Getting into Wealth Strategy
Derick Van Ness grew up in Utah with varied interests and a family background in construction. When he finished school, he knew he had to do one thing – learn how to sell. He knew ever since he was a kid that he wanted to own his own business. Derick Van Ness then got into equipment financing and that’s where he was first exposed to a wealth of tax returns, financial paperwork, and lending options. That’s how he learned the business that he successfully runs today.
Derick says he is not a CPA; he is an advisor to CPAs. As James Prendamano says, you do your job, but you’re not looking for new information or to do a better job. You’re just going through the motions. Derick says most CPAs are so busy working the business, they’re not working on the business. James talks about how it’s similar when Casandra Properties and others – are fixing the bike and riding it at the same time. You need someone to ‘fix the bike’ so you can ride it.
Derick Van Ness’ Three Important Tips about Investments
Invest on things you know about Invest in things you care about Invest in things you have control over. For example, real estate
Regarding 2008 . . .
When 2008 hit, I had all this skills, but everything was wiped out. My career no longer existed. I had to figure out something new. That’s when I went over to the financial side of things. I had the small business skills. I had been privy to all this type of documentation, the financials. In 2015, Van Ness got back into real estate for two years. In 2017, he admittedly got scared and cashed out.
Thoughts on Real Estate
I was doing fixing and flipping before there were 10 television shows about it with two cute hosts renovating a kitchen. We didn’t have a name for it back then. And renovating was the easy part, the fun part. On these shows, people thinks it’s the hard part. The hardest part of the job is negotiating the deal, as we all know. James Prendamano nods along and laughs, knowingly.
Thoughts about Bitcoin
Derick Van Ness feels like Bitcoin if filling that equities void for people right now. Outside of jewelry marking, gold really has no intrinsic value. It’s heavy! he laughs. People are putting a lot of money in bitcoin now. More and more companies are putting money behind it. What I think bitcoin does, says Van Ness, is it gives the little guy a chance. They have a chance as much as the big guys do. I thinking bitcoin has become way too big to fail.
On Coronavirus
Nobody has navigated anything like this since the Spanish flu in 1918. And they’re not even around to talk about it. Again, it leveled the playing field.
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