El Podcast

E137: Buy, Borrow, Die: Build Wealth Using Other People's Money

Episode Summary

Mark Quann, founder of The Perfect Portfolio, explains how to build wealth and avoid taxes using the "Buy, Borrow, Die" strategy. He teaches how to leverage assets, like real estate and stocks, without selling them, and how using debt wisely can help you grow your wealth and avoid paying taxes.

Episode Notes

In this episode, Mark Quann, founder of the Perfect Portfolio, discusses his "Buy, Borrow, Die" strategy for building wealth, legally avoiding taxes, and achieving financial independence.

Guest Bio:
Mark Quann is the founder of the Perfect Portfolio, a tax strategist, and the author of Top 10 Ways to Avoid Taxes and Be Smart, Pay Zero Taxes. With a background in finance and business, Mark teaches everyday people how to use the Buy, Borrow, Die strategy to grow their wealth while minimizing taxes.

Topics Discussed:

• The Buy, Borrow, Die strategy for building wealth and avoiding taxes.
• Real estate as a wealth-building tool and its tax advantages.
• Strategies for using margin and borrowing against assets to finance investments.
• The importance of financial education and raising your financial IQ.
• The limitations of traditional retirement accounts and their tax implications.

5 Main Points:

• The Buy, Borrow, Die strategy allows individuals to build wealth without selling assets or paying taxes, leveraging borrowed money to acquire more assets.
• Real estate offers tax advantages like accelerated depreciation and income generation through rent, while keeping taxes low.
• Financial advisors and traditional retirement accounts are not the best way to build wealth; they often lead to high taxes and minimal returns.
• Anyone can start with small investments, such as $100, and scale up by borrowing against assets to continue buying and growing wealth.
• Understanding the rules of the financial game, such as the Buy, Borrow, Die strategy, is key to financial independence.

Best 3 Quotes:

• "The rich get rich with inflation. The poor get poor. Inflation transfers the wealth from the poorest people on the planet to Wall Street and the people who understand Buy, Borrow, Die."
• "If you really want to be financially free, you need to stop doing what everyone else is doing. Start with a brokerage account, invest in assets, and borrow against them."
• "The system is rigged. If you don't use the strategies that the billionaires use, you’re the one who’s working until you die. The game is there to be played."