Podcasts about wealth accelerator

First off — Happy New Year. To kick off the year, this week's episode of the Wealth Formula Podcast is a solo one from me. I spend the episode walking through my outlook for 2026 and sharing a few predictions for how I think this cycle is going to play out. Lately, I keep hearing the same question phrased in different ways. The economy feels tight, but markets are holding up. Growth is coming in stronger than expected, inflation is easing, and yet a lot of the signals people usually rely on just don't seem to be lining up. That disconnect is really the starting point for this episode. Rather than reacting to headlines or making short-term calls, I wanted to step back and talk through the mechanics of what's actually driving this environment — and why it looks so different from the cycles most of us learned about. A lot of it comes down to debt, policy constraints, how capital moves today, and the growing influence of technology. When you start looking at those pieces together, some of the things that feel confusing begin to make a lot more sense. This isn't meant to be alarmist or overly optimistic. It's simply an attempt to frame the environment clearly so you can think about it more intelligently — especially if you're deploying capital or deciding whether it makes sense to sit on the sidelines. If you've felt like the economy and the markets aren't really speaking the same language right now, I think you'll find this episode useful. Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  You need to be out of the dollar and into the investor class because that that widening gap between those who have, who own things, who own assets and those who do not is gonna continue to widen. Welcome everybody. This is Buck Joffrey with the Wealth Formula Podcast, and today I am going to do something a little bit different. I’m gonna kind of give you. My perspective, maybe predictions I dare say about, uh, the upcoming year in 2026, how I look at it, what I think, uh, uh, is likely outcome and why. Not that I am any smarter than any of you on this stuff, but I’ve actually kind of sat down and, and thought about, you know, the things that are going on in the macroeconomic. Side of things and, um, put some stuff together and, uh, hopefully you’ll enjoy it. We’ll have, uh, that right after these messages. Wealth formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net, the strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from. Your own bank to invest in other cash flowing investments. Here’s the key. Even though you’ve borrowed money at a simple interest rate, your insurance company keeps paying you compound interest on that money even though you’ve borrowed it at result, you make money in two places at the same time. That’s why your invest. Get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealthformulabanking.com. Again, that’s wealthformulabanking.com. Welcome back everyone, and, uh, happy New Year to you. I forgot to even say that in the intro. How rude of me. Hopefully you had a great holiday, you had a great Christmas, and you’re bringing in the new year with a vision of health and wealth and PO prosperity and all that stuff. So anyway, let’s talk a little bit about, uh, you know what I am. Kinda looking at for 2026. Now, when you think about, well, what are these predictions and what could they be and all that, um, interest rates, inflation markets, you know, uh, let’s set the foundation for how I’m thinking about it, because everything else really kind of builds on it. And the most important thing to understand is that debt. Is really now I think the main character in the economy. I know we, people have been talking about this for a very long time, but I think, I think the debt issue is really, really becoming something that cannot be ignored, and I’ll get into that in a while. Obviously, I’m not saying that inflation and interest rates don’t matter. They matter enormously. Uh, those are the things that people actually feel, right? Higher prices, higher mortgage rates, higher insurance costs. What I’m saying is that the level of debt now determines really how decisions on those things are made from policy makers. You know, how do they respond to inflation and interest rates, recessions market stress. What debt does is it actually kinda limits the range of choices around how policy makers react to all these things. So once you see that, the behavior of the economy starts to, I think, make a lot more sense. So let’s start with. Sovereign debt, and I’m gonna start really basic here because the question is, you know, what exactly is sovereign debt? Okay. And sovereign debt is the money a government owes, okay? In the US it exists because the government consistently spends more than it collects in taxes, and that gap is called the deficit. When that happens year after year, you have an accumulation of debt. Now, when debt is low, it’s, it’s pretty manageable, right? But when debt gets very large, it starts to influence policy decisions, and that’s where we are right now. Uh, here’s the key mechanic that I think most people don’t really think about, right? Governments don’t pay off debt the way you and I, you know, pay off our debt, like mortgage or whatever. They always refinance it, right? So when the US government borrows money, it issues bonds. That’s how it does, those bonds have maturity dates, and when you buy a bond, you’re, you know, you’re loaning the government money. So when a bond matures, the government owes that principle back to you. Right? So that’s, that’s kind of how well we talk about, we talk about debt, but the government doesn’t save money over time to pay off that bond. Like, I mean, that’s the way you would think about it for you and me, right? I mean, at some point you’re like, ah, I really need to pay off this debt. I’m just gonna pay it off with this money that I saved. Instead, what they do is when a bond comes due, it issues a new bond and uses the money from that new bond to pay back the old one. Okay. Now, if that sounds familiar, uh, to you, it’s because it’s pretty much what we would call in plain English refinancing, right? Now imagine though, the government issued a bond a few years ago when interest rates were near zero. That bond matures today, interest rates are much higher, right to pay off the old bond. The government issues a new one at today’s higher rates. So the debt doesn’t disappear, it just becomes more expensive to carry, right? I mean, it’s just like you got a mortgage, you know you had a, a great rate, but you only got it for seven years and all of sudden you gotta refinance it. Gosh, all of a sudden that rate went really higher and your payments are much higher, and the debt payments going up, you know, for the government, what adds to that deficit? It’s a really, really vicious cycle. Now, take that process and multiply it across trillions of dollars of debt. Now you can start seeing why interest rates matter so much in a high debt system. Now, what makes this especially important right now is that for over the last several years, the US issued a very large amount of short-term debt. Short-term debt matures quickly, and that means large portions of government debt. Come due every year and have to be refinanced at whatever the interest rate exists at the time. So even if deficit stock growing tomorrow, which they won’t, the government would still need smooth functioning financial markets just to keep refinancing what it al what already exists now. This is why the economy has become so sensitive to interest rates, liquidity and confidence. Higher interest rates increase the cost of refinancing, right? We’ve mentioned that already. And that pushes deficits higher and forces even more borrowing. So I mentioned liquidity. What is that? Well, liquidity is about how easily money moves through the system. When liquidity is good, bonds are easily absorbed. Banks lend markets function normally, and when liquidity dries up, refinancing becomes fragile. That stress. Stress in the market spreads quickly. And then finally, confidence I mentioned too. Why does confidence matter? Well, confidence matters because investors need to believe that the system is gonna hold together. When confidence weakens, guess what happens? Well, what would happen if you think about it with a loan, a higher risk loan? While investors demand higher yields like refinance, it becomes even more expensive. And problems compound fast. Now, this is why Pol policymakers are extremely uncomfortable with high borrowing costs, reduced lending, falling asset values, and deep recessions. Recessions, by the way, don’t make debt easier to manage. They make it harder by reducing tax revenue and worsening debt ratios. Now that brings me to a, something that I am feeling sort of back and forth with. Um. You know, a listener who sent me some commentary about, you know, the fear of going back to 1970s, eighties style interest rates. But the thing is that I just don’t think that comparison works, and here’s why. Okay, so in the 1970s, the US had far less debt. Interest rates could go very high without threatening the government’s ability to refinance itself. Now today, with debt much larger relative to the economy, very high rates don’t just fight inflation. They stress the entire financial structure, right? You can’t just say, oh, we’re gonna make super high rates because the cost of all that debt the government has is gonna be extraordinarily expensive. Now, that doesn’t mean that rates can’t rise. It means policymakers have far less tolerance for how high and how long rates can stay elevated. It’s a completely different system from the 1970s and eighties. So I think trying to put things into that context is probably not, um, not a, a good way to think about it. So why am I fo focusing on this right now? Uh, instead of a few years ago, because again, we stu we didn’t suddenly become a high debt economy this year. So what changed? Well timing a massive amount of debt that was issued at very low interest rates, as I mentioned before, is now maturing and being refinanced at much higher rates, and that shift is no longer theoretical. It’s happening in real time. Last year, much of that low uh, rate, debt was still in place. Interest costs hadn’t fully reset, but going into 2026, they have no, I, I keep talking about, you know, how much we’re paying an interest, right? Because again, that’s a big difference between now and the 1970s when you could have, you know, you didn’t have as much debt so you could pay more interest on it. Right now, the US is now spending roughly a trillion dollars a year just on interest. Her perspective, right? I mean, what’s a trillion dollars? Uh, what does that even mean for the normal person? Well, for Perce perspective, that’s the defense budget. $1 trillion. It’s more than Medicare, more than most major federal programs. And the thing is that money doesn’t do anything, right. It doesn’t create growth. It just services past borrowing. And this is the point where debt stops being background noise, kind of an annoyance that people just say, well, we’ll kick it to the next generation. It start starts actively shaping, uh, policy decisions because it’s, it’s a thing that you gotta pay for. You gotta keep paying for it. So the takeaway I want you to carry forward is simple. We now live in a system where policymakers don’t have the luxury of letting things break when debt is low. Governments can tolerate deep recessions like you saw in the seventies and eighties and long recoveries. When debt is high, they can’t because even small shocks can just really get outta control quickly. And that’s the framework I think, uh, that I’m using as we move into interest rates, inflation, and what all this means for markets going into 2026. So let’s talk about interest rates. You’ve heard me say that I think that interest rates are gonna come down. Um, they’re gonna continue to tick down a little bit. I don’t think a lot, but I do think there’ll probably be at least one more rate cut. I think, you know, you’re probably gonna have some, um, uh, some lowering in the 10 year and, and the bond market in general. Uh, but interest rates are not gonna go back to 2010, right? They just aren’t. And. The 2010s were not normal. There were a very specific period created by very specific conditions, right? Inflation was persistently low, uh, but just wouldn’t go up. Globalization, uh, push prices down. Capital was abundant. Debt levels, well, they were high, but they’re rising, but they hadn’t become what they are now. And because of that, central banks could hold rates near zero without much consequence. That environment, unfortunately, does not exist now. So today, debt is much higher. Inflation risk is real again, and investors expect to be compensated for lending money long term. So even when rates decline from current levels, they do not return, uh, they will not return to where people, uh, anchor them psychologically. If they’re thinking about the 2000 tens, they’re gonna settle higher. Within the 2000 tens baseline, you see policymakers are kind of stuck if rates, uh, say too high for too long. We mentioned this before. Refinancing government debt becomes increasingly expensive. Interest costs rise, deficits, widen, and then you get that financial stress that’s spreads through the credit markets. But if rates are pushed too low for too long, borrowing accelerates. And that’s. When inflation resurfaces and confidence in the currency weakens, so then that’s the tug of war. So policymakers, uh, you know, they, they can no longer choose between high rates and low rates. They’re gonna be choosing how to manage, uh, the trade-offs, right? So what’s gonna happen is that you’re gonna see that rates are gonna move within a range. Uh, they come down when something breaks, they move back up when inflation pressures recurrent. Um, that’s why volatility matters more than the exact. Level of rates going forward, in my opinion. So we’re, we’re not returning to free money. We are also not headed to a permanent 1970 style high rate world. What we are doing is entering a time where borrowing costs matter. Again, refinancing is not guaranteed, and rate swings are part of the system, and that naturally leads to the question of inflation. So once you understand why rates. You know, don’t go back to the 2010. The next question becomes, uh, well, if policymakers can’t keep rates high for long and they can’t push them back to zero either, then what are they actually trying to ac accomplish? Well, the answer is that, that the goal is kind of shifted for decades. Economic policy was focused on disinflation, um, you know, pushing inflation lower and lower. Over time, uh, and inflation was actually treated as a failure, and that made sense. In a world with lower debt in a high debt world, that logic sort of breaks down, right? Deflation, which is actually falling prices, increases the real value of debt. Think about that for a moment. Like just in terms of. You know, you have a mortgage and you know, sometime, you know, your parents might have like a 30 year mortgage or something like that, that they’ve had for 25 years. They’ve been paying it off and it’s great. But the bigger thing to notice is the amount of money that they borrowed is actually very small in real world dollars because it’s, you know, 25 years later. See, inflation is bad when it’s, you know, you’re dealing with it, but inflation is. Good at one other thing, which is it’s good at eroding debt. It will make, uh, the amount of the value of the, you know, the actual money that you owe on debt lower over time. So that’s why you can’t have deflation, right? You can’t have deflation because that increases the real value of the debt. It discourages spending, slows growth and makes refinancing harder. So in today’s system, deflation is way, way more dangerous than moderate inflation. And so because of that inflation really isn’t something that I think is quite as important that has to be eliminated at all costs. That, you know, you have to be right at 2%, which is, you know, kind of what the, the fed his, his target is, right? Instead, what you gotta do is you gotta manage it. Of course, that doesn’t mean you want runaway inflation. What they wanna do is have enough inflation to keep nominal growth positive and prevent debt burdens from become heavier again. Why? What do I mean by that? You gotta have enough inflation to erode the debt that we have, right? So this is why that 2% inflation target should be understood. As, you know, kind of aspirational, but not absolute because having a little higher inflation, yeah, it hurts people. It’s, uh, it hurts people on a day-to-day basis, but actually helps with that. So even at, uh, you know, inflation sell a bit higher than, than, than the, you know, 2% fed target say it’s 4%, it’s actually eroding, uh, you know, it is eroding purchasing power, but it’s also eroding debt. It’s, it’s stabilizing debt dynamics. From the system’s perspective, of course that’s helpful. But for us, we’re paying for things on a day-to-day basis to see the cost of eggs and all that. It’s, it’s frustrating, right? And that tension between system stability and personal cost, it’s one of the defining features of the economy heading into 2026. So when you see policymakers tolerate inflation, uh, longer. Then you think they should or step in quickly When markets kind of wobble, it’s not confusion or incompetence, it’s actually constraint because debt limits the available choices. Rates are managed within a range. Inflation is guided and not eliminated. Now put those together and you get the environment we’re moving into, which is an economy where markets can look. Resilient, even while people feel stretched, right? I mean, that’s kinda what we’re feeling. Everybody’s like, oh, these markets are doing fantastic, you know? But then, you know, you look at consumer confidence, it goes down. It’s been going down every month. This is an environment where asset prices recover faster than wages, and we’re understanding how policy reacts becomes a real advantage. So that’s kind of my macro setup for 2026. Um, you know, with that framework, we can start looking into the first prediction I’ll make. And again, these are not, you know, crazy predictions. Uh, they are just generalized things that I think you’re gonna see. So, like the first one is that the markets will stop being reliable proxy for the economy. You could argue that’s already happened, right? Markets in the economy kind of stopped correlating. We saw it after the financial crisis, right? We saw it very clearly even during COVID. The decoupling itself is not new. What’s new is that that decoupling is no longer temporary. It’s become the baseline that’s become the new normal. Uh, for most of modern history people had a fairly reliable mental model, right? You probably do. If you grew up in the eighties and nineties, uh, as a kid or whatever, when the economy felt bad, layoffs, we growth falling in con incomes, markets usually reflected the pain. Right. Sometimes there was a gap. Sometimes markets recovered a little earlier, but eventually things kinda re converged. The economy healed. We just caught up in the markets and lived experience kinda lined up. Now that’s the model that most people still have in their heads, and that’s why so many people feel so confused right now. I mean, I feel confused by it. So what’s changed going into 2026? You know, it, it is, it’s structural Now. We’re no longer living in a system where policy intervenes only during emergencies. We are, uh, in a system where policy is always on, debt is permanently high, rates are actively managed, inflation is tolerated rather than eliminated. And as a result of that, markets aren’t really necessarily responding primarily to how. The economy feels to people they’re responding. Uh, you know, it’s responding to refinancing needs. Liquidity management. Uh, confidence preservation. That’s a very different signal. COVID is the clearest example of that ship, but it’s, it’s important to understand it correctly. So in 2020, the economy was literally shut down, right? Unemployment exploded. Uh, small businesses were collapsing, right? Like, this is COVID and yet markets bottom quickly. We saw that and then bam. All time highs, even though life kind of felt terrible for a lot of people. And that wasn’t because the economy was healthy, it was because policy overwhelmed fundamentals. And at the time that felt extraordinary. It felt very different. Like this doesn’t make any sense. What’s different now is that we’re still using the same playbook but with out in obvious crisis. So intervention is no longer reactive. It’s, you know, uh, it’s preventative. So what do I predict for 2026? Well, markets are gonna stop being a reliable proxy for economic health. Uh, you, you people can just stop talking about that. Like it, like it, it means anything anymore. Markets going to increasingly reflect how constrained policymakers are and how much liquidity is in the system, and how aggressively risk is being managed. They’re not gonna, the markets are not gonna tell you. About affordability, wage pressure, or whether life feels easier or harder for people. Right. Those are completely gonna, those are, it’s just a standard thing now that those are uncorrelated and the gap is not, uh, abnormal anymore. It’s. The operating environment. So what do you do with that information? Well, for an individual investor, this environment requires a real mindset shift, right? You can’t rely on your gut anymore. You can’t say, man, I feel like this economy doesn’t feel good. So the market’s gonna look at the, I mean, you, you, you know, a lot of people feel like the economy doesn’t feel good to them because of inflation, because of what happened with interest rates and all that stuff, right? But look it, you’ve got. Record breaking, uh, stock market numbers. You can’t rely on your gut anymore. Your gut is telling you the economy feels bad. For many people, that’s absolutely true. Costs are high. Again, things feel tight, and the instinct is to wait to sit in cash. To assume markets would reflect that pain, but that instinct used to work. And in this system it doesn’t because markets are no longer pricing in how the economy feels. They’re pricing policy response. Liquidity and constraints. So if you wait for the economy to feel good before you act, it’s gonna be way too late. So instead of asking, does the economy feel weak, you need to start asking different questions. You need to ask how constrained policymakers are, how quickly liquidity will return if markets wob on it, and where capital tends to flow first when policy steps sit. In other words. You gotta start really thinking about investing, right? Like you gotta, like right now. Now I’ve talked, I’ve beat this over many times before, but you know, you have, if you’re, if you’re saving money right now and you’re looking and you are wondering what to do, look for things that are on sale now. I spent real estate’s on sale right now. Right? Get your money into the markets one way or another. That’s what I would say. Whatever it is that you want to invest in. Don’t let your money just erode because this lack of correlation is, it’s a really, really important thing and it’s, it’s gonna continue to happen and you know what else is gonna happen Because of that, you’re gonna see an increasing widening up the wealth gap. People whose income is tied primarily to wages are, are gonna experience that inflation directly, right? Their money’s trapped in the real economy where costs rise faster than income. But investors on the other hand, have an opportunity to participate in the markets that are supported by this sort of unnatural infrastructure that I just mentioned, right? As asset prices are gonna continue going up. Now, I’m not here to judge whether that’s a good thing or a bad thing, I’m just telling you how it’s functions. So the investor class increasingly benefits from asset appreciation, right? Early access to liquidity. While lower income groups often can participate in that upside. Even as their cost of living rise, because they’re not in the markets, they’re not, they don’t own assets. So again, you have to stop, you know, using how the economy feels is your primary investing signal. If you wanna protect and grow your wealth in this environment, you need to understand how policy reacts, how you know liquidity moves, how assets behave when the system is under constraint. And in other words, uh, you know. Frankly, you just need to be part of the winning class, which is the investor class. Alright, so that’s kind of, uh, hopefully that made sense to you. Here’s another prediction for you, and this is probably more related to some of the things that we talk about usually, but I’ll say that multifamily and commercial real estate are going to finish their washout, and the window is gonna start to really close again. I’ve talked about this. Before, you’ve probably heard me say this, but let’s talk about multifamily and commercial real estate again, because you know, this audience doesn’t need just theory. You’ve already lived through the pain or the past two years you’ve seen deals blow up, capital calls go out, refinancings fail. So the real question going on in 2026 is not whether real estate breaks. It’s already, it already did. It already did. The real question is how much longer this phase lasts and what replaces it. My view is that 2025 into early 2026, um, represents the final phase of this unwind in the beginning of stabilization. I’m not predicting an immediate boom, not a return to 2021 by any means, but the end of obvious distress. So what’s happened already from 2022 to 2024? Multifamily and commercial real estate absorbed the fastest rate shock in modern history. Many of you lived through that. I lived through that. It’s painful. Debt costs doubled or tripled. Cap rates moved hundreds of basis points. You know, bridge debt structures broke, uh, refinancing assumptions collapsed. Now, a lot of the deals, I mean, I would say most of the deals, uh, uh, that, you know, kind of imploded, uh, shared the same DNA, you know, peaking price, uh, purchases, uh, during peak prices in 2021, early 2022. Uh, you know. Floating rate thin or negative cash flow based on, you know, the rates at the time. Maybe it was positive business plans that were really dependent on refi and rent growth. Um, those deals though, have largely already defaulted, recapitalize, or, you know, they’re being quietly handed back. And that matters because markets don’t keep breaking the same wave forever. If, if you’re seeing right now and if you’re in our investor club, you are. 30% discounts on a regular basis. Right? On a regular basis compared to the peak. Don’t assume that’s gonna last. That this is the key point I wanna make very clearly. If you’re looking at multifamily or commercial deals today that are trade trading at that 30% below where they were a couple years ago, you should not assume that window stays opening. Definitely because the level of discount there, uh, the level of discount exists because. Dried up liquidity, uh, because of that violent rate reset, uh, uncertainty. But here’s the thing, markets don’t stay frozen forever and as soon as pricing stabilizes, even at higher cap rates, which are going to be higher than they were, because you’re not gonna see interest rates down at zero, capital is gonna start to move again. And stabilization doesn’t require rates to go back to zero. It just requires some level of predictability. So here’s the sequence of what happens first, you know, the distress slows, uh, you see less and less defaults, and then slowly but surely cap rates stop expanding, right? That alone brings back buyers. Then as rates drift mo lower and volatility declines, lenders reenter selectively, debt becomes a billable again. It’s not cheap. It’s definitely usable and that brings more liquidity. When I say liquidity, in this context, I’m talking about just more deals getting done. And once liquidity returns, cap rates don’t stay wide forever. They compress, right? It’s competition. And again, when they compress, they’re not gonna go back to 2021 levels, but enough to meaningfully lift asset values from distressed pricing. This can happen faster than people expect, right? People underestimate the fact that there is an enormous amount of capital sitting on the sidelines right now in money market funds, short term treasuries, private capital, waiting for clarity. That capital isn’t, you know, permanent. The moment investors believe that rates of peak, that prices of stabilized downside risks is contained, that money starts to chase yield. When it does the transition from, nobody wants this, everyone wants exposure again, can happen surprisingly fast. In other words, I’m not saying I think this will happen in 26, but the shift from a market that is on sale, which I’ve described it as to a market that is starting to look a little frothy, can really be just a couple of years. And in that situation, I’d rather be a net seller, right? You wanna be accumulating. During this phase of for sale so that you can sell in froth. So what this means is that the market is, you know, uh, is not a market to wait for everything to feel perfect, because by the time it does, the obvious discounts are gonna be gone. And if you wait for perfect clarity, you’re gonna be competing, you competing with institutional capital, with large private funds and, and, and yield hungry money coming outta cash. The opportunity is not assuming distress lasts forever. It is. It’s in recognizing when the market is transitioning from forced selling, which is what is happening even now to price discovery. So ultimately, the prediction is this multifamily and commercial real estate, that that washout is completed in 2026 and the window created by distress really starts to close. Deep discounts don’t persist. Once market stabilized, which I think is what’s gonna happen, and then I think you’re gonna start to see a shift. You’re gonna start to see more deals, more liquidity, and that’s gonna return faster than people expect. In other words, this is gonna be the end of, you know, sort of this bargain basement, you know, panic pricing. And once real assets stabilize and liquidity returns, attention inevitably turns, uh, to the currency, those assets are priced in. Which brings us to the prediction number three. That dollar, okay, the dollar doesn’t collapse, but it does continue to erode. It slowly leak, right? Let’s talk about the dollar, ’cause you hear about this all the time, right? A nausea, you hear the, the weakening of the dollar. Um, this is one of those topics that where people tend to jump to extremes. You know, on one side you hear the dollar is about to collapse. On the other side you hear the dollar’s strong and everything’s fine. I think, um, the truth is somewhere in, in the middle. And my prediction for 2026 is simple. Um, again, the dollar doesn’t really explode. It doesn’t get replaced. It can just continues to erode slowly but surely. And that’s how reserve currencies actually behave when debt gets high. Right. So why no collapse, right? Because you got like people out there, uh, worried about the collapse of the US dollar. The US dollar is gonna remain dominant, not because it’s perfect, but because there’s no real alternative at scale. There just isn’t. Okay? There’s no other currency with markets as deep, as liquid and as widely used for trade debt and collateral. So, you know, reserve currencies, you know, you hear about the, the worry about us being the reserve currency. Well, reserve currencies don’t disappear overnight. They erode gradually, but they don’t disappear overnight. And that erosion shows up not as a crash, but again as persistent inflation, right? It’s rising, you know, real asset prices, which is again, where you wanna be, and a slow loss of purchasing power over time. Again, that brings us back to the whole issue of debt we were talking about, right? So in a highly indebted system, policymakers are not incentivized to aggressively defend the currency at all costs, right? So very high interest rates might strengthen the dollar in the short term, but they also make debt harder to service and financial stress worse, right? So instead of choosing strength or collapse. Um, you know, policy drifts towards tolerance, right? Inflation is allowed to run a little hotter than people expect, because again, it’s gonna erode that debt. The currency weakens slowly, therefore, rather than violently, right? Again, currency weakening. It’s that, it, it’s so entwined with this idea of inflation because debt becomes easier to manage in real terms. And one of the things I hear, and I’ve been sort of in these conversations back and forth with, um. At least one of you out there, uh, in, in emails is that, you know, I hear, uh, that, that, that there’s a, a serious problem for interest rates because of, you know, China, uh, selling US treasuries. And because of that you might get the collapse of the dollar. In fact, in this conversation, it was not only about China, but also Europe. Which, you know, I hadn’t actually heard anybody mention that before, but I guess that’s out there in the ecosystem and some of the newsletters. Now, all that sounds scary, but it really misunderstands how the system actually works. What exactly happens when someone or a country sells treasuries? Well, they don’t dis, they, they don’t just destroy the dollars. What they’re doing is they just swap $1 asset for another, right? The dollars don’t even lead the system. They change hands. So this idea of China selling off all it t trade, well, China’s been, uh, reducing its treasury holdings for years and the dollar hasn’t collapsed. The market absorbed it because treasuries are the deepest, most liquid market in the world. And then this idea of Europe, of of Europe actually dumping treasuries because, you know, they’re not happy with Donald Trump and what he’s doing in Ukraine and all that, that would be an absolute nightmare for, for Europe. That would hurt their own economy. That’s the last thing that an indebted government wants. So foreign selling, yeah, sure it’s gonna move yields, but it, it’s not gonna implode the dollar. But the reality of the, uh, erosion of the dollar is real. I don’t think anybody questions that anymore, and I think that is another reason that you need to be buying. Real assets. You need to be buying equity. You need to be on the side of the investor class. Okay? That’s, that’s how you combat all of this. So the real takeaway here ultimately is that, you know, it isn’t, uh, to abandon the dollar, right? It isn’t. It’s, it’s just to stop pretending that holding cash is neutral. It’s not, it, most of your wall suits and assets that, that can’t adjust. You know, they can’t grow as, you know, as, as asset prices grow, then you’re making a bet on currency stability that literally no one believes is, is going to be the base standard anymore. Everybody knows, every economist, every country, every everywhere knows that these currencies are eroding. You don’t freak out about the dollar, but don’t, don’t, don’t be like heavily in dollars. Start getting into the markets. Alright, well, you know, I’m talking a lot about esoteric macro stuff, but let’s kind of get into some stuff that you might think is fun, more fun maybe. Okay. You, a lot of you are into Bitcoin. Well, I think that, you know, Bitcoin is gonna continue to mature. And the next look, leg up looks like, you know, because of more adoption, not because of hype, which isn’t maybe not as, as, as fast and violent, but it’s, it’s, it’s a lot more predictable. For those of you who are still unfortunately listening to the likes of Peter Schiff about Bitcoin, you gotta stop doing that because Bitcoin is not tulips. Right? A lot of people still talk about it like it’s a fad that could just vanish. We’re long past that phase. Bitcoin is, is, is a $2 trillion asset and in the history of the world, there has never been a $2 trillion asset that went to zero. Is it volatile? Yeah, it is. It can absolutely continue to be wildly volatile, but you’re not going to zero. And my prediction is not overly crazy. It’s just that. Bitcoin is going to continue to increase in price, but it’s not become, not because of speculative, uh, you know, because it’s a speculative trade anymore, right? I think it’s because of adoption. Uh, adoption is going to become the real meaningful driver of market capitalization. So what do I mean by that? It just means more people are seeing it as a real asset, and it has to become, when it becomes a real asset class, everyone has to have some of it. Every major institution has to have some of it because it’s an its own asset class. And when they do that, it just drives up the entire market capitalization of that asset. And when you have an asset that has a finite amount, which in the case of Bitcoin, there will never be more than 21 million Bitcoin. You have constant adoption, constant slow, but persistent growth in market capitalization, the asset has to become more expensive. Now, what do I mean by this adoption? Well, places that you would never think in a million years, a few years ago, that that would be buying Bitcoin or you know, ETFs, B to Bitcoin ETFs are doing. So Harvard. Harvard is a great example. Because it’s not, it’s not crypto influencer, right? It’s actually one of the most conservative, brand sensitive pools of capital in the world. But their endowment management, uh, disclosed roughly 443, uh, million dollars in its position in BlackRock, uh, BlackRock, iShares Bitcoin, Bitcoin Trust, which is ibi for those of you who, who, uh, don’t know, that’s how you can just go to your New York Stock Exchange and, and buy. Bitcoin ETFs with ibit. Now, whether you love this whole Bitcoin idea or hate it or whatever, that’s a signal that is increasingly treated like a portfolio asset. It’s not a fringe experiment, and it’s not only universities. Uh, institutional comfort is it’s just there, right? Um, custody, uh, custody regulated vehicles, positioning, size, risk controls, those kinds of things are all become part of the Bitcoin uh, environment. Many countries are already holding meaningful amounts of Bitcoin. Uh, even the US has, there’s a, there is a formalized Bitcoin reserve. Now we aren’t actively buying it, but here’s an interesting thing with Bitcoin, you can, when it is, uh, the way that the US is accumulating Bitcoin is through seizures. Alright? Bad guy gets caught. His boats, his house and his Bitcoin get, uh, confiscated. So the US will sell the house, they will sell the gold, they will sell the boats, but they will keep the Bitcoin. What does that tell you? You know? And, and there’s a lot of nations that are actually openly holding and, and buying Bitcoin. I mentioned the US China. This always seems to be, uh, you know, anti Bitcoin. Well, they actually own quite a bit the UK, Ukraine, Bhutan, El Salvador. Bottom line is there’s a big change in narrative, right? That this is a real asset. So this is something that, you know, even if it’s 1% of a major, uh, institution’s assets or less than that, or whatever, it’s part of it. And that adoption alone can move prices from, from here. And that’s what I think a lot of people miss because they’re like, well, you already had a big move and you know, instead a hundred, it’s 80 or 90 or a hundred, whatever. It’s, it’s not going much better, bigger than that. Well, Bitcoin is, is actually really small relative to global pools of capital. So at this stage, adoption alone. Not even the crazy mania of the past can make a non-trivial increase in market capitalization and therefore a mark, you know, a non-trivial increase in the actual price of Bitcoin. All it’s gonna take, and you’re gonna see this, you’re gonna see more endowments, you’re gonna see more sovereign wealth pool, pensions, mod model portfolios, all they guys daisy side, when you know, even with a small allocation. It doesn’t take too much to overwhelm the available float because Bitcoin is scarce and a lot of it’s held tightly. So as far as Bitcoin goes, what do I think is gonna happen? I believe all time highs are gonna get challenged. They’re gonna get broken again in 2026, not because again, everyone’s suddenly becoming a crypto maximas, but because adoptions could just gonna continue to grow. The wild card, I should say, is that the US moving from, we hold. What we seized in terms of Bitcoin to actively acquiring reserves could be enormous catalyst. And there is a lot of talk about this right now. Um, if the market ever believes that the US is a consistent buyer, even in a constrained budget neutral way, that changes the psychology fast. And in that scenario, I think 200,000 plus, uh, $200,000 plus Bitcoin by the end of 2026 becomes very plausible. Zooming out. I’ve said this before, you may think I’m crazy, but again, because of adoption, I think that Bitcoin is at a million dollars five to seven years from now. So what does that mean for you? Well, I mean, I think at the end of the day, if you don’t own some, you might want to, I’m not gonna give you financial advice, but again, just like Harvard’s doing it, you know, major, major endowments are saying, well. You know, maybe we’ll just buy, like, you know, 2% of that, 2% of our, our, uh, endowment will be made of something like that, right? Uh, you know, it’s just even a very small amount, but exposure to it makes a lot of sense. So I think that is something to highly consider if you are still on zero when it comes to Bitcoin. All right, now here’s my last, uh, prediction. You may have heard me talking about this before as well, that AI becomes a deflationary force that policy makers finally wake up to. And I think this is actually one of the most important and misunderstood economic developments, um, that is currently already out there. But I think it’s, it’s gonna be really recognized. By the end of 2026. Okay. Artificial intelligence is gonna stop being just a tech story, and it’s gonna become a macroeconomic story. I think that by the end of 2026, artificial intelligence is clearly, uh, you know, it’s clearly, um, going to be boosting corporate earnings while beginning to materially reshape the labor force. Um, and what’s gonna happen is that central banks and policymakers are gonna start treating it. Is a genuinely deflationary force over the next several years, and they’re gonna try to have to figure out what to do about it. And again, going back to our earlier conversation, because deflation is really a real problem for a country with an enormous amount of debt. So let’s get a little bit into the whole deflationary uh, conversation. So artificial intelligence at its core is a productivity machine, right? It allows companies to produce more. Without, with fewer inputs, fewer hours, fewer people, fewer stakes and productivity always shows up in profits before it shows up in everyday life. Right now, lower cost per transaction, faster execution, fewer people doing the same amount of work, widening margins without price increases. That’s the tell. That’s when profits rise without raising prices, something deflationary is happening underneath the surface. The biggest impact there is the labor market, right? It’s gonna be impossible to ignore. And this is where the conversation really shifts because artificial intelligence doesn’t need to eliminate jobs outright to matter. It only needs to reduce the number of people required to do it, right? So you’re thinking the labor markets, you’re gonna see a lot of this. You’re gonna see more slowing in hiring. Um, even while productivity expectations rise, and I think by late 2026, the public conversation is gonna change from will artificial intelligence affects jobs someday to why aren’t companies hiring the way they used to? And of course, that’s when people are gonna start paying attention and they’re gonna notice it’s deflationary because it’s going to be because artificial intelligence is gonna push down the cost. Of services, administration, customer support, research, and eventually decision making itself. That’s why it’s, it’s deflationary, it’s structural, right? Just think of all those things you can do for so much cheaper. That is what deflation is, right? And again, we mentioned before deflation is not something central banks are comfortable with because of debt and because debt heavy systems rely on nominal growth. Deflation makes debt heavier in real terms as opposed to what we said before, which is that inflation actually erodes debt. And that is a, a very, very challenging problem. And by 2026, I think you’re gonna hear a lot about this, you know, policy problem that we have. Which is innovation versus, you know, deflation. You make a lot of money, but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide finance. Financial protection to your family if something happens to you. The concepts here are used by some of the wealthiest families in the world and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealthformulabanking.com. Alright, well, so that’s basically it for my, uh, predictions. And I know I’ve kind of. Off on many different tangents, so hopefully it’s useful to you at least to start thinking and doing some of your own research. Bottom line is this, I mean, as, as a investor, what can you do? I think the big story here is understanding that, um, you need to be out of the dollar and into the investor class because that that widening gap between those who have. Who own things, who own assets, and those who do not is gonna continue to widen. And so, you know, my best, uh, won’t call it advice, but my own belief is that it is a, it is a very good time to look around and look for assets that are underpriced because I think everything is going to expand and it’s gonna ex expand. Uh, and you don’t wanna be caught, you know, on the, uh, dollar side of that equation. So. That’s it for me this week on Wealth Formula Podcast. Happy New Year. I’ll see you next week. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit wealthformularoadmap.com.

