Building Wealth Beyond the White Coat with Dr. Param Baladandapani

Something needs to shift. We need to stop being on the left hand side, being employees. We need to become investors and business owners. And for most of us, it's just investors.

Right? That's how we shift. So we stop trading time for money.

Welcome to Truly Passive Income. I'm Neil Henderson.

And I'm Clint Harris. And Today's guest is Dr. Bala.

She's a Southern California radiologist who reached financial independence at 41 after building a $375 million portfolio spanning 2,000 plus doors across Long term rentals, short term rentals, and large syndications. As the founder of generational wealth, MD and GW Capital, she's helped thousands of busy physicians turn clinical income into passive wealth.

From navigating turbulent markets to teaching kids to becoming millionaires before 18. Her playbook rewrites what's possible for high net worth professionals. And she's here to share how, coming to us all the way from India.

Dr. Bala, how are you today? We really appreciate you being here.

Oh, I'm doing great. Thank you guys for having me.

Excellent. You hold the record for being the farthest away interview that we've held so far. She's in Southern India.

If you start getting farther away from us, you end up starting to come back on the other side of the planet. So that's a, that's a new record. We appreciate you being here. So tell us a little bit about.

For those that don't know anything about you, tell us about your background, your medical profession. You are that rare breed of the scientific background, but also having a high level of business acumen.

So explain where that comes from and tell us about your journey.

Yeah, so my journey is pretty, was pretty typical till a few years ago. Right. So physician, I was making a high income salary, had the doctor house, the doctor car, and thought I was doing everything right.

Till I think you always, before a shift happens, there's always a crisis. And for us it was. You know, my husband and I both lost our jobs when there was a merger at work.

And that's when I realized that our financial security was tied to our income in medicine, which is true for most professionals. And I decided that I would never put my family in that position again. And so I started looking to see how I could take massive action.

And fortunately, I had a small real estate portfolio. I had some single family homes.

And I realized that with a third of my money in that portfolio, I mean, I was just looking at cash flow initially, but I realized that over time I'd built up so much equity, I had Twice the returns in it. And it was pretty passive, right? I had a property manager managing it. And that was my aha moment.

I realized that if I wanted to get to financial freedom, I needed to think about asset allocation differently. I couldn't keep just pouring money into the stock market. And so I decided I wanted to scale that portfolio.

And then within a year I started tapping into some accelerated tax strategies. Clint, you have short term rentals.

You know that even if you're working full time, when you tap into short term rentals, you can shelter a big portion of your clinical income from taxes. And so, you know, drastic reduction in my tax bill really started scaling my portfolio, did rehabs without a general contractor.

And then a year from that point, it got to the point where I was financially free. I had a six figure, six figures in cash flow from my real estate portfolio, which gave us the freedom we wanted.

And that's when I decided that I didn't think enough people were talking about what was possible with real estate. And so I built the community. And that's where, that's why I love educating. It's a passion of mine.

And started growing the companies and I started coaching, helping people build their own portfolios and in the process realized that the bulk of professionals want to stay pretty passive in their real estate investing journeys and went on to also start syndicating apartment complexes so we could give people in the community the opportunity to invest passively. So that's how it started. And then here we are.

What year was it that that merger happened that you guys found yourself unemployed?

2019. My daughter was less than a year old and we just got the house and so it hit us pretty hard. And that was right before the pandemic.

And just as I transitioned into the next job and we felt like we were settling in, the pandemic hit and there was another drastic shift. I mean all of us experienced major shifts in how we were working and no childcare, kids at home and working full time.

So yeah, a lot of, a lot of shifts that happen in within a one year period.

I was standing in line at the grocery store 5:30 on a Friday evening with just finished four surgeries, had five more lined up for Monday morning, armful of diapers and baby food with a wife that was 23 weeks pregnant. We just closed on a new house and I got the call. Right.

So luckily I'd been spending the previous four years building up passive income through our self storage investments and Airbnb. But I hear you, all the security that you have can get taken away from you so quickly.

