Billy Keels  00:00

Today's conversation is sponsored by first generation Capital Partners. If you're an accredited investor, and you want to know about how we're helping other accredited investors keep more of their income, go to firstgencp.com, forward slash going well.

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00:12

It's nice to have someone that is complementary to you, my first business partner and I that created the course we are, we're almost the same person, we have the same strengths. But we have the same weaknesses. We had a third partner, which is very dissimilar to us. But we have a rule that all three of us have to agree for us to move forward on a big deal. And that's helped us so many times, you know,

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00:36

you're listening to the going long podcast with Billy keels, the number one podcast for long distance real asset investing.

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Billy Keels  00:46

Welcome to the Golang podcast, we're back once again to continue to help to educate you so you feel much more comfortable as well as confident investing beyond your backyard. And yet, I'm your host, Billy keels, we're back once again and get another really, really awesome conversation, literally get your pens and paper out or digital pens and paper or whatever it is. Because today is going to be really, really cool. But really quickly, you know, I love to say thank you so much for continuing to tag us share across social media that go on long podcast, really, really appreciate that because it attracts more, more people to the podcast family and something really, really appreciate that. And you know, if you want to leave your honest, written review, and you still been thinking about it, there's this really short video, Apple podcast, platform, Spotify, feel free to do that, then if you're looking for any of the previous episodes, just go to first ncp.com forward slash podcast. Once again, that's first gen cpa.com forward slash podcast and you can find every single episode ever. So listen to this. So if you're someone who is you know that you have multi, multi, you're multi talented person, you have also a highly specialised skill set. IE, you know, you are a high paid physician, and you like doing other things and you know that you want to be able to create a path to freedom for yourself and for your family like today's a really good conversation because we have a, we have a guest that you're going to learn from. And he's going to tell you more about how he is able to do the things that he's doing with his with his company, he was a physician, and he's helping a lot a lot of people, we're gonna get to the conversation with Dr. Pranay Pareek. And we're gonna get to that just after this. Are you a busy high paid professional, someone who's made $200,000 The previous two years and also expected to earn $200,000 This year, or maybe as a couple you file jointly and you've earned $300,000, the previous two years, and also expected to earn $300,000 together this year, or maybe yourself or as a couple, you have a million dollars in net worth not including your home. Well, if you meet any of those criteria, then the IRS considers you to be someone who is an accredited investor. And so that probably means you're a top producing software sales executive, or maybe you're a highly paid consultant, maybe you're a lawyer, maybe you're a doctor or a business owner, you may even work for professional sports franchise, but one way or the other, you've done a lot of really hard work to get to where you are, you've done 100% of the work. And nowadays, you're continuing to get crushed by taxes. And that means you're only bringing home 50% of the reward. If you're tired of doing this over and over and you're looking for a solution to start to keep more of your money, you can go to first gen cpa.com forward slash invest so that you can start to keep more of your money, which means that you can start to have the freedom to choose what you want to do when you want to do it with whom you want to do it. So once again, go to first gen cpe.com forward slash invest, to see how we can start to help you today. Once again, that's first gen cpe.com Ford slash invest. So if you want to understand how wearing a lot of hats and collaborating with others, can be the key to your long distance investing success. And guess what? Today's the conversation you're gonna want to listen to until the very last word. You know why? Because today's guests, not only following his extensive education in medicine was a Nocturnus lead for a healthcare provider in the Midwest and I'm sure he's going to tell us a little bit more about that. He is also and you will find this to be the case a very multifaceted person. He is a physician, he's an educator is the CO creator of a while he's gonna tell us about that I won't steal his thunder and he is also the co founder of ascent equity group, as well as the host of the super popular podcast from MD to entrepreneur and gives me great pleasure. Welcome to today's conversation. Dr. Pranay Pareek. Pranay, welcome to show man.

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04:29

Hey Philly, how's it going?

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Billy Keels  04:30

As well man as well love your energy, love to pre conversation and I cannot wait for the entire going long family to find out more about you and your story and how you are going out and adding so much value to others today. You ready for this conversation?

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04:45

And yeah, that's it.

