Wealth Formula Podcast

Buck and Zulfe discuss the ongoing challenges in the housing market, the implications of recent labor market data, and the current state of financial markets. They explore the historical context of housing shortages, the impact of regulatory hurdles, and the surprising strength of the labor market despite concerns about inflation. They also touch on investment strategies, including exposure to Bitcoin through ETFs, and the overall optimistic outlook for the stock market.

You can disagree without being disagreeable—yeah right. Not these days! We're stuck in this tribal mentality, where it's less about what you believe and more about toeing the line of your "team." It's as if we've traded rational, independent thought for this knee-jerk reaction of following whatever beliefs our group holds. But here's the thing: If we want to get back to having real, meaningful conversations, we've got to break out of this mindset. Let me take you back to an example of what real debate used to look like: Gore Vidal and William F. Buckley Jr. These two guys were as far apart politically as you can get. Vidal was the quintessential liberal intellectual, and Buckley, the conservative firebrand. Their debates in the late '60s were intense, and yeah, they got personal—at one point, Buckley called Vidal a "queer" on live television, and Vidal shot back with "crypto-Nazi." Not exactly what we'd call polite conversation. But underneath all that heat, there was substance. They were engaging with real ideas. They weren't just parroting talking points from their respective teams; they were thinking, challenging, and sharpening their viewpoints in the process. Now, look at the political landscape today. It's less about the exchange of ideas and more about shutting down the opposition. We've all seen it—whether it's on Twitter, cable news, or even around the dinner table. People shout over each other, throw labels, and end up more entrenched in their beliefs than before. America is divided in a more violent way that it has been since the 1960s. But it doesn't have to be this way. Take a cue from Ronald Reagan and Tip O'Neill. These two were on opposite sides of just about everything. Reagan was the conservative icon, and O'Neill, the liberal Speaker of the House. They fought tooth and nail during the day over policy, but when the work was done, they'd grab a drink together. They didn't see each other as enemies. They saw each other as people who cared about the same things—just from different perspectives. Imagine that today! Even when they fiercely disagreed, they kept it about the issues, not about taking personal jabs or making it a win-lose situation. The big takeaway from relationships like Reagan and O'Neill or Vidal and Buckley is this: They didn't let their differences destroy their conversations—or their respect for one another. Somewhere along the way, we forgot how to do that. Today, it feels like the second someone hears an opinion that challenges their beliefs, they immediately go into attack mode. Why? Because we're not listening to understand; we're listening to respond. When you actually listen to someone you disagree with, you're not just doing them a favor—you're doing yourself a favor. You're growing. You're sharpening your own beliefs. You're gaining perspective. And believe me, this isn't some fluffy feel-good idea—it's a practical skill that will make you smarter, sharper, and more resilient in everything you do. Look, I get it. It's comfortable to stay in our echo chambers, where everyone agrees with us, and we don't have to challenge our views. But that's a fast track to intellectual stagnation. When you never engage with opposing viewpoints, you stop thinking for yourself. You end up just repeating what your group believes, instead of critically evaluating the ideas you hold. So, how do we start having these real conversations again? It starts with a mindset shift. First, we need to drop the notion that every conversation is a battle to be won. It's not. In fact, the minute you go into a discussion with the mindset of "winning," you've already lost the opportunity to learn something. Second, we need to be willing to ask ourselves hard questions. Am I holding this belief because I've thought it through? Or am I holding it because it's what my tribe believes? There's nothing wrong with questioning your own stance. In fact, it's how you grow. Let's bring it back to basics: Independent thought. Listening to understand, not just respond. And most importantly, disagreeing without being disagreeable. If we can do this—if we can step away from the tribal mentality and start thinking for ourselves again—we'll not only elevate the quality of our conversations, but we'll also become better, more thoughtful people in the process. Why do I bring this all up? Well, this week's guest on Wealth Formula Podcast is a lot more liberal than me and, while I agreed with some of his ideas, others left me completely befuddled. But, rather then react violently, I did my best to try to learn his perspective as an expert on real estate policy and challenged him where I thought necessary. 09:50 What is the National Housing Conference? 12:21 Current Housing Market Challenges 15:49 The Impact of Rent Control and Price Fixing 22:01 First-Time Home Buyer Assistance Programs 28:24 Insurance Challenges in Real Estate 34:47 Strategies for Increasing Housing Supply

Buck discusses the importance of understanding our emotional responses, particularly the interplay between the amygdala and the prefrontal cortex in decision-making. Through various examples, including high-stakes situations and everyday interactions, Buck emphasizes the significance of self-regulation and the power of pausing before reacting. He offers practical advice on how to manage emotions effectively to foster better relationships and decision-making.

Buck and Zulfe discuss the critical importance of due diligence in investment, using the infamous Madoff scandal as a case study. They explore the challenges of detecting fraud, the role of auditors, and the relative safety of real estate investments. They also talk about current market trends, economic indicators, and the impact of geopolitical tensions on the financial landscape.

Due diligence is certainly something you do when making a big investment or buying a business. But it's actually something that should apply to all areas of life—whether you're signing a contract at work, getting involved in a new relationship, or even deciding which dating app bio seems like it won't end in a true-crime documentary. In the business world, due diligence means doing your homework before diving into any deal. It's checking the financials, understanding the risks, and making sure everything is legit before you sign on the dotted line. Just like you wouldn't buy a car without checking under the hood (unless you enjoy random roadside adventures), you shouldn't make decisions at work or in business without getting the full picture. The same goes for your personal life. That new person you just met? It's worth making sure their story adds up. And let's be honest, these days, doing a bit of digital "due diligence" (a.k.a. light social media stalking) is part of dating etiquette. That said, even the most thorough due diligence can sometimes fall short. Just look at Bernie Madoff. This guy had years of audited financials and still managed to scam investors out of billions. It wasn't because people weren't doing their due diligence, but because Madoff was a master manipulator who played the long con. He reminds us that no matter how careful you are, sometimes bad actors can slip through the cracks. All we can do is to know that we did our best. In some cases, that might even involve hiring a third party to dive even deeper. In this week's episode of Wealth Formula Podcast, we will talk to someone who does that for a living. She provides lots of pearls for you to apply in you everyday life. 05:00 Introduction to OSINT and Its Importance 08:05 Understanding Open Source Intelligence Gathering 11:09 The Role of OSINT in Business 13:54 Digital Vulnerability and Reputation Management 17:04 Red Flag Analysis for Investments 19:54 Cost-Effectiveness of Due Diligence 22:59 The Value of Background Investigations 26:01 Conclusion and Contact Information

Buck shares insights on how to focus on what truly matters, prioritize tasks, and implement strategies like time blocking and the two-minute rule to enhance productivity. Buck emphasizes the significance of a results-driven mindset and the need to eliminate distractions to achieve goals efficiently. He concludes with the idea that a proactive approach to time management can lead to greater success in both personal and professional endeavors.

Buck and Zulfe discuss the recent Federal Reserve rate cuts, their implications for the economy, and how markets are reacting. They explore the rationale behind the Fed's decisions, the expected trajectory of interest rates, and the potential impact on various asset classes, including stocks, gold, and Bitcoin. The conversation also highlights investment opportunities arising from the current economic landscape, particularly for those looking to refinance or invest in distressed assets.