And it's a lesson that you never forget that the only security you have is from the assets you build for yourself. So look, the reason I ask you is not so I could redirect attention to myself, which I often do, is I wanted to ask you about.

Share similar stories and that's, that's the truth. Right. Everybody listening has probably gone through something similar.

Yeah. On some level, if, especially if we're willing to be vulnerable and just lay it out there, we can all connect in the ups and the downs. Right.

That's where the value is really. It's not when bad things happen, it's how did you handle it? What did you learn from it?

Explain that trajectory and what you did to invest in yourself, to give yourself what you needed to pull that off.

Yeah, yeah. And so there oftentimes two things, Right. One is how you educate yourself, how you shift strategies.

I think for me it was, and this is probably again similar to other people you've had on the podcast Rich Dad, Poor Dad. Right. So I picked the book up, I read it, and it was like an aha moment for me and I was like, okay, something needs to shift.

You know, we need to stop being on the left hand side, being employees. We start, we need to become investors and business owners. And for most of us, it's just investors, right? That's how we, we shift.

So we're, we stopped trading time for money.

So when I did that, initially my plan was to continue doing what I had done till then, where I was like, I'll passively invest in long term rentals, have a property Manager manage it.

But then I started educating myself, listening to podcasts and going down that rabbit hole, I realized that the birth strategy, where you rehab properties, you build up equity really rapidly, you're increasing your cash flow rapidly.

That's something where in real estate you have the ability to tap into leverage and control things so you have control over how you can tap into tax strategies, you have control over building equity and increasing your cash flow. So I started doing rehabs by myself.

You know, instead of staying really passive in that single family portfolio, I started investing in short term rentals, where again, I lowered my tax bracket.

And so when you're doing rehabs, you're investing in short term rentals, you're recycling the same pot of money over and over again, which is the second part of equation. So where do you get the resources to scale? And so you can get creative with financing and real estate.

And that's something that differentiates it from the stock market. And so I was, you know, re cash out, refinancing some of my properties. I had the tax savings.

So I got the tax when I was working full time, it was from short term rentals.

But then I got real estate professional status later on because I was spending, I went down to a day week in medicine now spending more time on real estate and so recycling the same pot of money over and over again, getting creative with financing and then really tapping into those accelerated strategies to boost cash flow, boost equity. I think it was a combination of all of that.

But it started off with rich dad, poor dad, kind of switching my mindset and then going all in with learning.

When you talk to other medical professionals, what's the sort of mindset you try to get them to walk through?

You know, a lot of times they're high income earners, very busy, and oftentimes it's maybe not such a good idea for them to take on another project, you know, to, to do that house flipping or the short build a short term rental portfolio. But where do you sort of advise people how to make that decision on?

All right, do I want to go the more active route or am I going to, to stay more passive?

Yeah, yeah.

And you know, I think the first, when talking to professionals, and this is a barrier I had to overcome also, the first barrier is always, but real estate investing is risky and I don't have the knowledge and I don't have the time.

So just getting past all of those barriers and getting them to think about asset allocation, because shifting your asset allocation is the biggest thing you can do. For your portfolio, 90% of your portfolio's returns are determined by asset allocation.

So getting them past the barrier of I don't think real estate investing is for me, and showing them how it can reduce risk and increase returns in their overall portfolio and getting them to the point where they know they need to have a healthy allocation in alternative assets, which includes real estate. That's the first barrier for most professionals. But then to your point, Neil, the second thing is that one size doesn't fit. All right?

And so I've invested across the spectrum and I say as far as real estate investing goes, there are three buckets that people fall into. And during our lifetime we switch between those three different profiles.

And at any given point, I think it's important for people to identify what they fall into so that they're making the right choice for themselves. Because the first bucket is what I call the legacy builder or the truly passive investor.

All they want to do, they don't have a lot of time, they have a lot of capital. They want to place their capital and get returns, and their returns are still significantly higher than what they get in the stock market.

But they may not be able to get the, they may not be able to shelter their active income from taxes, right? And so they're on average across market cycles in that 20% average annualized return, you know, bucket.

