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Wealth Formula by Buck Joffrey

Financial Education and Entrepreneurship for Professionals

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139: Ask Buck New Year’s Edition!

You know it’s been a hell of a year in terms of market volatility right? Now, in cryptocurrency, we expect that. It is a speculative asset class with binary outcomes. That’s why we only invest money in money that we can lose. In 2018, we definitely lost it (who knows about 2019). But the equity markets are supposed to be where you put your retirement money! Whats up with the volatility? December has been the worst month in the stock market since 2008 and could very well be the worst December since 1932 during the Great Depression. Why? Because the fed raised rates by one quarter of one percent? Because there is a government shut down over a border wall? Why do these seemingly unrelated circumstances affect your publicly traded equities? The answer…your wealth in the stock market is not real. When people get nervous and there is a sell off in the market, your wealth vanishes. Investing in the stock market is not conservative as conventional financial wisdom has led you to believe. It gives you exposure to systemic risk that you cannot control. Now I know some of you skeptics out there will say yeah Buck the real estate market is not an uncorrelated asset either. That’s absolutely true but here is the difference. You see, the money I have tied up in real estate is real. How do I know that? Well, I can see, touch, and feel an apartment building. And people have to live somewhere so they keep paying if they need a roof over their head. People sell stocks so they can pay their rent. As for the value of the building. Maybe it will go down in value for a period of time but if I’m making money from the asset now, why do I even care? I’ll just cash flow for a few years and when the value goes back up, maybe I’ll sell (or maybe not). These are not new concepts for this show but worth repeating because I am sensing panic out there with stock market investors and I am getting a lot of questions about where to invest or where to hold cash. Rather than be foolish and give you financial advice, let me point out that my own strategy continues to be to buy moderately leveraged real estate with value add opportunities in high growth markets (Dallas, Houston, Phoenix, Atlanta). If you are an accredited investor and you want to know exactly what I’m up to, join investor club ASAP and you can decide if you want to do the same. As for where to keep cash, I’ll say it again. There is only one vehicle that I know that continued to provide solid positive compounding growth and liquidity through the Civil War, the Great Depression, and the Great Recession. It’s called Wealth Formula Banking and, in my opinion, this is the best risk adjusted long term investment ever. If you are tired of feeling queasy not knowing which way the market is turning, it may be time to really take a look at this option.  I think we are in for some serious volatility in the next year. That said, I do not believe that we are headed for another 2008 right now. The biggest problem we have right now is that rates are normalizing (although mortgage rates remain low) and there is a tremendous amount of political uncertainty. The markets hate uncertainty. Sitting on cash in an almost certain inflationary environment may not be in your best interests either. That guarantees you lose money as inflation exceeds the nominal interest you are earning at the bank. Markets go up and down even though in good times we never seem to remember that. It doesn’t mean we freeze. It means we make decisions based on what is in front of us. In this week’s episode of Ask Buck, we touch on these topics and more. Start out the year with some Wealth Formula Wisdom. Don’t miss this episode. The post 139: Ask Buck New Year’s Edition! appeared first on Wealth Formula.

45mins

30 Dec 2018

Rank #1

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061: Investment Secrets of the Ultra Rich with Richard Wilson

The other day, I was speaking with a member of investor club and he said that it was very hard for him to look around and see funds (like AHP) that were offering double digit returns and take them seriously. He was comparing them to the low single digits of dividends in the equity markets. If double digits were available to people outside of the markets, why in the world would people buy bonds, he wondered. I actually hear this more often then you might think. Why? Because we have been brainwashed by Wall Street! They want you to think that getting returns higher than 4-5 percent is associated with only HIGH RISK INVESTMENTS. I know fund managers that could and would pay out double digits to their investors but don’t because they do not want their funds to be perceived as “too risky”! Folks–you are getting ripped off and you need to wake up. How do I know that you can make high returns with low risk? I OWN ZERO STOCKS, BONDS, AND MUTUAL FUNDS and I’m doing pretty well! But don’t listen to me. Listen to Richard Wilson on this week’s Wealth Formula Podcast. Richard is the founder of Family Office Club and works with $100 million plus net worth families. When you listen to what he has to say, compare it to my message and come to your own conclusion. The post 061: Investment Secrets of the Ultra Rich with Richard Wilson appeared first on Wealth Formula.

33mins

2 Jul 2017

Rank #2

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052: Be Passive and Prosper with Marco Santarelli

We are a culture of robots created by the industrial revolution. Our current public educational system was modeled after a system created by the Prussians in the early 1800s and was imported to us during the industrial revolution by guy named Horace Mann. This system was then fine tuned by a group of 10 guys at Harvard in 1892. Let’s take a step back and look at how this system works. Imagine a child stepping onto a conveyor belt in 1st grade. That child goes to 12 different stations that represent 12 grades in our school system. At each station, the child stops for a year and gets doused in pre-packaged education deemed appropriate for each age cohort. I’m sure you remember high school where there was a sequence of courses that you took depending on your grade level..ie geometry in 10th grade, etc. At the end of the 12 years, you have a finished product–well at least your supposed to. Some obviously fall of the conveyor belt a bit earlier than expected. However, assuming a child makes it to the end of the conveyor belt, they are then sorted out. The finest will be patted on the back and get shipped off to a new factory for a little extra polish. That factory is of course college and, potentially later, professional school. I’m sure you get my analogy here. It”s actually an ingenious system if you look at it through the lens of an industrialist. And my point here is not to say the system is wrong. It is certainly the best system we know. My point is to simply point out the methodology by which we become educated. It is like we are a bunch of robots that were created by this industrial educational factory. This factory is rigid and does not allow for a significant amount of flexibility in education. Now the people who come out most successful in this factory are those who excel at doing exactly as they are told and absorbing the information they are fed most efficiently. They are constantly being given positive feedback. Society commends them for not failing–for consistent success. That constant positive feedback creates a Pavlovian feedback loop where these people who are particularly good at school essentially know no other way to learn that to be taught formally and given a roadmap to follow. Now here is one flaw in the system. What if the factory forgets a key component while that child gets sent down the conveyor belt–say for example, financial education. Or even worse—say that financial education is taught but the curriculum was written by Wall Street? That is the paradox confronting many high paid professionals today. They excel throughout their lives and do everything right in school. They get the accolades and the titles like doctor or lawyer. But…many haven’t a clue how to teach themselves anything outside of their own professions. Instead, they rely on conventional wisdom since this is the societal norm and the right thing to do. In terms of financial education, they hesitate to learn things for themselves as that’s not what they are supposed to do. Some do it anyway and end up digesting the crap that is current investing paradigms. A few brave souls will try to get a broader perspective. They might start to realize that the whole personal finance thing–what they were led to believe was part of the common curriculum and therefore truth, was in fact nothing more than a creation of the banks. They, of course might get ridiculed by their family and friends for thinking outside of the Wall Street box. If they survive the scrutiny, they might get lucky enough to find a community like ours that is willing to consider “alternative investments”–namely tangible assets that don’t don’t disappear when there is bank failure. Some of them might start thinking about investing in real estate and might even run into today’s Wealth Formula Podcast episode that can help them get started small with turnkey rentals. I hope you enjoy the show. The post 052: Be Passive and Prosper with Marco Santarelli appeared first on Wealth Formula.

