PODCAST

Wealth Formula Podcast

Buck Joffrey

Financial Education and Entrepreneurship for Professionals

business investing

All Episodes

54:03

375: Stalking Economists for Answers: Richard Duncan

Wealth Formula Podcast ·

2023/07/02

Last week I called the economy schizophrenic. Actually, that’s an insult to schizophrenics. This is simply a dysfunctional economy. It’s the product of a good idea called capitalism with excessive intervention—namely by the Federal Reserve Bank of the United States. Today’s economy reminds me a little bit of the movie, Jurassic Park. Altering the natural order of things has unexpected consequences… like a T-Rex eating you alive. Similarly, the Fed printed money for years and kept interest rates at

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38:31

374: Trying to Understand a Schizophrenic Economy

Wealth Formula Podcast ·

2023/06/25

I am annoyed with this economy. That doesn’t seem like a very professional thing to say but I don’t know how else to express my feelings any better. You see, nothing really makes sense. Inflation has been as high as it has been since the 1980s. At first, the Fed didn’t think it was real and then reacted by increasing interest rates at the fastest rate in American history. Businesses are feeling it. Corporate bankruptcies are at 2009 levels likely in response to illiquid lending markets. The

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58:25

373: The Investment that Keeps on Giving (Even When...

Wealth Formula Podcast ·

2023/06/18

There is a significant amount of distress in the investor world right now. With inflation and interest rates climbing quickly, it has left the equity and real estate markets in shambles. We will get through this. And while I encourage you to fight against the fear of investing so that you can take advantage of oncoming blood in the streets, I understand if you are reluctant. We’ve had tough times in American economic history. The Great Depression of the 1930s was a period of extreme economic

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36:37

372: What You Need to Know About AI

Wealth Formula Podcast ·

2023/06/11

With rising interest rates, I keep getting questions about whether value-add real estate is dead. The answer to that question is a firm no. Remember, people have made money and lost money in all kinds of interest rate and cap rate environments. The interest rates we have right now aren’t even close to the highest they have been in the United States. So why is there so much distress in the real estate market and all other correlated markets then? The biggest problem that the Fed has created for us

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30:57

371: Ask Buck June 2023

Wealth Formula Podcast ·

2023/06/04

This week's Wealth Formula Podcast features me trying to answer your questions. Make sure to tune in as I try to answer questions about interest rates, the state of value add real estate and Central Bank Distributed Coins! Listen HERE

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32:43

370: Psychological Components to Investing and...

Wealth Formula Podcast ·

2023/05/28

Joe Biden says the economy is “strong as hell” but he’s wrong. Interest rates increasing at the steepest slope in history over the last year have caused a serious problem for the economy and hell is about to break loose. I’m not the zombie apocalypse type but I have seen some shady-looking dead people walking around with silver dollars in my yard and I am a little concerned. Bankruptcies are up 216 percent on the year, higher than the 2008 crisis and double that during the Covid lockdowns. This

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46:02

369: Big Government Craziness in a Troubled Economy

Wealth Formula Podcast ·

2023/05/21

I was a surgical resident for years. I started out as a neurosurgeon, moved over to Otolaryngology Head and Neck Surgery then ended up in cosmetics. During my training, it didn’t matter how much I worked. I would always get the same paycheck. I wasn’t lazy but I certainly didn’t enjoy working for what amounted to minimum wage. And I was not about to volunteer for any more work than I was assigned. Eventually I did finish training and I was hired by a facelift company. I know it sounds kind of weird

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32:07

368: Your Bank Probably Owes You Money

Wealth Formula Podcast ·

2023/05/14

When I was a kid, my dad deposited $1,000 for me and my two siblings at a local bank. I'm not exactly sure why he did that, but what I do recall is that my older siblings showed me that I could go into the bank every couple of months and ask for "interest." I remember being about 7-8 years old and riding my BMX bike to the local bank with my bank passbook in hand. For those of you who remember, the passbook was kind of like a passport with your bank information. Every time you made a deposit or

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45:57

367: Is Buying Gold a Good Idea or Not?

Wealth Formula Podcast ·

2023/05/07

When new listeners of Wealth Formula Podcast tell me they started from the beginning to catch up, I cringe a little bit. It’s not that the original material was bad. For me, it’s just like looking at pictures of guys in the 80s with feathered hair (Think Dukes of Hazard). Or guys with perms. At the time it seemed like a good idea but it isn’t anymore. But then again, maybe it will be back in vogue again in the future. (P.S. PLEASE MOM JEANS BE A THING OF THE PAST!) Like hairstyles through the

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53:23

366: Book Club: Die with Zero

Wealth Formula Podcast ·

2023/04/30

I used to be a guy who prided myself on being a minimalist. Despite doing pretty well for myself financially, I drove the same 2007 Prius I bought the day after residency until just a couple of years ago. My clothes often didn’t fit and I never shaved. Oh yeah—I was about 25 pounds heavier because I didn’t really care how I looked. I also didn’t really spend much on vacations or special events— I used to just blame that one on parenthood. It’s funny because I sort of took pride in my rejection of

