EP 29: Dave Mason - Before You Skip Financial Education, Listen To This!

The Real Estate Lab

Resources:

The Cash Machine https://buildmycashmachine.com/

The Cash Machine Book https://www.amazon.com/Cash-Machine-Persistence-Financial-Independence/dp/1623930197/

Knobs.co https://www.knobs.co/

Kiyosaki https://www.instagram.com/therealkiyosaki/

Rich Dad Poor Dad https://richdadeducation.com/Country/

Yonah Weiss https://www.linkedin.com/in/cost-segregation-yonah-weiss

Outline of the Episode:

· [03:08] Introduction: working as a personal assistant to the Interpol Secretary-General

· [05:47] Finding time to do fascinating things after being a litigator. He traveled over 20 countries!

· [07:45] Selling cabinet hardware online, earning as much money as needed, then earning way more than needed.

· [10:45] The difference between conscious and subconscious thinking. Justifying things consciously but still making dumb decisions.

· [12:50] An epiphany about financial difficulty, understanding stuff on his own, and researching everything from credit cards to real estate.

· [19:59] His mistake of sinking a ton of cash into renovating his house and ended up losing it just to pay back his debt to his parents.

· [21:05] The main characters in his book The Money Machine, the college drop-out, the one who looked for a well-paying career, and the woman who dated the former but acts like the latter!

· [27:17] The inspiration behind his book. A discussion on assets and liabilities.

· [29:00] Yona Weiss and how Dave learned depreciation from him.

· [32:30] The other character in the story who had an agenda against the IRS!

· [36:29] How to use the tax code to your benefit and differences between index funds and mutual funds.

· [42:52] Is there a way to avoid taxes in the United States?

· [43:54] His goals for the book. Getting others financially literate, asking the right questions, and being exposed to financial matters.

· [47:23] Doing better financially, but not spending more money.

· [50:15] Be a tail to lions rather than a head to foxes.

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