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Billy Keels  04:46

I know you were I knew you were listening. Here's the thing. Every single one of our guests today are special guests. You're gonna get at least five questions. You're gonna get two in the beginning. You're gonna get three in the end in the middle. You're gonna get a lot of questions as well. I just don't know how many there are so I won't even dare to ask. So one of the things is I would love for you to help us understand, where exactly do you call home in the US?

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05:07

Yeah, so I live in this small city called Echo Park. It's in Los Angeles, California, it's about two exits away from downtown. And it's nice because there's a tonne of good food here. And my wife and I basically live to eat.

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Billy Keels  05:23

Oh, that's not bad. Not bad. I like living to eat sounds like a lot of fun, especially like, I live over here in the Mediterranean. So it's usually a pretty good thing.

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05:32

Going outside and Bs about that. It's okay, we'll figure it out, we'll

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Billy Keels  05:35

figure it out. We'll hang out my desk. So I appreciate that. And then also to one of the things that I really, really enjoy. Love is positivity. So can you help us understand what's the most positive thing that's happened to slash for you in the last 24 hours?

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05:51

I think a lot of times you bring positivity in your own life, right? It's how you look about things. So for example, here in the US, that we've, there's a lot of economic turmoil, right? And so we are in real estate, and we thought, hey, this sucks, like, let's hope everyone's everyone's deposits. And everyone's doing okay, in the banking sector for now, except the bankers that the people are doing, okay. But we looked at, we had to buy something that was very expensive, called a rate cap. And it was one and a half million dollars, yesterday, or last week, and we thought it was gonna go up to 2 million. But because of this, this thing happened. We went to our bankers, and we said, hey, all this stuff is happening. Can you guys give us a discount, and we don't know the exact price, but it's going to be about half. So we'll have saved hundreds of 1000s of dollars. So I think a lot of it is just keeping up with the news, trying to be like, hey, is this thing? Can it be good for me? And I, especially if everyone else is going to be okay, like let's try to so much. So we're going to save money, but mostly it's our investors that are going to save a fortune on this.

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Billy Keels  07:04

Yeah. Well, I appreciate you give me this that perspective, because sometimes it's so easy to get lost in like, all the stuff that's going on around that, you know, one of my one of my mentors long time ago used to say where there's, or there's chaos, there's cashflow, right. And so when they're, you're looking at it from a different perspective, I mean, you're adding value to so many other people, your investors, because you and your team decided to ask one question and middles amid all the chaos that's happening, at least this point in time, depending on when you're listening to this or watching the video, and it may have already gone by but I appreciate you giving us that perspective. Pranay, and so here's another thing, the entire Golang family knows this about me I am a recovering perfectionist, so I try to do things that are pretty outlandish sometimes, like tell your entire backstory in one and a half seconds. Never was gonna happen done way too much. You've helped too many people make too much impact. So what I am going to ask you, Pranay is if you could tell your own backstory, in your own words, you can take a lot more time, take as much time as you want. And then when you're telling your backstory, if you could also help us understand what are some of the major decisions that you've made to get to this point in your journey? And then we'll see where you and I take the conversation from there.

