Wealth Formula

Wealth Formula

By Buck JoffreyBusinessInvesting
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Wealth Formula episodes

  • 137: Wealth Formula Banking: The Things We Never Talk About
    We talk about this stuff a lot and will continue to do so but if you have not checked out WealthFormulaBanking.com do so to get detail. I can honestly say that if you took no other action from Wealth Formula content other than to get familiar with these products, I would feel like I have done a service to you and your financial future.
    Today, we are going to talk about the not-so-obvious benefits of these kinds of products that guys like me don’t often think about because all we care about is creating wealth. In fact, there are many strategies that we these policies can be used for other than maximizing leverage and velocity.
    To talk about this, I’ve got the best in the business back on the show this week, Christian Allen and Rod Zabriskie.
    1 hr 24 min
  • 135: Is Real Estate as Good as Gold?
    Now, you know that I am a multifamily guy. I invest and sponsor syndications. For a variety of reasons, if you are an accredited investor with a full-time job, this might be the easiest way to invest in real estate.
    But…that’s my bias. There are others out there like my friend Dean Graziosi who was in my course, Your Roadmap to Real Wealth, that own thousands of houses.
    The important thing is that you should listen to as many opinions as you can—preferably from people who know more than you—and make your own educated investing decisions.
    In the single family home space, there are few people who know more than Marco Santarelli and he is my guest on this week’s Wealth Formula Podcast.
    Make sure to tune in to this episode as he makes his case for single-family turn-key rentals homes.
    54 min
  • 134: Global Disintegration and Robots Stealing Your Job!
    somewhere along the line, bank tellers stopped dispensing cash and the passbook disappeared—but the bank tellers did not. I say this because that was a genuine fear that people had with the advent of the ATM. They thought the ATMs would steal human jobs.
    As it turned out, the ATMs ended up doing the simple work of dispensing cash and the tellers just focussed on the more complex stuff and everyone was happy. The moral of the story is that every time there is a new technology, it doesn’t mean the robots are going to steal our jobs. It just means that our jobs might look different.
    This is particularly important to understand right now as we see artificial intelligence advancing at a rapid pace. What does a world with advanced AI and blockchain look like? Driverless cars? Equity markets without investment bankers? Who knows. But I am confident that we will continue to find things for us people to still do. It will just be different. Maybe I’m overly optimistic but I look back on human civilization and realize that we are incredibly good at adapting to our own new realities.
    In 1798 Thomas Malthus published An Essay on the Principle of Population. In short, his theory was that human populations were going to outgrow our food supply. From where he stood, that might have been the case but it didn’t take into account our technological advancements in agriculture that made it possible to feed an ever-expanding human population. Similarly, I’m hopeful that our ingenuity will bail us out of some of the other challenges we face today like sovereign debt and global climate change.
    Technological advancements since the advent of the internet are accelerating at a lightning pace. In the meantime, we face an increasingly insular world of nationalism and economic inequality that is more reminiscent of the early 20th century that ultimately culminated into the great wars. How all this ends up is anyone’s guess but one thing’s for sure. We live in interesting times (an old Chinese Curse).
    My guest on this week’s Wealth Formula Podcast is well versed in all of the issues that I have discussed here including macroeconomics and technology. He looks at the problems of today with knowledge of the past and a keen insight into our future. His name is Diego Zuluaga and this was one of my favorite conversations on Wealth Formula Podcast so make sure not to miss it!
    1 hr 10 min
  • 132: Investing in the Internet… 2.0
    Let’s say it’s the early nineties and you can either try to pick a single stock from a myriad of dotcom companies ranging from Amazon to pets.com or invest in an index tracking the the top ten biggest tech companies by market capitalization for the next 10-20 years. Which option gives you a better chance of making money?
    Unless you are REALLY GOOD at picking stocks, the index obviously would give you a better chance of success. An index of the top ten tech companies during the rise of the internet would have included Amazon and Apple in their relatively early days and you would have done quite well.
    So, let’s fast forward to the current tech inflection point—blockchain and distributed ledger technology. Do you know which projects to pick? Do you even know how to buy this stuff? Well, what if we could just use our regular old US dollars to invest in the top ten crypto projects by market capitalization and just ride up that index without ANY technical skill required?
    Well, that’s exactly what Bitwise Investments allows you to do. If you want to invest in digital assets but find it too daunting to move forward, you will NOT want to miss this interview with Bitwise Investments founder and CEO, Hunter Horsely.
    1 hr
  • 130: Willpower Doesn’t Work with Ben Hardy
    You can’t will your way into financial stability. It takes a deep reflection on your situation and massive action.
    When you set yourself up for massive action, it’s a lot easier. For my cosmetic business, I wrote a resignation letter to my COO. She thought it was a joke until I literally told her to stop scheduling any more patients for me. I had to physically take myself out of that situation to get my desired outcome. It wasn’t going to happen if I kept doing what I was doing.
