On this episode Mike and Kevin take a time machine back to their own early investing years and lay out, in specific dollar terms, everything they'd do differently, from the house Mike was too scared to buy to the oil and gas deal that turned out to be a Ponzi scheme. Along the way they break down fixed vs. variable debt, tax-advantaged real estate, and why the tax code rewards people willing to take a calculated risk.

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Chapters
[00:00] Introduction
[00:02] Real estate regrets begin
[00:05] Don't try to time the market
[00:07] Kevin's first home and the first-time buyer credit
[00:09] Buying a commercial property against their own tax practice
[00:11] Debt is dessert
[00:12] The 10X leverage example
[00:13] Fixed vs. variable debt
[00:15] The oil and gas investment that became a Ponzi scheme
[00:17] Kevin's grandfather's investing rule
[00:19] Why CPAs are bad at following their own advice
[00:21] Tax-advantaged real estate vs. stock dividends
[00:23] Maxing your 401(k) match
[00:24] Don't be scared
[00:27] The oil and gas tax math
[00:28] Why the tax incentive exists
[00:31] Closing thoughts