustainable, I need to dosomething else, you may need to
consider that.
SPEAKER_02 (23:07):
So you know, okay.
SPEAKER_01 (23:08):
But let me let's let's for the sake of moving and
not being circular, let's let'skeep it moving.
So um, number two, I have istaking taxes seriously, right?
You have to learn the game oftaxes, and you have to realize
that there's no reward inrunning away from it.
Right.
I think I've said this inearlier episodes that the IRS
(23:32):
code is like a book of it'sbasically a cheat code on how
you can lower your taxes.
And if you are nervous about it,if you run away from it, then
what ends up happening is youget treated like everybody else
and you end up paying a lot oftaxes when you don't really need
to, right?
So it's not just saying I have aCPA, but you really need to
(23:52):
understand the strategy.
And there are books, I'll putthem in the show notes.
There's some books out therethat can help you and easily
understand the strategy of howto keep your taxes low, the
decisions that you need to make,whether it's doing some
charitable contributions orputting money into your taxable
accounts, um, there's a lot ofdifferent things that you can do
to help bring your taxes down.
And that's, I know in the pastwe've always said, oh, if you're
(24:15):
locums, you can do all thesedifferent things.
Even as a W-2, uh as somebodywho's employed, there are things
you can do to lower your taxburden, right?
So super important.
Um, I think that when we likeearly in our career, right?
I think when like we had a CPA,and what we realized is that
(24:35):
like when I wasn't engaged orwhen you weren't engaged, like
really locked in, focused withwhat we needed to take care of
from a tax standpoint, by theend of the year or when it was
time to do our taxes, there wasalways regret.
unknown (24:47):
Yeah.
SPEAKER_01 (24:48):
It was always regret where you're like, damn it, why
didn't we do A, B, C, D?
Why don't we track this stuff?
And I'm just saying, like, thisis another low-hanging fruit
where if you put your fullattention towards making sure
you're making the rightdecisions with your money and
the right decisions that's goingto help you in terms of taxes,
if you could make thosedecisions, you're gonna keep
(25:09):
more of that money in your bankaccount instead of giving it to
the IRS.
SPEAKER_00 (25:13):
Yeah, I think that that's I think that that's true,
but I also think that that'svery tough, right?
Because the planning or, youknow, the questions that you
have to ask in order to be ableto really get the full benefit.
So yeah, if you don't, if youdon't know how to ask the
(25:34):
appropriate questions becauseyou just don't know what
questions to ask and you don'thave a great CPA, then it
becomes a little bit difficult.
And I think that's what happenedwith us, right?
If we're talking about mistakesthat we made, there were just
some questions that we didn'tknow, and it was like trial and
error.
So we had to lose money beforewe could start really
understanding that, oh, wait,you know, all of these things
(25:56):
that we should have known duringthe year last year, we're gonna
ask up front this year, and soon and so forth.
So just you know, keep track.
SPEAKER_01 (26:06):
I think you bring up a good point, but I'll be honest
and tell you that the next timeI met with the CPA, they told me
things and I just forgot aboutit.
You know what I'm saying?
So there's there's knowledge andthen there's even
implementation, right?
So those are two separatethings.
So I I agree with what you'resaying.
Sometimes it's hard.
Well, it is hard to get thatinformation if you're not an
(26:26):
expert at that.
But then once you get theknowledge also, there's another
step to implementing it, right?
Right.
Same thing with student loans.
It's like, yeah, I don't want tobe in student loan debt, but
then once you get the knowledgeto know that this student loan
debt sucks, implementing theplan is two separate things,
also.
Right.
So I I agree with you.
I think you make a good point.
(26:47):
I'll link below some of thebooks that we've used.
Um, but I do think it'simportant to understand that you
don't need to love your taxes.
Um, you just can't afford toignore them.
I'll leave you to like that.
Is that fair enough?
Does that work for you, Dr.
Renee?
Don't nobody love their taxes.
You know what I'm saying?
So your CPA loves taxes.
(27:07):
So all right, let's move to thethird one that I've learned.
Listen, y'all.
Um this one's gonna be a littlebit controversial for half of
our audience, but I'm just gonnasay this right now.
All right, so I have it on mynotes as choosing locums or
independent contracting for lifeor contracting so that you can
(27:30):
have a life of autonomy as wellas control.
I say that with the caveat ofthere are plenty of people who
are employed right now who havecontrol of their lives and
they're not independentcontractors.
