Wealth Formula Podcast

When I was a young surgeon just coming out of residency and finally started making some money, I had to do something I'd never done before: find someone to do my taxes. Naturally, I asked around. I went to the older, more experienced surgeons in my group and said, "Who do you guys use?" A few names came up, but one firm kept coming up over and over. So, I figured it was probably a good idea to go with them. One of the main things people said about this firm was that they were "conservative." At the time, that sounded like a good thing. In hindsight, it absolutely wasn't. You see, the problem with how high-paid professionals—especially physicians—choose tax professionals is that we confuse what "conservative" means in different contexts. As a surgeon, being conservative is a virtue. You don't operate unless you absolutely need to. You're cautious. That kind of conservatism saves lives. But taxes? That's a whole different game. The vast majority of the tax code isn't about when you have to pay taxes. It's about when you don't have to. It's about the legal strategies and frameworks that allow you to keep more of what you earn. It's not black and white—it's grey. And to navigate the grey, you need someone who understands how to interpret the code, not just read it like a rulebook. A "conservative" CPA, in that world, is someone who avoids the grey entirely. They stick to the simplest interpretations, ignore all the nuance, and frankly, don't work that hard to save you money. And that's not what you want in a CPA. I learned that the hard way. The first couple of years, I basically paid more than I should have because I didn't know any better. Eventually, I figured it out. Now, to be clear—there are CPAs out there who work hard, understand the tax code deeply, and can make a huge difference in your tax liability. But chances are, you don't know them. Because you're asking your colleagues. Or you're using the same firm your parents used. If that sounds like you, I'd encourage you to reconsider before you waste another year failing to optimize your taxes. One of the guys I think does get it—who really understands how to interpret tax law and save people money—is Casey Meyeres. And he'll be my guest on this week's Wealth Formula Podcast and we will discuss the latest tax bill put out by congressional republicans.

ITR Economics has been predicting a "Great Depression" beginning around 2030. Over the past seven years, I've had multiple representatives from their firm on the show, and they've never wavered from that forecast. That might not sound so alarming—until you realize that their long-term predictive track record is 94% accurate over the last 70 years. To understand why their conviction is so strong, tune into this week's episode of Wealth Formula Podcast. Once you hear the reasoning, it'll all make sense. The major drivers of this projected economic downturn are debt and demographics. We're spending unsustainably on entitlement programs like Medicare and Medicaid—programs that virtually no politician has the appetite to reform. At the same time, the Baby Boomers—who make up a huge chunk of the U.S. population—are moving out of the workforce and into retirement, where they'll become a significant economic burden. It seems inevitable. But as you listen, I want to introduce one wild card that could change everything: artificial intelligence. I truly believe we're on the cusp of a technological transformation that could rival the Industrial Revolution. Think back to when Thomas Malthus predicted global famine due to population growth. What he didn't account for was the invention of the tractor, which revolutionized food production. In the same way, we may be underestimating the impact of the robotic age driven by artificial intelligence. Right now, economic growth is tied closely to the size of a country's working population. But what if AI allows us to dramatically increase productivity with the same—or even a smaller—workforce? What if robotics drives a low-cost manufacturing renaissance in the U.S., making us competitive again without relying on cheap labor from overseas? In my view, these are the most important questions in American economics over the next decade. And to understand just how critical it is that we get this right, this week's episode lays it out clearly: the alternative may look a lot like the 1930s. Learn more about ITR and its resources: https://hubs.la/Q03kw-Fs0

The Wealth Formula Community is filled with high-paid professionals and small business owners—I'm one of them. Most of us are so focused on making a living that we rarely think about the day we might want to sell our "jobs." Over the years, I've encountered many physicians and dentists who never even considered an exit strategy until private equity firms approached them. Some of these lucky professionals have become quite wealthy from these transactions. But here's the thing—they could have done even better if they'd planned their exit earlier. Even if your practice or business isn't huge, it's still an asset you can sell. In fact, if your business is on the smaller side, it's even more crucial to optimize it for a sale. So, how do you do that? It's actually pretty straightforward once you understand what buyers are looking for. Preparing your business for sale several years in advance can significantly increase the price you'll get when you sell. This week's episode of Wealth Formula Podcast dives into these topics. If you have a business or practice you plan to sell someday, you definitely want to tune in. And even if you don't, understanding business valuation and the key terms related to business acquisitions is valuable knowledge for any investor. Learn more about Saul Cohen: https://www.linkedin.com/in/cohensaul/

Wealth Formula Network, our online mastermind group, is where we dive into the financial questions that keep us up at night, and one debate that keeps coming up is whether to pay off your mortgage. It's a complex question, but let's unpack the math and the emotion so you can decide for yourself. First, think of your mortgage as a lever: with just 20% down, you control 100% of your home's value. On a $500,000 property, that means your $100,000 down payment magnifies the impact of appreciation. If home values rise 4% in a year, your equity grows by $20,000—an effective 20% return on your original $100K. Had you paid the full $500,000 up front, you'd still make the same $20,000—but that's only a 4% return on investment. Next, consider opportunity cost. Every extra dollar you funnel into your mortgage is a dollar you can't deploy elsewhere—whether it's a diversified stock portfolio, a private deal, or even another rental property. Historically, a balanced investment mix has returned 10% annually, comfortably outpacing most mortgage rates and turning "trapped" home equity into "working" capital. Here's something else you might not have considered: your mortgage can actually serve as asset protection. Creditors (or an overzealous bank) are far less likely to tap a property that still carries a lien. By keeping a mortgage in place, you make your home less attractive as collateral and shield your equity in other holdings. So, when you run the numbers, the case for holding onto lower cost debt and investing the difference is compelling. But, math isn't everything. There's intangible value in the day you write "0.00" next to your mortgage balance: no monthly housing payment, no looming due dates, and a deep sense of security—especially as you head toward retirement. Bottom line—there is no single correct answer. Know the pros and cons, weigh your financial goals against your emotional needs, and choose the path that aligns with both your head and your heart. Make that decision thoughtfully, and you'll sleep better either way. Speaking of mortgages, have you ever wondered what reverse mortgages are all about? Those late-night commercials often make them seem like a ways to rip-off seniors. Is there something really useful there? Well, I invited an expert onto the show to teach us all about them and was pleasantly surprised. Reverse mortgages can be a smart tool for homeowners nearing retirement and something you might consider for yourself someday even if you've got other money. Curious to learn more? Tune in to this week's episode of Wealth Formula and get the full story.

I used to scoff at Wall Street, believing the stock market was the last place to build real, life-changing wealth. I leaned exclusively on real estate, private businesses—even Bitcoin—to grow my net worth. But times change. I've softened my stance on equities and now see a place for stocks in my portfolio—just not the way most people do. I think of them as cash-flowing assets, much like real estate, following the approach of Andy Tanner, Robert Kiyosaki's "Rich Dad" stock advisor. Over the past two weeks, I decided to put Andy's strategy to the test by selling covered puts on companies I wouldn't mind owning. In that short span, I've already pocketed a 4% return. Sure, it could be beginner's luck—or it might be the rich option premiums on names like Tesla and MicroStrategy—but I'm off to a promising start. Can I realistically expect 80–100% annualized returns? Probably not, especially once I'm assigned and actually own some of these shares. But those who follow Andy's more conservative, textbook version of the strategy often cite annualized returns of 25%—and that's what I'm aiming to learn. So I'm enrolling in his next Cash Flow Academy course to master the details. The takeaway? Even an old dog like me can learn new tricks, so long as he keeps an open mind. Don't worry—I'm still a real estate guy at heart. But I appreciate having some liquid, income-producing positions, and this feels like a smart way to do it. If you've got a retirement account that could use a boost, you might find this approach especially appealing. To hear why I've done a complete 180 on stocks, tune into this week's episode of the Wealth Formula Podcast, where I sit down with the cash-flowing-stocks guru himself, Andy Tanner. P.S. Don't miss Andy's free upcoming event—details here: https://yv932.isrefer.com/go/siwmo/ccc/

