Show cover of The Money Advantage Podcast

The Money Advantage Podcast

Personal Finance for the Entrepreneurially-Minded!

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Reverse Mortgage Explained, with Mike Stanley
Could a reverse mortgage help you reach your income goals? How do reverse mortgages work? Is a reverse mortgage good or bad? https://www.youtube.com/watch?v=820qDZ5CkFE Today, we’re talking with Mike Stanley, Regional Senior Lending Sale Manager for Thrive Mortgage. He shares everything you need to know about reverse mortgages explained. So, if you want to understand just how reverse mortgages work, their pros and cons, and the costs, and get answers to your questions so you can make decisions… tune in now! Table of contentsHow Mike Got Into Reverse MortgagesThe Baby Boomer GenerationBorrowing Qualifications for a Reverse MortgageWhat is a Reverse Mortgage? Numbers on a Reverse MortgageWhat if You’re Not Old Enough?Get in Touch with Mike StanleyBook A Strategy Call How Mike Got Into Reverse Mortgages [9:40] “Most people don’t know what a reverse mortgage is other than a myth or a rumor that they’ve heard.” Mike Stanley got into the world of reverse mortgages in 2008, yet not without hesitation. He didn’t want to be taking advantage of people, and most information about reverse mortgages is a little hazy. In reality, there are quite a few reverse mortgage strategies that can help people in different ways.  10:25] “It’s not been called, technically, a reverse mortgage since 1988. That’s when congress, in 1988, passed a law called home equity conversion mortgage. You may hear it called a HECM. At that point in time, it stopped being a reverse mortgage, but it was such slang for the terminology. People still call it a reverse mortgage even though it’s a federally insured FHA loan that has all the protections of FHA.”  The Baby Boomer Generation [13:10] “48 percent of Baby Boomers are retiring while carrying a mortgage into their retirement years… Another interesting fact, 50 percent of those 65 or older have their houses paid for, and 27 percent of those will downsize or right-size into a home that better meets their retirement needs.”  If you’re in the Baby Boomer generation, considering a reverse mortgage strategy can help you downsize. It can also help you find more retirement income by leveraging home equity. If not, those with Baby Boomer parents should be considering how they’re going to care for their parents.  Borrowing Qualifications for a Reverse Mortgage [19:25] “Right now, to be a borrower, the borrower has to be 62 years of age minimum. It is a mortality or equity-based loan… We take four things into consideration. We take in their age… we take in the value of the home, and we take in the interest rate on the loan—and how much equity we’re going to have to leave in the house.”  What is a Reverse Mortgage?  The short and sweet answer is that you give up the equity in your home in exchange for regular payments. This can provide an income to homeowners over the age of 62, or help you keep your home in retirement. There are even options for those who have children who wish to inherit the home. [24:18] “There’s a unique feature in the reverse mortgage… it’s called a non-recourse feature, which means and states that no one is ever responsible for paying their home back personally. Only the equity in the house can ever be used at the time the loan is due. The time the loan is due is when the last of the two borrowers… no longer live in a property as their primary residence, or one of them passes away, or they sell the house, or they refinance the house.” [28:14] “There are four ways of taking money out. If you take a lump sum, there are two options. There’s a fixed rate option. And whatever you take out on a fixed rate is the maximum you get; there are no more funds available. On the… adjustable rate, there is a line of credit.” [30:30] “Now they do have two other options. They could take what we call a tenure option, which a tenure is a life expectancy payout. Let’s assume that we run our numbers and based off their life expectancy and the pool of money that the...
60:06 09/19/2022
Infinite Banking Options to Access Your Cash Value
If you're using Infinite Banking with a life insurance policy, you have multiple options to access your cash value. But which one is the best? Should you always use policy loans? What if you can get a lower interest rate by borrowing against your cash value with a third-party loan? https://www.youtube.com/watch?v=pbQdVbQ1_q0 Let's discuss all of your options for accessing capital. This includes policy loans, withdrawals, cash value loans from a third party, and even capital from separate sources. If you want to find out the reasons you might use each, the pros and cons, why interest rates are NOT the best way to make your decision, and the #1 most important thing you need to make sure you're in the position of maximum control ... tune in now! Table of contentsWhy Pay a Finance Charge? How Does a Policy Loan Work?What is a Withdrawal from Your Cash Value?How is the Interest on a Policy Loan Calculated? Are Interest-Only Payments Better?The Benefit of Unstructured PaymentsBook A Strategy Call Why Pay a Finance Charge?  One of the major objections to the Infinite Banking Concept is, essentially: Why should I pay to access my own money? Generally, with an IBC strategy, the way to access your capital is by leveraging it via a policy loan. This means that you offer your cash value as collateral for a loan from the insurance company. Because it's a loan, you pay interest on that loan. This isn’t an unreasonable question. In fact, it’s a good question to ask of any financing method you use. The right solution will depend on how much capital you need, how much you have, what you want to do, and more. But in general, accessing your cash value through a loan is a good option because you have control. Some of the benefits of a policy loan include: The flexibility to use that money on anything you want.Tax-free use of your money (* as long as the policy stays in force and does not become a Modified Endowment Contract).Full compounding interest on your cash value because you aren’t withdrawing.Control over when and how you pay the loan back.No application process. This means you can leverage a policy loan in ways you might not do with a bank loan.No credit check, and no impact on your credit report when you take a policy loan. How Does a Policy Loan Work? If you want to access your cash value without a withdrawal, you can get a loan from the insurance company’s general fund. The company then puts a lien against the policy value, or the amount that you want to borrow against your policy. When you pay back the loan, you’re paying interest to the company. As you pay back the loan, the lien against your policy is reduced, which frees up your cash value to be used again, if you so wish.  When you take a loan, the company only collateralizes your policy for the amount of that loan. So if you have $200,000 of cash value and you just want a $10,000 loan, the company only uses $10,000 as collateral. This means that if you take that $10k and a few months later have a $100k opportunity, you still have that available to take another loan. What is a Withdrawal from Your Cash Value? Instead of taking a loan from the insurance company, you can actually remove money straight from the policy values. If you withdraw less than your cost basis (the equivalent of what you’ve paid in premiums), you can access the money tax-free. However, when you take out more than what you’ve paid into the policy, you cause a taxable event. The IRS sees this as growth on the policy, and is, therefore, taxable income when you take it “no strings attached.” Unlike loans, withdrawals cannot be paid back and thus permanently reduce your policy values. How is the Interest on a Policy Loan Calculated?  If you’re wanting access to capital and thinking about a loan, you’re likely to compare interest rates between lenders and companies. Insurance companies often have competitive rates,
