097: Profiting from Broadway with Erica Schwartz!

If you're heading into a dark cave for the first time, bring someone who's been there before. That's sound advice--not only for exploring caves, but also for investing your money. In fact, when it comes to investing money, it would be even better if you brought a geologist with you who had previously studied that cave extensively and had a map of it along with a great big flashlight! You see...the mistake most people make is that they believe investing is unpredictable. They are brainwashed into believing that by Wall Street. "Invest for the long term in a portfolio of stocks, bonds, and mutual funds". What does that mean anyway? It means, "Give me your money so I can pull off a bunch of fees. And when you see your account go down by 30 percent in the next correction, it's not my fault. It's an act of nature." Are we really that helpless when it comes to controlling our financial future? God help us if we are! I can tell you from my own experience that we are, indeed, not helpless. If you feel that way, you have not tried hard enough. You have not spent any time on financial education or trying to build your network--your tribe. After all, your network equals your net worth. Indeed, one of the most profound discoveries I made during my quest to understand the way that the ultra-wealthy invest is this--it's not an accident that the rich get richer. The wealthy don't rely on luck--they engineer their wealth. Wealth is created, it does not spontaneously appear. You can't expect to get wealthy by simply hoping to get hit by it. Now listen, I'm not saying that the rich never lose money. They speculate sometimes and sometimes they lose. But the bets they make are asymmetric. Wins result in HUGE wins and losses are easily absorbed. In order to make sure they have more wins then losses, they make sure they have insider information. I'm not talking about illegal stuff. I'm talking about being deeply connected with people who intimately know an industry or an asset class that have tremendous track records. Simply put…when they bet on something, they are right way more often then they are wrong. When you find people like this, you tag a long! Anyway, Broadway musicals are completely foreign to me. Yet, they can be incredibly lucrative if you invest in the right one. Frankly, I didn't even know you could invest in Broadway musicals until I met this week's guest on Wealth Formula Podcast: Erica Schwarz. When it comes to musicals, she is a true expert and she is going to illuminate this industry for us and how we can profit from it. She will be our guide into this dark cave of Broadway! Make sure to check out the show. Shownotes: [00:07] Introduction [09:41] Buck introduces Erica Schwartz [10:25] Erica's theatrical background [12:39] What does Erica's job entail [14:16] The history of Emerson Colonial Theatre [16:42] How does the theatre business function [27:43] How to approach the theatre business [44:15] Find out more about Erica and the theatre business [email protected] [46:32] Outro