Invest like the Rich with Salvatore Buscemi #MakingBank #S6E35

Are you investing correctly? Maybe not.

On this episode of the Making Bank podcast, Salvatore Buscemi discusses how true investors make money work for them. Originally on the path to a medical degree, Salvatore quickly realized he wanted to switch to finance. After getting into real estate, he began networking, studying, and observing how the extremely rich invested.

Now, he teaches others how to invest like the .001%, create legacy, and get into the right circles to meet the right people.

Listen to Josh and Salvatore discuss smart investing:

Salvatore’s Background (3:26)

Salvatore explains the winding path that brought him to entrepreneurship. Originally pursuing a medical degree, Salvatore realized he didn’t want that life. He was able to connect with people in finance and set his sights on business.

The Pandemic and the Work Landscape (9:07)

Salvatore chats about how the pandemic has and continues to shape the work world. He views the Great Resignation as a spiritual awakening for most people. People are now moving into other industries or starting their own businesses.  

Statement Assets (10:54)

It’s not just about showing off your car anymore. It’s about showing off your assets. Salvatore discusses the new trend of “statement assets,” which are things like stock in professional sports. These statement assets show to others that you’re willing to invest big dollars, thus attracting wealthier and more sophisticated partnerships. As opposed to investing in Airbnb, a statement asset would be investing in commercial real estate.

Invest like the Rich (15:12)

Don’t invest in stocks. Invest in new ideas. Salvatore talks about how investing in private equity and venture capital is how the rich get richer. Instead of running after the stock market, look to the centers of new ideas, and follow the people who have many successful start-ups under their name.

Additionally, Salvatore emphasizes the importance of always knowing who the other investors are.

Entrepreneurial Evolution (22:02)

Salvatore explains how you can jump from the middle class to the upper class. Get involved in entrepreneurial groups and leverage your network as much as you can to get into the right circles and meet the right people. Meeting people outside of your comfort zone, immediate acquaintances and geography online and through groups will push you to create an airtight network.

As you expand outward, pay attention to how people approach their work. Are they doing something you’re not? Are they succeeding? You’ll be surprised with what you learn.

Investing Legacy (27:01)

Salvatore explains why he wrote his book Investing Legacy: How the .001% Invest. In it, he discusses investment biases of the top .001%, as well as what they get right. The top .001% invest in what helps further their mission statement, brand, and values—better cementing their legacy.

Second Rule of Real Estate (31:22)

Location, location, location. That’s what’s most important in real estate. To Salvatore, the second most important rule of real estate is never stop raising capital.

Links mentioned:

Making Bank - Website
https://legacyinvesting.com/