30:36 09/12/2022
3 Benefits of Whole Life Insurance in Your Retirement Plan, with Dr. Wade Pfau
Most people don’t see the need for life insurance in their later years, let alone the benefit of whole life insurance in their retirement plan. By retirement, you may expect to have your home paid off, and not have the same income needs as before. You may even decide you're not retiring at all if you can help it. https://www.youtube.com/watch?v=1kq9rC5nw6I Even still, there are tremendous advantages to having whole life insurance that lasts for your whole life. This includes having insurance beyond what most consider their life insurance needs. Tune in today for this eye-opening conversation with Dr. Wade Pfau about the three key benefits of whole life insurance in your retirement plan. Table of contentsThe Nature of Retirement IncomeThe Benefits of Whole Life Insurance in Your Retirement PlanHow Does the Volatility Buffer Work?Inflation RisksBuilding a Retirement Income PlanThe Reality of Stock Market ReturnsWhole Life Insurance In Your RetirementLinks ReferencedAbout Dr. Wade PfauBook A Strategy Call The Nature of Retirement Income [5:19] “What makes retirement income different is that the nature of risk changes… just in looking at how the investment world approached retirement income, I developed concerns.” Those concerns led to Dr. Pfau looking into assets that are traditionally not considered retirement assets, like life insurance. Life insurance isn't common in retirement plans because many people don't believe they need it anymore. However, life insurance has benefits that many people don’t consider, and aren’t taught to consider.  [5:56] “In the risk management context of retirement… potentially looking at different tools, not just using only an investment portfolio to fund retirement expenses, can help lay that foundation for a better retirement outcome.” When you only have investment assets for retirement, you have a sequence of returns risk. This means that you risk significant losses because you can’t time the market in retirement. After all, you’ve got to take your income to eat and pay bills. The Benefits of Whole Life Insurance in Your Retirement Plan The value of whole life insurance is that “the cash value is not exposed to the risk of loss,” as Wade says. The cash value is a non-correlated asset and grows no matter what is going on in the stock market.  [7:25] “It can provide a resource to cover spending on a temporary basis during this kind of bad market environment so that you don’t have to sell from the portfolio to fund spending... Well, then that gives the portfolio an opportunity to recover and to make up those losses again before we have to go back to selling from it.” [8:01] “Ultimately the benefits [of whole life insurance] to the portfolio exceed the cost of the insurance to give a better net outcome, especially when we consider the tax advantages and so forth of life insurance.” How Does the Volatility Buffer Work? A "volatility buffer," as Wade Pfau calls it, is an asset that can help your investments during market downturns. The idea is that after the market dips, you can pull income from your volatility buffer to minimize your losses and give the account time to recover. When you give your investments some breathing room, you can extend the life of your investment account by years. An ideal asset for a volatility buffer is whole life insurance because it's flexible and liquid. Not to mention, the death benefit provides some protection for your estate and assets. Whole life insurance gives you some freedom to spend without disinheriting heirs, too. Inflation Risks In conversations about retirement, people often ignore the impact of inflation. The harsh truth is that due to inflation, you will need more money in the future to have the same financial impact today. The equivalent of $100k salary now is going to be much more in the future.  [22:25] “Inflation has this permanent impact. Because if prices are up at eight percent this yea...
61:22 09/05/2022
What is Infinite Banking? Part 5: What is the Dividend?
Have you heard about the Infinite Banking Concept and want to learn more? Or maybe you’re already using Infinite Banking but would like to be able to explain it better. Today we’re unpacking the question: What is the dividend?  https://www.youtube.com/watch?v=5yL_jW4q48E If you’ve ever wondered how the cash value grows through dividends and how life insurance dividends differ from other types of dividends… tune in now! Table of contentsWhat is the Dividend?Why Do I Need a Mutual Company for Infinite Banking?How Does the Dividend Grow My Policy?How Does the Dividend Relate to the Guaranteed and Non-Guaranteed Policy Cash Value?What Income and Expenses at the Life Insurance Company Determine the Dividend Rate?Why Shouldn’t I Compare Companies?How is the Dividend Applied to My Policy?Can Dividends Change in the Future?When Do I Receive Dividends?Why Are Dividends Applied Differently Amongst Policyholders?What is the Best Option for Infinite Banking? What is the dividend? Dividends are the distribution of a mutual life insurance company's profits to its whole life insurance policyholders. Mutual companies declare their dividend rates annually. What is the Dividend? Dividends are the distribution of a mutual life insurance company's profits to its whole life insurance policyholders. Mutual companies declare dividends annually. The IRS defines it as a "return of premium." This, however, is how the IRS can classify why dividends distribute tax-free.   Why Do I Need a Mutual Company for Infinite Banking? When you’re with a mutual company, you’re participating in the company's profitability via dividends. When the company profits, it’s going to benefit you because you're a policy owner. This means you want the company to be as profitable as possible. To recap an earlier episode of our infinite banking series, policyholders are partial owners of mutual companies. Stock companies, on the other hand, are owned by stockholders. In the latter scenario, companies will act in the best interest of the stockholders, even if it’s not in the interest of policyholders. Choose a mutual company to get dividends and work with a company that acts in your interests.  How Does the Dividend Grow My Policy? Dividends are one of the major drivers of growth in a policy. The cash value increases in three ways: natural equity by paying premiums, the guaranteed interest portion, and dividends. While the latter is not guaranteed, they are highly anticipated.  How Does the Dividend Relate to the Guaranteed and Non-Guaranteed Policy Cash Value? On a life insurance illustration, there are columns representing your guaranteed interest growth and the non-guaranteed growth they project you will receive. So while the former is what you can expect no matter what (since it’s guaranteed), the latter is the growth you can anticipate.  Additionally, the non-guaranteed column on an illustration will not show any dividends applied at all. Therefore, it’s a highly inaccurate way of looking at a policy illustration. Most mutual companies have paid dividends every year for the last 100 years or more. Another benefit is that once companies pay it out, it becomes guaranteed. In other words, once the floor of your policy increases, it cannot decrease.  What this means is that life insurance illustrations become inaccurate every year. Since both the guaranteed and non-guaranteed columns adjust to represent what actually occurs, and the declared dividend changes each year, the projections inevitably shift. Yet they never decrease from the “floor” of your policy.  What Income and Expenses at the Life Insurance Company Determine the Dividend Rate? Dividends are profits paid to policyholders. However, they are declared and applied after other income and costs are accounted for.  So, for example, a life insurance company has to account for payroll expenses, agent commissions, and mortality costs (how many people died).
