534: The Economics of Professional Sports
Wealth Formula Podcast
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...
info_outline
533: What’s Really Going On in Real Estate Right Now with Prof Norm Miller
Wealth Formula Podcast
When you invest in real estate, you’re not buying what it is today—you’re buying what it will become a few years from now. That’s especially true in multifamily, which, despite all the noise, remains one of the most compelling long-term plays out there. Unlike stocks, you don’t get a live ticker reminding you every five seconds what your property is “worth.” And that’s a good thing. Real estate moves slowly, and that patience rewards people who can see the story before it unfolds. The national headlines are confusing right now—depending on who you read,...
info_outline
532: Pejman Ghadimi - A New Paradigm for Buying Nice Stuff
Wealth Formula Podcast
A few years back, I bought some very expensive sports coats. I wore them at first and enjoyed them. But over time, they kind of lost their luster. As I have found often to be the case in my life, I don’t tend to care that much about fancy stuff—fancy jackets, fancy shoes. My true self regresses to a fairly simple jeans and flannel circa 1992 style—not expensive. Realizing that these fancy clothes were just rotting in my closet, I recently sold them on a well-known second-hand site with only designer stuff. And I was shocked when I realized I was only getting 10 cents on the...
info_outline
531: How to Identify a Good Real Estate Deal
Wealth Formula Podcast
I grew up with a very different perspective on personal finance and investing than most. My parents were immigrants, and when they arrived in this country, they didn’t come with any preconceived notions of conventional financial wisdom. My father grew up dirt poor in India—that’s really poor and he had never even heard of investing as a kid. But he was blessed with a tremendous intellect and used it to rise from nothing to truly live the American dream. He came to the U.S. in the 1960s on an engineering scholarship and started working as a bridge engineer in Minnesota. When he finally...
info_outline
530: A Tax Attorney Talks Tax Mitigation with Buck
Wealth Formula Podcast
This week’s Wealth Formula Podcast features an interview with a tax attorney. While I’m not a tax professional myself, I want to drill down on something we touched on briefly that is incredibly relevant to many of you: the so-called short-term rental loophole. If I were a high-earning W-2 wage earner, this would be at the top of my list to implement—and I know many of you are already doing it. The short-term rental loophole is one of those quirks in the tax code that most people don’t even know exists, but once you do, it can be a total game-changer. Here’s why. Normally, when you...
info_outline
529: How to Get Yield from Bitcoin Safely
Wealth Formula Podcast
Bitcoin is definitely volatile. If you told me it was going to go down by 50 percent next year, I would hesitantly believe you. However, there is no way you can convince me that Bitcoin will not hit $500,000 at some point within the next five years. Think about what’s happening: ETFs are everywhere, treasury companies are holding Bitcoin, there are rumors of central banks buying it, and even an American Bitcoin reserve. It is an asset that will go up. But it may go down before that, and that is unnerving. You should not put money into Bitcoin unless you commit to not touching it for 5–10...
info_outline
No-Brainer Strategy to Start TODAY: Why Wealth Formula Banking Makes All the Sense in the World
Wealth Formula Podcast
It’s been a while since I’ve talked about Wealth Formula Banking in detail, and I know we have a lot of new listeners who may not have heard about it yet. So today, I want to share a webinar that explains why I think this strategy is such a no-brainer. First off—what is ? You may have heard of something called “infinite banking.” It’s a similar concept, but instead of focusing on paying your bills, Wealth Formula Banking is specifically designed to amplify your investments. My introduction to this idea came the same way you’re hearing it now—through a podcast. I kept hearing...
info_outline
528: Investing Is More Like Poker Than Chess
Wealth Formula Podcast
Most people picture investing as a game of chess. Everything is visible on the board, the rules are clear, and if you’re sharp enough, you can see ten moves ahead. But markets don’t work like that. They shift in real time—rates change, policies flip, black swan events crash the party. That’s why I think investing looks a lot more like poker. In poker, you never know all the cards. You play with incomplete information, and even the best players lose hands. What separates them isn’t luck—it’s process. Over time, making slightly better decisions than everyone else compounds into big...
info_outline
527: Is Franchising Right for You?
Wealth Formula Podcast
If you look at the wealthiest people in the world, they almost always get there through business ownership or real estate. The only real exceptions are athletes and entertainers—and let’s be honest, that’s not a realistic path for most of us. We talk about real estate a lot here and through deal flow in our . But today I want to focus more on business ownership. One way in is to start a business from scratch. I’ve done that a few times—sometimes it worked out really well, other times it was a total disaster. That’s the reality of startups. They require a certain wiring, an appetite...
info_outline
526: The Wealth Ladder
Wealth Formula Podcast
If there’s one thing that separates the truly wealthy from everyone else, it’s their relationship with risk. Not blind risk. I’m talking about conviction — the ability to see an opportunity before everyone else does, to lean into it while others are frozen, and to hold through the storm until the payoff is undeniable. The extreme example is Bitcoin. In 2012, when it was trading for less than the price of a cup of coffee, most people laughed it off as internet monopoly money. But a handful of people had conviction. They understood the asymmetric nature of the bet — the downside...
info_outlineWhen we think about investing, our minds usually go straight to stocks, bonds, and real estate. But some of the best opportunities come when you stop thinking of investing as something separate from your everyday life.
What do I mean by this? A lot of the things we buy are treated as expenses when they could be investments. You might wear a watch or jewelry simply because you like them, but you avoid spending too much because it feels frivolous.
Yet what’s better—paying $250 for a decent watch that will be worthless in 10 years, or $5,000 for a Rolex that could be worth twice as much over the same period?
The same idea applies to cars and even furniture. I have a good friend who lives by this philosophy. For decades, he’s chosen to invest in the finer things rather than the ordinary, and it has become a cornerstone of his personal investment strategy.
It’s about thinking differently—turning what most people see as expenses into assets.
Art falls into that same category. I’m not a huge art guy myself. Sometimes I’ll buy a piece off the street because I’ve never thought of art as an investment. Yet for centuries, people have purchased art for its beauty, cultural value, and emotional impact—and often made a financial killing in the process.
Today, art is recognized as a legitimate asset class—something that not only enriches your life on the wall but also diversifies and strengthens your portfolio.
This week on Wealth Formula Podcast, we’re going to explore how fine art has evolved into an investment category in its own right, and how you might think about incorporating it into your wealth strategy.
Learn more about Philip Hoffman and The Fine Art Group:
https://www.fineartgroup.com/