Episode 132: From CTO of a tech-company in Boston to being financially independent!
In today’s show, Pancham interviews Ike Mutabanna – commercial real estate investor, syndicator, and founder of WealthChakra.
Ike immigrated to the U.S. with the goal of continuing his studies and pursuing engineering. After his efforts paid off, became a CTO at a tech-company, and worked with top-notch ventures, he realized that there’s more to building his legacy for his children and moving from Boston to Dallas is the perfect timing to start it.
Today, he has found financial freedom through commercial real estate investments and has been teaching his children the value of investing and personal finance to help them apply those principles. In this episode, he will share how his engineering career helped with his investing skills, why continuously learning is an important factor, and overcoming mental challenges that lead him to where he is today!
Listen and enjoy the show!
Tune in to this show and enjoy!
- 0:39 – Pancham introduces Ike to the show
- 3:00 – His background and how he transitioned into real estate investing
- 5:53 – How building a legacy to his children pushed him to pursue investing
- 12:44 – How gut feelings helped with his decision on investing full-time
- 15:57 – His three steps to kick-start your investing career (without leaving your job!)
- 21:09 – Connecting with his kids as his proudest yet challenging goal
- 27:48 – How his morning routine helped him with his works
- 31:04 – Taking the Leap Round
- 31:04 – His first investment outside of Wall Street
- 31:36 – How being fearless led him to an investment that didn’t work out
- 33:07 – Why rookie investors should invest as a team
- 35:11 – Ike’s contact information
3 Key Points:
- You may have quit your last job, but the skills and learnings that you have acquired will help you in the long run.
- Keep your relationship with others as these will always help along the way. Additionally, having side hustles also helps with generating income when you’re just starting to invest.
- Passive investing helps with generating wealth and at the same time can be a gateway for you to start learning about investing.
Get in Touch:
Welcome to The Gold Collar Investor podcast with your host Pancham Gupta. This podcast is dedicated to helping the high-paid professionals to break out of the Wall Street investments and create multiple income streams. Here’s your host, Pancham Gupta.
Hi there, I’m Robert Helms host of The Real Estate Guys radio program and if you want to have better results in your life you gotta put better ideas in your mind. You’re in the right place. You’re at The Gold Collar Investor podcast.
Pancham Gupta: Welcome to The Gold Collar Investor Podcast. This is your host, Pancham. Really appreciate you for tuning in today. Let’s get into today’s show. My guest today is a good friend, Iqbal, also known as Ike, immigrated to this country to get his master’s degree. He worked in the tech sector for 16 years and became a CTO for a company in Boston. He was spending a lot of time with his job and was not able to spend time with his kids. He and his wife also did not like the cold, snowy Boston weather. So, they decided to pack up their bags to move to Dallas, Texas. And lqbal left his job eventually to find financial freedom through real estate. He talks about the importance of creating wealth and educating kids about financial freedom. His elder daughter is 15 years and will be going to college in four years. So, Iqbal’s biggest short term goal is to get his kids educated about personal finance so that as soon as they graduate from college, they can apply all those principles and be financially free before they even know it. Hey, Ike, welcome to the show.
Ike: Thank you for having me on the show.
Pancham Gupta: And you know, you go by Ike, and I know your name is Iqbal, I like calling you Ike so nice and sweet name. So, you know, we go back quite many years now, we met at a conference, since then we’ve become good friends and now we’ve even partnered together so it’s absolutely pleasured to have you on the show.
Ike: Awesome. Thank you. Same here reciprocate those, those feelings, buddy and excited to be here.
Pancham Gupta: You know, it’s always a good time when you talk to a fellow engineer who is the past life of being an engineer. And, you know, it said, welcome to the new life
Ike: Just -inaudible- and say one thing that I may have quit being an engineer in terms of how I make my money, but I’ve locked configured engineer in my head.
Pancham Gupta: Absolutely, that you won’t, and that will never ever happen. You know, that’s what makes us engineers, right? So, you know, before we get started, are you ready to fire up my listener break out of Wall Street investments?
Ike: Let’s go man.
Pancham Gupta: I love that man, so people who don’t know what he said, it was like, let’s do it. So, Iqbal, tell our listeners about your background, and more importantly, the person behind that background?