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08:11

Yeah, so I was born in San Jose, California, Silicon Valley. So you'd expect me to go into tech, which I love tech. I actually remember my first computer in the early 90s. You know, I was an internet on 28.8 modem. We had MS DOS, I was pretty good at it, you know, so I've been really tech friendly. But being from a South Asian family, my dad of course wanted me to be a doctor. So that's where I got pushed into actually enjoy that I really understood like understanding how things work. So medicine was perfect. I mean, what bigger a Nygma do we have in our human body? So kind of went along that but I get easily distracted. So, you know, I went through high school and it was actually pretty good because I did a lot of different things. And before you get into med school, they want you to be well rounded and I was because I did a little bit of this a little bit of that. But after and then I got into college and when you get in college, they really want like okay, you got to be pre med you can only do medicine, it was kind of doing a lot of stuff. I was a molecular biochemist, I was ocean microbiologist and just you know, I tried to do different internships, different jobs. And my because I was working so much my studies kind of suffered a little bit, you know, you'll get into med school you gotta get straight A's. So I had a decent GPA three something you know, but not like, and these got off the charts. Yeah, exactly. So at the end, it came time it was like what was he going to do? Was I going to take more schooling right get even longer or get a master's degree, or I could go Do school in a different country. And I was like, hey, living in a different country. Sounds awesome. So I tried, I went that I went to the Caribbean, I went to schooling. It is not the Caribbean you're thinking about. So when I, when I moved there, it's called the Nature Island because it's adulterated. So that means there'd be a hurricane power would go out, I'd be studying via flashlight. It wasn't super conducive to study medicine. But you know, I built a lot of resilience. So then I got into, but you know, it's not a US school, so you don't have that name recognition behind you. So it was a little struggle getting into residency, meaning the next level of training, and I got into a programme in Tennessee, you know, just fortunate that I was able to find a programme, and it was a university programme. So decent, and but people could see that I was unhappy. You know, I'm from a big city, and I had a very small town. So my senior resident, he was like, why don't you just move back to California? I was like, what you can do that? And he's like, yeah, go to this website. And you can see if there's any availabilities transfer. And when people had started in that programme, it was kind of third, fourth, fifth choice for a lot of people. So every a lot of people were pretty depressed when they got there, you know, they didn't get their top choice. And I made a conscious decision, hey, kind of sucks. Like, maybe I should have worked harder. But I'm going to check my button gear. So in the very beginning, when you start residency, you take this test, it's called the in Service Exam, and it's kind of just there to tell you where you are, right? It doesn't count for anything. And no one studied for it. I was like, okay, no one studies for this is gonna be really easy for me to stick out. Let me just take this test, and I killed it, I got 90 percentile. So I was better than 90% of the interns that are out there. And they didn't mean anything. I was like, Okay, that's cool. You know, at least now I know, it's not me, right. It's my like, it's more of effort based. It wasn't something intrinsic with me. And I found later on when I was checking that website to see if there was any other positions positions. There was a position open at University of Southern California. That was my dream programme, you know, and I applied, and they're like, Yeah, send us your transcript and all this stuff. And first of all, all that stuff. Isn't that great? Because then I would have got into USC in the first place. But I was like, you know why, guys, I know, you didn't ask for this test. But here's his test. I got 98th percentile. And the other thing is my friend was at that programme. So I was like, Hey, could you could you put in a good word, right? I didn't talk to her for a while. But I was like, hey, remember, we were friends. We were actually neighbours. She put in a good word that test really stuck out. And long story short, I was able to transfer to USC. And the thing is, this programme was way better than any of the programmes I had interviewed at. So had I not gone to this lesser programme, I wouldn't be at this amazing programme. So I did well at USC, but still kind of did a lot of stuff. I worked with the heart doctors, I worked with the sleep doctors. And I was trying to do this additional training called fellowship. And it they looked at my application when I applied and they're like, yeah, it doesn't look like all you care about is this fellowship. Like yeah, you're right. I care about all this other stuff. I care about real estate, I care about all this other stuff. And once again, I didn't get in, you know, and I was like, Okay, shoot, like, what do I do now? I was expecting this huge salary, and now I have a decent salary. And so I looked around, and I had all this debt. So I looked around, and that's when I really found real estate, like, Okay, I could either put money in the stock market not have access to it for 30 years, right. And I already all these years of sacrifice my life. So I bought a four unit. And the question is, how did I buy something so expensive in LA, the money has to come from somewhere. I wish I could just say like, I bought four unit and so on, but I worked a lot. I worked 20 up to 2712 hour shifts a month to pay off my loans to buy to buy my four unit and I was like, okay, buy one of those a year, right? Retire in 10 years, but I didn't realise how difficult to market was in Los Angeles. And I just got super lucky with my first one. So I looked around like, is there anything else I can do? Is there any other way to get into real estate and that's when I found syndications. So I realised like it's so difficult to find syndication. We didn't have podcasts like yours. I know you've talked about it in the past. But syndications wasn't really Like well known back in like 2015 2016, you know. And so I partnered with someone, we created a course. And we've had 1000s of people take the course and learn how to find deals, vet them and invest. And after a while, people went through our course. And we're like, yeah, okay, now we know this stuff. But we know enough that we don't want to do it. So why don't we just invest in the same deal as you to my partner in our investing in, maybe we can get better terms, better deals. So we did that we created a sent equity group, we got small pieces of very large deals, but over time, we had enough interest that we could take down whole deals by ourselves.