    My friend Benjamin Hardy said it best: Willpower Doesn’t Work. That is the title of his book and that is what we will be talking about on this week’s Wealth Formula Podcast.
    21 min
  • 129: Trust Fund Rats and Behaviorceuticals
    https://www/wealthformula.com
    One of my good buddies has a multimillion dollar tile company. Why? He didn’t dream of owning a tile company. He just worked for a guy with a tile company and thought he could make more money starting his own thing rather then working for someone else. He was right.
    Another friend worked for a Canadian company that bought energy in Canada wholesale and sold it retail to other countries. He learned the business and decided to do it on his own. He makes A LOT of money now.
    Then there is me. I worked for a cosmetic surgery company right after residency and realized that it wasn’t a very difficult business model to understand. Advertise big, lots of procedures, and profit. Think hair club but with facelifts. I figured I’d try something similar and it worked!
    In all of these examples, it was just a matter of experience. All three of us are entrepreneurs, we just happened to be exposed to different things. How much we all make from our businesses actually depends a lot more on the business model that we each copied than the execution. Makes me wish I worked in the energy business in Canada as a young man.
    Anyway, the moral of the story is that experiences matter. The more experiences you have, the greater exposure you have to all the different nooks and crannies that life has to offer…business or otherwise.
    So, putting this all in perspective, what is the take home message? Well, get out there and learn something new for one thing. Do some things you’ve never done.
    Also, let me tell you how this realization affects the way I see education and the way I guide my kids. They are little but this is what I’ll tell them someday.
    A broad academic education is important. You can never go wrong with an interdisciplinary perspective.
    Furthermore, after school, never look at your job as work. Look at it as paid education and quit when you have no more to gain intellectually. You don’t want to be one of those people who stays in the same job for 20 years and complains about it for 18.
    This advice is based on my own life experience and from the life experiences of others who I know. But it is also based in science. It is based on the way our brains learn and adapt and the more aware we are of these patterns, the more we can guide ourselves towards success.
    No one knows more on this topic then my guest on this week’s Wealth Formula Podcast, behavioral neurobiologist Dr. Kelly Lambert. Make sure to listen to this show. It will be well worth your time and your brain will thank you for it!
    That’s not to say that I am personally a permabull. Like most people who follow the economy, I do now expect a downturn of some kind. Even Fannie Mae Economist, Doug Duncan, thinks that’s going to happen. He’s as mainstream as it gets.
    But what does that downturn look like? Is it blood in the streets or is it a recession in the industrial sector of the economy that we learn about two months after the fact? After all, most downturns look nothing like 2008.
    So what is an investor to do? Well, I’ve said it before and I’ll say it again. Keep investing but be smart about it. Now is not the time to invest with a friend who’s trying his hat at the real estate game for the first time. Stick with high quality assets and, if you are passive investor, stick with high quality operators with good track records. Consider hedging with non-correlated investments like life settlements.
    Don’t over leverage and keep some liquidity on the sidelines—preferably through a Wealth Formula Banking strategy that will keep your money working for you while you wait. Hedge your position but don’t act like the sky is falling…yet.
    As I said, it is extremely difficult to predict the financial future but one private economic firm has done it with extraordinary accuracy since the 1940s during which time they have been right almost 95 percent of the time. They predicted the 2008 meltdown 3 years before it happened and they predicted all of the upside we ha
    51 min
  • 136: How to Predict the Future with Richard Duncan
    How was it that some people were able to predict the 2008 financial meltdown? Were they clairvoyant?
    To be clear, I’m not talking about those who predict a financial meltdown every year. I’m talking about groups like ITR economics who we had on the show a few weeks ago that also accurately predicted periods of financial prosperity as well.
    Those who best understand how the global economy works at the macro level are the ones who can see where it is headed. Most of us are down in the weeds seeing things happen in real time wondering when to take cover or when to shoot for the moon.
    The good macroeconomist, though, is not guessing. He sees the financial world move in concert from a thousand feet above with its complex interactions. He understands that the economy is dynamic and, in the global economy of today, cannot be seen through the same lens that it was 50 years ago when economies were more isolated from one another.
    I am certainly no economist. However, I am good at surrounding myself with people smarter than myself (which isn’t that hard frankly). That is a skill that has essentially accounted for all of the investing success I have had.
    In the world of macroeconomics, Richard Duncan is one of the guys that I listen to and he is my guest on Wealth Formula Podcast this week. If you want to know what the financial world looks like from a thousand feet up and several thousand miles away, do not miss this episode!
    1 hr 5 min
  • 136: How to Predict the Future with Richard Duncan
    How was it that some people were able to predict the 2008 financial meltdown? Were they clairvoyant?
