Wealth-Building Made Simple

Summary notes:
Philip Washington Jr. and Derek Johns discuss the economics of podcasting and how it can lead to future millionaires and billionaires.  They also discuss the  history of media and how it has evolved over time.  The early US media industry sort of  started  with the fringe creators of Hollywood, then moved on to TV news, radio, cable blogs, video, and now podcasting. 
Despite contrary belief, podcasting is not as saturated as people think because many podcasts don't last and many podcasters don't have the intent of building a business around it.  Lots of money is being invested into the audio platforms of podcasts because audio is a great way to capture attention for a long period of time. It is argued that having a captive audience of 100 is more beneficial than having a million followers who don’t do what you say. To be successful in this market, one needs to demonstrate that they have a captive audience consistently. 
Podcasting is another great example of how money is attracted to the best new ideas of a generation.
Timestamps
0:01:58 Exploring the Possibility of Podcasting: A Conversation on the Evolution of Media and the Potential for Profit 0:03:46 The Power of Podcasts: Capturing Attention and Building a Media Empire0:05:22 Conversation on Wealth Building and Investing Strategies for Creators 0:11:11 Conversation on Investing in Media and Content Creation 
 
Guest Host: Derek Johns, CEO of the Dear Son Network
https://thedearsonpodcast.com/
 
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:
The US stock market has had about 3 lost decades in the last 100 years and this next decade is likely the next one.  
Lost decades happen because of the collective emotional state of "The Market".  Investors can choose to passively invest their money in the market and be subject to the results of the emotional state of the market or they can choose to manage be mindful of place their resources only in places where the dominant emotional state is faith in the future.  
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:
Casualty losses can actually be deducted from income tax, but how it depends on the specific situation and the circumstances of the loss.  A casualty loss can include any damage or theft of a business’s property, such as a tornado, car accident, or theft. 
It’s important to keep detailed records of losses in order to qualify for deduction.  What’s also important is to pay close attention to all the tax implications of the losses and factor those losses into your overall business financial plan. .Methods for handling casualty losses in a business, such as setting up a separate line in the business' accounting record and ensuring the business has proper insurance coverage to cover any losses incurred. It is important to work with an insurance agent every year to make sure the business has the necessary coverage for any potential disasters that could occur, such as floods, tornadoes, hurricanes, or fires. 
Timestamps0:01:07 Understanding Casualty Losses in Light of Recent Natural Disasters and Their Deductibility 0:03:40 Discussion on Casualty Losses and Insurance Coverage for Businesses 0:06:23 Working with a CFO and Insurance Advisor to Ensure Proper Coverage
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:
Not chasing relationships goes against the advice offered in many of the business books we read.  Jay Z and LeBron James are examples of people who have achieved success by utilizing their talents, resources, and relationships within their circle of friends and family, rather than trying to chase relationships with wealthy people. 
Money is attracted to money, and having the right kind of mental attitude draws like-minded people and resources to you. Instead of chasing relationships, become the relationship you want to attract.  Be the kind of  person you want around yourself and watch you attract those people right to you.
Timestamps
0:00:01 Don't Chase Relationships in Business0:01:15 The Power of Networking: How Jay Z and LeBron James Attract Success0:03:53 The Power of Attracting Positive Relationships
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:
The world is transitioning from a single power to a distributed power. This means that instead of one power controlling the world, there will be multiple powers controlling different aspects of the world. This affects the American economy because the US dollar is the global currency for trade, and the US has been using manipulation tactics to control other countries first with the military and most recently with the monetary system. 
This is no longer effective due to the emergence of China as a powerful nation. The conversation also discussed the effects of this transition on real estate, with US dollar income producing real estate being a good investment due to the US dollar still being the reserve currency. 
Inflation (which reduces the value of a country’s currency) is an effective way for governments to reduce debt, and it affects real estate, stocks, and crypto because all assets, goods, and services are priced relative to a country's currency.  .
Timestamps
0:01:07 Impact of International Relations on the US Real Estate Market 0:02:53 The Impact of Global Power Dynamics on Real Estate Investment0:10:10 Exploring Future Investment Opportunities in Energy-Rich Areas0:12:24 Real Estate Investment Opportunities Around Bitcoin Mining Facilities
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 

Summary notes:
Having a clear vision and an understanding of what you want to accomplish with your podcast is the key to success.  Other important keys involve building solid relationships, being consistent, and focusing on improving the quality of your content.  Derek Johns shared his experience of starting his podcast and the struggles he faced in the beginning. He also stressed the importance of staying true to yourself and your vision, despite the noise and criticism you may face.
Timestamps
0:00:55 Exploring the Vision of Dear Son Podcast Network 0:03:40 Conversation on Positive Storytelling and Raising Consciousness
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 

Summary notes:
Stress is felt when our dreams and feelings (beliefs) are not in harmony.  Said a different way, stress is an indicator that we are focused too much on what is and not enough on the Beautiful Vision of our dream moving from our Imagination into Reality. 
 