One of the rude awakenings I've had about the legal system in our country is that its not really about who is right or wrong. It's about risk mitigation. In my former life as a practicing surgeon, I saw this in the form of malpractice law suits. Experienced surgeons will tell you that if you have not had some complication during surgery in your career, you simply have not operated enough. That's why we have robust consent forms and processes making sure that patients are aware that complications are always possible and do occur. I once had a complication in a procedure that was well known. In fact, the consent form specifically named this complication multiple times and even provided the incidence of this specific complication based on published studies. Unfortunately, the patient decided to file a malpractice suit against me even though he recovered fine. Why not I guess? Lawyers will take up just about any case if there is a chance to make a buck. I was appalled and thought for sure it would go away. But, as it turns out, my attorneys felt that it would be smart to have insurance settle the case rather than risk a bigger loss by going in front of a jury. Since then, I have been in multiple business litigation matters. And again, its not about who's right or wrong. It's often about calculating how much it would cost to continue with lawyers rather then an evaluation of the merits of the case. Bottom line is, its not about who's right or wrong. It's about who's got the money and who's willing to spend it. That's why the best defense against frivolous lawsuits is to turn yourself into a really ugly target. You want lawyers to look at you and realize that trying to get money from you is just not worth their time. And that, my friends, is the basis of asset protection. Sounds cynical I know. But that is the truth. So how do you turn yourself into a skunk that no one wants to get near? That's what this week's show is all about. Doug Lodmell, my friend and asset protection attorney will tell you everything you need to know about asset protection in 30 minutes. 06:25 Introduction to Asset Protection 08:32 Understanding the Basics of Asset Protection 12:18 The Importance of LLCs in Asset Protection 16:25 Creating a Holding Company for Investments 20:11 Advanced Asset Protection Strategies 24:34 The Role of Asset Protection Trusts 28:16 Navigating Legal Challenges and Criminal Considerations 32:28 The Bridge Trust: A Hybrid Solution Get a free consultation with Doug Lodmell: https://www.lodmell.com/

In this episode of Longevity Junky, Buck and Nikki sit down with renowned psychiatrist and brain disorder specialist, Dr. Daniel Amen, founder of Amen Clinics, to discuss groundbreaking brain imaging techniques like SPECT scans. Dr. Amen shares insights on diagnosing mental health issues through brain mapping and the role of brain health in overall longevity. Dr. Daniel Amen's Free Brain Assessment: https://brainhealthassessment.com/assessment Full episode in video available on YouTube: https://www.youtube.com/watch?v=jR0nhSfuZRQ Questions? Send us a message at: www.longevityjunky.com Follow us on social media: Instagram: https://www.instagram.com/longevityjunkypodcast Facebook: https://www.facebook.com/profile.php?id=61564965475593 Twitter: https://x.com/longevity_junky Tiktok: https://www.tiktok.com/@longevityjunkypodcast

Buck and Zulfi discuss central bank digital currencies, the role of banks, Bitcoin's volatility and market dynamics, and the economic conditions influenced by the Federal Reserve. They explore the implications of these factors on investment strategies and the importance of understanding economic cycles for making informed investment decisions.

In 2014, like most people, I was skeptical and largely uninformed about Bitcoin. At the time, it seemed like a quirky internet fad, reminiscent of the infamous Dutch tulip mania from the 17th century—something bound to disappear as quickly as it had come. Unfortunately, I was listening to the likes of Peter Schiff at the time who convinced me that bitcoin was just a speculative bubble, a digital Ponzi scheme waiting to implode. So, I didn't question it. I dismissed Bitcoin, just like most people did. By 2016, however, I decided to take a deeper dive. What I found captivated me. Bitcoin isn't just a speculative investment; it is a revolutionary form of money, designed to withstand the economic pressures that have eroded every fiat currency in history. In 2018 Saifedean Ammous published The Bitcoin Standard where he argued for the importance of sound money. History is littered with examples of societies that debased their currency and paid the price for it. From the fall of the Roman Empire to the collapse of the Weimar Republic, excessive money printing always leads to inflation, erosion of wealth, and ultimately, economic ruin. Bitcoin solves this problem with a hard cap of 21 million coins. It's decentralized and cannot be manipulated by governments or central banks. In a world where the Federal Reserve can print trillions of dollars overnight, Bitcoin's scarcity and resistance to inflation are revolutionary. Ammous makes it clear that Bitcoin, much like gold in centuries past, is a form of "hard money" that can store value over the long term, immune from the whims of political agendas. Unlike gold, though, Bitcoin is more efficient. It's easily divisible, transferable across borders, and secured by an immutable blockchain. No middlemen, no gatekeepers, just a decentralized network verifying and recording every transaction. This creates an incorruptible store of value, something that's sorely needed in today's financial system. Back in 2017, Bitcoin exploded from under $1,000 to nearly $20,000 in just 12 months. Some called it a bubble, but I saw it differently. The institutional adoption was beginning. Fast forward to today, and Bitcoin isn't just a fringe asset—it's gaining legitimacy among the world's biggest financial players. Names like BlackRock, Fidelity, and Grayscale have built massive infrastructure around Bitcoin. BlackRock, with nearly $10 trillion under management, launched a Bitcoin ETF. And when Larry Fink, the CEO of BlackRock, begins referring to Bitcoin as "digital gold," you know the asset has reached a new level of mainstream credibility. It's a reflection of Bitcoin's maturation as an asset class. Even on the political front, Bitcoin is making waves. Figures like Donald Trump and Robert Kennedy Jr. have publicly stated their intent to hold Bitcoin as part of treasury reserves. At the same time, demand for Bitcoin is rising. Millennials and Gen Z increasingly see Bitcoin as a more reliable store of value than traditional investments like stocks or bonds. A recent survey found that nearly 50% of Millennials trust cryptocurrency more than they trust the stock market. As these generations accumulate more wealth, their preference for Bitcoin will only accelerate, driving demand higher. And with Bitcoin's supply fixed, the inevitable consequence is upward price pressure. When I first started seriously looking at Bitcoin in 2016, it was trading between $600 and $700. Today, Bitcoin hovers between $50,000 and $60,000. That's an astonishing 80x return. If someone had invested $100,000 in Bitcoin back then, they'd be sitting on $8 million today. These numbers aren't just hypothetical—they're a real testament to Bitcoin's growth and future potential. A common critique of Bitcoin is its volatility. There's no denying that Bitcoin has seen wild price swings, such as the rapid ascent to $69,000 in 2021 followed by a steep correction. But here's the crucial point: volatility is not necessarily a bad thing. In fact, in Bitcoin's case, it's an opportunity. As Ammous explains in The Bitcoin Standard, volatility is an expected feature of any emerging asset class. Bitcoin is still in its price discovery phase. As adoption increases and market capitalization grows, the volatility will decrease, much like what we've seen with gold. Right now, Bitcoin's volatility provides an entry point for those looking to benefit from its long-term trajectory. In a few years, when Bitcoin reaches the market cap of gold—currently around $12 trillion—it will likely stabilize, and the wild price fluctuations we see today will diminish. So, while volatility may scare off some investors, for those who believe in Bitcoin's long-term potential, it's a gift. It creates buying opportunities in a market that is steadily trending upward over time. If I had to choose one asset to double in value over the next two to three years, it would undoubtedly be Bitcoin. It is arguably the hardest form of money humanity has ever seen, and as m

Buck introduces his brand new health and longevity podcast, Longevity Junky. Longevity Junky is a compelling and accessible new podcast that works for all longevity enthusiasts, whether you're a hardened scholar who craves detailed science or a relative newcomer to this fascinating and quickly evolving world. Dr. Buck Joffrey, MD, is a former neurosurgeon, successful entrepreneur, and self-described health-conscious hedonist. Nikki Leigh is a jet-setting actress influencer with 6M followers and is the OG Longevity Junky. They're good friends and willing guinea pigs for all longevity-related experiments. From hallucinogens to full body MRIs, micro-dosing Cialis to tech, exercise, and diet to mindfulness, they're on a voyage of discovery, meeting the best experts in each space, learning and sharing their experiences, and giving listeners actionable tips on how to live a longer, happier life.

