Wealth Formula by Buck Joffrey

There is a major distinction between economists and investors. While most economists classify themselves with schools of thought such as Keynesian or Austrian, successful investors cannot afford to do so. I just spent a significant amount of time reviewing the work of Saifedean Ammous, the author of The Bitcoin Standard which has really become the bible for serious bitcoiners of the world. Ammous is an academic, trained at Columbia. I highly recommend you read his work. He’s very smart and when you listen to him, he just makes sense. The primary theme in his work is that Keynesian Economics is pretty much responsible for all evils of the world. I’m only slightly exaggerating. Ammous would say that pretty much every war since World War 1 could be blamed on Keynesian Economics. Without getting into too much detail, Keynesian economics refers to the idea that demand drives supply and the key to a healthy economy is to spend or invest more than you save. Keynesian economics is the reason governments borrow money and spend it. One of our biggest problems today is inflation which is, to some degree, required in the Keynesian system. Ultimately what leads to Ammous to consider a bitcoin standard the best economic system is that bitcoin is deflationary allowing people to actually store value over time in a meaningful way and it is out of the control of a central authority—ie a government with a gun to your head. Very interesting stuff. But how do we use this information practically? Hardcore bitcoiners will tell you to put all your money into bitcoin—get it out of fiat.  If things work out the way Ammous and the rest of the hardline bitcoiners believe, that would be a very good move. But how do we know it’s going to happen. Just because something makes sense doesn’t mean it will ever be reality. The reality now is that governments rely on the Keynysian system. Therefore, it’s not going anywhere anytime soon. And while bitcoiners often prophesize of some macroeconomic apocalyptic event leading to the bitcoin standard, I personally, would not count on it. Don’t get me wrong. I do see bitcoin as a major player in the world economy in the coming years. It will take some time but I do believe it will be digital gold. Even over the next five years, I believe bitcoin will be worth $250K and that will just be the beginning. So…yes. I am stacking bitcoin. But I’m still 85 percent real estate because that’s what I KNOW will be successful over time. You and I are investors. We may have our own belief systems and wish things were a certain way. But the playing field and the rules are written by governments, not ideological economists. So we have to navigate the personal finance world on what is, not what should be. What we do know right now is that inflation is real and we need to figure out how to make our investments exceed inflation.  The money supply has grown an average of 14% every year for at least 60 years now. That’s why inflation is inevitable.  The best thing that investors can do is to invest in inflation-hedged assets like real estate. Although inflation does not directly include asset prices in its calculation, there is no doubt that owning assets is the way to keep up with it. What else can you do? As real estate investors, we work with a lot of debt. Inflation erodes debt and punishes savers. As long as we are prudent with our debt, the math is clear. Debtors are rewarded in inflationary environments—keep your leverage intact and let that debt erode as the governments print money. Finally, we need to figure out how to maximize our profits. If inflation is running at 7% per year you need to make more than that just to keep up. And remember, this is after taxes. That brings me to tax mitigation. One of the most powerful tools to maximize your investment dollar is tax-efficient investing. That’s why tax mitigation is such a major theme of Wealth Formula. To maximize your profits you either make more money or pay less of it in taxes. Legally paying less taxes is easier and much quicker than making more money in most cases. From personal experience I can tell you that the investment of time and money into adequate tax planning is one of the most profitable decisions you can make. What I have learned and implemented from my guest on this week’s Wealth Formula Podcast, Tom Wheelwright, is pure gold. Make sure to tune into this week’s show and catch up with Tom. I guarantee you will learn something and that the return on investment will be infinite! Tom Wheelwright, CPA is the visionary and best selling author behind multiple companies that specialize in wealth and tax strategy. Tom is also a leading expert and published author on partnerships and corporation tax strategies, a well-known platform speaker and a wealth education innovator. Tom is a regular commentator in the field of taxes and contributes regularly in major professional journals and online resources. Tom’s work has been featured in hundreds of media, including Forbes, The Huffington Post, Accounting Today, CFO Magazine, ABC News Radio and AZTV Morning News, along with writing columns for Entrepreneur Magazine and Inman News. Snippets: An update on what we need to know about the tax world right now. How does the government play the tax game? How can you buy a Ferrari with government money? Tom’s new book The Win-Win Wealth Strategy