It's been another interesting year in the world of personal finance and macroeconomics. As we look ahead to 2026… well, who really knows what's coming? I'll be sharing my own take—and making a few predictions—in an upcoming episode. What's hard to ignore is just how unusual this moment in history is. We're coming off COVID. We went through a rapid rise in interest rates, and now a pullback. Tariffs are back in the conversation. There are a lot of moving parts, and as usual, the consensus hasn't exactly nailed it. Almost every expert was convinced tariffs would push inflation higher. I expected at least a temporary bump—some transient inflation while markets adjusted. Then the CPI report came out at 2.7%. That's a lot closer to the Fed's 2% target, and nearly half a percentage point lower than expectations. Clearly, something else is going on. At the same time, GDP came in at around 4.3% growth. That's real strength. Inflation is coming down, growth is strong, and while the labor market is still a little murky, there's no question there's underlying momentum in the system. Investors haven't quite felt it yet. It's been a sticky environment. But my sense is that we're getting closer to a shift—more liquidity, more money in the system, and markets that may start moving meaningfully again. Of course, we'll see how it all plays out. For this episode, my producer Phil pulled together some of the highlights from the show in 2025—a look back at the conversations and ideas that stood out in a year when the data kept surprising just about everyone. I hope you enjoy it. And again, happy holidays. Merry Christmas, and Happy New Year. Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  Welcome everybody. This is Buck Joffrey with D Wealth Formula Podcast, coming to you from Montecito, California and, uh, want to wish you, first of all, a happy holidays. Merry Christmas, happy new Year, all that. And, uh, yeah, it’s been, uh, it’s been another, uh, another interesting year in the world of personal finance and macroeconomics is what, what we talk about on the show. And as we look forward to 2026, gosh, who knows what’s gonna happen, right? Uh, well I’ll give you my take in, uh, show coming up where I’m gonna make some predictions. However, you know, it’s just, it, it, it’s just such an unusual time in, in history. Um, as we kind of look at. Coming off of COVID and having those high interest rates and then coming, uh, coming down and then having Trump elected and now the tariffs and well, gosh, who knows? Right? I mean, just for example, you know, almost every expert was pretty much guaranteeing that inflation would go up because of the tariffs. I mean, even if it was transient, which frankly I thought it was gonna be transient, meaning that there was gonna be a bump in inflation. For a period of time until there was a readjustment after tariffs. Well, TPI comes up most recent CPI is actually 2.7. You know, that’s much closer to the fed target of 2%. And, um, 2.7 was, you know, I think, uh, almost a half, half percentage point less than the expected, uh, CPI, uh, report. So that, that’s obviously something else is going on there. And then. GDP numbers came out and we had a four handle. It was like 4.3, I believe, GDP. So we’ve got incredible growth. We’ve got decreasing inflation. The labor market is still, I know, a little unclear, but it seems like there’s a lot of strength in this market. Of course, it’s really sticky investors. We haven’t quite felt that strength yet, but I do think you need to start anticipating. That markets are gonna come back pretty heavy, uh, with increased liquidity, uh, and a lot of money in the system. But we shall see, uh, this show. What we’re gonna do here is, uh, my, uh, producer Phil put this together, but it’s basically some of the highlights of, uh, the show in, in 2025. So hopefully you enjoy it. Uh, and again, happy holidays. Merry Christmas, new Year. And we’ll be back right after these messages. Wealth Formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net, the strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own. Bank to invest in other cash flowing investments. Here’s the key. Even though you’ve borrowed money at a simple interest rate, your insurance company keeps paying. You compound interest on that money even though you’ve borrowed it at result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique, it’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its back. Turbocharge your investments. Visit wealth formula banking.com. Again, that’s wealth formula banking.com. How do you approach the process of identifying stocks that are maybe best suited for consis consistent cash flow? Or do you just pick the stocks that you like and, and create the cash flow? Or are, you know, fundamental metrics that maybe you prioritize? Yeah, the, the, the first thing to determine. I think real estate investors understand this is if I were to invest in real estate, I’m gonna determine whether I’m gonna be a flipper, or I’m gonna try and buy low forced depreciation, sell high. Or if I’m gonna be a cashflow investor where I might invest in syndication, or I am, I’m gonna have tenants in property management. And the same is true with stocks. Most people start off by thinking about price rather than cash flow. They think about buy low, sell high, like a house slipper, and that’s, that’s less tenable in stocks because in real estate, if I buy low and sell high, I can do things to force appreciation. I can renovate, I can get new management, I can put in new appliances. I, there’s things I can do to force appreciation. But once a person buys a stock, there’s absolutely nothing you can do to make the stock price go up. But if you take a a, if you think of it like a real estate investor. You think about it like owning a business where the priority, as you mentioned these metrics, the priority is, Hey, what kind of cashflow will this produce be in terms of dividends and in my case, option premiums. And so some of the key metrics is, you know, if I, I’m basically buying a financial statement, same as real estate. You know, I, I, I, it is just a little different numbers in real estate. I wanna know what the net operating income is. In stocks, I might wanna know what the EBITDA is ’cause they’re essentially looking at the same types of things in real estate. I wanna know what the cap rate is in stocks. I wanna know what the PE ratio is, which is just the same number inverted. They just put the price on the top instead of the bottom. To me, I don’t see a difference between real estate and stocks, uh, in that they’re both a business or they charge someone for a good or a service. And there’s either cashflow there at the end of it or not. If people take a cash flow approach, they can begin to build on their passive income. And that contributes to that blueprint we mentioned earlier to get ’em outta the route race. So if you take a Warren Buffet approach, the most important number in that business is operational cash flow or earnings. Meaning does what they do, their operation. You know, you walk in there, a nice operation you got going here, you know, trucks are moving and you know, products are being built and shipped and, and nice operation. If they’re earning money, that means that’s the life flood of the business. That means it’s got a good moat. That means it’s pretty protected and that allows them to do two things for me. Number one is a dividend, which is exactly the same thing as a distribution in real estate. Uh, there is no difference, uh, in a syndication. I have a whole bunch of investors I’ve joined with where you have a share of this project and when the earnings come out, they distribute the, the distributions among the share shareholders. Same is true with stocks. They take the earnings, uh, we call it a payout ratio, and they take a, a, a significant amount of that money and they pay it in a dividend, same as a distribution. But what I do that’s a little bit unique buck is, uh, is I also have the options market on my side. Where I can use options to control risk, uh, to get guarantees where I can buy and sell, but even more importantly, I can offer, uh, and get paid for making promises to people. This is very much a Warren Buffet deal where it, it brings a significant increase to my monthly cash flow beyond the dividend, up to three, two and three times. Uh, the amount of money, two to 300% more cash flow. By being involved in the options market and that’s, that’s a nice secret sauce. The yield max Tesla option income, ETF, which is TSLY. And basically what it does is. Is it just does a series of longs and shorts and, and then generates what looks like to be kind of a, a ridiculous amount of, uh, dividend, uh, per, per month. So what are we missing here? What, what’s, well, you’re, you’re basically hiring those guys to mow your grass. It’s just like any other mutual fund or any other. They’re doing something you could absolutely do by yourself and not pay them a fee. There’s two cultures. There’s the advice culture and there’s the education culture and the advice culture. People say, look, I don’t wanna learn anything. Just gimme the advice. Well, you’ll pay for that in fees. And the problem with doing that is if you really listen to Warren Buffett, which 1% is enormous. Because in the wealth blueprint that we do for people, we use compounding. We use the compounding calculator to see what we’re gonna need. You drop that 1%, you give up 1% of your compounding powers as an investor over your life, it, it wouldn’t seem like 1%, but Buffet knows the truth. It’s enormous. So yeah, absolutely there are ETFs and there are funds that will do exactly what I do or what I teach people to do, but we have some advantages in doing it yourself because risk is about control. I trust myself more than I trust those guys any day of the week. And like I say, I’m doing this by month, so yeah. But it’s legit. How do you even make predictions? And second of all, I mean presumably you still have some forecasts over the next, uh, 12 to 24 months, and maybe you could tell us a little bit about that. Our methodology lends itself to times of uncertainty like this, and that’s the benefit of really relying on the leading indicators that we have. Now. We do have to take a little bit of a different approach. We have to look at data in a lot higher frequency today. You know, a lot of the data you get from government sources or quarterly data, monthly data, but we’re having to track weekly trends with the ever-changing environment that we find ourselves in. So we’re not surprised by the time any monthly or quarterly data comes out. The level of uncertainty that we’re dealing with is certainly unprecedented. I share an index each day, um, and we are three times more uncertain today than we were at the height of the pandemic. You know, put that in perspective, right? Yeah. So we do have to adjust, um. The, the way that we’re looking at data with higher frequencies, we also have to rerun a lot of these correlation analysis. Every single time we get a new data point to see are these lead times becoming more condensed? Do we have to make adjustments in our models as a result to maybe data reacting quicker than it might have in the past? So those are some of the ways that we’re, we’re continuing to evolve in these interesting times we live in. This relates to our forecast. Our team expected some weakness in the first part of this year, and, and we knew that coming in with the, with the tariffs that were proposed during President Trump’s campaign, we did have a weak first quarter GDP number forecast. Our team was 0.1% off of nailing that first quarter GDP number, so they were right on the money there. Uh, we were very impressed with that, but we do expect a sluggish first half of the year. We call it the recovery phase of the cycle. What we mean by that is our growth rates are still building momentum, but are still negative year over year. You know, ITR. Really known for its emphasis on leading indicators. So which of the leading indicators you guys rely on the most when and, and I guess which are flashing red or green right now? I’ll give you one of each. Uh, yeah. The one we’re in right now, we look at the purchasing managers, index isms, purchasing managers index. Now we look at at on a one 12 basis. What I mean by that is we compare the most recent month, the same month one year ago. The reason we look at it on that basis is it gives us 12 month lead time into the future when you correlate it to the economy. That index was recently rising until we got the most recent month of data, and then it dropped back down. So that is giving us the mixed signal of, hey, we need to be a little bit more concerned about the prospect for growth moving forward. Now the opposite is true when we look at an indicator called capacity utilization. What Capacity utilization measures, it’s about an eight month lead time to the economy. So still a nice view into the future, but what it measures is output over capacity, and that actually continues to improve meaning. And again, really all that means on a simple level is we’re utilizing more of our existing capacity, so we’re getting busier. If we look at the consumer side of inflation that the Fed’s more concerned about in terms of setting policy, we have inflation essentially flat this year from where we are today. Now, if you look at the CPI, it’s at 2.8%. Our projection for the end of the year is 2.8%. We don’t see inflation coming down much at all. As a result of that, that’s why you’re seeing Chairman Powell back off being able to cut rates and is holding these rates steady because he sees these higher inflation risks as well. And so from our perspective, it’s very unlikely you see any meaningful interest rate decline this year. Yeah. Now again, the second quarter, GDP number can have an impact on that. We do see a very weak second quarter chairman Powell alluded just a couple of days ago to some slack in the labor market. Maybe you can get a quarter point if we have a really weak second quarter, quarter point cut, but it just seems very unlikely given how persistent inflation has been. And so we tell all of our clients, prepare for interest rates to be relatively flat this year, and prepare for interest rates to rise through the balance of the second half of the decade. It’s not just tariffs, it’s employment costs, it’s electricity costs, it’s material costs. There’s a lot more driving higher inflation than just tariffs. What macroeconomic trends are you watching right now with regards to how they’re shaping the markets today? I think there’s really three things right over the long run. They’re gonna debase the currency, that’s gonna be a persistent tailwind for all liquid, uh, assets, including stocks. Bitcoin gold and bonds. And then I think that you also are going to have a, uh, very interesting dynamic around all these tariffs, uh, and kind of the administration’s economic policies. And then the third thing is that there is a whole technology, uh, trend to, uh, pay attention to. Uh, obviously innovation is very deflationary. Uh, we’ve got, you know, things from humanoid robots to rockets to gene editing, to uh, to crypto and everything in between. And so I think those three things really tell the story of where, uh, markets potentially go in the future. When I grew up, um. S and P 500 was the benchmark. There’s a risk-free rate in bonds. I believe that my generation and younger sees Bitcoin as the benchmark. And so, uh, it’s very simple. If you can’t beat it, you gotta buy it. And I think that there’s institutions around the country who are realizing they can’t beat the benchmark and therefore they will end up buying it. And really, to me, that is, uh, maybe the most interesting. Part of the entire conversation is that Bitcoin obviously has risen significantly on a percentage basis in appreciation. Bitcoin has kind of infiltrated every corner of finance, but most importantly is it has transitioned from a high risk, you know, kind of asymmetric type asset to now it’s becoming the hurdle rate uhhuh. And if you’re the hurdle rate, you suck up a lot of capital. Yeah. Because there’s not a lot of people who can beat you. And I think that that is a very powerful position for Bitcoin to be in. And that’s how you infiltrate into, uh, the institutional portfolios. Bitcoin will stop going up. When they stop printing money. I don’t think they’re gonna stop printing money, so I don’t think Bitcoin’s gonna stop going up. That’s kind of one huge component of this. The second thing is that Bitcoin is very unique in that the higher the price goes, the less risky it is deemed by the largest pools of capital. Mm-hmm. And so usually, you know, if NVIDIA’s at a $4 trillion market cap, people like, oh, it might be overvalued there. A lot of debate. Right. Bitcoin if it was at a $4 trillion market cap would be way less risky than it when’s at 2 trillion. And so there is a lot of structural advantages, both from the legacy world but also from the Bitcoin market that I think will continue to lead to these large institutional capital pools. Uh, allocating some percentage. And the beauty is right now we have very small adoption in that world. Uh, it’s only gonna get bigger. It’s only gonna get more normalized. And I think that one of the parts people really underestimate when it comes to Bitcoin is how important time passing is. You know, if you think back, uh, there is not anyone under the age of 16 that has lived their life without Bitcoin existing. If you’re keeping large chunks of money in savings account, paying less than 1% or any percent less than inflation, you’re bleeding wealth every single day. It feels safe. It looks safe, right? ’cause the numbers may not be moving nominally but it, but it’s not safe. It’s a bucket with a hole in the bottom and you don’t even notice until it’s almost empty. That’s why the wealthy don’t hoard cash. They own assets. They own assets that inflate with inflation. If you can’t beat ’em, join them. They buy things that grow in value as dollars shrink because they understand the system. They don’t fight it, they ride it. So you’ve said many times that the current monetary system is broken and headed for reckoning. So from your perspective, what are the core flaws in the system right now and how do we get here? Well, probably the largest and most obvious underlying flaw in the monetary system is the fact that the federal government just can’t balance its budget. And so they have to take on debt to cover the deficit that they run and that deficit. Well, you know, over the course of the last 20 years, it’s gone up and down. More recently, it’s gone mostly up and, uh. We just came through a period where, you know, it was reemphasized to everybody. Just what a problem this is. Because as you’ll recall, when Trump was first elected, they were talking about those, the Department of Government Efficiency and cutting expenses and you know, maybe 2 trillion or 1 trillion. Of course, then Elon got frustrated and left and the numbers have come down and you know, Trump and the Freedom Caucus was saying they were gonna try and balance the budget or at least cut expenses. And of course, what we know is that they just passed this big beautiful bill. Which really increases the deficits and they bump the debt, uh, ceiling up by another $5 trillion. So sadly, what do many of us have seen and been saying, which is to say they just can’t stop, kind of continue. Seems to be continuing. And, um, you know, the reason why that, just to close the full circle, the reason why that matters is they, they do this debt, they issue debt to cover these deficits, and then the debt requires interest payments and, you know, there’s not enough money to make the interest payments. And so. They more or less have to print the money, you know, and inflate the money supply to keep the system going. And that’s why it’s so important to hard assets. You know, we need to grow the economy at, you know, 4, 5, 6, 7% a year, which, which we’ve never really done on real terms. Well, I think that is kind of what they’re projecting it might be, but it, it’s gonna be harder than hell to achieve. I mean, it just, where you can’t just snap your fingers and create that growth. Now, don’t get me wrong, if you start to, if you ramp up inflation. If you have 10% inflation, well then the GDP number’s gonna get bigger, fast. And so really the model they’ve used, they call it the R Star model, is that they’ve got to have faster growth. Growth rate has to be higher than interest rates, or else you’re in a debt spiral. And so what’s been happening is, by the way, that’s why Trump wants to take interest rates down so much. You know, he is called for a 300 basis point cut. Imagine right now with inflation running at three plus percent, if they cut rates to one point a half percent or one point a quarter percent, I mean, it would be good for the economy. People would refi their houses. You know, there were all kinds of, you know, growth, right? Huge. But in turn it would be inflationary, very inflationary. That’s the trap. They’re really kind of caught in. It’s a seventies kind of stagflation sort of environment. You know, if they don’t keep rates low, they’re not gonna have any growth. If they want to get growth, they’ve gotta keep rates low. That’s gonna lead to monetary creation, which is gonna lead to inflation. Look how it all resolves is very complicated and none of us know. Yeah, sure. But what I do know with very high certainty, with a lot of confidence is this is going to be an inflationary decade. It’s already been an inflationary decade, and because of the way the math is today is very highly likely to continue to be an inflationary decade until we fix this monetary system. Well, we have less than 3% adoption. Three goes to six fairly easily. You know, human beings underestimate how long change really requires, and then we really underestimate how much change actually occurs. Think the internet like we are moving into a digital planet, right? Robots are not going to use credit cards, man. They’re not gonna use, they don’t need visa. We don’t need middlemen. The cool thing about Bitcoin, unlike the Rolls Royce, is you don’t have to buy the whole Rolls Royce. You can buy a fraction of it. You know, you don’t, maybe you guys partner with each other to do apartment buildings. Well, you’re already doing fractured deals on apartment buildings, so Sure. It’s not really that different. 2%, 3% goes to six. I mean, it does go to six. You have the largest ETF in the history of ETFs, okay? This supersedes the goal. ETF by orders of magnitude. I study markets very, very well, price. Really gets people’s attention. I think price is, uh, 90% of Bitcoin. Like I am truly a supply and demand guy. Oh wow. 21 million. And you guys have lost four. You lost 4 million coins. Oh, how’d you lose the 4 million? You lost the 4 million. I know how you lost it. You mispriced it. Bitcoin has been mispriced every day. Its entire history. Dude. 19 million coins have been issued. The addressable market is 8 billion people. You don’t need ’em all. Yep. You just need a small function of those 8 billion to go, Ooh. 21 million units and and four have been lost. It’s already mispriced. Okay. They’re pricing Bitcoin at one 15 Today, assuming there’s 21 million units, we know there’s not. There’s 17, so the supply shrunk. The market caps at 2 trillion. Hello. The standard deduction for a household is now, uh, what in a low 32,000 range. And it turns out that 60% of the households in the United States cannot take advantage of itemized deductions. That is when they take their mortgage interest, property taxes, charitable deductions, they don’t get that number. And so there’s not as much benefit to home ownership as there used to be in the United States. With our big institutional players, nobody wants their appraised values to be quickly marked down to market, because if your competitors don’t do the same thing and they’re part of the index and benchmark that you compete against, you’re going to underperform. And so we’ve traditionally had a lot. Appraised values for real estate among the institutional players, especially. You don’t get this out of the private market, but you get this from the nare players, the institutional type players, and, um, and everybody’s, uh, uh, fearful of underperforming that index. I would prefer as a private investor just to go ahead, bite the bullet and mark it down. Now take the pain if in fact you’ve seen it go down. Some markets have seen property values go down 30, 35% even in multifamily, but they’ve bottomed out in the transaction market and, and absolutely the, uh, the appraisers are gonna have to bring it down and the owners are gonna have to ease up that pressure and say, yes, I want a realistic appraisal. But, um, but there is that fear of underperforming the index and that’s. What’s holding up the American appraisal firms in 2008, 9, 10, 11, we saw a lot of deep distress. The the smart money was ready for it. Now, there’s a lot of people with dry powder, as we say. Ready to p on the market hoping for some distress from those who cannot refinance now, whose, whose CMBS loan or other money is, is rolling. A couple points there. One is, I think you’re going to see more loan modifications this cycle than last time because they realize it’s temporary and they realize that not all properties are in trouble. And these tend to be the higher leverage properties. The smart private wealth investors tended to use conservative leverage over the last several years knowing we’d hit a cycle and, and they probably are 65% or less. Leverage some of the, um, greener newer investment managers might have gone up to 80% and might have even used variable rate debt when they shouldn’t have. They’re the ones getting nailed. They’re losing all their equity and that property is distressed. So there’s not that much of it out there. But there’s a little bit, and I would certainly pounce on it if you can find it. There are often a lot of sort of hidden costs associated with buying versus renting. Can you talk about trying to weed through some of that? Sure some of the highest costs that we don’t think about when we own, although we do take cut down on risk. And also I think that’s come back to consumption. I, I is the fact that there’s the opportunity cost. So think about having 50%, a hundred percent of your home paid for. This, it’s the opportunity cost. You’ve actually taken capital out of play at higher returns to put it into something that perhaps, yes, you see it as a form of an investment, but it’s also partly consumption. And I think that’s why many people end up paying for their homes when they can, because there’s an old saying, and that is, you can’t go broke if you don’t owe money on it. Right? So if you, it’s hard for the lender to come get your home and you don’t really care, right? You wanna be able to. Have no debt on your home. It doesn’t make the typical financial sense if we argue at it from leverage and returns and maximization of returns. I think most people this high end level are looking at, you know, I, I, I, I have high net worth. I’m looking at both consumption and the investment side of the component. But very often the consumption wins and the investment is I can be safe and I can own this house. Outright in many states too. Your homeowner, the home that you live in, you are actually, if you’ve homesteaded the home, you’re actually protected against lawsuits and other things that are out there. Divorce cases will protect your position in, in terms of a homestead, so you can protect a significant portion of wealth by having a paid for home. What are some of those markets that are really overpriced versus. I guess underpriced right now. So when we look at the top 10 most overpriced markets in America right now, we look at their prices, where they are and compare them to where they should be statistically modeling them. We’re seeing the most overpriced markets are Detroit at 33.5% and then falling, falling, descending. Order of Cleveland, Ohio. New Haven, Connecticut, Akron, Ohio, Worcester, Massachusetts, Las Vegas, Nevada, Hartford, Connecticut. Rochester, New York, Knoxville, Tennessee, Toledo, Ohio. You’ll notice. And these are overpriced. These are overpriced. These, the overpriced mark. That’s so, that’s sort of counterintuitive, isn’t it? Ab absolutely. But yes. Wow. Okay. And then h how about the, uh, underpriced markets? I’m curious on that too. Sure. So when we then go to the opposite end of the spectrum, and usually now with underpriced comes risk and there’s risk in both of these markets, what you wanna do, both overpriced and underpriced, what you wanna be long term in a housing market. Uh, ’cause you want to be really close to that trend and not have these dramatic swings. It’s just like stock price. We don’t like volatility. Housing, it’s, it’s dangerous for performance. The most underpriced markets. We only have four markets in America right now that are trading at a discount relative to their long-term pricing trend. In other words, statistically, where they historically prices say prices should be today only four cities are underperforming. That that’s Austin, Texas at 3.1% below where they should be, or a discount of 3.1%. San Francisco at a discount of 6.5%. Wow. New Orleans, Louisiana at a discount of 8.7 and Honolulu, Hawaii at a discount of 10.3. Notice I’m not saying these markets are inexpensive. They’re just below where they’ve historically been. These are the best buys right now because they’re below their long-term trend. One of our other indices, we call it our price to rent ratio. It’s really a PE ratio for rents versus home ownership. And then so we can look at that. So if you’re in our a hundred markets, we know the average price, right? So it’s gonna be priced, divided by the annual average rent. So it’s gonna be how many dollars in price do you pay for every $1 and annual rent? And that gives us the relative difference between owning and renting. The higher that ratio. The, the more you should on in general be leaning towards renting, the lower that ratio, the more you should be leaning towards owning. And we used to do an old buy versus rent index for 23 cities. We now do it for 100 cities. And this price to rent ratio produces almost the same exact answer. So when we look at the average price to rent ratio in an area and we just compare, are they above or currently are you above the price to rent ratio? Uh, for Los Angeles, California. Are you below it? If you’re above that average for say the last 10 years, you’re gonna be rent friendly. If you’re below it, you’re gonna be bio friendly. I can do this very quickly. Pick a California market you’d like to know about. Why don’t we try Dallas, Texas. Okay. Dallas, Texas. That one’s in the top 100 in terms of population. So Dallas, Texas, uh, their price to rent ratio is at about a, just below a 6% premium. In other words, that trade off between renting and owning is about 6% above where it should be, so it slightly favors renting. I’ll jump to the next index. If we look at actual prices in Dallas, there’s a slight premium. So it’s, it’s, it’s telling me, Hey, that my price to rent ratio’s high, slightly favoring ownership, but it’s probably because prices are a little high and they might change. Uh, Dallas has had a bit of a. Premium right now. So I will now go look at Dallas rents. My gut feeling is they’re gonna be below average and they are. They’re at about a 4.5% discount. So that’s just market dynamics in motion right there. And we can do that for a hundred cities pretty quickly. Mm-hmm. You make a lot of money, but are still worried about retirement. Maybe you didn’t start earning until your thirties, now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Good news. If you need to catch up on retirement, check out a program. M put off by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens to you. The concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to the show everyone. Hope you enjoyed it and uh, once again. Thanks again for listening. Uh, I truly appreciate your support. I hope, uh, I hope it’s been entertaining for you and that you’ll learn something along the way and, um, you know, always appreciate your feedback. Shoot me an email, bucket wealth formula.com. Let me know if there’s things that you want me to do. Let me know if there’s things you wanna hear more about. Uh, but hopefully it’s gonna be a good year and we’re gonna keep plugging away talking about the, you know, try to get educated myself and pass along information to you on Wealth Formula Podcast. That’s it for me this week on Wealth Formula Podcast. This is Buck Joffrey. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit well formula roadmap.com.

