In this Independence Day special episode, Dustin and Adam break down a three-step framework for making your own personal declaration of financial independence. They explore how to break free from single income sources and stock market-only portfolios by building multiple cash-flowing income streams through real estate syndications and private placements.

Discussion includes the power of fractional ownership (via syndications) versus buying individual properties, emphasizing how passive investors can achieve diversification without the management burden, and covers practical deployment strategies for large capital amounts, including why rushing to deploy all your money at once can be a costly mistake. Adam shares insights on using highly-liquid investment vehicles as “high-yield savings accounts” while building your sponsor network and deal pipeline.

Topics range from equity appreciation to cash flow generation, the importance of time freedom over just wealth accumulation, and how to reverse-engineer your passive income targets. A must-listen for high earners looking to transition from traditional Wall Street approaches to alternative investments that provide monthly or quarterly cash flow.

See all Wealth Independence episodes at https://wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Dustin and Adam sit down with Bob Fraser, co-founder and CFO of Aspen Funds. Bob, a Berkeley computer science graduate and former programmer turned successful entrepreneur, shares his journey from losing everything in the dot-com crash to building a private equity firm focused on macro-driven investing strategies.

The wide-ranging discussion includes the power of uncorrelated assets like real estate, oil and gas, and private credit in building truly diversified portfolios. Bob emphasizes the importance of manager selection in private markets and why passive investors should become the “CEO of their money” rather than outsourcing investment decisions. The conversation also covers current opportunities in private credit markets and how tech professionals can leverage their analytical skills to excel in alternative investments.

Bob reveals why billionaires consistently avoid traditional stock market investing in favor of uncorrelated private assets. He breaks down the fundamental problems with public market correlation, explaining why everything goes red on bad days regardless of underlying business fundamentals. And Bob discusses his upcoming book “Invest Like a Billionaire” and shares practical insights on due diligence frameworks for private placements.

Episode Release Notes & Resources:

• Preorder Invest Like A Billionaire (including bonuses): https://www.thebillionairebook.org
• Aspen Funds: https://aspenfunds.us

See all Wealth Independence episodes at https://wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Dustin and Adam tackle the common concerns and misconceptions that often keep high-income professionals from exploring private real estate investments.

If you've ever wondered why your financial advisor steers you away from private placements or why these “unregistered securities” sound so risky, this episode breaks down the reality behind the (mostly unfounded) fears.

The hosts explain why most CFPs aren't trained in alternative investments, explore the structural reasons behind advisor hesitancy, and demystify LLC structures used in real estate syndications. They also address the “unregistered security” concern head-on, explaining how SEC regulations actually work and why these investments are perfectly legitimate.

Whether you're hesitant about your first private placement or trying to understand why this entire space was hidden from you during your corporate career, this episode provides the clarity you need.

See all Wealth Independence episodes at https://wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Dustin and Adam are joined by Ellis Hammond, Vice President of Capital at Aspen Funds, who shares his unique journey from college ministry to managing capital for 850+ accredited investors.

Ellis reveals critical insights that most passive investors overlook when evaluating sponsors and deals, including why asking about debt structure is more important than track record alone, plus the key questions that separate trustworthy long-term sponsors from those likely to struggle in market cycles.

The conversation covers essential due diligence factors including co-investment requirements, legacy planning, sponsor liquidity, and why thinking generationally rather than transactionally leads to better investment outcomes for both active and passive investors.

Ellis also shares personal lessons about building skills as your greatest investment and how his father's retirement challenges shaped his approach to wealth multiplication.

Whether you're evaluating your first private placement or refining your sponsor selection process, this episode provides actionable frameworks for building lasting relationships with investment partners who prioritize capital preservation alongside growth.

Episode Release Notes & Resources:

• Connect with Ellis: https://www.linkedin.com/in/ellishammond
• Aspen Funds: https://aspenfunds.us
• Invest Like a Billionaire, by Bob Fraser & Ben Fraser: https://www.thebillionairebook.org

See all Wealth Independence episodes at https://wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Dustin and Adam break down the concept of “infinite returns” – a powerful real estate investment strategy that allows you to recover 100% of your initial investment while maintaining full ownership of the asset.

They explain how the favorable debt available in real estate enables strategic refinancing and can help you pull out your original capital to deploy into additional properties – creating a snowball effect that accelerates portfolio growth.

The discussion includes real-world examples, including a case study of an investor who turned a $4 million down payment into $14 million in cash-out proceeds while actually reducing their monthly debt service. They also discuss the potential drawbacks, including mortgage-over-basis considerations and the importance of having a long-term investment horizon.

Whether investing in single-family homes or large multifamily properties, the infinite return model works at any scale – but requires patience and strategic thinking. This episode is essential listening for passive investors looking to understand how leverage and refinancing can multiply their real estate holdings without requiring additional capital.

See all Wealth Independence episodes at https://wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Dustin and Adam dive into a unique oil and gas investment opportunity that differs significantly from traditional drilling plays. Instead of focusing solely on tax benefits through new drilling, this deal centers on acquiring existing producing wells and strategically reinvesting cash flows from those wells to drill new wells, expanding the overall portfolio.

They begin by reinforcing their fundamental investment thesis for oil and gas, highlighting the strong correlation (R=0.993) between GDP growth and oil consumption in developed nations, along with a supply-demand imbalance that drives their confidence in energy investments despite shifting political narratives around green energy.

Key highlights of this specific deal include downside protection through commodity hedging strategies, a lower breakeven oil price point in the $40s versus typical shale plays requiring $60+ oil, and a tax-advantaged structure that shelters ongoing cash flows rather than providing large upfront deductions. The deal represents a cash flow-focused energy investment with built-in risk mitigation, making it attractive for passive investors seeking income-generating assets outside traditional real estate.

Episode Release Notes & Resources:

• Learn more about investing in the Bidwell Capital Upstream Energy Fund: https://bidwellcapital.invportal.com/app/offering-detail/68238f9c966bc91f0186dec7

See all Wealth Independence episodes at https://wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Join Dustin and Adam for a detailed walkthrough of a potential 20-unit studio apartment acquisition in Northern California.

The analysis covers an all-studio property located nine blocks from a major university in Chico, California. Adam and Dustin examine the property's financials, renovation potential, and strategies for increasing income through unit improvements and rent optimization.

Key discussion points include flood zone considerations, California rent control implications, the economics of self-management versus third-party management, and creative income strategies like furnished month-to-month rentals. Multiple financing scenarios, including initial purchase terms and future refinancing strategies, provide listeners with a comprehensive view of how smaller deals can generate attractive returns for passive investors.

This practical case study demonstrates the exact due diligence process used for evaluating multifamily deals of all sizes, making it valuable for both seasoned and aspiring passive investors.

See all Wealth Independence episodes at https://wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Dustin and Adam explore the psychological shift and risk tolerance adjustments required when transitioning from investing with outside income (such as from a job or business) to living solely off investment returns.

They contrast the security of adding to investment principal from W-2 or other active income against relying entirely on investment returns, and share insights on why real estate provides stability during stock market volatility through consistent rents and lower liquidity, using the April 2025 stock market drop as a timely example..

This episode includes practical approaches to portfolio construction, position sizing, and deployment strategies for windfalls that maintain both cash flow and future opportunities. Whether you're looking to leave your job or trying to balance both worlds, the discussion offers a valuable perspective on building resilience into your investment strategy, particularly through real, cash-flowing assets.

See all Wealth Independence episodes at https://wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.