The last couple of weeks, we've been deep in the world of buying businesses. But what happens when it's time to cash out? Maybe you're ready to sell your business, that investment property you've managed for years, or another major asset you've poured your energy into. If you're like most people, the thrill of a big sale is quickly followed by a less-exciting thought: "Wait, how much am I going to owe in taxes?" It's the classic one-two punch—first the celebration, then the sinking feeling as you picture Uncle Sam's hand reaching for a chunk of your hard-earned gains. But here's the good news: you actually have options. Real, legal, IRS-approved options. And the right strategy can mean the difference between watching your profits shrink and putting your money to work for you—sometimes for years to come. Of course, things get a little trickier if you have a mortgage or other debt on the property, but don't worry—we'll break that down too. Let's start with one of the oldest tricks in the book: the 1031 Exchange. If you own investment real estate, you've probably heard about this one. The idea is simple: sell your property, buy another "like-kind" property, and—if you follow the rules—kick that tax bill down the road. But here's the twist: if you've got a mortgage, you'll need to replace that debt with equal or greater debt on your next property, or pony up the difference in cash. Otherwise, the IRS will want a piece of the action right away. So yes, leverage matters! Now, maybe you're tired of being a landlord but still want those tax perks. Enter the Delaware Statutory Trust, or DST. This is essentially 1031 exchanging into a syndication that is designed for this type of thing. You sell your property and, instead of buying another one yourself, you buy a slice of a big, professionally managed property—like an apartment complex or shopping center. DSTs often come with their own loans, so you can match your old mortgage and keep the tax deferral going. The upside? No more midnight calls about leaky faucets. The downside? You're trusting someone else to run the show and they need to be good at it (just like any syndication operator). And, there are some rules and restrictions that can affect your returns negatively. But what if you're selling a business? That's where Employee Stock Ownership Plans, or ESOPs, come in. Imagine selling your company to the people who helped you build it—your employees—and deferring a big chunk of your capital gains tax in the process. It's a win-win, but if your business has debt, things can get complicated fast. This is definitely a strategy where you'll want a seasoned advisor in your corner. Now, let's talk about installment sales and structured sales. In this scenario, instead of getting paid all at once for your asset, you spread out the payments—and the taxes—over several years. Structured sales even bring in a third party to guarantee those payments, adding an extra layer of security. But—and this is a big but—if you have a mortgage, the IRS treats the amount the buyer pays off as if you got that money in cash on day one. So, you'll pay taxes on that portion right away. For example, if you sell for $1 million but owe $600,000, you can only defer taxes on the $400,000 you actually receive over time. The more debt you have, the less you can defer. And finally, we have the Deferred Sales Trust—the topic of this week's Wealth Formula Episode. Think of this as the "supercharged" version of a structured sale. Instead of waiting on the buyer for payments, you transfer your asset to a trust, which sells it and invests the proceeds. You get to choose how and when you receive your money, and the trust can invest in all kinds of assets while your taxes stay deferred. It's flexible, it's powerful, and it gives you the chance to grow your money while you wait. Which of these strategies is right for your situation depends on your goals, your assets, and whether you have debt on the property. The key is knowing your options and working with someone who can guide you through the maze. That said, for assets that have no debt, I really do think the deferred sales trust is something that everyone should know about, and that's what my guest on this week's episode of Wealth Formula Podcast is an expert on.

Last week on Wealth Formula Podcast, we dove deep with an expert who specializes in due diligence for small business acquisitions. To reiterate, what makes small business acquisitions especially enticing are the incredible financing opportunities available through the SBA. Imagine this: you only put down 10 percent on a $5 million business, and suddenly, you're in control of a business that throws off a million dollars per year in cash flow after paying monthly loan charges. That's what these numbers look like. Now obviously, it's a business, and it's not going to be quite that easy. That's why you have the higher cap rate. But the value proposition makes it worth consideration nonetheless. It's complicated stuff, and whether it's buying commercial real estate, funding a promising startup, or acquiring a multimillion-dollar established business, the right guidance can mean the difference between stress and success. So, this week on Wealth Formula Podcast, we're taking the next logical step and talking to an expert on funding these deals. After all, there is no sense in doing all that due diligence if you can't actually pull the financial trigger.

Lately, I've been thinking about starting a new business. I know the market seems like it's crashing around us, and we're probably headed into a recession. But hey—I started my first business back in 2009, and it doesn't get much worse than that, right? Well, maybe it can. And that's exactly why I've been considering buying a business instead of starting one from scratch, particularly because of the SBA loan options available right now. Here's how an SBA 7(a) loan breaks down for a $1,000,000 business purchase: Total Loan Amount: $1,000,000 Typical Down Payment (10%): $100,000 Amount Financed: $900,000 Loan Term: 25 years Estimated Monthly Payment (at 10.25% annually): $8,200 Now, that monthly payment isn't exactly cheap. But consider this: a business selling for $1 million typically goes for about three times its annual earnings. For those of you from the real estate world, that translates to what we'd call a cap rate of about 33.33%. And remember—anytime your cap rate exceeds your interest rate, leverage works in your favor. Let's break down the numbers clearly. With annual earnings of $333,333 ($1,000,000 divided by 3), and an annual debt service of about $98,400 ($8,200 x 12 months), your annual cash flow comes out to around $234,933. Since you only invested $100,000 to get this cash flow, you're looking at a cash-on-cash return of about 235%. Pretty impressive, right? Of course, the devil is always in the details. One reason I've never pulled the trigger on buying a small business like this is because, as someone who's started businesses myself, I know firsthand just how volatile small businesses can be. Often, their success hinges on key factors that don't necessarily transfer smoothly to a new owner. Think about it—if small businesses were all this easy, why would anyone ever bother buying anything else? That said, my guest on this week's Wealth Formula Podcast strongly advocates for buying existing small businesses and believes most people are overlooking a fantastic opportunity. He makes a compelling case—one that might just have you checking out business listings yourself. Curious? Make sure you tune into this week's Wealth Formula Podcast and see if buying a business might be the right move for you!

Now's the time to move. Markets are down, fear is high—and that's exactly when the smart money starts to deploy. If you've been sitting on the fence about the Wealth Accelerator, this might be your moment. Learn how you can leverage market downturns with guardrails in place and amplify your upside while protecting the downside. Connect with Rod at https://wealthformulabanking.com

Charlie Munger, the late sage of value investing and Warren Buffett's right-hand man, once said there are only three ways a smart man can go broke: "liquor, ladies, and leverage." Now, of the three, leverage is the sneakiest. It shows up dressed like opportunity, whispers promises of scale and speed, and before you know it—you're in a capital call or margin call. But let's be clear: leverage isn't the enemy. In fact, if your goal is to become truly wealthy—if you want to build lasting, generational wealth—you're going to need it. Unless you're one of the lucky few who can throw a football 70 yards or sell out Madison Square Garden, leverage is your ticket to the big leagues. At its core, leverage is simply using other people's money—or time—to amplify your results. It's a mortgage on a cash-flowing property, a business line of credit, or a carefully constructed insurance strategy. When used properly, it's the financial version of driving a car instead of walking. It gets you there faster. Leverage magnifies everything—the gains, yes, but also the losses. It's the volume knob on your financial life. And in the last few years, when interest rates skyrocketed at the fastest pace in modern history, that volume went from background music to full-blown chaos. And here's the thing: it wasn't just the rookies who got caught. This cycle humbled everyone—developers with decades of experience, funds with billions under management, and institutional players with Ivy League MBAs. When the tide went out, even the smart money found itself swimming without trunks. Some were caught overleveraged. Others had short-term debt in long-term projects. And a whole lot of people made the fatal assumption that the low-rate environment would last forever. It didn't. But…just like the last financial crisis, this kind of wreckage creates extraordinary opportunity—if you know how to navigate it. Because as painful as the last couple years have been for real estate investors, they've also opened the door to a once-in-a-decade setup. Distressed assets. Motivated sellers. And amidst all the carnage, leverage—used carefully, conservatively, and respectfully—can once again become the powerful tool it was meant to be. This is not a time for fear. It's a time for strategy. For discipline. For underwriting with humility and deploying capital. This week's episode of Wealth Formula Podcast is a postmortem on what went wrong in real estate over the past few years as interest rates surged and markets shifted. We break down the hard lessons learned—even by seasoned pros—and explore why today's environment is starting to resemble the rare window of opportunity we saw in 2010–2011, in the wake of the mortgage meltdown.

When it comes to building wealth, the allure of exotic investment products can be hard to resist. From cryptocurrencies to rare collectibles, these options promise excitement, exclusivity, and the potential for big returns. But are they truly superior to buying the market or some rental real estate? Let's take a look at a few popular exotic investments. 1. Cryptocurrency: High Risk, High Reward? The upside is real—early adopters have seen life-changing gains, and blockchain technology offers genuine innovation. However, the volatility is intense; prices can crash as fast as they soar, and risks like hacks or regulatory shifts loom large. Compared to the stock market's historical 7-10% average annual return (adjusted for inflation), crypto offers a wild ride that can pay off—but only if you time it right. In my opinion, if you want to jump on the ride, there is no better time than now. 2. Rare Collectibles: Passion Meets Profit Investing in art, fine wine, or vintage cars blends enjoyment with potential gains. A well-chosen piece can appreciate significantly. For enthusiasts, the emotional reward is a big draw. On the flip side, these markets are illiquid (selling takes time and effort), and costs like storage, insurance, and commissions add up. Unlike real estate, which generates rental income, or stocks with dividends, collectibles don't pay you while you hold them. 3. Private Notes: High Yields with a Catch Private notes involve lending money directly to individuals or businesses—often real estate developers or small companies—in exchange for interest payments, typically offering yields above traditional bonds or savings accounts. It's a chance to earn solid returns, sometimes 8-12%, while supporting specific projects or borrowers. The appeal lies in the potential for steady income and the ability to negotiate terms. However, defaults can spike during economic downturns, and your money is often locked in until the note matures. Compared to real estate, which offers rental income and appreciation, or stocks with liquidity and diversification, private notes are a niche play that requires careful vetting of borrowers to make sense. 4. Private Equity: The Elite Investment That's Not Always Golden Speaking of niche plays, private equity (PE) often comes up as the ultimate exotic investment, especially for the wealthy. It's frequently billed as a special opportunity reserved for the elite, where funds pool big money to buy, revamp, and sell companies for hefty profits. The perception is that PE is a gold mine, delivering returns that leave the stock market in the dust. But is it really the wealth-building powerhouse people think it is? This week's guest on the Wealth Formula Podcast argues that private equity might not be the golden ticket it's cracked up to be.