For years, gold was the asset nobody wanted to talk about. It sat there quietly while stocks and real estate continued to rip. Gold was for pessimists. For doomsayers and perma-bears.And then suddenly… gold didn't just wake up. It launched. As of mid-December 2025, spot gold is trading around $4,300–$4,400 an ounce, depending on the market, marking a gain of roughly 60% over the past year and pushing decisively into record territory. The obvious question is: why now? The short answer is that gold isn't reacting to one thing. It's responding to a stacking of pressures that have been quietly building for years and are now impossible to ignore.Start with central banks. For the better part of the last decade, central banks were net sellers or indifferent holders of gold. That changed dramatically after 2022. According to the World Gold Council, central banks have been buying gold at more than double the pace of the pre-COVID years, and 2025 continues that trend, with hundreds of tonnes added to reserves year-to-date. These aren't hedge funds chasing momentum. These are monetary authorities making deliberate, strategic decisions about what they trust to hold value. Why would central banks suddenly want more gold? Because geopolitics has re-entered the chat. We now live in a world where reserves can be frozen, payment systems can be weaponized, and “risk-free” assets depend heavily on political alignment. The World Bank has been explicit that rising geopolitical tensions and global uncertainty are key drivers of gold's surge this year. When trust in the global order erodes, gold benefits. At the same time, the U.S. dollar devaluation thesis is no longer fringe thinking. It is reality.Gold is priced in dollars, and when real yields fall and the dollar weakens, gold historically performs well. That dynamic is playing out again. Reuters has repeatedly pointed to a softer dollar and declining Treasury yields as near-term tailwinds for gold's rally . Bank of America's research echoes this relationship, emphasizing gold's inverse correlation to the dollar and the growing desire among nations to diversify away from dollar-centric reserves . In other words, gold isn't just going up because people are scared. It's going up because confidence in fiat discipline is eroding, slowly but persistently. So…Is gold still a buy or did we miss it? The truth is, both answers can be correct. Yes, gold is expensive relative to where it was a year ago. You don't go up 60% without pulling future returns forward. But what makes this cycle different is that many of the buyers driving demand are price-insensitive. Central banks don't care if gold is up 20% or down 10% in a quarter. They care about long-term reserve integrity. That's why major institutions aren't dismissing the move as a blow-off. Goldman Sachs has cited sustained central-bank demand and the potential for further ETF inflows as supportive of higher prices. J.P. Morgan continues to frame gold as a beneficiary of geopolitical instability and monetary uncertainty, and Bank of America is projecting prices as high as $5,000 an ounce into 2026. Of course, nothing goes up in a straight line. A shift toward tighter monetary policy or a sudden easing of global tensions could cool enthusiasm. Understand though, that gold's breakout isn't just about gold. There is a larger message that should be taken away from all of this. Hard money has come back into favor. Gold is the original hard asset. It's scarce, politically neutral, and has thousands of years of monetary credibility. But it's also heavy, difficult to move, and awkward in a digital world. Bitcoin exists on the same philosophical axis. Both gold and Bitcoin are reactions to the same problem: expanding debt, monetary dilution, and declining confidence in centralized control. Gold is the conservative expression of that view. Bitcoin is the aggressive one. Today, Bitcoin trades around $86,000, still volatile, still controversial, still misunderstood. But if gold's surge is signaling a regime shift toward hard assets, then Bitcoin may simply be earlier in that adoption curve. In other words, gold may be leading the parade. And if history is any guide, when institutions start moving into the oldest form of sound money, they eventually begin exploring the newest. That's the signal worth paying attention to. So this week, I interview Dana Samuelson, an old friend of the show and an expert in everything gold and hard money. Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  Gold isn’t reacting to one thing, it’s actually responding to a stacking, uh, pressures, uh, that have been quietly building for years and, and really right now are impossible to ignore. Welcome, everybody. This is Buck Joffrey with the Wealth Formula Podcast coming to you. From Montecito, California and today. Uh, before we begin, just a quick reminder. Uh, there is a, uh, website associated with this podcast called wealth formula.com. And, uh, that’s where you go to get deeply more deeply integrated into this community, including our accredited investor club, AKA investor club for you to join. And, uh, once you get onboarded, all you do is you, you have an opportunity to see private deal flow, uh, that, uh, is not available to the general public. If you are an accredited investor, meaning that you have, uh, make $200,000 per year or $300,000 per year, uh, for the last two years with the reasonable expectation of continuing to do so, or you have a million dollars outside of your personal residence, a net worth, then you are an accredited investor and. All you need to do is sign up and join the club. Just go to wealth formula.com and sign up and get onboarded. Now, let’s talk a little bit about something that has been extraordinary this year. It’s gold. You know, for years, gold was the asset that nobody wanted to talk about. I mean, it sat there quietly. Well, stocks and real estate continue to rip. Um. Gold really is really, you know, was for the pessimists. For the doomsayers and the perma bears. I mean, I, I gotta tell you, I kind of am was one of those people, right? And then suddenly gold didn’t just wake up. It, it totally launched, exploded in his mid-December 2025. Spot Gold is trading around, I know, 4300, 4400 an ounce, depending on the market, gaining roughly 60% over the past year. Pushing decisively into record territory. Now the obvious question is why now? Well, the short answer is that gold isn’t reacting to one thing. It’s actually responding to a stacking, uh, pressures, uh, that have been quietly building for years and, and really right now are impossible to ignore. And this is an interesting shift because. The thing is that in the old days, and I’m even talking about 15, 20 years ago, uh, you would look at gold as something that didn’t really go up when the stock market was doing well, right? It was kind of a reaction. It was a fear-based thing. It still is sort of a fear-based thing, but now it’s not just fear of, you know, whether the stock market’s gonna crash. It’s fear of geopolitical concerns. That’s where the central banks come in, right? So for the better part of the last decade, central banks were net sellers. Or really indifferent of holders of, of gold, and that changed dramatically after 2022. So according to World Gold Council, central banks have been buying gold at more than double the pace of the pre COVID years. And 2025 continued that trend with hundreds of tons, uh, added to reserves year to date Now. These are central banks. They’re not hedge funds chasing momentum, right? They’re monetary authorities and they’re making deliberate strategic decisions about what they trust to hold value. And why would central banks suddenly want more gold? Well, because again, geopolitics has reentered that chat. We live in a world now where reserves can be frozen, right? Payment systems can be weaponized. Risk-free assets depend heavily on political alignment. Now of course, I’m talking about the United States when I’m mentioning all those things, right? Uh, how we can kind of just freeze assets of Russia and that kind of thing. I’m not, uh, pro-Russia, I’m just pointing out the fact that. Countries don’t like it when you freeze their assets. Right? The World Bank, uh, has been explicit that rising geopolitical tensions and global uncertainty are the key drivers of gold surges this year. And when trust in the global Ory roads, of course that is now when gold benefits and at the same time, the US dollar devaluation thesis is no longer just kind of fringe thinking. It’s reality. No one, no one even bothers to pretend that that’s not happening. So gold is, uh, of course, priced in dollars and when real yields fall, uh, and the dollar weakens gold historically performs well so that that dynamic is playing out again as well. In fact, Reuters has repeatedly pointed to a softer dollar and declining treasury yields as near term tailwinds for Gold’s Rally Bank of America. Uh, their research shows, uh, this relationship emphasizing gold’s inverse correlation to the dollar and the growing desire among nations to diversify away from the dollar centric reserves. In other words, gold isn’t just going up because people are scared. It’s going up because confidence in the fiat discipline is eroding altogether slowly. Persistently. So the question is, is gold still a buyer? Did we miss it? I mean, I just mentioned that it just went up by like 60%, right? So that’s a tricky question. It really is. I could certainly see some volatility there. But here’s the thing. I mentioned that central banks were big buyer, right? Central banks don’t care if gold is up 20% or down 10% in a quarter. They care about long-term reserve integrity. So they’re a price insensitive buyer. Um, and that’s why major, major institutions aren’t dismissing the move, as you know, just a big blow off. Uh, Goldman Sachs cited sustain central bank demand, and the potential for further ETF inflows is supportive of higher prices. Banks, uh, like JP Morgan and um, and, and Bank of America. I mean, they’re continuously talking about how gold is a beneficiary of this geopolitical instability. Bank of America is projecting prices high as $5,000 a ounce in 2026. So that’s still a big move, right? Of course, nothing goes up in a straight line. So shift toward tighter monetary policy or sudden easing of global tensions. Well, I, I could, they could cool enthusiasm, right? The less fear in the world. Well, that isn’t. That’s not good for gold. I understand though that gold’s breakout isn’t just about gold. There’s a larger message that should be taken away from all of this, and that is that hard money, real assets have come back into favoring, and gold is the original hard asset. It’s scarce, it’s politically neutral, tens of thousands of years of monetary credibility, but it’s also heavy, difficult to move and awkward in a digital world. Now, of course you know where I’m going with that. I don’t wanna make every gold conversation conversation about Bitcoin, but just as a reminder, Bitcoin exists on that same philosophical access, right? Both gold and Bitcoin are reactions to the same problem. Expanding debt, monetary dilution, declining confidence and centralized control. Gold is the conservative, you know, version of that, the expression of that Bitcoin is the crazy youngster, the aggressive one. They’re, they’re following the same rails. And today Bitcoin trades around $86,000. It’s still volatile, still controversial, still misunderstood, and really, listen, the market cap is 2 trillion bucks. Um, you know, no asset that has ever reached $2 trillion. Market cap has ever gotten to zero. But on the other hand, there’s it, it’s pretty small, and you could still move those markets really quickly, and that’s why you’ve got volatility. But if gold surge is signaling a, a, a shift towards hard assets, it’s really hard to not see that. Uh, Bitcoin may simply be, uh, you know, early in that adoption curve. In other words, gold may be leading the parade. And if history is any guide, uh, when institutions start moving into that, you know, oldest form of sound money, they eventually begin exploring the newest. And that’s, that’s a signal. Worth paying attention to. Anyway, this week what we’re gonna really focus on though is gold and hard money. We’ll talk a little bit about Bitcoin as well. My guest is Dana Samuelson, who is. An old friend of the show, and we will have that conversation right after these messages. Wealth Formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net, the strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own. Bank to invest in other cash flowing investments. Here’s the key. Even though you’ve borrowed money at a simple interest rate, your insurance company keeps paying. You compound interest on that money even though you’ve borrowed it at result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique, it’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its back. Turbo charge your investments. Visit wealth formula banking.com. Again, that’s wealth formula banking.com. Welcome back to the show everyone. Today my guest on Wealth Formula podcast ad Samuelson. He is been on the show before. He’s friend of the show. He is a professional. How do we see this numismatist since, uh, 1980. Working with some of the most influential, precious metals trading companies in the country. Before founding his own American Gold Exchange Incorporated in 1998. Uh, for nearly a decade, he was a personal protege of James U. Blanchard ii, one of the true giants of the industry, and the individual most responsible for re legalizing the private ownership of gold in the us. American Gold Exchange Inc. Is a national mail order, precious metals and rare coin dealership that makes competitive buy and sell markets in mainstream, modern, gold, silver, platinum, palladium, bullion coins and bars and classic pre 1933 US Gold and silver coins and World War ii European Gold coins. I don’t know if I left anything out, but welcome Dana. How are you doing? I’m doing great, buck. Thanks for having me back. I really appreciate it. Well, it was funny, we had a little conversation, uh, just before we started and I said, well, gosh, you know, uh, we’ve had you on the show before, maybe once, maybe twice. And, you know, and, and you, um, I think Apley described the gold market as watching paint dry. And I, I think that’s, I think that’s pretty adequate. Um, I mean, for, I mean, the last decade or so before this all happened. So, so let’s start talking about it. So, gold gold’s moved into price territory that, you know, very few people would’ve predicted even a couple years ago. So what, from your perspective, having lived lived through multiple gold cycles, what feels fundamentally different about this move? Uh, this market is a globally driven market and it’s focused on physical. There’s been a move into gold this year, and silver now platinum two. To a degree palladium, uh, in a physical level that we haven’t seen since the late seventies when we had the last really, you know, red hot market driven by fears over debt inflation. Geopolitics. Uh, you’ve got the bricks, nations that are trying to divorce themselves of the dollar, but they really can’t do it easily because there’s not a good viable alternative except for gold. And that’s been one of the leading drivers of this gold price surge that has really, you know, almost doubled in price since, uh, two years ago. A lot of it is, you know, underpinned by Central Bank Gold buying, you know, between 1950 and 2010, after the dollar became the world’s reserve currency backed by gold. And even after we un pegged the dollar to gold in the 1970s, 1971, central bankers had had gold on their, physically in their vaults from pre-World War ii when gold was money, uh, they shed that. From the 1950 all the way to 2010, they became net buyers after the great financial crisis due to the global debt explosion and primarily quantitative easing printing money outta thin air. But they were buy, they were modest buyers, you know, 500 tons a year until Russia invaded the Ukraine in 2022. And we sanctioned Russia and weaponized the dollar. The last four years, they bought, you know, almost a thousand tons of gold year or double. That really became material last year in price as the cumulative effects of their continually buying about a fifth of what the mines make every year started to really impact supplies and price movement. And now we’ve got President Trump this year, you know, throwing a monkey wrench into the World Trade order with his tariffs. And I think that that’s created a lot of uncertainty, some fear. And of course the debt just continues to go higher and higher. And now interest payments on our debt are over a trillion dollars for the first time ever. So debt servicing is starting to become problematic. The cumulative effects of all this have caused the, the people around the world, including central governments to buy gold at record rates. Um, but it’s not the phenomenon that’s happening in the United States. ’cause we don’t have a gold culture in our country, like almost every other country does. It’s interesting. Um, so what, you know, you’ve been talking about really is central banks around the world have it really been accumulating gold at levels we haven’t really seen in modern times. Right. And, and, uh, why do you think the US Central Bank. It doesn’t do the same because is it an admission of the debasement of the dollar? Because really the gold, gold is the anti dollar. I’ve always viewed it as the anti dollar maybe. Maybe that’s not the, you know, you may not agree with that a hundred percent, but I’ve always viewed it that way, and so why wouldn’t the US hedge and accumulate more? Well, we’re the world’s reserve currency. That Right. That’s, that’s created a paper culture in our, in our world. It’s now three generations old, right? Since 1945, when the dollar became the world’s reserve currency and we, the world went to a paper money standard instead of a gold money standard, which was the world’s standard from ancient times all the way till the 1930s. You know, the, our monetary system when the country was founded in 1793 was based on gold and silver coins. A copper penny was the size of a half dollar because that’s what one penny’s worth of copper was worth in 1793. Right. Um, you know, after World War ii, we had a couple things that the rest of the world didn’t have. We had a manufacturing, uh, industries that were, uh, unaffected by the, physically by the war. And we had, you know, the ability for markets to work properly, which should allow the dollar to become the world’s reserve currency. Backed by, you know, 8,200 some odd tons of gold, the biggest pile of gold that any country had. Actually, at that time it was more like 20,000 tons of gold. Uh, but by the time we got to the seventies and we un pegged from gold, we were down to about 8,000 tons. That’s still more than anybody else is supposed to have. I do think China could have more gold than that. Now they’re just not telling us they do. You know, officially they’ve got about 2,400 tons of gold, uh, and the second and third are, you know, 3000 tons of gold. So we, we still have a lot of gold. And there’s talk about auditing Fort Knox and monetizing it, but it only gets us about a trillion dollars. It’s not enough to really, you affect the 38 trillion, maybe pay the debt off for a year, or, you know, for six months. Six months, yeah. Something like that. Our, our debt is starting to matter too. You know, it’s doubled twice in the last 20 years. It gonna double again in the next 10 to 70 trillion, 78 trillion. People hear about the, the whole, uh, the bricks phenomena, right? And part of, part of what you were just discussing in the, uh, accumulation of gold. Explain that, explain what’s going on over there for people who aren’t paying attention, and you know how that is, how that is playing into all of this. Well, when we sanctioned Russia after they invaded the Ukraine. And seized their assets and threw them off of the Swift International Bank Transfer Payment System. We forced countries that were concerned that if they ran politically afoul of us, we could do the same to them. They forced them into thinking, oh, how do we get some independence from that vulnerability? Potential vulnerability? It’s not easy to replace the dollar. What they’ve, what they’ve been doing is replacing the Swift Bank transfer payment system with a payment transfer system of their own right so they can move money amongst themselves outside of the SWIFT system, number one. And since there isn’t a good viable alternative to the dollar, really the only other asset that makes sense is gold. Gold is a neutral asset. It’s not like you need it for oil or grain or steel. Nobody really needs gold, right? But it’s universally trusted. It’s immediately liquid, and it’s got a couple other things going for it that are unique. Number one, it has no counterparty risk. It’s one of the only assets. It isn’t simultaneously someone else’s liability. And number two, uh, gold in a vault can’t be seized or sanctioned. Right, so they’ve been going to gold, like they’ve been going to gold for, for centuries. It’s just, it hasn’t been that way since after World War ii. It’s a, it’s kinda like a back to the past kind of a situation. It’s sort of back to the future. It’s back to the past. That’s the allure for gold and the reason why they’re accumulating. In fact, they just launched their own currency unit called the unit. 40% backed by gold. The bricks nations have now it’s in its infancy and it’ll take a while for it to really, you know, work. But they’ve been building the components and the infrastructure to get to this point, creating the transfer of payment systems and all the components to go along with that so that they could announce something that they could use as a, as a settlement vehicle for trade, which is really what this is all about. And they’re backing at 40% by gold. Which is material and it’ll become bigger as time passes. Let’s, let’s try talk a little bit about that price movement. Huge. Um, is 60% in the last couple years, is that about right? This year alone, gold’s up 67% on a 12 month rolling basis, 67%. I mean, those are like bitcoin num, you know, type movements in the past. Right. They’re kind of crazy. So a lot of people are looking at those prices today and they’re thinking, well, I’m late to the party. Uh, are they late to the party? How do you, uh, what, what do you think’s going on there? I think the party’s about halfway through. We haven’t got to the late innings yet. I, I really do think this, and this is why this is the fourth major bull run in gold we’ve seen since we went off the gold standard in 1971. We had a a 20 to one run for gold in the seventies that was built on two oil shocks. 18% inflation and a crisis of confidence in the US then for the next 30 years. You know, 25 years a good part of my career. You know, watching gold was like watching paint dry. It traded routinely between three and $500 an ounce until we got into war, uh, following the nine 11 attacks, Iraq and I, Afghanistan, and we went into deficit spending. Then we had a second financial crisis when the great financial crisis hit another bull bull market in gold. Then we had COVID economic closures, another bull market in gold. Now we’ve got a fourth, but it’s lacking what the first three had, which was fear in the US over either economics or geopolitical events. So this gold price has essentially doubled since March or April of 2024. With no fear and a lot of complacency in the US markets. So my, my thinking is what happens if the economy slows down and, you know, the Fed’s gonna lower rates anyway. We know that’s coming with a new Fed chairman in the next five months, six months, number one, that’s good for gold. What happens if we go into a real economic slowdown and the Fed really has to drop rates, or God forbid, go to QE again, right? Or inflation rears its ugly head because the fed’s too accommodative in it. Situation where, you know, supplies are kind of tight still because of the monkey wrench, president Trump has thrown into the World Trade Order. You know, if we get fear in the US that’s when gold could go from 4,000 to, you know, 8,000. And I’m not saying that’s gonna happen, but I do think the trends have driven gold higher are not gonna change anytime soon. One of the things that you’re mentioning is those trends and like even. You know, in the last 15 years ago when I’ve been sort of involved in the investor world, the, the things that we talk about with trends with with gold have changed. I mean, usually you don’t see AI stocks going up with gold, right? Like, I mean, not that AI was around, but the point is tech stocks, that kind of thing. How is that thesis fundamentally changed? Um, I’m not quite sure I understand your question. Well, what I mean is like if gold was, gold used to be, I think it’s, you know, something again that people would buy when they were afraid of, of what’s going on in the equity markets. Right. Uh, that’s clearly not the case now. No, no, not at all. Right. Talk about that change. When did that change happen? How did it happen? This is a globally driven market. It’s not a US-centric market. This is fear around the world. You know, central banks started to underpin this market in 2022 when they stepped up their buying and doubled it. But this year, because of the uncertainty, uh, and some of the fear that President Trump’s tariffs and the way they’ve been deployed, kind of knee jerky, um, and inconsistently. Certainly not diplomatically, right? You know, it’s caused a lot of concern around the world. And for example, in April when President Trump announced the reciprocal tariffs on April 2nd, what happened? The bond market went into the complete dislocation, yields spiked from 4% to 4.5% in a week. The bond values tumble because investors started pulling money out of the, and taking it back home. Money that’d come in from Europe and Asia started to go back. So what did President Trump do? He pulled back the reciprocal tariffs on every country, but China and China said, well, we’re not gonna drop tariffs on you. And he said, well, we’ll ramp ’em up on you. So we went toe to toe with him. Until a week later, we were at 145% tariffs on China, and they were 125% on us. Well, if you’re a Chinese investor and you have real estate or stocks to invest in, and both of which have done badly since COVID or gold, what are you gonna do when your best customer suddenly says, Hey, we really don’t want your products, because that’s what 145% tariffs say to the Chinese. We don’t want your products. You can’t sell ’em here. You gotta go sell ’em somewhere else, but we’re their best customer. So they bought gold. They bought gold handover fist, and they drove the gold price up $500 by themselves during that month. That’s what I mean by fear outside of the us. Yeah. We don’t get it inside. Well, and and that’s fear outside of the markets too, right? I think that’s, that’s the fundamental shift I was trying to get at is true. It used to be that gold was, uh, gold would react on fear of the markets, but now there’s another level of fear, which is geopolitical. And it doesn’t seem like there’s any time soon that that’s gonna end. No, no. I, I, I’ve called it like a run on the bank only. It’s not a run on the bank of like George Bailey’s run on the bank and it’s a wonderful life. This is a run on the gold market, the physical gold and silver and platinum markets. That’s really what this is, and it’s a global rush to buy. And it’s not just central banks, it’s the public as well. Due to uncertainty, part of it’s fear of missing out now that we’ve had a big run in prices too. That’s FOMO in there too. That’s what I’m trying to, that’s part of what I was wondering too though, is like, you know, again, there’s people out there now who, um, are, are looking at this and they might even be listening to us going, gosh, yeah, it really makes sense and I happen to have no gold. What do I do? You know, what do I do now? Do I buy now? And, and I’ll, you know, and, and the next thing you know. I find out this was a frothy market and, and I’m down 20% for the next three years. I mean, that kind of thing. So I, I think it’s a, it is a tricky time, but, so that sort of, I guess, brings up when you think of gold, um, in a portfolio. I mean, you say, you’ve said in the past, it’s not about getting rich. Well, some people really did get rich this time. Uh, you said it’s about preserving wealth, right? So how should investors think about Gold’s role alongside stocks, real estate, and other assets right now? Well, even I think JP Morgan Chase has said this year, you know, instead of a 60 40 portfolio, you should have a 60 20 20 portfolio with 20% bonds and 20% precious metals. Gold in particular, because of what’s been happening. And now we don’t have a gold culture in our country, like most every other country does. So most Americans don’t get it. And that’s part of. We’ve ingrained because the dollar is the world’s reserve currency and it insulates us from currency shocks in commodity pricing primarily. Uh, without that insulation, you know, they might think things a little bit differently, but you know, any good financial planner will say you should have a little bit of precious metals as part of your portfolio, uh, as a hedge against financial uncertainty. And it certainly worked perfectly well during the great financial crisis. And when COVID hit because. Gold tends to counter cyclically, perform in price against stocks and bonds, and it’s always liquid. Now, you’re a real estate investor, you understand real estate. What couldn’t you get in 2009 alone? Right? Bankers wouldn’t give anybody money, right? But if you had gold, you could get liquidity, right? And gold, you know, almost doubled between 2008 and 2011 at the same time when most assets were dropping 50%. That’s an insurance policy for the rest of your money. That’s why I said, look, it’s a way to preserve wealth and have a hedge against financial uncertainty. But in the market that we’re in now, you know, having more than just the, the minimum, which is five to 10% of assets as a, you know, potentially an investment instead of just an insurance policy. That makes sense. But you’re right, you could buy and you could, you know, tie up money that won’t produce anything for a couple years, maybe longer. You also have an insurance policy in case the wheels do come off like they did during the great financial crisis or during COVID. Yeah. Yeah. I was listening to, uh, another podcast. I listened to the, these, uh, guys, the All In podcast, and, uh, Tucker Carlson was on there, and apparently he’s a, you know, huge, uh, physical gold guy. And, and he said, and I, I think he was serious. He said he buries it in his backyard and then he spreads a bunch of, um. Uh, a bunch of, you know, silver beads, uh, out there too, like, just in case no one can like, use a medical metal detector and find it is gold. Uh, let’s talk about that nuance of, of physical gold versus, you know, buying ETFs and all that stuff. What’s your take? I mean, what, what do you tell people when they say, well, gosh, you know, uh, it might be hard for me to store that gold and, and why shouldn’t I just get an ETF and, and talk a little bit about that? Well, I trade ETFs in my IRA account. When I think the, when I think I can harness price movement, that’s what I use ETFs for. You know, they’re a paper representation of gold, uh, that you can trade at the click of a button, physical gold. Is valuable. It’s, you have to find a place to store it. It’s pretty inert, so you can, you can bury it in your backyard, keep the elements out of it, but then there’s some risk there because it could be found, it could be stolen, so you do have to store it somewhere. You can put it in a bank safe deposit box, but I don’t really recommend that because what happens if there’s a banking holiday and you can’t get to it? So having a home safe or maybe, you know, maybe bearing it in the backyard. Is an option if that’s what you wanna do. Or there are independent professionally run storage facilities. There’s a few of ’em around the country that are run by precious metals dealers that are, you know, big entities. Uh uh. So I think they’re trustworthy and they certainly have the ability to service and aren’t properly insured. So that if something happens, you know your value is protected. And that’s primarily what you pay for as a storage fee is a percentage of value. Not so much number ounces that you have there, but the value percentage, because it is an insurance, uh, related value, right? The value goes up, they’ve gotta get more insurance so they get a higher storage fee for that same amount of metal if the value increases, which is unlike other assets. So I do have a couple of those I recommend that are run by professional. Companies that have been in business for years that we know would trust and have performed perfectly. If you wanna store, um, physical metal now gold is compact. You know, a hundred ounces is smaller than a paperback novel and it’s $450,000 worth of value today. You could, I could literally have one bar in each one of my coat pockets and be walking around with almost a million bucks in my pockets, and no one would know. Silver. You know, silver creates a bigger problem because it takes 70 ounces of silver to equal an ounce of gold. So there’s a lot more volume involved and a lot more weight, which is why sometimes these facilities make more sense if you wanna store something that’s more bulky like silver. But if you’re gonna store gold somewhere, that’s not easy to find. You wanna make sure somebody you trust behind you knows where it’s just in case something happens to you. Right? Yeah. Um. What, um, how difficult is it, uh, Dana, for someone to, I guess, say they wanna sell, say maybe they need to sell one of those bricks in your pocket there? Uh, and, and, um, is that a, um, a process that, I mean, it’s, you know, it’s not as easy as clicking a button at that point, right? But to make sure that you get the best possible price for your gold and all that, I mean, you’re not gonna go to a pawn shop and. Oh, that, so like, I, I’m just curious on the mechanics of that. ’cause I’ve, you know, I’ve, I’ve never sold, you know, physical gold for anything. So, so our, our company’s a physical dealer. We’re a hybrid between Amazon and a financial institution. And that, uh, we sell something online or over the telephone. The price is always changing on a minute by minute basis, but it’s like you’re buying shoes. It’s just, you know, you don’t quite know what the price is gonna be. So we physically, you know, figure out which product you should purchase, what’s best for you, and then we ship it to you if you want to sell it, it’s just the reverse of the transaction. You have to present it for delivery, which means you have to ship it back to, uh, your dealer, or, you know, physically deliver to them, and you get paid immediately upon delivery. So, um, you know, we, we do business like a financial institution. You can call us up, place a transaction over the phone. Uh, if it’s a smaller transaction, we’ll do that without deposit funds. If it’s a bigger transaction, we don’t know, you will want funds first, but once we lock in, that’s the price. Just like when you buy stock and then you pay the balance or, or we ship you the merchandise, whichever comes first. Um. You get it, inspect it, make sure you, you got what you’re supposed to get. In fact, it, you know, in the last two years with this gold price just climbing higher and higher, we’ve got a lot of clients that are complacent. They like the stock market that’s been hitting record highs, uh, and they’ve been shedding gold. We’ve actually bought more gold as an industry, not just our company, but as an industry in the last year than we’ve bought in a single year in 20 years. So it’s very easy to reverse the transaction. But what I would tell you. For your listeners is, and this is important, you should buy sovereign minted products, gold ounces, silver ounces, one ounce gold coins. They’re really just round bars made by the US Mint, the Royal Canadian Mint, the British Royal Mint. The Austrian Mint instead of refinery made. One ounce bars or 10 ounce bars or kilo bars of gold because we have a modest but growing problem with Chinese counterfeits. The Chinese can take tungsten and plate it with gold and pass it off as reel, and they can do that much better with refinery made bars that have plain design pictures stamped onto them. They can replicate those very well, but they cannot replicate the intricate pictures. The US Mint or the Canadian Mint, or the Austrian mint, British royal mint stamp onto that one ounce gold coin. We call it a coin. It’s just a round bar made by a mint that struck with dyes like a coin. And all of the mints around the world have introduced minute anti-counterfeiting design elements into the picture that they stamp on their coins to deter Chinese counterfeits. And it’s working. So the most important thing is, you know, do business with a reputable dealer that’s been around a long time, that has a good reputation, not a, not some new entity, right? You wanna find a, a trusted member of the community and develop a relationship that makes buying again or selling very easy. Once you have a relationship with a dealer, and we know the product you’ve purchased, we’ll take it back very easily. Uh, silver is, you know, people talk a lot about it in the context of, you know, the lump it with gold but has very different characteristics. Um, how do you think about silver today? I love silver today. Uh, it’s, it’s a metal at times as hard to love because every time it makes a big gain, it can give it up pretty easily. It’s more volatile than gold, but gold’s about 90% monetary metal in 10%. Commodity metal silver’s about 50 50, but what silver has going for it is, uh, a couple of unique characteristics that virtually no other metal comes, uh, as close to, which is conductivity of heat and electricity. Silver is amazing in that it’s the best at conducting both heat and electricity. I’ve got a one ounce silver coin on my desk here, and if you take this coin and hold it between your fingers and take an ice cube. You can literally cut that ice cube in half in about 6, 7, 8 seconds with a pure silver coin because the heat from your fingers gets transmitted to the coin and goes right through the ice cube. That’s just a simple example of how conductive silver is for temperature, and we have a structural supply deficit in the silver market that we’ve had for about five years now, where the industry. Is consuming more silver than comes out of the ground on an annual basis. So we’re eating into the above ground supply. Uh, so fundamentally that’s the supply and demand equation favor silver. Uh, plus because gold is moved up so much in price, silver is getting a rotation into it because it’s underperformed relative to gold until just recently where it’s played catch pretty sharply in just the last three or four months. If you measure. How many ounces of gold, uh, how many ounces of silver it takes to equal an ounce of gold, the gold to silver ratio back in April. That was a hundred to one, you know, which was an extreme. Today that ratio is a, is a little under 70 to one. It’s 67, 68 to one. So silver has played up in ketchup in price. Where is that historically? Uh, well. Normally it’s between about 40 to one and 80 to one with about 60 to one as the, as the pivot point where it’s in, they’re in equilibrium. But in the last four or five years with gold leading and silver lagging, we’ve routinely been in the 85 to 90 to one range. Uh, and we actually hit a hundred to one in April of this year, uh, which was the highest it’s been, um, except for when we had a kind of a knee jerk in the medals during COVID, which was an anomaly. Uh, didn’t last. So, but anyway. Silver is playing ketchup because it’s been undervalued relative to gold. Um, and we’ve seen, you know, people that wanna be in the metals, but think gold’s a little expensive. They’ve rotated out of gold, and we’ve seen some of that money move into silver and also into platinum. Now, platinum was under a thousand dollars this time of year ago, and it’s almost $1,900 announced today. So it’s almost platinum’s up, uh, almost a hundred percent now. This year where silver’s up 120% this year and a lot of this demand is driven globally. We’ve seen huge demand in silver in India this year because gold is so, has become so expensive, and that’s what I mean by a global run on the, on the bank. It’s not just China, Japan, it’s India too, and Europe as well. Physical buying and et f buying ETFs are available around the world in precious metals now that really haven’t been very impactful until this year. Um, but that’s what the world’s doing, you know? No discussion these days on gold is complete without at least mentioning Bitcoin. Uh, you know, and, and it’s, it’s interesting because, um, you know, even within the, uh, uh, gold world, I mean, there’s, there’s some prominent people who are really bought in to Bitcoin. Like I, Lawrence Lepert has been on the show multiple times now, and Larry’s all in. Um, just curious as a, you know, as a gold person, what do you see where, what do you see the role or do you not believe in this thing? Do you believe it is a, a parallel? Um, I, there’s so many things that you say about gold. That I’m like, yeah, you can say that about Bitcoin too and carry, you know, millions of dollars in your pocket. You can, you know, it’s, uh, there’s a very little amount of it. Um, obviously it’s new, right? Gold has been around for, since the beginning of time and, and now we’ve got 2009 for Bitcoin. What is your view? How are you seeing it? May, how are your colleagues seeing it in the gold space? Well, a couple different points to make here. Um, you know, when, when Bitcoin came out in 20 10, 20 11, you know, one of my friends in the, in the precious metals business told me I should buy it when it was 20 bucks and I didn’t get it. So I didn’t do it, and that was a big mistake on my part. But Bitcoin has one advantage that no other currency or gold has, which you can move serious money over borders easily. You’re right, you can carry it around in your pocket, in your wallet and, um, you know, you carry a lot of value around and transfer it at the, you know, click of a button. And no co counterparty risk, just like you said with gold, right? Yeah. Well, there’s some modest counterparty risk with, with bitcoin that you, you have counterparty risk with gold and theft as well. Um. Bitcoin is volatile. It’s, you know, it’s, it’s very volatile. It’s still the speculative investment. I mean, it was 124,000, you know, four months ago, and now it’s about 85,000, 90,000. So there’s volatility there that gold doesn’t have. But more importantly, what I’ve seen in my career is a generational divide. The older, older people, you know, 45 and older, like gold and silver. Younger people that grew up with phones in their hands like Bitcoin. The volatility in Bitcoin that we’ve seen in these two big selloff cycles in Bitcoin have not the first one, but the second one have helped to bring some of those younger people into the stability of gold, especially in the year when gold is doing pretty well. ’cause it then it kind of has a little bit of that Bitcoin allure, which is, you know, get rich quick. But, um. Bitcoin’s volatile, but it’s here to stay and it is now the most respected cryptocurrency. Like I almost bought Ethereum, you know, 10 years ago when one of my friends was explaining both to me and said that Ethereum basically had better fundamentals. But you know, it’s kind of inventing, it’s kinda like investing in a. What, uh, beta, beta max instead of VHS back in the day. Some of the older people remember that. You bet on the wrong horse, you know? Yeah, exactly. Well, you’ve, uh, you know, you built this, uh, firm on transparency, integrity, uh, in an industry that doesn’t always have the best reputation. Right? So for investors who decide that precious metals belong in their portfolio. Uh, how can they get a hold of you? Well, our website is, uh, A-M-E-R-G-O-L d.com. Uh, we don’t have, you know, 10,000 items on our website. We have a, we have a small listing of what available products are because we stick with mainstream items, products that are primarily easy to sell, uh, competitively priced, widely traded, and easily understood. Um, uh. Uh, email address is info I nfo@amggold.com. Uh, we have a toll, toll free number 806 1 3 9 3 2 3. Uh, we’re consultative in nature. We’ll, we’ll answer any questions. Happily, gladly, uh, no transactions too small or too large. What we really wanna do, uh, is help people because if we do that, we help ourselves. And when you treat people right, it, it comes back. And our industry does have a chair of bad actors. And, um, you, you wanna make sure that you do business with someone reputable that’s been in the industry a long time. And I understand some people may wanna do this locally where they can actually walk into a place of business. Do this instead of over the phone. So look for dealers that have, you know, longstanding, uh, businesses and good reputations. If you see a reputation that, uh, has some complaints, you know, there are other choices for you. But, um, we just try and help people buck. That’s really what we try and do. We certainly have the reputation for it. Dana. So thank you so much for being on Wellfor podcast. Well, thanks for having me. It’s great to see you again, and I wish you a great success in 2026 and a happy holiday season. You too. You make a lot of money, but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens to you. The concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to Show England. Hope you enjoyed it and, uh, I will. Uh, I should admit though, that if you go back and you listen on my, uh, past shows, this is one that I was wrong on. I, I’ve never been a gold bug. My biggest issue with gold. Um, has always been, you know, from an investment thesis that it doesn’t really do anything, doesn’t yield anything, and what’s the point of owning it rather than owning, uh, real estate. And actually, if you just look at what I said, it’s, it’s still, it’s still, it’s still kind of true, right? I mean, you can argue, well, yeah, the real estate markets really did, uh, did struggle over the last couple years. But listen, at the end of the day. The real estate market struggled because of leverage, right? Gold. There’s no leverage, no one’s borrowing, buying gold on leverage, and so it can go up and down and it doesn’t really hurt anybody. If you take the last couple decades and you know how much people made from, uh, real estate versus Bitcoin, even though there’s this huge, uh, huge uptick in Bitcoin now it’s, it’s probably the case that they come out pretty close. If not, uh, you know, real estate still being the winner. But anyway, uh, I do want to say and admit that I was wrong. That, uh, that the gold wasn’t really worth, uh, owning. I think, uh, you know, I wish I had owned some, just like a lot of people wish they’d own Bitcoin at $6,000, right? Um, in fact, I will say that one of the things in hindsight that I think of is gold in many ways for the last several years was on sale. And I haven’t really been talking about this as much, but I’ve been reflecting on this a great deal about making sure that as an investor you wake yourself up once in a while and ask, okay, well, what’s on sale? Well, gold was on sale for a while. Silver was definitely on sale. Right? Um, doesn’t mean you have to go in, have, you know, 50% of your portfolio in something like that, but when something’s on sale, it’s not a bad idea to look around. And maybe get, you know, get a little bit of exposure. I do think that real estate is there right now. I think real estate, you know, if you’re in the credit investor group, you’re seeing on a routine basis 30%, uh, discounted offerings from just a couple years ago. And I do think that’s on sale right now. But there are other things as well, arguably. I mean, I, I actually think that Bitcoin is, uh, uh, sort of on sale right now. I mean, sitting at 86,000, anybody who thinks it’s not gonna go to a hundred thousand at some point in the next, you know, 12 months is, I mean, I think it’s highly unlikely that it doesn’t go to a hundred thousand, right? So think about that right now. That’s like a 14% gain right then and there. Anyway, sometimes it’s good to just look around and see what’s on sale. Uh, that’s my message for this week. Uh, this is Buck Joffrey with Wealth Formula Podcast signing off. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit wealthformularoadmap.com.