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Summary notes:
There are times in business where we wear all the hats because that's where we are in the stage of our growth.  Then there are times when it's time to start delegating because every minute you spend doing work that you could pay someone else to do is costing the company money.  
Alison and Phillip discuss ways to know when it's time to hire a team for your business finances.  
 
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Summary notes:
Whatever a person sows (believes), so shall they reap (receive).  If we believe we are worthy of wealthy, it won't make it into our experience.  If we believe the process has to be a struggle and hard, then it will be just that.  All rules of life are made up and/or accepted in our own mind.  We have the free will to choose what we decide to believe.  
 
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Summary notes:
Most business transactions are relatively simple from a technical standpoint.  Meaning, we have buyers and we have sellers that want to exchange money for an asset, good, or service.  Markets are relatively developed these days so it's not that difficult to determine the value of the asset, good, or service being exchanged.  
Because of that some people are questioning the need for middle person  in between transactions.  A middle person can be considered a medium, an in between.  A good medium is good if they make the process simpler, easier, and/or more profitable.  A "bad" medium does the opposite.  So a middle person can enhance or take away from the deal, but it might not be a great idea to just through out the baby (having a professional in between) with the bathwater (a bad experience).  
 
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Phillip Washington Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 

Summary notes:
Every generation creates new media outlets for telling stories to continue to evolve and influence mankind.  Podcasting is one of the new fast growing media outlets of the digital age.  
Phillip and guest Derek Johns, CEO of the Dear Son Podcast Network, discuss how Derek decided to get into podcasting, his why, and how they see the future of the industry. 
 
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Summary notes:
Passive index investing is a low cost way to package up old dying ideas.  The problem with that is most of the upside investing comes from participating in the. new economic ideas that shape the future.  
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:
Managing expenses is important if you are looking to increase cash flow.  You can't cut your way to prosperity, which suggests that one cannot grow a business if they are spending too much time worrying about expenses. Business owners should have a budget based on historical trends, and should look back at their spending habits to ensure they are keeping their employees happy but not overspending. Technology can help to drive down costs, and business owners can look for efficient ways to deliver goods and services. 
 
Timestamps
0:01:17 Managing Expenses for Cash Flow and KPI Management 0:03:06 Managing Expenses to Achieve Business Growth 0:07:21 Understanding Cash Flow and Expenses for Successful Business Owners
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 Phillip Washington Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:
A big belief is that markets move based on earnings and cash flow.  That's only half the story after the move has already gotten started and everyone is starting to notice the move.  The origin of the move is a shift in Perspective. 
The market represents the collective mind of all participants.  Just like we change our minds about things individually, so does the market.  That shift in Perspective is where Big Money hangs out.  
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:
Not every nice neighborhood has an HOA, but they are common and highly beneficial. An HOA is a nonprofit organization of homeowners that governs a certain residential area and enforces rules for things like landscaping, noise, and other community standards. HOAs also provide a range of services, including maintenance and access to amenities like swimming pools, clubhouses, and playgrounds. Additionally, HOAs provide additional security, since their presence can deter crime. As a result, it is important for potential buyers to consider the HOA when looking at a home.It is more common for newer neighborhoods to have an HOA, although some may be voluntary or involuntary. It is possible for a neighborhood to retroactively create an HOA. HOAs can also be a make-or-break factor in a real estate deal. In Texas, HOAs have a lot of power and can even foreclose a home if the homeowner doesn't pay the HOA fees. If an HOA is involved in litigation, the lender can't close on the deal. This can present an opportunity for arbitrage investing, where investors can buy into the deal once it's settled and make a profit.
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:
A DAO (decentralized autonomous organization) is a solution on the blockchain that provides an automated, trustless system for managing decisions, funds, and activities. It operates without requiring human intervention or a centralized authority, giving users complete control over their assets and activities. The system is trustless and secure, making it ideal for managing assets, funds, and activities. Additionally, it can provide transparency and accountability, as all transactions are recorded on the blockchain. Finally, it can help reduce costs and increase efficiency.Decentralized Autonomous Organizations (DAO) is a new organizational structure that can be used to organize governments, companies, social organizations, and corporations. Rather than having a committee making decisions in the background, a DAO follows a set of rules embedded in a contract and allows members to vote on decisions with tokens they have purchased. The conversation then discussed how corporations were a better way to run businesses than the previous system, and how a DAO is even more transparent than the current system. As an example, a DAO competed with a financial hedge fund billionaire to buy a famous painting and almost won.
Timestamps
0:01:23 Exploring the Impact of Lack of Transparency in Organizations 0:03:05 Topic: Decentralized Autonomous Organizations (DAOs) 0:07:16 Cryptocurrency: A New Way to Organize Money, Ideas, and People
 