Buck and Zulfe discuss the concept of sovereign wealth funds and their purpose, particularly in countries heavily reliant on a single source of revenue, such as oil. They also explore the idea of the United States establishing its own sovereign wealth fund and the potential challenges and drawbacks associated with it. The conversation touches on inflation, globalization, the role of the private sector in investment, and the government's use of tax incentives to drive investment. Buck and Zulfe also talk about the recent decline in the stock market, the softening job market, the upcoming Federal Reserve meeting and the possibility of a rate cut. They touch on the performance of gold and its role as an inflation hedge, as well as the volatility of Bitcoin and its potential as an investment.

Today, we're diving into a topic that's sure to ruffle some feathers, particularly if you're a fan of Austrian economics. Look, I get it. Austrian economists have an appealing story. It's neat, it's clean. You save money, you balance budgets, and the free market solves everything. It's almost comforting, in a nostalgic way, like when your grandparents tell you how they walked uphill both ways to school. But while simple and neat, it just doesn't reflect the reality we live in today? It's like using a paper map in the age of GPS—sure, it worked back then, but today, we're navigating a completely different landscape. In 2008, Lehman Brothers collapsed and the markets were in freefall. It felt like the entire financial system was about to implode. Now, according to Austrian economics, we should've let the whole thing crash and burn. They argue that economic downturns are necessary to "cleanse" the system, allowing inefficient businesses to fail and making way for more robust ones. They argue that the economy should function like a forest fire, clearing out the old and dead so new growth can emerge. But what if that fire had spread to every corner of the world economy and left nothing but ashes? Here's the thing: in 2008, the world didn't allow the fire to spread. The central banks, particularly the Federal Reserve, stepped in with unprecedented measures—quantitative easing, zero interest rates, massive injections of liquidity. Essentially, they flooded the economy with money to stop the bleeding. If you ask an Austrian economist, this is akin to sinning against the laws of nature. But here's the kicker: it worked. The world didn't plunge into a Great Depression, and we're all still here today because of those "unnatural" interventions. Fast forward to the COVID-19 pandemic. Governments around the world shut down economies, businesses shuttered, and millions of people were suddenly out of work. Once again, the central banks and governments unleashed trillions of dollars in stimulus to keep things afloat. According to Austrian economics, this was another sin—a violation of the sacred tenets of free markets. But what was the alternative? A global economic collapse? Now, don't get me wrong—printing money and keeping interest rates low indefinitely isn't a free lunch. It comes with consequences, like inflation, which we have certainly felt over the past two years. But the point is, we live in a world where pure economic theories rarely align with reality. The global economy is far too interconnected, too complex, and too fragile to leave it to the "invisible hand" without intervention. Sometimes, we need a heavy hand to guide the way, and Austrian economists often seem to be living in a world where that hand doesn't exist. Believe me, I do believe we need to a lot better when it comes to being fiscally responsible and not racking of huge amounts of debt. But the idea that Austrian economics can solve the issues of our day is just a fairytale. And I know those of you who are followers of Peter Schiff are going to send me hate mail so I might as well turn over my rant to economist Richard Duncan, which we will do right after these messages. Richard feels strongly about these topics so this is less of an interview than it is a lecture. Hope you enjoy it! 08:03 What is an Austrain Economist? 14:04 Back to the Gold Standard? 23:04 What's Going On in the Economy Today? 30:35 U.S. Economy in the Next Few Years

Buck discusses the concept of stoicism and its application in modern life. Stoicism is a timeless philosophy that teaches us to master our emotions, focus on what matters, and thrive in the chaos of modern life. The key idea in stoicism is that we have power over our minds, not outside events. We can control our actions, thoughts, and responses, but we cannot control external circumstances. Stoicism teaches us to focus our energy on what we can control and let go of everything else. It also emphasizes the importance of perceiving events in a way that empowers us and leads to growth. The Stoics believed in living in accordance with virtue, which includes wisdom, courage, justice, and discipline. They also emphasized the concept of memento mori, reminding us of our mortality and the importance of living with purpose and urgency.

In the fast-paced world of technology, missing out can be costly. History shows that those who fail to adapt often face devastating consequences, while those who stay ahead can seize game-changing opportunities. This is a lesson every investor should take to heart. Take Kodak and Blockbuster, for example—both giants in their industries, but both brought down by their reluctance to embrace technological change. Kodak, despite pioneering digital camera technology in the 1970s, clung to its profitable film business. By the time the company acknowledged the digital shift, it was too late; Kodak declared bankruptcy in 2012. Blockbuster, meanwhile, dominated video rentals in the early 2000s but failed to foresee the rise of digital streaming. Netflix, then a fledgling company, offered to partner with Blockbuster, but the offer was declined. As streaming gained momentum, Blockbuster's physical stores became irrelevant, leading to its bankruptcy in 2010. These stories offer a clear lesson: technology waits for no one. Investors who cling to the past will be left behind. Another missed opportunity came with the rise of decentralized technology, particularly Bitcoin. When Bitcoin emerged in 2009, many dismissed it as a fad or speculative bubble, failing to grasp its potential as a decentralized currency and store of value. Early investors in Bitcoin saw massive returns, while those who hesitated missed out on one of the most transformative financial opportunities of the decade. Today, artificial intelligence (AI) stands as the next frontier of innovation. Like digital film, blockchain, and personal computing before it, AI is poised to reshape industries, create new markets, and redefine how we live and work. Companies like Nvidia, which has positioned itself as a leader in AI through its advancements in GPUs and AI-driven software, showcase the potential rewards of early investment in this space. Nvidia's success underscores the importance of recognizing and investing in emerging technologies before they go mainstream. Investors who saw the potential in Nvidia's AI capabilities years ago have enjoyed extraordinary returns. But the AI space is still in its early stages, presenting opportunities for those who are forward-thinking. The message is clear: staying informed and adapting to technological advancements is crucial for investors. In a world where innovation drives market growth, keeping up with technology isn't just smart—it's essential. Those who fail to recognize and act on new technologies risk being left behind, while those who embrace change will have the chance to shape the future. As AI continues to evolve, it's vital for investors to stay vigilant and ready to act. The next big opportunity could be just around the corner, and the key is to be prepared to seize it. This weeks episode of Wealth Formula podcast will help you understand the role of artificial intelligence in the coming years.