35:45 08/29/2022
How to Invest Like a Billionaire, with Richard Wilson
Want to get billionaire investing strategies and learn how to model the successful few? If you want to know how to invest like a billionaire, you'll want to pay attention to our guest Richard Wilson. https://www.youtube.com/watch?v=P4792l4CVsU Today, we’re talking with Richard Wilson, CEO and Founder of the Family Office Club. Richard has helped create and formalize 100+ family offices. He counts a shark from Shark Tank, several billionaires, many REITS, and 500+ high Net Worth investors as clients. He works with clients through InvestorClub.com and Doctor’s Investor Club where he helps them access top screened direct investments. Richard’s 18-person team operates multiple media platforms including Dentist Investors, LLC, InvestorResidences.com, Billionaires.com, and CommercialRealEstate.com. If you’re looking for insights, strategies, tips, and secrets for how to invest like a billionaire… tune in now! Table of contentsLifelong LearningFind Your Target and LearnHow Learning Leads You to Invest Like a BillionaireMental Models that WorkWhy Deal Structure is Critical to Invest Like a BillionaireContact Richard WilsonAbout Richard WilsonBook A Strategy Call Lifelong Learning [6:20] Bruce: I’ve noticed that really high net people—not just billionaires, but hundreds-of-millions millionaires—are lifelong learners, and they’re not the brash type of flamboyant people with a lot of energy. They are actually very pensive, and they actually listen, and they choose who they listen to very carefully. They’re always learning; lifelong learners. And I think that is probably why they’re able to amass the kind of wealth they are.” [7:45] Richard: “[Charles Munger] talks about how over your life to be successful you need to collect a hundred plus mental models of things that work for your industry. And you might try on an idea from someone and maybe it doesn’t work well for you and your business, or not right now, and you may use that model later. And several times in my business I’ve seen a model that I want to use sometime, and I might use it three to five or seven years later. But when I see a really smart model, I’ll take note of that. Then I’m collecting these models and stacking them on top of each other. And that’s really how I grow my business.” Find Your Target and Learn [8:25] “Who would [business students] like to learn from? Well, it would be from somebody that has a successful business with millions of dollars of revenue, or tens of millions of dollars of revenue. It’s a very logical thing. Even if they never get to tens of millions of dollars of revenue, it might help them get to millions of revenue because there are so many best practices that people learn along the way. They don’t stop doing those smart things once they become successful… they keep the strategies that work and discard the things that don’t. And so the same is true with billionaires… seeing how billionaires work and seeing what they do leave you clues to how to become worth ten million dollars, perhaps.” You’ll often hear us close podcasts and articles with a very similar send-off: “success leaves clues.” We believe this is paramount to learning about wealth because common advice is catered to the masses. Yet the successful follow the lead of the successful people before them. Part of what Richard does to further this mission is to post interviews with billionaires on Billionaires.com. This way, more people can benefit from the knowledge and skill sets of those who have walked the path already. If you want to invest like a billionaire, listen to the billionaires. How Learning Leads You to Invest Like a Billionaire Most of the billionaire clients that Richard works with are calling themselves to a certain standard of excellence. Beyond that, they all seem to have an intense passion and love for what they do. Ultimately, it’s these values of passion and excellence that unite these billionaires.
58:23 08/22/2022
What is the Life Insurance Death Benefit?
Have you heard about Nelson Nash, Infinite Banking, Becoming Your Own Banker, Bank on Yourself, and want to learn more? Or maybe you’re already using Infinite Banking, but would like to explain it better. We're continuing our series on the basics of the Infinite Banking Concept and answering your "what" questions. Today, we'll unpack, What is the death benefit? https://www.youtube.com/watch?v=HbpNX3c35bo So if you want to see the power of the death benefit… tune in now! Table of contentsWhat Makes Up the Guarantees of the Death Benefit?What Are the Differences Between the Death Benefit Guarantees of Whole Life Insurance and Universal Life Insurance?What Are the Chronic Illness and Terminal Illness Riders, and How Do They Compare to Long-Term Care Insurance?What Effect Do Outstanding Loans, Reduced-Paying Up, or Chronic/Terminal Illness Riders Have On the Death Benefit?What is Human Life Value?What Does Life Insurance Do for Your Estate?Book A Strategy Call What makes up the guarantees of the life insurance death benefit? The life insurance death benefit is the amount that is guaranteed to be paid out to your listed beneficiary at your death. What Makes Up the Guarantees of the Death Benefit? The death benefit is the amount that is guaranteed to be paid out to your listed beneficiary at your death.  The key to guaranteed death benefit is having whole life insurance, which is permanent. When you have whole life insurance, you’re in a position where you know that the death benefit will pay out at whatever point you die, between now and the end of that policy. And at the end of the policy, if you are still living, the insurance company still guarantees the death benefit to pay out to you. This is not the case with term or even universal life insurance (which claims to be permanent).  This also means that when you pay premiums, you’re paying into your policy with the certainty that you’ll get a “return.” Whereas with term insurance, you can pay into it for 20 years and never see a dime back.  What Are the Differences Between the Death Benefit Guarantees of Whole Life Insurance and Universal Life Insurance? While both whole life insurance and universal life insurance are technically permanent insurance, universal life insurance has several variables that can cause a policy to implode or lapse. In other words, universal policies are typically not permanent in practice. One of the major factors that makes universal life difficult to maintain is because it has flexible premiums. While many people assume that this gives them the flexibility to pay whatever they want, that’s not the case. So if you choose to pay less, you can underpay for your insurance coverage. This then eats into your cash value account, which may implode the policy if you continue to under-fund it.  With whole life insurance, premiums are guaranteed as well. This means that they cannot increase, so your base premium will always be enough to cover the costs of insurance. You won’t risk underfunding your policy, and you have the freedom to pay more in the form of PUAs if you wish.  What Are the Chronic Illness and Terminal Illness Riders, and How Do They Compare to Long-Term Care Insurance? The chronic illness and terminal illness riders allow you to use your death benefit while you’re still living. If a physician certifies that you have an illness that will cause your death, many insurance companies now grant access to the death benefit while living at no additional cost.  Long-term care insurance is an additional cost, as well as some additional stipulations about when you can use it. Plus, the insurance company can increase premiums over time because of the costs when you have Long-Term Care. While we want companies to be able to offer the coverage, they do have to stay in business. What Effect Do Outstanding Loans, Reduced-Paying Up, or Chronic/Terminal Illness Riders Have On the Death Benefit?