As I reflect on the difference between Trump's first administration and his current one, I notice a marked shift. When Trump first took office, his message and objectives weren't clear to me. Beyond the promise of building a wall, I struggled to understand his vision. This time around, it's vastly different. His message is laser-focused, and I've been particularly intrigued by the administration's economic approach. Many of his advisors and cabinet members come from the private sector, bringing a deep understanding of markets and business that's unprecedented in American government. One of the most notable figures often in the news is Elon Musk. There are mixed feelings about him now, with some people even vandalizing Teslas—a stark contrast to how he was viewed just a few years ago as an icon among liberals. Personally, I admire Elon for his vision and commitment to changing the world through Tesla and SpaceX. He doesn't need to be involved in these endeavors, but his passion for making a difference is evident. I believe his efforts to impact America's economy align with his broader mission. What better way to change the world than by strengthening the economy of the greatest nation on earth? However, Elon isn't the only notable figure Trump has brought on board. There's an impressive roster of individuals, including Treasury Secretary Scott Bessent, who might be the mastermind behind Trump's overarching financial plan for America. I've been following Bessent closely, reading his statements and listening to his insights. When I tune in to what he has to say, the confusing aspects of the current economy become much clearer. On this week's episode of the Wealth Formula Podcast, I'll share what I've discovered and what I think it means.

Renewable energy is often discussed in political terms, but here's a straightforward look at the financial side. In the last decade, solar energy costs have fallen dramatically—by nearly 90% since 2010. In top markets, solar panel costs dropped from about 29 cents per kilowatt-hour to under 3 cents. By contrast, new coal and gas plants still cost between 5 and 17 cents per kilowatt-hour, and these figures don't include the unpredictable nature of fuel prices. According to firms like Lazard, solar and wind power now average around 2 cents per kilowatt-hour, while operating existing coal plants typically costs 4 to 8 cents. This clear cost advantage is encouraging a shift away from fossil fuels. Globally, the change is evident. Countries like China, Europe, the United States, and India are ramping up their renewable investments, with almost every new power plant built today relying on solar or wind. Nuclear power is also seeing increased investment as a reliable, low-carbon option. As we have discussed on previous shows, that is my primary reason for being so bullish on uranium stocks. The bottom line is that even if you're not interested in the conservationists' approach to energy, renewables are replacing fossil fuels rapidly. This week's guest on Wealth Formula Podcast will help you capitalize on that.

It's been some time since we did an Ask Buck show, and I realized last week that I have some unanswered questions in the inbox. The first question I read ended up being kind of a broad one, but it made me really think about how it all started for me. I started this podcast over a decade ago after realizing that there were not a lot of good resources for high-paid professionals to learn about personal finance. Of course, there were the Suze Ormans of the world, but what I wanted to do was to share what I had learned in my attempts to mimic the wealthy when I first came out of surgical residency training. There were many painful lessons along the way on my own journey. But I did manage to put it all together better than most. With that, I feel comfortable providing perspective on how I would do it if I were starting over again today. That's exactly the question I got from one of our listeners and the one question I will address on this week's Wealth Formula Podcast.

I really hope you listened to last week's episode of Wealth Formula Podcast. If you did, it may have convinced you to get some exposure to Bitcoin in your portfolio. And if you did that last week, all I have to say is… WELCOME TO CRYPTO! As of this writing, Bitcoin is trading at approximately $84,000, a decline of over 20% from its recent high of nearly $107,000. If you're not used to this kind of volatility, get used to it. And I might also suggest that you embrace it! Why? Well, let's take a brief look at some Bitcoin history: 2013 Cycle: This is ancient history, of course. But Bitcoin reached around $260 in early 2013 before falling to nearly $70 by mid-year—a decline of about 73%. Over the next seven months, the price recovered to approximately $1,200 by November 2013. 2017 Record-Breaking Year: I had the pleasure of being part of this one, having entered the Bitcoin world in 2016 myself. Bitcoin started 2017 at roughly $1,000. Early in the year, it experienced a correction, falling approximately 34% to around $660. However, by December 2017, Bitcoin had risen to nearly $20,000—an increase of nearly 20 times within one year. 2020 Cycle with Institutional Interest: Prior to the May 2020 halving, Bitcoin traded at about $10,000 before a 20% retracement brought it to around $8,000. The recovery following this dip was notable, to say the least, with the price reaching roughly $64,000 by April 2021. The point I am making, of course, is that Bitcoin has historically experienced significant corrections, which have often led to rapid recoveries within defined periods. It is not insignificant that there are some big buyers out there in 2025. The current dip coincides with increased interest from institutional investors: Financial Institutions: Banks and financial services firms are increasingly offering Bitcoin-related products. Corporate Adoption: More companies are adding Bitcoin to their treasuries as a hedge against inflation. Spot Bitcoin ETFs: The approval and launch of spot Bitcoin ETFs in the U.S. have attracted additional institutional capital. This increased involvement has shifted the perception of Bitcoin from a speculative asset to one that is integrated into diversified portfolios. Even in 2017, a lot of smart people truly thought that Bitcoin would crumble to nothing. But now, we even have government entities exploring Bitcoin's role as a reserve asset. Countries such as El Salvador have adopted Bitcoin as legal tender, and others, including the United States, are evaluating its potential as a reserve asset. Some U.S. states are considering legislation to allocate up to 10% of public funds to digital assets. The point I'm making here is that Bitcoin is not going to zero. In fact, the finite amount of Bitcoin, along with all the new buyers, can mean only one thing over the next few years: Bitcoin is going up in value. What I am trying to say is that you may seriously want to consider buying the dip. This is, of course, not financial advice. You can speak with your wealth advisor—who knows nothing about Bitcoin—to do that, lol! Oh, and by the way, Solana got slaughtered too. So you might want to look into that one as well, since it's better than Ethereum in virtually every way but has a fraction of the current market capitalization. If you're getting sick of all this crypto talk, I apologize. In fact, this week's episode of Wealth Formula Podcast was supposed to be about gold and silver. But it turned out even the gold bug I interviewed had gotten infected by Bitcoin, and the conversation moved in that direction pretty quickly!

To my credit, I was relatively early in my recognition that Bitcoin was for real and that it wasn't going to zero. It was 2016, and, up to this point, I had the misfortune of hearing only one narrative about Bitcoin—that of Peter Schiff. Peter is a very smart guy and quite convincing if you listen to his podcast. At the time, I was an avid listener and my opinion on bitcoin was shaped only by his view. It wasn't until I went to an entrepreneurs' meeting in the Fall of 2016 that I heard the real narrative behind Bitcoin for the first time. Now's not the time for me to explain it, but for those of you who are interested, I would suggest reading The Bitcoin Standard by Saifedean Ammous. Inspired by this new perspective, I went home from that meeting and bought Bitcoin for the first time—at about $5K. In fact, with bitcoin fluctuating up and down I managed to acquire a decent "bag" of bitcoin by the time "crypto winter" arrived in 2017. Fast forward to today, and that bitcoin would be worth eight figures had I held it. But I did not. You see, in 2019, I had some bills to pay, and the Bitcoin price hadn't moved in a couple of years. Selling my Bitcoin seemed like the easy solution. After all, I reasoned, I could always buy it back. Well, I never did buy it all back. My family acquired some through kids' trust over the years, but nowhere near the amount that I initially had. This decision ended up being one of the most painful financial lessons I've learned over the years (and there has been plenty of pain!). And the lesson is not just about Bitcoin. The lesson is about following your convictions. If you go back to my podcasts on Bitcoin over the past 7-8 years, you can hear it in my voice. Throughout that time, I made predictions over and over—many of which have come to fruition already and others that we seem to be on the verge of. So why, given my convictions, don't I own much Bitcoin? Because I didn't follow through on those convictions. I thought I could get in right before things started taking off. Rather than accumulating bitcoin along the way, I waited for just the right price—which never seemed to be low enough. In hindsight, what difference would it have made if I bought at 3K, 5K, or even $20K at this point? If I believed, as I have predicted that bitcoin would hit $250K within the next 3 years, why would that matter? There's another reason I didn't buy Bitcoin: it provided no tax benefit. I put almost everything into real estate and other tax-efficient investments. That's not a bad strategy in general, but not carving out an allocation for something I believed in so much was just stupid. The key lesson here is about being rational and following your convictions. Don't get greedy and don't always let the tax wag the dog. Now, you might be wondering what I think about Bitcoin today at nearly $100K. Well, my stance hasn't changed. I still believe Bitcoin is going to hit at least $250K within the next 3 years. So, in that regard, it's still something I would buy if I had the liquidity (as real estate investors often do not). The story for Bitcoin is getting better and better every day. And I think it's very important for you to take it seriously if you are not. After all, Wall Street and Governments across the world have adopted it as a truly legitimate asset, and it may very well end up an asset stockpiled by the US treasury in short order. You may or may not decide to invest in it, but not knowing about it as an investor in this day and age, is ill-advised. To understand why, listen to this week's episode of Wealth Formula Podcast. And, I am serious when I say, miss this episode at your own financial peril.