Ike: That’s a very deep sounding question. So, my background is, you know, I’m an engineer, as Pancham said, as you said, buddy. I grew up in in Bombay, which is now called Mumbai. I still happen to call it Bombay, because it was Bombay when I left India, and then the name changed. So have had a tough time, you know, calling myself a Mumbai car. But that’s where I’m from. I grew up there, went to undergraduate college in Bombay, and work there for a little bit before I got a chance to come to the US for graduate studies specialize in Electrical and Computer Engineering. And then through a long journey of things where I was in mathematical modeling, I was in optimization problems, I was in marketing research related technology, found myself making a complete transition into commercial real estate. And since the past, I think five or six years, I guess I’m full time in commercial real estate specifically, and more focused on apartment investing multifamily, but I have put in a lot of passive investments and maybe one active as well in other types of commercial projects as well. So that’s, that’s just you know, very condensed, brief background, and then who I am as a person, I just a regular person. I’ve got, you know, wonderful small little family, two young children live in Dallas, Texas. And I think one of my passions outside of working in commercial real estate and is I enjoy a lot of hiking and backpacking. So that is something that I could not do as much while I was in my engineering world, but freeing up that time, where I’m now more flexible in my real estate business, allows me to do a lot more of that
Pancham Gupta: Cool, man. There’s so much that I want to unpack there in that little condensed version of the story and absolutely right. You’re probably the most outdoorsy person. I know like, you know, it’s very hard to reach you over the weekend, because there is no signal.
Ike: In the middle of wilderness where’s there’s no signal, but that’s okay. You know,
Pancham Gupta: Yeah but that’s one of the perks you have, being in control of your own time. So, you know, I want to kind of unpack your story you came from, you know, immigrated into this country. Did you go to school here or did it? Okay, you went,
Ike: I went to graduate school. So, I went to University of Cincinnati, and did a master’s degree, I came for a PhD, and then family circumstances didn’t let me complete the PhD. So, I had to graduate with a master’s and get out. But yeah, that’s how I started in the US.
Pancham Gupta: Okay, and then how long did you work in the industry before you quit?
Ike: How long did I work in the industry? So, I’m going to age myself, obviously, but I’m not, you know, I don’t care.
Pancham Gupta: You look young, man.
Ike: Sure. About 16 years, I think
Pancham Gupta: 16. Okay. Yeah. Okay. So, during this 16 years, if I remember correctly, in your last position, you were CTO of a company, is that right? That’s right. So yeah, starting from immigrating to this country, getting your graduate degree, and then starting from scratch, to becoming a CTO of a company to all of that led going all of that, to start something on your own, which is completely different from what you got educated on what you came to country for, and then build up your career, it must have been really, really hard to do that, right? So, what was running through your mind all these years leading up to your decision to quit and then actually going ahead and quitting regarding this career?
Ike: Good question. So, I will obviously answer that from my experience. And I know that there might be others who might share that experience of others who might have actually had success where I did not find success. It may relate to some extent. But, you know, once I graduated from my master’s degree, again, went through a bunch of different things, but eventually landed up in Boston, where I spent more than a decade, I spent the majority of that 16 years in Boston, and most of it was spent, basically, in the startup area, right. So I was, I worked in a variety of different startup companies, all at different stages, somewhere completely starting from scratch. And I was ground up with them. Some of them, I came much later in the game. And in fact, the last company I was with, was actually a turnaround type of startup where the startup had started earlier, had failed, had been acquired by, you know, had been sold by the VC firm that founded it, or rather invested in it to a private equity firm that took it over specialize in turnarounds hired a completely new executive management, that’s where I came in, and completely different business, right, so been through a whole bunch of different startup kind of adventures, is what I’m going to call it. And then all of them, I think, I ended up with maybe just one of them, having a low to moderate level of success in terms of the outcome, financial outcome for me, right. So, I had a lot of fun, I learned a lot in the process, and you know, became the person I am today became a lot more resilient, a lot more able to be patient, you know, persevere, because in a startup, if you quit too early, you don’t know what’s gonna happen, right, you can never really quit. So, you learn that sense of patience, persistence, always facing a wall in front of you of obstacles, and constantly working out ways to work around that wall, or over that wall somehow, or demolishing the wall if you can,
Pancham Gupta: Even better
