Wealth Formula Podcast

27:25

580: If America needs housing, why are landlords...

Wealth Formula Podcast ·

2026/10/11

America has a housing shortage. You've heard it in practically every real estate investment pitch. We haven't built enough homes. People need somewhere to live. Therefore, owning apartments should be a pretty good business. So why have apartment owners in some of the fastest-growing markets offered free rent just to get people through the door the last few years? Because a national housing shortage doesn't pay your mortgage. Your property needs tenants willing to pay your rent, in your market, right

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34:31

579: Follow the People: What Demographics Tell Us...

Wealth Formula Podcast ·

2026/10/04

If you want to know what happened to Dallas real estate, look at interest rates and the wave of new apartment construction. If you want to understand where it could be headed over the next few years, look at the people. Dallas–Fort Worth's population grew by more than 123,000 in just 12 months. Compare that with the roughly 33,000 new apartments completed in 2025. That's about four additional people for every new apartment. And this year, apartment deliveries are projected to fall to roughly half

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36:58

578: Everyone is chasing AI gold. What will the...

Wealth Formula Podcast ·

2026/09/27

Imagine telling a farmer 200 years ago that someday, people would make a living helping businesses get found on Google. First, you'd have to explain Google, then the internet, then computers. And yet, when we talk about AI, we tend to assume we can already see all the jobs that will ever exist. We look at what people do today, consider what AI might replace, and start subtracting. The concern is reasonable. If a machine can do something you spent 20 years learning, that's a big deal. Telling someone

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25:37

577: Your Money Is a Business

Wealth Formula Podcast ·

2026/09/20

When you finally start making some real money, you don't necessarily realize what that really means. In a way, you've just started another business. Think about it. The money you've earned and saved now has a job. Its job is to make more money. That makes you the CEO of the business of your own money. Now imagine you started a business with a few million dollars of your hard-earned capital. Would you hand it over to someone else to run, check in two or three times a year, and basically hope they

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34:42

576: Is AI masking a much weaker economy? w/ Dr....

Wealth Formula Podcast ·

2026/09/13

AI may ultimately change the world. It may also be covering up how weak much of the current economy really is. Both things can be true. We keep asking whether "the economy" is strong or headed toward recession—as if every part of it moves together. But what if significant parts of the economy are already contracting while an extraordinary spending boom in one narrow area makes the overall numbers look fine? That is more than an academic question. It changes how you invest. If economic growth is

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29:32

575: Should You Pay Off Your Home?

Wealth Formula Podcast ·

2026/09/06

That's a question I get a lot from investors, and the answer isn't as simple as the math might suggest. For years, the calculation was pretty easy. When mortgage rates were extremely low, borrowing money was cheap compared with the returns you could reasonably expect from investing that capital elsewhere. Even today, with mortgage rates above 6%, you can still make a mathematical argument for keeping a mortgage and investing your money instead—particularly if you believe your investments will

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35:28

574: How Real Estate Investors Pay Less Tax

Wealth Formula Podcast ·

2026/08/30

Whether or not you currently invest in real estate, you've probably heard people talk about the enormous tax advantages that come with it. You hear about people like Donald Trump paying no taxes. You hear people complain that wealthy real estate investors somehow play by a different set of rules. Well, actually they do. But what exactly are they doing? A huge part of the answer comes down to one seemingly magical word: depreciation. Here's what's strange about depreciation. We all know that real

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40:19

573: What If We're Entering an Entirely New Economic...

Wealth Formula Podcast ·

2026/08/23

Every once in a while, it's useful to zoom way out. Most of the time, we look at the economy as a collection of separate stories. The federal government is running enormous deficits. Stock market valuations are near historic extremes. China has emerged as America's greatest strategic competitor. Defense spending is ramping up. And hundreds of billions of dollars are pouring into artificial intelligence. But what if these aren't really separate stories? What if they are all consequences of a much

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30:24

572: Zoning, Rent Control, and the Housing Shortage

Wealth Formula Podcast ·

2026/08/16

Why is housing so expensive in some American cities—and why does it seem like we can never build enough of it? We tend to blame everything from interest rates and developers to investors and population growth. But a big part of the answer may be much simpler: in many of the places where people most want to live, we've made it extraordinarily difficult to build more housing. My guest on this week's episode of Wealth Formula Podcast is Dr. Jan K. Brueckner, professor of economics at the University of

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28:59

571: The Great Real Estate Reset Is Happening—But in...

Wealth Formula Podcast ·

2026/08/09

For the last three years, commercial real estate investors have been waiting for a dramatic reset. The expectation was straightforward: higher interest rates, a wall of maturing loans, and distressed sellers would eventually force prices sharply lower, with the correction happening all at once. Instead, the great real estate reset is happening—but it's happening in slow motion. Today, we're seeing selective opportunities where quality multifamily assets can trade at discounts of 30–40% from prices

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48:01

570: The Next Great Investment Theme?