Buck shares his experience with a retinal tear and detachment and how it reinforced the importance of gratitude and perspective. He discusses the psychological benefits of gratitude, including improved mental health, enhanced resilience, and stronger relationships. Buck suggests practices such as gratitude journaling, mindful appreciation, expressing thanks, and reframing challenges to cultivate gratitude. He emphasizes the power of gratitude in shaping our mental and emotional well-being and overall life satisfaction.

Buck and Zulfe Ali discuss various topics including the shift from a W-2 mindset to an entrepreneurial mindset, the current state of the economy, and the performance of different asset classes. They also touch on the upcoming Fed rate cuts, the revision of jobs data, and the rise of gold and Bitcoin.

Most people think that having a job is the safest way to secure their financial future. They wake up every day, punch the clock, and assume that as long as they keep doing their job, they're safe. But let me tell you something to wake you up a bit: A job isn't as safe as it seems. In fact, it can be one of the most dangerous financial positions you can be in. When you work for someone else, you're living in a bubble. You get your paycheck every two weeks, you have your benefits, and you think, "I'm set." But what you don't see is what's happening behind the scenes—the financial health of the company, the decision-making process in the boardroom, the market pressures that might be squeezing your employer's margins. You don't see the icebergs until it's too late. Your employer's financial struggles are hidden from you. The first time you might realize your company is in trouble is when you're handed a pink slip. And then what? You're left scrambling, wondering what went wrong, and suddenly that "safe" job doesn't seem so safe anymore. This isn't about quitting your job tomorrow. This is about realizing that your job should be just one part of your financial portfolio. You see, the truly wealthy don't rely on just one source of income. They understand the power of diversification. They understand that putting all your eggs in one basket is a recipe for disaster. Think of it this way: If you lose your job, and it's your only source of income, you're in a vulnerable position. But if you have multiple streams of income—whether it's from side gigs, investments in real estate, or even owning a small business—you have a safety net. You have options. And that's what true financial security is all about—having options. Going outside of the comfort zone of your job is not risky. Not doing so is the bigger risk. I want you to start thinking of yourself as the CEO of your own life. Just like a company needs to diversify its revenue streams, manage its risks, and always be aware of its financial health, so do you. You need to treat your finances like a business. What does that mean? It means you need to mitigate your risks. Don't rely on one source of income. Constantly be aware of the "icebergs" that could derail you. Are you too dependent on your job? Are you prepared for an economic downturn? Are you aware of the blind spots in your financial planning? Blind spots. We all have them. But the key is to identify them before they become problems. In your financial life, a blind spot could be an over-reliance on a single income source. It could be a lack of emergency savings. It could be not investing in assets that grow over time. The good news is, once you're aware of your blind spots, you can do something about them. You can start diversifying your income, investing in cash-flowing assets and build a financial plan that's robust and resilient. Now, let's talk about how to actually do this. How do you diversify your income streams? Here are a few strategies that can get you started. First, side gigs. Start small. Maybe it's freelancing, consulting, or even an online business. The key is to start generating income outside of your job. At one point in my life, Wealth Formula was a hobby. It is now my primary business. Second, consider business acquisition or franchises. This can be a great way to create an additional income stream that's independent of your job. Finally, investing in cash-flowing assets. Real estate is one of my favorites. VRBO's are a particularly good option for W2 wage earners because you can literally use depreciation to offset your W2 income if you follow the rules set forth by the IRS. But whatever you choose, the goal is to have multiple streams of income that aren't tied to your day job. Financial freedom isn't about having a high-paying job. It's about having control over your financial future. It's about having options. It's about not being at the mercy of your employer's decisions. Remember, your job is just one part of your financial portfolio. Don't let it be the only part. Start thinking like a business owner, diversify your income, and protect yourself from the icebergs that you can't see. That's the real path to financial security and freedom. My guest this week on Wealth Formula Podcast has a similar philosophy and serves as a good reminder of what's at stake. 10:09 Warnings of the Current Geopolitical Climate 13:58 Lessons from the IRS 16:02 Combating the Golden Handcuffs 17:56 Side Hustles for Security 25:20 The Cashflow Quadrant 30:15 Tax Implications of the Election

Buck discusses the science of habit formation, specifically focusing on exercise. He explains the habit loop, which consists of a cue, routine, and payoff, and how habits are engineered through repetition and reward. Buck emphasizes the role of dopamine in motivating and craving habits and highlights the importance of consistency and creating a consistent environment. He provides practical tips for creating the habit of exercise, such as starting small, stacking habits, making it fun, leveraging social support, setting goals, tracking progress, and preparing for setbacks.

Rod Zabriskie joins the show to discuss the Wealth Accelerator program, which aims to help individuals amplify their returns and accelerate their wealth accumulation. The program involves leveraging life insurance policies to build cash value and generate tax-free income in retirement. The program has been stress-tested against different market conditions and has shown promising results.

The COVID-19 pandemic did more than just highlight the vulnerabilities in the global supply chain—it exposed systemic issues that had been brewing for years. As the world grappled with unprecedented shortages in everything from medical supplies to consumer goods, it became clear that these vulnerabilities were not merely accidental; they were the byproduct of a supply chain increasingly dominated by monopoly power and engineered for efficiency rather than resilience. For decades, large corporations have concentrated power within the supply chain, pushing the limits of just-in-time manufacturing and lean inventories. These practices, while profitable in stable times, left the global economy teetering on the edge of collapse when the pandemic struck. The overreliance on a few key players in critical sectors created a precarious situation where any disruption—whether due to natural disasters, geopolitical tensions, or a global health crisis—could send shockwaves through the entire system. Small businesses, the backbone of local economies, were hit the hardest. Unlike big corporations with vast resources and the ability to weather the storm, these smaller enterprises faced insurmountable challenges. They struggled to compete for scarce supplies, and many were forced to close their doors permanently. The lack of competition in the supply chain only exacerbated these issues, driving up prices and limiting consumer choice. Yet, while small businesses suffered, big corporations found ways to profit from the chaos. The shortages allowed them to increase prices and consolidate their market positions further. The very vulnerabilities that crippled smaller players became opportunities for the giants to tighten their grip on the market. My guest on Wealth Formula Podcast this week describes this fascinating confluence of events leading to what we experienced during the pandemic and warns that big business greed has not allowed us to protect ourselves against these vulnerabilities in the future. 06:00 Was the Breaking of the Supply Chain During COVID Intentional? 08:42 Have Things Changed Since? 13:43 Small Companies Are Hurting 18:57 Who Can Change This? 24:08 Implications of the Presidential Election

In this episode, Buck discusses the transient nature of problems and how to gain a fresh perspective on them. He emphasizes that problems are temporary and that understanding this can bring peace and empowerment. Buck suggests reframing problems as temporary challenges and focusing on solutions rather than dwelling on negative emotions. He also offers practical tips on letting go of emotional weight and immersing oneself in the present moment.

In this Episode, Buck and Zulfi discuss various topics related to the financial market and investment strategies. They touch on the yen carry trade, the impact of the unemployment report on the market, and the potential for a recession. They also discuss the Consumer Price Index (CPI) and its impact on inflation, as well as the SOM rule as an indicator of a potential recession. The conversation then shifts to a discussion on zero-cost premium financing as an estate planning strategy for high net worth individuals. Ryan Haley and Jonathan Wield join the conversation to provide more details on this strategy and its benefits.

