“The poor sell time, the middle class sells labor, and the wealthy sell or borrow against assets.” Keep that sentence close as you listen, because nearly everything in this episode grows out of it. It explains how people with enormous fortunes can live comfortably without collecting a paycheck, and why so many families who work hard every day never seem to get ahead.

This is a look behind the curtain at how wealthy families actually spend, borrow and plan. I break down margin accounts and securities-based lines of credit in plain language, how people reach cash without selling what they own, and why good debt used modestly sits behind almost every fortune and every thriving city. I also show you the other side of that coin, where leverage without discipline has taken down people who looked untouchable on paper.

Then we get into taxes and bust a myth or two along the way. You’ll learn what the phrase “buy, borrow and die” really means, how trusts, LLCs and private foundations work, and why a capital gain is treated so differently from a paycheck. I tell the story of a townhouse I held onto when everyone around me said sell, and the night a hotel sink with no hot water put me next door to Warren Buffett.

Everything here is legal and written into the rules, and much of it scales down to a working family with a home, a will and an LLC. I don’t want you resenting rich people. I want you learning the rules well enough to build wealth of your own and keep it for the generations behind you.

🎧 Listen now — wherever you get your podcasts, or simply click below.

Prefer to watch? The full episode is on YouTube.