56:54 08/15/2022
Financial Prosperity, with Rabbi Daniel Lapin
What is the difference between those who achieve financial prosperity and those who do not? How do you build sustainable wealth? Rabbi Daniel Lapin is back to talk about the mindset of abundance rather than shortage, the financial power of reading over watching, and why giving comes before getting. https://www.youtube.com/watch?v=Ur0KWvfH7p4 So, if you want to increase your income while becoming a better person … tune in now! Table of contentsWhy is Financial Prosperity Difficult to Grasp?Overcoming Your Spiritual SchematicsThe Five FsWhy You Should Read for Financial ProsperityConnect with Rabbi LapinAbout Rabbi LapinBook A Strategy Call [6:15] “Honesty compels me to concede that what I am is an exceptionally good transmitter. I like to think of myself as a clean window: you can see through me into the scintillating and incandescent brilliance of ancient Jewish wisdom.” Why is Financial Prosperity Difficult to Grasp? In many ways, our culture makes money a sin and poverty a virtue. However, this gives money far too much credit in either direction. Money itself is a tool with no morality. Money simply represents value, and money goes where people find value–in products, things, people, and communities.  [9:48] “One of our greatest joys is to do a seminar for that church [with a poverty mindset] and then come back six months or a year later, and see the change.” [10:13] “Mindset is very important. I mean, at an Olympic level, what separates athletes is not bodily perfection—they are all at the peak of physical perfection—what distinguishes them is simply psychological and spiritual; the will to win and the ability to endure pain.” [12:15] “In the United States, people’s negative attitudes towards finances and prosperity happen to correspond with America’s deterioration from basically a Judeo-Christian, bible-based worldview to a secular worldview." As Rabbi Lapin explains, those with a secular worldview are uncomfortable with the idea of “making” money over “taking” money.  Overcoming Your Spiritual Schematics Your spiritual schematics, as Rabbi Lapin shares, are the formative experiences that you have that shape your worldview. For many people, their upbringing can be a major catalyst for their adult beliefs that to make money is immoral and that they’re taking something from another.  [36:20] “Making money is, at its heart, one of the most moral and dignified things you can possibly do. Because the only way you can get it is by pleasing other people.” Money represents value, and people use money to prove that they value a service or product you provide. Therefore, it stands to reason that money cannot be evil or immoral. If we can change the cultural outlook on money, more people can thrive. The Five Fs One of Rabbi Lapin’s programs is about developing the Five Fs: family, faith, finances, friendships, and fitness. This helps people rewrite their spiritual schematics and strengthen these important areas in life.  [43:19] “The secret of the Five F, what makes it counterintuitive and difficult and challenging, is that you have to develop all five simultaneously and in balance. Anyone who focuses on one to the detriment of the other four is going to find themselves in trouble.” When you focus on all Five Fs, you create a pretty amazing life for yourself. And what happens in this instance, as the Rabbi shares, is that you create a community of people who are walking in step with each other. Your family and your friends have the same values, so of course, they’re people you can trust with the other Fs, like your finances. Why You Should Read for Financial Prosperity [51:50] “Watching destroys the imagination. With no imagination, there’s no way you’re ever going to dream up a business plan. You won’t. It’s as simple as that. Imagination is an incredibly powerful business tool. I’ve got to imagine how life could be better; not only for me but for my potential cust...