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Summary notes:
Trust is the foundation of every successful financial system that has existed in history.  While the trust centers have manifested in many forms (elders, goldsmiths, banks, insurance companies, fund managers, wealth managers, etc), they have always been there.  
When trust in the system is eroded for whatever reason, the money stops flowing the way it should.  Think of it like a stream that gets blocked and causes all kinds of havoc down stream in the "city" (economy).  
The good news is as old systems are drying up, new systems are always being built simultaneously.  Not everyone is able to perceive the new system because they are looking through the lens of the world backwards instead of forwards.  
This episode is intended to adjust the "vision" of the listeners. 
 
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Summary notes:
In this episode, Phillip and Alison discussed cash flow management.  The two discuss the importance of cash flow management and how it can help build wealth. Cash flow management involves understanding the sources and uses of money, helps with budgeting, setting goals, and monitoring progress. When done properly, it can help individuals become financially secure and build wealth over time.
Timestamps
0:01:18 Cash Flow Management: A Conversation with CPA 0:03:04 Cash Flow Management: Why It's Important for Business Owners 0:10:29 The Importance of Vision and Finances in Business Growth
 
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Summary notes:
This episode covers the idea that everything is an information network, including money and economies. The blockchain is an information network that eliminates unnecessary intermediaries. The goal of evolution is to reduce resistance and increase flow so that there is no wasted energy. 
Superblockchains, which are networks of blockchains that link different blockchains that are being built to solve different problems, like owning our own data and getting paid for it, and creating a personal currency that would act as a credit score and financial trustworthiness.It’s a sort of unified system that allows multiple blockchains to be interoperable. It is similar to how a highway is built between cities to create an easier and more efficient way for people to travel. The Internet has multiple layers of protocols that were built to create an easier interface for consumers to use.  A Superchain is being built to do that for blockchains. 
Timestamps
0:01:13 Exploring the Benefits of Super Blockchains in Business Economics 0:03:22 Exploring the Benefits of Superchains and Open Source Networks 0:07:59 Exploring the Benefits of Open Source Software for Interoperability 0:09:41 Reviewing the Cycle of Life: Collaboration and Re-Building for a Better Future
 
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Summary notes:
Technology such as virtual tours and 3D walk-throughs can be used to help people get a better idea of the home and what it has to offer, while also simplifying the process of buying and selling a home. Additionally, using technology to market a home can potentially help to attract more potential buyers, increasing the chances of a successful sale.Zillow Group has recently purchased showing technology, marketing technology, and data. This includes the Idx feed, which provides market data, as well as photography, videography and matterport 3D imaging which provides a virtual reality metaverse experience. They also have their own offer management system.Rob, of Ink Realty Group, uses new technology to speed up the buying and selling process of homes. He mentions how offer management systems and virtual closings are becoming more widely accepted, and allow for faster transactions. 
Timestamps
0:00:01 Exploring New Technology to Sell Your Home Faster and for More Money with Realtor Rob Lewis0:01:58 Zillow Group's Acquisition of Showing Technology and Matterport 3D Imaging0:04:24 The Benefits of Professional Photography and Videography for Property Marketing0:07:28 Leveraging Technology to Move Homes Faster
 
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Summary notes:
A wise Spiritual teacher (Abraham Hicks) says often, "Most people are looking for love in all the wrong places."  Meaning, they are seeking externally want they don't have internally.  Love flows from our internal world (ourself) to our external world (to others who reflect back that love).  
Same with wealth.  We must feel wealthy internally first, before we can have it appear in abundance and with ease externally.  All other attempts require manipulation and force which breeds stress and unease.  
This idea has also moved from expressing itself individually to now collectively by forming a new more free global financial system.  
 
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Summary Notes:
Phillip discusses Non-fungible tokens (NFTs) built on top of Bitcoin, known as Ordinals.  NFTs are used to represent digital assets and can be bought and sold by anyone. NFTs, or Non-Fungible Tokens, are like applications on the phone, with Android and Apple having their own apps.
Timestamps
0:00:01 Exploring Ordinals: An Introduction to NFTs Built on Bitcoin0:01:13 Exploring NFTs and Ordinals on the Bitcoin and Ethereum Blockchains
 
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Summary notes:
Alison and Phillip discussed developing KPIs in order to better track the success of the business.  Alison suggested performing frequent business and financial analysis which involves looking at financial ratios such as profit margin, employee turnover, customer turnover, and revenue growth.
KPIs are important  in order to stay in control and have a better understanding of your business. 
 