Big changes in the world seem to sneak up on you. One day you reflect on the way things used to be and wonder how the heck we got here. Anyone who has kids knows what I mean. My 13-year-old daughter is tall and beautiful and writes songs. I can remember the day she was born. How did that happen? I see her every day but I don’t see the changes happening in real-time. Technology does this kind of thing to us as well. I remember a time when there were no cell phones. But in a blink of an eye, traditional landlines became extinct. Have you seen a phone booth lately? Speaking of phones, I remember receiving my first text message during surgical residency and having no clue what was going on. Now I text more than I talk to people on the phone. Ok…you get the idea. Now what if you actually noticed these happening under your own nose in real-time. On the tech side, that would probably make you a wealthy investor. If you recognized the Amazon phenomenon 15 years ago while it was developing, you would have made a ton of money. If you missed it, welcome to the club. I, for one, wasn’t paying much attention. And to be perfectly honest, I didn’t have much money to invest back then anyway. So what are the things that are going to become part of the fabric of our society in the next 15- 20 years? I can think of a few things but nothing so obvious and specific as the growth of bitcoin and its ecosystem.  Right now we are seeing countries adopt it as legal tender. How crazy is that? I suspect that’s just the tip of the iceberg. Samson Mow is one of those guys who saw bitcoin for what it is years before most. He is a true visionary in the bitcoin arena and he’s also a visionary in the gaming industry.  In this episode of Wealth Formula Podcast, Samson and his COO at Pixelmatic, Chris Wood, discuss what’s going on with bitcoin today and the latest on their latest gaming venture—Infinite Fleet. You might even want to get involved yourself! Make sure to tune in! Samson Mow is currently the CEO of Pixelmatic, the development studio behind Infinite Fleet, as well as the CEO of JAN3, a new Bitcoin technology company with a mission to accelerate hyperbitcoinization. Samson is known for his work on El Salvador’s Bitcoin strategy, and nation-state Bitcoin adoption in general. Samson was previously the CSO at Blockstream, a leading provider of Bitcoin infrastructure. Before joining Blockstream, Samson was the COO of BTCC, one of the largest bitcoin exchanges and mining pools in the world. At BTCC, Samson oversaw the day-to-day operations of the company and directly managed the exchange and mining pool business units. Chris is originally from Blackpool, U.K. and has been living and working in Shanghai, and Jiangsu since 2011. Chris is a passionate gamer, storyteller, and energetic operations professional with a decade of leadership and management experience in the video game and education industries. He joined Pixelmatic in 2016 as a project manager to lead the production of Infinite Fleet. Chris has worked in various roles, including sales, marketing, business administration, franchise management, project management, and more. Shownotes: Are the countries that are interested in Bitcoin right now primarily those that have some issues of instability with their own currency? What is Infinite Fleet? How do investors make money on Infinite Fleet? The team behind Infinite Fleet.

What makes a great investor? Genetics? Personality type? Luck? Probably all of the above. But one thing I’ve noticed is that all the best investors in the world are very curious people and they tend to read a lot. Apparently Warren Buffett was reading between 800 and 1000 pages per day in the early days of Berkshire Hathaway. He probably learned a thing or two along the way. Even now, approaching his ninth decade, 80% of his day is reportedly spent reading. Bill Gates apparently clocks in at about a book per week as well. So maybe there is something to this reading thing? Neither one of these guys focuses just on personal finance either. They are learning all sorts of things about the world and about ideas. On a much smaller level, I believe that my broad background as a student of history, a medical doctor, and a macroeconomic theory enthusiast, have all played a role in my ability to think about things from a larger perspective than most. Just take for example the current inflationary environment. Most of us are probably not old enough to necessarily have experienced what it was like in the early 1980s. But understanding the similarities and differences between what happened then and what is happening now certainly provides perspective in an otherwise unpredictable world. History may not repeat itself, but it certainly rhymes. Furthermore, history is not the only thing that can teach you about the world. I take lessons from my days as a surgeon and understanding and processing the world on a day-to-day basis. The more you learn about STUFF, the larger arsenal you will have to confront the problems and challenges of life both professionally and personally. I truly believe that. My guest on this week’s Wealth Formula Podcast believes it too. Aside from being a recognized value investor, he is a true man of letters. Vitaliy Katsenelson is a great example of a great thinker and how a great thinker can often translate to a great investor. Make sure to tune into the show! Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007, and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book, and first non-investing book. Shownotes: What exactly is Stoicism? Stoicism reduces the volatility of the negative emotions The ongoing conflict between Russia and Ukraine. Soul in the Game: The Art of a Meaningful Life Hardcover https://contrarianedge.com/ https://soulinthegame.net/ https://investor.fm/

