Wealth Formula by Buck Joffrey

Gary Ingalls, an entrepreneur and CEO of MyGig with over 20 years in sales and affiliate marketing, shares his inspiring transformation from surgeon to entrepreneur. He discusses the life-changing impact of Robert Kiyosaki’s 'Cashflow Quadrant.' Ingalls highlights the potential of side hustles, particularly affiliate marketing, as accessible avenues for generating income. He dives into the gig economy's challenges and opportunities, advocating for connections that can lead to lucrative partnerships and ethical income generation through strategic networks.

Lawrence Leppard, founder of Equity Management Associates and author of The Big Print blog, dives into why the wealthy avoid cash hoarding. He argues that inflation erodes cash value, making it crucial to invest in hard assets like real estate and gold. Leppard presents Bitcoin as a viable alternative currency for modern times, particularly appealing to younger generations. He highlights the risks of national debt and critiques the Federal Reserve's impact, urging a proactive approach towards wealth management instead of doomsday prepping.

Brandon Preece, a wealth strategy expert and insurance partner at HTK, shares key insights on protecting your family's future through life insurance. He recounts his own financial awakening during the 2008 recession, revealing the dichotomy between traditional advice and the stability offered by permanent life insurance. The discussion delves into innovative insurance products that provide both wealth accumulation and tax advantages. Preece emphasizes flexibility in retirement planning, particularly for white-collar professionals, highlighting the power of Indexed Universal Life insurance.

I know some of you are tired of hearing about Bitcoin and digital currencies. That’s not what this week’s show is about. This week’s podcast conversation is broader—it touches the entire global economy. But…you just can’t talk about macroeconomic trends anymore without talking about digital dollars and Bitcoin. Leaving them out today would be like ignoring gold when discussing commodities. There’s a section this week in my interview with Ian Reynolds that dives deep into the bond market and the growing influence of stablecoins. And I realized—it might be helpful to give you a bit of context up front. If you’re already familiar, consider this a refresher. If not, this will make the second half of our conversation a lot more useful. Let’s start with the 10-year U.S. Treasury—arguably the most important interest rate in the world. This one number influences everything from mortgage rates to stock valuations to how much it costs the government to borrow money. Historically, when inflation drops, yields on the 10-year tend to fall as well. That’s the standard relationship: lower inflation usually leads to lower yields. But that’s not what’s happening right now. Despite a year of cooling inflation, the 10-year Treasury yield has stayed surprisingly high. Why? The answer boils down to supply and demand. On the supply side, the U.S. government is flooding the market with Treasuries—over a trillion dollars’ worth every quarter—to finance its growing deficits. That’s a lot of new bonds entering the market. At the same time, demand isn’t keeping up. Foreign central banks like China and Japan, which used to be some of the biggest buyers of our debt, are pulling back. Some are dealing with their own domestic issues. Others are deliberately reducing their exposure to the dollar as a reaction to U.S. foreign policy over the past year. So: more supply, less demand—what happens? Bond prices go down, resulting in higher yields for bond investors. That, in turn, means higher borrowing costs for everyone—including the U.S. government, businesses, and consumers. That’s why, even with inflation falling, the 10-year hasn’t followed the script. But here’s where things get interesting. A new kind of buyer has started stepping in: stablecoin issuers. Stablecoins—like USDC and Tether—are digital tokens pegged to the U.S. dollar. They’ve become essential plumbing for the crypto economy, but their growth is increasingly relevant to the broader financial system. Why? Because in order to maintain their dollar peg, these companies need to back their coins with something stable—and that “something” is often short-term U.S. Treasuries. It turns out, that’s a great business to be in. These stablecoin issuers collect real dollars, turn around, and invest them in T-bills yielding 5% or more. That spread—between what they earn and what they pay out—is pure profit. It’s essentially a 21st-century version of a money market fund, just running on blockchain. And it’s growing fast. Tether now holds more Treasuries than countries like Australia or Mexico. BlackRock has launched a tokenized Treasury fund that already has nearly $3 billion under management. And just this week, Mastercard announced that it’s integrating USDC and other stablecoins for cross-border settlement. In other words, this isn’t fringe anymore. It’s moved into the mainstream, and it’s growing quickly. Even lawmakers are catching up. Just this month, the U.S. Senate passed the GENIUS Act, a bipartisan bill that sets clear regulatory guidelines for stablecoins. It requires full backing by liquid assets—like Treasuries—and regular public disclosures. It’s now headed to the House, and while not law yet, the momentum is clearly there. The takeaway? Regulatory clarity is coming, and that opens the door for large institutions, payment processors, and even governments to scale up stablecoin usage with confidence. So why does this matter for bond yields? Because if this growth continues—and all signs suggest it will—stablecoin issuers could become a major new class of permanent Treasury buyers. That consistent demand could help reduce or at least stabilize borrowing costs for the U.S. government over time, especially at the short end of the yield curve. It’s not a magic fix, but it’s one of the few credible tailwinds for demand in an otherwise stretched bond market. And it’s coming from a place most economists didn’t expect: crypto. So with that context, let’s jump into the conversation with Ian Reynolds. On this week’s episode of Wealth Formula Podcast, we talk about macro trends, currencies, Bitcoin, and yes—the bond market. But now you’ll see how it all fits together.