Timestamps
0:03:02 KPIs as a North Star: A Conversation on Measuring Performance 0:05:43 Discussion on Developing Key Performance Indicators (KPIs) for Business Owners 0:10:09 Exploring the Pros and Cons of KPIs for Business Owners 0:11:42 Running a Business at a Loss: A Discussion on the Benefits of Low Profits
 
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Summary Notes:
Money is information that is communicated through an economy. Every 50 or so years, the system gets smarter.  In 1913, the Federal Reserve stepped in to create a distributed banking system. The Euro dollar banking system was outside of the US and was an informal bank network that linked the world's financial systems that started around the 1960s ish.  This led to the Blockchain based financial system that was built after 2008, starting with Bitcoin. Bitcoin and Ethereum are both rules-based monetary systems that are programmed and can't be changed by a centralized group. Anybody can plug into the system and become a validator, and if a rule is broken, you lose your money. Staking is when validators put up money to support the system and get rewards for verifying transactions.Validators on the Ethereum blockchain receive rewards in ETH for verifying transactions. The more ETH a validator has, the more lottery tickets they can buy, increasing their chances of winning. The winner gets to propose a new block of transactions, but if they cheat they lose their tickets and ETH stake. This system is an automated way to enforce rules, and is more transparent than a traditional financial system, as everyone can look into the blockchain to see what is happening.
Timestamps
0:01:18 Discussion on the History of the Federal Reserve System 0:03:55 Exploring the Evolution of Money: A Discussion on the Impact of Trust and Transparency in Financial Systems 0:10:56 Exploring the Benefits of Blockchain-Based Financial Systems
 
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Summary notes:
Many real estate buyers and sellers are stuck in the mindset of what the market was like 5 or 10 years ago when they last had a transaction. Buyers and sellers should not be basing future value off of past data.  The key to aligning the everyday buyer with a home that matches what they are looking for is getting to the essence of what they want which at its core is likely long-term profitability, safety, abundance, and having their children educated well.
Timestamps
0:01:19 Wealthy Home Buyers: Negotiable vs. Non-Negotiable Elements 0:03:17 Real Estate Alignment: Understanding the Everyday Buyer's Mindset 0:08:09 Exploring Real Estate Investment Opportunities in the Dallas Metroplex 0:10:24 Inflation Matters
 
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Summary notes:
Everything is energy.  Energy intelligence responds to the same laws regardless of form.  When we think negative thoughts about money, then we can't be equal (in Harmony) with money in our Life Experience.  That relationship must be healed for more money to flow into our Experience.
 
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Summary notes:
Wisdom is the fine tuning ability to look into a Universe of unlimited future possibilities and ONLY focus on the experiences that make us Feel Good. 
 
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Summary notes:
Roth and Traditional IRAs are special trust accounts allowed by the IRS to promote financial security for Americans in their non working years later in life.  To incentivize tax payers to contribute, they allow special tax benefits as long the specific rules are followed.  When those rules are broken, even if accidentally, there are penalties that can add up over time.  
 
Alison and Phillip discuss those rules and penalties on this episode.  
 
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Summary notes:
Our beliefs limit our understand.  We are not able to understand anything outside the scope of our beliefs.  Our Mind is literally closed to that idea until we open up our beliefs (Mind).  
 
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Summary notes:
 
Interest rates affect the home buying process like never before.  As interests rates swing up and down and up again, what should homebuyers do to put themselves in position to realize their dream of homeownership?  Rob and Phillip discuss solutions on this episode.  
 
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Summary notes:
The Act provides grant money for semiconductor companies to build chip manufacturing plants here
Why? AI is the future and Data is the new oil.  Computer chips are like neurons in the human brain. Neurons are the cells that process and transmit information through electrical, optical, and chemical signals.  The more neurons (or chips) you have, the more intelligence you have access to.  
Right now the world mostly gets their chips mostly from Taiwan which is right next to China and likely will get absorbed into China like Hong Kong.  
It would not be wise to allow China to be in charge of providing the Neurons (chips) for the brains of competing economies.  They could literally retard the US growth at will if they wanted.  
 
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Summary notes:
We are only able to attract and keep the level of wealth we believe we deserve.  The details of how it comes is not a problem we should worry about. 
 