Ike: Having come from India, where you probably are familiar with the concept of jugaad, which is basically the concept of hustling and figuring things out. I think that really helped me in good stead in that startup period of my life, where I was constantly faced with those kinds of things. It was all about create coming up with creative solutions, innovative solutions, things that where people would find roadblocks, my mind would start going into Okay, what if we move this piece here, that piece here and somehow survived, it was all about survival most of the time, right? So that was very exciting phase, learned a lot, made in a reasonable amount of money. But at the end of the day, I found after being in that for like about 15 years, I realized that I was reaching a point in my life where I needed to ensure that the next phase of life I was now building it for my children, for my next generation, and I couldn’t really, I couldn’t afford to have that life where I would keep experimenting and keep doing things because they were you know, the next possible big thing. And even though we’re putting everything into it, you know, we know that the success rate of startups is abysmally low, it’s very, very low, you have to be lucky. Even the best, the best product with the best technology sometimes doesn’t succeed just because circumstances don’t make it happen, right. So, despite the fact that I ended up working with some of the really top notch VC firms in Boston, including, you know, Bain Capital ventures, which was former governor, Mitt Romney, who people are familiar with, was associated with went through a lot of these really interesting places, I realized that each one of them was an experiment, at the end of the day, right? An experiment that was not proven until it got proven. And I needed to switch into phase of life where I could do things that were more proven, historically, and where I could build some kind of legacy for my children. So that’s what really got me in a state of transforming my thinking, also happened to discover commercial real estate around the same time that this thought process was happening. Also, around the same time is when I decided to move out of Boston and moved to Dallas, Texas, because my wife got sick and tired of the, being sunk in 9 year of snow, every year. And we said, let’s move before the kids grow up and become used to that snow and refuse to get out. So, all of these things happen around the same time. And so, moving to Dallas, was itself a big risk, because we had, neither of us have a job in Dallas. So, we moved to Dallas. My wife managed to find a job. I continued working with my company in Boston, where I kept flying Monday to Friday, every single week, for almost two years, while trying to figure out the next thing. So that is -inaudible- and I’m like, okay, with that risk now established, Dallas felt like a perfect place to start real estate. It just was the right location, where things were in really amazing motion. And then learning about commercial, the commercial aspects of real estate, I think just made the whole thing happened.
Pancham Gupta: Got it. So that’s pretty actually a lot of things you mentioned, you happen to have, you know, been thinking of doing something for your children and creating a legacy. And at the same time, you happen to have discovered the commercial real estate and you happen to move to Dallas right. So, they say that, you know, I actually did an episode just last week, which was on visualization. And believe it or not, like, you know, when the student is ready, the teacher appears right? And when you made a decision, things happen, you meet the right people, and everything just set in motion. So okay, great. So now you kind of during those two years, when you were flying back and forth to Boston and trying to figure out your next phase, and you decided, okay, hey, okay, looks like commercial real estate is the way to go? How hard was it for you to actually make a decision to quit? Was your family ready? Were you ready? How are the things
Ike: So, I think mentally It was a tough thing to work through. And especially since at that time, my wife also did not have a job. I think one of the things we were struggling with is, is it okay, you know, is the family going to be okay if I did this. And even though commercial real estate is a, you know, historically long term thing that has been there around for a very long time, it’s a proven model of investing. The reality is in anything new you do, success is not guaranteed unless, you know, things come together. So, I have to admit, we have a lot of conversations. I think the decision we took was that this is the time to make it work. Kids were still younger, you know, if I had something that would create, you know, massive instability in the family, I had the ability to go back into my tech world, rapidly, you know, fast enough, if I was, you know, making sure that I didn’t break those ties. So, I think it was a period when I kept building up those ties. And in fact, even took up some consulting, tech consulting work on the side, in order to make sure that I, not because I was earning much for the consulting work, because I wasn’t spending more than maybe five or 10 hours a week doing that. But it was enough to keep my relationships alive, especially once you go into that level of being a CTO or a strategic tech kind of world. Those relationships are really what carries you through because you no longer have those hard skills that can bring you back quickly, right? What you’re really focused on is all those relationships, and how you’re able to create value at that level. So, I kept this relationship alive in that manner while I started working on the real estate work full time. And what also helped was that in that period when I was flying back and forth from Boston and between Boston and Dallas, I was investing passively. So, the passive investments were helping me learn the business and understand it, even though it was from an investor side, I was able to keep poking and finding out more, reading a ton of books, consuming every possible piece of knowledge I could gather, in order to get a real good solid gut feel. At the end of the day, one of the things that I personally have experienced is that, you know, numbers never tell the full story, while numbers are very, very important, having that strong, instinctive gut feel that tells you some something is right or not, is equally important. And you have to develop that. So, I think all of that also helped in making a decision. And so, you know, what, yes, let’s do it.
