Socratic questioning — Here’s one. What is almost always missing in the average person’s Wall Street investments? This is probably even more applicable with their employer 401Ks.
Transcript: Hi this is Jeff Brown the “BawldGuy”. Today, we’re going to continue along talking about what my mentors taught me using the Socratic method of teaching. One of the questions that I asked previously was about taking the dollars from Wall Street investments that have done maybe mediocre, maybe poor, maybe a little bit better than average but not what you expected. How you can put them into real estate that maybe it won’t go up a dime in the next five years, but will do much better than where you’ve been and why maybe you want to re-think your current position hoping against hope that where you’ve been investing is somehow going to change results from what you’ve been getting. They got you where you are today. They’re not going to get you any place different. Now, one of the things, for an example, that I would tell you is that if you bought a property and it didn’t go up for five years and yet you took the cash flow, you took some of your budget that you are previously giving to other things, maybe losing Wall Street investments and you started paying down that loan. What if you were to pay down that loan in five years and then since it didn’t go up in value, you still owned an asset that was worth six figures, sometimes middle or up six figures and you were able to sell it without paying any capital gains taxes because of some of the answers in the previous questions. Compare that to your experience on Wall Street. Look at the control that you have versus the lack of control you have on Wall Street. The point is this: Take control of your retirement. You’ll never hit and have and enjoy a magnificently abundant retirement without having a plan retaining control and executing all that control and that plan on purpose. This is Jeff Brown, the BawldGuy. You have a good one. Thanks for coming. I’ll see you next time.