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Summary notes:
In this conversation, Alison and Phillip discuss how to exit a business. They mention three common ways to do so: selling it to a third party, doing a merger and acquisition, or selling it to a family member. They also discuss what one should consider when selling their business, such as making it as automated as possible, taking advantage of chat AI and other technology, building a great team, and having systems in place to ensure that clients will stay on once they buy the business. They also recommend that one should start thinking about their exit plan when they start their business, and not wait until a year and a half before they want to sell. 
Timestamps
0:01:32 Exploring Business Exit Strategies: Questions to Ask Yourself 0:03:12 Planning Your Business Exit Strategy0:07:57 Reimagining a Business for Efficiency and Time Savings 0:09:56 Planning for the Future: Forewarned is Forearmed
 
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Summary notes:
All the major tech platform companies are scrambling to develop their own artificial intelligence interface.  In a world were data is the new oil, you have to have a way to gather data effectively at scale as a platform company.
 
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Summary notes:
Rob and Philllip discuss tiny homes and the progression of home sizes over the years. They consider how the wealth of people is increasingly dispersed and how this is reflected in the size of homes. Rob wonders what technically defines a tiny home and if there is a specific square footage requirement. They consider the possibility that tiny homes could become more popular as a result of economic trends.
Timestamps
0:01:07 Conversation on Tiny Homes: Exploring the Progression of Home Sizes Over Time 0:03:07 Conversation on Tiny Home Living and Investing Opportunities 0:09:56 Exploring the Possibility of Owning a Castle
 
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Summary notes:
Phillip discusses the idea of the Internet as a connected network of devices, with an emphasis on the potential for economic growth that this brings. It is suggested that understanding the context of the world being built gives an opportunity to make an infinite number of money-making investments. The podcast encourages people to take a deep dive into whichever aspect of the world they are interested in and to capitalize on the level of wealth that is available to them which is only limited by their Imagination.
 
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Summary notes:
Web 1.0 can be compared to a library, where information is organized and stored in a static way.
Web 2.0 can be compared to a marketplace, where users can interact with each other and share information.
Web 3.0 can be compared to a city, where users can access a variety of services and applications that are interconnected and automated.
To stay ahead of change and profit from it, it's helpful to understand the foundation that the future is being built on top of. 
 
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Summary of two part series:
Part 1 of this two part series discusses the importance of exit planning for business owners. It covers topics such as the importance of having a plan in place for when you want to leave your business, the different options available for exiting a business, and the importance of understanding the financial implications of an exit. It also provides advice on how to create an effective exit plan and how to maximize the value of your business when you decide to leave.
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Summary notes:
While it's often preached to the masses to hate debt, wealthy people use debt all the time. The difference lies in who is the slave and who is the master. When experts are giving advice to the masses, they are speaking from the standpoint that the masses are not disciplined and are slaves to debt, looking at the averages. Debt is a tool that can be used for wealth building, and it is neutral, not inherently good or bad.  However, it is important to understand the system and how to underwrite risk effectively to ensure that debt is used beneficially.  It is also important to not make assumptions and judgments about debt and the system, as there are people who may get taken advantage of by the system due to ignorance.
Timestamps
0:01:17 Exploring the Use of Debt by the Wealthy 0:03:46 Exploring the Benefits of Leveraging Debt as a Tool for Wealth Building 0:11:43 Exploring the Complexities of Banking and Wealth Building
 
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Summary notes:
Philip Washington Jr. and Rob Lewis discuss how to write the best offer when purchasing a property. They emphasize the importance of having a qualified financial advisor and tax professional before making any decisions. They also stress the importance of researching the property and understanding market conditions in order to make the best offer. They explain the different strategies that can be used when making an offer, such as lowballing, bidding wars, and more. They also discuss the importance of considering counter-offers and being prepared to negotiate in order to get the best deal. Ultimately, they suggest that being strategic and doing research can help to get the best offer.
Timestamps
0:01:02 Analyzing and Writing Offers in a Merit-Based Market 0:03:08 Negotiating Real Estate Deals: Tips and Tricks 0:08:34 Understanding the Market, Clients, and Prospects
 
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Summary:
In the late 1800s, technology allowed farming to require less people to produce the same amount of food.  In the 1900s, technology allowed the industrial economy to produce more goods with less people as well. 
The same thing is happening this century with robots and automation as the drivers.  Each time technology replaces some jobs, new jobs are created.  It makes the producers that stay in an industry super producers and gives birth new jobs never imagined before that typically bring higher pay and better quality of life. 
 
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Detailed Notes:
The Relationship Between Ms. Market, the Currency, and Investment Grade Assets:
(Ms. Market is my spin on Warren Buffett's famous Mr. Market references in his annual letters in the 80s and 90s)
 
Interest rates reflect Ms. Market's (the collective mind of all participants) interest in a currency.  
 