    To be clear, I’m not talking about those who predict a financial meltdown every year. I’m talking about groups like ITR economics who we had on the show a few weeks ago that also accurately predicted periods of financial prosperity as well.
    Those who best understand how the global economy works at the macro level are the ones who can see where it is headed. Most of us are down in the weeds seeing things happen in real time wondering when to take cover or when to shoot for the moon.
    The good macroeconomist, though, is not guessing. He sees the financial world move in concert from a thousand feet above with its complex interactions. He understands that the economy is dynamic and, in the global economy of today, cannot be seen through the same lens that it was 50 years ago when economies were more isolated from one another.
    I am certainly no economist. However, I am good at surrounding myself with people smarter than myself (which isn’t that hard frankly). That is a skill that has essentially accounted for all of the investing success I have had.
    In the world of macroeconomics, Richard Duncan is one of the guys that I listen to and he is my guest on Wealth Formula Podcast this week. If you want to know what the financial world looks like from a thousand feet up and several thousand miles away, do not miss this episode!
    1 hr 5 min
  • 133: Spies, Lies, and Leaks with Valerie Plame
    Is it just me or does politics these days resemble a reality television show? It’s crazy. Take a step back for a moment. Regardless of your political preference, you have to admit that the last two years have been unprecedented.
    Remember when having an affair was enough to end a political career? Now, we have the president of the United States paying off porn stars and playboy bunnies!
    And last week we had the midterm elections and the drama that surrounded all of that. Now that the House of Representatives is in the hands of the Democrats, Donald Trump will almost certainly see a flurry of investigations and potentially subpoenas in 2019—a great way to end season two of the Trump presidency! No one is going to tune out now!
    One of the things I’m most curious about “next season” is what happens with this whole Mueller probe into Russian interference and questions of collusion. Both Democrats and Republicans in Congress seem to be trying to protect the sanctity of the investigation.
    I certainly hope they do. While it does seem like the investigation is taking quite a long time, I think it is in the best interest of the country for the findings to be released to the American people. If the president is innocent, then he should have nothing to fear and I don’t think it’s in his best interest to attack the intelligence community in the meantime.
    I think it’s important to remember that members of the FBI and CIA are public servants. They keep us safe. In my view, attacking the intelligence community is like attacking the military. 
    These people are serving our country and it is important to remember that. To demonize them is un-American.
    Speaking of our intelligence community, I’ve got a very interesting show for you to listen to as we head into Thanksgiving—it’s an interview with Valerie Plame. Does that name ring a bell? Remember the spy who got outed by the Bush administration? Yep…that’s her! This will be a fun one for the holiday week so make sure you tune in.
    Shownotes:
    Valerie Plame, former CIA
    What was Valerie doing during 911
    What led up to her Identity leak?
    What is a deep state? Is there really such a thing?
    What can we do for the next administration
    More on Valerie Plame
    valerieplamewilson.com
    spyseminars.com
    29 min
  • 133: Spies, Lies, and Leaks with Valerie Plame
    Is it just me or does politics these days resemble a reality television show? It’s crazy. Take a step back for a moment. Regardless of your political preference, you have to admit that the last two years have been unprecedented.
    Remember when having an affair was enough to end a political career? Now, we have the president of the United States paying off porn stars and playboy bunnies!
    And last week we had the midterm elections and the drama that surrounded all of that. Now that the House of Representatives is in the hands of the Democrats, Donald Trump will almost certainly see a flurry of investigations and potentially subpoenas in 2019—a great way to end season two of the Trump presidency! No one is going to tune out now!
    One of the things I’m most curious about “next season” is what happens with this whole Mueller probe into Russian interference and questions of collusion. Both Democrats and Republicans in Congress seem to be trying to protect the sanctity of the investigation.
    I certainly hope they do. While it does seem like the investigation is taking quite a long time, I think it is in the best interest of the country for the findings to be released to the American people. If the president is innocent, then he should have nothing to fear and I don’t think it’s in his best interest to attack the intelligence community in the meantime.
    I think it’s important to remember that members of the FBI and CIA are public servants. They keep us safe. In my view, attacking the intelligence community is like attacking the military.
    These people are serving our country and it is important to remember that. To demonize them is un-American.
    Speaking of our intelligence community, I’ve got a very interesting show for you to listen to as we head into Thanksgiving—it’s an interview with Valerie Plame. Does that name ring a bell? Remember the spy who got outed by the Bush administration? Yep…that’s her! This will be a fun one for the holiday week so make sure you tune in.
    Shownotes:
    Valerie Plame, former CIA
    What was Valerie doing during 911
    What led up to her Identity leak?
    What is a deep state? Is there really such a thing?
    What can we do for the next administration
    More on Valerie Plame
    valerieplamewilson.com
    spyseminars.com
    29 min

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The Wealth Formula - by Buck Joffrey