283: Ask Buck 9/25/21

Wealth Formula by Buck Joffrey

Personal finance is personal. However, there is a type of conventional financial wisdom that leads us to believe that there is one right way of doing things.

That becomes very confusing to people…especially in our alternative investment world. After all, financial advisors are the experts, right?

In reality, financial advisors are usually most interested in your money going into traditional investments such as stocks, bonds and mutual funds so that they can charge you for assets under management.

I’m not vilifying them for it. It’s just the way it is. Furthermore, traditional advisors tend to know very little about our world of real estate and other tangible assets.

There are some out there who offer coaching as a way to navigate the alternative space. But in my experience, these coaches are not wealthy.

After all, one-on-one coaching takes a lot of time. If you are really wealthy, would you spend your time coaching or focusing on what makes you a lot of money?

Whenever I try to learn something new in this space, I try to learn from people who are wealthier than I am. I don’t take financial advice from people with less money than me. I am unaware of anyone who makes more money than most of us who is offering one on one coaching.

So, what do you do? It’s a very good question. To me, the single best resource for learning personal finance in the alternative space is through peer groups.

As you may know, we have our own private peer group called Wealth Formula Network. I can honestly say that I have learned more from this group over the past few years than any other resource.

Collective intelligence is very powerful. If you have friends and family of like mind that can help you navigate through this space and feel confident, then good for you.

Otherwise, I strongly suggest you consider finding a group of peers for collective learning. There simply is no better way to increase your financial IQ and to feel confident about your decisions.

Ask questions. Don’t be afraid because someone else will likely have the same question, but is afraid to ask for fear of looking stupid. But everyone has the same questions at some point in their journey.

Speaking of questions, this week’s episode of Wealth Formula Podcast begins the latest series in our “Ask Buck” episodes. Make sure to tune in as we have got some great topics. I can pretty much guarantee you will learn something. I know I did!

P.S. If you want to submit your question to the show, click HERE!

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