For the sake of simplicity, let’s define a currency as the most accepted form of money in an economy for buying and selling goods and services.  
 
For now, the currency for our economy and the global economy is the dollar so for the most part when you are hearing about interest rates in business and financial news they are talking about the rate of interest paid for borrowing dollars in the short term.  
 
Why would anyone need to borrow money in the short term?  There are tons of reasons, but the  most important reason in the context of a large economy is to cover short term expenses for businesses and governments that can’t be covered by the cash they have in the bank.  Because so much business is done through credit (buy now and pay later), it is super common for businesses to need to borrow money to run operations while they are waiting for payment on products they’ve already sold or services they have already performed.   
 
I like to picture the relationship between Ms. Market’s interest in dollars vs her interest in investment grade assets as a seesaw with dollars on one end and investment grade assets on the other. Higher than expected short interest rate, reflects Ms. Market’s higher interest in owning dollars and her lower interest in owning investment grade assets (stocks, real estate, cryptocurrencies, etc).  Lower than expected short term interest rates reflect her lower interest in dollars and her higher interest in investment grade assets.
The Consequences of Manipulating Ms. Market
 
The Federal Reserve (The Fed) is the banking organization for the US Government.  It’s not a government organization, it’s literally their banker made of a conglomerate of banks with twelve member banks across the country each with a representative.  They have lots of responsibilities, but their main responsibility is to make sure the US Government can borrow dollars at favorable rates to pay its bills.  
 
For now, let’s not worry about how the Fed manipulates short term interest rates thereby affecting the mood of Ms. Market because that would take a while to explain and you might find it extremely boring.  Just know that they have methods and means of manipulating the price of money (interest rates) in the short term.  
 
Anytime man messes with natural laws of balance that operate the universe it comes at a cost.  
 
Here’s how this translates to the relationship between Ms. Market (the collective mind of market participants), dollars, and investment grade assets in the short to mid term.  
 
The Fed does its thing to manipulate short term interest rates.  This eventually ends up causing the cost of living to rise faster than what Ms. Market was earning on the money she had saved in savings accounts (they pay close to the short term interest rate).  Once Ms. Market realizes she’s being taken advantage of, she becomes upset, loses faith in the dollar, and moves away from the dollar which by default moves her towards investment grade assets that have been growing at a higher rate than the cost of living. The investment grade assets promising the most potential return tend to get the most of her attention regardless of their credibility.  Ms. Market is now upset emotionally about basically being stolen from.   Her thinking at this point is, “Well, I don’t know who to trust so I might as well go after the biggest bag.” 
 
The momentum of Ms. Market’s anger eventually pushes her to become overstimulated and her attention gets focused way too far out into the future beyond her understanding which creates bubble manias (i.e., 2000s dot.com crash and crypto bubble in 2017). This creates a shortage of money in dollars in the economy which provides a cushion for the financial system.  
 
That shortage of dollars needed for the system’s cushion leads to violent mood change in the opposite direction when Ms. Market realizes most of the investment grade assets promising the biggest bags were all talk and won’t have the dollars to give her back the money she invested.  Now she moves into panic mode and she begins focusing all of her attention (invests her money) in dollars and that sucks lots of money out of the economy which slows down business and depresses asset prices (The Financial Crisis of 2008).  This creates a shortage of money in the economy.  
 
How to Attract the Heart of Ms. Market and Maintain Her Trust Over the Long-Term
 
Over the long term however, Ms. Market is attracted to Balance as dollars go into investment grade assets at a steady pace to finance the growth of the new ideas that create the ongoing evolution of mankind.  No different than the individual maturing process we all go through as we have new experiences.  “As within, so without.” 
 
How does she find Balance?  That can be found through what we finance nerds call price discovery and psychologists call the maturity process that happens through life experience.  
 
The cool part about being an individual participant in the market (an investor) is we get rewarded when we mature in our understanding faster than the market.  The Patient Optimist wins the heart of Ms. Market over the long term as it shows her it's exciting and reliable, fun and grounded, peaceful and about that life…Balance.  
 