And that's still a huge jump from what you get in the stock market with diversification and lowered risk. But that, that's where I would say the majority of professionals fit. And on the opposite end of the spectrum is what I call the entrepreneur.

This is someone who wants to invest in short term rentals because that is truly setting up those systems. It's like running your own business, right? It's real estate.

And then the business of the short term rental, this is where general partners fall because you're building a business, right? And so the entrepreneur sits there. They're willing to put in the time because they want over greater than 40% average annualized returns, right?

Once you factor in the tax savings and they, they're willing to put in the time. And then in the middle is who I call the hustler, which is where I fit.

You know, I wanted to really scale rapidly and I was willing to hustle for a little bit so that, you know, year 18 months where I did the rehabs, I did the short term rentals, and I did all of that, got to the point of financial freedom and you can do this with real estate, and moved everything into the passive bucket. I think I heard you say the same thing, Clint, when we were talking before we started. Where you can do that, right?

And I coach a lot of professionals and I think the one thing I want them to be intentional about getting in is identify where you fit in. What is your aptitude, your natural aptitude?

Because if you are not entrepreneurial, you may frustrate yourself if you try to self manage your short term rental and that's not what you want to be doing. And so there is a place for each of those things and there is a trade off.

And if you identify where you fit, it's okay to start off passive and then maybe in the future start getting active. It's okay to start active and then transition into passive. But you just want to make the choice that's right for you.

And I don't think it's a one size fits all.

It is not shocking to me that you identify yourself as a hustler. I am getting those vibes.

One of the things I would add on, you know, you make a. I've got a question coming at the end of this, but I want to make a comment like going from active to passive can often be hard, right? And a lot of times people start building a portfolio thinking it's the end road.

And a lot of times it ends up just being a stepping stone to whatever is next. Especially with short term rentals. It's a wildly active strategy.

For me, I could not find a property management company to manage it the way that I said. They all looked at the numbers that we said we were getting and they laughed at us.

And the reality is it's because they're managing 80 to 100 to 150 properties and nobody's going to manage your business the way that you should manage your business. So for us it that meant that we had to start a property management company and it took over two years to build that from the ground up.

The difficult part is when you decide that you want to make a shift from an active to a passive strategy in order for you to make that switch. It does matter where you are in a market cycle, right? If that happens when the interest rates are low and it's a.

It's a seller's market, that's fantastic. If it happens when the interest rates are high and it's low, you're leaving money on the table.

So that shift can be difficult and it's hard to get that timing just right. Specifically, one of the things that's challenging is giving up control, right?

As you're switching to a more passive strategy, you're typically giving that control away to somebody else.

And so just from what we know about you, you're obviously self motivated, you're driven, you've accomplished a lot, and, and you've really pushed yourself both professionally and personally and personal involvement in your asset allocation.

So, like, when it came down to you, you know, letting go of the wheel, so to speak, and trusting general partners or operators to handle your money the way that they should, typically when you make the switch from being an active investor to a passive investor, you're giving up a little bit of the return.

Same thing if, if you're entrusting that to a property management company or you're partnering with a gp, you probably could go make a better return if you're doing it full time yourself. But the reality is, especially for you, your time is worth more than that.

So eventually, like get your time back, let somebody else do it, make a little bit less of a return, but have your time back to spend with your family or growing your businesses. So understand that. But I often hear you talk about, one of the things that you mentioned is it's, let's see where I've wrote it down here.

So your portfolio touches everything. Single family rentals, 2,000 syndication rentals. And when you're evaluating new deals today, you've got non negotiables, right?

You have, you talk about the things, the three non negotiables that you have to have before you're willing to entrust anyone from a dollar with your dollars and from someone who is so active and so in control, getting yourself to the point where you're willing to let go and let somebody else take control of that. What are the non negotiables that stand out to you that are most important?

So I want to go back a little bit, Clint, because you're right, one of the things to let go of when you're active is control. The other thing is the tax savings, right? If you're used to getting all the tax savings, it's hard to go super passive.