Should you be investing in real estate now? After all, we have double digit inflation and rising interest rates. Well, let’s start with an even more basic question. Should you be investing in anything right now? What is the alternative? The alternative is to sit on cash while inflation erodes the value of your money by double digits. Would you invest in something today that would guarantee you a loss of 8-12 percent of your money year over year? I’m guessing the answer is no. But that is exactly what you are doing if you are sitting on cash. Inflation punishes people who do not invest their money. So…I would argue that the answer to whether or not you should invest is YES. But what about real estate? I keep hearing people concerned about rising interest rates. But here is where a little bit of macroeconomic perspective is useful. Interest rates are going up in order to curtail inflation. Right now, inflation is far outpacing the rise of interest rates which are actually below 2018 levels. For real estate investors, that’s very good news. Why? What is inflation? It’s rising prices right? Guess what? Rents are part of that equation. In other words, rates will go up only as long as rents continue to go up as well. That is why real estate is considered a hedge against inflation. As you know, our investor club focuses on multifamily real estate. I would argue that in times of higher inflation, we are in exactly the right place to deploy capital. First of all, we are in the right geographic places in terms of where we invest. We are in high population growth markets. People have to live somewhere and construction is lagging way behind for a variety of reasons including supply chain disruption. We are also in the most desirable real estate class in terms of positioning for inflation. Our leases only last a year. Imagine owning commercial properties with 10 year leases escalating at 2-3 percent per year while inflation rages at 11 percent! In our portfolio, we have routinely raised rents greater than 20-30 percent per year because of not only inflation but because of value add programs. Right now, lending issues have slowed transactions of large multifamily assets, but the reality on the ground is that there is more demand than ever for housing and we are raising rents year over year way above inflation numbers. And remember, we have debt on every one of these properties. What does that mean? Think about it. Inflation erodes debt as well. There may not be as many opportunities to buy this year because sellers who don’t need to sell may not do so. However, The opportunities that will come up have the potential to be very opportunistic and profitable. Times like these are when people make the most money. No one knows this market better than Western Wealth Capital CEO Janet LePage. Do yourself a favor. Avoid the swirl and start thinking about the fundamentals. In this week’s Wealth Formula Podcast, Janet will help you do exactly that. Janet LePage is the Co-Founder & CEO of Western Wealth Capital. For the past decade, Janet has been focused on creating wealth through well-selected real estate.  She has grown her precise business strategy from more than 50 residential transactions in Arizona to the purchase of 110+ multifamily buildings comprised of over 27,000 rental units. Under Janet’s leadership, Western Wealth Capital has grown to over 400 employees and successfully completed over $4.6 billion in real estate transactions. In 2019, Janet was recognized in Canada’s Top 40 Under 40 for Business and 2019 RBC Canadian Female Entrepreneur of the Year. Janet was also a bronze winner of the International Stevie Awards for Women in Business and awarded the REIN’s Multifamily Investor of the Year. In 2017, Janet was named Entrepreneur of the Year (Real Estate/Construction/Pacific region) by Ernst & Young. In 2016, Janet was named one of Business in Vancouver’s Forty Under 40 and was awarded the Veuve Clicquot Canadian New Generation Award which recognizes young female entrepreneurs. Janet holds a Bachelor of Applied Science in Computer Science and Business Administration (Simon Fraser University) and a Project Management Professional designation. Janet is co-author of ‘Real Estate Action 2.0’, released in 2016 by Jurock Publishing Ltd. Shownotes: What’s different about Western Wealth Capital? What’s going on with the markets right now and how does Western Wealth Capital plan to navigate it? The real estate inventory shortage What’s next for Western Wealth Capital?