This week's Wealth Formula Podcast is about the economics of sports—if you are a sports fan like me, you will love it. But before we get to that, I want to give you my two cents on one of the most important elements to financial success in anything: conviction. As I write this, Bitcoin sold off from a high of $126K to under $90K. Other cryptos have lost 50-90 percent of their value in the same time. It's been called a blood bath. Some are even saying it’s over for Bitcoin. I might even believe them if I hadn't seen the same story at least 5 times before over the past decade. True bitcoiners have tremendous belief in what bitcoin means to the world. Someone who bought $1,000 of Bitcoin in 2010 and simply refused to sell would now be sitting on hundreds of millions of dollars. That is the reward for true conviction. The irony of this bitcoin cycle is that many of those individuals with high conviction are finally cashing in on the fruit of their patience. Almost every day, another wallet that hasn't been active since 2011 is selling off a billion dollars into the market into the hands of Wall Street and governments. That's why prices are tumbling. But don't be fooled into thinking that these buyers are the dumb money holding the bag. The story does not end here. Nor is the Bitcoin story a one-off either. History repeats itself as the story of investments unfolds over time. In December 1999, Amazon stock traded at $106. After the dot-com crash, it fell to $5.97. Every talking head had a eulogy written for the company. But if you were crazy enough to hold through the storm, your conviction paid off spectacularly: $10,000 invested in Amazon in 2001 is worth over $20 million today. Now, moving on to the topics of sports. One of my favorite examples of conviction is from 1920, when George Halas bought the Chicago Bears franchise for $100. The Halas family could've “taken profits” countless times. They lived through multiple depressions, a world war, a dozen recessions, five or six league restructurings, labor disputes, player strikes, and decades of bad seasons. Anybody else would've bailed. But they didn't, and today, the Chicago Bears are valued at over $6.3 billion. These stories have different time periods and different industries, but they all teach the same lesson: Conviction is one of the most profitable assets you can own. That's the message I want to leave you before we move into a perhaps more entertaining topic: the economics of professional sports. Most people think of sports in terms of touchdowns, rivalries, and Super Bowl rings. But the truth is… professional sports is one of the greatest wealth-creation machines in American history. Few people understand those engines better than our guest this week. He's one of the clearest, most respected voices in sports economics today, and he's going to break it all down for us: salary caps, streaming deals, and team valuations. If you are a sports fan, you are going to love this week's episode of Wealth Formula Podcast! Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  Donald Trump pretty much bankrupted the USFL by saying we’re gonna go head to head, uh, with the NFL instead of trying to build a a Spring Sports League. Welcome everybody. This is Buck Joffrey with the Wealth Formula podcast. Happy, uh, Thanksgiving week, uh, and uh, this week because it is a holiday week in, you know, football and all that kind of stuff that goes along with it. We’re gonna talk. About the economics of sports. And if you’re a sports fan like me, you’re gonna really like this. I really had fun with this interview actually. It was just like me asking a bunch of questions I always had. But anyway, before we get to that, I want to give you my 2 cents. One of the most important elements that I think there is give financial success in anything, and that is conviction. And I bring this up to you in part because Bitcoin sold off. Um, and well at least all the time, I’m recording this from a high of 126,000 and then it, it plunged actually below 90,000. And then of course, there were other cryptos that lost 50 to 90% of their value in the same time. Uh, yeah, it was a bit of a bloodbath. It’s been called a bloodbath and it is a blood bath. And of course, there are some who are declaring Bitcoin dead Again. Um, and you know what? I might even believe them if I hadn’t seen, uh, the same story, at least I’d say, I don’t know, maybe four or five times over the past I, eight years, nine years, whatever. True Bitcoiners though, have a tremendous belief in what Bitcoin means to the world and where this is headed. And some of them, well before I ever got in, right? I mean. That serious conviction because, you know, the people who were buying, you know, back in 2012, 13, I mean, this was completely outta nowhere, had no one’s, uh, no one’s support, nothing. In fact, in 2010, uh, you know, if, if you bought Bitcoin back then simply refuse to sell up until now, um, say you bought a thousand dollars of Bitcoin. You’d be sitting on hundreds of millions of dollars of Bitcoin, right? That’s the reward for true conviction. And those people, frankly deserve it. Because can you imagine if you just bought a thousand bucks or something and it was already up to a million, it was already up to 10 million and all the way up to 20 million, you still didn’t sell. I mean, I don’t even know if I could, I don’t know if I could do that. I don’t think I could. I mean, at some point I would be like, take the money and run. Right. Um. You know, it’s a funny thing though. The irony of this Bitcoin cycle that we have right now is that many of those individuals with, you know, super high conviction, um, the ones that were in way before any of us and before me, well, they’re actually, a lot of them are actually cashing out sort of the fruit of their patients. Right. Almost every day right now, you’re seeing a another wallet that’s been dormant since like 2011. And all of a sudden it sells. It’s something that has done nothing, but just sit there in storage, selling off a billion dollars into the market, probably, you know, started out as like 10 grand. Right? And where’s that money going? It’s going to the hands of Wall Street’s, going in the hands of, uh, governments. That’s actually the ironic part here. That’s why prices are tumbling. Because I think people are saying, well, gosh, we’re at a hundred grand. I’m sitting on hundreds of millions of dollars. I’m sitting on a billion dollars. Uh, I think it’s time to get out, right? But don’t be fooled, in my opinion, to think that these buyers are, uh, you know, they’re the dumb people holding the bag. I mean the, the people holding the bag, it’s Wall Street, right? They’re governments and reserves. And, uh, you know, big treasury companies, the story doesn’t end here. And the other thing is that Bitcoin story is not a one-off in history at all, right? In fact, you know, it, Bitcoin gets a lot of attention. But you even look at something like Amazon, right? December, 1999, Amazon stock trading at $106. Then the.com crash comes, and guess what? It fell down to $5 and 97 cents. That’s a Bitcoin like crash, right? And every talking had a eulogy written for the company. And if you were crazy enough to hold through that storm, your conviction paid off spectacularly. If you had $10,000 invested in Amazon in 2001, it’s worth over $20 million today. So anyway, that’s the point I have though. You know, it’s, the point is about conviction. Uh, and, and I’m not saying that you should just be dumb, buy something and be dumb about it, but especially on these asymmetric things where you think something could be really big, give yourself a time, a period, right? I mean. The only thing other than Bitcoin that I think I, I’m really interested in, in the crypto space is something called Solana. Solana is down like 50% from its ties, and I still think that, you know, when the dust settles, I think this is going to be something that’s gonna pay, pay off. Now if I were to watch it day by day, uh. It’s demoralizing, right? But, but I think the point is, if you have some conviction in something, give it some time. You know, say, I’m gonna watch this for at least five years if I can, if I don’t absolutely get into a situation where I need that money, which hopefully you don’t, because this is not where that kind of money belongs. Right? But give it some time and don’t look, there’s lots of noise, and, and, and then just give it some time and see what happens. Right? Now speaking of giving it some time, you know, a similar story in the sports arena in 1920, George Halas, I think it was Papa Bear, right? George Papa Bear. Halas bought the Chicago Bears franchise for a hundred bucks. Yep, a hundred bucks. Now the Halas family could have taken profits countless times, and they lived through lots of, uh, bad times. Depressions, uh, you know, world War, uh, a dozen recessions, five or six, uh, league restructurings, labor disputes, player strikes, decades of bad seasons. And maybe anybody else would’ve billed at some point if they’d made, you know, millions of dollars from the a hundred bucks. But they didn’t. And the Chicago Bears, as much as I don’t like the Chicago Bears, are valued over $6.3 billion. Now these stories, ultimately, they’re, you know, different time periods, different industries, but same lesson conviction, it’s one of the most profitable assets you can own or attributes at least. Maybe it’s not an asset, I don’t know. That’s a message I wanna leave you before we get into the topic of today, which is the economics of professional sports. Now, most people think of sports in terms of touchdowns, rivalries, super Bowl rings, all that kind of thing. But the truth is professional sports is one of the greatest wealth creation machines in American history, and few people understand those engines better than our guest this week. He’s one of the clearest, most respected voices of sports economics today. And he is gonna break it all down for us. We talk salary caps, streaming deals, team valuations. We talk about the Green Bay Packers and why they’re owned by the city of Green Bay instead of owners. All that kind of stuff that you might have wondered about but you never really knew. So if you’re a sports fan, enjoy it and happy Thanksgiving. We’ll have that interview for you right after these messages. Wealth formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net, the strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own. Bank to invest in other cash flowing investments. Here’s the key. Even though you’ve borrowed money at a simple interest rate, your insurance company keeps paying you compound interest on that money even though you’ve borrowed it. At result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealth formula banking.com. Again, that’s wealth formula banking.com. Welcome back to the show everyone. Today. My guest on Wealth Formula podcast is, uh, Dr. Victor Matheson, professor of Economics and Accounting at College of Holy Cross. He’s a leading authority on sports economics, studying everything from the financial impact of mega events like the Olympics and World Cup, to the inner workings of professional sports leagues, lotteries, and public finance. Uh, welcome to the show. How are you? Well, thanks for having me. Great. Always happy to talk some sports economics. Oh gosh, this is interesting. I’m a huge, uh, I’m a huge sports fan, especially NFL and, uh, so, you know, instead of talking personal finance, you know, without, uh, without any, uh, uh, sports in it, this is definitely a, uh, welcome for me. So, um, well, vigor, let’s start, start with this, you know, um. Most of us who are big sports fans, you know, we’re really driven by the idea of the, the, you know, the, the emotion, the entertainment. Taking a step back from your perspective, how should we look at this whole ecosystem of sports as an economic system? Well, uh, first of all, it’s. It’s both bigger and smaller than, uh, than you would imagine. So if we think of the NFL, the NFL ha generat more revenue than any, uh, sports league in the world. Uh, this year it’ll come in somewhere around 22 ish billion dollars. Uh, that certainly seems like a lot of money. On the other hand, a Sherwin Williams paint store comes in at about that same sort of, uh, revenue, you know. On many podcasts talking about talking about paint, right? Um, if we talk worldwide, all the sports leagues all put together, uh, we’re talking about maybe a hundred billion or so, maybe 120 billion, roughly the same size as Johnson and Johnson. So, uh, you know, it’s a big industry. It’s a, you know, billions in with a B, but it’s also a tiny percentage of, of the total amount of economic. Being generated every year, and, and so we can easily get, uh, um, we can easily get ahead of ourselves and say, well, you know, uh, it’s the biggest company in the world, the NFL, it’s, it’s not even 500. Interesting. Um, so let’s talk a little bit about this, um, uh, how value is created in these leagues. So, so, you know, you said professional leagues are built on the economics of controlled scarcity. So talk a little bit about that, if you would, how this scarcity model drives value and, and, and protects, uh, uh, profitability. Right. So let’s compare, you know, let’s compare a Walmart. To the NFL, right? Uh, so Walmart takes a look at all these potential places that you could put a Walmart and they say, oh, this would be a good one. And a Walmart goes in. And now that Walmart’s generating economic impact and generating revenues for the, for the. For the company and all these sort of things. Now let’s look at the NFL, right? Uh, the NFL does the same thing. They said, Hey, uh, let’s look at Las Vegas. Would that be a good place for a, for a team? Uh, is is London gonna be a good place for a team? Uh, and they look at those. Uh, but here’s the deal. If Walmart looks at 50 places and says, Hey, these 35 would be good places. They’re not gonna just pick the best one for a franchise. They’re gonna put. Walmart’s in all of those, right? Uh, the NFL on the other hand, very specifically saying, you know, we actually don’t wanna put an NFL franchise in every place that we could, uh, make a profit in because we want to be in the, in a world where there are fewer NFL franchises than there are cities that want them, and that generates demand for this. Um, Walmart can’t do that because if Walmart doesn’t put in a franchise somewhere, uh, you know, Target’s gonna come in instead. Uh, that’s not gonna happen in the NFL, uh, because there’s no other competitor to that. So they can actually restrict the number of franchises they have, which means that every franchise is selling at a, a super premium price. These are, you know, at the lowest end, we’re talking five, six, $7 billion franchises. Now, uh, they could sell multiple new expansion franchises, but they choose not to. To maximize the value of those existing franchises. It’s been a while actually since the NFL expanded, um, the league. And I’m curious, what are, you know, what is it that drives them ultimately to do that? I mean, again, you just mentioned there’s this whole scarcity issue. I mean, what do you think are sort of the limitations or sort of the. You know, the, the, the points at which they say, well, gosh, maybe we do move to London, or maybe we do that. Like, do you have a sense of that? Yeah. So a couple things they wanna do. So first of all, one of the big things that all of the leagues in the United States have done is they want to be a big enough league to make sure that they cover all of the good spots or most of the good spots for a team. You don’t wanna leave enough good team locations that a rival league could come and start to challenge you. Right? So thinking back to the 1950s, uh, one of the most important sports leagues ever to come about in the United States. Actually never even existed. And this league is what was called the Continental League. And the Continental League in the 1950s arose as a challenger to major league baseball. Major League baseball in the 1950s was exactly the same size as it was in 1901. It was 16 teams. But the United States had grown immensely and the league had started to move, you know, the Dodgers to LA and the Giants to San Francisco, but you still had huge amounts of the country uncovered by baseball. And so this Continental League came about as an idea saying, you know what? We can take on Major League Baseball by putting franchises in places that it doesn’t exist. They said, oh, here’s our new eight league team. And the way Major League Baseball responded to that is before continental baseball could even start, uh, start existing, it said, oh yeah, well we’re gonna put a team in Minneapolis. We’re gonna put a team in Houston. We’re gonna put teams in these Lee in these cities that the Continental Baseball Association was gonna go into. And therefore, uh, continental baseball never got into existence because Major League Baseball expanded into those locations and everyone has taken that, that hit. You need to be big enough to make sure that every place with a, a good chance at having a team, or at least most of them, uh, are covered so that there’s 8, 10, 12 cities out there, uh, a big enough footprint that you could have your own new league. Uh, do that. So, I mean, if you look at the NHL, if you look at NBA major league baseball, NFL, all about 30 teams. There’s about 30 or a few more big cities. But what’s very important is there’s not 10 or 12 big cities out there, uh, without NFL teams, without football teams that. A rival league could move into that space. You know, I’m curious when you, you brought up that Continental league in baseball. It reminds me when I was a kid of, uh, the United States football, like the USFL and all, they got all these, uh, players, like I remember Herschel Walker started there and, and there was a number of actually guys who ended up in the NFL and being big stars there. So they, they definitely, uh, started out pretty strong. What went wrong for the USFL? It’s so funny you say that. Uh, the answer is actually one big, uh, name. It’s actually Donald Trump. Yeah. So, so what USFL did is, is they noticed that their niche was, um, was the spring, right? We play college football, we pay play high school football, and we play the NFL in the fall, which means that, uh, people out there in the spring, there’s no football out there to be had. The USFL said, you know, we could move into this market. So first of all, we’re gonna move into the spring where there’s not a rival. Second of all, we’re gonna take at least some cities where there’s not active, um, football teams either places like Birmingham, right? Uh, so any case, uh, what happened there is the USFL. Kind of got a little, its ego kind of got ahead of itself and it said, Hey, now that we’ve established ourselves in the spring, we do have some big stars like, uh, uh, Herschel Walker, like Doug Flutie, uh, some of these others. We’re gonna try to take the, uh, take the NFL on, uh, head to head and we’re gonna move from the spring to the fall. And the other thing they did that was very important is they filed a lawsuit against, uh, the NFL, saying that the NFL was engaging in antitrust activity that was keeping this rival league down. It was, uh, keeping them off TV by using their market power with some of the broadcasters. It was using its market power with stadiums to keep these teams out. And so they took him to court, and I think the, the hope was that there would have to be a settlement and that settlement would result in the USFL merging with the NFL. And the owners of the big teams in the USFL would kind of get a backdoor into the NFL this way. As it turns out, the court, in fact did find in favor of the USFL. Uh, they said yes, the NFL is engaging in illegal antitrust activity, but they also said. You guys are insane. Uh, going against the NFL in the fall, there was no way you’re gonna make it. So even though the NFL was found guilty, the jury only awarded $1 of damages. Uh, technically in antitrust cases, that’s tripled. So they actually were awarded $3 in damages and the league basically folded the next day. They won their lawsuit, but they folded the next day. But of course, the owner that had most. Most importantly pushed the league to go head to head against the NFL was the owner of the new, uh, New Jersey team, the Generals New Jersey Generals. Right? And it was Donald J. Trump. Donald Trump. Uh, so Donald Trump pretty much bankrupted the USFL. By, uh, by saying we’re gonna go head to head, uh, with the NFL instead of trying to build a, a Spring Sports League. Now, to be fair to Donald Trump, which I don’t necessarily want to be, but to be fair to him, um, there’s no guarantee that the USFL would’ve made it as a spring league either, but I think anyone, again, a jury looking at this said there was just no chance of that league, uh, surviving against, uh, the NFL. If you try to go head to head in the poll. Just, just outta curiosity, uh, you know, there, when you talk about Trump, I know like he’s had an interest in, you know, professional football teams for a long time where he did, at least, there’s a certain politics that goes into buying an NFL team as well, right? Right. So the NFL is a partnership. Yeah. Which means that they can choose who they decide to partner with. And, uh, the presumption was, uh, in the 1980s when Donald Trump was trying to become an NFL owner that Donald Trump, uh, neither had the money, nor had the friendships among other NFL player, uh, NFL owners, uh, to get into that very exclusive club. And so again, he was able to get into the USFL because it was a much lower buy-in, in terms of, of cost. The USFL owners couldn’t be as picky about who they wanted as fellow partners, and again, I think Donald Trump saw the USFL as a way to potentially get into the NFL through the back door through this lawsuit, and, and by moving directly in the, in the fall because the jury just didn’t find that, that there was any plan. By which the USFL teams could have ever become profitable, uh, going head to head in the fall against the NFL. Let’s talk a little bit about sort of valuations, because what’s interesting is, you know, you’ve talked about scarcity and, you know, the way that the leagues have manipulated, uh, that to make sure that there, you know, the values continue to grow, but at some point in the last 30, 40 years, the numbers just really skyrocketed, right? Where these football teams, you know. It wasn’t a straight line in terms of how much they were worth. What, what went into that massive inflection of, uh, of, of valuation? So, first of all, I think you’re exactly right. There has been this massive inflection. Uh, so I’ve been teaching sports economics since the 1990s and, and the 1990s were kind of at the end of an era where this was really one of the sames back in the seventies, eighties, and even as late as the early nineties, that if you wanna become a millionaire. Start out a multimillionaire and then buy a sports team because it was a, it was just a, uh, a dumpster fire that you could just burn up cash without any hope of any sort of real return. And that changed in probably the late eighties, early nineties. That really changed, uh, a couple things. Change that, uh, first of all. By the nineties and certainly by the two thousands, um, most of the big professional sports in the United States had solved lots of their labor relation problems with the, with the athletes. So there was always this question about, uh, you know, do athletes have the ability to bargain with other teams? Are they able to get free agent, uh, agency, are teams going to be constantly fighting and, and spending every dollar that they can down to the point of bankruptcy to buy that superstar team? And what happened again in the nineties, starting in the eighties through the nineties and the two thousands is pretty much leagues have, uh, agreed to a world where. We’re gonna limit the amount of spending, uh, that we’re gonna do on players so that we’re not all bankrupting each other, bidding for players. In order to get the players to go along with that, we come to an agreement that we’re gonna share basically half the money with the players. And that’s exactly how the NHL works, the NBA works and the NFL works. Major League Baseball is not like that yet. And we may see not this season, but the next one, um, them trying to finally join ranks with the other, uh, with the other leagues. Uh, the question is whether we’re gonna see that happen without a gigantic, uh, work stoppage that. You know, some people who are pessimistic think we’re, we may not have baseball at all in 2027. 