Wealth Formula Podcast

I began talking about cryptocurrency on Wealth Formula Podcast in 2017. Many joined the crypto world after that and have made a significant amount of money. If you are one of those people…you're welcome! Those who stayed on the sidelines often felt, for good reason, that cryptocurrency was just a big digital fad and that it would probably die out like tulips of the past. Well, there was a deep fro...

This is a 5 minute update on Wealth Formula Banking changes that are occurring because of current tax legislation. PLEASE LISTEN NOW!

It's not easy becoming a physician. You have to be at the top of your class in college to get into medical school. Then medical school itself is a pretty big commitment. Of course, I'm one of those crazies who added 7 years of residency training to my education. But by the time you get done with all of that training, you really do get an opportunity to master a body of knowledge. And while medicin...

I am a natural entrepreneur. It's not something I tried to be. I'm just wired this way. School does not teach you to be an entrepreneur. However, there is no doubt that certain subjects parallel my thinking as an entrepreneur. It may surprise you to know that the classes I took that most resemble my way of entrepreneurial thinking, were in the area of organic chemistry. Higher level organic chemis...

At our Wealth Formula meetup in Dallas a few weeks ago my CPA, Tom Wheelwright, got up on stage and surprised me. Tom is a very smart guy. He wrote one of the books that I consider a "must read" for personal finance called Tax Free Wealth. He is the Michael Jordan of CPA's. He has several high profile clients including Robert Kiyosaki and is Robert's Rich Dad Advisor on taxes. I thought I had read...

Economics is a social science. While science is knowledge and application of existing aspects of the world and applications through physical laws, mathematics and research, social sciences deal with society and human behaviors. Certainly there is plenty of math involved in economics but the math is predictive insofar as the behavior is predicted correctly. That is not an easy task when trying to p...

"It's tough to make predictions, especially about the future." -Yogi Berra The residential real estate market is on fire. No doubt. We are seeing this across the board from single-family homes to massive apartment complexes. I'm not an expert on single-family home values. I don't understand them as they are not rooted in cap rates etc. However, I can comment on larger residential real estate. Cap...

Personal finance is personal. However, there is a type of conventional financial wisdom that leads us to believe that there is one right way of doing things. That becomes very confusing to people…especially in our alternative investment world. After all, financial advisors are the experts, right? In reality, financial advisors are usually most interested in your money going into traditional invest...

When I first read The Cash Flow Quadrant by Robert Kiyosaki (the purple pill), I was fascinated by the concept of using earned income to produce streams of passive income, that would eventually become a great river that would replace ones earned income all together. That concept is what I now call Wealth 1.0. You see, while the concept is appealing, the math is not. Let's do some simple arithmetic...

There is a saying, "People grossly over-estimate what they can accomplish in a year and grossly under-estimate what they can accomplish over five years." As I write this to you on my 48th birthday (September 8th), I look back on the last 5 years and it's hard to argue the point. Five years ago, this podcast did not exist. Today, Wealth Formula Podcast gets about 25K-30K downloads per month and we...

As a flaming entrepreneur, I had a serious problem when I was a young man: Shiny Object Syndrome. After surgical residency, I had a couple of major business successes. Having never failed in business before, I kept pushing the limits. It wasn't about the money back then. You see, natural entrepreneurs like me enjoy money—no doubt. But we use it mostly as a way to keep score. If you create a succes...

Henry Ford once said, "Whether you think you can or think you can't, you're right". The older I get, the more I am convinced that he was right! I believe that mindset is the single most important element to success in life—be it financial or otherwise. Mindset is a broad term but the way I think about it is as a thermostat for your expectations of the world. In my experience, there certainly is a...

Once you realize how much you don't know, you always feel like you're playing catch up. At least that's how I feel when it comes to personal finance. Wealthy families often implement family offices to help keep things straight. Theoretically, that's a great solution. However, from what I've seen, family office structures often leave clients with a false sense of security. No matter what your level...

Over the last three weeks, you have heard actual members of our Wealth Formula Community talk about their financial journeys. A recurrent theme through these interviews was the concept of Wealth Formula Banking. In case you didn't notice, all three of these individual investors are essentially using Wealth Formula Banking as the cornerstone of their investor strategies. You might, therefore, be wo...

In June of 2008, I had just completed my surgical residency and gotten married the day after graduation. There was already quite a bit of change in my life. On the way back from my honeymoon, I looked for something to read in at the Puerto Vallarta airport—not many choices as you can imagine. Most people heading back stateside are too hung over to read on the plane. There on the shelf, I grabbed o...

"Coming out of left field" is a slang derived from baseball which basically references something unexpected. What does that equate to in personal finance? Well, the opposite of something unexpected would be something expected or… conventional. Conventional financial wisdom includes stocks, bonds, and mutual funds as the foundation of a solid, responsible portfolio. Conventional finance has even la...

In the last few episodes of Wealth Formula Podcast, we have had some serious specialists in the area of Real Estate and Natural Resources. These shows are important because you, as an investor, need to know what's going on out there so you can make educated decisions about where to deploy your capital. Solid information from experts is important, but the actual implementation of personal finance s...

The real estate podcast ecosystem is full of contrarians. Somehow we got mixed up in a crowd full of Austrian economic dogmatics and we constantly hear that the sky is falling. They tell us that the Zombie Apocalypse is near and that you should load up on precious metals (because everyone knows zombies only accept silver coins). Usually this group is at odds with mainstream economists. They rarely...

We talk about a lot of concepts on Wealth Formula Podcast related to personal finance and sometimes it can be overwhelming: especially for the newbies in our community. So let me summarize the basics. First, make sure you are protecting your family against the economic fall out of unexpected death. Estate planning, including life insurance, is critical. I am a firm advocate of cash value life insu...

Everyone loves talking about how to make money. Those who are already making money love talking about how they can pay less taxes. But you know what almost no one likes to talk about?...what happens to that amassed fortune when you die. Of course, there are some like me who are ultra paranoid about controlling their legacy. The moment my first daughter was born, I made sure that I bought as much t...

In recent years, I have made some pretty darn good bets that have made me a lot of money. Now I know you are thinking that I am referring to my investments. And you are correct. But I am not referring to financial investments. The investments that have made me the most money over the past few years are investments into relationships. One superpower that I have been blessed with is the ability to r...

I remember when I got out of surgical training and started my new life as an adult (at 33 years old), I was terrified by anything related to audits or legal issues. Any time I got a letter from the IRS about anything, I broke out into cold sweats. Every time I got a letter from an attorney I would do the same—-even though most of those letters were actually advertisements. Now, 47 years old and ow...

One of the secrets to my own success as an investor has been to involve myself into a variety of tribes. What I mean by that is that I am around other intelligent, successful people who have a wealth of experience collectively as investors. For me, that has resulted in introductions to people with whom I have partnered over the years and who have made me money. It is important not to underestimate...

The US tax code is thousands of pages long. What could it possibly have to say for that many pages? Well, as it turns out, only a very small fraction of the pages are devoted to how much you are taxed. The majority of the tax code provides for ways you can potentially pay less tax. You see, the tax code is nothing more than a series of incentives. It is intended to direct your behavior and your in...

Lots more questions to answer on this week's "Ask Buck"! This episode includes questions on life settlements, Wealth Formula Banking, passive income, asset protection, and more. Listen HERE!