65:29 08/08/2022
What is Infinite Banking? Part 3
Have you heard about Nelson Nash, Infinite Banking, Becoming Your Own Banker, Bank on Yourself, and want to learn more? Or maybe you’re already using Infinite Banking, but would like to be able to explain it better to your spouse, your parents, your children, business partner, or friends. We're continuing our series on the basics of the Infinite Banking Concept and answering your "what" questions. Today, we're unpacking: What is the Cash Value of Life Insurance? https://www.youtube.com/watch?v=YVAk0pT7kgY So if you want to see how cash value works as a living benefit that enhances your life today … tune in now! Table of contentsWhat is the Cash Value of Life Insurance?How is Cash Value Related to Death Benefit?What is the Net Present Value of a Future Death Benefit?What Makes My Cash Value Grow?What is the Effect of Guaranteed Interest on My Policy?What is the Benefit of Having Cash Value?What Part of the Policy Can I Borrow Against?What Happens to My Death Benefit When I Take a Policy Loan?What Happens to My Principal and Interest on a Policy Loan When the Loan is Repaid?What If There Is An Interest Balance Leftover?What Can I Do With My Dividends?Book A Strategy Call What is the Cash Value of Life Insurance? What is the Cash Value of Life Insurance? Cash value is the equity portion of your whole life insurance policy that you can access and use. It is a part of your death benefit, not separate, and you can access and use it during your lifetime. Cash value accumulates in a few ways: premium payments, guaranteed interest, and non-guaranteed dividends.  How is Cash Value Related to Death Benefit? Because cash value is like the equity of your death benefit, the value represents the accessible portion of your death benefit. As your policy matures, it rises to meet your death benefit. So your cash value is designed to equal your death benefit by the time it endows. The current endowment age is 120. Since endowment represents your ability to access the full value of your death benefit, the policy pays out to you and the contract is complete. However, you’re still guaranteed to receive the full death benefit if you pass away at any point before endowment. That’s the power of a whole life insurance contract. But because the cash value is equity, not a separate account, the payout is not cash value + death benefit. You receive the full death benefit.  What is the Net Present Value of a Future Death Benefit? The Net Present Value of your future death benefit is another way of describing the equity in your policy. The “net present value” is the current present amount of your cash value account, which is a portion of your future death benefit.  What Makes My Cash Value Grow? Over time, your cash value grows as a product of your premiums, interest, and dividends. Your premium–the payment you make to keep your insurance in place–is the main source of cash value growth. However, insurance companies also guarantee that they will pay a certain amount of annual interest, as well as any company profits in the form of dividends. The cost of the insurance itself affects the growth. For example, premium payments must first cover the cost of insurance. When you pay a premium, that money contributes to payroll, investments, and commissions. The remainder is what you have available in your cash value. Since the cash value is the net present value of a future death benefit and the risk to the company lessens with time. Think about it: the risk to the insurance company is greatest when you open a policy. There’s a chance, however small, that you only make one premium payment before you pass away. But because the policy is in force, the company must pay the full death benefit. Over time, you pay more and more into the policy, so the actual costs are decreasing and instead contribute more heavily to your cash value.  Another way to grow your cash value is through guaranteed interest.
56:23 08/01/2022
Building a Strong Family Culture, with Mitzi Perdue
Every family has a culture, but those that leave their culture to accident rarely end up lasting across the generations. https://www.youtube.com/watch?v=LuDIvGkkrVE Mitzi Perdue shares the wisdom of successful multi-generational families, as she connects two business titan families with a collective 276 years of staying together as a family. She’s a businesswoman, speaker, and anti-trafficking advocate. Mitzi is also the author of How to Make Your Family Business Last, How to Communicate Values to Children So They’ll Love It, and How to Keep Your Family Connected. So, if you want to create a family culture and traditions that solidify, strengthen, and “glue” your family together over the generations... tune in now! Table of contentsHow Mitzi Became Interested in Family CultureWhat is Different About Families that Last for Generations?The Henderson Family DinnerWhat Can Families Do to Build a Functional Family Culture?How to Avoid Airing Dirty LaundryThe Family ConstitutionThe Henderson ApproachBuild Family Culture with a Family NewsletterConnect with Mitzi PerdueAbout Mitzi PerdueBook A Strategy Call How Mitzi Became Interested in Family Culture Some time ago, Mitzi lived in New York and belonged to the “Famous Last Names Club.” As you might imagine, members of this club were from high-profile families in the US. One of the conditions of belonging to the club was that you never mentioned the names of the members. So while Mitzi doesn’t share names, she does share the fascinating story of how she first became interested in what makes a high-functioning family. As it turns out, Mitzi was at a lunch with about 16 of these club members, when someone asked the question: How well do you get along with your siblings? And unfortunately, as people around the table shared, it was one catastrophe story after another. One woman shared that her brothers were freezing her out of the family business by “forgetting” to tell her about meetings. Another person shared that their family members were suing each other, and the inheritance was going to legal fees.  The list of disaster stories just continues.  Cultivating Family Culture [6:33] “That’s telling me that there are a lot of very famous families that haven’t figured out the basic of how to get along.” Of course, Mitzi was the last to share, but she didn’t have any horror stories about her siblings. Things were good in her family, and continue to be. So she didn’t say much at all, to avoid sounding insincere or as though she was gloating.  [7:10] “As I left that meeting, you know, I’m thinking that the two families I’m a part of are the biggest source of joy in my life. What do we do that not everybody else does? And what enabled us to last so long? Because the statistics on families lasting—every generation only about a third of family businesses make it to the next generation. And by the time you’re at a hundred years, only one in a thousand makes it that long…I spent the next fourteen years reading everything I could, interviewing people, even writing blog posts.” What is Different About Families that Last for Generations? [11:14] “High-functioning [families] means you enjoy being together. You probably have above average mental health [and] physical health. Kids stay in school and finish school. If it’s their temperament, they go on to college. They form good marriages; they don’t get pregnant before it’s time to be pregnant… They don’t get in trouble with the law. The [kids are] less subject to obesity, they’re less subject to substance abuse. That’s high-functioning.  Mitzi shares that families that spend time with each other and know their family stories are the ones that are the highest functioning. When they're high-functioning, they tend to meet the criteria above. One correlation experts have noticed is the more meals a family has together each week, the higher functioning they are.
