Wealth Independence Podcast
The Wealth Independence Podcast guides high-income tech professionals through proven strategies for building passive income and achieving true financial independence.
Hosts Dustin Bailey and Adam Penn share battle-tested frameworks, real-world case studies, and hard-won lessons from their years of experience in private markets and alternative investments. Each week, they break down complex investment concepts, analyze current market trends, and interview successful investors and industry experts.
Through a freedom-first approach that emphasizes passive income, smart diversification, and thorough due diligence, learn how to shorten your learning curve and avoid common pitfalls on their path to financial independence.
Whether you're looking to understand private placements, real estate fundamentals, or alternative investment opportunities, Wealth Independence delivers actionable insights that help busy professionals make informed investment decisions.
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Episodes
60 episodes
v2.4 - Development Risk, Timing, and Deal-Breakers (ft. Eugene Gershman)
How do real estate development deals actually work for passive investors? And what makes them riskier than buying existing properties?Dustin and Adam sit down with Eugene Gershman, a second-generation developer with 20+ years of experien...
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Season 2
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Episode 4
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39:17
v2.3 - No Investor Left Behind: Real Estate Depreciation & Bonus Depreciation
Depreciation is one of real estate’s most powerful tax advantages – and maybe its most misunderstood. Dustin and Adam break down what passive investors actually need to know about real estate depreciation, including bonus depreciation, cost seg...
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Season 2
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Episode 3
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24:38
v2.2 - From Dry Cleaning to Real Estate Freedom (ft. Ian Noble)
What happens after you sell a 14-store business with 90 employees? Ian Noble joins Adam and Dustin to share his journey from dry cleaning entrepreneur to passive real estate investor, revealing the emotional identity shift after exiting a busin...
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Season 2
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Episode 2
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37:57
v2.1 - The Active to Passive Income Framework
Dustin and Adam tackle a fundamental question for business owners and high-earning professionals: when does it make sense to convert active income into passive investments rather than reinvesting in your business or career?They explore w...
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Season 2
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Episode 1
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22:02
v2.0 - Welcome to Wealth Independence Version 2
Dustin and Adam reflect on completing their first full year of the Wealth Independence Podcast (version 1) and share what’s ahead for version 2.The conversation covers which content resonated most with listeners, including strong feedbac...
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Season 2
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Episode 1
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10:29
v1.51 - “Alternative” Investments & the Knowledge Gap Problem
Dustin and Adam break down a recent Wall Street Journal article examining the push to bring private assets into 401(k) plans, and why this approach misses the point for passive investors seeking true alternatives. The discussion reveals a troub...
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Season 1
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Episode 51
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27:41
v1.50 - Asset Protection: Trusts, LLCs, and Privacy Strategies
Dustin and Adam explore the often-overlooked world of asset protection for real estate investors and high-income professionals. They break down the key difference between control and ownership, explaining how properly structured trusts and LLCs...
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Season 1
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Episode 50
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31:14
v1.49 - No Investor Left Behind: Ratio Utility Billing System (RUBS)
In this “No Investor Left Behind” episode, Dustin and Adam demystify RUBS (Ratio Utility Billing System) and explain how this common multifamily value-add strategy can significantly increase a property's net operating income and valuation.<...
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Season 1
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Episode 49
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17:41
v1.48 - Don’t Fall for the Doom and Gloom
Dustin and Adam tackle a question many passive investors face right now: is the market too high to invest? With concerns about AI investment bubbles, potential recessions, and stock market volatility dominating headlines, it’s easy to fall into...
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Season 1
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Episode 48
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26:21
v1.47 - Gratitude, Freedom, and Hard-Won Lessons
In this Thanksgiving special, Dustin and Adam step back from deal analysis to reflect on gratitude, freedom, and the mistakes that shaped their investing journey. They discuss critical lessons learned the hard way, including the challenges of i...
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Season 1
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Episode 47
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22:03
v1.46 - Why Smart Investors Never Go It Alone
Dustin and Adam explore one of the most underappreciated aspects of building wealth: the power of investing alongside others and being part of a mastermind community.They share real examples from their experience in groups like Robert He...