41mins

30 Apr 2017

Rank #3

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056: Fannie Mae’s Chief Economist Speaks: Doug Duncan

It is route important to remember that when I have people on the show, it is purely for educational purposes. I want to expose you to asset classes and hopefully open up a new way of thinking. However, I want to make sure you understand that it does not mean I am endorsing those particular offerings. To be clear, I do my best to only allow people on the show who I have vetted to some degree. Either I know them or someone that I trust knows them. However, even if I personally trust someone, and they are trustworthy, it doesn’t mean that I like the deal. If you are in my investor club, I am glad to give you my personal opinion. However, that’s really just my opinion, and again, not and endorsement. Over the years, I have found the hardest part about investing is trying to figure out who to trust. I have come to the conclusion that for me, investing works best when it is network based. What I mean by that is that the sponsor of the particular offering is within my network. You see, No investment opportunity is without risk. However, if you can, to the best of your ability, eliminate bad players, that is about 75% of the battle. I steer away from not only people who I think are prone to nefarious activity, but also those who I believe do not have their priorities right. Sometimes you can read between the lines and understand what people’s intentions are. Just listen to what they say. Are they trying to do the right thing? Do they focus on investor returns and building a long-term company with happy clients or do they talk about how big they want to get themselves? The latter is an alarming thing for me. That’s not because I think it is bad to be big and successful. Of course not, you’re looking at someone who owns businesses that are big and successful. However, big does not necessarily mean good. I could say that I want to build a $1 billion real estate empire. If I start with that goal in mind, what do I need to achieve it? I need to buy a lot of real estate with a lot of investor money. Even in markets like we have today, I might stretch a little bit to make sure that I keep buying properties to keep pace with my goal. Do you think that’s good for investors? I don’t. Rich dad advisor Ken McElroy has been out of the real estate market for over a year. As much as he continues to make offers, the deals that he knows will make his investors happy aren’t there. People are paying too much. I know this personally because my team is getting outbid routinely as well. Now, that doesn’t mean I’ll stop trying. Hopefully something will come to fruition soon enough. When it does, I will bring it to my investors and feel good about letting them participate. Don’t be impressed by people who are doing ALOT of deals right now. Be concerned. That doesn’t mean there are no deals in the market, but they are limited for sure. On the other hand, try not to get the chicken little syndrome either. If you see a deal and it’s a good deal and you know what you are doing, don’t be afraid to buy. There is no such thing as a risk free investment. But with hard assets, it’s kind of nice because they usually come with some financials. Numbers like net operating income over the past two years, don’t lie. In this market, the confident but conservative will prevail. If you sit on your hands and don’t even try, you might also miss some opportunities. The real estate market, in particular, is confusing the heck out of sophisticated investors these days because of the unusual state of the economy. So, who better to speak to about this than Fannie Mae Chief Economist, Doug Duncan? Tune into this week’s episode of Wealth Formula Podcast and listen to our conversation now! The post 056: Fannie Mae’s Chief Economist Speaks: Doug Duncan appeared first on Wealth Formula.

57mins

28 May 2017

Rank #4

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184: Should You Pay Off Your Mortgage?

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 debt and bad debt. Good debt puts money in your pocket (ie. mortgages on investment property) and bad debt takes money out of your pocket (ie. buying a television on your credit card).That’s straight forward. But what about the debt on your personal residence? Clearly that does not put money in your pocket. You could argue that with appreciation it might some day, but it certainly does not make you any money in the short term. So…it’s a bad debt, right?Yes, but wait a second. Chances are, your interest rate is pretty low. Instead of paying off your mortgage that is 3-4 percent, one might argue that putting excess capital into something relatively safe like Wealth Formula Banking that yields 5-5.5 percent compounding might make more sense. In fact, that would give you not only tax free-arbitrage, but also liquidity to borrow against at a moments notice.I hear some people say that they keep equity in their home in case they need to access it for liquidity through a home equity line of credit. But the problem there is that if you have an emergency (ie. you lose your job), your bank may not let you access your home equity anyway. Banks only lend to people with income and good credit. In other words, you may not be able to get to your own money when you need it the most!And let’s not forget why that bank doesn’t want you to pull that equity out if you get into trouble. When you have a lot more equity in your home, you become a bigger target for foreclosure. If there is little equity in your home, the banks don’t see nearly as much value in foreclosure.Lots of equity in your home, on the other hand, makes you a bigger target for creditors. Just remember, when you get sued, debt like mortgages and other loans are your best kind of asset protection!Now, you may be reading this and concluding that I am a fierce advocate of leveraging your home to the hilt. That’s  not necessarily the case. I am just a fierce advocate of thinking about what you are doing rather than just following conventional financial wisdom.What I will say is that the math favors not keeping a whole lot of equity in your home if you consider the time value of money and asset protection. The rest, in my opinion, is psychological. When it comes to debt on your personal residence, the psychological often supersedes the math and that’s okay too. I just want you to think about why you do what you do.Now, what if there was a way to access home equity without borrowing? What if you could sell part of the equity in your home and not have payments to worry about? There is actually a relatively new product known as a home equity contract that could potentially allow for you to have your cake and eat it too. That’s what we are going to talk about on this week’s Wealth Formula Podcast so don’t miss it! Shownotes:The problem that Quantm.One tries to addressWhat is Quantm.One?Why Home Equity Contracts are becoming more popularHow to have your cake and eat it too.Matthew talks about Quantm.One’s online processThe post 184: Should You Pay Off Your Mortgage? appeared first on Wealth Formula.