What I'm saying is after 10years, what we're realizing is
money's important.
Income, getting the most amountof money that you can get paid
(27:53):
is very important.
But for me and Renee, we don't,or at least me, I don't value
Rolexes more so than I valuetime with my family.
I don't value lucids more sothan I value time with like why
do you do this, me?
Dr.
(28:13):
Love, you know we love me.
We love you.
Actually, I have lucid, I havelucid jealousy, actually.
I think lucids are a way bettercard than Tesla and stuff.
And listen, y'all, let me tellyou something right now.
Dr.
Love, he is killing it.
He does things the smart way.
He And he loves his family.
He has 109, he does things as a1099 ER doc, and he is killing
it.
So if you guys are looking foradvice on what to do it from an
(28:34):
ER standpoint, you guys need tobe looking at him.
So I say that in jest.
I'm joking around.
But he does it the smart way.
His lucid is as a businessexpense, right?
So as much as I joke around, myman is doing it the right way,
right?
But what I'm just saying is it'simportant how you work and why
you work, as opposed to whatyou're getting from it, which
(28:54):
could just be an income, right?
Because you could get paid amillion dollars to do whatever
you want to do in medicine.
That sounds great.
But if you every weekend have tobe on call, if you can't get
away and go to a funeral, youcan't have your birthday off,
you can't have your spouse'sbirthday off or your kid's
birthday off, or you know, yougo to a wedding and it's time to
give your daughter away and youcan't be there because you got
to deliver a baby.
We heard that one.
(29:15):
What what are we talking abouthere, right?
So I just think that it's superimportant that, yes, me and
Renee are locum tenons, we'reindependent contractors, we have
decided to focus on autonomy andcontrol.
But I think also for you guyswho are independent, or excuse
me, for you guys who areemployed, you know, it's super
(29:35):
important to really focus, Ithink, on the control aspect
more so than the income aspect,um, to some extent.
So you know.
SPEAKER_00 (29:44):
Yeah, I think you know, we I had a quick
conversation with someone umabout you know quality of life.
And quality of life, when wetalk about quality of life, a
lot of times we're talkingabout, you know, the quality of
life outside of the hospital.
But remember.
Remember, there's a quality oflife also inside of the
hospital.
So, you know, make sure that,yeah, if you're getting a good
(30:06):
income or you're getting somesomething from this job, that
it's a job that you actuallywant to wake up and go to.
Because, you know, if it's a jobthat you don't actually like,
there are things about the jobthat you fundamentally just say,
I don't want to do this, but itis giving me this benefit or
giving me this income.
Then the question is, you know,for that time that you are at
(30:29):
work, which could be a lot oftime that you're at work, is
your quality of life beingaffected?
Um, so I think that that'ssomething to think about as
well.
Choose wisely.
SPEAKER_01 (30:41):
Oh, yeah.
I a hundred percent agree withthat.
Um, for me, control over mytime, it's the highest form of
wealth.
I just leave it to you likethat.
Could we be making more?
I'm gonna let y'all know, guys.
We could be making way more,y'all.
Like, yo, I could get like threelucids.
You know what I'm saying?
But um, I've decided wrong withLucids, four Jordans, you know
(31:05):
what I'm saying?
All right, you know, but youknow, I wanna make sure my kids
like me, and that's important tome, you know.
So that's all you gotta pay them$20 each.
I gotta make sure my wife loveslikes me, you know what I'm
saying?
So you gotta pay me$20.
And and I and I got a securitysystem now, Dr.
Renee.
(31:25):
I know when the milkman comes inthe mailman, all that shit.
She got AI, all that, all right.
Anyway, let's move on to realestate.
Boom.
I was gonna bring it back tothis.
So you gotta understand, why areyou laughing?
You gotta understand where I'mgoing with this.
Real estate, right?
(31:45):
You can do real estate, guys.
It's important if you make itimportant.
But it has to be done withintentionality, all right?
Not just like I should buysomething because somebody says
I should buy something, right?
Real estate really works whenyou work it, right?
So that notion of I'm gonna doreal estate and it's gonna give
me passive income.
Nah, I don't work like that.
unknown (32:05):
Dr.
SPEAKER_01 (32:05):
Renee, am I lying?
SPEAKER_00 (32:07):
You're not.
SPEAKER_01 (32:08):
Right.