And so one of our coaches, Sami, she's a physician, she owns 10 STRs and the way, and you know, she always talks about investing passively or growing her multifamily portfolio, but she won't do it because she won't get the same tax savings, right?

So one of the ways she gets passive and you know this is similar to having property managers or something like what you did, but you built your property management team is she has virtual assistant to kind of take off a lot of the day to day. So she's down to like two to three hours a week managing that portfolio that cash flow loans far exceeds her, her clinical income. Right.

So there are some ways to go passive. For me it was shifting from STRs, converting them over time into midterm rentals or long term rentals and having property managers manage it.

But I wouldn't say with the multifamily and here's the thing I think with when it comes to commercial debt, due diligence becomes super important. And so when we switch to syndicating, so I invest passively in all of the deals that we are GPS in.

So I guess in a sense we are doing all the due diligence. We still have control, we still have influence. We are general partners in those deals. And so that's where I go in as a limited partner.

But I'm not completely passive because GW Capital, our company is a general partner in those deals. And so I haven't completely given up control over there. But coming back to the second part of your question, what are our non negotiables?

And I think especially in this economy it becomes super important for us to be very intentional about that. It's always want to buy, right? You want to have the ability to hold onto those assets.

And when you're in the single family space it isn't as big a deal because you have 30 year fixed loans and they're a super low risk.

But commercial debt can be, can be risky and so the ability to hold onto the deal really taps into having the right kind of debt there where we're super intentional about getting into assets where we have longer term fixed rate debt with fixed rate agency debt on it. We're very intentional about day one cash flow which is an, you know, again it is looking at dscr, right?

And so most of our assets after we stress tested we're still getting over 5% cash flow day one, which is a buffer, right? If things go wrong, we still have a buffer. So higher DSCRs were intentional about that.

We pick markets where right now there are a lot of markets that are having a lot of supply hit those markets. So in the short term there's going to be some stress. And so we identify supply constrained markets.

We're intentional about that and Then the third part of that equation is like buying, right, making sure we have the right debt so we can hold onto those assets, also having control over them. And so this is, this is what most of us do, right? We're trying to find assets where we can add value. We have control over that.

And we're tapping into tax account efficiencies, we have control over that. So we're boosting our returns over there while having control over it without really depending on the market cycle.

So we're really intentional about those three things. Buying, right, having assets we can really hold on to, having the right debt on them and then controlling the things that we have control over.

Some of the assets we did last year, we had partnerships with Houston Housing Authority. 85% Reduction in taxes, significant boost in NOI Day 1.

So those are ways where we still have control even if market conditions, you know, there's volatility in market conditions. So, yeah, so we've shifted our strategy a bit, I would say, over the last few years.

And most of us have, if we're doing things right, but the fundamentals stay the same. And this is essentially what we do in any market. But more so in a market like that, we're in right now where there is more volatility.

What are you seeing in the multifamily space as far as, you know, multifamily has had a tough time over the last couple of years. I mean, commercial real estate in general has. But where are you finding the deals now? What are the ones that are intriguing you?

You know, same thing goes back to, as far as market fundamentals, markets which are supply constrained. And so we know that because in some of the markets we're seeing drops in occupancy.

That's just a function of, you know, that's what the submarkets at because of supply in the market. So we're very intentional about that. The deals that are actually penciling out, we've done a lot of loan assumptions in the last 18 months.

And then those tax exemption deals we talked about where again, that's boosting no I day just because we're getting a significant reduction in property taxes. Those I think would be, you know, those are the few strategies we've looked at which has really boosted our cash flow day one.

Those are really the most important things. We aren't doing development just because of the variables involved at this point. So a lot of the assets we're looking at are stabilized value add.

And if we can find a core plus asset, sometimes we lean into that just because again, reducing the number of variables.

I love that, you know, there's a saying that, you know, nothing's certain but death and taxes.

But I will tell you, in the last year or two, especially with people that are still operating in the last one, two, three years, it's a different breed. The people that are still able to operate right now are different. And that I'm not so sure about that whole taxes thing being certain anymore.