42mins

10 Nov 2019

Rank #5

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040 : Interest Rates, Mortgages and Apartment Buildings with James Eng

Wherever you stand on the political spectrum, you must admit that the Trump presidency has already demonstrated that it is going to do things differently over the next 4 years. Curiously, history shows us that presidents have very little to do with the state of the economy. Mostly, they are just in the right place at the right time or vice versa. Let’s take Bill Clinton for example. Clinton’s term coincided with the rise of the internet and the dotcom economy. Lucky for him, he got out before that bubble burst. During his 8 years in office, Clinton dismantled some of the most significant pieces of financial regulation we had and we did not see the negative implications of those choices until 2008. For example, the repeal of Glass-Steagall legislation occurred in 1999. Glass-Steagall was enacted by the United States Congress in 1933 as part of the 1933 Banking Act and separated commercial and investment banking. It restricted affiliations between banks and security firms. What does that mean, you ask? Quite simply, the repeal of Glass-Steagall made it possible for the big banks to become “too big to fail.” Without this repeal, the global financial meltdown of 2007-2008 would not have been possible. But in November of 1999, Clinton declared “the Glass-Steagall law is no longer appropriate.” Don’t get me wrong, I’m not dissing Willy. My point is that most people judge presidents based on things with which they had little to do (ie. the dotcom era). The first George Bush got elected just as we were entering a recession…was that his faulty? Economist will tell you that he simply got caught in the cross-hairs of an oncoming recession. What if he was elected in 1992 instead of 1988? Now, in the case of Trump, we may actually being something a little different. If indeed he goes through with massive infrastructure projects, we will see a direct impact, for better or for worse, on the economy. The Trump effect already has made an impression. The dollar saw it’s worst month in decades because Trump has repeatedly suggested that other currencies are undervalued. That necessarily means that Trump believes the dollar should be weaker and, going against the strong dollar policy that has been the rule since the Reagan administration, Trump is clearly advocating for the “weak dollar” and the markets see that and a sell-off of the dollar was the result. By the way, he wants a weak dollar to make our exports more attractive to other countries. Anyway, as an investor, the infrastructure projects have many implications. First, infrastructure projects mean inflation, almost by definition. Quantitative easing did not work well and you might wonder why printing billions of dollars would not have created inflation in and of itself. The reason is that the money was lent to banks. The bank, in turn, used it to improve their balance sheets and never really started lending the way the fed anticipated. Infrastructure projects, on the other hand, mean that the government is going to inject money directly into the economy. Think of the construction of bridges, etc. You put a lot of people to work along with manufacturers and ultimately, that money spills over into the rest of the economy as people spend their new earned money on things they want and need. That’s why this kind of fiscal policy is referred to as helicopter money. If done, it will stimulate the economy and also INFLATION. So, as a real asset investor, we don’t fear inflation because we are hedged against it. If you own rental property and inflation goes up, so do your rents. In fact, inflation will erode your debt and so having a mortgage is a great idea when inflation increases. How do interest rates behave through all of this? Well–everyone is so fixed on what the federal reserve is saying and doing. The reality is that interest rates have much more to do with bond markets than they do with the fed’s yearly 25 basis point increase. So what determines what interest rates will be and how will that affect you and your ability to buy real assets in the coming years? Find out by listening to this week’s episode of Wealth Formula Podcast as we discuss these concepts with James Eng of Old Capital Lendin The post 040 : Interest Rates, Mortgages and Apartment Buildings with James Eng appeared first on Wealth Formula.

52mins

12 Feb 2017

Rank #6

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032 : Cash Flow vs Capital Gains with the White Coat Investor

As you know, I am pretty passionate about entrepreneurship and investing. Specifically, I tend to be dogmatic on investing in real assets. Am I right? I don’t know. Obviously I think so. That said, there are plenty of rational, smart human beings that are investing in a more traditional fashion. Are they wrong? Obviously I think so. But…that’s me basing my own opinion after thoroughly educating myself. Whatever you decide is your personal investment philosophy, it is critical for you to understand what the other side is thinking. You never learn anything if you only listen to people with whom you agree. That’s why I wanted to talk to Dr. Jim Dahle, he is a practicing board certified emergency medicine doctor and the editor of whitecoatinvestor.com which is a very popular financial blog focused on financial education for physicians. In essence, he is doing what I am doing, specifically for doctors. That said, there are two major differences. My show focuses on all high paid professionals and entrepreneurs, not just doctors. The other, more pronounced difference, is that his views of investing are more traditional than mine. As you all know by now, I am a hard asset investor and I personally refer to stocks, bonds, and mutual funds collectively as “garbage.” That, by no means, is an attack on Jim. He and I just don’t see things the same way. In fact, Jim offers a great deal of financial education on his site that is really worth checking out and are certainly in “neutral territory”. You can’t have too much financial education. You, personally, need to figure out what you believe in and take action. Both Jim and I strongly believe that financial education and investing is critical to your future. I have a great deal of respect for Jim and what he is doing. His mission is a noble one…to help the over-educated but financially ignorant. That’s something I would like to do as well. So…in the spirit of presenting both sides of the coin, this podcast has 2 parts. First, I interview Jim, and then you will hear me get interviewed by Pete Mathew of The Meaningful Money Podcast. I hope you enjoy it! The post 032 : Cash Flow vs Capital Gains with the White Coat Investor appeared first on Wealth Formula.