Real estate investors need to be paying attention. Campbell Harvey, a previous guest on Wealth Formula Podcast (episode 423) and a leading economist who first described the predictive value of the "inverted yield curve" posted on LinkedIn: "It has begun. Over the last year, I have made the strongest possible case for the Fed to be proactive. Rates should have been cut this week – indeed, the rates should have been cut in January. We have seen this movie before. The Fed was very late to take inflation seriously in 2021. They brushed it off as "transitory". However, it seemed obvious that inflation was surging. Real-time shelter inflation was increasing at a double-digit rate. Shelter has the largest weight in the CPI. Shelter operates with a lag. Hence, it was easy to forecast the surge. The Fed was forced to react after the damage was done. The same mistake has been repeated – despite many warnings. The recent CPI print was 3% year-over-year (YOY). Nearly two-thirds of this print was driven by one component – shelter. Shelter inflation is reported at 5.2% YOY. This number is far from reality. For example, Apartmentlist.com rents are running -0.8% YOY - a full 6% below the official CPI number. Suppose we believe the real-time shelter inflation is 2%, not 5.2%. This means the real-time CPI would be 1.8%. If you believe shelter is 3%, then real-time CPI would be 2.2%. These numbers are well within the Fed's target. The Fed prides itself on making data-driven decisions. However, it is unwise to make decisions based on stale data. Shelter inflation happened in the past. Keeping rates high will not impact what happened last year. It is always best to look at forward-looking indicators for policy decisions. · My yield curve indicator has been inverted for 20 months. It is 8 of 8 with no false signals since the 1960s. The maximum historic lead time has been 23 months (before the great recession). Ignore it at your own risk. · The Sahm Rule has been triggered. This indicator is not necessarily predictive because employment moves with the business cycle – but it is useful in telling us whether we are in a recession or not. We know that hiring has slowed and unemployment has risen – though the absolute rate is still relatively low. · Retail sales are highly correlated with personal consumption expenditures. Retail Sales are flat. Many do not realize that Retail Sales are not inflation-adjusted. Taking inflation into account recent sales growth as well as YOY sales are negative. · There is considerable evidence that COVID-era savings have been drawn down. A recent release from the Philadelphia Fed carried the headline: "Share of Delinquent Credit Card Balances Reaches Series High". (The same report shows an alarming plunge in mortgage originations.) People are paying 20%+ interest on a card because their savings have run out. Indeed, if people are cutting back on fast-food expenditures, you know this is serious. Drawing down the savings has fueled consumption expenditures over the past two years. That source of growth has ended. Now the Fed will have to play catch-up and cut by at least 50bp in September. Any recession is a self-inflicted wound." For real estate investors, this scenario presents a compelling call to action. The Secured Overnight Financing Rate (SOFR), a benchmark rate used in many adjustable-rate mortgages, is intrinsically linked to the federal funds rate. As Harvey predicts imminent rate cuts by the Fed, we're likely to see a corresponding decrease in SOFR. This creates a unique window of opportunity in apartment buildings where debt is linked to SOFR. Consider this: if a real estate investment makes financial sense in today's high-interest environment, imagine its potential in a future with lower rates. As the Fed lowers rates, we can expect to see reduced borrowing costs for adjustable-rate mortgages tied to SOFR. Moreover, declining interest rates typically lead to increased asset values, including real estate. This situation bears a striking resemblance to periods preceding previous rate-cutting cycles. Historically, those who moved early in such environments often reaped significant rewards. The current climate offers a similar opportunity for forward-thinking investors. In essence, we're looking at a scenario where those who act now, while rates are still high, stand to benefit twice over. First, from the immediate cash flow if the investment numbers work in the current environment. Second, from the potential future appreciation as rates decline and property values rise. It's worth emphasizing that this is a rare confluence of circumstances. The Fed rate is all but guaranteed to decrease in the coming months, and with it, SOFR will likely follow suit. This means that investors who enter the market now are positioning themselves at the starting line of what could be a significant upswing in real estate values. Harvey's insights suggest that as rates decrease, we might see a surge in housing inve

Buck takes a detour from his usual topics to dive into self-help, focusing on the "pain-pleasure principle" as a key driver of human behavior. He explores how our actions are often motivated by the desire to avoid pain or seek pleasure and shares practical strategies for rewiring these associations to break bad habits and adopt positive ones.

Buck and Zulfe discuss various topics including the concept of hypernomics, the recent market volatility, the impact of Fed rate cuts on SOFR and the 10-year treasury, and the potential opportunities in real estate investing. Takeaways Despite market uncertainty, there are opportunities for investors, especially in real estate. The correlation between Fed rate cuts, SOFR, and the 10-year treasury is important for understanding mortgage rates and real estate acquisitions. Declining interest rates can lead to cap rate compression and increased asset values in real estate. There is a potential for increased liquidity in the market as money is redeployed from bonds and money markets.

Buck and Zulfe discuss various topics including the concept of hypernomics, the recent market volatility, the impact of Fed rate cuts on SOFR and the 10-year treasury, and the potential opportunities in real estate investing. Takeaways Despite market uncertainty, there are opportunities for investors, especially in real estate. The correlation between Fed rate cuts, SOFR, and the 10-year treasury is important for understanding mortgage rates and real estate acquisitions. Declining interest rates can lead to cap rate compression and increased asset values in real estate. There is a potential for increased liquidity in the market as money is redeployed from bonds and money markets.

Every time we underwrite a new asset, we build models. But modeling an apartment building isn't like modeling a house. The price isn't just what someone thinks it's worth; it's determined by net operating income and cap rates, which are heavily influenced by interest rates. Modeling for apartment investing also includes measures of job and population growth in a given area and the impact of new construction. Suffice it to say, underwriting major real estate assets is pretty complicated. The funny thing is that even the inputs we use in our models are based on other models. So, essentially, you have models based on models. For instance, central banks use models to manage inflation, predicting the effects of monetary policies. In the corporate world, businesses use models to forecast demand, optimize pricing strategies, and manage supply chains. These variables directly influence our underwriting models. Herein lies the limitation of modeling: it depends on the accuracy of the input data. Models are only as good as the data fed into them; inaccurate or incomplete data can lead to misleading results. So, if the models generating the numbers for your models are off, then your model is off as well. So why do we do it anyway? Well, it's the best we can do, and most of the time, in my experience, the modeling points us in the right direction. On this week's episode of Wealth Formula Podcast, I interview Doug Howarth. He's developed a unique approach to economic modeling called Hypernomics. He shares his insights on how Hypernomics can uncover hidden dimensions in markets and provide deeper understandings and strategic advantages. 04:40 What is Hypernomics? 11:21 Application Towards Real Estate Investing

Buck reflects on the concept of true wealth and the things that bring genuine happiness.

In today's Wealth Formula podcast, Buck and Zulfe dive into franchise ownership as a business strategy, emphasizing its appeal for those who excel at execution. They highlight the visibility of capital requirements, expected revenues, and profitability that franchises offer, while also noting the significant time and resources required, making it less of a passive investment. For this week's economy and markets update, with the Federal Reserve's FOMC meetings underway, they discuss the market's anticipation of a potential rate cut by September and recent market movements, such as the S&P 500's dip and the rotation out of big tech stocks. They also note stable bond yields, high gold prices, and Bitcoin's resurgence. Lastly, Buck and Zulfe analyze asset class performance in a slowing economy, comparing real estate, infrastructure, private equity, and more against a backdrop of declining business activity and consumer confidence.