2026 is fine, but 20, 27 may, may fall. So as soon as like your costs are all covered up, that you know that everyone is kind of playing on a level playing field. Once we know that we don’t have to worry about bankrupting ourselves. We are only paying players, what we’re bringing in as revenue. All of a sudden, this is a fairly safe investment in a way that it never was prior to, you know, this all dying down. Couple other things going on here as well is, of course, the country’s gotten bigger. We have gotten bigger, but without adding additional, many additional franchises, which means, uh, those, those tickets are becoming increasingly expensive. We’ve gotten richer in a, in a skewed fashion, so that, uh, that of course the rich have gotten richer, a lot faster than the poor have. But of course, going to a baseball game, especially with those luxury boxes and things like this, is, uh, an activity that is reserved for the wealthy. And as the wealthy have gotten more, uh, uh, have gotten, you know, increasingly rich, uh, that means that. You know, businesses like Major League Baseball in the NFL that cater to the upper class, uh, do disproportionately well. And the last thing, and I’m sure you’ve talked about, uh, this before, is on your show, obviously you can have, um, you can have investments that are irrational as long as you think there’s someone later that’s irrational, that you can, you can hand it off to, right? This is, this is all the Greater fool theory. Uh, although I don’t think necessarily in this case, the, the owners are fools, but. Sports teams are a toy of billionaires that you say, well, look, I, I am, I’m a Mark Cuban. I’ve made billions of dollars. Now I want to spend some of my, my money on a, a fun asset. You know, you and I might collect a baseball cards. Mark Cuban might collect baseball teams, right? Uh, so, uh, in a world you might be willing to overpay because you wanna be a sports soldier and you wanna rub elbows with. You know, KA Leonard, you wanna rub elbows with, uh, with, with Shhe Tani. Um, and you may be willing to overpay for that asset, but guess what? 20 years down the way, there’s still gonna be another billionaire who wants to rub elbows with that next generation of superstars. And so you’re fairly sure that the next time when it comes to sell your franchise, there will be another person who’s willing to pay a premium for that asset as well. So again, as we’ve gotten more billionaires, more billionaire wealth, um, this is something that, uh, you know, has attracted folks like Steve Ballmer to, to part with, with big money. And, uh, again, as billionaire assets have grown, uh, the ability and the desire to buy these teams has grown as well. I would think a major driver of the value. Is also coming from, um, the, the media sources, uh, that are changing, right? Where, I mean, I remember, you know, again, being a kid and there was this, you know, there was Monday night football and it was on NBC and. And that, that’s how it worked. But now there’s like bidding for these things and you’ve got Amazon, uh, doing Thursday night football, which is a little weird. Um, and you know, you sometimes you have, uh, uh, you have games on Peacock. What’s going on with that? How does it affect the economics? Uh, and ultimately, like where is this headed? So, uh, in a, in a league like the NFL, uh, over 60% of all revenues that they generate is media revenue, right? Because most of us aren’t going to games every day, uh, too expensive for us, or too time consuming or all sorts of other things. But, uh, lots of us tune in on tv. So we’re talking about, uh, well over $10 billion of annual media contracts with the NFL. Um, and those numbers have been going up, uh, at least in part because you have media companies, uh, in a pretty competitive environment bidding against one another for these things. Now, one of the things about, again, things like the NFL or the NBA is it allows broadcasters or other types of TV networks to bring in customers in a way that their regular programming doesn’t. So a, a company may actually be willing to overpay for the NFL, kind of as a way to get people to buy all of your other products. A famous example from early days, uh, is, is Fox, right? So in the old days there were three big networks. So old days, I’m talking, you know, 1970s, there were the three big networks, right? There was A, B, CNB, C, and CBS, and they all competed against one another. And then in the 1980s, this rival network came up and this is Fox. And they wanted to get into all these markets nationwide. Well, how do you make sure that a. A local station decides to pick up the Fox programming. So for example, I grew up in Denver and Denver had a, had a, an independent channel that, you know, played reruns and all sorts of other things, and, and so they have a broadcast license already. Fox goes up to them and says, Hey, would you like to carry our regular programming? And, and that, that channel said, well, I don’t really think so. We’re doing fine showing Gilligan’s Island and Love Boat and things like this, and we don’t need, uh, an entire set of your programming. We’re doing just fine, as as it is. Uh, so Fox couldn’t get a foothold in that Denver market. So what Fox does is they buy rights to the NFL. All of a sudden now they go back and say, Hey, we’ve got all this Fox programming, we’ve got the Simpsons, and we’ve got, I don’t know, uh, you know, uh, you know, these early, these early Fox programming. But, um, they say, but we also have the NFL. You can’t, you can’t turn down the NFL. And then all of a sudden that existing affiliate says, okay, all right, we’ll add the whole line of Fox programming because you’re right, we can’t turn down having the NFL. So what, what basically happens here is the NFL serves as this kind of must stock item. And uh, you know, Fox was willing to overpay for the NFL because now they’re gonna get everyone to be able to buy the Simpsons and everything else they were offering at the same time. Uh, and so media rights have gone much, have gone up much faster. And we see this all over the place, right? How do you get people to buy. Amazon Prime. Well, let’s say that’s the only way you get to watch, uh, football on Thursday nights. How do you get people to buy, you know, apple tv? You offer major league soccer games as part of their package, right? Uh, and so this is how you kinda legitimize yourself as an actual, real, uh, you know, quote real media company is by offering some, uh, live. Live sports. And that gets people who would not otherwise buy Netflix or Amazon Prime or Apple, uh, to actually purchase those because again, they’re offering this secondary item. Then presumably that in turn drives up the value of of the NFL and you know, they’re bringing in a lot more money because they’ve got not just the three major networks bidding on them, but they’ve got all sorts of big companies with deep pockets. Willing to, you know, increase their, their, their revenue is and, and that sort of snowballs. Is that, is that fair? No, and that’s exactly right. And, and for as much as I talk about, you know, that billionaire who wants the an NFL team or an NDA team as a. Prestige asset. Uh, they’re also concerned about having it as an actual functioning asset as well. So I’m willing to pay, you know, a lot more, even if I’m willing to pay a premium. That premium is based on a fundamental value in the first place. And how do you drive that fundamental value? You drive that fundamental value by maximizing the revenue you generate through things like media contracts, and by maximizing. And by minimizing your costs, by making sure that your labor costs aren’t gonna run away with you, uh, because again, hopefully you, uh, most of the leagues have solved kind of their long-term labor, uh, their labor strife between them and the players within each league. There is also some different rules, and specifically, again, being a big NFL fan, I love the fact that the NFL has a salary cap and profit sharing for each team. ’cause it makes for a much more competitive league, basically, you know, for people who don’t know what that means, essentially each team can pay, has a salary cap of how much they can pay players for a given year. But not all of the leagues have that. Uh, I don’t really follow the other ones. I, I’m not sure who has it, who doesn’t, but I know that, like in baseball, I don’t think they have that. And it creates a situation where you’ve got the Dodgers or the Yankees in, in, in the World Series. More often than not, and you know, you’re not getting the smaller teams usually. No. So you’re exactly right. So the NFL has what’s called a, uh, a salary cap, and it’s actually got what’s called a hard cap. So they’re actually quite serious about this, and there are very few exceptions that can be made to go over this cap. Uh, this cap is based on the total amount of revenue that’s being generated by the league. Uh, and again, the cap basically is the way that they make sure that they share. A fair proportion of the money with the players. Uh, what’s also important is they also have a floor. So the, the cap this year is about 225 million, if I remember right, but the floor is about 200 million. So every team in the league basically is spending the same amount on labor this season, which makes for a very even playing field. And we know that some teams are gonna lose and some teams are gonna win. And it seems like the Browns and the, and the jets never win. And it seems like other teams always do. But what’s important about that is it’s not just because they’re in a big city, that they have these gigantic revenue advantages and that they can buy a championship. It really is, you know, who is smartest with their money, who’s smartest with your coaching, who’s lucky with the draft and things like this. And, uh, that makes for a very nice thing here. What’s also super important is the NFL has a gigantic amount of revenue sharing, and the reason for this is every single game you watch on TV is part of a contract that’s being sold by the league, not the team. And because of that, the league is generating all these, all this revenue, and then is equally distributing that money to each of the individual teams. So a, a team playing in little tiny Green Bay is generating exactly the same amount of media revenue as the New York Giants. Or the LA Rams. So that’s really nice. Uh, again, gigantic amounts of, uh, again, even revenue sharing to all the participants. As a matter of fact, of all of the businesses in the United States, the NFL is probably the single most socialist company. In the United States. So this Great American pastime is wildly socialist when it comes to how they distribute their, their income. So what incentivizes a team to be better and to win Then from the ownership standpoint, if there’s revenue sharing, is it just at the, the other sources of income that come, like advertising, things like that. I’m, I’m just curious, like if there’s so much revenue sharing, what is it that drives a team to, you know, try to be better from the ownership standpoint? So first of all is that being bad doesn’t help you, right? This isn’t major league baseball, so we’re gonna go the o. The other extreme, at least for a US sport, is major League baseball. No, uh, salary cap there at all. So you can pay, uh, players as much as you want, although there is what’s called a luxury tax. So as you, as your, uh, salary, your total payroll gets too big, you start getting, uh, uh, paying penalties to the league, which is then redistributed to the poor teams in the league. That being said, you can spend as much as you want. So yeah, the Dodgers, they spent somewhere, uh, by some accounts somewhere around $400 million this year on talent, including, you know, gigantic contracts to folks like Shhe, Tani, right? Um, but there’s also no minimum either. So if you’re a team that decides, hey, we’re not even gonna bother to try to compete this year, uh, you are the. I don’t know to, if I should call them the Oakland A or the Las Vegas a a or the Sacramento A or the Traveling through the desert, sort of a for a while. Um, but, you know, this is a team that made a decision not to compete and had a, had a tiny payroll. Uh, other teams have decided to do this, and the, and the NFL you could decide that you didn’t wanna win. But it wouldn’t save you any money because again, not only is there a salary cap, there’s a salary floor. So if I have to pay $225 million each year anyway, I might as well try to win with that 225 million. Uh, ’cause I don’t have a choice to just collect my paycheck and hire, you know, the Minnesota Gophers for $20 million, uh, for my, for my team this year. ’cause that’s not an option. Right. Um, one of the things I wanted to just kind of, uh, drill down a little bit on is the model of the Green Bay Packers. As you um mentioned, it’s a tiny little town, northern Wisconsin. Uh, not much going on there. I’ve, I’ve been there myself for a game. It is unique in that it is owned, not by billionaires, but it’s owned essentially as by the fans. How, how does that work? And, and I guess the question is like, why, why aren’t other teams modeled that way? So other teams are not modeled that way because the NFL does not want other teams to be modeled that way, nor do any of the other, uh, major leagues out there. Uh, it’s not good for the NFL for a couple reasons. Uh, first of all. They have to open their books. If it’s a public company and they don’t like to open their books, um, you also don’t have a face for that, uh, league in a way that, that a person couldn’t, couldn’t be in there, uh, pouring extra money in as a kind of a, an, an angel investor. Uh, on top of that, uh, you can’t threaten to relocate to another city unless you get taxpayer subsidized. Um, you know, uh, stadiums and things because it’s a publicly owned team and we know that, that those public owners will not ever decide to move that team out. How did they get that status in the first place? That’s an interesting story, and it’s a story that’s not unique to. The Packers, but it is fairly unique to the United States. So, uh, in the rest of the world, this type of ownership model actually is fairly common. Um, teams that your, you know, listeners would’ve heard of, like Barcelona, like Al Madrid, these are club owned teams. Um, there is not an owner there. They are owned by the fans themselves, and they’re in the business of. Trying to stay in business every year while winning as many games as possible. Uh, there is, they’re not trying to win trophies for a, a Steinbrenner or a Mark Cuban. They’re trying to win, uh, trophies for that fan base. That literally, again, the, the season ticket holders are those owners. Um, the NFL itself, you know, was, was a very hard Scrabble league for a long time. It started in 1920, uh, and between 1920 and 1935. Roughly 55 teams played at least one season in the NFL. And of those 55 teams, basically all but about six of them, had gone outta business or relocated at some point in here. Uh, this is why actually we got such a socialist, uh, uh, business model here is because the owners of the big teams, the owners of the bears. Uh, the owners of the Giants, uh, they said, look, you know, this league isn’t gonna work if we can’t actually find someone to play. And yeah, we’re making money here, but we’re not gonna continue making money if we can’t find other teams that are gonna work in this league. So they said, Hey, we are gonna be very generous. We’re gonna make sure that, that we share our revenues with the people, uh, the other people in our league. We would rather have a small piece of a big pie, uh, than a big piece of a pie that is tiny or disappears completely. Uh, so that’s why we ended up with this, uh, revenue sharing. And of course they were very open to any sort of model that kept stable teams around, including a model where rather than some rich owner in, in Green Bay owns that team. Instead, it’s a municipally owned team. As long as that team had stability and conform long-term rivalries and can afford to put forward a product that’s gonna, that’s gonna work on a, you know, on an NFL field to make a competitive product, they were happy to kind of do whatever they needed to do because again, this was a, this was a really tough league to be in. For the first roughly 20 years with, you know, a lot more successes. There’s been a lot of talk, uh, I know about private equity entering the, uh, the NFL. Tell us, give us a little bit of an understanding of that. I mean, obviously, I, I kind of think of these owners in these buying groups as private equity already, so what’s the big deal? Is the point. So in most sports leagues have already allow private equity and already allow ownership groups with multiple owners, uh, to, to own teams. So again, uh, you know, the, the Red Sox, they have multiple owners of, of that team. Uh, again, Celtics, same sort of thing. Um, but in the NFL we have required basically one owner, right? So this is a, a person. That owns the team and is the face of the team and is this controlling majority owner, uh, they’re going to explicitly allow external people unrelated to the ownership group, to own pieces of NFL teams here. Uh, and I think the, the real issue here, uh, has to do with, uh, there are some franchises in the NFL where the owners are asset rich, but cash poor. I’m thinking actually, for example, the Bears. So the bears are still owned by the same group. Who bought the Bears back in 1920 ish. Right? So this, you know, the, the same family, the Halas, uh, have owned this team for a hundred years. Uh, by this point, you know, little pieces of the team have been handed down to all the cousins and the grandkids and the great grandkids and this sort of folks. Uh, so, uh, you know, I think in total there’s something like 86 different owners of the, of the Bears now, but they’re all part of that original ownership group that everyone. You know, has inherited a little, a little share here. Now mind you, you know, one 86th of the, uh, of the bears is like a hundred million dollars. You know, the bears are probably an $8 billion franchise. And so that’s a hundred million dollars of assets that each one of these grandkids has just because, you know, their grandfather made a smart, uh, smart investment a hundred years ago. Um, but it doesn’t mean that they can live the lifestyle of a person with a hundred million dollars. Because they’re not allowed to sell their share to anyone because private equity was never allowed. And the amount of money that that team is actually generating in terms of annual operating profits isn’t super high. So you’ve got a world where you’re wildly rich, but you can’t really do a lot with those riches. So you know, this is a team that would be prime for the idea of, well, let’s sell off 20% of this. 20% of the team is gonna be maybe a couple billion dollars. And, and then we will just share that basically it’s a big Christmas present to each one of these, uh, these kids here. And again, the, the thing here is that’s $2 billion in cash that each of these small minority owners gets rather than, you know, an asset that they can’t actually use. To buy a yacht in Monaco. Right? And so that’s giving these kids, or the, you know, these minority owners an option to basically, uh, you know, get liquidity for their ownership. And, and that’s the big difference, right? And of course the other thing is, is there are lots of wildly rich people who would like to be an owner of a team in a way that you could do that 20 or 30 years ago by being just a, you know, just a multimillionaire or a multi, multi multimillionaire. That was enough. Uh. You know, you can be a billionaire nowadays and not have nearly what it needs to become an owner in one of these big groups. So, uh, you know, if we think about, uh, Arod, right? Arod bought, uh, the Timberwolves, uh, in the NDA, um. But he couldn’t do it alone despite the fact that he was, uh, you know, for 10 years the highest paid athlete in the world, you know, signed the single biggest contract, uh, in the history of professional sports, uh, when he did so. Uh, and even a guy with that sort of money doesn’t have enough money to buy a sports franchise. So, uh, I think the NFL is, you know, looking down the, the road to a, a world where. Someone wants to sell, but there’s not that many folks with $10 billion out there. And so the idea that we were gonna keep a, a world where there’s gonna be one single owner forever, uh, you know that that’s a pretty small pool of people in a world where you’re thinking about selling franchises at $10 billion. But if we allow these to be sold private equity wise. Then people can live their dream of being a sports owner, you know, for a mere couple billion dollars. And of course, that increases the pool of, of potential people by a lot. You know, you, you mentioned, um, during, just a minute ago in, in passing that these teams don’t actually necessarily throw off a lot of cash. They’re not, you know, they’re not super profitable. It’s not like a bunch of money’s being distributed to owners. Uh, can you talk a little bit about that? I, I didn’t know that actually. Sure. So a bunch of these teams in, in fact, in terms of operating revenue, don’t actually generate gigantic amounts of, of money every year. Uh, again, taking an an NFL team, so an NFL team is gonna generate, you know, somewhere around $500 million, maybe six or $700 million a year, but you’re already competing about 250 million of that to, uh, to the players. So half of that revenue coming in automatically is going to the players. If you built yourself a new stadium anytime recently, obviously you could have big payments on that. Uh, there’s other operating expenses associated with that. Um, in, in a world where you’re not the NFL, but you’re a world like, uh, major League baseball, where. You have much more variability in your, in your player costs year to year and more variability in your revenue. Uh, you could easily end up with years where you’ve got negative cash flow or at least negative profits, and, uh, and that means that you need, you need to be able to weather that. And so of course that’s one of the reasons, for example, why the NFL, you know, wouldn’t just take anyone as an owner, you need to be for sure rich enough to, uh, to weather both the ups and the downs. Again, if you borrowed any money to, uh, to purchase the team, uh, that’s obviously a big, uh, big interest payment there as well. So you could easily have teams again, depending how the owner purchased that, that are not kicking out gigantic amounts of cash on a year to year basis. One of the things that I’ve been hearing about, I don’t really know how this would work, is the, is of private equity moving into potentially like college sports. So we’ve seen some changes in, uh, for example, in college football where now these players can legally get paid. So it’s, it’s starting to look more and more like a professional. Uh, professional league. So how would that work if you’ve got private money essentially buying, uh, the sports teams of an individual university? Or maybe I’m not, maybe that’s not exactly what’s happening, but that’s kind of the impression I got. So first of all, that is exactly what could be happening and, and what people are talking about. Uh, I am deeply skeptical that this is a good idea for the institutions involved. Um. So basically it works exactly like any other sort of, uh, sports franchise, right? Uh, basically you would have an owner, uh, you know, let’s call him Mark Cuban, although he’s not, you know, he’s, he’s not talking about doing this. But imagine Mark Cuban decided he wants to buy, uh, Ohio State, right? Uh, so he comes up with a a billion dollars hands over a billion dollars to Ohio State. And now Mark Cuban is the recipient of any revenues being generated by the Ohio State, uh, program here. Um, and so this works like, just like anything else, right? So this is, this is basically, um, a person like bringing money in, in exchange for a piece of the action. Uh, the reason I’m highly skeptical about this because. Uh, remember the name of your university is very, very strongly tied with the name of your athletic program, right? So, you know, the Ohio State University is the name of both the educational program as well as the, uh, you know, the sports teams, right? And so, uh, one of the reasons that that schools have sports teams in the first place. Is as a method of advertising for their other things, right? So they, they use spectator sports to bring in the students to, uh, bring in, uh, actually, you know, public taxpayer money, all sorts of things. Um, and of course if the school controls the money from the, uh, you know, controls the athletic program as well as the academic program, then we can presume that the interests of the athletic program and the academic program are aligned. As soon as you’ve sold off your, your athletic program to an external, uh, you know, an external buyer, then you have every reason to believe that the incentives of that athletic program, the incentives of the. Academic program are no longer aligned in, in a way that is useful. Um, for example, you could have that, that equity person say, you know what? I’m gonna make money no matter what, and I’m just gonna tank all of our programs because I’m gonna generate more revenue by spending less. And that’s what maximizes my profit. But that may very well harm the academic side. And so if you allow, you know, private equity to come in and they have any control. Over that, uh, athletic program, you basically outsourced an extremely important part of your business while still meaning that your business in the athletics is, is importantly tied to the other parts of your business that you haven’t outsourced. And, uh, that makes me deeply concerned for anyone who would consider going down this route. Is, is that likely to happen, do you think? I don’t think anyone who makes predictions about college sport to this point, uh, can, can do that with any certainty at all. It’s fascinating stuff. Um, and one last question I guess for you, which is, you know, we talk about like people who own teams, uh, being, you know, multi-billionaires. Um. Is there any way that fans can still get a stake if they’re just simple millionaires? Is that just not something that’s po un unless you’re live in Green Bay, I guess, is that pretty much non-existent? So it depends what you’re interested in doing, right? So if you’re a mere multimillionaire, uh, you’re not gonna become an NFL owner. You’re not gonna become an NDO owner. Right. Mm-hmm. Um, if you’re very famous and a multimillionaire, you might be able to come into an ownership group because they want you as the face of the organization. Right. Um, one example of this was George W. Bush who came in with a very tiny ownership stake, uh, when, uh, he bought the Texas Rangers and he owned about. 2% of that, that team. But he was the face of that because he was the son of the president. Right. Uh, and, and then when the Rangers did well, uh, you know, he, he made a fortune doing that as well. So, um, the answer is generally no. But as long as your heart isn’t wedded to the NFL or NBA, there are certainly options that you can come into. Right. Um, we have seen. One tier down, uh, buying into things like the WNBA or the, uh, NWSL in women’s soccer or, uh, or women’s basketball. Uh, even that’s become pricey nowadays. These are a hundred million dollar franchises now these days. Or you can take chances with lower level, essentially minor league, uh, soccer in the United States or, uh, elsewhere, uh, in, in the world. And I think you know where we’re going here. So if you’re a merely. Multimillionaire, uh, and you’re a, a famous, uh, movie star or two, you could put your money in and buy a football or soccer team in Wales, uh, called Reim. Right? And of course, that’s exactly what Ryan Reynolds did. And Malaney and, uh, you know, they did not have anywhere close to NFL money despite being famous guys, you know, big movie stars, you know, you know, tens of millions of dollars in, uh, in money. They’re nowhere close to being NFL owner money. Guess what they were wreck some owner money and, uh, they get all the fun and excitement of being an owner without needing to be a billionaire. Interesting. Well, listen, uh, I, I appreciate all your time and, uh, it’s, it’s fun for me personally as a sports fan to see how this stuff works. Um, do you have a site where you write, do you have people curious about this stuff or, or how can they learn more? So how people can learn more is, uh, is there is some fun sports economic stuff out there. Uh, the classic, uh, book in sports economics is of course Moneyball by Michael Lewis, who of course is a great writer about all things finance and, and people who are interested in, in general interest books about, you know, all sorts of things related from to the tech boom to, uh, obviously the financial crisis of the two thousands to. His early days in, in junk bonds in the 1980s. Uh, Michael Lewis is one of the, one of the great writers out there. Um, uh, other fun books by colleagues of mine, uh, omics by Stephan Semanski is, is a fun one. Uh, and, uh, you know, you can catch up, uh, with some, uh, some. Other podcasts that, uh, that follow these sort of things, including Freakonomics has often things on sports that are, that are fun as well. Uh, unfortunately if you wanna, you know, hear from me, it’s all textbook stuff and then I’ll have to give you a grade. And so probably that. Uh, but again, it, it’s a great time to be a fan of sports and of economics ’cause there’s just so much good stuff out there. Thanks so much for being on the program today. Again, my pleasure. You make a lot of money, but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens. Steve, the concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to the show everyone. Hope you enjoyed it. And, uh, once again, uh, I wanna just wish you a happy Thanksgiving and, uh, thank you for, you know, being a listener of this show. And one more thing, just a reminder, uh, we are heading into sort of the last month or so. Of, uh, investment possibilities in the investor club. Wealth formula.com is where you go to join that group. And if you’re looking for a last minute tax mitigation type investment, make sure you sign up as soon as possible. Uh, that’s it for this week on Wealth Formula Podcast. Happy Thanksgiving. This is Buck Jre signing off. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit wealthformularoadmap.com.