Hey everyone, On this week's Wealth Formula Podcast, I'm talking with members of our very own community who are using Wealth Accelerator and Wealth Formula Banking as part of their personal financial plans. They're going to share their individual journeys – why they chose Wealth Accelerator/WFB, what challenges they faced along the way, and, most importantly, what kind of results they're seeing. These are real stories from your peers that you should find helpful. If you've been looking for strategies that are both safe and profitable in times of financial volatility, this is an episode you won't want to miss. Join me as we explore real-world examples of how sophisticated strategies, grounded in solid mathematics and reliable insurance products, can help you engineer a more secure financial future. Buck

People have a misconception of what the tax code is. While there are a few pages devoted to telling you when you must pay taxes, the majority of it is about the situations in which you can avoid them. That's why it's important to find a competent tax professional. And that's not as easy as you might expect. You see, most high-paid professionals get their tax professionals from referrals from other professionals. And, most high-paid professionals like doctors are very risk-averse when it comes to anything financial. So they tend to go to the "conservative" CPA—the one who never gets audited. Well, that CPA has the easiest job in the world. He's got all sorts of high-paid clients who want him not to do his job, which, in my opinion, involves trying to find you deductions. Now, let me be clear. I'm not suggesting that you try to find someone who is going to break the law for you. You just need someone who is willing to look at the tax code and find out where there are opportunities to save you on taxes. When you go down that rabbit hole, though, you also need to have your guard up. Some of the strategies used by CPAs can get a little too risky. The last thing you want is to end up paying penalties and end up paying more money than you would have in the first place. In addition, even if the tax code is used appropriately, it may be the case that the end operator is not going to make the theoretical benefit actually happen. Let's take oil and gas for example. The advantages of investing in drilling programs are very clear in the tax code. The problem is finding an opportunity that might actually pay you a return. Of the multiple investments I've made in oil and gas, I've NEVER made money. In fact, I've never even gotten my principal back. My conclusion over the years has been that the best way to save on taxes is actually good planning. As Tom Wheelwright, author of Tax-Free Wealth, says, if you want to change your tax, you have to change your facts. Bottom line: there are plenty of ways to save on taxes if you think bigger and plan smarter. You don't have to do anything crazy or controversial. Just be strategic, understand the rules, and always, always know your risks. Remember, in the world of taxes, pigs get fat, and hogs get slaughtered. So be aggressive, but be smart about it. Your future wealthy self will thank you. This week's podcast is going to give you some good ideas and, in my opinion, some very bad ones!

When I started this podcast a decade ago, I was completely focused on real estate. I had some pretty dogmatic views back then and didn't really consider other investment options. That mindset worked for me. I've been a real estate investor since 2010, and while the market's in a tough spot right now, we did enjoy over a decade of a bull market. That's just how investing goes—ups and downs, and you hope the good times outpace the bad. Regarding real estate, I believe we're essentially back in 2010. The markets have taken a beating, and if you can stomach it, this is a prime time to buy. History shows that people who act when things look grim often reap big rewards down the line. That said, I'm more open to other types of investments these days. As this cycle eventually recovers, I want to share more than just real estate opportunities with you. There's a whole world of potential out there, and it's important for both of us to stay informed. Lately, I've been especially interested in tech. I did my surgical residency in San Francisco and knew plenty of Silicon Valley folks about 15 years ago, but I regret not digging deeper into that scene. Back then, I didn't have the money to invest, so I never thought to learn more. Better late than never, right? Now I'm in a position where I can invite really smart people onto this podcast to chat about fascinating topics. Over the next few years, that's what I plan to do. I want to make an effort to learn about new things with you that might also help us financially. This week's podcast is a great example. It was a blast because I learned so much in such a short period of time, and it really sparked my curiosity about opportunities in tech—maybe through angel investing or venture capital. To do anything like that, you need to get educated. And talking to my guest this week was a right step in that direction. In less than one hour, I learned why tech investors panicked last week when China's AI platform, DeapSeek, revealed its superiority and cost-effectiveness compared to leading American AI platforms. I finally understood what the big deal about quantum computing is. And I became further convinced that Ethereum will eventually get wrecked by Solana. That is a HUGE ROI on time spent! So, expect more episodes like this. I hope you're up for it. For now, check out my conversation with Arun Krishnakumar—it's the most interesting conversation I've had in a while!

For most people, taxes are nothing more than a necessary evil—a burden to be minimized and avoided at all costs. But that mindset might not be the most productive one to take. Consider that the tax code might not just be a drain on your resources but a roadmap to creating wealth. The truth is that the tax code is nothing more than a series of incentives. It's filled with opportunities for those who understand how to use it. As painful as it may be, think of the government as a business partner offering rewards for certain behaviors. Invest in housing, create jobs, or produce energy, and you're rewarded. These aren't loopholes or tricks but deliberate strategies to stimulate economic growth. But most people miss the opportunity. Why? Because they treat taxes as a once-a-year obligation rather than a year-round strategy. They react instead of plan. And in doing so, they leave money on the table—money that could be used to fuel their financial future. Every financial decision has tax implications. Whether it's how you structure your business, where you invest, or how you time your expenses, the choices you make today ripple through your financial future. When you approach taxes strategically, they become more than just a line item on a balance sheet—they become a tool for helping you achieve financial freedom. That's what separates those who feel trapped by taxes from those who use them as a springboard for wealth. It's not about avoiding responsibility; it's about understanding the rules of the game and playing it well. In this week's episode of Wealth Formula Podcast, I explore the latest incentives with someone who knows the game as well as anyone: Tom Wheelwright. He's a tax and wealth strategist who has helped countless entrepreneurs and investors transform their approach to taxes, unlocking incredible opportunities in the process. If you're ready to stop dreading tax season and start leveraging it to your advantage, this is an episode you can't afford to miss.

Let's talk about a fundamental difference in the way traditional investors think versus those of us who invest in alternative assets. The traditional investor sees the stock market, bonds, and mutual funds as the safe and stable way to grow wealth over time. And look, stability is not a bad thing. But here's the problem: how many people do you know who have become truly wealthy by just sticking with traditional investments? Sure, you can retire comfortably if you're disciplined, but are you really changing your socioeconomic place in life with a 6% or 7% annual return? Probably not. Now, alternative asset investors? We play a different game altogether. We know that the big wins in traditional markets are rare. In alternative investments, we aren't just chasing stability — we're chasing some level of asymmetry. Yes, we still face risks and sometimes we find ourselves in cycles like the last couple of years where we may lose, but the potential upside of alternative investing can be disproportionate to what you put in. These are the kinds of opportunities that can accelerate wealth creation far beyond what traditional investments can offer. Think about it this way: the traditional investor spends their entire career trying to fill up a big cup of water — a portfolio large enough to sip from in retirement. Their hope is that they won't run out of water before they die. That's the game plan. Save enough, live conservatively, and pray the cup doesn't run dry. But for us as alternative investors — especially cash flow investors — the goal is fundamentally different. We're not looking to hoard a finite supply of water. We're building streams. Streams of cash flow that keep running no matter what. Streams that don't dry up. Streams that allow us to live our lives without constantly worrying about running out. It's a completely different mindset. It's not about rationing — it's about abundance. The differences in this type of thinking become pretty clear in this week's episode of Wealth Formula Podcast. Do me a favor, listen to this show until the very end. I was so baffled by this interview that I asked our own Rod Zabrieski of Wealth Formula Banking fame to help me understand my confusion!

As intelligent people, we often overcomplicate things? Whether it's in business, health, or relationships, we're constantly seeking advice, following trends, and trying to use complex strategies to optimize our results. As you may know, I am deeply entrenched in the longevity space. As a physician and science person, I am fascinated by this stuff. And while there are all sorts of drugs, supplements and tactics that could incrementally add to our lifespans, right now it is pretty clear that the most impactful principals to live a long healthy life are still pretty boring: Follow a good diet, get lots of exercise and make sure you do what you can to get a good night's sleep. Of course I have plenty to say when we drill down on each one of those issues but the point is that, right now, focusing on eating, exercising and sleeping are far more impactful than any pill you could take or tactic you could could employ. As is the case for most things in life, the fundamentals are often what really matter and they are not often hard to see. In personal finance, the principals are also pretty basic. For most of your investments, stay disciplined, rely on data, and avoid the allure of the "next big thing." This week, I talk to someone practices the art of sticking to fundamentals while challenging the status quo in investing. Dan Rasmussen, the founder of Verdad, is a quantitative investor with a knack for cutting through the hype and finding real value. Drawing on his experience at firms like Bridgewater Associates and his own billion-dollar fund, Dan's approach is all about stripping away emotion, following the data, and learning from history. While his expertise may focus on public markets, the lessons he shares apply to any investor—whether you're buying rental properties or managing a stock portfolio. So, let's dive into the conversation and see what we can all learn about investing with humility and discipline.

Wealth Formula Nation, First and foremost, let me start by wishing you a Happy New Year! It's 2025, and as we shake off the confetti and champagne from the celebrations, we step into a year full of possibilities—and, let's be honest, plenty of question marks. Every new year brings its own share of challenges and opportunities, but this one feels particularly charged. We're looking at a world where the economic landscape is being rewritten in real time. There's a new administration in Washington, which always stirs up the pot, but this time, it's not just a change in leadership—it's a potential sea change in policy. So, what's ahead? Will we see sweeping tax cuts as promised? And if so, how will those affect deficits, inflation, and interest rates? Can the economy sustain the heat, or are we looking at overheating and runaway inflation? Then there's the topic of spending cuts—are they realistic, or will they end up being all talk and no action? And tariffs—will they be wielded as an economic weapon, and if so, how much will they impact everyday consumers? These aren't just academic questions—they have real-world implications for your investments, your business, and your financial future. For example, real estate investors are watching interest rates like hawks. The Fed said they were going to lower them throughout 2025 but then backed off on those statements in the last meeting, taking more of a wait-and-see position. Meanwhile, deregulation could create new opportunities for businesses, but will it go far enough to make a real difference? It's a lot to unpack, and that's what this week's guest on Wealth Formula Podcast will help us do. Joining me is Howard Yaruss, an economist, professor, and author of Understandable Economics, a book that breaks down economic concepts in a way that's accessible to all of us. Howard has the ability to take complex ideas and make them relatable, and he's here to share his insights on what we might expect in 2025.