Pancham Gupta: Got it. Cool. You mentioned some of the things that they’re very, very important there that you did these, you know side hustle of consulting gig and kept your relationships alive just in case this didn’t work out.
Pancham Gupta: Cool. So, you know, let me ask you this question, a person who’s listening right now and they have, either they could be in your board where they actually want to make a switch, or they actually absolutely love what they’re doing. In either of those scenarios. I think you mentioned something that pretty much everyone thinks about once they have kids that then that is like leaving a legacy for the kids and creating wealth for them. And, you know, so that they can take it forward, right. And you also mentioned about passive investing. So, given people who you have left, in your previous life of tech world, put yourself in their shoes for a second, and think, from their perspective, and what advice would you have for a person, let’s say, who loves their job on doing what they do for the most part, and they want to create the similar kind of, like, what advice would you have?
Ike: Yeah, step one, I would always say, is passive investing. Because passive investing has, in my view, two major advantages. One is that you are building wealth while you’re doing that, right? You’re, you’re building wealth, it’s not a period where you’re passive, in the sense where you’re not really doing anything, that money is going to work for you, which is what you do when you put money in the stock market or elsewhere. But the big difference is, when you put it in commercial real estate, you are doing it with a mindset of being trying to understand, you know, what you’re putting the money into, and the fact that it’s got this unique business strategy, you know, plan behind it, right. So, number one is start passive investing. And the advantage is starts working, the money starts working. For the second is, it becomes a gateway for you to start learning about the types of real estate in which you passively invest, right. And maybe if you have the ability, invest in multiple different types of asset classes, right? invest in apartment complexes, invest in self-storage, invest in office buildings, you know, if you have the capacity, do that. So that that gives you a good understanding of how each of those asset classes works, how the sponsors of those deals, analyze them, and present them to you. And then you know, that just gives you a better sense of if you ever want to do this actively. Which of them appeals to you the most, right, there’s value in all of them. That’s the first thing step one, passive investing. I think the step two is start learning, learning, learning, learning. And learning is a lifetime process. Doesn’t matter how experienced you are, you’re going to always have something new to learn, right, even to this day, you know I find myself constantly being surprised by learning new things that others are doing that I encountered for the first time. And even that small little thing that I learn, has sometimes a dramatically transformative effect on my current business. So, when you’re not yet in the business, and you’re still trying to, you know, understand the business, I think learning is the way to go, which is every possible medium of learning, right? If you have books, if you enjoy reading books, read books, to enjoy podcasts like yours, start listening to podcasts, if it’s, I don’t know if it’s reading blog articles, do that, right. So, find every possible medium you can do to learn. And then the third thing I would say is that before you jump in full time, figure out if there’s any way you can get actively involved in a very small level, whatever that small level is, and there are so many different ways you could actually vote. One way could be that you know, if you’re if you’re let’s say you are in apartment investing, right? And most of the syndication deals that you get presented are all these multimillion dollar deals with, you know, 100 units, 200 units, 300 units. Now that is intimidating when you start, but maybe if you get together with a couple of friends, you might be able to take on a $1 million building, and maybe that building is only 10 units. So, what that is an amazing learning, it is something you can absolutely do while you’re still in your job. And you can start learning more, or even if you’ve never have any intention of quitting your job, right, it’s a small step towards creating that legacy. So, I think that investing, learning, and then actively doing, even at a small level is what starts getting there.
Pancham Gupta: That’s great. Very, very good points. And I think number three is for people who really want to get actively involved and you know, kind of maybe eventually want to switch or even if you don’t want to switch still and want to be actively involved. But a lot of engineers feel the need to sometimes that could be a great way to
Ike: You can leave control of the details.
Pancham Gupta: Exactly. Yeah, one thing with number one, which is the passive investing, I always talk about, and is that you have to let go of the control. You have to give the chains to someone who’s taking care of it for you.
Ike: So that’s why I call that step one, by the way, because you have to learn to let go of control.