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Season 1
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Episode 46
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22:35
v1.45 - The Complexity Trap in Real Estate Syndications
Dustin and Adam tackle a common misconception in real estate syndication investing: that complicated deal structures signal sponsor sophistication.They break down why simpler structures, like straight 80/20 splits, often serve passive in...
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Season 1
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Episode 45
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24:39
v1.44 - No Investor Left Behind: Understanding Cap Rates
In this first episode of a new “No Investor Left Behind” series, Dustin and Adam break down one of commercial real estate’s most critical concepts: capitalization rates (cap rates).The conversation covers how cap rates function as the pr...
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Season 1
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Episode 44
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26:51
v1.43 - Don’t Let Bad Deals Kill Your Investment Strategy
Dustin and Adam tackle a critical topic many passive investors face: recovering from investment losses and knowing when to get back in the market.After reaching out to investors about a new investment opportunity, Adam noticed a pattern:...
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Season 1
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Episode 43
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25:42
v1.42 - When “Passive” Real Estate Isn't Actually Passive
Dustin and Adam dive into the harsh reality of “passive” real estate investing, exposing why the common advice to “just hire a property manager” for single-family rentals often creates more problems than it solves.The discussion covers w...
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Season 1
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Episode 42
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16:41
v1.41 - Tax Planning for Passive Investors
Dustin and Adam dive deep into proactive tax planning strategies specifically designed for passive investors. They explain why waiting until March to think about the previous year’s taxes is too late and share their systematic approach to tax o...
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Season 1
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Episode 41
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24:12
v1.40 - The Liquidity Misconception
Dustin and Adam challenge the common assumption that stock market liquidity provides a meaningful advantage over real estate investments. They explore why many investors view the illiquidity of real estate as a downside and argue that this pers...
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Season 1
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Episode 40
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18:45
v1.39 - Behind the Scenes of a 20-Unit Acquisition
Dustin and Adam go behind the scenes of a recent 20-unit multifamily acquisition, pulling back the curtain on what passive investors typically don’t see: the last-minute surprises, changing terms, capital raising challenges, and sponsor decisio...
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Season 1
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Episode 39
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24:37
v1.38 - Out-of-State Real Estate Reality Check
Thinking about buying rental properties out of state? Dustin and Adam share hard-earned lessons from managing 25+ units in Memphis while living hundreds of miles away. This episode reveals why out-of-state real estate investing is rarely as pas...
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Season 1
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Episode 38
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16:12
v1.37 - When Deals Don’t Perform
Adam and Dustin tackle a topic most investors prefer to avoid: what happens when your real estate investments underperform or lose money entirely.The conversation includes candid insights about different levels of deal performance, from ...
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Season 1
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Episode 37
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20:08
v1.36 - Finding Deals When Others Retreat
Fresh from the Limitless Financial Freedom Expo, Dustin and Adam deliver boots-on-the-ground insights from networking with dozens of active and passive investors. Rather than sitting in sessions, they spent their time in conversations with deal...
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Season 1
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Episode 36
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18:56
v1.35 - Amazon-Proof Real Estate Investing (ft. Steve Salvigsen)
Dustin and Adam interview Steve Salvigsen of Sage Square Capital, a seasoned commercial real estate investor who specializes in strip mall and medical/retail properties.Steve shares his transition from residential development to building...
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Season 1
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Episode 35
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39:24
v1.34 - Building Your Retirement Cash Flow Portfolio
Adam and Dustin challenge the conventional retirement wisdom of shifting from stocks to bonds just when you need income most. Adam shares his personal journey from W-2 employee to building a cash-flowing real estate portfolio that generates con...
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Season 1
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Episode 34
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18:38
v1.33 - Building Passive Income Through Private Credit (ft. Jared Benson)
Dustin and Adam interview Jared Benson of Clotine Capital, a successful real estate broker who partnered to launch a debt fund while maintaining his real estate practice. Jared shares his journey from struggling with house flipping side project...
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Season 1
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Episode 33
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35:27
v1.32 - Decoding GP Fees in Real Estate Syndications
Adam and Dustin tackle one of the most misunderstood aspects of private real estate investing: general partner (GP) compensation. If you’ve ever wondered why deal sponsors take 20% of profits or bristled at acquisition fees, this episode dives ...
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Season 1
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Episode 32
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20:05