Yaw Owusu-Boahen returns to SOM to share his experience after graduating, and his most recent role as Director of the CT Wealth Accelerator, an extrapreneurship endeavor bringing together multiple partners who are deeply invested in bridging the racial wealth gap in CT. Building on a government innovation providing "baby bonds" to children born under the poverty line, the Wealth Accelerator is testing new programs to support customers in leveraging existing resources to build generational wealth. He shares his ambitions for accelerating existing results, and the need to take risks to do so. 

We're excited to be talking about The Wealth Accelerator, an economic justice initiative being led by a group of regional organizations serving Greater New Haven that joined forces to test and scale wealth-building strategies in low-income communities and communities of color. Listen in and learn how they made this innovative project happen, and why it's so important.

I want to share a story you may have heard before—but it's worth telling again. When I finished surgical training and joined a practice in 2008, we were in the middle of the Great Recession. But for me, the recession didn't mean anything. My net worth was below zero. I'd made less than $50K a year for seven years. I wasn't worried about losing money—I didn't have any. What I did have was a new six-figure salary and a baby on the way. Suddenly, I had to start thinking like a grown-up. I needed to protect my family. I needed life insurance. But I had no idea what that really meant. I started asking around. One of the younger surgeons told me to “buy term and invest the difference.” That's what Dave Ramsey and Suze Orman were preaching on TV too. But an older surgeon—close to retirement—told me something very different. He'd been financially wrecked by the market crash and said permanent life insurance was one of the only things keeping him afloat. Here's the thing: they were both kind of right. The young guy was right that most permanent life insurance is designed in such a way that it is a terrible investment. But the older guy had discovered something the hard way—permanent life insurance can offer unmatched financial stability when everything else is falling apart. Still, neither of them understood what I would come to learn just a few years later from some of my wealthiest friends. You see, permanent life insurance isn't one thing. It's a flexible tool. In the right hands, it can be optimized for estate planning, tax-free growth, or even used as a powerful retirement income strategy—especially for those of us who started making money later in life. That's when I took a deep dive, even getting a life insurance license so I could fully understand the mechanics myself. What I found became the foundation for Wealth Formula Banking, Wealth Accelerator, and now, Wealth Accelerator Plus.  In fact, some of these strategies are so effective that they've already helped people like me “catch up” on retirement income planning—even if we didn't start earning real money until our 30s. On this week's show, I talk with one of my new partners at Wealth Formula Banking, Brandon Preece. We unpack common misconceptions about life insurance, discuss mainstream strategies, and then go further—exploring new protocols that could be game-changers for your financial future. If you haven't learned about this stuff yet, it's time. And if you have, it's time to revisit all of these strategies. These strategies have played a major role in my financial life—and in the lives of many in our Wealth Formula community. And I can honestly say that I don't know of a single person who ever regretted setting up a plan!

We talk a lot about green jobs and how they benefit participating members of Connecticut's workforce. So, today, we're going to bring in a rep from Eversource and a  member of that green workforce who completed and now instructs participants in Energize CT's Green STEP Program to tell you all about it. Then, we'll be talking about The Wealth Accelerator, an economic justice initiative being led by a group of regional organizations serving Greater New Haven that joined forces to test and scale wealth-building strategies in low-income communities and communities of color. Listen in and learn how they made this innovative project happen, and why it's so important. And we'll close with the director of Bridgeport's Barnum Museum discussing the museum's recent Emmy Award-winning video, and a number of programs that will help you look at the World's Greatest Showman, and the museum that showcases his life in a whole new and exciting way.

When over 50% of a portfolio's offshore assets are USD-denominated, currency risk isn't just a theoretical issue—it can be a real drag on performance. In episode 75 of the Portfolio Construction Podcast Series, Paul O'Connor (Netwealth Head of Investment Management & Research) speaks with Tom Averill, Managing Director of Rochford Capital, about how investors can more effectively manage USD exposure—especially with the AUD near the low end of its long-term range. They discuss why traditional hedging tools often fall short, how the Rochford Leveraged Long AUD Fund provides targeted FX exposure through OTC derivatives, and why this can be a more accurate, scalable, and tax-efficient solution than switching between hedged and unhedged funds. Also covered: the macroeconomic outlook for the Australian dollar, implications of the US credit downgrade, the growing structural role of China, and how geopolitical shifts are reshaping global currency dynamics.   To learn more about today's guest and Netwealth, visit:

I don't often use the word “enlightening” but this conversation with Lara Waldman was just that. We explored our stories of spiritual awakening, the ways that we understand this elusive term called “manifestation,” and our unique journeys of self-discovery. This was a topic of conversation that I once would have labeled heretical and taboo because it didn't align with my limited viewpoint or echo chamber. What a loss that would have been.Lara shares her personal experiences to illustrate the interconnectedness of money, intimacy, and ancestral trauma. At one point, she says, “...for me, manifesting is mostly about releasing and letting go of everything that is NOT YOU, which is a lot of history, a lot of stories, a lot of programs, a lot of patterns…we're here to know ourselves often through the experience of lack, but that's not the truth of who we are…manifesting is connecting with who you are and what your soul wants to experience through physical reality. And that's not just the good stuff, right? We're here to have a full, rich experience of being alive as a human being on this planet. This is high level stuff.” Yes, yes it is “high level stuff” and totally worth the conversation. Join us. Guest Bio:Lara Waldman, a.k.a The Wealth Accelerator, is a manifestation expert, healer, podcast host and author of 'Money Manifestation Mastery'.Lara helps driven business owners and entrepreneurs transform blocks to owning their value to manifest high cash months and create wealth in every area of their life.She draws on over two decades of experience as a healer and spiritual coach to help transformational educators, business owners, leaders and professionals achieve financial success guided by the soul of their business and their wealthy inner wisdom.Lara's passion is helping the world's leaders create authentic success by activating their creative power within. She'll teach you the mindset, practices, and strategy you need to build the wealth and freedom you desire without the grind.Originally from Vancouver, Canada, Lara lives in London, England, with her husband of 24 years and two daughters.Instagram: https://www.instagram.com/larawaldmanofficialFacebook: https://www.facebook.com/abundanceactivatorYouTube: https://www.youtube.com/@LaraWaldmanabundanceactivatorLinkedIn: https://www.linkedin.com/in/larawaldman  About Jen Oliver:I pursue and create environments where we converse on the REAL stuff that changes us. I'm designed to bring others on my personal journey with honest admissions to help us all transform - that's my sweetspot and I speak, lead, and write from that space.REAL conversations stir deeper connection and community - to explore ways that you can work with me, go to:email: jen@REALjenoliver.compodcast website: ListenForREAL.com90-day TEDx Talk ACCELERATORWomanSpeak™website: REALJenOliver.comLinkedIn:@realjenoliverInstagram: @realjenoliverFacebook: @realjenoliverIf you believe conversations like these belong in the world, please subscribe, rate & review this podcast - and even better, share it with someone else as a REAL conversation starter. Subscribe to all things Jen at REALJenOliver.

Now's the time to move. Markets are down, fear is high—and that's exactly when the smart money starts to deploy. If you've been sitting on the fence about the Wealth Accelerator, this might be your moment. Learn how you can leverage market downturns with guardrails in place and amplify your upside while protecting the downside. Connect with Rod at https://wealthformulabanking.com

In this episode, Aveline Clarke is joined by Lara Waldman, known as The Wealth Accelerator, a renowned manifestation expert, healer, podcast host, and author of 'Money Manifestation Mastery'. Together, they delve into Lara's journey of spiritual awakening and her path to becoming a leading figure in helping entrepreneurs manifest wealth in all areas of life. Lara shares her insights on how she guides business owners to overcome financial blocks and achieve success guided by their inner wisdom.Here's a summary of what they discussed:[00:04:23] Lara's spiritual awakening at age 18 and its impact on her life's purpose.[00:12:16] Her role as a manifestation expert and how she helps entrepreneurs transform their financial lives.[00:31:04] The importance of aligning business success with soul guidance.[00:45:46] Overcoming financial blocks and achieving consistent income growth.[00:55:33] Lara's approach to supporting influential leaders in creating fulfilling lives.Learn more about Lara Waldman:Lara WaldmanThe Wealth Accelerator & The Abundance ActivatorPodcast Host and Author of ‘Money Manifestation Mastery'Business Mentor, Wealth Coach, Manifestation Expert, HealerOver two decades of professional experience helping entrepreneurs and business owners achieve financial success and personal fulfillment.Something Interesting About YouHad a spiritual awakening at age 18 and has been following her soul's guidance ever since.What are you famous for?Transforming blocks to receiving money guided by your heart and soul, and helping influential leaders achieve true success and fulfillment.YouTube episode:https://youtu.be/lrfYRvROArsWebsite URL:www.larawaldman.comYour Social Media URLs:Instagram: https://www.instagram.com/larawaldmanofficialYouTube: https://www.youtube.com/@LaraWaldmanabundanceactivatorFacebook: https://www.facebook.com/abundanceactivatorLinkedIn: https://uk.linkedin.com/in/larawaldmanEnjoy this inspiring conversation!The purpose of the Mission Activated podcast is to inspire people with the stories of people who are activated on their mission, and are living a life of purpose, passion and alignment. Being in business is not just about money: it's about bringing our genius and our gifts to the world to impact others. If you'd like to get in touch please contact us at contact@6starleaders.com

In this week's episode, Chloe dives into the fascinating concept of making your money work hard for you! She'll explore what it really means to have your finances hustling and how to identify whether your money is putting in the effort for your benefit—or for someone else's.Chloe shares engaging real-life examples to illustrate these ideas, emphasizing why it's crucial to be aware of who your money is really serving. Plus, she talks about actionable strategies—both big and small—that you can implement to ensure your hard-earned cash is truly working in your favor. Learn more about The Wealth Accelerator here: https://docs.google.com/forms/d/e/1FAIpQLSdBp_6SAOK1Tk4BBKdozLsK2-ySvVLDZzSune1JEeGSFiPqxA/viewform

This week's podcast will feature a highly requested replay of the webinar hosted by Rod Zabriewski on a concept we call the Wealth Accelerator. Now, you've probably heard Investment Advisors say there's no value in permanent life insurance, often suggesting: “buy term and invest the difference.” But why do they say that? Is it really in your best […] The post 469: How the Wealthy Engineer Wealth appeared first on Wealth Formula.

Youtube https://youtu.be/hRF0pt1YMos https://ellaisakov.comElla is a Medical Intuitive and a Wealth Accelerator, with clients in Canada, the United States, Africa, Australia, and Europe. Her journey of discovering and opening up to her spiritual abilities has been the work of a lifetime of training and service to others, of wonderous spiritual awakening moments, and a growing awareness and gratitude for the sacrifices and experiences of many past lives as a healer. Ella started as an elementary school teacher in Japan and Russia before returning to Canada where she began her yoga teacher training, specializing in functional movement integration and Phoenix Rising Yoga Therapy. As she became more aware of her intuitive abilities, she branched into energetic healing. She continued to expand her skills working with other medical intuitives & spiritual mentors. Today, Ella's focus is her Medical Intuitive practice. She is unique in offering sessions that combine Sacred Activations with assistance from angels, beings from other galactic realms, and her and her client's spiritual guides in the healing of organs and body systems. This work allows for the clearing and balancing of the energetic body, as well as homes. Ella is also a Trauma Intuitive, releasing held trauma from current and past lifetimes. Ella's work goes beyond her clients' physical issues to discover the root cause of the trauma, working with the energetic body to heal whatever is manifesting in the mental, emotional, and physical realms. Ella is blessed to be one of only twenty teachers in the world to be able to pass on the gifts of Sacred Activations with the Level 1 and Master Practitioner Certifications. 

Rod Zabriskie joins the show to discuss the Wealth Accelerator program, which aims to help individuals amplify their returns and accelerate their wealth accumulation. The program involves leveraging life insurance policies to build cash value and generate tax-free income in retirement. The program has been stress-tested against different market conditions and has shown promising results. The post 455: The Wealth Accelerator appeared first on Wealth Formula.

https://ellaisakov.com Ella is a Medical Intuitive and a Wealth Accelerator, with clients in Canada, the United States, Africa, Australia, and Europe. Her journey of discovering and opening up to her spiritual abilities has been the work of a lifetime of training and service to others, of wonderous spiritual awakening moments, and a growing awareness and gratitude for the sacrifices and experiences of many past lives as a healer. Ella started as an elementary school teacher in Japan and Russia before returning to Canada where she began her yoga teacher training, specializing in functional movement integration and Phoenix Rising Yoga Therapy. As she became more aware of her intuitive abilities, she branched into energetic healing. She continued to expand her skills working with other medical intuitives & spiritual mentors. Today, Ella's focus is her Medical Intuitive practice. She is unique in offering sessions that combine Sacred Activations with assistance from angels, beings from other galactic realms, and her and her client's spiritual guides in the healing of organs and body systems. This work allows for the clearing and balancing of the energetic body, as well as homes. Ella is also a Trauma Intuitive, releasing held trauma from current and past lifetimes. Ella's work goes beyond her clients' physical issues to discover the root cause of the trauma, working with the energetic body to heal whatever is manifesting in the mental, emotional, and physical realms. Ella is blessed to be one of only twenty teachers in the world to be able to pass on the gifts of Sacred Activations with the Level 1 and Master Practitioner Certifications. For those wishing to advance their Medical Intuitive Skills, Ella holds the Medical Intuitive Practitioner Certification and Master Medical Intuitive Practitioner Certification under the umbrella of Sacred Activations once a year. 

In today's episode Chloe talks about "quick sand spending" and how we can subconsciously be self sabotaging our goals through this process of "leaving money in our checking account."She talks about what we can do in place to not restrict our spending, but rather have a clear plan on what to do with all that "extra" cash.  Check out Hot Girl Finance Season 2: https://www.deeperthanmoney.com/hot-girl-finance-season-2 Learn more about The Wealth Accelerator here: https://docs.google.com/forms/d/e/1FAIpQLSdBp_6SAOK1Tk4BBKdozLsK2-ySvVLDZzSune1JEeGSFiPqxA/viewform

If you could go back in time and give yourself advice or insight, what would you tell past you? This week Chloe shares one thing she would have shared with herself when she was in the thick of paying off debt… which would be to “pay off debt slower!” In this episode she shares 4 things she would have changed during her debt payoff journey, WHY she would give her past self this advice, and how it may have impacted her trajectory.Ready to go all in and start leveling up your finances? Our May round of Wealth Accelerator kicks off THIS WEEK! Learn more and apply here: https://docs.google.com/forms/d/e/1FAIpQLSdBp_6SAOK1Tk4BBKdozLsK2-ySvVLDZzSune1JEeGSFiPqxA/viewform

This week we are dropping a special bonus episode featuring a reply of one of our most popular episodes where Chloe shared about her decision to level up her own life and get out of her comfort zone when she decided to buy her house last spring. In this rewind episode, she shares her reflection of that decision one year later, and the growth and happiness that came from facing her doubts and fear and going all in on her goals and dreams.Learn more about and apply for The Wealth Accelerator (we kick off our next round this month!): https://docs.google.com/forms/d/e/1FAIpQLSdBp_6SAOK1Tk4BBKdozLsK2-ySvVLDZzSune1JEeGSFiPqxA/viewform

In this episode Chloe talks about her next financial milestone that she is working towards (spoiler alert: it is total financial freedom/early retirement bby!) Chloe talks about why she is working towards this goal, how she is making money moves to get there, and shares strategies on how you can work towards your own amazing financial goals right now. Nerd Wallet Investment Calculator: https://www.nerdwallet.com/calculator/investment-calculatorBankrate Investment Calculator: https://www.bankrate.com/investing/investment-goal-calculator/ Learn more and apply for The Wealth Accelerator: https://docs.google.com/forms/d/e/1FAIpQLSdBp_6SAOK1Tk4BBKdozLsK2-ySvVLDZzSune1JEeGSFiPqxA/viewform 

In this weeks episode Chloe talks about investing in yourself and why we self-sabotage. She gets into all the detail of how investing in yourself can initially be scary and out of your comfort zone, but also how you can stop self-sabotaging your own dreams and create a better outcome for yourself and your finances. Learn more about and apply for The Wealth Accelerator: https://docs.google.com/forms/d/e/1FAIpQLSdBp_6SAOK1Tk4BBKdozLsK2-ySvVLDZzSune1JEeGSFiPqxA/viewform

In this weeks episode Chloe talks about the difference between spending and impulse spending. She talks about the steps she takes when she has the urge to impulse spend as well as how to decide if a purchase is in alignment. Learn more about and apply for The Wealth Accelerator: https://docs.google.com/forms/d/e/1FAIpQLSdBp_6SAOK1Tk4BBKdozLsK2-ySvVLDZzSune1JEeGSFiPqxA/viewform

This week Chloe talks about what it means to be an investor. She talks about some key steps when it comes to learning about investing as well as important mind shift changes around the question "are you an investor?" Learn more about and apply for The Wealth Accelerator: https://docs.google.com/forms/d/e/1FAIpQLSdBp_6SAOK1Tk4BBKdozLsK2-ySvVLDZzSune1JEeGSFiPqxA/viewform

In this episode Chloe talks about the money myth of saving money, and why she saves $0 a month as a millionaire. She talks about the difference between spending money, wealth building money, and wealth protecting money and what these types of money look like.Grab the FREE High Yield Savings Account Training: https://www.deeperthanmoney.com/HYS-TrainingLearn more about and apply for The Wealth Accelerator: https://docs.google.com/forms/d/e/1FAIpQLSdBp_6SAOK1Tk4BBKdozLsK2-ySvVLDZzSune1JEeGSFiPqxA/viewform

You work your ass off so shouldn't your money be working just as hard as you? This week Chloe talks about how she made $23,000 in passive income. She discusses the building blocks and strategy that you can incorporate into your finances to help your money work even harder so you can make those money gains. Ready to make that money put I the work? Learn more about The Wealth Accelerator and apply for our February 2024 round: The Wealth Accelerator

In the first episode of 2024, Chloe talks about how spending in alignment is key to reaching our money goals. Chloe does a deep dive on how to recognize what alignment truly looks and feels like and what steps to take even when spending is in your budget, but may not be aligned with your goals and priorities. If you are ready to kick off your new year by going after your money goals, apply for the February 2024 round of The Wealth Accelerator here: https://docs.google.com/forms/d/e/1FAIpQLSeg_mYcGyGB6FjrYG9Gv41ecF2PMt3GCmkU8j8BbQOP_g9oJw/viewform Sign up for our monthly newsletter to get access to free resources, templates, and stay up to date on the latest financial news: https://www.deeperthanmoney.com/newsletter Get a head start on your 2024 reading goal, grab your copy of Deeper Than Money, the book: https://a.co/d/2ZClCMJ Chloe's Immunity Shot recipe: In a juicer (or blender) combine 4 lemons (peeled), 1 orange (peeled), 3 bulbs of garlic, 6oz of ginger. If you are using a blender strain the liquid thoroughly with a mesh strainer or cheese cloth. Mix together 6oz of water with your desired amount of Cayenne and Turmeric. Combine juice mix and spice water and pour mixture into jars.