Pancham Gupta: Yeah, that’s great. Cool. So, thank you, Iqbal for sharing that. Let me switch gears here and talk about some of you know, your goals that you’re most proud of accomplishing within the past 12 months? Do you have any one goal that you’re most proud of accomplishing in last 12 months? And then my follow up question to that would be, what goal are you most inspired by an uncomfortable that you’re working towards now?
Ike: Interesting. So, the goal that are the proudest of accomplishing is honestly, the thing that brought me into the business, which is the amount of time I get with my kids, while being able to run my business. Because that is one thing that I struggled with, in my engineering days, was that I was working long hours, you know, many times I was traveling, you know, in fact that last two years, was even worse, because of the Boston Dallas thing. But in general, tech, or engineering tends to be a high stress profession. And more often than not, you’re working very long hours. So, you know that I feel like, I’ve connected more with my kids, and being there for them and really seen their life and seen them growing up in a way that I wasn’t able to do before. So that’s not just something I’m proud of, for the last 12 months, that’s something I’m proud of, since I got into the business that is actually allowed me to do that.
Pancham Gupta: Awesome, man. That’s amazing.
Ike: And then a goal that I want to accomplish that I’m, what did you say is something..
Pancham Gupta: That you’re most inspired by, and also very uncomfortable at the same time that you’re working towards now.
Ike: So, I think from a short term perspective, my kids are at the age where in the next four to seven years, they’re going to start entering college, they’re gonna leave my home. And one of the most important goals I have is to teach them about the value of investing, I want them to leave my house, I don’t want to tell them what to do, you know, they might do anything they want, they might become doctors, engineers, which is what Indians think of most, like they might even actually become, I don’t know, go into something completely unique. My , they might become an archaeologist, or they might become
Pancham Gupta: philanthropist.
Ike: philanthropist, I mean, who knows, they might go and work in United Nations, whatever helps them be find fulfilling goals in life. But the biggest thing I have realized, both from my own personal experience growing up, and what I see around me everywhere is that too many kids end up leaving their parents’ home and get into college, having no idea how to financially manage themselves, not just, I’m not talking about budgeting, right? That’s okay. You can teach somebody budgeting, but how to really think in terms of growing their income and wealth in a manner which keeps them financially free, that doesn’t force them into doing things for the sake of money, right? And I think every level, some level, and some period of time all of us have done that we’ve done a job we’ve done work, because that is a way to keep the income flowing. But that’s okay. The question is, do you know what to keep doing and as early as possible, so that you can break free of that cycle early, right, do what you’re doing for passion and pleasure and fun.
Pancham Gupta: Awesome. That is a great, great goal.
Ike: It’s tough. Trust me. We have a 15 year old now and a 12 year old and trying to talk to them over investing is you know, meeting a lot of rolling guys. There dad goes again. But you have to possess because what I realized is that these things even though they may not pay attention, they sound like they pay attention right now It will stay with them. And when the time comes It’ll be somewhere in the back of their head that oh, dad kept saying this. And it’ll start making an impact.
Pancham Gupta: Exactly just like the way you think right now that your mom kept saying that your dad. kept saying that, yeah. So, you know, I tell you that that particular topic is very near and dear to my heart. And I believe we all at some point started thinking about it. And that’s what actually got you where you are today. That’s what got me where I am today is really, you know, because none of this is taught in school, they are going to go to school, no one is going to talk about them, they’re going to listen to their friends and, and not to your head wise unfortunately, you know, they’ll find that cool more. But the thing is that this is such an important thing. If someone were to talk to me today, like what could I have done differently? I potentially would have done so many things differently, starting from the graduating from college. And, you know, we can actually brainstorm on this. What are you doing, and I’ll tell you what I am doing. Like one thing I’ve really started doing very early on, and I still do is play the cashflow game with the kids. So, if you don’t know about that this is a game that was created by Robert Kiyosaki. And there are two versions of it. One is for the very young kids like 5,7,8 years old. And then there is one adult version where even you know you and I can play. And I’ve seen that, even though the kids are getting the hang of it when they play the game. In real life. It’s completely the opposite. right? in the game, they say that anytime you have an expense that you were not expecting, they call it do dad and then I’ll ask my son, is it a do dad expense or the sales that do dad, but I still want to do it.