If you're gonna do it, you gottaunderstand the numbers, you
gotta understand the market thatyou're in, you gotta understand
who's gonna manage the property.
Are you gonna hire a propertymanager?
When you get a property manager,are they gonna take money from
you?
Right?
SPEAKER_00 (32:23):
Well, yes, they're always gonna take money from
you.
SPEAKER_01 (32:26):
All this stuff, like you can't half-ass this, yo.
If you really decide to get intoit, it's work, right?
Like Big Daddy can't is work,baby.
You know what I'm saying?
Like, you gotta be ready, right?
And the other thing too is I'mtelling you right now, like, I
ain't I know people always talkabout like, yo, like I'm gonna
get this property and in 10years it's gonna be a pre man.
(32:47):
I don't believe in all thatappreciation hype.
For me, it's about cash flow.
How much prop how much money I'mgonna get from this property
right now in terms of rents andso forth.
That's one thing that I wouldsay.
So um wait, what you laughingat?
SPEAKER_00 (33:02):
Well, I do think that appreciation uh is a real
thing, so I do believe in it.
Um but you know, it depends onwhat you're going into the real
estate for, right?
If you're going for a buy andhold, then yeah, like then you
gotta worry about the cash flow.
But if you're going in for, youknow, some sort of a flip or
(33:26):
you're doing a syndication, youknow, you're going into real
estate for a you know, for aspecific um reason in a specific
way, then yeah, you're gonna gointo real estate or your your
going your motives for goinginto real estate might be
different than someone else's.
You have to ask yourself, whatis my motive for going into real
(33:48):
estate?
Am I truly trying to buy andhold, right?
Am I trying to buy and hold andbe, you know, be the landlord of
this place and potentially get aproperty manager if I need to?
Um, and if not, then if you'rebuying and holding, if you're
not getting a property manager,then yes, you're gonna have to
be extremely involved inmaintaining this property.
(34:10):
If you're going in for a flip,then you're gonna dump a whole
bunch of money into it with thehopes of getting a bunch of
money out of it pretty quickly,right?
So you're not buying andholding.
You're whole you're hoping thatwithin a few weeks you're gonna
be able to make your money back,right?
If you're going into asyndication, then you're putting
(34:31):
in your money, but you'rethinking, okay, well, I'm gonna
wait for the appreciationbecause that is literally the
only way that I'm going to getmy money back, is for this thing
to appreciate, and then I'mgoing to sell it at the point at
which I feel that theappreciation is going to give me
a significant prop uh profit.
So I think you know, it youcan't lump everything together,
(34:55):
right?
And there are still other waysof doing real estate, right?
I'm not lumping all these kindsof things.
SPEAKER_01 (35:01):
Man, I ain't lumping everything.
Well, I'm saying is if you'retrying to get that with that
that multifamily, listen, I'mtelling you how I look at it.
And that's what I've learned,not what do you call it?
You trying to give people thetext.
I'm telling you what I'velearned.
Listen, I'm inside what you'relearning, but you can't.
Get that cash flow, everybody.
Get the cash flow.
That's what I'm saying.
SPEAKER_00 (35:20):
But but you're telling them this in the context
of you know, one way of doingreal estate.
You you're not getting a lot ofmoney.
The way in which I've done it.
The way in which I've done it.
Well, you've done it two waysnow, but you're you're done.
That's the way I wouldn't do,guys.
Okay, I understand that.
But you but you have tounderstand that someone who's
listening may not reallyunderstand what you're saying.
(35:42):
And you have to distinguishbetween every month from your
rent from your renters.
SPEAKER_01 (35:48):
I want that check.
Give me that check.
Where that check at?
You know what I'm saying?
And who's gonna get that check?
And where that check is gonnago.
That's what I'm saying.
Don't worry about what the houseis gonna do in 10 years.
Where are the rents?
Where they at?
SPEAKER_00 (36:02):
That's buy and hold, babe.
That's what I'm talking about.
So, and that's buy and hold.
That's buy and hold.
So some people may not want todo buy and hold.
They want to go take away.
SPEAKER_01 (36:12):
I can't front though, Dr.
Renee.
Hey guys, I can't front.
Listen, don't I make Dr.
Renee look good?
I know I'm bad.
I know that I am like my pointsare so like like they could be
like I over summarize things andso forth.
So I make Renee look like thereal smart person and stuff.
Trust me, I think like she does.
I'm just giving you all thereal.
She's not giving you real.