Like everyone else, as the new year approaches, I become a bit reflective. I'm not really the kind of guy to have heroes nor do I fawn over celebrities. In fact, there is only one person in the world who I credit with fundamentally changing the course of my adult life: Robert Kiyosaki. I've had the privilege of meeting Robert multiple times over the years and have been fortunate enough to have some meaningful private conversations with him. But the real impact he made on me was through his book called "Cashflow Quadrant." Had I not read that book, I doubt I would have ever started this podcast. Honestly, I'd probably be an academic surgeon somewhere with little interest in the economy or investing. What's truly remarkable is the incredible impact his books have had on so many people. Kiyosaki's teachings, especially "Rich Dad Poor Dad," have been a game-changer for countless individuals worldwide, sparking a revolution in financial thinking. His emphasis on building businesses and creating assets has been a wake-up call for many. I've heard numerous stories of people leaving traditional careers to venture into entrepreneurship, building successful real estate portfolios, and overcoming long-held limiting beliefs about money and success. It's astounding how his teachings have ignited a wave of financial literacy and entrepreneurial spirit. Now, as a middle-aged guy, I find something else about Kiyosaki perhaps equally inspirational: The fact that he published "Rich Dad Poor Dad" at age 50. It's a powerful reminder that it's never too late to learn, grow, and achieve financial success. Remember this the next time you think you might have missed your chance. If you haven't already, I urge you to pick up a copy of "Cashflow Quadrant" and experience it for yourself. It might just change your life as it did mine. In the meantime, this week's Wealth Formula Podcast features my latest conversation with Robert Kiyosaki.

Like everyone else, as the new year approaches, I become a bit reflective. I'm not really the kind of guy to have heroes nor do I fawn over celebrities. In fact, there is only one person in the world who I credit with fundamentally changing the course of my adult life: Robert Kiyosaki. I've had the privilege of meeting Robert multiple times over the years and have been fortunate enough to have some meaningful private conversations with him. But the real impact he made on me was through his book called "Cashflow Quadrant." Had I not read that book, I doubt I would have ever started this podcast. Honestly, I'd probably be an academic surgeon somewhere with little interest in the economy or investing. What's truly remarkable is the incredible impact his books have had on so many people. Kiyosaki's teachings, especially "Rich Dad Poor Dad," have been a game-changer for countless individuals worldwide, sparking a revolution in financial thinking. His emphasis on building businesses and creating assets has been a wake-up call for many. I've heard numerous stories of people leaving traditional careers to venture into entrepreneurship, building successful real estate portfolios, and overcoming long-held limiting beliefs about money and success. It's astounding how his teachings have ignited a wave of financial literacy and entrepreneurial spirit. Now, as a middle-aged guy, I find something else about Kiyosaki perhaps equally inspirational: The fact that he published "Rich Dad Poor Dad" at age 50. It's a powerful reminder that it's never too late to learn, grow, and achieve financial success. Remember this the next time you think you might have missed your chance. If you haven't already, I urge you to pick up a copy of "Cashflow Quadrant" and experience it for yourself. It might just change your life as it did mine. In the meantime, this week's Wealth Formula Podcast features my latest conversation with Robert Kiyosaki.

Artificial intelligence isn't just a passing trend—it's a revolutionary force reshaping industries, driving innovation, and changing the way we live. But as investors, we face a critical challenge: how do we capitalize on this seismic shift without falling into the trap of picking winners and losers in an unpredictable landscape? History has shown us how tough it is to get it right with emerging technologies. The dot-com era gave us Amazon and Google—grandslam investments that transformed early believers into billionaires. But for every Amazon, there was a Pets.com, a tale of overhyped potential that never materialized. With AI, the stakes are even higher. We know the technology is real, and we know it will grow exponentially. But betting on individual AI companies can be like playing the lottery. What we do know with certainty, however, is that AI is an energy beast. The computing power required to train and run large AI models is staggering—and it's only going to increase. That's why I believe one of the smartest ways to invest in AI might not be through AI stocks at all. Instead, it could be by focusing on the foundation AI cannot exist without: low-cost energy. While solar, wind, and traditional energy sources will play a role, one energy source stands out as particularly intriguing: uranium. Nuclear energy powered by uranium is not only incredibly efficient but also one of the most consistent and scalable sources of clean energy. As demand for reliable energy surges to support the AI revolution, uranium could become an unsung hero in this story. To explore this idea in more depth, I recently sat down with a uranium expert. We discussed the global energy landscape, why nuclear power is gaining traction as the world looks for low-carbon solutions, and how uranium might play a critical role in fueling the next wave of technological innovation. [00:00] Introduction. [01:19] The challenges of investing in AI's growth. [02:06] Energy's critical role in AI development. [04:04] Uranium as a scalable and clean energy source. [05:12] Guest introduction: Ben Feingold from Ocean Wall. [06:46] Uranium market trends and driving factors. [11:05] Public safety concerns and nuclear advancements. [13:06] Overview of small modular nuclear reactors. [16:14] Kazakhstan's dominance in uranium production. [20:48] Kazakhstan's underutilized uranium resources. [21:47] Projections for uranium market growth. [24:10] Policy perspectives on nuclear energy. [26:09] Investment considerations for uranium. [27:50] About Ocean Wall's investment services. [30:02] Closing thoughts on uranium's potential and energy needs.

Bitcoin has been making headlines again as it surged past the $100,000 mark. If you've been following this podcast, you'll know I've been talking about Bitcoin since late 2016. Back then, its price hovered around $3,000 to $4,000, and that's when I truly started to believe in its potential. But what is Bitcoin, anyway? At its core, it's a type of digital money that doesn't rely on banks or governments. Instead, it's powered by blockchain technology—a public ledger that securely and transparently records every Bitcoin transaction. This technology makes Bitcoin decentralized, meaning no single person or entity has control over it. One of Bitcoin's standout features is its fixed supply. Unlike traditional currencies, which governments can print more of at will, Bitcoin is capped at 21 million coins—ever. This built-in scarcity makes Bitcoin similar to gold, but even more predictable because we know exactly how much exists now and how much will exist in the future. Right now, the total value of all Bitcoin—its market cap—is about $2 trillion. That might seem like a huge number, but it's small compared to other assets. For example, gold's total market value exceeds $12 trillion, and the U.S. stock market is worth around $50 trillion. Despite its rapid growth over the last decade, Bitcoin is still relatively small in the financial world. Why does this matter? Bitcoin is still in the early stages of adoption. Large investors, corporations, and even governments are only beginning to see its value. As more people and institutions buy into Bitcoin, its price is likely to rise, thanks to its fixed supply and growing demand. It's not unrealistic to imagine Bitcoin's market cap growing tenfold to $20 trillion over the next 5 to 7 years. While this might sound ambitious, consider that Wall Street has only started engaging with Bitcoin in the past year. Institutional exposure is almost certain to expand in the years ahead. But it's not just institutions. Surveys show that younger investors are more comfortable putting money into Bitcoin than in traditional markets. Think about the long-term implications of younger generations investing Bitcoin into their retirement accounts. So why am I sharing this with you? Back in 2016, I encouraged listeners to take Bitcoin seriously. A handful of you did, buying and holding onto Bitcoin—and you've seen $50,000 grow into more than $1 million. Do I think those kinds of returns are still possible? Not really. But I do see the potential for 10x growth in the not-too-distant future. If you're thinking about long-term investments, it might be worth grabbing some Bitcoin and simply holding onto it for the next five years. It's unlikely to make you as wealthy as early adopters, but it could be a strong way to grow wealth for a portion of your portfolio. If Bitcoin is new to you, I encourage you to spend time learning about it. This week's Wealth Formula Podcast is a great place to start. [00:00] Introduction to Bitcoin and Joe Kelly's Journey [18:32] Bitcoin as Digital Gold: Current Perspectives [24:31] Unchained: Securing Bitcoin Holdings [30:45] The Cost of Security: Is It Worth It? [36:26] The Future of Bitcoin Loans and Collateralization

The idea of packing up and moving to another country might sound radical at first. But for many Americans, it's becoming a logical next step. Whether it's to stretch the power of the strong U.S. dollar, embrace a different lifestyle, or take advantage of financial perks like tax savings, the appeal of living abroad is growing. Let's start with the financial benefits. In countries like Mexico, Costa Rica, or Thailand, your money simply goes further. Retirees are finding they can afford things like beachfront living, high-quality healthcare, and even household help—all on a modest budget. And with the U.S. dollar holding its strength, this isn't just about living cheaply; it's about living well. Panama, for example, doesn't tax foreign income and offers retirees major discounts on everything from medical care to transportation. Portugal sweetens the deal with its Non-Habitual Residency program, which reduces or eliminates taxes on certain income for up to a decade. But it's not just about saving money—it's also about living differently. Many Americans moving abroad talk about how the experience has opened their eyes to new cultures, new rhythms of life, and, most importantly, new possibilities. In Portugal, life feels slower and more intentional, with days that revolve around community, great food, and the natural beauty of the coastline. Thailand offers a mix of vibrant city life and serene island escapes, all at an affordable price. Financial freedom and a cultural reset are big draws, but there's more to the story. Some countries actively court expatriates with residency programs, tax incentives, and healthcare systems that are as good as, if not better than, what many Americans are used to. Add in the benefits of the Foreign Earned Income Exclusion, which allows Americans working abroad to exclude up to $120,000 in income from U.S. taxes, and the move becomes even more compelling. If you're looking for something even more unique, New Zealand might be a place to consider as well. Known for its stunning landscapes, safety, and high quality of life, it offers an appealing combination of natural beauty and modern convenience. New Zealand consistently ranks as one of the happiest and safest countries in the world, with a healthcare system that rivals the best globally. Whether you're considering retirement or just a major lifestyle shift, New Zealand is a place where you can truly start fresh. This week on The Wealth Formula Podcast, we're exploring New Zealand as a destination for Americans looking to make the leap abroad. I'll be talking to an expert on what it takes to move there—from navigating visas to understanding the financial and cultural transition. If you've ever thought about trading the familiar for the extraordinary, this conversation might just convince you to take the next step. 00:00 Introduction 09:19 Reasons for Migration to New Zealand 10:26 Living Conditions and Lifestyle in New Zealand 13:42 Real Estate and Cost of Living 14:28 Cultural Diversity in New Zealand 16:38 Healthcare and Professional Opportunities 18:10 Taxation System in New Zealand 19:42 Business Ownership and Taxation 21:42 Investment Opportunities and Capital Gains 24:14 Comparative Analysis with Other Countries 28:55 Cultural Comparison: New Zealand vs Australia 25:56 Property Ownership Regulations for Foreigners 26:48 Visa Options and Immigration Pathways 30:28 Conclusion and Contact Information