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Billy Keels  15:41

You know, and so listening to your, you know, being able to take down the deals by yourself, meaning you, in your partner with groups of investors, and you think about that all the way, you know, the things that you told us from the very beginning, like, Hey, listen, you were following a path. Because, you know, from your family origins, that thing is, what your dad wanted to do was to be become a physician, not only did you do that, but along the way, you've allowed your natural curiosity to lead you in multiple different directions, taking different paths, to get to now where you're continuing to serve others. And so as I think about that, there's a part of your story that you mentioned, sometimes, and this happens to me a lot. But for those of you that are recovering, perfectionist, this will sound like a lot, because you mentioned, you didn't just kind of have a failure event once you had, like, twice, because you talked about the fellowship, talk to that person who is the working professional, that's kind of like, Hey, listen, I want to get out there, I really want to make sure that I get the next raise or the next role or the next title, and you get that kind of knocked back not just once or twice, sometimes that can affect the way that you continue to perceive yourself, or your ability to move forward. Because you went through that yourself, and you're still continuing to come out on top, maybe talk to us a little bit about how you how you were able to do that.

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16:58

Yeah, a lot of therapy. You know, I wish I could be like, hey, failure is great, right? And now I look at it that way, right? It's a learning experience. It's finding finding your path, right? If you imagine there's 10 doors, and one has your success, you pick one door, and it's nothing, you're like, Okay, now my chance of getting the next door is even higher, right? It's one out of nine, one out of eight, and so on. But it sucks, right? It sucks being rejected, sucks, rejected by your spouse, or your significant other, your work your family, having to have that discussion with people. You know, it wasn't easy to tell my parents that I didn't get fellowship. And actually Billy, twice, I applied twice, and I didn't get in. So the second time was less painful. But I also made the decision. I will I went to some interviews, but I got an interview in Fresno, for example, which is in the middle of California. I was like, Yeah, you know, I'm okay, not getting this not getting this position, if it means I don't have to live in Fresno for three years. And that's a conscious decision I made. But I think you have to look at failure differently. Right. So first, how it feels viscerally. Right. So before you even think about the success and all that stuff. Failure is temporary, right? It feels like it's gonna be forever, right? Failure doesn't say anything about you. It's not intrinsic. It's not pervasive. And it's it's not permanent, right? It's temporary. And it's not, it doesn't mean it's going to happen again. So if you look at failure is not something that's part of you, it's just a moment in time, then, then you're almost able to kind of separate yourself from the failure because what happens is you connect the two, right? You're like, or like a breakup, you're like, I could never be loved again, right? Or I'll never find someone that I can love again, right? And it feels so, so much bigger than yourself. So just remembering that and it's almost like a mantra, and you you have to tell yourself that even if you don't feel it, even if it feels like it's gonna be forever, right? If you think about those breakups, where for like two weeks, you're like, Oh, this is the worst feeling in the world, right? And then like week three, you're like, Oh, that wasn't that bad, right? It's just getting through that period. And what I think is the most important is knowing that there's going to be setbacks. So, you know, the podcast is from MD to entrepreneur. So I tried to really be like, Hey, this is tough, right? So Billy, you've had you know, 300 plus episodes super successful, but like, if I told you right in the beginning, like Billy, you're probably gonna have like two downloads in the first episode. You see three you're like,

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Billy Keels  19:47

oh, wow, amazing.

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19:49

I have the best nor shall but if you go like most people where you're like, okay, yeah, I like okay, like, for example, There's four people that live in my house. My first episode had two downloads. I was like, What are you guys doing? I

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Billy Keels  20:09

listened to my podcast, what in the world is going on here? Hang on a second. Yeah,

