438: Mark Skousen on Freedom and the Economy

The Wealth Formula Podcast by Buck Joffrey Archives - Wealth Formula

This week’s guest on Wealth Formula Podcast is Mark Skousen. He is the producer of FreedomFest which has become an extremely popular annual gathering every year that deals with not only money but other lifestyle topics as well.

What is freedom anyway? To me, It’s the ability to choose what you want to do with your life. Indeed, freedom is the ultimate prize in life and can only be achieved through financial independence.

That is not to say that you can’t be happy without being rich. You absolutely can. Maybe you have a job that you love and a life that you don’t want to change. If that’s the case, congratulations. But happy does not mean free.

What if someday you start hating your job and want to make a big change in your life? Could you afford to follow a dream without being concerned about money? Most professionals can’t. That’s why high-paid W2 jobs are often called “golden handcuffs”.

How do you break free from the golden handcuffs? Well, one of the key variables of the mathematical Wealth Formula is that you deploy capital quickly so that you can start changing the balance of power between you and your money. Eventually, you want your money to work for you more than you work for it.

But achieving financial freedom isn’t easy. It involves not following the herd and not giving up. You see, no one has ever gotten rich from a simple portfolio of stocks, bonds and mutual funds.

Sure they may grow your money a bit and provide some security in the future. But you simply cannot change your socioeconomic status this way. Getting rich involves taking bigger risks.

I have made my money through business ownership and real estate. Have I lost money along the way? You bet I have. But have I made more money investing in real estate and business over the last 15 years than I would have following the herd? Yes…by a mile.

To be clear, I am not giving you financial advice. Personal finance is personal. I just want to open your eyes and see the trajectory you are on and recognize whether or not it will get you where you want to be.

In the immortal words of former NFL coach Bruce Aryans, “No risk it, no biscuit.

Now, make sure you tune into this week’s podcast with FreedomFest producer and “America’s economist”, Mark Skousen.

Show Notes:

08:07 Why are the Numbers not Matching Our Anxiety?

09:54 GDP vs Growth Output

14:32 10% Inflation?

18:00 Implications of the Presidential Election

26:12 The Indicators to Look Out For

30:55 FreedomFest

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