Buck and Zulfe discuss the unpredictable behavior of gold and Bitcoin, the importance of asset allocation, the psychological factors influencing investor behavior, the current market trends, and the Federal Reserve's expectations regarding interest rates. They also explore various investment options, including high-yield bonds and municipal bonds, while addressing the implications of inflation and economic policies.

Hey Wealth Formula Nation, I've got something really exciting for you today—a chance to win a full-body MRI worth $2,500! This giveaway comes from my new podcast, Longevity Junky (that's junky with a Y). It's a fun, insightful show I co-host with actress Nikki Leigh, where we dive into cutting-edge advancements in health and longevity. This week's episode is all about full-body MRIs from Prenuvo, a groundbreaking technology that can identify over 500 conditions—including deadly cancers and brain aneurysms—before they pose a serious threat to your health. Here's how you can enter to win this $2,500 Prenuvo MRI scan for free: Go to Apple Podcasts and find the Longevity Junky podcast (that's "Junky" with a Y). Leave a five-star review for the podcast. Subscribe to the podcast. Take a screenshot of your review. Visit LongevityJunky.com (again, "Junky" with a Y). Send the screenshot of your review along with a brief explanation of why you'd like a full-body MRI. Winners will be announced in 2 weeks—stay tuned and good luck to everyone!

I hope you had a great Thanksgiving! I am thankful for you and your support. I've been doing this podcast for over a decade, and I can't tell you how much it means to me that you've supported my efforts through both good times and bad. That's the nature of a show that has been around this long. In the world of investing, we have cycles. If you stick around long enough, you'll see it all—and by now, we most certainly have. When I started this podcast, it was just a few years after the mortgage meltdown of 2008. No one was excited about investing in real estate, but those of us who did really killed it. We had several years of a real estate bull market that ultimately culminated in the frothy COVID-era markets. Then, as interest rates skyrocketed, we saw the bottom fall out. And now, it's like 2012 again—the market is bottomed out. The smart money recognizes it and is moving in, but retail investors are scared and probably won't join the party for a couple more years, when the market is already hot. History doesn't repeat itself, but it certainly rhymes. That's why it's important to take notes and try not to make the same mistakes again. In the spirit of that idea, I thought I'd make a short list of the lessons I've learned over the years. Hopefully, they will be useful. After all, the best way to learn is through mistakes—but they don't have to be your mistakes. 1. Quit While You're Ahead No bull run lasts forever. If it looks like everyone is making money and it seems too easy, you might be in a market that's at its peak—and it's time to sell. Back in 2008, there were stories of strippers buying multiple mansions and flipping them. Strippers are not typically known for having good credit. The subprime market was in full gear, and the market came crashing down soon after. In 2021–2022, everyone became a real estate syndicator, buying up hundreds of millions of dollars in real estate. Tertiary markets like Oklahoma City were hot. That only happens in frothy markets. If you see that happening again, stop buying and become a net seller. 2. Be Greedy When Others Are Fearful (Warren Buffett) A good friend of mine was a celebrity home builder in LA before the 2008 financial crisis, making millions of dollars before the age of 40. He lost everything in 2008 but realized it was also a great buying opportunity. He saw hotels being sold at massive discounts. He tried to raise money, but no one wanted to invest. Ultimately, he was able to scrape together enough money to start buying. That culminated in a $100 million sale for him last year. None of it would have happened if he hadn't taken action when others wouldn't. 3. There's Always Something on Sale Our built-in psychology makes it hard to be good investors. I'll be the first to admit I've been a victim of my own instincts. Since 2017, I've believed that Bitcoin will eventually become a sort of digital gold. I knew we'd see $100K Bitcoin when it was priced around $3K, and I truly believe we'll see $500K Bitcoin by the end of this decade. You'd think I would have accumulated Bitcoin every time it got slaughtered, right? Well, I did—but the "crypto winter" got me to capitulate. Rather than holding on to what I had while markets remained sluggish for a few years, I sold and invested in other things. Now, I did make money on those other things, but not nearly as much as I would have by simply holding on to Bitcoin. Luckily, I bought my dad's Bitcoin when he decided to make the same mistake. Sorry, Dad! Right now, real estate is on sale. I don't want to make the mistake of not buying. 4. Don't Sell Bitcoin As a corollary to the last rule, I will do everything I can to hold onto my Bitcoin, regardless of what happens to the market, until its market capitalization is on par with gold—that would be at a price of approximately $900K. At that point, I believe it will stabilize and behave like gold, which means I'll sell. 5. There's More to Life Than Real Estate and Cryptocurrency I've made money in other ways when I've followed the aforementioned rules. For example, a couple of years ago, the uranium market was beat up. I bought it because it was on sale. Right now, uranium is in the early stages of a bull market. The stock I owned went up 10x, so I sold. Keep your eyes open for anything on sale, and when you buy, be patient. Eventually, markets turn, and selling into a frothy market feels great. 6. Don't Let the Tax Wag the Dog This is a nuanced rule I continue to struggle with. As a real estate professional, I find it very difficult to invest in things outside of real estate because of the massive tax benefits I receive. But sometimes markets get frothy. Sometimes the price of Bitcoin or uranium—or any other asset on sale—is hard to beat. While taxes are an important consideration, don't let them be the only factor in your decision-making process. I have to constantly remind myself of this. So there you have it—six very important lessons I've learned, and hopefully, they'l

This Black Friday and Cyber Monday, I want to share something truly meaningful—the opportunity to invest in your health or the health of someone you love. The Longevity Roadmap Course has already transformed lives, uncovering critical health issues and empowering participants to reverse conditions like borderline diabetes and optimize their health. It's no exaggeration to say this course has already saved years of good-quality life. This year, why not give the ultimate gift—the gift of health and time? Imagine helping a loved one discover a brighter, healthier future with a life-changing resource tailored to empower them for decades to come. Black Friday & Cyber Monday Special: For a limited time, I'm offering 20% off the Longevity Roadmap Course, which includes three months of biweekly one-on-one coaching with me. This offer is good through Cyber Monday, so don't wait—act now! The tools, science, and coaching included in this course can: Help prevent or reverse common conditions like heart disease and diabetes. Unlock strategies to add years of vibrant, good-quality life. Give peace of mind knowing you or your loved one is on the best path forward. This isn't just an investment in health—it's an investment in time with the people who matter most. Make this holiday season truly unforgettable by giving a gift that will last a lifetime—or longer. Sign Up Now and Use the Coupon Code Blackfriday2024 at Checkout to Get 20% Off – Offer Ends Cyber Monday! Here's to a longer, healthier, and happier future—for you and your loved ones. – Buck P.S. Want to learn more? Book a call with me on longevityroadmap.com and let's talk!

Buck Joffrey and Zulfi Ali tackle critical issues shaping the U.S. economic landscape, from the mounting government debt and entitlement challenges to the looming risks of a debt crisis. They examine the current state of U.S. debt, its global context, and the future of treasury auctions, emphasizing the unsustainable debt-to-GDP trajectory and the political hurdles in reforming entitlements. The conversation also delves into the economic ripple effects of the Trump administration's policies on inflation, growth, and the stock market, alongside the shifting dynamics of treasury yields. Buck and Zulfi explore the evolving cryptocurrency market, focusing on Solana and Bitcoin, and analyze the real estate market's resilience in the face of fluctuating interest rates. Wrapping up, they discuss long-term investment strategies for navigating an inflationary environment, offering a comprehensive view of the challenges and opportunities ahead. 00:00 Introduction and Personal Updates 05:58 The Challenge of Entitlements 12:04 US Debt Position Compared to Other Countries 18:04 Potential Economic Implications of Debt 25:04 Market Reactions to Trump's Administration 31:03 Cryptocurrency Insights and Market Psychology 36:38 Real Estate Market Outlook

I have to admit, I can't wait to see what Elon Musk and Vivek Ramaswamy do with their proposed Department of Government Efficiency (DOGE). Beyond potentially creating a big pump for Elon's beloved crypto favorite, Doge Coin, the idea has generated significant discussion about its potential impact on the federal government. As co-leaders of this initiative under President-elect Trump's administration, Musk and Ramaswamy have outlined ambitious goals for reducing government spending and streamlining operations. The DOGE aims to cut $500 billion in annual federal expenditures, targeting what they claim are unauthorized or inefficient programs. This represents a significant portion of discretionary spending and could have far-reaching implications for various agencies and programs. One of the most controversial aspects of their plan is the proposed reduction of the federal workforce. DOGE intends to implement "mass head-count reductions across the federal bureaucracy". Their strategies include: Offering early retirement incentives and voluntary severance packages Requiring federal employees to work in-office five days a week, potentially leading to voluntary resignations Identifying the minimum number of employees required for agencies to perform essential functions Musk and Ramaswamy also plan to focus on regulatory reform, aiming to eliminate what they consider unnecessary or overreaching regulations. They've suggested consolidating federal agencies and implementing advanced technologies to automate routine tasks. However, the initiative faces significant challenge. Many proposed changes would require congressional approval. And while Republicans will control both chambers of congress, federal employee unions and lawmakers may oppose drastic cuts to government programs and workforce. And while Musk has been perhaps one of the most efficient entrepreneurs in the history of mankind, the size and complexity of the federal government will make rapid, large-scale changes difficult to implement. Either way, I'm excited to see whether Musk and Ramaswamy can translate their private sector experience into meaningful government reform. My guest on Wealth Formula Podcast is an economist and Washington insider who has worked for multiple well known politicians. He has a unique take on Musk's vision as well as the rest of the agenda of the incoming Trump administration. This is a fascinating conversation which you will not want to miss!

