While campaigns have been spending obscene amounts of money for decades, the Harris campaign took it to an entirely new level, racking up a staggering sum of over $1 billion in spending and still ending up nearly $20 million in debt. A new report shows that the Harris-Walz campaign and its Democratic allies spent nearly $1.4 billion on aired political ads during the election, outspending the 45th president and Republicans by almost $460 million. It was a spending spree that averaged roughly $100 million per week.

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Like many Americans, I woke up after election day to see the outcome of one of the loudest campaign seasons I’ve experienced in years, if not decades. The 2024 election was a high-stakes event. Yeah, yeah, I know…we seem to hear that every election lately. “This is the most important election in our lifetime.”

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While our politicians have been talking about raising the retirement age in this country for at least several years if not decades, other countries have already started implementing similar policies. But is this a good thing or a bad thing? Well, we have first to ask why a later retirement age is being proposed in the first place. This is critical because every action can come with unintended consequences, and more often than not, the “solution” is meant to fix the unintended consequences of a previous “solution” from politicians.

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The U.S. national debt is rising by $1 trillion roughly every 100 days right now, which now stands at nearly $35.8 trillion as of 10/22/2024. To make matters worse, the Treasury has also drawn down its cash balance by $72 billion putting it over $275 billion in the red. The report spread like wildfire, especially throughout the financial and entrepreneurial communities. Tesla CEO Elon Musk was prominent among those, saying, “If there is not radical reduction of government expenditures, then, just like an individual who has taken on too much debt, America will become de facto bankrupt.”

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Freddie Mac has proposed a “stimulus” program to enter the secondary home equity loan market, claiming it will cost the government nothing and add no more than $1 to the national deficit. The government entity wants this program implemented by the summer of 2024 and by the fall of the same year and hopes to dump up to 2 trillion dollars into the economy.

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Our government never really needs a reason to spend our tax dollars—it does that on autopilot, spending about $218 million every hour. But as we enter into another election season, we should expect to see a lot more government spending, which will inevitably drive further inflation. It’s important to note that while the spending will happen now, the true financial impact will take months or even years to show up.

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For the cost of notarizing a few documents, anyone (I repeat—anyone) can file private investment offerings with the Securities and Exchange Commission (known as “Reg D” offerings). Very few questions are asked. Now, I’m not advocating for licensing real estate sponsors… The point is, how do you know who you are working with? Does an expensive office and professional letterhead make someone qualified to raise capital from investors?

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The default for most is to hand money over to a financial advisor, the tradeoff is a loss of control and exposure to the volatility of Wall Street. Financial advisors will also recommend putting your funds into retirement accounts which will lock up your money until you are 59.5 years old. What is the alternative to this conventional model?

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For many doctors, the investment portfolio is largely “randomized” based on the options they have crossed paths with over the years. It’s what I call “spaghetti on the wall” investments. They aren’t necessarily bad by themselves, but they aren’t coordinated to produce cash flow for the years ahead.

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One of the questions I get asked the most is, “How do I know what to invest in,” and while I appreciate the sentiment here, that is almost always the wrong question. That’s because without context, any answer is basically meaningless. The right answer is based on numerous variables, like the state of the economy, your net worth, risk tolerance, goals, tax situation, and so many more. In other words, there are a lot of things you need to know first before you can begin to think about which specific investments are right for you.

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In the midst of ever-growing inflation and economic uncertainty, more people than ever before are looking for ways to build (and hold onto) generational wealth. In the United States, 80% of all businesses are closely held – and most either fail or are sold before the second generation takes over. Only 10% function as privately held by the third generation.

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The sale of your practice marks a significant transition from ‘practitioner’ to ‘investor’. The stewardship of the proceeds becomes paramount. What is your plan for utilizing and safeguarding that equity? How are you replace practice income with investment income? How will you protect your capital from market volatility and a potential crash?

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According to the Milken Institute, a shocking 43% of Americans are not financially literate. That has long-lasting implications for the individuals directly affected, the children they raise, and the economy as a whole. That’s why even as our nation’s debt levels have spiked to historic highs, people still demand student loan forgiveness, funding for multiple wars, and stimulus payments…

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Argentina has been in the news lately, first for its economic problems and more recently for the impact it’s president, Javier Milei, has achieved in combating these problems. To put the severity of this situation in perspective, Argentina’s annual inflation rate ended in 2023 at 211.4%, the highest since the early 1990s.

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It’s true that you’re investing in tangible assets such as land and buildings when you invest in real estate, but ultimately, you’re investing in people. Throughout the transaction, you’re dealing with sellers, buyers, and numerous others involved in the transaction, who all have their own motivations, knowledge and level of integrity. This makes each deal infinitely more complicated than the numbers on a spreadsheet might first indicate.

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When the economy slows, most people don’t even realize it’s slowing because they don’t pay attention. They listen to the pundits on TV and think everything will stay as it’s been over the last 15 years, and the markets will keep topping out. They don’t realize that there’s a significant asymmetric risk because the higher the market goes, the greater the odds are that there will be a decline.

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The key to knowing how to move in an economy like the one we’re facing today because these challenges are something we haven’t seen in decades, so we have to adapt. The traditional investing strategies that work just fine 99% of the time can drive you into bankruptcy in a declining economy. In this environment, we first need to move away from paper assets, which include most of what Wall Street pushes, such as stocks, corporate bonds, CDs and other “paper” assets.

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Many docs approach the second half of their career with a significant uncertainty about the sufficiency of their 401(k) or traditional financial planning to provide security upon retirement. How much is enough? What strategies will create financial security postpractice? What about the potential for recession or another major market correction?

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Our debt is the direct result of decades of reckless government spending coupled with a general lack of financial literacy among fellow citizens. It gets worse about every four years when politicians, who want to ensure they get enough votes to stay in office, start handing out taxpayer dollars with the same enthusiasm, that sweet old neighbor hands out Snickers bars to the endless parade of ghosts, superheroes, and Bluey on Halloween night.

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There’s no denying that wages have been stagnant for a long time, so it’s no surprise that people are hurting in this economy and looking for solutions. Americans are essentially being squeezed on both sides, by low wages and high costs. It’s an untenable situation for a lot of people today. But arbitrarily raising the minimum wage would be disastrous.

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