Because tax abatement is something that's very real. We specifically buy old distressed buildings.

Kmarts grocery stores, warehouses, textile mills, boot factories, buildings sometimes that have been empty for 10, 12, 15 years or more.

There's very real tax abatement that you can get in where they're going to get rid of the taxes for the first five years and then maybe a 80 or 90% abatement year six through 10. Like the government is willing to negotiate with you to drive revenue to the places where they want positive development to happen.

So there's a lot to be said about that space. And we're. I'm actively looking for the best tax abatement professional we can find to bring on here.

So I can grill them for probably two hours, but that there's a lot of opportunity there. And when you hear of an operator or a fund to fund manager, that's. That's leaning into that space, whatever it may be.

When you hear someone utilizing that just know veteran move, that's. That is a veteran move and it's not something that everybody can pull off.

And when you hear that, you should pay closer attention to what they are doing. So I just want to say that a little bit of a shift here. I've got two sons. My sons are 5 and 2. I know that Neil's got how old? He's 10, right?

10. Soon to be 11.

10. Almost 11 now. Right.

So a lot of what we do, the reason our group is called Nomad Capital is because a nomad goes where they want, when they want it, does what they want. Right. And that comes from the. The freedom that comes with, with passive income.

And Neil and I believe that money doesn't buy happiness, but it does create opportunity. Right. And we want that opportunity for our children. I think we all do. And we don't want them to die with a bunch of stuff.

I would like to personally die with pictures of cool things I did in beautiful places with people that I love. Right.

And so I think that you got to be really careful about what the value of money really is, especially when it comes to our children because we don't want to raise little brats. Right. But your strategy, one of the things that you focus on is making kids a millionaire by the time they're 18.

I'm really interested to hear how you balance the teaching financial discipline versus, like, handing them opportunity.

Like, I believe, like, if I give my kids money, there's a really good chance that two or three generations later, the money's gone and they're probably bad people. Right. The.

The whole give a man a fish, teach a man to fish thing versus, like, giving them the skills that they need to create value and do it in a way that, you know, is a positive impact on, hopefully, their community and the people around them. That's a very different thing than just handing them opportunity.

So talk to us about your strategy of creating millionaires at a young age and what that looks like, and unpack that for me. Just. And I want to hear it as a father.

Yeah. And so for me, you know, interestingly, when I got to the point of financial freedom, I, you know, I was like, crossroads or what do we do next? What.

What is my next why going to be? Because for the longest time, what drove me was I need to get to financial freedom, and I need that for my family.

And I call the community generational wealth, because I knew that then I had a responsibility, right. I have this portfolio. I'm going to eventually pass it on to my kids.

And I saw that as my, you know, my, you know, a big part of what I was doing next was to pass on that knowledge. Right? Because we can pass on the. That the portfolio, and it's really not enough.

We really need to pass on the knowledge and pass on those values to them. And so that's why I even had a podcast episode recently on how you can really set your kids up for success.

And when we invest in their 529s or our UTMA accounts, and, you know, a lot of kids get access to capital, but they don't get access to the knowledge. And so the strategy. A lot of real estate investors. And I have a strong feeling you probably do this also.

Clinton, Neal, especially because you have the companies. Is right. Is that a lot of us lean into. Instead of 529into Roth IRAs, because it's just a more flexible vehicle.

Your child does need to have earned income for you to put capital in there, which means you employ them in your business. Right. And you can do that when they're young, if they're modeling, you know, you know, a really young child, really isn't able to do much more.

But as they get older, they can help you with the business, help you manage the office space, they can help you with social media. There are a lot of things, especially if you have an SDR or a business, that you're more active and you can hand off a lot of things.

And as they earn that income, you're able to. It's called income shifting, right? A. When you pay them, you don't have to pay taxes on it.

So it's, it's, you know, it's taken out of your high income tax bracket, then, now it goes to them. And they are able to invest it tax free because they have a certain limit below which they don't pay taxes and it grows tax free for them.