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20:12

I was like, don't even have to listen, just download it, right? But it's hard to get that going, right? And so it's progress, right? Action begets hope and it begets the chance of winning, right? You just want to increase your surface area for luck. So get sucked, but probably now I could say this, because I'm looking back. So the best thing that happened to me, I moved on, I found my business partner, because after that happened, I was like, okay, like, I had this nice, well worn path in the future that I can follow, right? pre med, medical school residency fellowship, and then, you know, some directorship somewhere else. But now it's okay. I was like, now I'm a graduate, I'm a doctor and I, what I do, how do I support my family? How do I pay off my loans, and my salary was good, which I know a lot of your tech people have good salaries, but maybe they have loans, or maybe they're feel stuck. So you got to do something else. So I, you know, I got married, I had kids and all of that stuff. If I had three years of fellowship, I would have just kind of delayed all those plans. So I feel like I'm three years in the future for my business and business plan and life. But looking back, it sucked. So I think just, oh, and then here's one other thing I gave myself, the I gave myself a whole day. I'm like, this whole day, I can mope around and feel like crap, I was like, just walking around, I was like, I suck, I'm the worst, you know, just because I think we need that, right? We need that data. If we suppress it, it's going to come out. So I was like, yeah, like, you know, that was like, I should have said that, you know, ruminating and all that stuff. But then after a day, I was like, Okay, got it out of my system, you know, like

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Billy Keels  22:01

you gave yourself, you give yourself that period of time to say, Okay, look in the next 24 hours, gonna go through this, and then afterwards, boom, you gotta get back on to get back into where you were. And so I love the way that you that you break that down, right? Because one is just a reminder that, hey, listen, even if you're going for that next big role, or that next big whatever in your life, if it doesn't happen, it's a moment in time, it's temporary, it's not gonna last forever. And then when as you make that separation, you also realise like, Hey, listen, don't worry that it happened once, it doesn't necessarily mean that it's gonna happen. Again. So what you're what you're helping to provide is really that path forward to the person who is the who is who is looking for that. Trusting that you're enjoying today's conversation. And you know, if you're tired of getting crushed by taxes, and you're looking for greater freedom, to be able to choose what you want to do, when you want to do it, make sure that you go to first ncp.com Ford slash going long, and see how we can help you today. Let's get back to the conversation. I want to come back to kind of like, threw it in really easily. And I was like, well hang on a second. I know people that are that are watching or running on the treadmill and listening to us is like, hang on a second. But yeah, he talked about all the stuff and the debt. And he made all these decisions. But then he just kind of talked about real estate, and he decided to do real estate. Well, I did too. But why did you actually decide that real estate, at least initially? Could you talk about what you were doing in the stock market? And that's the traditional path, right? And so you've got this other thing. And you you talked about getting into real estate, but what was it that drew your attention drew your passion, or at least interest, let's say interest initially to towards real estate.

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23:39

So I looked around, right? And I thought about who are who is doing well, who could I model myself after, and the people that were doing very well, were the people that owned a lot of real estate, or owned a business, right? So I thought owning a business is a lot of work. And let me buy some real estate that I can figure out my parents owned real estate, there's 18 years old, that are killing in real estate. So you know, I found bigger pockets, I did a lot of research. And my sister in law is a real estate agent. So in Los Angeles, so, you know, I had an unfair advantage because I trusted her implicitly to take to take care of me, you know, so that's why I got into real estate tax advantage. You know, all the stuff your your listeners know, but and then eventually it turned the real estate into a business.

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Billy Keels  24:32

Well, and so turning the real estate into a business I think is is is one of the things that as you is the path that you've gone on right is one of the many options because you've combined two of the of the levers that you were initially talking about. But there's like you said something like having an unfair advantage. I think I grew up in the way that I grew up as if it was an unfair advantage if it was like by definition, it wasn't cool, because you shouldn't do that. But then as you start to realise that there Is this game that is playing, I've talked about this multiple times on LinkedIn. Like, it's understanding, like, you know, when I grew up, it was you there was a phrase that was the or the sentence that was, you know, Don't hate the player hate. And so you start to understand the game. But you just said something that was also really interesting that you'd actually seen the power of real estate, because it sounded like at least I understood you to say that you, your parents had also invested in real estate. So it was something that you had actually been exposed to at an early on age, maybe you can expand a little bit on that.

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25:35

I think I think a lot of us are fortunate, or unfortunate where and who were born to. And my dad was an entrepreneur he owned right now he runs an ice cream store, but his backgrounds in electrical engineering, he owned limos, he owned condos, he owned a lot of stuff.