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 golden age for physician reimbursement was in the 1980s and 1990s. These were the days where it might have been “worth it“ to sacrifice the best decades of your life to medical school and residency—particularly for surgeons. Not anymore. Physician reimbursement on many major surgical procedures has decreased as much as 90 percent over the last two decades while liability and patient expectations are up. Now, I do understand that many of my surgical friends love what they do and never get burnt out like I did. They continue to practice and some even manage to do better than average through ancillary income. But the concept of the rich surgeon is now largely a myth. I have had innumerable conversations with physicians and surgeons alike that are worried about retirement. How can a person making 300-500k per year worry about retirement? Well, remember that most surgeons do not finish residency training until their early 30s.  Residency income is on par with minimum wage when hours are taken into account. So, as a surgeon, you finish training often with hundreds of thousands of dollars of debt and with 20-25 years of career left in you. You have to make up for lost time. I use the example of surgeons because I am one but the story I’m telling relates to anyone who has spent a significant portion of their life “getting there” and who realizes that the amount of time to reap rewards of those educational investments is limited. I do think that it is possible to get on track and feel comfortable about retirement but it’s not through the traditional investing paradigm. It’s through the Wealth Formula. As we have shown through investor club for years now, extraordinary returns in short periods utilizing rapid redeployment and leverage is possible. And I still deploy 85-90 percent of my own investable capital per year in real estate. However, I recently discovered a newly designed insurance product that I am eager to share with you. As you know, despite misinformation from less sophisticated sources, the wealthiest people in the world continue to utilize life insurance retirement plans (LIRPs). I do as well. We have previously shown the benefits of Wealth Formula Banking and Velocity Plus. On this week’s Wealth Formula Podcast we will discuss the most powerful LIRP I have ever seen. If you’re 42 years old, an investment of $100k per year for the next 10 years could result in almost $44 million dollars of income until the age of 90 if you retire at 52 AND allow you to leave an additional $31 million in death benefit. This is totally real and something you should know about. And to be honest, the example I gave here is the least exciting example for me personally. The ability to create tremendous amounts of income and/or legacy with relatively modest investments now is something I have never seen with something this “safe” Please make sure to tune in to this week’s Wealth Formula Podcast. This might be something that you might want to consider. Christian joined the financial services industry in 2004. Over the course of his career to date, he has developed a broad-based knowledge and experience set. He began as a traditional advisor, working with local clients in his home state. In that context, he began a movement of successfully partnering with other professionals, including accountants and attorneys, to assist clients in implementing sound financial strategies. He spent more than five years in management with 2 regional planning firms, during which time he assisted new and seasoned professionals in creating efficient systems and methods to build meaningful practices. Over the last several years, he has expanded to working across the country, teaching financial principles, and working with clients across a broad spectrum, including wealth accumulation, retirement distribution planning, as well as innovative, advanced planning strategies for both high-income and high-net-worth individuals and businesses. He’s a member of AALU, and holds the designations of Accredited Asset Management SpecialistSM and Accredited Wealth Management AdvisorSM Christian is married and has two children, and is an avid sports fan. Rod has been in financial services since 2009. Prior to going into business for himself, he worked in marketing and finance with several small businesses. He had the opportunity to purchase an existing furniture business in 2007, just prior to the Great Recession. The experience of struggling to stay afloat amid difficult economic conditions inspires Rod every day in his efforts to educate and assist his clients in implementing sound financial strategies. He strongly advocates for establishing a firm foundation, utilizing proven strategies and financial tools to create a strong base upon which we can each build our financial house. In addition to focusing on Wealth Formula Banking and Velocity Plus, he has expertise in retirement income planning. Rod has a bachelor’s degree in Marketing Communications, and an MBA with an emphasis in Entrepreneurship. He and his wife Jodi are the proud parents of 7 wonderful children. As a family they thrive on spending time exploring nature, playing games and doing projects together. He enjoys sports, music and reading. Snippets: Key benefits of The Wealth Accelerator Premium Finance What is Arbitrage? Why get The Wealth Accelerator?