Within that Roth ira, they are able to tap into it to buy a first home, for college education, for health care expenses, right after five years of contribution or and I believe after they turn 18, so it's available to them, they can use it. There's more flexibility around what they can use it for. But more importantly, you're teaching them how to invest. And hopefully within that ira.

I did this with my son. We just did this last week. We sit down, we talk about all the options he has, how he's going to invest, and then we track things.

So he's able to see the, you know, the, the benefit of compound growth in his portfolio. He's able to pick stocks. And I was really happy when I said, okay, do you want to do Apple? Do you want to do the S&P 500?

And we talked about the concept and he said, let's just do the S&P 500. I was like, okay, he's already learning concepts, right? So you are setting them up to where you're passing on the knowledge to them.

They're already part of the business, you know, helping you manage your portfolio. So you've already passed those skills onto them.

But then they also have a retirement vehicle that is way more flexible than, say, the traditional 529. It's not like a savings account where they have access to all of that capital right away and they can use it for anything.

So it's a little more restricted but more flexible than a 529. And I think that's probably the best way to set them up for success because all of us are building this for our kids.

But if we want to do it right, we're not just giving it to them, they're earning it.

I love that.

So you often talk about 10 times being easier than two times. Can you walk us through a real life example of how you apply that principle of leapfrog your own goals?

Oh, so that's a great question. It was actually based on the book. I'm blanking on the name of the author. It's the same author who wrote not how and it's, it's a foreign.

Dan Sullivan. Dan Sullivan, yes, Dan Sullivan and Benjamin King wrote who Not How. My, My Orange Bible. Yeah.

And so great book. And so this is another great book which kind of goes back into the don't work harder, work smarter concept and so many great examples.

But I'll, I'll go back to, you know, the typical professional says, okay, I want to hit retirement faster, so I'm going to 2x this. I'm going to save more.

So I'm going to take on an additional job, work extra shift I for physicians, they even work weekends because they get paid more. Right. And so you feel like I'm doubling my savings, I'm going to get to financial freedom faster.

But it's just so much harder because if anyone, anyone out there listening and you're thinking about doubling your savings, that can be a lot of work. Right. And so it takes a lot to get there.

Meanwhile, 10xing is much easier because now you're thinking about there are very few things can really 10x how soon you get to financial freedom. For me, it was real estate. It's a completely different strategy. You know, it's a different part of the asset allocation pie and the returns for me.

And I even have an ebook on the Generational Wealth MD website. You're there was one year where I went, I had a 200% ROI. And you guys have probably seen this also, right? 200% ROI from one property.

So you're really 10xing and it's much easier and gets you to your goals faster. It's also simplistic because there are multiple ways to 2x what you're doing. There are very, very few ways to really 10x things.

And so that's an example. Multiple other examples. I guess the other one would be really leveraging a mentor as opposed to trying to figure it out yourself.

That's another way where I think we get stuck and we're okay, we can make some progress. But really getting to that next level requires different collaboration and different level of thinking.

Well, I, you know, Clint and I sing the praises of Dan Sullivan here frequently on that book, and especially who, not how. And it's so often I find myself Sitting down, trying to figure out how to do something. And I'm like, all right, how do I do this? How do I do this?

And I have to smack myself in the face and say, no, who do I know that can do this better than I can?

Sometimes I have to smack you in.

The face and sometimes I have to smack you right back. But I'm curious where, if there's an area in your life where you have applied that principle recently.

I'm thinking of two different things. So when I think of my pain points, always team building.

And so for the longest time I had a virtual assistant, not us, based on trying to get them to work with me. And it was a struggle because they are great doers, but they're not necessarily thinkers.

They're not, you know, they're not going to be an integrator. They aren't going to move the ball forward. And so I struggled quite a bit over there until I had a mentor come say param, I think it's time.

You need to get a full time US based employee. Let's, let's just do it.

And it was really hard to pull the trigger, but it really freed me up on so many levels where the business we were able to go from six to seven figures, right? That's a shift that could not have happened until I made that, that, that pivot. And so I mean, that's a who, not how concept. That's a 10x concept.

