PODCAST

Wealth Formula Podcast

Buck Joffrey

Financial Education and Entrepreneurship for Professionals

business investing

All Episodes

58:09

200: Comments and Questions from the Wealth Formula...

Wealth Formula Podcast ·

2020/03/08

“People tend to overestimate what can be done in one year and to underestimate what can be done in five or ten years.” That’s a quote with unknown origin that I’ve heard a few times and one with which I cannot agree more. All you have to do is to look at my podcast to see that. It’s been about four years now since I began Wealth Formula Podcast. The first several shows that I did had no listeners. Today, we get about 25,000 downloads per month. We also have a regulation D of about 1400

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45:09

199.5: Private Investments, Ponzi Schemes, and...

Wealth Formula Podcast ·

2020/03/01

* In case you are wondering—I didn’t get a chance to finish episode 200 yet so we are going to call this one episode 199.5! One of the great things about is having a community where people can share what they know including who to stay away from. For example, through our collective knowledge, our group learned pretty quickly last year when a high profile turn-key home provider appeared to have been either purposefully or by incompetence, getting people involved with a Ponzi scheme. Sometimes we

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46:21

199: How to Acquire the Ultimate Asset: Happiness

Wealth Formula Podcast ·

2020/02/23

“Be careful what you wish for, lest it come true!” The origin of this saying is Aesop’s Fables (circa 260 BC), not a modern country singer as some might think. Either way, it is a powerful statement when it comes to financial wealth. You see, I talk to hard working, high paid professionals every day and many aspire to retire. They believe that they would be much happier if they could make enough money to quit their job. But is that really true? It may be more complicated than you think. As you may

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42:39

198: When Is That Depression Coming Anyway?

Wealth Formula Podcast ·

2020/02/16

Yogi Berra once said, “It’s tough to make predictions, especially about the future.” He was a wise man. No wonder they named a cartoon character after him. The problem is that everything we do in finance ultimately relies on some kind of belief of how the future will play out. As a result, we often search for prophets who can help us make a profit. Of course these prophets, otherwise known as economists, don’t seem to agree with each other. Some even seem to have secondary agendas. You know what I

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40:13

197: Good Deals, Bad Timing, and a Retirement Account...

Wealth Formula Podcast ·

2020/02/09

If you are part of our Wealth Formula you know that we do a lot of multifamily real estate. In fact, 95 percent of what we do is working class, value-add multifamily real estate with the same two operators. Some of you have invested literally millions of dollars into these deals. I’ve got my own money and my dad’s money in this stuff too so I’m not doing anything different. I know it seems boring. The entrepreneur in me wants to bring you and me some brand new bright and shiny objects in which to

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45:13

196: Russell Gray on Life After Loss

Wealth Formula Podcast ·

2020/02/02

I don’t really like basketball and have never watched a full game in my life. Despite that, I knew who Kobe Bryant was and was shocked by the news of the tragic accident that took his and his daughter’s life. His passing actually reminded me very much of Princess Diana dying in a car crash in 1997. I remember that I was at a bar attending a medical school new student orientation event when the news came up on a TV. I was shocked and disturbed the same way I am now. I also remember that a friend of

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51:41

195: Wealth Secret #1: Know, Like and Trust!

Wealth Formula Podcast ·

2020/01/26

People send me real estate deals to look at all the time trying to get an opinion on whether or not they should invest. Usually it’s some glossy executive summary showing nice pictures and impressive proforma numbers. “What do you think?”, they ask. My answer is pretty much always the same. “I don’t know these people so I can’t comment”. You see, real estate is not like publicly traded stock. If I buy Apple stock from E-trade it’s the same stock that someone else might buy from Ameritrade or some

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49:49

194: Hal Elrod and the Miracle Equation!

Wealth Formula Podcast ·

2020/01/19

I have a question for you. Did you make any significant New Year’s resolutions or set some serious 2020 goals for yourself this year? I bet when you set those goals, you likely felt a lot of energy: “This time I’m going to do it!”. You felt like nothing was going to stop you. Now, four weeks into the year, are you losing steam on that goal? If so, why do you think that is? Personally, I think we humans have a series of set thermostats in our lives. We are set at a particular state of health, wealth

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57:38

193: The Real Investors of Wealth Formula Nation: The...

Wealth Formula Podcast ·

2020/01/12

Our private group, , has a biweekly zoom video call to discuss anything and everything about personal finance. These calls are a lot of fun for people like me who like to geek out on money stuff. If you are the only one in your social network who likes this topic, is a great way to get your fix through an on-line community instead. On our most recent call, someone brought up a fund and wanted to know the groups thoughts on it. We broke it down and realized that there was really nothing AT ALL

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01:06:50

192: What’s Happening with Real Estate in 2020?

Wealth Formula Podcast ·

2020/01/05

Happy New Year! This is my first podcast of 2020 and I’m looking forward to another great year. I don’t know about you, but I get very reflective this time of the year and it is usually pretty helpful. I have a suggestion for you. Write down where you are today and where you would like to be next year. This exercise can really help to focus in on what is NOT working. You see, it’s easy to focus on what is working. We are naturally programmed to run to pleasure and away from pain. It is much harder

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45:00

191: What you MUST know about Estate Planning!