No matter how open-minded you think you are, you are always going to approach things with a certain bias. And it only takes being completely wrong about something that you would have bet your life on to realize that. My perspective on Covid-19 in the early days is a good example. Now I know there seem to be some who still don’t think it was a big deal. However, at least old guard Covid and Delta were pretty dangerous and a lot of people died. Others, like me, got very sick and took a long time to fully recover. Early on, when reports started coming out of China, the data didn’t impress me. In hindsight, the data wasn’t accurate. However, the more powerful force in my mind negating the seriousness of Covid was my bias that something like that could not happen in our country. I certainly was aware of SARS and Ebola outbreaks overseas but my mind could not process a pandemic in the United States. I was wrong. And when you are wrong on such a serious thing it makes you realize your own biases and perspective very well. As an investor, this concept of trying to recognize your Blindspots is extraordinarily important. For example, remember that most digital assets i.e. cryptocurrency investments are still highly speculative and involve asymmetric risk. Aside from perhaps bitcoin, the risk profile for cryptocurrency is extremely high even if you believe in the individual projects and the team involved. Sometimes, if people around you are echoing the same positive sentiments, it can sometimes artificially blind us to the actual risk involved. A great example of that recently involves the cryptocurrency, Luna. It seemed like a great project with considerable upside but still had an asymmetric risk profile. And, as these kinds of investments can lead to tremendous upside, they can often go to zero which is exactly what happened to Luna. Biases based on perspective are around us everywhere. The reason I mention them now is because of my conversation with this week’s guest on Wealth Formula Podcast, James Fok. James is an expert on China and its relations with the United States and the financial markets. His view on China’s motives whether it comes to digital currency or the war in Ukraine are quite different from what I had expected. Reflecting on this interview, I realized it was just another example of how perspective can really influence the way you view the world. James is an English intellectual who lives in Hong Kong. I am an American who sees China as an adversary akin to the former Soviet Union. Tune in to this conversation. You’ll see what I mean. James Fok is a veteran financial and strategic advisor to corporations and governments. He served as a senior executive at Hong Kong Exchanges and Clearing (HKEX) from 2012 until 2021, during a period of rapid internationalisation in China’s capital markets. While there, he played a major role in a number of landmark financial markets initiatives, including the launch of the Shanghai-Hong Kong Stock Connect programme (2014), Bond Connect (2017) and the Hong Kong market’s Listing Reforms (2018). Prior to HKEX, Fok worked as an investment banker in both Europe and Asia, specialising in the financial services sector. Fok has written and spoken extensively about market structure issues and the intersection between geopolitics and international finance. He serves or has served on a number of financial industry bodies, including Ireland for Finance’s Industry Advisory Committee (2021-), the Executive Board of the International Securities Services Association (2018-21), and the Financial Services Advisory Committee of the Hong Kong Trade and Development Council (2014-21). He is also a member of the Advisory Board of Hex Trust (2021-). Fok holds a BA (Hons) from the School of Oriental and African Studies of the University of London. He lives in Hong Kong with his wife and two sons. Shownotes: “Financial Cold War” How is the dollar at the centerpiece of this financial cold war between China and the US? How will technology influence the balance of power in the future? China’s perspective on digital currencies

When times get tough, it is always easier to have a scapegoat. After all, it is easier to blame an enemy than an unfortunate circumstance. The enemy can be punished and held responsible. Circumstances cannot. The most extreme example of this in modern history is the vilification of Jews during World War 2. Reparations for World War 1 left Germany in a world of economic hurt. Hitler demonized Jews as the root of the problem as many of them were successful professionals and business people.  As wealth disparities continue throughout developed nations, we are seeing a more subtle version of demagoguery playing out in real time in the form of nationalism. Again, it is easier to blame someone or a group of people for problems than it is to accept a circumstance that cannot be punished. This blame game is human nature. It’s a common theme throughout history and in everyday life. It allows us to feel in control when we are often not. Is that what’s behind all of the socialist rhetoric out there these days? As a child in the 1980s during the Reagan era it seemed like the wealthy were aspirational figures. Socialist voices blaming the rich for all that is wrong with the world were in the minority. Now, you can’t turn on the television without hearing about how horrible and greedy the rich are and how they don’t pay their fair share of taxes.  Although few politicians and public figures would come to the rescue of millionaires and billionaires in a moral argument, the truth does matter. My guest on Wealth Formula Podcast this week has done a deep dive on the subject of whether or not the rich are an asset or a liability to society. Tune in and find out what he discovered! Derek Bullen is Founder and CEO of S.i. Systems, one of the largest professional services companies in Canada, with thousands of information technology consultants working on projects for blue-chip corporations and government agencies across Canada. His new book is In Defence of Wealth: A Modest Rebuttal to the Charge the Rich Are Bad for Society (Barlow Books, 2022). Shownotes: Why is nobody interested in moderate TV? Do wealthy people have a responsibility to address the wealth disparity? People often say they want the rich to pay their fair share. But what is fair? In Defence of Wealth: A Modest Rebuttal to the Charge the Rich Are Bad for Society