1hr 8mins

18 Dec 2016

Rank #7

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155: TribeVesting

When I first described by “work” to my CPA, Tom Wheelwright, he said, “So you are an entrepreneur who just happens to be a surgeon”. I hadn’t thought about it that way, but I guess that’s what I am. Now listen, I don’t take the label “entrepreneur” necessarily as a complement. It’s more of an affliction than anything else. If you are an entrepreneur, you know what I am talking about. We can be a real pain in the ass for our significant others with all of our bright ideas and, often, our miserable failures. I often wish I had a personality that allowed me to simply be content doing the same thing for twenty years as a high paid employee and just enjoy my life. But…it’s just not in my DNA.What is an an entrepreneur anyway? Of course we tend to think of entrepreneurs as people who start businesses, and by definition, that’s true. But more than that, however, entrepreneurship is the love (maybe even the addiction) to solving inefficiencies or problems. If you can find a problem that is not being adequately addressed, you have a business opportunity. And for us entrepreneurs, discovering that opportunity is a rush.That said, everyone has a million dollar idea but only entrepreneurs are the ones foolish enough to act on it. To be clear, my entrepreneurial life has little to do with what I talk about on Wealth Formula Podcast. Wealth Formula is about investing the money you earn. You may earn your money by working a high paid job like a doctor or lawyer. I make mine by owning businesses. My businesses buy my real estate (I heard Robert Kiyosaki say that once).Wealth Formula has, however, turned into a business and the problem it addresses is the lack of financial education people have along with the minimal exposure to investments outside of the Wall Street paradigm. Admittedly I did not start my podcast with any idea that it would turn into a business, but because I was addressing a problem many people have, it became one.When it comes to investing our money, there are also a lot of inefficiencies in the system and problems that need to be solved. For example, how do you invest in 10 real estate opportunities through private placements when you have $100K per year to invest and each deal has a $50K minimum.That’s the problem that TribeVest takes on head first and I think the concept is simple but brilliant. If you are an active investor and are trying to figure out how to get exposure to more investments with finite resources, you are going to want to listen to this week’s episode of Wealth Formula Podcast.TribeVest was born around a kitchen table with a group of brothers who dreamed of owning a vacation home. Travis, one of the brothers, wanted to offer a platform that gave roadmaps for other tribes to achieve their dream investment, just like him and his brothers. He experienced first hand the power of an investment tribe.Shownotes:The origins of TribeVestHow does TribeVest work?The 29-point tribal line surveyTribeVest Founders Clubhttps://tribevest.comTravis@TribeVest.comThe post 155: TribeVesting appeared first on Wealth Formula.

41mins

21 Apr 2019

Rank #8

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051: Wealth Grows in Trees with Alex Wilson

Should you always invest in things with the highest returns? Well? That’s an interesting question. When I first started investing, that’s all I cared about. When I bought my first apartment building, I did the numbers and looked at the tax returns. It looked like I was going to get over 25 percent cash on cash. It didn’t turn out that way though. It was a D class apartment building that I couldn’t manage nor could I find a manager who could. Instead of making 25 percent cash on cash, I lost a lot of money. These days, I look at that mistake as the price of education. The mistakes I made on that property were never made again and I have never lost money on real estate since that first building. One of my lessons is that you can’t just look at the numbers. Why do class D buildings have potential for higher returns? Because they are a bigger risk. It is often the case that returns correlate to risk and we have to keep that in mind. As you may know, I own multiple businesses. Businesses trade very differently than real estate. Right now, medical businesses like some of those that I own may be valued at 10X of net operating income (to use real estate language). That is actually pretty darn high for a businesses of my size. for example. If my business made 2 million dollars in profit, the valuation may be north of 20 million. Wow! That sounds great right? But wait, in real estate terms, that is a capitalization rate of 10 which, if you are selling a property, is not necessarily something to celebrate. Why the disparity you ask? Well, one is a business that has many moving parts. It relies on all of the operations around running a business. The assets are the brand, the management, and maybe the good will of previous customers and referral sources. Buying a business like this from me has far more risk than buying an apartment building from me with the same net operating income. Therefore, the valuation is different. The moral of the story: yield correlates with perceived risk. Now let’s be clear. How people perceive risk is quite variable. To me, buying a stable b or c class apartment building does not feel terribly risky so I get to take advantage of relatively higher returns that this class of property yields compared to someone that feels comfortable investing in only luxury apartments where the affluent reside. Get the picture? The reality is that there are all sorts of variables that dictate risk. Let’s take another example: Did you know that timber—you know wood, has outperformed stocks, long term corporate bonds, gold and real estate for over 100 years? Why are we not buying more timber? Maybe it’s because it’s not liquid for several years. There’s a premium for waiting for your money. In fact, billionaire hedge fund manager Jeremy Grantham once said “timber is the only low-risk, high return asset class in existence.” Well, that alone is worth learning more about it. You can do that by tuning in to this week’s episode of Wealth Formula Podcast. I hope you enjoy the show! The post 051: Wealth Grows in Trees with Alex Wilson appeared first on Wealth Formula.

39mins

23 Apr 2017

Rank #9

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176: Should You Invest in Multifamily Real Estate NOW?

There is clearly fear in the heart of investors in the equity markets and real estate alike as talk of trade wars and recessions abound.Meanwhile, I’m investing more in multifamily real estate this year than I ever have. In fact, I’m investing my 80 year old dad’s money in the same offerings—the opportunities everyone sees in Investor Club!So why would I do this? Well, lots of reasons. Here are just a few:1. I can’t time the market. The podcast echo chamber has been warning of the impending zombie apocalypse for at least 4 years now. Since then, I have been in and out of multiple deals creating permanent wealth. If we do have a recession (which I don’t doubt), does it have to be a blood bath? Remember, the average length between recessions is 5.5 years. If you enter an investment today, you could very well be back at the top of the cycle by the time you are ready to sell. 2. I only invest in quality assets that are in quality markets. What does that mean? Well, I like multifamily real estate located in high growth areas. If there is strong growth in population and in jobs organically today, then there is no reason that demographic trend shouldn’t continue with or without a recession over the long term. That means a lot of people needing to live somewhere and multifamily real estate solves that problem. While it may be the case that my returns slow down for a year or two if rent growth slows, if I invest in quality assets in quality areas, I don’t worry too much about it. I don’t believe I will lose money.3. What makes me so confident that I won’t lose money? Well, the basic thesis of my investing is to not buy and hope. For those in INVESTOR CLUB, you know that I am a believer in forcing equity through value-add strategies. That means we are dynamically decompressing our own property cap rates and giving ourselves a bigger cushion in the event of any slow-down. We create value from day one and that’s why our multifamily investment returns have averaged 30 percent annualized over the last 6 years—way above proforma’s. If a downturn happens, we have a big cushion!4. I believe in the volume averaging approach. This goes back to the fact that I cannot predict market cycles. I prefer potentially less growth and capital preservation during a recession (real estate) over negative growth or losing money (money in the bank or stock market). As long as I invest in the right deals with the right operators, I just keep deploying capital on a regular basis. The ups and downs of the market cycles will take care of themselves.5. The longer I’m in the investing game, the more I’m convinced it has more to do with the team than the asset itself. Right now, I have operators that I trust that make it very easy for me to deploy capital and that is the BIGGEST reason I am investing so much in real estate NOW. Even if there is an economic downturn, I’m in a very safe position with an extremely competent team. In fact, we will continue to buy through any potential downturn and follow it all the way back up!Do I sound too optimistic? I would say I’m being realistic. Understand that, although I won’t be surprised to see a downturn in the next 12 months or so, I believe the next decade will be the “roaring 20s”—just like the ITR economics guys told us in a previous podcast. I don’t want to miss any of that!That said, I’m always listening to what economists and other experts have to say. In fact, on this week’s Wealth Formula Podcast, I have a highly respected economist who specializes in multifamily real estate. His name is Ryan Davis and he definitely knows what he’s talking about so make sure to tune in!Ryan received a Ph.D. degree in Economics from The University of Texas at Dallas and graduated summa cum laude from Sewanee: The University of the South.After completing his Ph.D. program, Ryan joined Witten Advisors as a Senior Economist. Previously, Ryan was Vice President of Royal Bank of Canada’s Capital Markets division where he was responsible for originating, underwriting and closing multifamily and commercial mortgages for inclusion in CMBS pools and for sale to Fannie and Freddie. Before RBC, Ryan was a Director at BMC Capital, a multifamily and commercial mortgage-banking firm.Ryan has been a keynote speaker at industry conferences and co-presents all client updates with Ron Witten. He is a member of Urban Land Institute’s (ULI) Multifamily Gold Council, ULI North Texas’ Multifamily Council, ULI North Texas’ Center for Leadership Program, and the National Multifamily Housing Council. Ryan currently serves on the board of the DFW Association for Business Economics, elected President for 2018.He serves as Director of Research and Client Services at Witten Advisors. In this role, Ryan provides fact-based research, analysis and discussion to help clients formulate their apartment market strategies. This insight informs investment decisions for multifamily development and buy/sell opportunities. Shownotes:Ryan’s background The recession does NOT necessarily mean zombie apocalypse http://www.wittenadvisors.com/the-witten-advisory/ http://www.wittenadvisors.comThe post 176: Should You Invest in Multifamily Real Estate NOW? appeared first on Wealth Formula.