61:35 07/25/2022
What is the Infinite Banking Concept? Part 2
Have you heard about the Infinite Banking Concept, and you want to learn more? Or maybe you’re already using Infinite Banking, but would like to explain it better to your spouse, your parents, your children, business partner, or friends. https://www.youtube.com/watch?v=JD3NvQBiqaI In part 1 of our series on Infinite Banking, we're unpacking the basics of policy design and what that means. You can view the first part of the series here: What is the Infinite Banking Concept? Part 1. Here’s your cue to see what the fuss is all about… tune in now! Table of contentsWhat is Specially Designed Whole Life InsuranceWhat Makes it Different from Ordinary Whole Life Insurance?What is Base Premium?What Are Paid-Up Additions?What is a Mutual Company?What is a Dividend?What is the Difference Between the Policy Owner and the Insured?Roles Are FlexibleShould You Buy a Specially Designed Policy or an Ordinary Policy?Book A Strategy Call What is Specially Designed Whole Life Insurance What is Specially Designed Whole Life Insurance? The “special design” is dividend-paying, high cash value whole life insurance with a mutual company. This is the simplest definition, and we’ll break down the pieces and parts over the next few questions. This answer gives you something to come back to and ground yourself. What Makes it Different from Ordinary Whole Life Insurance? Essentially, ordinary whole life insurance is a basic policy that has a simple, non-optimized cash value component, and death benefit. With this type of policy, you only pay the base premium. A Whole life insurance product is a permanent, guaranteed insurance policy that lasts your whole life. However, if you are interested in using an Infinite Banking strategy, you’ll want to ask for a more customized policy. For example, you can either buy a policy with a stock company or a mutual company, which can affect your cash value growth. Similarly, you can also customize what you pay in premiums vs. paid-up additions, which affects your cash value growth. An “ordinary” whole life insurance policy may not grow cash efficiently, yet for Infinite Banking having a specially designed policy is important. What is Base Premium? The base premium is the minimum premium that you must pay in order to keep your policy in good standing. This premium is calculated by the underwriters who use actuarial science to determine your premium based on age, health, and death benefit amount.  Your base premium contributes to your cash value over time, just like mortgage payments contribute to your home equity. If you want to speed up your early cash value growth, you can add PUAs to your premium payments.  What Are Paid-Up Additions? Paid-Up Additions, or PUAs, are additional portions of insurance that you can buy fully paid up each year. This means that on top of the premiums you pay toward your base policy, you can buy a certain amount of additional coverage each year. This gives you additional death benefit, and it also gives you additional cash value.  When understanding PUAs, it’s important to grasp how cash value works. Your cash value is the equity of your death benefit, just like you build equity on your home. That means that as you pay your premium, you build equity on your insurance policy. Cash value is the accessible portion of your death benefit.  Additionally, your early premiums have a slow build-up. This is because the costs of your policy are front-loaded. So, at the beginning of your policy, your cash value won’t increase at a rate equal to what you pay. Though, over time, more of your premium will contribute directly to the cash value.  PUAs are like micro policies that you can tack onto your premiums each year, up to a limit. Your PUAs are a fully paid-up portion of insurance. This means that when you pay it, you’re directly increasing your death benefit and cash value. By adding PUAs to your base premium,
55:26 07/18/2022
Building a Multigenerational Family Team, with Jeremy Pryor
We often talk about multigenerational legacy and multigenerational wealth, but beneath it, you need a multigenerational family team. Not just in name, but a strong team deeply committed to flourishing for generations. https://www.youtube.com/watch?v=VCWRk1N_Bdw Jeremy Pryor, Partner and Co-Founder of Family Teams, is helping families build a multigenerational team on a mission. They help parents think of families as a team, and coach the team to work together toward a common mission. They also give practical guidance for developing family rhythms, training, traditions, business, and home life. If you’re looking for practical tools to strengthen your family, work together in business, and flourish for generations… tune in now! Table of contentsJeremy's Introduction to Multigenerational Family TeamsIndividualism is the Default TodayIndividualism vs. the Multigenerational Family TeamCreating a Balanced Multigenerational Family TeamThe Hundred-Year HorizonThe “Intangible” Family UnitAre There Dysfunctional Family Teams?About Jeremy PryorBook A Strategy Call Jeremy's Introduction to Multigenerational Family Teams Jeremy grew up in Seattle, and he describes it as a place that had very few flourishing families. It wasn’t until Jeremy studied abroad in Jerusalem that he became immersed in a culture that valued family foremost. Fatherhood, particularly, was a critical piece of the family culture in Jerusalem. To the people he met, the family was about legacy, and people viewed their family as a team or unit. It was at this point that Jeremy’s interest in creating his own multigenerational family sprouted. What he found in his research was that multigenerational family teams or structures tended to occur when people were in survival mode. During periods of war, recession, or other hardship, families would rely more closely on each other. This helped to ensure the well being of everyone. Yet as things adapt to become "safe" again, the world becomes more individualistic. The problem is that when people are individualistic, they lack stability, and can ultimately become isolated. Not only does this mean people are spending their final years alone, but there is little to no sense of generational security. Creating a family culture that centers around the whole unit's ability to thrive fosters connection, confidence, and security. Individualism is the Default Today [11:58] “You actually have to ask people to make a choice, and it is a choice. Like you could just raise… your kids to be a group of individuals, and to reset every generation, and to have that 80-year memory that the typical western family has. Or, you could choose to be a multi-generational team and take on some things together, and have that long legacy memory. But you get to choose.” [12:24] “In our culture, the vast majority of people… will choose to live out that individual life… because that’s the default, unfortunately. And that’s the reason why they’re doing it. That’s the reason why more and more people are living and dying alone. Because we don’t realize that we’re making a thousand small decisions to isolate ourselves from other relationships.” Individualism vs. the Multigenerational Family Team Because of an assumed sense of stability, as Jeremy shares, the multigenerational family team has all but disappeared in the US. People now rely on their own devices, rather than working with their families to create wealth and support each other. After all, in times of survival, it makes sense for families to rely more closely on each other. And when the nation prospers and life is good, people tend to branch out and forget the power of a family who works as a team.  [15:23] “You will, if you go on default, build an individualistic family; a springboard for individual success. That’s okay, you can do that…[but] there is another option. You can instead build a multigenerational family.”