It's easy to see when a market is frothy—when prices seem unstoppable and everyone is piling in. But recognizing the bottom of a market? That's harder. But it's important to recognize because it's at the bottom, not the top, where the greatest opportunities for profit lie. Right now, we're at one of those moments, and the need to act is critical if you want to successfully invest in real estate over the next few years. As we enter 2025, the real estate market is at the cusp of a major shift. Other asset classes like stocks and bitcoin are already at all-time highs, but real estate remains attractively priced with enormous upside. This is the rare point in the cycle where investors who act decisively position themselves for exceptional returns. The biggest players are already taking notice. BlackRock, the world's largest asset manager, has declared that apartment buildings have reached the bottom of the cycle—an ideal entry point for savvy investors. What contributes to this ideal entry point? Valuations have bottomed out, creating opportunities for outsized returns. Strong demographic trends are bolstering long-term demand. Limited housing options add scarcity value to multifamily properties. Economic fundamentals remain resilient. But what amplifies this moment the most is declining interest rates. The Federal Reserve has already signaled cuts through 2025, and this creates a powerful tailwind for real estate investors. Historically, investing in real estate during a descending rate environment has proven to be exceptionally lucrative. As rates decline cap rates contract. This environment typically leads to increased demand for properties, driving up values and creating substantial wealth for early investors. Past cycles have shown that those who enter the market as rates begin to fall often experience the greatest appreciation in their investments over time. The election of a pro-real estate president will also provide a significant boost to the real estate market. Policies favorable to real estate investment and development will lead to tax incentives, streamlined regulations, and increased government support for housing initiatives. Such policies will drive up property values and create new investment opportunities across various real estate sectors. This is the start of a cycle that only comes around once every decade. Timing is everything, and the window to act is narrow. Those who move now stand to benefit from what could be one of the most lucrative real estate cycles in recent memory. Those who hesitate risk being left behind as the broader market catches up and prices rise. Recognize where we are. This is the moment to take action and position yourself for what's ahead. Now that I got that off my chest, listen to this week's Wealth Formula Podcast for a lighter theme—how to optimize your credit card miles and travel for free on business class.

Imagine you own a thriving business or a successful practice, and every year, you're writing large checks to insurance companies. You're likely insuring against risks specific to your business—legal claims, property damage, cyber threats—but you're paying premiums, crossing your fingers, and seeing little return. What if there was a way to keep those insurance dollars within your control, save on taxes, and build real wealth over time? Enter captive insurance. With captive insurance, you create a company that insures the unique risks of your own business. It's a strategy the big corporations and high-net-worth families have used for years, but it's equally accessible to successful small business owners and physicians. Here's the secret sauce: instead of paying premiums to an external insurance provider, you pay them to your own captive insurance company. And those premiums are tax-deductible for your business! Here's where the magic happens: when claims are lower than the premiums collected (and that's often the case with well-managed risks), your captive insurance company retains the profits. So rather than those premiums disappearing, they're building up as assets in your own company. Over time, these funds accumulate, potentially into the millions, creating a robust financial asset you control. Now, there are compliance steps and guidelines, but with proper management, this setup can allow you to legally minimize taxes while effectively setting aside funds for your business's future needs. And as business owners, we know those future needs are constant—whether it's reinvesting in the practice, planning for retirement, or covering unexpected costs. If you want to learn more about this strategy, make sure to listen to today's Wealth Formula Podcast episode.

Buck and Zulfi dive into the implications of the recent election results, with a focus on the Trump presidency's potential impact on financial markets, regulatory shifts, and economic policies. They analyze the 'Trump trade,' anticipated changes in regulations and tax policies, and the ripple effects on real estate, tariffs, and the broader economic landscape. Key topics include the roles of tariffs, immigration, and the Federal Reserve in inflation management, as well as insights on market trends in cryptocurrency and real estate—offering a roadmap for strategic investment in a changing economic climate.

Kamala Harris's big loss on Tuesday night caught almost everyone off guard. Despite widespread expectations that she'd be at least slightly ahead going into the election, the reality turned out starkly different: she got crushed. In those critical battleground states—Pennsylvania, Wisconsin, Michigan, Arizona, Nevada—where many assumed she had an edge, Trump surged past expectations. Just days before the election, the Des Moines Register poll, one of the most respected in political circles, had Harris leading by 3 points in Iowa. The New York Times and Siena College polling also showed her ahead in several battlegrounds, with Trump solidly up only in Georgia and Arizona. But these numbers were way off on election day. Even in typically blue strongholds, the polling was off. In Maryland, where Democrats usually don't even blink at the polls, Harris underperformed her polling average by over a percentage point, while her Republican opponent exceeded expectations by 4 points. Even in New Jersey, another traditionally blue state, polls were wildly off the mark. Rutgers ran a poll in mid-October that missed Trump's numbers by double digits, and even the most accurate polling underestimated the gap between the two candidates by six points. But this isn't the first time polls have missed the mark by such a wide margin. It happened in 2016, too, when pollsters underestimated the support for Trump because their traditional methods didn't reach the "silent" Trump supporters—those less likely to take a survey call or respond to pollsters. The same trend seems to have repeated itself in 2024, raising the question: are polling methods outdated? It's clear that something needs to change and perhaps artificial intelligence may be the answer. Traditional polls rely on people actually picking up the phone and answering questions, but AI could do so much more. By analyzing enormous amounts of data in real time—everything from shifts in demographics to social media sentiment—AI has the potential to capture a far more nuanced picture of voter sentiment. This shift could mean fewer reliance on who answers a call and more focus on where people's attitudes and thoughts are actually trending. One guy who didn't get it wrong in 2016 or in 2024 is my guest on Wealth Formula Podcast this week: Jim Richards. Jim has a unique perspective on why polls keep getting things wrong, even as voter behavior changes and political dynamics shift. On this week's show, we discuss that as well as his new book on how artificial intelligence will affect the economy and national security. 09:32 Introduction to Jim Rickards and Election Predictions 11:39 Polling Dynamics and the Hidden Trump Vote 15:50 The Rise of AI and Its Economic Implications 19:24 The Fallacy of Composition 22:21 AI's Impact on Banking and Financial Markets 25:04 National Security Concerns with AI

Communication coach Donald Weber dives into the power of effective communication in leadership and personal interactions. He highlights the impact of nonverbal cues, voice dynamics, and gestures on delivering messages with clarity and influence. The conversation explores practical techniques for sharpening communication skills, engaging audiences, and overcoming common public speaking challenges.

Buck and Zulfi discuss the current political climate on election day, the implications for the economy, and investment strategies. They explore the performance of gold and real estate as investment options, the impact of AI on market trends, and the significance of economic indicators such as inflation and unemployment rates. The discussion also touches on the potential for investment opportunities in a bull market, particularly in real estate and uranium stocks.

When it comes to building wealth, I'm all about putting money into assets that work for you. Gold has been performing great this year and it has got a certain allure – it's stable, it's shiny, and it's stood the test of time as a "safe haven." But, to me, gold's appeal has some limitations. It doesn't generate income or adapt to a growing economy. It's a static asset – just sitting there, relying on scarcity and market sentiment for value. Compare that to cash-flowing real estate, which earns rental income, appreciates with time, and reinvests in itself. With real estate, your money is working as hard as you are, creating compounding value. Gold, by contrast, just… exists. Gold shines during uncertainty, which is why people flock to it during market turmoil. But cash-flowing assets, like real estate, can also perform steadily if they're managed properly. The issues that real estate runs into in rough times relate to the leverage, not to the real estate itself. So, perhaps part of your real estate portfolio should be unleveraged? Physical gold is tangible and can feel reassuring – like you're holding real wealth. But it requires secure storage and insurance, which are ongoing costs. Gold ETFs offer easier access and are cost-effective, but in a true crisis, a piece of paper representing gold isn't as solid as the real thing. Both have their pros and cons, but neither produces income. Investing in real estate doesn't just store wealth; it creates it. You're part of the economy by providing essential spaces and earning rental income, all while the property value grows. Real estate adapts, reinvests, and compounds – which gold doesn't. In short, real estate has the flexibility to evolve with the market, while gold's value remains static. Gold isn't free to own either. Physical gold comes with storage fees, insurance, and sometimes appraisal costs. Real estate has maintenance costs too, but those are more than offset by rental income. With gold, you're continuously paying without any return – it's a net cost, not an asset that actively pays you back. But… I will concede one thing… gold has been around a long time and will continue to be in the future. As a hedge against inflation it has withstood the test of time. An ounce of gold once bought a Roman man a nice toga and pair of sandals and today it will buy you a very nice suit and pair of shoes. And for that reason, you may still consider owning some gold. This week's episode of Wealth Formula Podcast will give you some guidance on how to do that. 06:02 The Current State of Gold Prices 08:21 Physical Gold vs. ETFs: A Comparative Analysis 11:01 Understanding Counterparty Risk in Gold Investments 14:19 Tax Implications of Gold Investments 16:53 Best Practices for Storing Precious Metals

Buck and Zulfe discuss the implications of gold-backed bonds, the current economic outlook, the impact of the upcoming election on fiscal policies, and the trends in Bitcoin and the tech industry. They explore how these factors intertwine and influence market dynamics and the future of investments and economic strategies.