You know what I'm saying?
I am giving you the real.
(36:33):
That's a real thing.
That's why I say I make her lookgood.
Talking about.
I make her look good because Iknow I I take the I take the
fall.
I'm the fall guy.
I got it.
SPEAKER_00 (36:41):
Nah, maybe I'm making you look bad.
Maybe that's what's happening.
Maybe that's actually what'shappening.
Maybe I'm just making you lookbad.
SPEAKER_01 (36:48):
Let's move on to the next one.
But before we move on to thenext one, listen, real estate
isn't passive unless you'vebuilt the system to make it
passive.
That takes time, that takesenergy, um, that takes
dedication.
That's all I gotta say aboutthat.
SPEAKER_00 (37:02):
So oh my god, go to the next tip.
Please, please, let's close thisout because I can't put this man
no more.
No, you don't close nothing out.
SPEAKER_01 (37:12):
You the co-host, I'm the host.
I tell you what.
SPEAKER_00 (37:15):
Anyway, hurry up me.
SPEAKER_01 (37:17):
I gotta go pick up our kids.
Let's go.
Protecting the asset, and theasset is me.
I'm telling y'all, this is superimportant, guys.
Number five, protect you, right?
The asset is you.
For me, it's my health, it's mymind.
Um, I'm focusing on rest, I'mfocusing on strength and my
health, and um also insurance.
(37:38):
Telling y'all right now,insurance is a big thing, y'all.
Telling y'all.
SPEAKER_00 (37:42):
What kind of insurance name?
SPEAKER_01 (37:44):
Uh, I'll get there when I when I get there.
Don't tell me what it is.
All right, thank you.
Oh my gosh.
Um, trauma surgery hasdefinitely taught me that when
the body goes, the mission goes.
Because I see people's lives getsnuffed out really quick, right?
So it's super important um tomake sure that you're um the
relationships are right, thatyou're taking care of your body.
(38:06):
Um, you're telling people thatyou love them when you do.
And um, you know, work isn'teverything, right?
So for me, uh, as you all know,I've been focusing on working
out.
I've been focused on a mix ofstrength training as well as
getting ready for a 5K.
I want to build my heart and Ialso want to build my my
physical so that my wife don'tleave me looking sexy.
(38:27):
I love that, right?
Um, okay.
I'm focusing on sleep.
Check them cameras again.
Yo, that's fine.
You know, I learned how to blockout negative energy, right?
Um, I'll be honest with y'all,guys.
(38:49):
Insurance is a real thing.
Insurance is a real thing.
Um, disability insurance, I knowit's one of those things that if
you never need it, then youspent all this money.
Um, but you can't predict ifsomething will happen to you.
You could be doing somethingvery simple, something very
run-of-the-mill.
And if you injure your hands oryou get injured and you can't do
(39:10):
your job, then the best abilityfor you to make wealth is
sideline, right?
So, you know, you listen to ourour um sponsors, you know that
who we rock with and what wehave to say about disability
insurance, but it's veryimportant to have that.
The other type of insurance thatI would say is very, very
important, y'all.
Um, once you have kids, once youhave dependents, is life
(39:31):
insurance.
But even more so than that, yo,I'm gonna tell you something
right now.
As from a ground-levelgrassroots is umbrella
insurance, y'all.
Super important.
Super important because you'llbe shocked um at people who are
not in the field and they lookat you as a target.
(39:54):
Some people may look at you justas dollar signs, and the ability
for you to have coverage that umyou think you'll never need, or
for you to kind of think aboutlike people coming after you
just for you know your insuranceor just for you from a financial
standpoint is something that Ithink is is hard to grasp,
particularly when you come froma certain demographic.
(40:16):
But once you reach reach acertain level, it's like, yeah,
I gotta protect, I gotta protectmyself.
And I gotta protect my abilityfor my family to um feed and eat
and all that stuff.
So I would say insurance is veryimportant also.
Um, so that's that's that's onething I have to say.
And I I I left it as lastbecause I think that you know, I
(40:38):
don't want to spend too muchtime here.
Uh but I also don't want to saygoes without saying.
Like this is really important.
SPEAKER_00 (40:44):
Yeah.
I agree.
That's all I got to say aboutthat.
SPEAKER_01 (40:48):
Yeah, if if like the you know, like guys, like the
system that we have is like Dr.
Renee works weekends and I workthe rest of the week.