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Billy Keels  25:55

A lot of some jeans that were passed on to you. Yeah,

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25:59

yeah. So they were considering buying a hallmark store, and they're just all over the place. And what I and you know, that's fortunate, I'm from Indian descent, and we're very kind of business oriented. But for a lot of people, they don't have that benefit. So who can you model yourself after? Who can you use as a mentor, and look at their life? There's this other podcast that I have no relationship with, called founders podcast, where he goes through all these biographies. So look at you know, look at Charles Munger, look at Charlie Munger. Look at Warren Buffett, look at Brandon Turner, all these people, that you could read their whole story in about five to eight hours and capture what they spent a whole lifetime trying to learn. And so try to see, you know, and I think a lot of people, myself included, look for on a live mentor, right, someone that can guide you, and those are the best right to have someone like that. But don't discount, you know, the mentor that you can have digitally or the mentor that you can have, just from reading their books, because you're you might learn just as much if not more from them,

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Billy Keels  27:10

digital mentors are, are absolutely fantastic, as well. So So I was gonna ask you about your creators, your your creative gene, but I think you already told us a little bit about that. I think we're at least some of it. But you also chose to take a very specific path, because you've talked about earlier, working with a business partner, it's one of the things we talked about, in the very beginning, you did something where you're really focused on you know, being a high, being a specialist, a highly educated specialist in the area of medicine. At the same time, you've made this, this choice to collaborate in, in collaboration is seems to be one of the things that you are really also passionate about. Talk to us a little bit about why you've chosen that path for collaboration in terms of being able to serve others, rather than keeping a focus and being able to do it. Just yourself as the specialist.

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28:06

I think I think things are really interesting when you work with other people. So we have business business itself, entrepreneurship is very lonely. I have a whole podcast on this. And even, you know, even someone like yourself super successful 300 Plus episodes. But a lot of times you're you're talking to your editor, you're talking to your social media person, but it's it's lonely, you don't have that necessarily office feel where you're just talking at the water cooler. And so it's nice to have someone that is complementary to you. So my first business partner and I that created the course we are, we're almost the same person, we have the same strengths, but we have the same weaknesses. So when we created that ascent equity group, we had a third partner, which is very dissimilar to us, it kind of rounds us out. And it's just so fun. We have these meetings with the three of us, like we get into very passionate arguments, and but we have a rule that all three of us have to agree for us to move forward on a big deal. And that's helped us so many times, you know, for example, we were considering a deal in Vegas. And Vegas was super hot and in 2021. Right now, it's crashing, crashing bad and two of us were gung ho to get into this deal. And it looked pretty good. A third partner, we just couldn't convince them or like okay, fine, you win. We're so thankful now to do that, you know, and it's, it's having someone it's not, you know, it's not a one plus one equals two, but it's like a one. It's like a two times two equals four kind of thing.

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Billy Keels  29:45

No, it's It's fantastic and being able to find that right mix right in terms of the collaboration and being able to have a clear understanding of you know, what are the ground rules, how do you make decisions and things like that is not something that is very I'm sure you've had your trials and tribulations, but to your point, sometimes it works out sometimes it doesn't. And so it's great to understand have a clearer understanding as to why you've moved into this. The idea of collaboration and how you're also able to to help others. Now this, you got the podcast, right? So from, from MD to entrepreneur, tell us a little bit about that. What was the reasoning behind doing that and who you're talking to them.

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30:27

So I realised that I was having all these super interesting conversations. And I was like, wow, this is so good. And not because of me, but because of them. And that kind of education, mentorship and skills that they were passing along with me, I was like, people need to hear this. And it's one I want physicians and other people that want to be entrepreneurs to learn, like, hey, here are the skills that you need. So we go through marketing, we go through productivity, and all that stuff, but also to hear from these regular people, like, hey, if they've been successful, I can be successful too. And it's also following my path, my journey in entrepreneurship, because I'm a little hard headed, sometimes I have to make a lot of mistakes, to learn my way, you know, and if, if people can learn and not make the same mistakes, and be successful, because what I really feel is, I don't want people to just be entrepreneurs, I don't want people to leave medicine. But I think that having something outside of medicine will make you a better doctor will make you more financially secure. And it will just round you out in such a better way, and really help with the burnout epidemic that we're having in the US.