When I talk about the mathematical Wealth Formula, I describe it as Wealth = Leverage (Mass X Velocity). For you physics geeks out there, you can see that I'm ripping off Newton a little bit. In this equation, velocity is your rate of return and leverage is debt such as a mortgage that amplifies positive returns. Mass is simply the amount of money you actually invest. Mass is critically important. After all, if you don't invest any of your money, it doesn't matter how good the other variables are. Now luckily most in the Wealth Formula community have plenty of mass. Our community is made up of a lot of high paid professionals. Income is not typically our main problem—it's the other variables that help turn that income into wealth that provide us with our biggest challenges. I tend to think of my businesses as the fuel that ignites my investments that then turn into wealth. The more fuel I've got, the more ability I have to grow my wealth. Imagine me shoveling cash from my businesses into a bunch of real estate to keep the wealth churning—that's literally how I think about it. Now you may be quite happy with the amount of money you are able to put into your investments, but if you're not, one option is to consider is start or buy a business. There's no doubt that businesses require more work. Anyone who tells you otherwise is lying. However, that's also the reason they tend to cash flow more. There are a lot more variables in businesses making them more risky then a piece of brick and mortar. And because there is more risk, there is more reward. Nevertheless, it might be a risk worth taking. And if you are not a start-up type or need a little bit more structure, franchising might be worth looking into. This week's guest on Wealth Formula Podcast is an expert on franchises and gives us all the ins and outs you need to know to determine whether you should consider it for yourself. 08:10 Franchising in Uncertain Times 12:53 Return Profile on Franchises 16:59 Advantages of Franchising Compared to Buying a Business 20:42 Partnerships and Hiring in Franchising 24:33 Initial Capital Investment in Franchising

Buck talks about the impact of uncertainty, particularly during presidential election cycles, on decision-making and offers advice on how to navigate through uncertain times.

This week, Buck and Zulfe discuss various topics related to wealth and finance. They start by talking about the mindset of the wealthy and the common denominators among successful people. They also discuss recent political events and their potential impact on the market. They then delve into the current state of interest rates and how it affects real estate investing. Finally, they introduce Ryan Haley and Jonathan Wield, partners at Velerity Wealth, and discuss the comprehensive financial advisory services offered by a family office.

The idea that individuals gravitate towards their perceived financial worth can be observed in various real-world scenarios. Consider the case of lottery winners. Research has shown that a significant percentage of lottery winners eventually revert to their pre-lottery financial status within a few years. Despite the sudden influx of wealth, these individuals often lack the internal belief system necessary to sustain and grow their newfound riches. Their wealth thermostat, set at a lower level, pulls them back to where they began. A study by the National Endowment for Financial Education found that approximately 70% of lottery winners end up broke within a few years, underscoring the powerful influence of their internal wealth thermostat. On the flip side, stories of ultra-wealthy individuals who have faced financial ruin but managed to rebuild their fortunes provide compelling evidence of a high wealth thermostat. Consider the case of Donald Trump. Despite facing bankruptcy multiple times, Trump managed to rebuild his empire each time, driven by an unshakable belief in his ability to generate wealth. His wealth thermostat is set high, and he naturally gravitates back to that level of financial success, demonstrating resilience and unwavering confidence. Another example can be found in the world of professional athletes. Many professional athletes earn substantial incomes during their careers but often face financial difficulties after retirement. This phenomenon can be attributed to a wealth thermostat set at a lower level, where they lack the financial literacy and belief system necessary to sustain their wealth long-term. These athletes, much like lottery winners, revert to their previous financial state despite their temporary wealth. Napoleon Hill, in his seminal work "Think and Grow Rich," explores the principles behind the wealth thermostat. Hill emphasizes the power of thought and belief in shaping one's financial destiny. He asserts that success begins with a clear and unwavering belief in one's ability to achieve wealth. Hill's concept of the "Definite Major Purpose" underscores the importance of having a concrete and compelling vision of financial success. This vision, when internalized, becomes a self-fulfilling prophecy. Hill also discusses the role of the subconscious mind in regulating our actions and outcomes. The subconscious mind, influenced by our beliefs and self-image, acts as a powerful force in determining our financial reality. To reset the wealth thermostat, Hill advocates for techniques such as positive affirmations, visualization, and surrounding oneself with influences that reinforce a wealth-oriented mindset. Resetting the Wealth Thermostat To reset the wealth thermostat and elevate one's financial status, several strategies can be employed: Belief System Overhaul: Begin by identifying and challenging limiting beliefs about money. Replace these with empowering beliefs that reflect a higher financial worth. Affirmations and positive self-talk can reinforce these new beliefs. Visualization: Create a vivid mental image of the desired financial state. Visualization helps to program the subconscious mind to align actions and decisions with the goal of higher wealth. Education and Mentorship: Invest in financial education and seek out mentors who exemplify the level of wealth you aspire to achieve. Learning from those who have successfully navigated the path to wealth can provide valuable insights and inspiration. Environment and Associations: Surround yourself with individuals who have a positive relationship with money and who support your financial goals. The environment and social circles play a crucial role in shaping one's mindset and behaviors. Action and Persistence: Consistent and purposeful action towards financial goals is essential. Embrace setbacks as learning opportunities and maintain persistence in the pursuit of higher financial worth. My guest on this week's episode of Wealth Formula Podcast has taken a strong interest in the psychology of the rich and is writing a book from his observations of wealthy individuals. 08:06 What Makes Rich People Rich? 09:53 Feel Like You Are Worthy of Wealth 13:29 The Habit of Never-Ending Learning 15:35 The Value of "Networthing"

Buck recounts the time he met his hero through manifestation.

This week's episode explores the world of artificial intelligence as it relates to stock trading. While I'm not a stock trader, I find the use of AI in various aspects of finance fascinating. But before we do that, let's take a step back for a moment and realize that sometimes you don't need artificial intelligence to guide you. Sometimes you just need common sense and some guts. If you've got those qualities, you should be chomping at the bit right now. As Warren Buffett famously said, "Be fearful when others are greedy, and greedy when others are fearful." This contrarian approach has proven successful for many investors who have had the courage to act when others hesitate. Historical examples demonstrate the potential rewards of this approach. Following the 2008 financial crisis, investors like John Paulson and Sam Zell capitalized on depressed real estate markets. Paulson's hedge fund reportedly made billions by purchasing distressed properties and securities, while Zell's Equity Residential acquired thousands of apartments at steep discounts. The current multifamily real estate market provides another opportunity for people to make extraordinary profits. We are just at the beginning of a new cycle. Unprecedented interest rate increases have decimated property values, creating a unique opportunity for investors. The key to success in these situations is to identify markets that are temporarily depressed due to external factors rather than fundamental flaws. In the case of multifamily real estate today, the current downturn is driven by interest rates, not a lack of housing demand or oversupply. When investors purchase already discounted properties in high-interest rate environments, they position themselves for further potential windfall gains as rates normalize. As interest rates decline, property values typically increase. The moral of the story is this, while fear may dominate current market sentiment, history shows that those who invest wisely during downturns often reap substantial rewards. As Buffett noted, "Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble." The current multifamily real estate market may well be one such golden opportunity for investors with the vision and courage to act. All you need is some common sense and some guts. But in this week's Wealth Formula Podcast, we are going to talk about more nuanced things that might require something extra like artificial intelligence. 05:50 Using AI for Stock Trading 07:30 Do You Use AI for Daytrading or Long Term Trading 11:31 Is AI Closing the Gap Between Institutions and Everyday People? 19:16 How to Get Started with Using AI for Daytrading?