Wealth Formula Podcast ·

2026/08/02

Link to Harry Moser's Resources blog: https://reshorenow.org/blog/reshoring-initiative-resources/ For decades, one of the easiest ways to increase profits was to manufacture products where labor was cheapest. Companies built factories in China, Southeast Asia, and Mexico, while consumers enjoyed lower prices and shareholders benefited from higher margins. It became conventional wisdom that globalization was irreversible. But what if one of the biggest investment trends of the next decade is the

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42:45

569: The Most Expensive Tax Is the One That Stops...

Wealth Formula Podcast ·

2026/07/26

Most investors spend nearly all their time thinking about how to make money. They analyze returns, evaluate risk, search for opportunities, and try to identify the next great investment. But there is another side of wealth building that receives far less attention: How much of what you make do you actually get to keep—and continue compounding? Taxes on investment gains can be one of the most destructive forces in wealth creation, not simply because of the check you write today, but because of

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40:24

568: When Great Markets Go on Sale

Wealth Formula Podcast ·

2026/07/19

One of the biggest mistakes investors make is assuming that today's conditions will last forever. When the stock market is soaring, they assume it will continue indefinitely. When it's crashing, they assume the pain has only just begun. Real estate investors aren't any different. Today, there are plenty of headlines about falling apartment values, weak rent growth, and rising vacancies. Many investors have concluded that multifamily has lost its appeal. But that conclusion misses a critical point

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54:04

567: Follow the Oil w/ Dr. Anas Alhajji

Wealth Formula Podcast ·

2026/07/12

One of the first lessons you learn as an investor is that the headline is rarely the whole story. The same is often true in history. Take the so-called "October Surprise" of 1980. The theory—which remains debated today—is that members of Ronald Reagan's presidential campaign may have secretly encouraged Iran to delay the release of 52 American hostages until after the election, denying President Jimmy Carter a potential political victory just days before Americans went to the polls. The hostages

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36:40

566: The Investment Trend Almost Nobody Is Paying...

Wealth Formula Podcast ·

2026/07/05

Most investors spend an enormous amount of time thinking about interest rates, inflation, earnings, and the latest AI breakthroughs. But very few stop to think about the one input that makes all of those things possible in the first place: energy. We tend to assume that energy will always be there when we need it—that supply will simply keep growing as demand increases. History makes it feel inevitable. But it isn't. One of the most fascinating aspects of today's AI revolution is that it isn't just

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39:23

565: Tax Strategies for High Earners—And What to Avoid

Wealth Formula Podcast ·

2026/06/28

One of the biggest frustrations I hear from successful professionals, business owners, and investors is simple: "I feel like I'm paying more and more in taxes, but nobody is showing me legitimate ways to reduce them." The reality is that there are numerous tax strategies available to high earners. The challenge is separating strategies grounded in well-established tax principles from those that rely heavily on subjective interpretations, aggressive valuations, or structures that may attract unwanted

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26:00

564: Buying and Selling a Business or Practice

Wealth Formula Podcast ·

2026/06/21

For most high-income professionals, the path to financial success seems straightforward: work hard, earn a great income, save diligently, and invest wisely. The problem is that even the highest-paying jobs have two significant limitations. First, much of what you earn is exposed to taxation. While there are certainly strategies to reduce your tax burden, there is a reason many of the wealthiest people in the world own businesses rather than simply collect paychecks. Business ownership creates

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30:08

563: What If College Doesn't Have to Cost What You...

Wealth Formula Podcast ·

2026/06/14

For those of us with kids, summer marks another milestone. School is out, graduation season is here, and for many families, college is right around the corner. My oldest daughter will be a senior this fall, which means our family is now officially entering the college application process. Like many parents, I've been looking at tuition numbers and mentally preparing myself for what feels like an inevitable financial hit. And it's a big one. When I started college in the early 1990s, the average

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35:57

562: The Next Real Estate Boom Is Taking Shape

Wealth Formula Podcast ·

2026/06/07

Some of the best real estate investments in history were made when the headlines were overwhelmingly negative. When financing dries up, lenders become restrictive, sellers become motivated, and uncertainty keeps many investors on the sidelines, opportunities begin to emerge for those willing to look beyond today's fear. That is precisely where we find ourselves today. Commercial real estate has endured one of the most challenging environments in decades. Rising interest rates, tighter credit

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30:04

561: Where Are Mortgage Rates Headed?

Wealth Formula Podcast ·

2026/05/31

A couple of weeks ago, I had Barry Habib on the podcast talking about where he believes interest rates and the economy may be headed over the next several years. Barry has been one of the more accurate voices in housing and mortgage finance during a period when many economists and market commentators have repeatedly gotten it wrong. This week, I wanted to continue that discussion with mortgage industry veteran Rob Chrisman because I think there's a bigger lesson here for investors. Right now, the

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