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Billy Keels  31:40

That's, that's fantastic. So like I said, the from MD to entrepreneur helps us understand a little bit more about the reason for the podcasts, who you're looking to help and also shed some more light in terms of real life stories in terms of how you can make transition from point A to point B, as you talked about earlier, it's another way to learn from digital, digital mentors and things like that, which is fantastic. So, you know, here's the thing. I just realised, we've got to get to the going long, final three. But the thing is, I never, ever asked any of our guests and today our special guests on the Rascon either going along final three. Unless you let me know that you're ready. So my question for you is, are you ready? Yeah, let's do it. Why does that not surprise me? At all? You're like, yeah, man, of course. I was born ready, man. Of course, you worker. Sure. So here's the thing. So we started with you over on the left coast of the of the of the US or on the West Coast of the US probably better way to say it. I'd like to bring things back to this side of the pond. Because this guy from Columbus, Ohio, who's been doing this podcast for a while, has been living in Europe for the last 22 years. So one of the things that I would love for you to share with the going along with the go along about the podcast family is what is your favourite European city that you've either visited or still on your bucket list to visit.

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33:00

So I'm really much looking forward to going to Paris, I know you live there for a little bit. But like I said, my wife and I live to eat. And so the best fine dining is in France and in Paris. So our actual plan is probably in a year or two is we were actually going to start in 2020. But live elsewhere for two summers. But you know what happened in 2020?

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Billy Keels  33:27

We started this podcast in 2020.

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33:30

Yeah.

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Billy Keels  33:32

Awesome. Yeah, Paris is an amazing place. And yeah, I just, it's one of my favourites of all time, it started a whole new life. For me, he talked about things that set a path for me forward. And it's just amazing. So we're gonna add that to the show notes. And here's the other thing, like normally I tell this long story and kind of get to the point. But with you, I'm going to do something different. I'm just going to ask you the question, because we've talked about how you are so multifaceted. You've tried so many things you've already shared some of us with with us earlier, some of the what people would call learning opportunities, or maybe failure event or whatever, you learn something because you were trying new things. I would love for you to share with us tonight. But what is one, not the mistake that you made or the learning opportunity that he had? But what was the lesson that you learned? Because I'm interested in you sharing another lesson or sharing a lesson from a failure event that you had so that you can help the going along family to minimise the probability of having that exact same thing happen.

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34:31

So I got into crypto last year for fun, and I went a little too all end and crypto stuff changed and it just gave me an idea not necessarily for crypto, but to to not put all your eggs in one basket. You know I should have spent a couple 1000 bucks just for fun and I know that I've lost it. But I I saw a good deal and I was like hey this is great and I'm it went out And then went down and went up. And then now it's way down. So I think stuff like that is just have a little bit have a little bit pre decided that you're going to use or probably lose. But don't don't rush to go in and put in more because you have to get this great deal and especially for something that you're not super knowledgeable about.

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Billy Keels  35:22

I love that you shared that. And I love that last part, right, especially if you're not knowledgeable, because typically, and I love your perspective on this real quick, and then we'll get to question number three. But when you lack the knowledge, that increases the risk, right? Because it's because by definition, you don't have the you don't know the questions to ask or you may not have such and such. Do you find that to be the case as well. Pranay, I'm just

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35:48

Just curious. Yeah, yeah, I think. So there's two things, right. There's what is the downside risk? So like, something like crypto where it can go down to zero, right. And that sucks. But like something like real estate, like I went, so when I bought my first four unit, I went to the final inspection and we were going through the property. I was like, I have no idea what I'm looking at. Right? Like, I don't know if this is a good inspection. Unfortunately, my my sister in law had warned me like, Hey, I told the inspector to tell to find out every thing that's bad, and just put it out and make it sound horrible. And then he gives me the report. I'm like, this is nice is falling apart. You know, I just added he gets me to the side later. He's like, hey, this place actually looks pretty good. I was like, what this paper says?

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Billy Keels  36:40

Well, you started learning, you're learning. Yeah,

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36:42

but but we were able to get a discount, right. So like, that was the long game. And that's that's what I understood later. But say I that property sucked. And it just was horrible. I could sell that 70% 80%. Right, I wouldn't lose all my money. So I think taking a risk is a lot more calculated when you're in real estate. But something else like stocks, like individual stocks, like a mutual funds probably not going to go to zero but individual stock did in my very intelligent genius. years, like two years ago, I bought some peloton stock. That was a big mistake.