Gold bugs love to float the idea of bringing back the gold standard, tying the value of the U.S. dollar to a fixed amount of gold. On the surface, it might sound like a great way to return to "sound money." But if you dig a little deeper, it's full of problems that would likely take us backward rather than forward. First, let's talk about deflation, one of the scariest economic forces out there. Economist Richard Duncan and others warn that a gold standard would likely send us straight into a deflationary spiral. Think of it this way: when prices drop, businesses make less money, wages fall, and people stop spending. It's a vicious cycle that can turn a recession into a full-blown depression. This is exactly what happened during the Great Depression, and a gold standard would lock us into this kind of problem again by tying the economy's hands behind its back. Then there's the issue of economic growth. The modern economy moves fast—faster than gold supplies can keep up. By tying our money to gold, we'd basically put a chokehold on progress. Businesses wouldn't be able to invest or hire as easily because the money supply would be so tightly constrained. In short, we'd be stifling innovation and economic expansion just because there isn't enough gold to go around. The reality is that today's economy is far more complex than it was back when the gold standard was in place. We've faced massive shocks like the 2008 financial crisis and the COVID-19 pandemic, and the government's ability to respond quickly was critical. The Federal Reserve was able to pump money into the economy when it was needed most. Under a gold standard, that would be impossible. We'd be stuck, watching recessions deepen with no way to cushion the blow. And finally, the logistics of actually going back to a gold standard? Nearly impossible. The government would have to buy massive amounts of gold to back the current money supply, which would be chaotic and insanely expensive. It would be a transition full of confusion, and it could tank the economy in the process. My guest on Wealth Formula Podcast this week advocates for a slightly different approach then a gold standard—a gold-collateralized bond. Her idea is to use the Federal Reserve's gold reserves as collateral to allow the U.S. Treasury to borrow more cheaply. She envisions it as a product for investors, similar to TIPS bonds (which protect against inflation). Even if you're not a gold bug, this concept actually makes a lot of sense. It would give the Treasury access to low-cost borrowing while providing investors with a stable, gold-backed product—offering some of the benefits of gold without the downsides of a full gold standard. She's written a book on the idea and shares it with us on this week's show. 05:43 Introduction to Judy Shelton and Monetary Policy 11:43 The Concept of a Gold Standard 14:32 Proposing Gold-Backed Bonds 17:55 Investor and Government Benefits 20:44 The Role of Gold in Inflation Protection 23:40 International Monetary Reform and Trade 26:45 Criticism and Support

Buck discusses the intersection of financial success and health, emphasizing the importance of longevity medicine. He introduces the concept of a proactive approach to health, advocating for education and empowerment in disease prevention. Buck also unveils his Longevity Roadmap course, designed to help individuals understand their health and prevent diseases, ultimately aiming to enhance their quality of life alongside their financial well-being.

Buck and Zulfe discuss the current state of the real estate market, economic indicators, and the Federal Reserve's policies. They explore the implications of institutional investments in real estate, the potential for a soft landing in the economy, and the impact of global factors on commodities like gold and silver. The conversation also touches on the speculative nature of Bitcoin in the context of political developments. 00:07 Introduction and Current Events 03:37 Real Estate Market Insights 11:01 Economic Overview and Federal Reserve Policies 18:10 Market Reactions and Predictions 25:01 Global Economic Factors and Commodities

We're now in the 4th quarter, and our investor club will have one last chance to leverage a 60% bonus depreciation on multifamily properties this year. If you haven't signed up for the investor club yet, be sure to do so, as I will be sending out information on this opportunity in the next few days. While tax benefits are a major reason to invest in real estate, there are many other reasons to enter the market soon. After a period of uncertainty, I believe we've entered a growth phase in the real estate cycle, even if it isn't obvious to everyone. The market is showing clear signs of recovery, making apartment building investments more attractive than they've been in over a decade. Despite recent economic turbulence, the U.S. economy has held up better than expected. Inflation is cooling, growth is stabilizing, and real estate is benefiting. Big money is returning, lenders are easing back in, and the gears of the market are finally turning again. For those who've been on the sidelines, I truly believe now is the time to jump back in. As always, the key to real estate is making smart buys in the right locations. While some areas are oversaturated, others are thriving with job growth and migration. Cities like Austin, Charlotte, and Phoenix, where tech and business sectors are booming, are absorbing new housing supply with ease. Demand for rentals in these high-growth cities remains incredibly strong, so vacancy isn't a concern in the markets that matter. Furthermore, multifamily properties have never been more attractive to institutional investors. People will always need housing, and with homeownership still expensive, rental demand continues to rise. Even with new units hitting the market, the long-term outlook is solid, driven by a nationwide housing shortage. As interest rates stabilize, transaction volumes are expected to increase, unlocking liquidity and driving prices up. But remember, the best deals happen when you buy at the right time. You have to beat the froth. Prices are favorable now, but they won't stay that way for long. We're seeing a slowdown in new construction, with starts down 45% from pre-pandemic levels. By 2026, fewer new properties will come to market, tightening supply and driving stronger rent growth and higher occupancy rates. Getting in now positions you perfectly for when the market heats up. Look at cities like Phoenix, Dallas, and Tampa—economic vitality and population growth are fueling demand and supporting rent growth. Even major cities like New York and Los Angeles, which struggled during the pandemic, are bouncing back as people return to urban areas. The opportunity is clear: markets with strong job growth and migration are primed for outperformance. If you identify these high-growth areas early, you could see significant returns as the market recovery gains momentum. This is no longer just about surviving a tough period—it's about thriving. By focusing on regions with booming economies, rising populations, and a persistent housing shortage, you're setting yourself up to capitalize on the next wave of growth. The market is moving, and multifamily investments are where the smart money is. Those who act now will be the ones to come out on top. That's it for my take. This week's guest on the Wealth Formula Podcast will share his thoughts on the topic as well. He's a real estate economist and consultant who writes for U.S. News & World Report, so tune in to hear his expert perspective! 07:33 Introduction to Real Estate Trends 14:43 Current State of Single Family Homes 18:01 Multifamily Market Dynamics 21:09 Impact of Climate Change on Housing 24:09 Demographic Shifts and Migration Patterns 26:03 Election Policies and Real Estate 28:04 Technology's Role in Real Estate 30:58 Changes in Real Estate Commissions

Buck reflects on the importance of memories over material possessions. He emphasizes that true wealth lies in the experiences we share with loved ones, which create lasting happiness and bonds. Through personal anecdotes, he illustrates how investing in memorable experiences, such as attending events with family, yields a tremendous return on investment in terms of emotional fulfillment and relationship building.

Buck and Zulfe explore different investment strategies, emphasizing the unique challenges high-income earners encounter in building wealth. They examine key economic indicators, focusing on inflation and jobless claims, while analyzing how markets are reacting to recent data. The conversation also covers the political landscape, considering its potential impact on the economy and the uncertainty surrounding upcoming elections and their effects on fiscal policies.

This week's podcast will feature a highly requested replay of the webinar hosted by Rod Zabriewski on a concept we call the Wealth Accelerator. Now, you've probably heard Investment Advisors say there's no value in permanent life insurance, often suggesting: "buy term and invest the difference." But why do they say that? Is it really in your best interest? Well, not necessarily. The money used for these types of policies typically comes out of investment portfolios—portfolios that pay advisors based on assets under management. So, there's a built-in conflict of interest. It's the same reason they often steer you away from alternative investments. But here's the truth: Permanent life insurance designed as Life Insurance Retirement Plans (LIRPs) can provide tax-free retirement income and estate planning strategies. These are tools the wealthy have used for years to engineer and grow their wealth. Rod breaks down exactly how this works, and I think you'll find it both insightful and empowering. If you'd rather watch the webinar or access the slides, head over to WealthFormulaBanking.com. Now, one group that I believe can particularly benefit from the Wealth Accelerator are doctors—people who, during residency, watched their peers jump into the workforce while they were stuck, earning little or nothing. I talk to these folks every day. They're earning well now, but many feel like they're behind because of those lost years. The Wealth Accelerator could be exactly what they need to level the playing field and regain a sense of financial security. Of course, this applies to anyone who got a later start financially.

Drawing on personal experiences and psychological concepts, Buck encourages listeners to adopt a growth mindset and overcome mental and financial obstacles to achieve their aspirations. He emphasizes that age should not be a barrier to personal growth and transformation.