43mins

15 Sep 2019

Rank #10

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049: Leverage is time with Ari Meisel

What is leverage? The action of a lever by definition is to gain some kind of advantage. It can be physical like when you are using a tool or, in finance terms, it is the use of borrowed money to enhance buying capacity (and hopefully increase return on investment). A few shows ago I emphasized that my belief was that coveted currency for most, whether realized or not, is time. I equate wealth with time rather than dollars in the bank. Therefore, time is my currency of choice. On this show, we often emphasize the idea of residual cash flow via real estate or other investment vehicles as the primary means of giving you more time to do the things that are important to you. However, there is one more way to increase your bottom line on time. That is to reduce the amount of time spent on things you’d rather not do. Tim Ferris’, The 4 hour Work Week, popularized this notion about a decade ago. It’s a great book and it’s really funny. Tim writes about outsourcing just about everything using a virtual assistant in India–even going as far as having the virtual assistant talk to an angry girlfriend on his behalf! Anyway, I was inspired by Tim’s book and tried using virtual assistants for a while but the hardest part for me was always dealing with companies overseas where there was a big language barrier and often substandard quality of work. Eventually, I dropped the whole notion of virtual assistants in my business life all together. I never really even thought about using them in my personal life. That is until recently after meeting Ari Meisel at a genius network meeting. Ari’s built a company called Leverage that combines highly trained english speaking virtual assistants combined with training on how to best automate your business and personal life. It’s really a neat company. Why have Ari on Wealth Formula Podcast you might ask? Because wealth is time and Ari is the king of maximizing time for productivity and leisure by hacking off all of the unnecessary and unpleasant tasks in life. This is a service that I think many of you are going to love and in this episode of Wealth Formula Podcast you’ll get to learn all about it. This could change your life! Best Regards, Buck Joffrey The post 049: Leverage is time with Ari Meisel appeared first on Wealth Formula.

23mins

9 Apr 2017

Rank #11

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027: Robert Kiyosaki’s Advisor Tom Wheelwright on TAX FREE WEALTH

This show is about Tax Free Wealth with Tom Wheelwright. So with all my posts about taxes and my special report, you are probably thinking I’m a little obsessed with this whole tax thing. Well, I am and it’s in part because I read this book called Tax Free Wealth from Tom Wheelwright about 3 years ago. If you don’t know Tom, you should. He is Robert Kiyosaki’s tax guru and one of the Rich Dad advisors handpicked by Kiyosaki himself. I only have a handful of must read books in my resources section which you should check out at wealthformula.com and Tax Free Wealth is one of them. It is NOT a boring tax book. It’s actually well written and incredibly fascinating.Folks…the biggest expense virtually all of you have out there is taxes. Furthermore, most of you think you can’t legally reduce your taxes and it is just what it is. You’re wrong. I know this from personal experience having worked with high level tax advisors and it has literally saved me north of 7 figures in taxes in the last 3-4 years alone. I’ve even told a bunch of you about some of my strategies and created a special report that is just a taste of what there is out there that the government WANTS you to do that results in big tax savings.Okay..don’t take it from me. I’m just another doctor. But do me the favor of taking it from Kiyosaki’s guy, Tom Wheelwright! This week’s Wealth Formula Podcast episode could literally change your life.The post 027: Robert Kiyosaki’s Advisor Tom Wheelwright on TAX FREE WEALTH appeared first on Wealth Formula.

48mins

14 Nov 2016

Rank #12

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043: Inflated: How Money and Debt Built the American Dream-Christopher Whalen

In the 1980s, you could get double digit returns on your savings. Interest rates were that high.  That said, inflation was out of control as well so the real value of earnings might not be as attractive as it is at first glance but certainly better than today. Today’s economy punishes savers be eroding there wealth through inflation while not providing and significant interest. That’s why Robert Kiyosaki says, “savers are losers.” In the last few decades, we have become an economy of low interest rates and debt. At first, we used these tools to fuel our economy and to create better lives for ourselves but, eventually, like most drug users, we became addicted. Now, we can’t live without debt and inflation! We need to create more debt so that we can pay off our old debt and we need inflation to devalue and erode the debt we have. What do you do in this kind of economy? As they say, “When in Rome, do as the Romans do.” If we must have inflation to pay for our fiscal sins, ride the wave. Invest in Real assets…real estate, raw land, precious metals and art. Why? When inflation happens, it does not leave real assets behind–we inflate together. There are few people who understand this and explain this better than this week’s guest on Wealth Formula Podcast, investment banker and author, Christopher Whalen. The post 043: Inflated: How Money and Debt Built the American Dream-Christopher Whalen appeared first on Wealth Formula.

40mins

26 Feb 2017

Rank #13

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070: Real Estate Investing with Russell Gray!

