Today on the Consumerism Commentary Podcast, Tom Dziubek speaks with LaFoy Thomas, attorney, investor and author of the book Generational Wealth: Business & Investing Guide to Building an Empire. LaFoy discusses the concept of financial sophistication and many other topics such as economic indicators, REITs (real estate investment trusts) and how to understand financial statements.
LaFoy Thomas, Generational Wealth: S05E11 / 138
Table of contents
[00:00] Introduction from Tom Dziubek
[00:36] Interview with LaFoy Thomas
— [00:50] Financial sophistication
— [02:24] LaFoy’s financial background
— [04:10] Economic indicators
— [05:12] Understanding the GDP report
— [06:21] The employment report
— [07:07] Weekly jobless claims report
— [07:53] Retail sales report
— [08:20] Consumer price index
— [09:02] Existing home sales report
— [09:50] S&P Case-Shiller Home Price Index
— [10:37] Where you can find these reports
— [11:22] Real estate as an investing strategy
— [13:08] Getting home loans
— [14:39] The 1031 exchange
— [15:54] REITs (Real Estate Investment Trusts)
— [16:38] Reading financial statements
— [17:26] The balance sheet
— [17:39] The income statement
— [18:28] The Four P’s
— [20:35] Sole proprietorship and other business entities
— [23:09] Setting up an LLC
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Updated May 5, 2014 and originally published July 3, 2011. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.