How do you measure your professional success?

Buck and Zulfe discuss the importance of teaching personal finance to children and share their experiences with their own kids. They emphasize the need to go beyond basic financial literacy and teach kids about debt, investing, and building wealth. They also discuss the power of compounding and the different ways to compound wealth. The conversation then shifts to the market update, with Zulfe highlighting the record highs in the equity markets and the decreasing bond yields. They also discuss the possibility of the Fed cutting rates and the potential impact on the economy. The conversation discusses the potential fall in interest rates and its impact on various asset classes. It emphasizes the opportunity to buy assets at discounted prices before rates decrease. The discussion also touches on the performance of gold, Bitcoin, and other speculative assets. The potential benefits of lower rates on equity markets, bond markets, and real estate are explored.

My dad is a wise man. Like many teenagers, I didn't always think he was. Growing up, he didn't say much. He wasn't the kind of dad who was keen to talk to me much about life. But when he did, I realized decades later, that he was usually right. I remember my dad buying a lot of real estate when I was a kid. Most of the houses and small multifamily units he bought looked pretty ugly to me. So I asked him how he chose his buildings. "Cash flow", he told me. I didn't know what he was talking about and didn't really care but years later the words "cash flow" became serious buzzwords as Robert Kiyosaki released Rich Dad Poor Dad. And, as it turns out, cash flow is indeed the most important element when it comes to buying real estate. Another time, I remember him asking me why I wanted to go to medical school. He said if I wanted to make money I should be doing real estate, not medicine. I was appalled that he would dissuade his own son from becoming a doctor. But in hindsight, I would also probably warn my kids against medical school as a path to financial prosperity in the future. Finally, I remember during the late 90s, when I was in medical school in Chicago, Alan Greenspan raised interest rates rapidly. My dad had a lot of floating debt and ended up losing a lot of money. He told me to beware of floating debt. And of course, he couldn't be more right about that one considering what has happened to the real estate markets throughout the country over the past two years. Looking back, I wish he had taught me more. But those were different times and parental relationships in immigrant families were quite different than the kind of relationship I have with my children today. However, I think that it is still the case that most parents undervalue teaching their children about personal finance. Perhaps it's because they don't know much about it themselves. Maybe it's just not that much fun to talk about. Nevertheless, it is something that I think all of us parents should take a step back and consider what kind of financial education our children are getting at home and what we can do to help them be better equipped for the future. My guest today took that message seriously enough that he wrote a book on personal finance with his own daughters. Make sure to tune in to this week's Wealth Formula Podcast as Alpesh Parmar takes us down his own journey of educating his own children on money matters.

The first step to stop trading time for money and start building wealth is to figure out how to pay less taxes. Here are two real estate strategies to save on taxes for W-2 employees.

What do you do when you're not happy with the way things are? That's a question I have been asking myself a lot lately. In my case, I'm talking about life outside of business and real estate. You see, I've been divorced for a few years now and I have still not really rebuilt my life since then. When I have my kids, it all makes sense. It's about being with them. Last weekend we played four square, badminton and threw around a baseball. I'm pretty sure I had more fun than they did. But when I'm not with them, I sometimes feel like I live in a 7500-square-foot luxury jail. You see, I work from home and really don't have any reason to leave the house. Every morning I work out. Maybe I go on a hike or I lift weights secretly hoping that bigger muscles will solve my social problems. Sure I have some friends but most of them are married and busy with their own families. The dating scene in Santa Barbara has been remarkably bad and so… I'm still single. The bottom line is that my social life needs a facelift. I've been thinking about this a lot lately. I don't know about you, but I spent so much of my life engineering a successful career and virtually no time working on my life outside of it. A lot of guys get away with that and let their wives handle the social stuff. Well, I don't have one of those so I have to fix the problem myself. Somehow. But how? It occurred to me the other day that I should start looking at my social life the same way I look at business. What did I do to become successful in my professional life? Thinking back, I kept seeing a similar pattern. I would decide what I want to do and somehow make it happen by physical movement—even if it didn't make sense. Somehow, that movement itself seemed to make it happen. Let me tell you a story to illustrate. As you know, I was a neurosurgery resident for about a year and a half at the University of Michigan before I decided I was done with that kind of lifestyle and quit the program. It was the dead of winter in Ann Arbor and I suddenly found myself without direction. I decided to do some rotations on some of the other surgical specialty teams at the hospital and ultimately decided to move from Neurosurgery to a specialty called Otolaryngology-Head and Neck surgery—basically head and neck surgery of everything except the brain and spinal cord. To be clear, I wasn't passionate about this new speciality. I decided to do it because the hours just seemed better and it seemed like most of the professors had pretty good lifestyles. Now, I just had to figure out how I was going to get myself a residency position. This was a difficult task. I was looking for a second-year position in a program somewhere in the country where someone had, for whatever reason, left a vacancy for me. Most programs only had 2-3 residents per year to begin with. It's a small specialty. I didn't have a clear place to start, so I decided just to put myself out there and see what would happen. I chose the top 10 programs in the country and wrote letters (not emails) to their chairmen. One of those programs was the University of California, San Francisco (UCSF). In case you don't know, UCSF is one of the top hospitals in the world. For me, getting a spot at UCSF would be like hitting the lottery. Beyond the reputation of the hospital, my sister lived in San Francisco and I really loved the idea of moving there. I had had enough of being in a small college town in the Midwest. So I sent those letters out. A week later, I was sitting in the hospital library looking at programs on the internet when it occurred to me that I had no reason to be in Michigan anymore. I had an impulse to drop everything and fly to San Francisco. So I turned my internet search over to orbitz.com and looked up the next flight to San Francisco. It was leaving in 3 hours from Columbus—just enough time for me to drive there. So I went home, grabbed my stuff and headed to the airport. I landed in San Francisco just a few hours later. And, when the plane was taxiing, I turned on my phone and was shocked to see a text message from Dr.David Eisele, then Chairman of the Head and Neck Surgery Department at UCSF. In response to my letter, he was inviting me to interview for an unexpected vacancy in his program. I went to see him the next day and he offered me the job. Now you can call that coincidence, but the chances of all this happening randomly seem ridiculously small to me. I felt like somehow, I had willed this to happen by putting those letters in the mail and by physically moving myself to San Francisco. And if this story sounds crazy to you, I've got a lot more where that came from. Ask me about them next time you see me. I don't know how to explain these stories, but I've got a lot of them. So my challenge now is trying to use this same kind of energy to give myself a social life! It's a lot harder than professional stuff but maybe it will work. I'll let you know how it goes lol. In the meantime, the reason I br

Does it really?

In this conversation, Buck and Zulfe Ali discuss various topics including liability insurance, the economy, and money market funds. They highlight the importance of reviewing and updating insurance policies, the impact of consumer confidence on the economy, and the rising prices in the residential home market. They also explain the difference between money market funds and money market accounts, and the potential risks and returns associated with each.