63:50 07/11/2022
What is Infinite Banking, Part 1
What Is Infinite Banking?  Have you heard about Nelson Nash, Infinite Banking, Becoming Your Own Banker, bank on yourself, or be your own banker and want to learn more? Maybe you’re already using Infinite Banking but would like to explain it better to your spouse, parents, children, business partner, or friends. https://www.youtube.com/watch?v=dSCWZD5Hpbo Today, we're starting a new series on Infinite Banking Basics. We'll be unpacking all of your "what" questions about Infinite Banking. In this conversation, we answer: What Is Infinite Banking?What Is Whole Life Insurance?What Is the Purpose of Life Insurance? So if you want to see how Infinite Banking gives you control and options, why you don't want only term life insurance, and why insurance is still for you, even in your latest decades… tune in now! Table of contentsWhat is Infinite Banking?What is Whole Life Insurance?Term Insurance vs. Whole Life InsuranceWhat is the Purpose of Life Insurance?Book A Strategy Call Infinite Banking Explained The infinite banking concept is complicated, and something that most people learn over time. Even seasoned users of infinite banking have “ah-ha” moments as they grow in their understanding. The purpose of this conversation is to accelerate some of those “ah-ha” moments so that you can have the tools to get started.  [5:44] “Let’s be honest. Do you really, really, really need to know how something works? Or do you want to know what it does for you, and what it allows you to do in your own life? So we’re going to play that balance delicately today.” What is Infinite Banking? The simplest answer to this question is that infinite banking is a strategy of using specially designed whole life insurance. However this may call up many other questions, such as what is whole life insurance, and what does it mean to be specially designed?  To take the topic in a broader direction, let’s say that infinite banking is about creating financing opportunities. We all finance things: mortgage payments, car payments, bills, groceries, credit cards–-all of these are financing scenarios. An infinite banking system creates an additional, efficient pool of money for financing your life.  [8:22] “Nelson [Nash] said your need for finance is greater than your need for saving.” The beauty of infinite banking is that you get to do both–save money, and finance purchases. This is because you’re creating a financial system for yourself that mimics the banks. [10:58] “What infinite banking puts in your lap, or in your hands, is this ability to model the bank and act like the bank and control capital. And that’s at the core of why it allows you to finance well and save well, because you’re in a position of controlling capital like the bank does.” The preferred vehicle for infinite banking is whole life insurance, which helps you create a pool of money that is safe and growth-oriented. What is Whole Life Insurance? Life insurance is insurance that you pay a premium for, and if you die while the policy is active, your family receives a payout of money. The simplest definition of whole life insurance is life insurance that lasts for your whole life and provides a cash value account.  The reason it lasts your whole life, as opposed to term insurance, is because of the structured agreement. You agree to pay a certain amount of premium over your lifetime, in exchange for coverage over your lifetime. [14:54] “Whole life… takes the insurance cost and it spreads it out through your entire life.” This model guarantees that you will have coverage in place if you die, so long as you hold up your side of the deal: paying premiums. Fortunately, these premiums don't just vanish. You actually get to access your cash, through the policy's cash value component. Cash value works like home equity. The more premiums you pay, the more access you have to your cash value while you’re living.
49:31 07/04/2022
Investing in Self-Storage, with Paul Moore
Why would a commercial real estate investor, author, and syndicator move away from apartments and become a self-storage investor? https://www.youtube.com/watch?v=0y_47Zr3F6g Paul Moore, real estate investor and author of Storing Up Profits, demonstrates how to capitalize on America's obsession with stuff by investing in self-storage. So, if you want to find out what's to love about self-storage, learn the risks and downsides of self-storage, and get the scoop on how it performed during the pandemic ... tune in now! Table of contentsPrior Interviews with Paul MoorePaul's Introduction to Self-StorageBigger PocketsWhy Self Storage?What is Value-Add in Self Storage?The Risks of Self StorageHow to Get Started in Self-StorageConnect with Paul Book A Strategy Call Prior Interviews with Paul Moore Lessons from a Commercial Multifamily Investor, with Paul MooreWellings Capital: Opportunities in Commercial Real Estate, with Paul Moore Paul's Introduction to Self-Storage After selling his company to a public firm in his 30s, Paul thought he was going to get out of the game and focus on his family. However, he quickly realized that he wasn’t fulfilling his calling, and therefore was not being the husband or father he wanted to be. On top of that, he was bored.  This spurred him to seek a way to fill his time in a purposeful way that could also help him protect his family’s wealth. What occurred to him was real estate, so he started flipping houses and lots, and finally building houses. [4:28] “I found out something really important that everybody needs to know. If you don’t know how to tighten the doorknob on your own house, you probably shouldn’t build a house.” Eventually, he found his place in multi-family real estate. But after a while, he felt like what he thought was the “perfect investment” was no longer perfect because he had to overpay to get it. After research and time, his team discovered self-storage investments and created a fund to invest in that space. Bigger Pockets Paul started his work with Bigger Pockets as a blogger, sharing his wisdom on real estate. And every six months, he would ask, “Is there anything else I can do to serve you?” Because Paul was invested in their success, and helping Bigger Pockets succeed, they’d let him do videos, live shows, and write books through them. [7:17] “Bill Gates, he did three things to become the wealthiest person in the world. Number one, he decided at a young age what he wanted to do and he stayed in that lane… Second, he… found the biggest, most influential platform in the world that would be willing to let him partner with them. And then the third step is… not obvious. He did everything in his power to make them successful. Not himself, but them.” Why Self Storage? One of the benefits to self-storage, as Paul shares, is the short time frame the asset operates on. When you lease commercial property to someone, those leases are often a decade or two long, which means that rent is locked in. With self-storage, leases occur on a month-to-month basis, so you can raise prices as you see fit each month.  [10:58] “The thing I like best, though, is the fragmented industry. Now self-storage has about 53,000 facilities in the US. That’s about the same as McDonald’s, Starbucks, and Subway combined.” About 75% of these facilities are run by independent operators, and two out of every three independents own one facility. This means they’re classified as a mom and pop, and they don’t have to have a lot of knowledge to make a good profit. However, this creates opportunities for experienced investors to come in and acquire the property, and capitalize on any oversights to drive further profits.  What is Value-Add in Self Storage? [18:06] “The first time I heard value-add and self-storage, I think I laughed out loud. I mean, where are the countertops and cabinets and flooring and bark park and lighting and, you know,
44:51 06/27/2022
Personal Finance for Beginners
