532: Pejman Ghadimi – A New Paradigm for Buying Nice Stuff

A few years back, I bought some very expensive sports coats. I wore them at first and enjoyed them. But over time, they kind of lost their luster.  As I have found often to be the case in my life, I don’t tend to care that much about fancy stuff—fancy jackets, fancy shoes. My true self regresses to a fairly simple jeans and flannel circa 1992 style—not expensive.  Realizing that these fancy clothes were just rotting in my closet, I recently sold them on a well-known second-hand site with only designer stuff. And I was shocked when I realized I was only getting 10 cents on the dollar for what I paid!  But then again, I guess I shouldn’t have been. Buying new fancy clothes has an extremely low likelihood of being a good investment. It reminded me of my good friend in town here who’s made millions of dollars in his life. He only buys nice stuff. But he almost never buys new things. The furniture in his house is incredible. Hundreds of thousands of dollars of mid-century modern gems. And he buys vintage cars rather than new supercars off the lot. He also has a 7-figure collection of rare watches. It's all really nice stuff.  The difference between what he is doing and what I did with those clothes is that he was investing while I was spending. While he’s bought millions of dollars of cars and watches, he’s always made money with them because he has focused on their future value.  Maybe I’m a bit dense, but I never thought about stuff this way before meeting him. And I still have to remind myself of this paradigm. It’s a different way to look at luxury and one that is certainly smarter when it comes to your pocketbook.  My guest on today’s Wealth Formula Podcast teaches people how to live this kind of lifestyle with cars and watches. I’ve interviewed him before, and I’m doing so again because so many of you have engaged in this way of buying nice stuff that I get regular requests to have him back on the show.  Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  So it's a recipe for a very good business that allows an asset that's increasing in value, scarce in supply, and that's continuously increasing in demand because more and more people are getting richer historically, every single year for the last couple years. Welcome everybody. This is Buck Joffrey with the Wealth Formula Podcast. Coming to you from Montecito, California. Uh, before we begin, just a reminder, there's a website associated with this podcast, it's wealth formula.com. One of the things to really, um. Consider doing their, uh, as soon as possible in this fourth quarter is to join the accredited Investor club, the AKA Investor Club. You can do that@wealthfarmmail.com. Uh, there is a lot of, uh, there's a lot of things going on in there right now in terms of private deal flow, particularly focused. On tax mitigation, um, and alternatives and real estate and stuff like that. Um, so make sure you check it out, uh, especially if you're looking at, you know, potentially doing something that you invest in and saves you some tax dollars as well. Go to wealth formula.com now. Um, today we're gonna talk, uh, about a topic that I've talked about before a few years back. Lemme just give you this example. I bought some very expensive sports goats and I wore them, uh, at first I wore them a lot. But over time they kind of lost their luster. I found often to be the case in my life if I don't tend to care that much about fancy stuff, even though I kind of feel like I want to fancy jackets, fancy shoes, uh, I tend to regress to my, uh, 1992, uh, circa 1992 style, which is like, you know, jeans and maybe a flannel or t-shirt or whatever, but. Point is it's not expensive. So realizing that these fancy clothes were just rotting in my closet, I recently thought, well, gosh,