I have said on a number of occasions that Wealth Formula Podcast is NOT a Real Estate Show. So why do we talk so much about real estate? Well, for people who want to grow their wealth, there simply is no other asset class with a better track record and more upside than real estate. The Wealth Formula Principles for Wealth Creation are: Invest in tangible things, not paper. Invest in cash flowing assets preferentially.< Invest in things you can understand. Complexity is a tool used by Wall Street to siphon away your profits. Utilize the concepts of velocity (ie. Re-invest quickly) and leverage to increase and amplify your returns. Invest in financial education. If you are reading this, you are already working on principle #5. You can easily put in to play principles #1-4 by investing in real estate. On the other hand, if you are investing in gold, it is hard to cash flow and it is hard to use leverage. That doesn’t mean you shouldn’t invest in anything that does not follow these five principles. As long as you know the rules, by all means, break them. I break them all the time. I own gold. I own life settlements. There’s a reason for them all. But the majority of my investments outside of my businesses are in real estate. And, if you want my opinion, that’s what anyone wanting to build wealth over time should have as their PRIMARY investment focus. Of course, it is very important to learn about real estate if you are going to use it as a primary investment vehicle and we certainly talk about it on this show. That said, who better to learn more from about real estate, than the Real Estate Guys themselves! Of course the Real Estate Guys are also known as Robert Helms and Russell Gray—a couple of good friends of mine. Robert was on the show a while back ago talking about a luxury resort in Ambergris Caye, Belize that many of you, through investor club, know about and may even be invested in already. Russ is the other half of that dynamic duo and is our guest on Wealth Formula Podcast this week. Make sure you tune in to learn why Russ thinks you should be investing in real estate now! The post 070: Real Estate Investing with Russell Gray! appeared first on Wealth Formula.

43mins

3 Sep 2017

Rank #14

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044: Small Change, Big Profits with Eve Picker

The ideal business is not one that is necessarily glamorous. I have a cosmetic surgery business that is uncomfortably glamorous for me–I’m not a really flashy guy. Nevertheless, my plastic surgeons do a great job of making people get over their body hangups. It’s not just about changing a person’s physical appearance, it is actually more about changing their mental state. That translates into their lives as confidence. It’s a good business. Lot’s of work and competition but my team does an outstanding job and we make money. However, I cannot say that it is an “ideal” business. In my humble opinion, the ideal business is one where everyone wins and the business makes a difference in the world. One example of this is Jorge Newberry’s American Home Preservation. AHP is one of our sponsors but I have been talking about them long before we ever had a sponsor relationship. American Home Preservation actually started out as a non-profit organization. The idea was simply to buy failing mortgages in bulk and rent the houses back to those getting foreclosed on—keeping families in their homes. What a great deed right? Eventually Jorge figured out that doing something socially responsible didn’t mean he had to be non-profit. In fact, what he found over the years is that by getting investors involved and scaling his business, he can actually do more good and make quite a bit of money for himself. Meanwhile, the people he keeps in their homes are happy and, of course, you are happy because you are getting 12 percent annualized return on your investment as a monthly check. Oh yeah–Jorge is pretty happy too! In this scenario, EVERYONE WINS and that is why American Home Preservation is, in my view, very close to the definition of an ideal business. You can learn more about them at AhpFunding.com. Gene Guarino’s assisted living model featured in episode 29 is another example of a business where everyone wins. His model helps seniors live in homes rather than in institutions. It’s better for the individual who needs extra help with daily living but does not want to move to a sterile box. It helps the elderly person’s children feel better about where they are leaving their parents. And,  it helps entrepreneurs like Gene by making him money while giving him a sense of doing good in the world. There seems to be an onslaught of hate in this country which is sad. For some reason, it seems like it’s okay to be hateful as long as you put an American Flag on your Facebook page. We are better than that. I was heartened to see even George W Bush speak out about it last week. This is not a political show but I will say that as a father of three little girls I am very concerned about the trajectory of our national rhetoric. I want to stay positive and continue to promote people who are doing good things. Don’t get me wrong… I am a raging entrepreneur and capitalist. We are not gong to start interviewing non-profits on this show anytime soon. I have my own non-profit organization so of course I certainly endorse good causes. However, Wealth Formula Podcast is about making money. But, whenever possible,  I want to showcase people who are making money by doing good. In that spirit, this week’s guest on Wealth Formula Podcast is Eve Picker of Small Change. The post 044: Small Change, Big Profits with Eve Picker appeared first on Wealth Formula.

26mins

5 Mar 2017

Rank #15

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166: Should You Invest in Assisted Living Facilities?