Ike: It’s interesting to talk about game so you know, I used to play Monopoly with my kids, right? similar concept, of course, not with the cashflow mentality. But by the way, they hate that game, so they won’t play any cash related game with me anymore. But when we used to play that game, my elder daughter tends to be a little bit more risk averse. So, she spent the entire time trying to conserve her cash, yes, and trying to collect as much cash as possible. My younger daughter, she’s the jugaad, the hustler. So, she went around buying everything possible. And by the time we were 2/3 through the game, my elder daughter was losing all our cash paying rent to the younger one. She was just getting so upset by the whole thing but I’m like, that’s the life lesson. right? That’s exactly what happens.
Pancham Gupta: Yeah, that’s what’s happening right now in front of our eyes. Inflation is eating up all the cash you have in the bank. All right. No, that’s great. Well, thank you for sharing that. So, my last question before we move on to the second part of the show, which I call taking the leap round? The question is this, do you have a morning routine that you follow? If so, what is it? And do you think that attributes to your success?
Ike: Okay, so I’ll be very honest, I will say I have a morning routine that I have not been able to stick to as strongly as I would like, okay, okay. But this is my desired morning routine. And I stick to it at different levels of compliance. So, the goal is to get up early by around five in a stair start prayer, do some meditation, and then to be able to read something, you know, read something for maybe half an hour, anything that is not business related, right, anything that is fulfilling for the soul, something that is, you know, brings you more intelligence and more understanding of the world around you. Not on the internet or anything, but you know, some real books, and then, you know, get down to, you know, work. And sometimes what I’ll try to do is to mix it up by saying instead of, instead of the book, maybe I’ll work out and then get down to work. So that’s sort of the approximate morning routine. But as I said, a lot of variation in real practice.
Pancham Gupta: I can totally Imagine you’re not alone man. Thank you for sharing that. We’ll be back after this message… Do you ever feel overwhelmed by the thought that you have no time after work, and family time to learn about investing? Do you feel left behind that you are not putting your money to work for you? Do you want to create passive income, but you do not know where to start? If so, I have good news for you. I have created an investor club which I call The Gold Collar Investor club for accredited investors. I will be putting together investing opportunities exclusively for this group. These are the opportunities where I have done my part of the due diligence for you and will be investing my own money alongside you. If you are interested, please sign up on thegoldcollarinvetor.com/club. I repeat, thegoldcollarinvestor.com/club. I will reach out to schedule a 30 minute phone conversation to discuss your investing goals once you sign up. This can be a good opportunity to diversify and take some chips off the hands of Wall Street to produce some cash flow. And in case you are wondering what an accredited investor is, accredited investor is someone who has earned more than 200,000 as filing single, or more than 300,000 filing jointly for the last two years. Another way to qualify as an accredited investor is if your total net worth is more than $1 million, excluding your personal home. It includes your stocks, 401k’s, IRAs, cars, etc. Just not the equity in your personal home. If this is you, I would highly encourage you to sign up… You know, this is a second round of the show, which I call taking the leap round, I ask these four questions to every guest on my show. My first question for you is when was the first time you invested outside of Wall Street?
Ike: The first time I invested out of, outside of Wall Street, So I will say that at a small level was buying the condo, which was my first investment in the US got involved.
Pancham Gupta: Okay, and when was that?
Ike: That was in 2005. So right before, like two years when the thing was everything was at its peak.
Pancham Gupta: Got it? Got it. Okay, so did you have any fears that you have to overcome when you bought that condo?
Ike: Not actually I was actually super excited because I didn’t know any better.
Pancham Gupta: Like, just like your younger daughter.
Pancham Gupta: Got that for you. All right, so my third question for you is, can you share with us one investment that did not go as expected?
Ike: The same one. Bought it in at a peak, right. I wasn’t paying attention to the market as much as I should have at the time. Just so super excited about buying real estate. That was a crash and burn experience, 2008 the collapse happened. The condo went from like a $320,000 value to $230,000 in six months. Not a fun experience. And you know, by the time I was able to exit, it had inched its way up to 280,000. So still made a substantial loss.
Pancham Gupta: Wow, you kind of shot sale it?
Ike: No, I stalled it regularly. Once I moved out of Boston, decided to go to Dallas, I was like, there’s no point in maintaining something that does not seem to be gaining in value. Now I know Boston in general recovered, but the problem was condos did not recover at the same level as houses did.