Wealth Formula Podcast ·

2019/12/29

Last summer I had a drug reaction that made me pretty sure I was going to die. There was nothing terribly remarkable about the day it happened. I was with my wife and kids visiting my parents in Minnesota. On our last evening there, I stayed up a little later to chat with my parents. The children were already asleep. By 11PM or so I headed down to bed. I felt a little funny walking down the stairs and then, the next thing you know, I couldn’t stand and I felt completely disoriented. Within 20

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28:07

190: A Time to Give (and to Receive)!

Wealth Formula Podcast ·

2019/12/22

The end of the year is a good time for giving. Of course we are already in the mood with the holidays. Buying presents has a way of greasing up the credit cards and making it easier to pull the trigger. The end of the year is also a good time to give to charity. Even if you are a kind hearted human being, I’m sure it's not always easy to part with your hard earned money. However, at the end of the year, you come to the realization that charity is also tax deductible so it starts to make you feel

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45:18

189: Ask Buck Part 3

Wealth Formula Podcast ·

2019/12/15

If you are struggling about finding the right Christmas present for your loved ones this year, I have a suggestion for you. Think EXPERIENCE. Last week I snuck my ten year old daughter out of school and drove her down to Los Angeles to be part of a live studio audience. It was for her favorite Nickelodeon show called All That—sort of like a kids Saturday Night Live. She was on cloud nine the whole five hours of shooting. She saw all of her favorite child stars and even got to give them high fives!

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58:38

188: Ask Buck Part 2

Wealth Formula Podcast ·

2019/12/08

Recently I started poking my nose into various physician financial facebook groups. I try to stay away from these things because they tend to put me in a bad mood. But facebook alerts make them constantly pop up on my phone and my brain reacts instinctually for its dopamine hit. When I do poke around in these groups, I’m often left a little bit nauseous. It’s not just because I have a fundamentally different investing paradigm than most people. I am pretty immune to hearing people wax poetic about

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41:41

187: Ask Buck: Part One

Wealth Formula Podcast ·

2019/12/01

I spend most shows interviewing other people. However, once in a while, it’s fun to speak to you directly. We call these question answer shows, “Ask Buck”. I recorded this podcast episode just before the holidays and I hope you enjoy it. By the time you get this note, Thanksgiving will be over but I do want to express my thanks to you for being part of the Wealth Formula Community! Enjoy the show!

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48:39

186: High Yield and Liquidity with Notes!

Wealth Formula Podcast ·

2019/11/24

With the recent boom of real estate crowdfunding platforms, I often get this question, “What do you think of the (fill in catchy name) platform? What platforms do you like?” The problem with this question is that it’s really not asking the right question. I am a real estate investor. When I invest in real estate, either as a general or limited partner, I am looking at the asset itself, the business plan, and the people who are going to carry out that business plan. All that a platform is doing is

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55:38

185: Zero Hour and the Demographic Cliff!

Wealth Formula Podcast ·

2019/11/17

In college, my two favorite courses were biochemistry and organic chemistry. The logic was very soothing to me. In high school, the only thing that gave me that sense of logically progressing to an answer was mathematics—especially geometry proofs. In other words, I like concrete answers and am not as comfortable leaving arguments unsettled. Like you, I also like money and am interested in how the economy works. Sometimes I wish I had studied economics so I could better understand the nuanced

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42:03

184: Should You Pay Off Your Mortgage?

Wealth Formula Podcast ·

2019/11/10

A simple question can have so much complexity around it. Here’s one I get all the time: “Should I pay off my house?”. Conventional wisdom says this is a no brainer. Look at all the financial gurus out there like Dave Ramsey and Suzi Orman—they all think you ought to be paying off your mortgage. Is it possible that they are wrong? Even in the unconventional alternative space, this is a controversial issue. A mortgage on your house is debt. If you follow Robert Kiyosaki, he says that there is good

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23:05

Bonus Episode: Cost Segregation and Bonus Depreciation!

Wealth Formula Podcast ·

2019/11/09

With the end up the year coming up, my mind is focused on what I can do to mitigate my tax burden. We’ve done multiple webinars on different strategies already this year within investor club. However, my favorite strategy to minimize my tax liability is to maximize depreciation. As it turns out, I have two houses in the Chicago area that I rent out. I used to live in one of them. Because they are single family homes, I did not consider doing cost segregation analysis studies on them. I figured

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39:46

183: Investing in Collectible Cars!

Wealth Formula Podcast ·

2019/11/03

By now, you know my paradox. The more I invest in real estate, the less I pay in taxes because of my real estate professional designation. It could be worse. I could not have the designation and not be able to apply passive losses to all sources of my income! It’s a good problem to have. My situation makes me think about the profound impact of the basic tenet of microeconomics. That is, people do things because they are incentivized to do so. In my case, I am incentivized to invest in real estate

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