203: Wealth Without Debt Is Impossible, Doctors & Investing - with Dr. Buck Joffrey
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 27 August 2018
⏱️ 40 minutes
🧾️ Download transcript
Summary
#203: Doctors' debt is $200K-$600K+ after medical school. Should they pay it off or invest in real estate instead?
Most view doctors as "successful" - they help people and earn more than most.
Dr. Buck Joffrey joins us. Are doctors "too academic" to be concerned with investing? They miss out.
Get his great Wealth Formula Roadmap Course.
Young doctors often ask veteran doctors what to do with their money. They get referred to a typical financial advisor.
"The Rule Of 72" is misleading. Mutual fund investors often make zero return.
It is impossible to build substantial wealth without (good) debt. That is, debt that's outsourced to others, like tenants.
I give a concrete example of how debt creates wealth for you with a $1M building where you make a small down payment.
Inflation dilutes the weight of your debt.
Wealth Formula = Mass x Velocity x Debt
Dr. Joffrey's first apartment building was bought based on "a promise" - a pro forma on a Class D building. It was awful.
_______________
Want more wealth?
1) Grab my free E-book and Newsletter at: GetRichEducation.com/Book
2) Actionable turnkey real estate investing opportunity: GREturnkey.com
3) Read my best-selling paperback: getbook.at/7moneymyths
_______________
Listen to this week's show and learn:
02:10 My chat with a new medical doctor and his $450K debt.
06:00 Dr. Buck Joffrey interview begins.
09:05 Are doctors "too academic" to be concerned with investing? They miss out.
12:15 When you have a Dad that's in real estate investing.
14:35 "The Rule Of 72".
16:43 Flawed conventional wisdom.
20:00 Debt.
24:58 Inflation-profiting from debt.
28:39 The mathematical wealth formula.
30:13 Dr. Joffrey's first apartment building was a loser.
31:50 Wealth Formula podcast.
33:47 Dr. Buck Joffrey's video course: Wealth Formula Roadmap.
Resources Mentioned:
Video Course: Wealth Formula Roadmap
Mortgage Loans: RidgeLendingGroup.com
Cash Flow Banking: ProducersWealth.com
Turnkey RE: NoradaRealEstate.com
QRP: TotalControlFinancial.com
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to Get Rich Education. I'm your host Keith Weinhold. Newly minted doctors come out of medical school with hundreds of thousands of dollars in debt. What does their financial world look like once they start making several hundred thousand dollars a year? And would they invest in real estate today on Get Rich Education? |
| 0:21.6 | Are you looking for a roadmap to financial freedom? |
| 0:24.6 | If so, we have a solution for you. |
| 0:27.3 | Nerata Real Estate is offering a limited number of free strategy sessions to help you get out of the rat race. |
| 0:33.8 | Learn how you can create wealth and build monthly passive income. |
| 0:38.8 | To set up a time with one of our knowledgeable investment counselors, |
| 0:42.5 | simply go to Neratarealestate.com. |
| 0:45.4 | That's N-O-R-A-D-A-R-A-R-A-R-A-R-E-E-A-R-E-E-E-A-R-E-E-E-E-L-E-E-Lapity. |
| 0:56.8 | Go to Ridge Lending Group, and over the years, you've heard owner Chaley Ridge generously give her time to you right here on the show as a guest. |
| 1:04.5 | Rids provides investment property loans in almost every U.S. state. |
| 1:09.2 | And you're going to find out how they've helped more Americans |
| 1:11.8 | realize their dreams of financial freedom through real estate than any other mortgage lender |
| 1:16.9 | in the entire nation when you get started at ridgelendinggroup.com. |
| 1:23.5 | Get rich education is brought to you by Ridge Lending Group, producers wealth, LaRata Real Estate, and Total Control Financial. |
| 1:31.3 | You're listening to the show that has created more passive income for people than nearly any show in the world. |
| 1:38.6 | This is the powerful Get Rich Education. |
| 1:43.3 | Thank you. Get Rich Education. Welcome to GRE from Frankfurt, Germany to the Germantown section of Philadelphia, Pennsylvania, and across |
| 2:02.2 | 188 nations worldwide. I'm Keith Weinhold, and this is get rich education. So recently, I |
| 2:10.0 | struck up a conversation with a newly graduated medical school student. He had completed |
| 2:16.3 | med school and his residency, and he was about to head off to |
| 2:20.0 | begin work as a doctor in a month or two. There we were chatting away inside an REI outdoor clothing |
| 2:28.4 | store as it was, and I learned that he was coming out of school with some substantial debt, as you would expect. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Keith Weinhold, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Keith Weinhold and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.