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Billy Keels  37:22

Well, but it does come back to your point it's about the education is the is the Do you have the education? Do you have the knowledge, the insight and is it up to date, right? I mean, because there are market dynamics, we started very beginning of this conversation that are that are changing from some people will create chaos for those will create opportunity. And a lot of that is based on the amount of education that you have in the network that is around your love the example you just use, that you reached out as part of your unfair advantage to be able to learn a lesson so that you are now able to expand that and help so many other people. So there's appreciate you on there. And then we got to get to question number three, because we could talk to you and I could talk forever. I think we probably spend like 15 days. But um, question number three is really about I love being able to feed our minds before. Before you leave us today. Pranay, and so what is the one book that you would recommend to the going long family?

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38:13

Yeah, so we've talked about that a little bit about this before, but I find that I listened to a lot of podcasts and I go on a lot of podcasts and same handful of books right. Tomic habits, that one thing, right, and so I like to have something that's different. So this book is called the dictionary of Obscure Sorrows. And what it does is it it it makes words in different languages or that capture the human emotion that a lot of times we're not able to put into words. But once we see that we're like, exactly. So here's a word called half wise, it's an adjective, suddenly aware that you're more than halfway through a vacation or semester or other positive experience, noticeably closer to the end than the beginning. As if someone had flipped your mental hourglass overnight, turning a rush of fun surprises into a trickle of last hurrahs.

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Billy Keels  39:10

Wow. I like that dictionary, Obscure Sorrows. So we're gonna include that in the show notes. Appreciate you not only sharing but giving us some insight into into the book as well. You know, printed I, like I'm literally I can't believe how quickly these conversations fly by, right? I mean, you're telling us from the very beginning the family influence in Indian descent and this desire to have you become a physician, and you talked about that. And not only did you share that you've talked about your path, right, and that it's the path less travelled and along the way, you were, you continued to use those multifaceted skills that you talked about it I mean, being able to be in the in Silicon Valley at the time that you were there. You were able to see it's not just follow this one path. It's how do I gain as much experience as possible? Along the way, you're leveraging your unfair advantages in the way that I was helping others. And you're also able to keep this very unique perspective on where are we in life and love the example that you used earlier, you know, talking about this is a temporary moment, moment moment in time, at the same time being aware of where you are today. And you're doing that in such a way that not only with your podcast, are you helping others as a physical digital mentor, as well to so many different people, but also with this inequity group, how you are continuing to collaborate and help add so much value to others. So, you know, I'm going on and on in the in the going long families thinking ability just asked him the question. So here's the thing, help us understand what's the best way for the growing long family to connect with you find out more about your podcast or the things that you're doing with this inequity group as well?

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40:46

Yeah, so my podcast website is from md.com. And you can sign up for my newsletter, get weekly productivity tips on there. You can get the podcast on Apple podcast, Spotify, basically everywhere. If you're interested in me in investing in the type of real estate that we do is a cent equity. group.com.

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Billy Keels  41:08

Right. Fantastic. So it's an equity group.com. Also, the podcast, we'll make links and so you guys can connect with with Rene and do it in a way that's very, very simple and easy for the two of you to connect. So listen for now, on behalf of the entire go along family. Just want to say thank you very much for deciding to invest your time with me with us. And thank you very much, really appreciate it. Awesome. Thanks, Billy. All right, cool. pronate give me like 10 seconds and then we'll wrap things up going on family. I mean, I don't even really know what else to say. I mean, Pranay left everything here for you. He gave you so many actionable tips. I mean, he even read from the book that he recommended to you today. So do me a favour. Now do yourself a favour, share today's episode, he left you so many different nuggets, talk to your friends, talk to your family members about the things that you heard about today, and go from theory to practice. And then when you get stuck pronase even given you a way to reach out to him directly. So while you're taking action, because that's really important. I'll be here preparing for the next conversation. So until then, gotta make it a great day and thank you very much trust did you enjoy today's conversation and once again, today's conversation was sponsored by first generation Capital Partners. If you're an accredited investor want to find out more about how we're helping accredited investors to gain their personal freedom even faster. Go to firstgencp.com forward slash going long.

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