Wealth Formula Podcast

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

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

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

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

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

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

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