Let me tell you about another one of my failures. A few years ago, I was listening to a well known podcast and I heard about this concept of turning single family houses into elderly care facilities. The idea sounded pretty compelling so I decided to go to the “course” in Phoenix. In fact, I went out there with another entrepreneur buddy of mine.In short, we both got sold on the concept (and I mean sold). The next thing you know, we were dropping five figures on a coaching/mentorship program. Have you ever bought something like this? I bet you have if you think about it. Good marketers know that people respond to fear and greed and this one had elements of both. Now I am not saying that this program that I signed up for was worthless. I did learn a lot and I believe that had things gone another way, I could have had a successful small business on my hands.However, a lot of things got in the way. First of all, I bought a house that was clearly zoned for such conversion, but it was clear that the neighbors were not going to have it.But wait..if you are zoned properly, shouldn’t you be able to do whatever you want to do? Not really—that’s where the theoretical and the real world of local real estate politics collide. In short, the neighbors were making me jump through all sorts of hoops that they knew would be time consuming and expensive. The proposed traffic feasibility study alone would have cost me tens of thousand of dollars.In the end, I asked my business attorney if the neighbors could really stop me and he said, “no, but they can make you wish you had never started”. Now understand that while all this was going on, I was making a lot of money doing things that were not nearly as hard. Had I known what kind of effort would go into this, I would have never started. So, I decided to just sell the house.A couple of weeks after listing the house, my broker called me up and let me know that he had taken a potential buyer to the property and that a pipe had burst. There was water everywhere and he could already smell the mold.Fortunately, I had insurance and it covered me for just about everything. We got permits and the contractor started to work. But things were going unusually slowly. A year later, the contractor had made very little progress other than to tear the thing apart.It started getting ridiculous. There was all sort of excuses for delays that made absolutely no sense. Eventually, the contractor confessed that he had taken the money and bought a couple of other houses to flip. The problem was, he couldn’t sell the houses that he rehabbed!Can you believe that? He then agreed to return the money to avoid litigation…until he spoke with an attorney. Then he denied ever saying he used up the funds to buy other houses. The next thing you know we were off to the legal races.If you want to know how this thing ended ask me next time you see me. But suffice it to say, this did not end up the way I wanted it to. When all was said and done, I was down over $250K with nothing to show for it.Now, I don’t blame my coach/mentor for this. The service provided was reasonable and had circumstances been different, I might have had a profitable little business.But there was a valuable lesson there. No matter how you cut it, what I was embarking on was an extremely high risk endeavor. I was doing something that really had not been done before in the Chicago suburbs. It involved significant investment into real estate and there were an enormous number of moving parts—many of which were out of my control.For a guy with some highly profitable businesses at the time, did it make sense for me to take this on? In retrospect the answer was clearly no. Even had things turned out ok, the reward simply was not high enough for the risk involved.Understand that I am a serial entrepreneur. I have successfully started multiple businesses with seven and eight figure yearly revenues. But I have also failed on some. That’s why, when it comes to my entrepreneurial activity, I never accept investor money. I am willing to take a lot of risk on my own dime but I’m leaving you out! So, losing money in that venture was not that big of a deal to me. I’ve lost a lot more than that with other efforts. But what bothered me about this one was that the upside was so limited. Why did I think it was worth it? Well, I think I had mistook a business start up for a real estate investment.When you hear about 30 percent cash on cash projects, that sounds pretty good to a real estate investor but it’s not that big of a deal for a business start up. You should expect that kind of return from buying an established business. But for a start-up??? No. That’s enough.For reference, my successful startups have had returns in the 400-500 percent range and have been incredibly scalable. That makes up for the big losers. The best case scenario for this start-up was 30 percent cash on cash, lack of scalability, and a ton of work and responsibility (it’s a big deal taking care of the elderly!)Bottom line, I chalk this experience up as a mistake. Now, don’t get me wrong. I know there have been people doing this successfully but those who are doing it well are not treating this as a passive endeavor and, in my view, could be making a lot more money doing other things with the same level of effort.That’s my opinion based on my experience. However, others have had other experiences and are doing quite well with this. I find that those most successful in this arena are those who really care about what they are doing and don’t see it through the lens of pure profit.Loe Hornbuckle is one of those guys. If you want to explore senior living as something you want to get exposure to, you will want to listen to this week’s Wealth Formula Podcast. I didn’t hold back. I asked Loe hard questions and he did a very good job of answering them.Loe is the founder and CEO of Sage Oak Assisted Living in Dallas, Texas.Family-owned and operated, Sage Oak was founded to fill a need in personal home care for seniors. Our homes are located in some of the best residential neighborhoods in central Dallas,allowing residents to feel like they are at home, especially when compared with some of the larger facilities, which to many residents can feel more like a hospital or an institution.Shownotes:Loe talks about how he got interested in Assisted Living Assisted living facilities as a service business with a real estate component Scalability of assisted living facilites What is Boutique Assisted Living? The pitfalls of single family homes converted to assisted living facilities Loe’s future projectsthesageoak.com loe@thesageoak.comThe post 166: Should You Invest in Assisted Living Facilities? appeared first on Wealth Formula.

53mins

7 Jul 2019

Rank #16

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156: Centimillionaire Secrets with Richard Wilson

Lately, I’ve been getting a lot of questions from investors on how to choose investments—particularly private placements that are readily available to accredited investors.First, let me be clear that there is no magic solution to getting all of your investment picks right. In fact, if you invest long enough, something will go wrong. Next, nothing I say should be construed as investment advice. All I can do is to share my experience.Experience is the way I have learned the most. I started looking into private placements about 7-8 years ago. My primary focus was something I felt like I knew a little bit about—real estate. But from there I had no roadmap to follow.Where do you start when you are new at this stuff? Well, unfortunately I started with google and ended up finding a guy who is a bit of a charlatan in the space. I spoke to him and he suggested that maybe I join his team given my real estate experience. That sounded like a great idea. Essentially, I would get to participate in the limited partner side and the general partner side and leverage that part as well. And, I reasoned, I would learn something about being a fund manager in the process. So, I signed up.Every week there was a team call and this guy would lead it. You see, I was not the only one he thought was special and worth bringing on to his exclusive team. There were a lot of us special people. We came from different backgrounds but we all had one thing in common—we all had a circle of friends/community that had money. In my case, I was tagged as a guy who could bring money in for doctors.Ok. So, that in and of itself is not a bad thing. In fact, if you can bring people to great opportunities and get some additional benefit for yourself, that’s great. You are solving a problem and helping others in the process. Now…here was the unfavorable part of this fund.On these team meetings it was very clear that this self proclaimed “hedge fund manager” had very little interest in making investors money at all. Every conversation was about the fees we could charge (which he kept for himself) and the need for us partners to bring in more money. He urged me countless times to put together a group of doctors for him to speak with and even to get my father involved.Luckily, I didn’t. It was pretty clear to me that this guy was a shyster and that I should distance myself from him as soon as possible. In the end, the money I invested was lost. For the last 6-7 years I have been receiving a K1 with no income. Meanwhile, I know the guy made a ton of money up front and doesn’t really care about losing investor money in the least.So, what mistake did I make here? Well, I looked him up on google and he was a guy who made the podcast rounds and even spoke at events. He was a great salesman. I mistook that for someone who was a good fiduciary for my money. You think that is an uncommon mistake? Think again.While a number of these individuals that are prominent on social media and on the podcasting circle are not crooked, they have not really proven anything to you other than that they are good at getting your attention.So, if not google then where do you start? Well, in this age of the internet and social media, I actually rely on something a lot more mundane—positive feedback from previous investors who I know like and trust.The real estate operator that I work with the most did not find me nor did I find them on the internet. I found them through people in our investor club that told me about their experience and the kinds of returns they were seeing. That’s what got me initially interested.Next, I did some good old fashioned reconnaissance. I talked to several different people on their team, tracked the ongoing sentiment of known investors of theirs, and made a trip out to walk properties with them and meet them in person. Finally, I got a stellar reference from someone within the same field with tremendous integrity. With that kind of social due diligence, I felt very comfortable moving forward and looking at the numbers and track record closely. Notice how the numbers came at the end and not the beginning. Anyone can make an investment look good on paper. In fact, I can honestly say that the glossier and fancier the offering memorandum, the less I trust it. I want to know the people and know the numbers…in that order.Of course not everyone has the time to do vetting like that and that’s why a group like our accredited investor club provides a useful team approach to utilize collective wisdom. At the end of the day, it’s not all that easy to find good operators. That’s why I don’t work with more than a handful of them. After all, the wealthiest people in the world get there through specialization and focus, not by chasing the next shiny object. Just look at Warren Buffet.My guest on this week’s Wealth Formula Podcast today can attest to what I’m saying. He’s been around some of the wealthiest Americans in the country and has learned the secret sauce behind their success and the way they think. His name is Richard Wilson and he is the founder of Family Office Club. If you want to learn to think like the rich, you are not going to want to miss this show!Richard C. Wilson helps $100M+ net worth families create and manage their single family offices and currently manages 14 clients including mandates with three billionaire families and as the CEO of a $500M+ single family office and Head of Direct Investments for another with $200M+ in assets. The Wilson Holding Company is also the exclusive wine importer and a wine brand representative for Hofkellerei des Fursten Von Liechtenstein, the 600 year old vineyard owned by the princely family of Liechtenstein.Richard is author of the #1 bestselling book in the family office industry, The Single Family Office: Creating, Operating, and Managing the Investments of a Single Family Office and a book called How to Start a Family Office: Blueprints for Setting Up Your Single Family Office. Richard has his undergraduate degree from Oregon State University, his M.B.A. from University of Portland, and has studied master’s level psychology through Harvard’s ALM program while previously residing in Boston. Richard currently resides 10 minutes from downtown Miami on the island of Key Biscayne, Florida with his wife and three daughters.Shownotes:The most common sources of the wealthThe Centimillionaire’s mindsetThe two types of family officesWhy do you need a Family Office?How Centimillionaires invest their moneyFamily Office Podcastfamilyoffices.comcapitalraising.comCentimillionaires.comThe post 156: Centimillionaire Secrets with Richard Wilson appeared first on Wealth Formula.