In this episode, Chloe talks about how powerful it is when women build wealth. She discusses the positive effect that wealth building women can have not only on their own lives, but the lives of those all around them and beyond and how impactful a community of women can truly be.Taylor and Travis TikTok: https://www.tiktok.com/t/ZT8MCt5Kq/ Our October round of The Wealth Accelerator starts soon! Learn more and apply today: https://www.deeperthanmoney.com/the-wealth-accelerator 

Chloe is sharing the 10 pieces of advice she would give her 18 year old self in this weeks' episode. Join her as she talks about the things she has learned from life, relationships, to money, and business. Apply for the October 2023 round of The Wealth Accelerator: https://docs.google.com/forms/d/e/1FAIpQLSfDjyrNlUB_SlFcPp8Pij986bvBc8kHo8yXFQPsLbOW3QMf4w/viewform

This week, Chloe shares her five steps to stop comparing yourself to others. She discusses how ditching comparison can help you in practical ways but also level up your mindset and get closer to your goals.Learn more and apply for The Wealth Accelerator: https://docs.google.com/forms/d/e/1FAIpQLSfDjyrNlUB_SlFcPp8Pij986bvBc8kHo8yXFQPsLbOW3QMf4w/viewform

This week, Chloe talks all about the return of Student Loans. This has been a hot topic for so many people, and has created a lot of stress and uncertainty. Chloe shares some strategies for managing stress and how to plan for payments. She also answers some of the frequently asked questions she has received around student loans.Find out more about your Federal Loans here: www.studentaid.govLearn more about the SAVE plan: https://studentaid.gov/announcements-events/save-plan Learn more and apply for the October 2023 round of The Wealth Accelerator™: https://www.deeperthanmoney.com/the-wealth-accelerator 

It is one of our favorite episodes of the year – Chloe's birthday episode! In this week's episode, Chloe shares the 28 things she wants to do while 28! Hear her goals, dreams, plans and more.Subscribe to our monthly newsletter here: https://www.deeperthanmoney.com/newsletterGet your copy of Deeper Than Money the book: https://www.deeperthanmoney.com/deeperthanmoneythebookLearn more about and apply for the October 2023 round of The Wealth Accelerator: https://docs.google.com/forms/d/e/1FAIpQLSfDjyrNlUB_SlFcPp8Pij986bvBc8kHo8yXFQPsLbOW3QMf4w/viewform

This week Chloe shares how she recently missed a credit card payment. She talks about the financial impact of missing this payment as well as the deeper than money effect this had on her. And how she responded to making a financial “mistake”.Get your copy of Deeper Than Money the book here: https://www.deeperthanmoney.com/deeperthanmoneythebook Leave an Amazon review for the book here: https://a.co/d/7XV7DEB Learn more about The Wealth Accelerator and apply for the next round: https://www.deeperthanmoney.com/the-wealth-accelerator 

It's our birthday! Deeper Than Money is celebrating 5 years in business!! To celebrate, Chloe is sharing the five things she's learned about money over the last five years. We are so overjoyed to be sharing this milestone with all of you, thank you for being here for the ride – we are looking forward to the next 5+ years of the journey with all of you. Preorder Deeper Than Money The Book: https://www.deeperthanmoney.com/deeperthanmoneythebook Get a signed copy of the book here: https://www.rainydaybooks.com/DeeperThanMoney Grab the audiobook: https://www.audible.com/pd/Deeper-than-Money-Audiobook/B0BNQWGV32 Interested in applying for The Wealth Accelerator? Learn more here: https://www.deeperthanmoney.com/the-wealth-accelerator 

This podcast explains how to develop a GOD-LIKE STATE for wealth acceleration. Musa.Bashir Musa.Bashir@outlook.com --- Send in a voice message: https://podcasters.spotify.com/pod/show/sb3/message

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca or ellementsgroup.com In this episode, Lisa talks about her WINGS program (Wealth Independence Next Generation Strategy) and creating a financial plan for...

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca or ellementsgroup.com In this episode, Lisa talks about creating a cash flow plan for your past, present and future self and a...

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca or ellementsgroup.com In this episode, Lisa talks about the masculine and feminine energy of money and why you need to keep a...

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca or ellementsgroup.com In this episode, Lisa talks about how to kill those energy vampires and money vampires in your life and why...

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca or ellementsgroup.com In this episode, Lisa shares with you her 8 essential tips for building wealth. Welcome to The Money Makeover Podcast!...

Chloe shares her real time life update and how she is being pushed out of her comfort zone and making one of the biggest life changes since she quit her corporate job to go full time with Deeper Than Money. She shares what's been going on, her thought process and emotions throughout her decision-making journey, and what's helped her get out of her comfort zone in order to live more in alignment with her dreams. Money Thermostat Podcast: https://open.spotify.com/episode/63FIaXN8Yi9iZcDfxgeJsm?si=da8d0fb30b6248caIf you've been thinking about joining our next round of The Wealth Accelerator, kick that doubt to the curb and trust yourself. Learn more about the program and apply here: https://www.deeperthanmoney.com/the-wealth-accelerator

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca or ellementsgroup.com In this episode, Lisa gives you the steps on how to create and GET ANYTHING you ever wanted. Welcome to...

Chloe share's her journey to becoming a millionaire before her 28th birthday. From the highs and lows and everything in between, she talks about the money moves she made to hit her goal and how you can tap into your own dreams and goals to make them a reality. If you are ready to go all in on your finances while also enjoying your life and doing the things you love, applications are open for the next round of our 12 week transformational program The Wealth Accelerator. Learn more about the program and apply here: https://www.deeperthanmoney.com/the-wealth-accelerator

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca or ellementsgroup.com In this episode, Lisa talks about starting at one, forgiveness and determining your finish line in relation to your money....

Chloe breaks down WTF is happening the recent bank crashes. She is giving the 411 on what happened, what it means, and how it impacts you.  Grab the FREE High Yield Savings Account Training: https://www.deeperthanmoney.com/HYS-Training Learn more about The Wealth Accelerator and apply here: https://www.deeperthanmoney.com/the-wealth-accelerator

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca or ellementsgroup.com In this episode, Lisa talks about the 5 biggest money misconceptions and how your money beliefs could be negatively impacting...

There are ways how to reduce your tax bill and one of them is to make the most of your tax-free gains. In this video, we'll show you how to do just that! You'll learn: - How to make the most of your tax-free gains - Which investments offer the best chance for tax-free gains (Roth IRA & Roth 401k) - The benefits of a self-directed IRA   Maximize Tax Deductions with Our Expert Guide! ➡️ https://www.lighthousefreedom.com/tax   Download my top investing hacks free guide: ➡️ https://www.lighthousefreedom.com/ Wealth Accelerator: ➡️ https://www.lighthousefreedom.com/wealthacceleratorsales   Retirement Planner ➡️ https://www.lighthousefreedom.com/retirement   Get a VIP connection to our experts! ➡️ https://investingsecrets.tv/VIP   Subscribe and listen to Investing Secrets on all our platforms: ➡️ YouTube: https://investingsecrets.tv/YouTube ➡️ Apple: https://investingsecrets.tv/Apple ➡️ Spotify: https://investingsecrets.tv/Spotify ➡️ Google: https://investingsecrets.tv/Google   Question? Have a question about investing or any of the secrets from this episode? Post in the comments section or email us. InvestingSecretsWithKevin@gmail.com   Episode Sponsors ➡️ Living Wealth ➡️ Smeed CPA   Investing Secrets with Kevin Attride was born out of a desire to empower investors and those interested in maximizing their finances. We're bringing you the tips, tricks, and secrets of successful investors and the wealthy no matter where you are on your journey. #InvestingSecrets #KevinAttride     DISCLAIMER The information contained in this episode are opinions not to be used as individual guidance. As always, consult your own financial team for your investment decisions. We recommend that as a consumer, you exercise your due diligence and research any and all strategies outlined before adopting them for your unique situation. Investing Secrets with Kevin Attride and other encompassed entities are not responsible for any damages that result from an effort to implement the information provided in this or any other video, article, social media post, and related publications. Your use and viewing of any materials and videos published by Investing Secrets with Kevin Attride and other encompassed entities confirms your acknowledgement and agreement that Wyoming law will apply to any and all disputes related to the aforementioned entities and that Wyoming will serve as the venue for any disputes, claims, and litigious activities related but not limited to the materials produced by Investing Secrets with Kevin Attride and other encompassed entities. Investing Secrets with Kevin Attride, other encompassed entities, and all other associated persons including but not limited to independent contractors, employees, and affiliates, research and review all content for this site to the best of their abilities but make no guarantees, representations, or warranties as to the complete accuracy and inclusion of all relevant information for each video, including but not limited to all video streams, suggested and provided links and resources. All parties specifically disclaim any implied warranties of merchantability or fitness for any and all purposes. Copyright, Liability Waiver and Disclaimers As per and unless otherwise permitted under the United States Copyright Act, no part of the content of this video or any video published under Investing Secrets with Kevin Attride and other encompassed entities, shall be stored, copied, recreated, republished, or transported. Prior express written permission is required for any use of this video not permitted under the United States Copyright Act. All Rights Reserved.

If you're ready to break free from financial insecurity and start building the stable, long-lasting financial future you've always dreamed of, join us for an episode packed with valuable information and techniques for achieving financial success. Todd Toback is an expert in wealth creation and will provide valuable insights into how your income thermostat affects your financial success in real estate and any business. He'll guide you through building and maintaining wealth and share practical tips on setting realistic financial goals and developing effective strategies.----------Show notes:(0:59) Beginning of today's episode. (1:39) Wealth mindset in real estate investing (REI) and adjusting your income thermostat. (2:59) The income thermostat is probably one of the most important things that you need to focus on when you get involved in entrepreneurship.(11:01) “Your financial thermostat is a result of your standards.”(11:25) Continuously get uncomfortable with your financial situation. (12:46) You need to change your environment. (17:24) Become broke by putting your money in investments. (17:34) Invest in marketing for your business.(18:44) Learn how to make money as a slave. ----------Resources:The Richest Man in Babylon by George ClasonMultiple Streams of Income by Robert AllenRelease Your Brakes by James NewmanTo speak with Brent or one of our other expert coaches call (281) 835-4201 or schedule your free discovery call here to learn about our mentorship programs and become part of the TribeGo to Wholesalingincgroup.com to become part of one of the fastest growing Facebook communities in the Wholesaling space. Get all of your burning Wholesaling questions answered, gain access to JV partnerships, and connect with other "success minded" Rhinos in the community.It's 100% free to join. The opportunities in this community are endless, what are you waiting for?

Season 4 is here, and Chloe is sharing the number one thing that changed her trajectory with money. In this episode Chloe walks you through the mindset shift you can take to uplevel your life.  Ready to make a transformational change? Join the next round of The Wealth Accelerator. Learn more and apply here: https://www.deeperthanmoney.com/the-wealth-accelerator 

There are a lot of ways how to change your tax strategy, but one of the most interesting is to change your facts! In this video, I'll show you how to change your facts to change your tax strategy (and save $$$). You will learn how to change your expenses, how to organize your business and improve your investment or minimize cost. Is this something you're interested in? Watch the video to find out more!   Maximize Tax Deductions with Our Expert Guide! ➡️ https://www.lighthousefreedom.com/tax   Download my top investing hacks free guide: ➡️ https://www.lighthousefreedom.com/ Wealth Accelerator: ➡️ https://www.lighthousefreedom.com/wealthacceleratorsales   Retirement Planner ➡️ https://www.lighthousefreedom.com/retirement   Get a VIP connection to our experts! ➡️ https://investingsecrets.tv/VIP   Subscribe and listen to Investing Secrets on all our platforms: ➡️ YouTube: https://investingsecrets.tv/YouTube ➡️ Apple: https://investingsecrets.tv/Apple ➡️ Spotify: https://investingsecrets.tv/Spotify ➡️ Google: https://investingsecrets.tv/Google   Question? Have a question about investing or any of the secrets from this episode? Post in the comments section or email us. InvestingSecretsWithKevin@gmail.com   Episode Sponsors ➡️ Living Wealth ➡️ Smeed CPA   Investing Secrets with Kevin Attride was born out of a desire to empower investors and those interested in maximizing their finances. We're bringing you the tips, tricks, and secrets of successful investors and the wealthy no matter where you are on your journey. #InvestingSecrets #KevinAttride   DISCLAIMER The information contained in this episode are opinions not to be used as individual guidance. As always, consult your own financial team for your investment decisions. We recommend that as a consumer, you exercise your due diligence and research any and all strategies outlined before adopting them for your unique situation. Investing Secrets with Kevin Attride and other encompassed entities are not responsible for any damages that result from an effort to implement the information provided in this or any other video, article, social media post, and related publications. Your use and viewing of any materials and videos published by Investing Secrets with Kevin Attride and other encompassed entities confirms your acknowledgement and agreement that Wyoming law will apply to any and all disputes related to the aforementioned entities and that Wyoming will serve as the venue for any disputes, claims, and litigious activities related but not limited to the materials produced by Investing Secrets with Kevin Attride and other encompassed entities. Investing Secrets with Kevin Attride, other encompassed entities, and all other associated persons including but not limited to independent contractors, employees, and affiliates, research and review all content for this site to the best of their abilities but make no guarantees, representations, or warranties as to the complete accuracy and inclusion of all relevant information for each video, including but not limited to all video streams, suggested and provided links and resources. All parties specifically disclaim any implied warranties of merchantability or fitness for any and all purposes. Copyright, Liability Waiver and Disclaimers As per and unless otherwise permitted under the United States Copyright Act, no part of the content of this video or any video published under Investing Secrets with Kevin Attride and other encompassed entities, shall be stored, copied, recreated, republished, or transported. Prior express written permission is required for any use of this video not permitted under the United States Copyright Act. All Rights Reserved.

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca or ellementsgroup.com In this episode, Lisa talks about why it's important to receive money and how to be a better receiver. Welcome...

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca or ellementsgroup.com In this episode, Lisa talks about fear, love and the cost financial inaction has in your life. Welcome to The...

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca or ellementsgroup.com In this episode, Lisa talks about steps you can take to prepare yourself for the financial tailwinds and headwinds in...

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca In this episode, Lisa talks about how self-sabotage shows up in our lives and how to stop it from showing up in...

Debt is a topic that affects us all, but often the lessons we learn about it are incomplete or just plain wrong. In this episode of the MoneyfitMD Podcast, we'll be discussing three common misconceptions about debt and why they're simply not true. From the idea that all debts are created equal, to the belief that all debts are inherently bad, to the misconception that paying off debt is impossible, we'll be breaking down these false lessons and providing you with a clearer understanding of the realities of debt. So, if you're looking for practical advice and a deeper understanding of debt, don't miss this episode!In this episode, you will learn:The truth about the different types of debt and why not all debts are created equal.The distinction between good debt and bad debt and how to identify them.The fact that paying off debt is possible and the steps you can take to do so, even if it may seem daunting at first.By the end of this episode, you'll have a clearer understanding of the realities of debt and be able to make informed decisions about your own financial situation. So tune in to learn the three wrong lessons we've been taught about debt and start taking control of your finances today!--------------------------------Attention all those struggling with debt! Are you tired of feeling overwhelmed and uncertain about your financial future? Look no further! Introducing the "Debt to Wealth Accelerator" program! This comprehensive program is designed to help you break free from the cycle of debt and create lasting wealth.As a woman physician, you understand the challenges and unique pressures that come with balancing your career and financial stability. That's why the "Debt to Wealth Accelerator" program was created, specifically for women in your position.In this program, you'll learn:Why the current state of debt understanding is hurting women physicians and why it's crucial to address it.The societal and familial factors that have contributed to the current state of debt and how to overcome them.A step-by-step approach to taking control of your debt and turning it into a manageable, organized system.How to shift your mindset from that of a worried debtor to a confident wealth builder.The secrets to creating a debt annihilation plan that works for your unique life, not against it.Join a community of like-minded women physicians and learn from experts in the field. Say goodbye to stress and confusion and hello to financial stability and prosperity. Sign up for the "Debt to Wealth Accelerator" program today and start your journey to financial freedom!In addition to all of the above, you'll also learn the most effective strategies for saving money, investing wisely, and growing your wealth over time. Don't miss out on this opportunity to take control of your financial future. Enroll in the "Debt to Wealth Accelerator" program today!We are social:Facebook: https://web.facebook.com/MoneyfitMD/Instagram: https://www.instagram.com/moneyfitmd/Youtube: youtube.com/@moneyfitmd

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca In this episode, Lisa talks about how to rebuild your relationship with yourself and your money. Welcome to The Money Makeover Podcast!...

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca In this episode, Lisa talks about wealth frequencies and what it really means to be wealthy. Welcome to The Money Makeover Podcast!...

If you want to work with us, check out Wealth Accelerator at wealthywomanaccelerator.ca In this episode, Lisa talks about wealth frequencies and what it really means to be wealthy. Welcome to The Money Makeover Podcast!...

This week Chloe is recapping her latest trip with her friends and sharing tips on how to plan spending for group trips, how to set expectations around spending, and how to talk money before, during and after a trip. Money conversations don't have to be awkward and spending money on a group trip doesn't have to be stressful. It is time to focus more on the fun by planning spending and talking about moneyLearn more about The Wealth Accelerator and Apply Here: https://www.deeperthanmoney.com/the-wealth-accelerator

It's time to end your toxic relationship. In this episode, Chloe shares how our toxic relationship with money can hold us back, keep us in destructive patterns, and restrict us from a happy and healthy relationship with money. Your Money Thermostat Podcast: https://open.spotify.com/episode/63FIaXN8Yi9iZcDfxgeJsm?si=4a890bca40b34cfdLearn about and apply for The Wealth Accelerator: https://www.deeperthanmoney.com/the-wealth-accelerator

In this episode, Chloe share's the importance of making decision and her advice on how to get unstuck.Free High Yield Savings Account Training: https://www.deeperthanmoney.com/hysa-training Apply for The Wealth Accelerator: https://www.deeperthanmoney.com/the-wealth-accelerator Create a Credit Karma Account: https://www.creditkarma.com/ 

What do you do in a CEO retreat? How can this event help business owners develop better plans and strategies in the future?In this episode, our first series on Motivational Mondays, I take you behind the scenes on my recent trip for a CEO retreat. You'll learn the importance of taking a CEO retreat to reset and focus on the big ideas around your business. You'll also hear how I prepared for the event and some of my key takeaways that will help you explore strategies for the future of your business.--- Get weekly business affirmations by texting ‘ABUNDANCE' to (310) 388-8603 Timestamps:Different forms of CEO retreat (03:36)Why I went on a CEO retreat (06:56)How I prepared for the retreat (13:02)CEO retreat activities: Wealth Accelerator event & Magic Kingdom experience (19:45)Major takeaways from my CEO retreat (36:32)  Standout Quotes:“When you do a CEO retreat, you definitely want to have support around the people who... you need to run your business. You have to have support [from] your family members especially if you're married or in a relationship....” (13:11)“I just decided to get dressed and go [solo] to Magic Kingdom... [since] I have taken the mindset from the [Wealth Accelerator] conference… [in which] we were talking about [how] places… can uplevel your frequency, your energy..., and how you pour back into yourself, your business, your family.” (31:00)“One [takeaway from the CEO retreat] is journaling what I want without any limits... for personal and business; [next] is doing some business brainstorming...; also looking for ways to serve more and more people and making a bigger impact; doing a reflection on investing in myself for 2023...; finishing courses/programs and implementing them...; [and] putting my team through some of the courses or investments that I have.” (36:45) Resources Mentioned:Get the latest updates for Doctor TK's events at doctortk.com/links/ Connect:Find | Doctor TK On Instagram: instagram.com/doctortkpsychOn Facebook: facebook.com/DoctorTKPsychOn Pinterest:

What do you do in a CEO retreat? How can this event help business owners develop better plans and strategies in the future?In this episode, our first series on Motivational Mondays, I take you behind the scenes on my recent trip for a CEO retreat. You'll learn the importance of taking a CEO retreat to reset and focus on the big ideas around your business. You'll also hear how I prepared for the event and some of my key takeaways that will help you explore strategies for the future of your business.--- Get weekly business affirmations by texting ‘ABUNDANCE' to (310) 388-8603 Timestamps:Different forms of CEO retreat (03:36)Why I went on a CEO retreat (06:56)How I prepared for the retreat (13:02)CEO retreat activities: Wealth Accelerator event & Magic Kingdom experience (19:45)Major takeaways from my CEO retreat (36:32) Standout Quotes:“When you do a CEO retreat, you definitely want to have support around the people who... you need to run your business. You have to have support [from] your family members especially if you're married or in a relationship....” (13:11)“I just decided to get dressed and go [solo] to Magic Kingdom... [since] I have taken the mindset from the [Wealth Accelerator] conference… [in which] we were talking about [how] places… can uplevel your frequency, your energy..., and how you pour back into yourself, your business, your family.” (31:00)“One [takeaway from the CEO retreat] is journaling what I want without any limits... for personal and business; [next] is doing some business brainstorming...; also looking for ways to serve more and more people and making a bigger impact; doing a reflection on investing in myself for 2023...; finishing courses/programs and implementing them...; [and] putting my team through some of the courses or investments that I have.” (36:45) Resources Mentioned:Get the latest updates for Doctor TK's events at doctortk.com/links/ Connect:Find | Doctor TK On Instagram: instagram.com/doctortkpsychOn Facebook: facebook.com/DoctorTKPsychOn Pinterest: Connect: Find | Doctor TK On Instagram: instagram.com/doctortkpsych On Facebook: facebook.com/DoctorTKPsych On Pinterest: pinterest.com/DoctorTKPsych On Youtube: youtube.com/c/DoctorTK SUBSCRIBE & RATE On Apple Podcast On Google Podcasts On Spotify

What do you do in a CEO retreat? How can this event help business owners develop better plans and strategies in the future?In this episode, our first series on Motivational Mondays, I take you behind the scenes on my recent trip for a CEO retreat. You'll learn the importance of taking a CEO retreat to reset and focus on the big ideas around your business. You'll also hear how I prepared for the event and some of my key takeaways that will help you explore strategies for the future of your business.--- Get weekly business affirmations by texting ‘ABUNDANCE' to (310) 388-8603 Timestamps:Different forms of CEO retreat (03:36)Why I went on a CEO retreat (06:56)How I prepared for the retreat (13:02)CEO retreat activities: Wealth Accelerator event & Magic Kingdom experience (19:45)Major takeaways from my CEO retreat (36:32) Standout Quotes:“When you do a CEO retreat, you definitely want to have support around the people who... you need to run your business. You have to have support [from] your family members especially if you're married or in a relationship....” (13:11)“I just decided to get dressed and go [solo] to Magic Kingdom... [since] I have taken the mindset from the [Wealth Accelerator] conference… [in which] we were talking about [how] places… can uplevel your frequency, your energy..., and how you pour back into yourself, your business, your family.” (31:00)“One [takeaway from the CEO retreat] is journaling what I want without any limits... for personal and business; [next] is doing some business brainstorming...; also looking for ways to serve more and more people and making a bigger impact; doing a reflection on investing in myself for 2023...; finishing courses/programs and implementing them...; [and] putting my team through some of the courses or investments that I have.” (36:45) Resources Mentioned:Get the latest updates for Doctor TK's events at doctortk.com/links/ Connect:Find | Doctor TK On Instagram: instagram.com/doctortkpsychOn Facebook: facebook.com/DoctorTKPsychOn Pinterest: ABUNDANT RESOURCESYouTubeInstagram

What do you do in a CEO retreat? How can this event help business owners develop better plans and strategies in the future? In this episode, our first series on Motivational Mondays, I take you behind the scenes on my recent trip for a CEO retreat. You'll learn the importance of taking a CEO retreat to reset and focus on the big ideas around your business. You'll also hear how I prepared for the event and some of my key takeaways that will help you explore strategies for the future of your business. --- Get weekly business affirmations by texting ‘ABUNDANCE' to (310) 388-8603 Timestamps: Different forms of CEO retreat (03:36) Why I went on a CEO retreat (06:56) How I prepared for the retreat (13:02) CEO retreat activities: Wealth Accelerator event & Magic Kingdom experience (19:45) Major takeaways from my CEO retreat (36:32) Standout Quotes: “When you do a CEO retreat, you definitely want to have support around the people who... you need to run your business. You have to have support [from] your family members especially if you're married or in a relationship....” (13:11) “I just decided to get dressed and go [solo] to Magic Kingdom... [since] I have taken the mindset from the [Wealth Accelerator] conference… [in which] we were talking about [how] places… can uplevel your frequency, your energy..., and how you pour back into yourself, your business, your family.” (31:00) “One [takeaway from the CEO retreat] is journaling what I want without any limits... for personal and business; [next] is doing some business brainstorming...; also looking for ways to serve more and more people and making a bigger impact; doing a reflection on investing in myself for 2023...; finishing courses/programs and implementing them...; [and] putting my team through some of the courses or investments that I have.” (36:45) Resources Mentioned: Get the latest updates for Doctor TK's events at doctortk.com/links/ Connect: Find | Doctor TK On Instagram: instagram.com/doctortkpsych On Facebook: facebook.com/DoctorTKPsych On Pinterest: pinterest.com/DoctorTKPsych On Youtube: youtube.com/c/DoctorTK SUBSCRIBE & RATE On Apple Podcast On Google Podcasts On Spotify On Audible

Attend next batch of Sandeep Gupta's wealth accelerator workshop (Just Rs. 99/-) Registration Link: https://imjo.in/Z86vUB Connect with me on Youtube Connect with me on Instagram Join DNA Club Community Click Here Watch my brand new automated webinar Click Here Try Kajabi tool for free CLICK HERE

It's time for another round of “Ask Buck”. This week's episode includes questions on taxes, multifamily real estate investments and the Wealth Accelerator. Listen HERE! The post 331: Ask Buck Summer 2022 Part 2 appeared first on Wealth Formula.