Here’s a very grounded way to find balance in your investing approach:
 
Maintain a solid cash cushion to cover expenses in an emergency.
Plan properly for other short to mid term cash that may come in in the near future.
Have at least a 10 year investment horizon.
Dream, brainstorm, and educate yourself on how the world might look 10 to 20 years from now (here's a cheat code…observe teenagers and twenty year olds and what they are into).
Invest in assets and companies that have teams with a patiently optimistic mindset that are building the future you see.
Use the moods of Ms. Market to your advantage.  Have Faith when she doesn’t.  Be measured when she gets overstimulated.  Be the emotionally mature investor she is attracted to and you will be surprised at how she blesses you over time.  
Phillip Washington, Jr.  is a registered investment adviser and Host of the Wealth Building Made Simple Podcast.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
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Summary notes:
Ethereum is the most networked protocol in the crypto space and is used for powering NFTs and decentralized finance.  Ethereum has recently completed  a major protocol change which piqued the interest of many people who wanted to see if the transition went relatively smoothly, which it did.  
Another big reason for increased interest in Ethereum is in response to the centralized crypto exchanges that went under due to human error.  The most used Protocol to power Decentralized finance tokens is Ethereum. DEFI exchanges are making it through the centralized crypto exchange crashes relatively smoothly, showing the power of a distributed network and highlighting the need for using smart contracts and automated systems. This will likely  attract many more non technical participants to Ethereum and its applications, as it is seen as a reliable and secure platform.Non-Fungible Tokens (NFTs) are likely going to revolutionize the economy and the way we access content and assets. NFTs can be used to give artists like Beyonce special access to their fans, allowing them to offer exclusive perks and benefits to token owners. NFTs can also be used by businesses to bypass banks and raise money from customers without any bank involved. In addition, NFTs can be used to create assets and increase the value of a company's balance sheet. Ethereum is the token most often used to build these types of platforms. NFTs are a great way to create a more transparent and incentive-based economic system.
Timestamps
0:01:42 Exploring the Benefits of Ethereum and Decentralized Finance (DeFi) 
0:04:54 Exploring the Benefits of Ethereum: A Discussion on the Difference Between Ethereum and Bitcoin 0:06:59 Exploring the Benefits of Non-Fungible Tokens (NFTs) for Artists and Businesses 0:11:40 Exploring the Benefits of Investing in Ethereum 0:14:56 The Benefits of Investing in Ethereum and Bitcoin
 
Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
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Summary notes:
In this episode Alison and Phillip provide tips for financial advisors to know for their clients and for clients to ask their financial advisor about. These tips include understanding the tax implications of any investment or strategy, keeping up with tax law changes, understanding the types of investments and deductions available, the advantages of using a Roth IRA for retirement planning, importance of setting up a 401(k) for business owners, and planning ahead for any changes in income. They also discuss the importance of keeping accurate records of income, investments, and deductions.Around estate planning Alison and Phillip discussed the fact that retirees might want to understand the tax impact of their legacy money so that beneficiaries don't face any surprise tax bills upon receiving the inheritance.  The discussion brought in the idea of a backdoor Roth contribution and a few other ideas.  Lastly, the conversation discussed the idea of maximizing deductions by bunching charitable contributions into one year, with the donor advised fund being the suggested method for having the biggest impact on charities of choice.Timestamps0:01:43 Discussion on Converting Traditional IRA to Roth IRA 0:03:40 Exploring Tax Strategies for Retirement: A Conversation with a Financial Advisor 0:10:11 Charitable Giving Strategies for 2023 0:12:19 Maximizing the Gift: Utilizing an Irrevocable Trust to Provide Tax-Free Benefits to Your Children 0:14:09 Financial Planning Strategies for Leaving a Legacy
 
Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
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Summary notes:
Phillip talks about college education planning and why parents don't have to save inside college funds for their kids.  
This conversation is mostly about how wealthy families plan for their finances and how regular families can maximize their resources. It is important to have reserve capital that is accessible in case of an emergency, and this money should not be locked up in retirement plans or college funds. It is important to plan and save for future home purchases, college for kids, financial independence and other important life goals. It is possible to have a bucket of money saved for all these goals and access it if needed. It is becoming more common for kids to be self-learners and have skills that can be used to make money and may not need college. They may still go to college, but they may be able to pay for it themselves or get a scholarship.
Locking children into one path is not beneficial and it may make sense for them to pursue what they are interested in and have the means to help if they choose a different path than college. 
 
Timestamps
0:01:10 The Benefits of Having an Asset Stack for Wealth Building
0:03:37 Understanding Liquid Assets and College Savings for Wealthy Families 
0:09:28 Cash Flow vs. College Savings Plans: Exploring Optionality for Education Funding 
0:10:54 Financial Planning Strategies for Wealthy Families
Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
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Summary Notes:
Phillip and real estate expert Rob Lewis Jr. discuss whether or not the real estate market is in the process of crashing. 
Prices started to come down around June of 22. Prior to this, many people were paying more than the appraised or market value for properties. Prices started to level out around November of last year by some metrics.  Experts predict that there will be a decline in prices from November of 22 to November of 23, but from March of 22 to March 23, prices are expected to remain even. 
Rob points out the DFW market is outperforming the national market and he and Phillip discuss the  benefits of moving to the Dallas-Fort Worth Metroplex, which is seeing an influx of different types of businesses, from financial to hospitality, logistics and tech. 
Timestamps
0:02:21 Home Prices in the DFW Market: An Overview of the Current Market Trends 0:04:55 Exploring the Benefits of Investing in the Dallas-Fort Worth Metroplex Real Estate Market
 