And I think recently I joined Tony Robbins Platinum partnership. It's a big investment, but again, the goal is when you have, you can have a single connection that can really 10x your strategy.

And so I'm trying to, for most people in businesses or and in life, it's going to be a hire, it's going to be a critical collaboration or a mentor, something that's really shifting your level. And so those are the two things I can think of that have happened recently.

I love that this is, this is solid. There's so many different directions we could go with so much of this and we're running out of time already and I hate that.

But we had a general partners meeting two days ago and during that meeting, our other two general partners, the founders of NomadCap, were like, oh, this is a who, not how. Like we, we use that phrase all the time.

And I think for me personally, especially I read that book when we were growing our property management company. It's made a tremendous difference in my life of part of it is just understanding my own weaknesses and who would be better at this than I am.

And I love that. And also I love the conversation we had about kids. And I think the Roth IRA is such a powerful vehicle.

There's sometimes opportunity to pair that with infinite banking. My wife and I have our five year old started when he was three, probably a little bit too early, but like he has to have a business every summer.

So we keep honeybees and we. So he has a honeybee business. He has, he sells honey. Well, last year he did honey and sea salt.

We make sea salt from the ocean water on the island where we live. This year we had a black bear raid decimated our beehives.

And so he's selling T shirts this summer and he's got some plans for, for that to support, support our community. I don't care what it is. I don't care if it makes money or loses money. It's the lesson, right? It's the time together and it's the lesson.

And then if it makes money, what do we do with that? Right? That's the lesson. It's, it's every day. It's, it's how we do that and move it forward and just continuing to push forward down the field.

I love that there's a whole conversation we probably need to have a whole episode on just kids and businesses they can start and, and Roth IRA and everything else like that. We should definitely do that.

But as we kind of round third headed towards home here, there's one question that we ask everybody and it doesn't have to be one that you necessarily even like, but is there a book that you find yourself recommending to friends, colleagues or clients or coaching clients of yours more than any other? Just one that right now especially is kind of speaking to you or a book that you think has insight that you find yourself recommending.

I hate to say it, but the one that I recommend the most is always Rich Dad Pro dad because it's like a huge mindset shift, especially people beginning to invest. But I want to leave you, the audience had probably heard this many times over with a few other books. Tax Free wealth is a great book.

It's really transforms the way you look at taxes because the traditional thinking is, you know, defer taxes in retirement. You can, you can pull it out at a lower tax bracket.

And if most of us are doing the right things, we're probably going to be at a higher tax bracket in retirement. So it really forces you to think about investing in taxes differently.

I do also like the Holy Grail of Investing by Tony Robbins where He exposes people to other alternative investment opportunities. And you know why? It's an important part of your portfolio. So I guess those would be two great books for people.

Okay, two we actually haven't heard before. Dr. Bala, thank you so much for taking your time to spend a few minutes with us all the way across the world.

If any of our listeners want to find out more about you and maybe connect with you, what would be the best way for them to do that?

Yeah, so Generational Wealth MD is our website. That's a great way to connect with us. We also have a free ebook on there where I talk about my journey in real estate with actual numbers.

And for people who find it hard to believe that this is even possible, these are the actual numbers is how I did it. That's a great resource. And for those of you thinking about investing passively, I have a handbook for passive investors.

The Hands Off Investor is a great book, but it's a, it's a deep read. And so this is a really quick, you know, 90 minute, focused reading. Helps you think about, you know, passive investing.

How do I do my own due diligence? There's a checklist there that's gwcapital.comguide. That website is a great place.

Also, you can book a call, you can talk to our team if you need to, and the podcast resources are on there. So you have a ton of valuable resources there.

Excellent. Well, thank you, Dr. Bala. We really appreciate your time and efforts and everything that you're doing.

We look forward to continue to watch your success and thank you so much for sharing some of your knowledge with us today.

Absolutely. Thank you guys. This was so much fun.

Thank you so much for listening and watching the Truly Passive Income podcast.

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And remember, with Truly Passive income comes freedom of time, place and the freedom to pursue your higher purpose.

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