Eric is a physician and is invested in real estate, thru hotels, small apartments, and single-family homes. He is also the founder and fund manager of Vernonville Asset Management. He wanted to diversify his income beyond the stock market. He looks for market problems with which to offer opportunities through teams of competent people. He feels diversifying across asset classes, and geography is essential.
Mr. Tait discusses accredited investing which he learned about from the Rich Dads Guide To Investing. You have to understand these financial terms, risks, and concepts to find where the best deals are located.
Historically doctors are taxed quite high, and most are now employed and thus have no deductions. You end up giving half your salary to the government. He helps people figure out solutions to this issue through LLC’s etc. LLC’s let you move to the right side of the quadrant as investors. There are many tax benefits in this area.
He says, “From day one I invested in reducing taxes. If you could keep the other half of your earnings how would your life look.” His investment plan is focused on tax reduction and income generation.
He has started his own medical practice and became an employee working under it. He is close to being financially independent. He says, “Were always going to be adding value to the world and so I never thought of retirement, and I’m not running away from medicine. I wanted the freedom that time brings to do what I wanted and that has always been the goal.”
Eventually, the Federal Reserve will remove liquidity from the market, and that will likely crash the markets. If that debt bubble every pops you want to hold real tangible assets.
Talking Points From This Weeks Episode
• Diversifying across multiple asset classes and geography is essential.
• Accredited Investors get access to the best opportunities.
• 401K’s have numerous pitfalls of which you should be aware.
• Avoid taxes my structuring your employment and business deals.
About Our Guest
Eric Tait is the founder and fund manager of Vernonville Asset Management. Since 2008, Eric has analyzed, purchased, repositioned, managed, and developed numerous income producing investment projects both domestically and internationally. He has personally overseen all aspects of the company’s day to day operations with help from trusted advisors and experienced contract professionals.
Vernonville Asset Management was born because Eric could not find any investment products that he felt were suitable for his portfolio. His motto is “if you find a need fill it.” Eric is also President of Pinnacle Physician Management Organization, a Medicare Advantage partnership with Universal American Corp that has generated over $25 million in revenue since 2009.
Eric received his M.B.A. in entrepreneurship from the Jesse H. Jones Graduate School of Management at Rice University as well as his medical degree from Baylor College of Medicine. Eric is a practicing physician in Internal medicine at a private practice in Houston, Texas.