Pancham Gupta: Yeah, see that? The thing is that we all are laughing about this. But those are some very valuable lessons or seminars that have got you to where you are today. I always call these things seminars, if you had not done that you would not know about this. So, my last question for you is, what is one piece of advice would you give to people who are thinking of investing in main street that is outside of Wall Street? Is it the same thing that you had three points passive, invest passively, learn, and then do active investments.
Ike: it’s definitely those three pieces are, are the crux of the whole thing. What I will just expand on the third one, right, which is get involved in active investing is to not feel the need to have to do it on your own. I think too often people get into this mindset that if you know, if I’m putting some money, where I’m going to manage it, I have to be the one controlling and doing everything, that even an active investing, building a group, whether it’s a trusted group of you know, friends, or fellow investors who have a similar mindset, and the similar goal, and doing it together with them, I think can go a long way, right, you know, even at a small level, that will help you scale in a manner that you wouldn’t be able to scale completely on your own and sharing experiences, right? You’ve got so much that a group provides in terms of complementarity of skills, right? Each of us, even if it’s a bunch of engineers getting together, the reality is that not every engineer has the same mindset, or the same ability to do certain things. Some might be much more financially savvy versus some might be much more savvy in negotiation. So might be much more savvy in relationship building. So having that small little group of people you can trust and doing investing with them can be a huge, a huge thing in terms of giving you the confidence to really do more of it.
Pancham Gupta: Absolutely. And I believe you have an amazing resource for listeners to share, right? You actually talk about this on your website. And I believe you have a podcast as well.
Ike: I don’t have a podcast, yet someday.
Pancham Gupta: Yeah, I like the word yet. So, okay, so cool. tell our listeners about how they can connect with you, and they want to learn about you or when you’re launching your podcast or whatever it is, how can they connect with you?
Ike: Yeah. So, thanks for mentioning that. So, I have a website called the wealthchakra.com, which is w e a l t h wealth. chakra c h a k r a wealthchakra.com. I know chakra gets used in the US in the sense of, you know, yoga, and the energy and all of that stuff, which is great. In the Indian context that definitely is there but chakra also has a broader meaning of, of a wheel, that constitutes the whole and bringing many parts together, right. And it’s used in so many different contexts, both in Hindu mythology, but also even in day to day life, there’s so many areas where a chakra plays that kind of a role of bringing, you know, many pieces together. So that is the theme of my website and my concept there, which is basically that let’s learn from each other. Let’s build a community, let’s build a group and let’s execute these ideas of investing outside of Wall Street, in real estate, in commercial projects, and be able to, you know, achieve common success that really facilitates all of us, right? I think there’s an English thing of a rising tide carries all boats. But the thing is, if it’s individual small little boats, they might sink in that rising tide. But if it’s a larger boat, you build along with a bunch of people, it has a better chance of being able to actually take advantage of that rising tide. So that’s really the entire idea. Personally, that has helped me a lot in by allowing myself to become comfortable about investing in with other likeminded investors. I have not only been actively involved in apartment investing and commercial real estate, I’ve been involved in really amazing, unique projects. I’ve invested in a movie studio project and invested in a saltwater disposal project for oil fields in Ohio. I’ve invested in like, you know, a bunch of such really interesting things that by myself, there’s no way I would have had the comfort of doing but having four or five people working with me, everybody using their own mindset about it. You know, you start developing that confidence to do it.
Pancham Gupta: Absolutely. I really like the twist, Indian twist to your name Wealth Chakra. So, kudos to you for coming up with that and, you know, actually creating that and bringing it to life. So, thank you, Iqbal so much for coming onto the show and sharing your knowledge. It’s been absolutely fun to have a conversation with you.
Ike: It’s been fun, buddy. It’s been fun. Thanks a lot.
Pancham Gupta: I hope you learned something from Iqbal’s experience, and you know, you’ll take some action based on what he suggested on three steps. Thank you for listening. I really appreciate you for tuning in. If you have any questions, please do not hesitate to reach out my email is firstname.lastname@example.org, that’s p@ as in Paul, @thegoldcollarinvestor.com. This is Pancham signing off. Until next time, take care.
Thank you for listening to The Gold Collar Investor Podcast. If you love what you’ve heard and you want more of Pancham Gupta, visit us at www.thegoldcollar investor.com and follow us on Facebook@thegoldcollarinvestor. The information on this podcast are opinions as always, please consult your own financial team before investing.