Oh man…we are getting really sexy with topics on this show! On this week's episode of Wealth Formula Podcast, we are going to talk about liability insurance: malpractice insurance, property insurance—all that kind of stuff. I know this doesn't sound exciting, but do you know the five different parts of an insurance policy and what part is generally the one that will screw you over? I didn't think so. Here's my suggestion. Grab your property insurance policy and follow along with the show. I haven't read mine and you probably haven't read yours either. But this is stuff you need to know a little bit about because if you have to change something or get a new policy, now's the time to do it. Liability insurance is your first line of asset protection so make sure you have a grasp on it. This show will give you a nice place to start and it's actually pretty interesting. 04:06 Insurance 101 05:22 The 5 Main Parts of Insurance 10:29 How to Look for the Right Insurance Policy 13:19 How to Deal with Claim Adjuster 17:35 What Should You Be Asking When Buying Insurance 20:27 Why Property Insurance is Skyrocketing

Dr. Jonny Kim managed three impressive career changes going from Navy Seal, to doctor, to NASA astronaut and he did it all by the age of 37. What's your excuse?

Commentary on Sunday Podcast – Mark Skousen from FreedomFest General Overview: Mark Skousen made various comments on different topics, some of which were agreeable, while others were debatable. Inflation: Agreed: Different people experience different levels of inflation depending on their basket of goods and services. Disagreed: Inflation is not at a 10% rate, even considering shadow inflation (reduction in quantity or quality of goods and services for the same price). Global Warming: Disagreed: Global warming is not a manufactured crisis; clear data supports that the earth is warming and the climate is changing. Notable Data: The 10 most recent years are the warmest in recorded history, with emerging implications (e.g., rising insurance rates in Florida). Electric Vehicles (EVs): Neutral: While there's a debate on whether government mandates on the auto industry for EV production are reasonable, the necessity of such mandates is questioned. Political Spending: Agreed: Both Trump and Biden are big spenders. Disagreed: Democrats are not trying to get away with it, as they have explicitly stated intentions to raise taxes. Opinion: Republicans, by wanting to spend more and tax less, could be seen as trying to get away with increased spending without corresponding revenue. Update on Economy and Markets May CPI: Released data showed a 3.3% price increase on an annual basis, flat compared to April. First flat month-over-month CPI since May 2020, before the Fed's rate hike cycle began. FOMC June Meeting: Rates left unchanged. Signal of likely only one rate cut in 2024, down from previously anticipated two cuts. Stock Market: Continued rally, reaching new highs. Treasury and Mortgage Rates: 10-year treasury decreased by 20 bps to 4.2%. 30-year fixed mortgage rate around 7%. Bitcoin: Down by about 4% from the previous week, exhibiting volatility over the past 2-3 weeks. What are Structured Notes? Definition: Hybrid securities combining a bond and a derivative component linked to an underlier (e.g., S&P 500 index, commodity) designed to target a predefined investment goal. Characteristics: Generally unsecured debt obligations of issuers like investment banks. Performance linked to the underlying asset. Tailored to express a specific market view or meet a particular investment objective. Potential to achieve yield, growth, or principal protection. Risks: Creditworthiness: Dependent on the issuer's creditworthiness. Performance: Target returns are not guaranteed if the underlying asset underperforms. Holding Period: Designed to be held to maturity. Complexity: Financial instruments are complex and hard to understand.

This week's guest on Wealth Formula Podcast is Mark Skousen. He is the producer of FreedomFest which has become an extremely popular annual gathering every year that deals with not only money but other lifestyle topics as well. What is freedom anyway? To me, It's the ability to choose what you want to do with your life. Indeed, freedom is the ultimate prize in life and can only be achieved through financial independence. That is not to say that you can't be happy without being rich. You absolutely can. Maybe you have a job that you love and a life that you don't want to change. If that's the case, congratulations. But happy does not mean free. What if someday you start hating your job and want to make a big change in your life? Could you afford to follow a dream without being concerned about money? Most professionals can't. That's why high-paid W2 jobs are often called "golden handcuffs". How do you break free from the golden handcuffs? Well, one of the key variables of the mathematical Wealth Formula is that you deploy capital quickly so that you can start changing the balance of power between you and your money. Eventually, you want your money to work for you more than you work for it. But achieving financial freedom isn't easy. It involves not following the herd and not giving up. You see, no one has ever gotten rich from a simple portfolio of stocks, bonds and mutual funds. Sure they may grow your money a bit and provide some security in the future. But you simply cannot change your socioeconomic status this way. Getting rich involves taking bigger risks. I have made my money through business ownership and real estate. Have I lost money along the way? You bet I have. But have I made more money investing in real estate and business over the last 15 years than I would have following the herd? Yes…by a mile. To be clear, I am not giving you financial advice. Personal finance is personal. I just want to open your eyes and see the trajectory you are on and recognize whether or not it will get you where you want to be. In the immortal words of former NFL coach Bruce Aryans, "No risk it, no biscuit. Now, make sure you tune into this week's podcast with FreedomFest producer and "America's economist", Mark Skousen. Show Notes: 08:07 Why are the Numbers not Matching Our Anxiety? 09:54 GDP vs Growth Output 14:32 10% Inflation? 18:00 Implications of the Presidential Election 26:12 The Indicators to Look Out For 30:55 FreedomFest

This week's guest on Wealth Formula Podcast is Mark Skousen. He is the producer of FreedomFest which has become an extremely popular annual gathering every year that deals with not only money but other lifestyle topics as well. What is freedom anyway? To me, It's the ability to choose what you want to do with your life. Indeed, freedom is the ultimate prize in life and can only be achieved through financial independence. That is not to say that you can't be happy without being rich. You absolutely can. Maybe you have a job that you love and a life that you don't want to change. If that's the case, congratulations. But happy does not mean free. What if someday you start hating your job and want to make a big change in your life? Could you afford to follow a dream without being concerned about money? Most professionals can't. That's why high-paid W2 jobs are often called "golden handcuffs". How do you break free from the golden handcuffs? Well, one of the key variables of the mathematical Wealth Formula is that you deploy capital quickly so that you can start changing the balance of power between you and your money. Eventually, you want your money to work for you more than you work for it. But achieving financial freedom isn't easy. It involves not following the herd and not giving up. You see, no one has ever gotten rich from a simple portfolio of stocks, bonds and mutual funds. Sure they may grow your money a bit and provide some security in the future. But you simply cannot change your socioeconomic status this way. Getting rich involves taking bigger risks. I have made my money through business ownership and real estate. Have I lost money along the way? You bet I have. But have I made more money investing in real estate and business over the last 15 years than I would have following the herd? Yes…by a mile. To be clear, I am not giving you financial advice. Personal finance is personal. I just want to open your eyes and see the trajectory you are on and recognize whether or not it will get you where you want to be. In the immortal words of former NFL coach Bruce Aryans, "No risk it, no biscuit. Now, make sure you tune into this week's podcast with FreedomFest producer and "America's economist", Mark Skousen. Show Notes: 08:07 Why are the Numbers not Matching Our Anxiety? 09:54 GDP vs Growth Output 14:32 10% Inflation? 18:00 Implications of the Presidential Election 26:12 The Indicators to Look Out For 30:55 FreedomFest

If Buck could restart his life, would he have gone to medical school or straight into finance?