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41:48

365: Crisis=Opportunity for Governments to Seize Control

Wealth Formula Podcast ·

2023/04/23

Government is a funny thing. It is an organization that makes and enforces rules and regulations. The more rules and regulations it makes, the bigger it gets. It’s a monster. Government is also a significant employer that doesn’t seem to care much about being lean and profitable. Instead, it thrives on making itself even bigger and creating more things to control. But as the government starts to infringe on people’s perceived personal space, people start to push back and that is the only force that

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39:14

364: Death Without Taxes

Wealth Formula Podcast ·

2023/04/16

You know the old saying coined by Ben Franklin, “Nothing is certain except death and taxes”. Longevity science might eventually prove that death is not inevitable but for the time being it is. As for taxes? Well, I’ve spent a lot of episodes talking about tax mitigation while you live and I know for a fact that a number of you are legally not paying income tax. (HINT: REP) But there’s another kind of punitive tax called the estate tax (aka death tax) that kicks in when you die. The death tax is

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36:45

363: Know, Like and Trust is Not Enough

Wealth Formula Podcast ·

2023/04/09

I have been at this alternate investment game since I finished surgical residency in 2009. Luckily, since then my wins have significantly outnumbered my losses and I have made a lot more money than I ever did as a physician. But It hasn’t always been smooth sailing. The first apartment building I bought for myself in 2010 was a big flop. Why? Well, I knew how to do real estate from reading lots of books and crunching numbers, but I didn’t really know how to not get bamboozled. Let’s just say the

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29:16

362: Multifamily Real Estate is STILL the Place to Be

Wealth Formula Podcast ·

2023/04/02

I am going to keep this brief because I have a cold and I don’t want to subject you to Sudafed altered commentary. This week’s Wealth Formula Podcast features an interview with Jay Parsons who is Chief Economist at RealPage. He is an authority on topics affecting multifamily apartments which, of course, is of significant interest to us all. The picture that he presents is one of transition. The short term is consistent with what we are already experiencing…pain. But as I said last week, there seems

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43:18

361: The Calm Before the Storm with Harry Dent

Wealth Formula Podcast ·

2023/03/26

The Fed just raised rates another 25 basis points despite global banking instability and investor angst. This wasn’t a surprise. Curtailing inflation continues to be their primary motivation. How long will the Fed continue to raise rates? Well, inflation has to be clearly under control and/or there must be something else that happens that threatens the global economy. Isolated bank failures remedied by corporate takeovers do not appear to be threatening enough. So what is it going to take to get

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45:09

360: Real Estate Update with Jorge Newbery

Wealth Formula Podcast ·

2023/03/19

Oh what a mess this economy is! Helicopter money during Covid and supply chain issues brought on inflation like we haven’t seen in decades. To respond to this self-inflicted predicament, the Federal Reserve began raising interest rates at an alarming pace. Never have we seen interest rates rise at this steep of a slope—even in good old Paul Volker’s days. Inflation has been going down for several months although the most recent CPI figure is still 6 percent. That is well above the 2 percent target

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48:15

359: A Tax Update with Tom Wheelwright

Wealth Formula Podcast ·

2023/03/12

If you want to build wealth quickly, you have to learn as much about tax mitigation as you can. Most of these mitigation opportunities are in the world of real estate and business. However, there are creative (and legal) ways to mitigate taxes for W2 employees as well—just not that many. And sometimes it’s not obvious that, despite a very attractive tax benefit, you should probably stay away. I learned that the hard way by investing in oil and gas multiple times. Oil and gas drilling comes up often

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34:51

358: The Personalization of Personal Finance

Wealth Formula Podcast ·

2023/03/05

Why is decentralized finance advantageous? Let’s ask artificial intelligence. As you may recall from last week’s episode, ChatGPT is widely accessible to anyone right now. Here’s the explanation on the value of decentralized finance from the ChatGPT software itself: “Decentralized finance, or DeFi, is advantageous for several reasons: Accessibility: DeFi allows anyone with an internet connection to access financial services without needing to go through traditional financial institutions or

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38:46

357: Is Everything About to Change?

Wealth Formula Podcast ·

2023/02/26

Ok, I know you keep hearing about how the world is going to look radically different soon. I have too. But what is that radical change and when is it going to happen? I’m no expert in technology but it is clear that the radical changes we are expecting are coming from two emerging technologies: blockchain and artificial intelligence. Blockchain really defines this thing that people call Web 3. We’ve talked about it before on the podcast but essentially Web 3 is the decentralization of various

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29:41

356: Getting Your Assets in Gear with Garrett Sutton

Wealth Formula Podcast ·

2023/02/19

The two most common mistakes I’ve seen people make in personal finance is to not think about asset protection and to not think about estate planning. Not thinking about estate planning is sort of understandable. Death is a topic that many try to avoid. Some are even superstitious in that if they set up an estate plan, it could trigger their demise. The topic this week is not estate planning but we’ve done that show in the past. Here’s a little hint: The bare minimum you need is a will and a living

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