『Wealth Formula Podcast』のカバーアート

Wealth Formula Podcast

Wealth Formula Podcast

著者： Buck Joffrey
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Financial Education and Entrepreneurship for Professionals 個人ファイナンス 経済学
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  • 565: Tax Strategies for High Earners—And What to Avoid

    565: Tax Strategies for High Earners—And What to Avoid
    2026/06/28
    One of the biggest frustrations I hear from successful professionals, business owners, and investors is simple: "I feel like I'm paying more and more in taxes, but nobody is showing me legitimate ways to reduce them." The reality is that there are numerous tax strategies available to high earners. The challenge is separating strategies grounded in well-established tax principles from those that rely heavily on subjective interpretations, aggressive valuations, or structures that may attract unwanted IRS scrutiny. Personally, I prefer strategies that are as black-and-white as possible when it comes to the tax code. Over the years on Wealth Formula, we've discussed many of these approaches, including cost segregation studies, bonus depreciation, real estate professional status, retirement plan strategies, charitable planning, and other opportunities available to high-income earners. What I generally try to avoid are strategies that rely heavily on subjective valuations or interpretations. A good example is the conservation easement space, where the IRS has significantly increased enforcement activity in recent years. Whether certain transactions were originally well-intentioned or not, many investors have found themselves dealing with audits and uncertainty that simply aren't worth the headache. I speak from personal experience. In this week's episode, I speak with Chris Miller about a variety of tax planning concepts currently being used by high-income individuals and business owners. Some of these strategies may be familiar to longtime listeners, while others may be new. The goal of the discussion is not to promote any particular strategy, but rather to educate you on what's available and encourage informed conversations with your own advisors. As always, there is an important caveat: This podcast is intended solely for educational purposes. Neither Chris nor I are providing tax advice to you personally. If you decide to explore any strategy discussed in this episode—whether through Chris's firm or any other advisor—you should conduct thorough due diligence, involve your own CPA and legal counsel, and make sure you fully understand both the potential benefits and risks before moving forward. I should also point out that I personally like a strategy that combines our Wealth Accelerator strategy with charitable planning. In its simplest form, it combines charitable giving with properly structured life insurance to potentially create: • Significant current-year tax deductions • Future tax-free income for life • A meaningful legacy for both your family and charitable causes Like any strategy, it isn't appropriate for everyone, but it represents the type of planning I generally find most attractive—where the rules are relatively clear and the tax treatment is well established. If you would like to schedule a call with me specifically about the Wealth Accelerator strategy, you can do so here: https://wealthformulabanking.com/ In the meantime, I hope you'll enjoy this interview and come away with a few new ideas. If you decide to contact Chris's firm, be sure to let them know you came through the Wealth Formula Podcast. They are offering fee waivers for members of our audience. Let me know what you think!
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    39 分
  • 564: Buying and Selling a Business or Practice

    564: Buying and Selling a Business or Practice
    2026/06/21
    For most high-income professionals, the path to financial success seems straightforward: work hard, earn a great income, save diligently, and invest wisely. The problem is that even the highest-paying jobs have two significant limitations. First, much of what you earn is exposed to taxation. While there are certainly strategies to reduce your tax burden, there is a reason many of the wealthiest people in the world own businesses rather than simply collect paychecks. Business ownership creates opportunities for tax efficiency that are often unavailable to employees. Second, a job—even a very lucrative one—is generally not an asset you can sell. You may earn hundreds of thousands or even millions of dollars per year, but when you stop working, the income stops too. A successful business, on the other hand, can generate ongoing cash flow while simultaneously building enterprise value. Over time, that value may become one of your most important assets and, ultimately, something you can sell for a substantial payout. Now, this is not a call to quit your day job and become an entrepreneur overnight. In fact, for many of us, the better question is whether there are opportunities to acquire an existing business rather than build one from scratch. Every day, thousands of profitable small and mid-sized businesses are owned by operators approaching retirement who may not have a succession plan. In many cases, these businesses can be acquired with financing, professional management, and a thoughtful growth strategy. This week's guest, Joe Prencipe, helps us understand exactly how that world works. Joe is an attorney who specializes in business acquisitions, sales, and deal structuring. In this episode, we discuss what makes a business valuable, how buyers and sellers often leave money on the table through poor planning, and why deal structure, taxes, financing, and operational realities frequently matter far more than the headline purchase price. We also discuss practical issues such as SBA financing, seller financing, valuation multiples, how to evaluate acquisition opportunities, and what characteristics make a business easier to grow and ultimately sell. Whether you already own a successful practice or business, are considering acquiring one, or simply want to understand why business ownership remains one of the most powerful wealth-building tools available, I think you'll find this conversation particularly valuable.
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    26 分
  • 563: What If College Doesn't Have to Cost What You Think?

    563: What If College Doesn't Have to Cost What You Think?
    2026/06/14
    For those of us with kids, summer marks another milestone. School is out, graduation season is here, and for many families, college is right around the corner. My oldest daughter will be a senior this fall, which means our family is now officially entering the college application process. Like many parents, I've been looking at tuition numbers and mentally preparing myself for what feels like an inevitable financial hit. And it's a big one. When I started college in the early 1990s, the average annual cost of attending a private university was roughly $10,000-$15,000 per year. Today, many private schools are approaching or exceeding $90,000 annually when you include tuition, housing, fees, and living expenses. In some cases, sending a child to college can cost more than buying a house did a generation ago. At the same time, getting into many of these schools has become dramatically more competitive. Applications have exploded, acceptance rates have fallen, and students are expected to build résumés that would have looked extraordinary just a few decades ago. Given those realities, I assumed the process was fairly straightforward: write the checks and hope the investment pays off. What I learned from this week's guest, however, was surprising. Shellee Howard has spent decades helping families navigate college admissions, scholarships, and financial aid. One of the biggest myths she challenged is the belief that higher-income families don't qualify for meaningful financial assistance. According to Shellee, many affluent families leave substantial amounts of money on the table simply because they assume they won't qualify. We discuss merit scholarships, strategic college selection, FAFSA and CSS planning, scholarship negotiation tactics, and how certain schools are dramatically more generous than others. We also talk about recent rule changes affecting divorced families, why some assets are treated differently than others in aid calculations, and how proper planning can significantly reduce the total cost of attendance. Perhaps the most important takeaway is that college pricing is often far more flexible than most families realize. Whether your children are a few years away from college or applications are already underway, this episode may save you far more money than you expect.
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    30 分
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