254: What Just Happened and What Next?

Wealth Formula by Buck Joffrey

Life is not long enough to take advantage of the wisdom that comes with age. It’s really kind of a cruel joke of nature if you think about it. You get smarter as the rest of your body becomes less functional and closer to death.

This phenomenon really needs to be experienced in order to be believed. I recall listening to a young syndicator recently telling me that experience is over-rated. That’s easy to think when you are, indeed, young and inexperienced.

Experience does matter because, although history may not repeat itself, it most certainly rhymes. When you’ve been through a cycle or two you do have a little bit more insight compared to one who has not.

Luckily for me, I’m not that old yet. However, I am in my late 40s and I am seeing patterns in the economy and investing that my younger peers are not. In fact, seeing these patterns come to fruition has made me realize how important it is to learn more history in order to compensate for the things that I have not yet seen.

This unique type of intelligence we gain over time is what is called wisdom. Again, It’s really hard to appreciate when you are young. I still remember my father telling me things when I was a teenager that I blew off as nonsense that I realized later in life were profoundly true.

These days, when someone has been around longer than me and has wisdom to share, I listen. Wisdom is priceless and I, for one, cannot get enough of it.

My friend Russell Gray doesn’t look that old but boy does he have a lot of history to share and I always learn something from him.

Hopefully you will too on this week’s episode of Wealth Formula Podcast as I get a chance to reflect on the events of 2020 with Russ and contemplate on what happens next!

Russell Gray is Robert’s sidekick on The Real Estate Guys Radio and TV Shows. Russ is a financial strategist with a background in financial services dating back to 1986. As a faculty member for the California Association of Realtors, Russ taught Real Estate Finance to Realtors® pursuing the prestigious GRI designation. He is a popular speaker and author.

Shownotes:

• Russ talks about some of the things that surprised him over the past year.
• What is Stagflation?
• The best thing to do is to invest in hard assets as much as possible.
• Russ talks about how real estate is a hedge against inflation.

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