Um but we both have disabilityinsurance, we both have umbrella
insurance.
Um Renee is now starting to pickup walking more and exercising
more.
Um, but this is this is a systemand it's a plan.
(41:11):
And the key thing is like if Ibreak down or if Renee breaks
down, like good portions of thisplan break down, right?
So for us, staying healthy, um,that is a financial strategy,
actually.
SPEAKER_00 (41:25):
Yeah, yeah.
Oh, absolutely, absolutely.
So if you insure your car, youshould insure your body.
SPEAKER_01 (41:33):
Yeah.
And it's funny, like a lot ofpeople will insure their car,
and then when it comes toinsuring themselves, definitely
with in firms of disability oryou know, anything else, they're
like, Well, I don't need it.
SPEAKER_00 (41:45):
It's like, well, but you know Well, they insure their
cars because you you legallyhave to.
Um But I think a lot of peoplewould not insure their cars if
they didn't.
If if it weren't illegal.
Um But you know, you can alwaysget another car.
You can't always get anotherbody, right?
(42:07):
And that's I mean, I think justthe the logic behind that, it
just makes sense um to insureyourself.
So hopefully those of youlistening out there, everybody
has disability insurance.
SPEAKER_01 (42:20):
Yeah, I and I would say this, guys, like to end this
whole subject, like yes, I thinkthat there's a lot of things
that I'm saying that I've saidum that are real, um, that to
some extent I say some thingswith ingest and so forth.
But I hope you guys understandthe core components of what I'm
saying, which is Dr.
Renee's will give you the30,000-foot view of like what to
(42:43):
expect.
I prefer to give you like thereal grassroots view of certain
things, right?
So the reason why I kept pushingthe whole thing with cash flow
is I believe that it's importantto get cash flow.
But yes, appreciation isimportant.
Like you want to make sure thatwhen you get a house that you
know that in the next 10 years,if you're in an okay
(43:05):
neighborhood, that eventuallythat property will be worth
more.
That's important.
But also at the same time, youdon't want to be using your own
money to be paying the mortgagefor that property because you're
not getting enough money.
That's true, right?
That's all I'm just saying,right?
And I think a lot of timespeople will say certain things,
but then they're not reallyreally being honest about what
(43:25):
it means on a day-to-day basis.
Yeah.
If you're not getting the cashflow, who's gonna pay the
mortgage?
Right.
You can't wait 10 years for theappreciation to kick in when the
mortgage company is like, wewant to our more, we want our
money.
That's all I'm saying, guys.
So listen, you know, every majorfinancial decision that we've
made, it's mainly because wewent all in.
(43:46):
And the things that I'm tellingyou that I have an issue with or
that I'm telling you this is howit really is, is mainly because
I did it half-assed, or we didit half-assed, right?
So whether that's starting aside business, whether that's
putting too many irons on thestove, um, but things that we
talk about really positively,paying off debt, you know, uh
(44:07):
paying off debt, you know, um,making sure that we're doing
locum tenons and making surethat, you know, we have a really
tight family unit.
We were all in on that andstuff.
So um, Dr.
Brandon, you want to addanything else before we finish
this?
SPEAKER_00 (44:21):
No, I think you make a good point that that's the
recurring theme, right?
You know, there's there's nothere's no amount of financial
advice that you're going to giveto someone that is going to
explain to them what you justexplained.
It's like you just have to goall in, you know.
So I could tell you, well, dothis, do that, whatever.
But if you're not all in it,then it doesn't matter.
(44:44):
Like your money is not gonnasolve your problems.
You're going to solve yourproblems by your commitment.
SPEAKER_01 (44:49):
Right.
And just like you said before,and I'll I'll just leave this
will be the last point.
Even if you don't like yourcareer, or even if you're having
a problem with your job and youthink that maybe real estate may
be the key to get out of it.
Well, I'm gonna tell you thisright now.
If you do it half-assed, it'lljust be another distraction.
So that's what I'm talkingabout.
(45:10):
If you feel like real estate andum whatever side hustle that
you're doing may be the key todo it, go all in and do it.
And that will help you get offthe that will help you get on
the off-ramp to whatever yourproblems may be clinically.
That's all I'm just saying.
All right, y'all.
We just finished the fivefinancial tips that I've learned
over the last 10 years.
(45:30):
Um, next we're gonna get into alistener question um about doing
locum tenons and then going toanother continent.
Check out the next one.
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