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Summary notes:
Investors do not need to solely rely on traditional retirement funds to save for retirement. In fact, there are many other methods investors can take advantage of in order to build their wealth. Philip shares information on the various strategies and investments one can utilize to build their financial freedom. 
Phillip discusses an analogy that explains a concept around how the universe and our understanding of the universe evolves.  The idea is that our universe might exist inside a black hole, and how this theory is supported by scientific mathematics. The current facts we know about the universe will continue to evolve as our knowledge expands. Black holes are formed from an explosion of energy that was once an old universe and turns into a new universe. This process of creation is also seen throughout every aspect of creation, with the breakdown of the old and the expansion of the new. 
This analogy parallels how all ideas in our world have a birth and death lifecycle as we expand into eternity our awareness of what’s possible…including around money and planning for financial freedom.  Retirement is a relatively new concept, and most people don't execute it properly. It puts too much pressure on people in Phillip’s opinion. Instead of saving for retirement, people should instead focus on Financial Freedom Planning. This involves having a certain level of assets that generate an income, but the assets don't have to be in a retirement plan. It could be saved in real estate, an investment brokerage account, or dividends from a business. Very few people have built wealth from saving in retirement plans. 
In Phillip’s experience, wealthy people prefer to invest their money in brokerage accounts because it adds optionality and flexibility. Through Financial Freedom Planning, people can still achieve financial freedom without the pressure of retirement.Retirement plans can be a great way to save for the future, but they are not the only option. There are other ways to plan for retirement that have the potential to be more effective and provide more financial freedom. 
For example, someone who has a lot of money not shackled by the restrictions of a retirement plan is able to utilize that money to acquire rental properties, which could help them become financially free much sooner. 
Ultimately, everyone should think about what works best for them and their goals.
 
Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
Timestamps
0:01:22 Exploring the Possibility of Living in a Black Hole: A Discussion on the Expansion of Knowledge and the Process of Creation 0:03:37 Exploring Alternative Retirement Planning Strategies for Financial Freedom
 
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Summary notes:
John D. Rockefeller and Andrew Carnegie are two classic examples of people who understood the future of an industry. Rockefeller understood energy during the Industrial Revolution and Carnegie understood infrastructure.  JP Morgan was the financier that understood the future and organized capital from the UK to invest into early America.  Warren Buffett is known as the finance king of the service age. Bob Johnson and Oprah Winfrey understood the future of media for cable TV.   Jay Z made a fortune understanding how to sell music and other goods through continually evolving media outlets. 
To achieve understanding, it is important to have an open mind and not judge the perspective of others. Understanding is key to success, as it leads to being able to predict the future and make beneficial investments
Timestamps
0:01:45 Understanding Perspective and Open Mindedness in Investing 0:04:06 Financing and Media Revolutionaries of the Industrial and Service Ages 0:06:08 Understanding the Impact of Volatility on Investors and Workers in a Changing Economy 0:10:21 Understanding the Youth and the Impact of Inflation0:13:13 Having Faith in the Next Generation
 
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Summary notes: 
Alison and Phillip  discuss the importance of keeping detailed financial records, taking advantage of available tax deductions, creating a plan for managing your finances, advice around budgeting and setting financial goals. Ultimately, the conversation centered around the importance of having a plan in place to build wealth and managing finances in order to reach your goals.
Timestamps
0:01:04 Tax Filing Season: Tips for Preparing Your 2022 Returns 
0:03:06 Conversation on Tax Preparation and Organization Tips 
0:07:36 Discussion on the changes in Tax Deductible Entertainment Expenses for Businesses 
 
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Summary notes:
 
Robert and Phillip discussed the importance of understanding the rules and regulations around potential rent increase laws being discussed in Washington.  This could be difficult for landlords who want to charge market rates for their properties. The proposed legislation is targeted towards larger corporate rental companies, but  mom and pop landlords are more likely to feel the brunt of the impact if not prepared.  .They give a couple of ideas on how to position yourself if you’re a landlord who might be impacted if this legislation goes into effect down the road.  
Timestamps
0:00:59 Discussion of Proposed Rent Control Legislation and Its Impact on Rental Property Owners 0:03:40 Discussion on Protecting Real Estate Investments in the Face of Political Change 0:07:06 Exploring Options for Diversifying Real Estate Investment 0:09:17 Evolving with Change
 
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