Chloe shares her story of going from a broke college girl with over $36k in debt to being on track to hit her millionaire status by 28.  Check out her story on Instagram @deeper.than.money Join the $1000 Challenge here: https://www.deeperthanmoney.com/$1000-challenge Learn more about The Wealth Accelerator and Apply: https://www.deeperthanmoney.com/the-wealth-accelerator

Whole life? Universal? Infinite banking? Wealth accelerator? Why do insurance policies have all these different names and what makes them different from one another? At this point, I'm pretty sure you've already heard tons of different names from financial advisors and insurance companies that try to sell you life insurance in different ways. In this episode, I'm going to help you better understand why insurance policies have different names and what you really need to pay attention to.  Key Talking Points of the Episode [01:26] Invest with PreREO!  [02:18] Why do life insurance policies have different names? [03:38] Term Insurance  [06:58] Infinite Banking Insurance [08:02] Types of Life Insurance [09:04] Why do companies give life insurance different names? [10:21] What do you need to understand when it comes to insurance? [11:42] When do you use which insurance for which situation? [17:34] What is the Wealth Accelerator they're talking about?  [20:55] What if you don't have enough net worth yet? Quotables “There are so many stupid names for life insurance and I think it's primarily for two reasons. One, of course, a company wants to differentiate themselves but two, they're just trying to mask their insecurities about using what ultimately is life insurance.” “There are so many “banking” things out there, but they're all pretty much referencing infinite banking.” “They'll give you all these cute names, but ultimately, when you hear most of the names out there, it's usually referencing something like whole life insurance.” “It's never anything new under the sun, they're just trying to make it sound special.”

Nothing saddens me more than to see my fellow physicians and other highly trained professionals who spend their youth studying hard for the promise of a fulfilling career that will take care of them financially only to realize that they have been sold a false bill of goods. Physicians in particular have gotten really screwed. […] The post 318: The Wealth Accelerator appeared first on Wealth Formula.

This week Chloe talks about raising your vibe around money and why it will help you get closer to your dream life and how to enjoy the journey.Learn more about The Wealth Accelerator: https://www.deeperthanmoney.com/the-wealth-acceleratorWhat is Your Money Thermostat Set At? Podcast Episode: https://open.spotify.com/episode/63FIaXN8Yi9iZcDfxgeJsm?si=c7cbbf08db1f4f28Check out the Negotiation Playbook: https://www.deeperthanmoney.com/negotiation-playbook

Wendy Brookhouse is a financial planner extraordinaire and during this episode, she weaves her experience in business consulting, business ownership, and focuses on simplification to achieve outstanding results. Wendy Brookstone shares what and who inspired her to get involved in the financial services space as a financial advisor. She is the founder and Chief Strategist for Black Star Wealth and she shares her mission and message about her business.Wendy provides insight as to what people should take into account with their behavior and mindset blocks, she provides the backstory of factors such as the decision-making of people, that don't subscribe to the power of mindset.When I said the words, One Number Solution, Wendy provides concepts viewers and listeners should understand about it.I encourage Wendy to get after it, when it comes to her Wealth Accelerator program and how people can discover more about it and how it can help them.Wendy Brookhouse works with entrepreneurs and business owners to help them grow their wealth, she shared what this looks l like for them and their financial planning. Wendy is the author of the book, Burn Your Budget and she hosts The Real Bottom Line Podcast. As the interview was coming to an end, Wendy shared how listeners can get in touch with her and she provides a free assessment for people: totalwealthscore.com Learn more about Wendy Brookhouse on her website  https://bit.ly/3Kd0xsP  

My 5 strategies to identify and change money patterns.Small Biz Finances Masterclasshttps://deeperthanmoney.mykajabi.com/small-biz-finances-masterclass  70% of lottery winners will declare bankruptcy https://www.washingtonpost.com/outlook/five-myths/five-myths-about-the-lottery/2019/12/27/742b9662-2664-11ea-ad73-2fd294520e97_story.html What is Your Money Thermostat Set At Podcast Episodehttps://podcasts.apple.com/us/podcast/what-is-your-money-thermostat-set-at/id1471003314?i=1000489627367 The Wealth Accelerator https://www.deeperthanmoney.com/the-wealth-accelerator 

Chloe discusses the importance of having a financial backup plan and the freedom that financial independence can bring.To learn more about and apply for the next round of The Wealth Accelerator click here: https://www.deeperthanmoney.com/the-wealth-accelerator 

Women say things like, “I'm looking for a man with a sense of humour who can make me laugh and go for walks in the park…” That's a bunch of baloney!    The majority of women really want someone who is a good provider who can give her and future children financial security.   I'm offering a free Wealth Accelerator discovery coaching call to three people this week - CLICK HERE TO BOOK YOUR FREE CALL https://bit.ly/3zJ21GY If you've ever watched a David Attenborough documentary, you'll know that in the animal kingdom, the female of the species wants to mate with the leader of the pack, the strongest male to give them security and protect them make their offspring. It's animal instinct. In the modern world, we forget how much our animal instincts still plays a part.   In Asian cultures women absolutely marry for money and security. Even in the UK, many Indian family marriages are still arranged according to financial status, class, occupation and career prospects. In short, it is about money!    See full article.   Remember this old saying:   When money stops coming through the door, love goes out the window.   Let me know your views in the comments. If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value.   I'm offering a free Wealth Accelerator discovery coaching call to three people this week - CLICK HERE TO BOOK YOUR FREE CALL https://bit.ly/3zJ21GY   See omnystudio.com/listener for privacy information.

Do women marry for money? Absolutely! Women say things like, “I'm looking for a man with a sense of humour who can make me laugh and go for walks in the park…” That's a bunch of baloney! The majority of women really want someone who is a good provider who can give her and future children financial security. I'm offering a free Wealth Accelerator discovery coaching call to three people this week - CLICK HERE TO BOOK YOUR FREE CALL https://bit.ly/3zJ21GY If you've ever watched a David Attenborough documentary, you'll know that in the animal kingdom, the female of the species wants to mate with the leader of the pack, the strongest male to give them security and protect them make their offspring. It's animal instinct. In the modern world, we forget how much our animal instincts still plays a part. In Asian cultures women absolutely marry for money and security. Even in the UK, many Indian family marriages are still arranged according to financial status, class, occupation and career prospects. In short, it is about money! See full article. Remember this old saying: When money stops coming through the door, love goes out the window. Let me know your views in the comments. If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value. I'm offering a free Wealth Accelerator discovery coaching call to three people this week - CLICK HERE TO BOOK YOUR FREE CALL https://bit.ly/3zJ21GY

UK House prices dropped by 0.5% in June just as the long stamp duty holiday began to be phased out, according to the Halifax. Annual property prices still rose 8.8%, resulting in average prices more than £21,000 higher, which is more than most people saved on stamp duty in the mad scramble to buy a home. The average price of a UK property according to the lender is now £260,358. The Government removed the need to pay stamp duty on some properties for much of the pandemic in a bid to stimulate the market in England, Wales and Northern Ireland. The move worked, but critics argue that it caused price inflation and could created a property bubble if demand falls. Mortgage lenders, like the Halifax and Nationwide, long with estate agents are confident that, "The power of home movers to drive the market won't fade entirely as the economy recovers”. Demand remains high among buyers seeking larger family homes with the average price of a detached property climbing faster than any other type over the past 12 months - shooting up by more than 10% or almost £47,000 in cash terms. Detached homes now cost on average more than half a million pounds, £200,000 more expensive than the typical semi-detached house. Double tax on holiday homes A Welsh local authority plans to double council tax on second homes in order to deter the growing number of English buyers snapping up seaside holiday homes on the coast of Wales.  Owners of holiday homes and empty properties in Gwynedd will be hit with double council tax from next month after Councillors backed the increase in premium from the current 50%. The tax could raise an extra £3m a year for social housing. More than one in ten houses in Gwynedd was now classed as a second home. Councillors in the larger city of Swansea are planning a similar tax hike. Buyers, presumably priced out of the more expensive Devon and Cornwall, have been buying up properties in Welsh beauty spots. The effect of this prices locals out of the market and destroys local village life where properties are only used at weekends. Councils have powers to increases local taxes on empty properties and second homes. Cheap money also fuelling the bubble? There is a buy-to-let mortgage available through the NRLA offering a 2 year fixed rate of 1.25%, with free legal fees and a £250 cashback! You could borrow a million pound on interest only and the mortgage payment would be just over £1000 per month. You couldn't rent a million pound home for that. If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value.   I'm offering a free Wealth Accelerator discovery coaching call to three people this week - CLICK HERE TO BOOK YOUR FREE CALL https://bit.ly/3zJ21GY See omnystudio.com/listener for privacy information.

UK House prices dropped by 0.5% in June just as the long stamp duty holiday began to be phased out, according to the Halifax. Annual property prices still rose 8.8%, resulting in average prices more than £21,000 higher, which is more than most people saved on stamp duty in the mad scramble to buy a home. The average price of a UK property according to the lender is now £260,358. The Government removed the need to pay stamp duty on some properties for much of the pandemic in a bid to stimulate the market in England, Wales and Northern Ireland. The move worked, but critics argue that it caused price inflation and could created a property bubble if demand falls. Mortgage lenders, like the Halifax and Nationwide, long with estate agents are confident that, "The power of home movers to drive the market won't fade entirely as the economy recovers”. Demand remains high among buyers seeking larger family homes with the average price of a detached property climbing faster than any other type over the past 12 months - shooting up by more than 10% or almost £47,000 in cash terms. Detached homes now cost on average more than half a million pounds, £200,000 more expensive than the typical semi-detached house. Double tax on holiday homes A Welsh local authority plans to double council tax on second homes in order to deter the growing number of English buyers snapping up seaside holiday homes on the coast of Wales. Owners of holiday homes and empty properties in Gwynedd will be hit with double council tax from next month after Councillors backed the increase in premium from the current 50%. The tax could raise an extra £3m a year for social housing. More than one in ten houses in Gwynedd was now classed as a second home. Councillors in the larger city of Swansea are planning a similar tax hike. Buyers, presumably priced out of the more expensive Devon and Cornwall, have been buying up properties in Welsh beauty spots. The effect of this prices locals out of the market and destroys local village life where properties are only used at weekends. Councils have powers to increases local taxes on empty properties and second homes. Cheap money also fuelling the bubble? There is a buy-to-let mortgage available through the NRLA offering a 2 year fixed rate of 1.25%, with free legal fees and a £250 cashback! You could borrow a million pound on interest only and the mortgage payment would be just over £1000 per month. You couldn't rent a million-pound home for that. If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value. I'm offering a free Wealth Accelerator discovery coaching call to three people this week - CLICK HERE TO BOOK YOUR FREE CALL https://bit.ly/3zJ21GY

Stamp Duty holiday ends, long live tax on property buyers! Wednesday 30 June is the deadline for most European Union (EU) citizens to apply to live permanently in the UK as settled residents. The Stamp Duty exemption for homebuyers paying tax on properties which cost £250,000 or less is coming to an end, much to my solicitor's relief! He will need a real holiday! Wales temporarily raised its threshold for land transaction tax (LTT) during the pandemic from £180,000 to £250,000, in line with other UK governments. The exemption, originally to March 2021, was extended to 30 June. Some homebuyers have saved thousands by completing sales within the deadline, but others are set to miss out for various reasons including legal or mortgage delays. From 1 July, stamp duty will be charged above £250,000 at the following rates: £0-£250,000 = 0% £250,001-£925,000 = 5% £925,001-£1,500,000 = 10% £1,500,000+ = 12% On 1 October 2021, rates are due to return to normal. That means the point you to start paying stamp duty will revert to £125,001: £0-£125,000 = 0% £125,001-£250,000 = 2% £250,001-£925,000 = 5% £925,000-£1,500,000 = 10% £1,500,000+ = 12% You can use the government's Stamp Duty Land Tax (SDLT) calculator to find out how much you would pay. Will there be a slump in the market?  In truth, nobody really knows when the property, or stock market, will peak, but we do know that bull runs usually last 10-12 years and we have already passed that deadline. Governments around the world printing trillions of dollars have prevented a slump and recession, so far. An estate agent friend of mine, who has just had her best quarter ever, said she is concerned that people who wanted to buy this year have done so already. EU Settlement Scheme Deadline The take-up of the European Union Settlement Scheme (EUSS) has been huge - but there are serious concerns that thousands of people have still not sought to register. Anyone who is not registered loses their legal right to live in the UK. What is the EU Settlement Scheme? The EUSS was launched in March 2019 to register EU citizens as settled residents in the UK. This is a follow-on from Brexit, which ended freedom of movement and the right of people from the EU to come to the UK - and for UK citizens to go the other way. More details - https://how2cometotheuk.blogspot.com/2021/06/eu-settlement-deadline-30-june-2021-how.html By the end of May 2021, 5.6 million people had applied for the scheme - far more than expected (it was estimated in March 2019 that there were 3.7m EU nationals in the UK). How will this affect UK residents? The BBC reports that a shortage of skilled trade workers has developed as European Union migrants leave the UK and demand for home improvements rises, according to the founder of Homeserve. Chief executive Richard Harpin said the shortages were "pretty bad" across the country, not just in construction but in other trades too. He wants the government to put more trades on its jobs shortage list.  The hospitality sector is also experiencing staff shortages, so you might have to wait a little longer for your latte. In the long run, importing cheap labour does not help the economy and we should be investing in more training to upskill the resident workforce, especially if they are unemployed and drawing benefits.  The laws of supply and demand dictate that when there is a shortage, prices rise. We will all be paying more for trades people, and the price of materials has also shot up. It has become almost impossible to find handymen, plumbers, builders, electricians and other workers since the lockdown when thousands of EU workers handed back the keys to their landlords and flew home. With so many people moving, everyone is busy, which is exactly what the government wanted to achieve with the stimulus. Would you like to get into property, but have no money or don't know how? Learn Multiple Streams Of Property Income AT Free Event 2– 4 July The UK's Brightest Property Experts Will Share In-depth, Practical Knowledge Of Buy-to-let Properties, Raising Finance And How To Build A Mighty Portfolio From The Ground Up. Register HERE FREE LIVE TRAINING- - https://bit.ly/3hmHnFX At the Multiple Streams of Property Income event we reveal the many ways you can quickly make large sums of money and secure your financial future. Our skilled trainers will reveal proven, successful methods for you to cash in on right now, even if you have no previous experience and little to no finance. Our trainers have all ‘been there, done that' and you can relax in the certainty that you are getting the expert help you deserve! Your just need to take that first step... What You Can Expect At The Multiple Streams Of Property Income Event Multiple proven investing strategies You will be guided through the most effective cashflow and equity growth strategies that are working right now in 2021 Learn how to get UNLIMITED finance to build your portfolio (hint: you can do this WITHOUT using either a mortgage company OR a bank) You'll hear from other property investors who are experts in buy-to-let, property trading, raising finance and other ways of building a property portfolio from scratch into a multi-million pound business Benefits of MSOPI Earn 10x the income with only 10% of your personal time By the end of the event you will have a clear strategy to start or add to your cashflowing property portfolio. Make new connections that will last a lifetime including potential JV partners Learn how to make more money from ONE simple property deal than you make in 6 months of paid work. Register HERE - - https://bit.ly/3hmHnFX Speaker Line-up Kevin McDonnell | Rent-To-Rent Property Investing Expert & Author of the Bestselling Book No-Money-Down Property Investing Kevin Poneskis |Serviced Accommodation Property Investing Expert, Over 28 Years of Property Investing Experience David Siegler | Property Deal Sourcing & Packaging Expert, Over 15 Years of Property Investing Experience Toni Gargan | Business & Property Investing Expert, Over 5 Years in Property Investing Education Register HERE for this FREE Training FOLLOW LINK TO JOIN - https://bit.ly/3hmHnFX If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value.   I'm offering a free Wealth Accelerator discovery coaching call to three people this week - CLICK HERE TO BOOK YOUR FREE CALL https://bit.ly/3zJ21GY   See omnystudio.com/listener for privacy information.

In March 2021 Artnet News reported the sale of a piece of NFT digital art by Beeple's which sold for $69 million at Christie's auction. The artist, whose real name is Mike Winkelmann, jumped to number three on the list of most expensive living artists at auction.    An NFT, or Non-Fungible Token, is a type of digital asset, like a representation of piece of physical art or music, that you can own and trade, typically for between $40 and $200. A fungible asset in economic terms contains units that can be readily interchanged - like money. A non-fungible asset is a unique one-of-a-kind asset, like a work of art.   NFTs are bought and sold online, often with cryptocurrency, and they are encoded with the same underlying blockchain software technology as many cryptos.   So why would anyone want to own a digital asset, effectively a photograph of a piece of art, when they could take a photograph themselves?   Firstly, this new creative enterprise goes far beyond owning a photo of a painting. And let's face it, millions of people buy prints, which are copies of original art, to hang on their wall.    Entrepreneur and influencer Gary Vaynerchuk said NFTs and the blockchain technology around them as something that will influence everything we do on the Internet.   Gary compares blockchain technology to the early stages of the internet when people thought that it was just a search engine or an online encyclopaedia.    I remember about 15 years ago reading an interview with Lord Sugar, who made his fortune manufacturing Amstrad computers, describing ordering something online as a waste of time and commenting that it would be quicker to go to the shop and buy it!   In the future, Gary predicts people will carry around digital wallet containing digital assets, ID and personal records and currency.    One wonders how many people will be left behind by the pace of change. Governments are concerned about the number older and poorer people unable to access essential services because they are not online or do not own a smart phone.   With the growing demise of the traditional High Street travel agent, it will soon be difficult to book a fight unless you have internet access.    Banks are trying to phase out cash and Sweden is one of the first countries to move towards a cashless society. Central Bank Digital Currencies (CBDCs) are already being planned in major countries and the EU.   The increase in speed of new developments in technology means we have to continue to study and keep ourselves up-to-date. This doesn't mean going back to school or university, although I would recommend formal or vocational study if you want to change careers, and you could just involve 30-60 minutes a day reading online, listening to podcasts or researching videos on YouTube.   I read a statistic many years ago that only 10% of people do any further study after leaving school or university. Is it a coincidence that those who do study tend to be in the top 10% income bracket? Brian Tracy said that reading for 30 to 60 minutes a day will make you an expert in your field within six months and could get you to degree level within 2 to 3 years.    If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value.   I'm offering a free Wealth Accelerator discovery coaching call to three people this week - CLICK HERE TO BOOK YOUR FREE CALL https://bit.ly/3zJ21GY See omnystudio.com/listener for privacy information.

Action Fraud figures show that victims of investment fraud lost at least £657m in 2020, as scammers preyed on financial vulnerability caused by the coronavirus pandemic. There are different types of investment fraud, the most common involve shares, bonds, cryptocurrency and commodities such as wine, fine art and diamonds. Fraudsters contact you unexpectedly, promise generous returns and may say that the opportunity is time limited. They downplay the risks to your money. They call you repeatedly and keep you on the phone a long time in order to build your trust, stop you speaking to other people or having time to think about the offer. FULL ARTICLE Report all scams online to www.actionfraud.police.uk or call 0300 123 2040 giving as much information as possible. Financial education and literacy is not taught in schools, which is why most people are in the dark when it comes to personal finance and are forced to rely on financial advisers. If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value. I'm offering a free Wealth Accelerator discovery coaching call to three people this week - CLICK HERETO BOOK YOUR FREE CALL https://bit.ly/3zJ21GY

In March 2021 Artnet News reported the sale of a piece of NFT digital art by Beeple's which sold for $69 million at Christie's auction. The artist, whose real name is Mike Winkelmann, jumped to number three on the list of most expensive living artists at auction. An NFT, or Non-Fungible Token, is a type of digital asset, like a representation of piece of physical art or music, that you can own and trade, typically for between $40 and $200. A fungible asset in economic terms contains units that can be readily interchanged - like money. A non-fungible asset is a unique one-of-a-kind asset, like a work of art. NFTs are bought and sold online, often with cryptocurrency, and they are encoded with the same underlying blockchain software technology as many cryptos. So why would anyone want to own a digital asset, effectively a photograph of a piece of art, when they could take a photograph themselves? Firstly, this new creative enterprise goes far beyond owning a photo of a painting. And let's face it, millions of people buy prints, which are copies of original art, to hang on their wall. Entrepreneur and influencer Gary Vaynerchuk said NFTs and the blockchain technology around them as something that will influence everything we do on the Internet. Gary compares blockchain technology to the early stages of the internet when people thought that it was just a search engine or an online encyclopaedia. I remember about 15 years ago reading an interview with Lord Sugar, who made his fortune manufacturing Amstrad computers, describing ordering something online as a waste of time and commenting that it would be quicker to go to the shop and buy it! In the future, Gary predicts people will carry around digital wallet containing digital assets, ID and personal records and currency. One wonders how many people will be left behind by the pace of change. Governments are concerned about the number older and poorer people unable to access essential services because they are not online or do not own a smart phone. With the growing demise of the traditional High Street travel agent, it will soon be difficult to book a fight unless you have internet access. Banks are trying to phase out cash and Sweden is one of the first countries to move towards a cashless society. Central Bank Digital Currencies (CBDCs) are already being planned in major countries and the EU. The increase in speed of new developments in technology means we have to continue to study and keep ourselves up-to-date. This doesn't mean going back to school or university, although I would recommend formal or vocational study if you want to change careers, and you could just involve 30-60 minutes a day reading online, listening to podcasts or researching videos on YouTube. I read a statistic many years ago that only 10% of people do any further study after leaving school or university. Is it a coincidence that those who do study tend to be in the top 10% income bracket? Brian Tracy said that reading for 30 to 60 minutes a day will make you an expert in your field within six months and could get you to degree level within 2 to 3 years. If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value. I'm offering a free Wealth Accelerator discovery coaching call to three people this week - CLICK HERE TO BOOK YOUR FREE CALL https://bit.ly/3zJ21GY

17/2/21 Episode 52 Today on the podcast Jo Wood & Zoe Whitman were joined by Rebecca Robertson, Multi Award winning* business owner and Independent Financial Adviser, author of 5 star review Financial Planning book, TedX speaker with thousands of downloads and podcast host. Rebecca has 21 years' experience in financial services and 10 years of running her own business. Building a team of advisers and support roles to grow the company, reaching six figures with 5 star client reviews – The Times Vouched for Top Adviser. Quoted and expert panel for Financial Times – Adviser section and many other industry press, spoke on BBC and BBC Radio Kent. Rebecca says, " I believe the world will become a safer and more ethical place when women become empowered with their money, creating a legacy for themselves and their families." (*winner of Financial Adviser of the year Women in Finance awards, winner Role Model of the Year Women in Financial Advice Awards, Winner Customer Service Award – Kent Women in Business) They discussed How working with an IFA can help improved our clients businesses. They covered: * What an IFA does * How IFA's can help your bookkeeping clients * How bookkeepers' and IFA's can work together * How bookkeepers' can find like minded IFA's to connect with For more information on our courses please visit : https://6figurebookkeeper.thinkific.com/collections Join us on Facebook in The 6 Figure Bookkeepers Club - https://www.facebook.com/groups/6figurebookkeeper​, we will be running our next Free Bootcamp 22nd March-28th March, sign up here: https://www.6figurebookkeeper.com/bootcamp Connect with Jo Wood at www.linkedin.com/in/jowood1 Connect with Zoe Whitman on Instagram _zoewhitman Or find them in Clubhouse: @jowood @zoewhitman Rebecca mentioned her Wealth Accelerator planner which is coming soon in March and will be available to purchase on Amazon. Rebecca is running a challenge in her Facebook group on 15th March, so don't miss it! Here's a link to her website: https://evolutionfinancialplanning.co.uk

In this episode i get to talk with a Special Guest Mr. Hunter Lowry. Hunter is a Financial Expert who works for a Wealth Mgmt. Company. We discuss this very volatile market and times and why if your not already investing you should be !! Hunters Podcast is “The Wealth Accelerator” Check it out and remember the Market is coming back. As you will hear here. Have a blessed day and week

I'm SO glad you on this episode even though it has the word MONEY in the title. I know finances can be a touchy subject for some people, but I really wanna make money talk NORMAL and break the stigma around it because our financial health is so so important when it comes to our quality of life, stress, and our general wellbeing. As we'll talk about today, that DOESN'T mean that you have to make a TON of money to be happy or secure, it just means that you have to know how to optimize what you DO have and really get empowered about finances. That's exactly what we're going to do today with our lovely guest, Chloe, who is a 23 year-old Millennial Money Coach. She helps millennials pay off debt, actually get ahead with their finances & save for big future investments without making huge sacrifices. After paying off over $36,000 of debt in just 18 months and seeing how it transformed her own life, Chloe found her calling and decided to show other 20-somethings how to create a life of financial freedom for themselves, too. Her mission is to make finances fun and easy for millennials, and prove that you can travel, be social,enjoy your young adulthood AND still get ahead with money. She is an expert in negotiating, gaining confidence around money, and advocates for her clients to optimize their finances instead of sacrificing the things they love. Chloe's clients are proof that you don't have to wait until you're 60 to have financial freedom, and that it's absolutely possible to enjoy life, travel & spend without stress right NOW. She also has an incredible program called the Wealth Accelerator, which is open for enrollment until the end of this week, and you can get a bonus 30-minute coaching call with Chloe by using code MARIE when you sign up! THE WEALTH ACCELERATOR: https://deeperthanmoney.mykajabi.com/the-wealth-acceleratorbonus code: MARIESHOW NOTES: http://grindandbegratefulpodcast.com/episodesFOLLOW MARIE: http://instagram.com/marieewoldFOLLOW CHLOE: http://instagram.com/deeper.than.money