44mins

28 Apr 2019

Rank #17

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202: What is the Safest Investment in American History?

What we are experiencing right now is truly a black swan event. Even those who predicted a recession had no idea how badly the global economy could be crippled in just a few weeks.Hopefully it will be short-lived. But frankly, even a few months of people staying at home and not buying anything will have extraordinary repercussions.The fiscal and monetary tools we have to combat our situation are not designed for this kind of assault. Cutting interest rates and quantitative easing are meaningless if businesses are closed and no one is buying anything. Cutting payroll taxes doesn’t help when no one is at work.Treasury Secretary Mnuchin suggested that if a strong fiscal stimulus is not taken soon, we could end up with 20 percent unemployment—comparable to Great Depression levels.Wouldn’t it be nice not to have to worry about your retirement money right about now? How would that even be possible?Well, suppose there was a financial instrument that’s been around and tested for 1400 years and used by some of the wealthiest families in the world for generations to create and preserve wealth. Suppose that product survived the test of the Great Depression and became the favorite financial instrument for those who lived through it because it paid positive interest every year while everything else around them crumbled. Wouldn’t that sound appealing right about now?It gets better, this investment grows untaxed and its liquidity can be harnessed in any credit condition. In fact, it is a product that literally allows you to invest the same money in two places at the same time.In my opinion, this kind of product is the safest investment outside of US treasuries—safer than any corporate bond that I could buy and far more profitable. Simply put, I don’t understand why it’s not part of everyone’s portfolio.I am talking about permanent cash value life insurance strategies. We call these strategies Wealth Formula Banking and Velocity Plus. If you do not know how these strategies work or what they can do for you, I HIGHLY suggest you listen to this week’s podcast.I can honestly say that if you learned and implemented one of these strategies, and did nothing else that I talk about on this podcast or investor club, I would feel like I’ve done you and your family a great service. That may sound like an exaggeration but I use these tools myself and, with the way the market is right now, I couldn’t be happier that I made that decision.So, do yourself a favor and listen to this podcast now!PS. Here is the information for the upcoming webinar mentioned in this podcast:Bunker Investing: Wealth Formula Banking and Velocity PlusThursday, March 26th 5:30PM CSTRegister HEREShownotes:How does Whole Life Insurance work? How is life insurance similar to real estate? Christian talk about the investment strategies of the ultra high net worth How does Wealth Formula Banking essentially let you make money in two places at the same time?What is Velocity Plus?The post 202: What is the Safest Investment in American History? appeared first on Wealth Formula.

1hr 5mins

22 Mar 2020

Rank #18

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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! Richard Duncan is the author of three books on the global economic crisis. The Dollar Crisis: Causes, Consequences, Cures (John Wiley & Sons, 2003, updated 2005), predicted the current global economic disaster with extraordinary accuracy. It was an international bestseller. His second book was The Corruption of Capitalism: A strategy to rebalance the global economy and restore sustainable growth. It was published by CLSA Books in December 2009. His latest book is The New Depression: The Breakdown Of The Paper Money Economy (John Wiley & Sons, 2012). Since beginning his career as an equities analyst in Hong Kong in 1986, Richard has served as global head of investment strategy at ABN AMRO Asset Management in London, worked as a financial sector specialist for the World Bank in Washington D.C., and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok. He also worked as a consultant for the IMF in Thailand during the Asia Crisis. Richard has appeared frequently on CNBC, CNN, BBC and Bloomberg Television, as well as on BBC World Service Radio. He has published articles in The Financial Times, The Far East Economic Review, FinanceAsia and CFO Asia. He is also a well-known speaker whose audiences have included The World Economic Forum’s East Asia Economic Summit in Singapore, The EuroFinance Conference in Copenhagen, The Chief Financial Officers’ Roundtable in Shanghai, and The World Knowledge Forum in Seoul. Richard studied literature and economics at Vanderbilt University (1983) and international finance at Babson College (1986); and, between the two, spent a year travelling around the world as a backpacker. Shownotes: Richard Duncan’s story A shift in how the economy works after the gold standard Why do trade deficits matter, for both sides? With all the bubbles around, what next? Don’t be stuck in a traditional mindset Trade war policies The MacroWatch Newsletter Richardduncaneconomics.com Subscribe and get 50% off for Wealth Formula listeners, coupon code: formula The post 136: How to Predict the Future with Richard Duncan appeared first on Wealth Formula.

1hr 3mins

9 Dec 2018

Rank #19

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005: What is the Wealth Formula?

Back to Basics. What is exactly is the wealth formula again?The post 005: What is the Wealth Formula? appeared first on Wealth Formula.

26mins

29 Jan 2014

Rank #20