Matt Middendorp, Director of ESOP Consulting at VisionPoint Capital, dives into the intriguing world of Employee Stock Ownership Plans (ESOPs). He explains how ESOPs can help business owners sell their companies while maintaining control and enjoying significant tax benefits. Listeners learn about the mechanics of converting equity into liquidity and the advantages of seller financing. Middendorp also emphasizes the cultural shift needed for successful ESOPs, highlighting the importance of shared employee responsibility and financial education.

Chris Quilty, a space industry analyst and co-founder of Quilty Space, discusses the remarkable transformation of the space economy. He highlights how companies like SpaceX have significantly reduced launch costs, paving the way for a thriving commercial sector projected to exceed $1 trillion by 2040. The conversation also delves into innovative satellite technologies that enhance connectivity and real-time monitoring. Quilty emphasizes the role of AI in revolutionizing Earth observation, showcasing vast investment opportunities in the rapidly evolving space industry.

Peter Duan, a former finance professional and Bitcoin analyst known as BTC Bull Rider, delves into the recent Bitcoin surge past $100,000. He discusses the intriguing dynamics of supply and demand, highlighting how institutional investment is outpacing Bitcoin production. The conversation also explores the rise of Bitcoin treasury companies like MetaPlanet, emphasizing their role in transforming Bitcoin from a niche asset to a mainstream financial tool. Listeners gain insights into the risks and rewards of investing in this evolving landscape.

In this discussion, Anthony Pompliano, a prominent entrepreneur and Bitcoin advocate, dives into the rapid transformations set in motion by artificial intelligence. He reveals how artificial general intelligence could redefine industries overnight, creating unprecedented change. Pompliano also highlights Bitcoin's extraordinary journey from obscurity to institutional acceptance, with countries like El Salvador recognizing it as legal tender. The interplay between tariffs, economic growth, and generational wealth strategies adds layers to this captivating conversation.

When I was a young surgeon just coming out of residency and finally started making some money, I had to do something I’d never done before: find someone to do my taxes. Naturally, I asked around. I went to the older, more experienced surgeons in my group and said, “Who do you guys use?” A few names came up, but one firm kept coming up over and over. So, I figured it was probably a good idea to go with them. One of the main things people said about this firm was that they were “conservative.” At the time, that sounded like a good thing. In hindsight, it absolutely wasn’t. You see, the problem with how high-paid professionals—especially physicians—choose tax professionals is that we confuse what “conservative” means in different contexts. As a surgeon, being conservative is a virtue. You don’t operate unless you absolutely need to. You’re cautious. That kind of conservatism saves lives. But taxes? That’s a whole different game. The vast majority of the tax code isn’t about when you have to pay taxes. It’s about when you don’t have to. It’s about the legal strategies and frameworks that allow you to keep more of what you earn. It’s not black and white—it’s grey. And to navigate the grey, you need someone who understands how to interpret the code, not just read it like a rulebook. A “conservative” CPA, in that world, is someone who avoids the grey entirely. They stick to the simplest interpretations, ignore all the nuance, and frankly, don’t work that hard to save you money. And that’s not what you want in a CPA. I learned that the hard way. The first couple of years, I basically paid more than I should have because I didn’t know any better. Eventually, I figured it out. Now, to be clear—there are CPAs out there who work hard, understand the tax code deeply, and can make a huge difference in your tax liability. But chances are, you don’t know them. Because you’re asking your colleagues. Or you’re using the same firm your parents used. If that sounds like you, I’d encourage you to reconsider before you waste another year failing to optimize your taxes. One of the guys I think does get it—who really understands how to interpret tax law and save people money—is Casey Meyeres. And he’ll be my guest on this week’s Wealth Formula Podcast and we will discuss the latest tax bill put out by congressional republicans.

Taylor St. Germain, a Senior Economist at ITR Economics, shares insights on the predicted economic downturn approaching by 2030. He discusses the alarming impacts of rising debt, a retiring Baby Boomer generation, and unsustainable entitlement spending. St. Germain also highlights how advancements in artificial intelligence could reshape economic dynamics, potentially challenging grim forecasts. The conversation reveals the intricate relationship between demographics, federal spending, and investment strategies, urging listeners to prepare for the impending changes.