I don’t know about you but sometimes I have so many different things cycling through my brain at the same time but it’s hard to keep track of any one of them. I’m not talking about just work or personal finance related issues. I’m also talking about trying to keep my kids’ schedules straight. I’ve got three young daughters with a lot of friends who have birthdays seemingly every weekend. Then there are school events and conferences, pick up and drop off and after school sports! Thank God only one of them is particularly athletic! Throw in a dental appointment and a haircut, and maybe a work event, and now you’ve got a real monkey mind on your hands. I say this…but I also know that, compared to a lot of people, I’ve got it pretty darn good. I make plenty of money and can hire plenty of help and my kids are really well behaved. The issues that I am talking about aren’t new to society. They are simply a product of being an adult and having responsibilities. That said, it’s not a bad idea once in a while to take a step back and focus on our own mental health. So in this week’s Wealth Formula podcast, that’s exactly what we will do. We will talk about the monkey mind and what you might be able to do if you suffer from it. Listen HERE! Jean-Francois (J.F.) Benoist has been counseling people struggling with addiction, mental health, and relationship issues for over twenty years. He co-founded The Exclusive Addiction Treatment Center, a non-12-step residential addiction treatment center, with his wife, Joyce, in 2011. He is the creator of the therapeutic methodology Experiential Engagement Therapy (EET), which focuses on addressing a person’s underlying core beliefs. He is well-known for his authentic, experiential techniques, which maximize long-term change. Benoist is a Certified Substance Abuse Counselor (CSAC) and Certified Option Process Mentor/Counselor. He is an internationally certified leader in The Mankind Project, a nonprofit organization dedicated to promoting men’s personal growth. He began his studies in human development and empowerment with Robert Hargrove and Relationships Inc. in 1980 and has been deeply involved in facilitating change in others ever since. Shownotes: The fear of financial success How does one overcome the fear of success? How does one maintain a healthy mindset? Addicted to the Monkey Mind: Change the Programming That Sabotages Your Life

The hardest part about understanding economics is terminology. In reality, economics really just comes down to understanding human behavior based on incentives. Let’s take for example the Cobra Effect. This is a term coined by economist Horst Siebert to describe a time in India under British rule when the local governor was trying to figure out how to deal with an apparent uptick of venomous snakes in Delhi. The governor decided to implement a bounty system. People were paid handsomely for each and every cobra head that they could produce. The solution worked very well at the beginning and there was a significant drop in the number of snakes in the area. However, over time the problem returned with a vengeance. Even though significant dead snakes were being produced and awarded with cash, the problem did not go away and even seemed worse.  What do you think happened? Well, what if you were a poor Indian person in Delhi who started making good money killing snakes and then realized that there were less and less of them around to cash in on? What would you do? Well, you’d figure out a way to find more snakes. And, the easiest way to do that would be to simply to start a snake farm yourself. That’s what happened and that is what is referred to as the Cobra Effect. This is a classic example of thinking through the incentives that drive people to come up with some possible outcomes resulting from various situations and policies. That is essentially what economics is. However, like many fields, economics is hindered by a lot of technical Jargon. It’s what makes academics feel smart and what helps members of the Federal Reserve keep you out of the loop of what’s really going on in the world. What do you think their incentive for confusing you might be? There is another economics question for you! My guest on Wealth Formula Podcast this week is a journalist at a prestigious newspaper that believes that financial economics is just a matter of common sense. He didn’t always think this. A journalist by trade, he felt completely overwhelmed by financial discussions until the age of 30. Then he took matters into his own hands and decided to take some time and learn the things that he thought were so confusing. To his surprise, they weren’t confusing at all. They were common sense concepts that could be learned by anyone. In fact, he even wrote a book to help others understand the basics of macroeconomics from the perspective of a non-economist. His story is fascinating and inspiring. Make sure to listen in on our conversation on this week’s Wealth Formula podcast. You might even want to grab a copy of his book. Matthew Hennessey is the Wall Street Journal’s deputy op-ed editor. He is the author of “Visible Hand” (2022) and “Zero Hour for Gen X” (2018). He lives in the New York City area. Shownotes: Why would it help Americans to embrace the economic reality that you can’t have everything you want? Greed vs. ambition Can we fix income inequality? Visible Hand: A Wealth of Notions on the Miracle of the Market