Here’s a listener question about personal finance for beginners: "What is the foundation or the starting point of wealth building? What are the core things I would want in place to start building wealth?" https://www.youtube.com/watch?v=l0T2gjJvaAg You might be asking the same question. Do you have savings you want to do something with? Are you wondering if you are making the best personal finance decisions? Is it time to talk with a financial advisor? What do you need to know to figure out if the plan you create is going to be best for you? Many people with great money habits realize that it’s time to do some planning when they have a stash of savings. Should you invest? In the stock market? Which stocks? With which company? How much risk should you take? How do you track your performance? Will your plan get you closer to financial freedom? Let's talk about the 10 things you want to have in place in your personal finance, to make sure you’re headed in the right direction with a plan you feel good about. Tune in now! Table of contentsWhat is Wealth?Ways to Define WealthOther Ways to Think About WealthWhat is Financial Planning?How Do You Optimize Your Financial Life?Optimize Your Personal Finances: 8 Habits to Have in PlaceConsistent SavingsIncrease Your SavingsSave with Safety, Liquidity, and Growth in Mind15-Minute Money6-12 Months of ReserveThink of Savings as Emergency and Opportunity FundNever Stop SavingLook Into Infinite BankingInvest with Knowledge and Control Start Your Personal Finance JourneyBook A Strategy Call What is Wealth? [8:58] Bruce: “The first thing I would say is that you really have to decide what your definition of wealth is for you.” Bruce elaborates by sharing how, when asked about his Net Worth, he had to unpack the statement. Because typically, Net Worth is someone’s “pile of money.” It’s the culmination of their assets against their liabilities. To some, this may be the most important financial marker. However, Bruce and his wife decided that they valued cash flow more than a pile of money. So for them, Net Worth doesn’t necessarily scratch the surface of what they can do with their money.  Ways to Define Wealth There are three fundamental ways people define wealth, which may help you get clearer on your own personal definition of wealth. Net Worth is the first definition, which is viewing your finances like a balance sheet.  Another way to define wealth is to consider not just your cash flow, but how that cash flow represents your wealth potential. This is more abstract, but consider it for a moment. Say you have $400,000 of cash flow. This is a fraction, or percentage, of your total wealth potential. That total wealth potential represents what your cash flow would be if you saved that money in an account earning, say, 4%. That would make your wealth potential $10 million. If you reverse engineer this, you could theoretically live off of 4% of that same $10 million, which would be the $400,000.  Finally, many people today consider their time to be their wealth. So this may not be represented by a certain dollar figure, but by how much control you have over your time. Many people today choose to be entrepreneurs for this reason or work in the “gig economy,” so that they have more time.  The point is not that there is one ideal of wealth, but that you can reach a point on your journey where you feel as though you are wealthy. So, you must define wealth for yourself. Your definition of wealth may include some combination of these aspects or other ones entirely.  Other Ways to Think About Wealth In the book “Complete Family Wealth,” the authors define wealth as a family flourishing. They pose the idea that if you’re not happy, healthy, well-connected, and in control (among other things) then you are not truly wealthy. Wealth is not simply about money, but about whether you are living the life you wish to live. 
71:15 06/20/2022
Hire Better People, Faster, with Ryan Englin
Are you working too many hours?  Chances are, you don’t have the right people on your team. And if you don’t, chances are, your hiring practices are causing more problems than they are solving. Ryan Englin created Core Matters to fix your recruiting and staffing headaches. He coaches and trains business owners to hire better people, faster. https://www.youtube.com/watch?v=D8N47KLdPH4 So, if you want to hire and retain rock star employees… tune in now! Table of contentsHow Ryan Got StartedThe Hiring BottleneckThe Importance of a Good ProcessThe Jim Collins Bus AnalogyHow Do You Start?The Trick to InterviewingBehavior-Based InterviewsConnect with Ryan EnglinAbout Ryan EnglinBook A Strategy Call How Ryan Got Started Ryan's father worked in manufacturing, and his early memories are of spending time with his dad at the plant. He often spent nights and weekends there. It wasn’t until much later that he realized that he was inexpensive labor. And while Ryan’s dad had lots of people working for him, he still struggled to find the right people.  [4:15] “One rock star employee will replace two or three mediocre employees all the time.” It’s really hard to fathom this, though, as a business owner. Most people think they want three sets of hands instead of one. However, as Ryan points out, there’s massive value in having one person that doesn’t make mistakes or create drama.  When Ryan was older, he saw the same issue with his clients. They were struggling to find the right employees, and it was eating into their personal lives. He experienced the problem himself when he became a father, and wanted to spend time with his family. So he began to solve the problem for himself, and later his other clients.  The Hiring Bottleneck Hiring is one of the most common problems for entrepreneurs, and Ryan attributes this to a lack of information. There are so many books and resources on practically every other facet of entrepreneurship that most business owners can easily access answers. There simply seems to be a lack of accessible information about hiring the right people.  In fact, when it comes to hiring, most of the information is about getting bodies in the door and retaining them. It’s about creating the “Silicon Valley” environment of game rooms and food bars, and other attractions. But this has very little to do with finding people who are a good fit, beyond just their resume.  [8:35] “When it really comes down to people–and understanding their hopes, their dreams, their goals, the things that they want to accomplish—there are not a lot of books about that as it relates to business. And so what I think a lot of people do is they look at efficiency as a way to improve their business.” But there’s only so much efficiency that you can accomplish. For example, you can cut expenses as much as possible to make more efficient use of your dollars, but you’ll never get to zero. There are always going to be expenses. When you focus on people, however, you can look toward increasing revenue, and you can increase revenue infinitely. The right people are going to improve your business. The Importance of a Good Process [9:35] “What I believe is—this is probably no secret—humans aren’t perfect, we all make mistakes. And what I believe is, if you have an employee that’s a good employee, and you give them a great process, you’re going to have great results. If you have a great employee and you give them a mediocre process, you’re gonna have mediocre results.” Good people are the first step to good results, but people can only be as good as the process you give them. As a business owner, it’s critical to have a good process.  The Jim Collins Bus Analogy Jim Collins, a prolific business researcher and author, has a bus theory that explains the importance of the “right people.” In essence, it’s about having 5 or 6 leaders on your bus, or team. Ryan takes this analogy a bit further,
39:28 06/13/2022
2022 Nelson Nash Think Tank Reviewed
Nelson Nash, Father of Infinite Banking, left quite a legacy.  One of the things that he poured his life into was teaching and training advisors to serve clients with excellence.  Every year, IBC practitioners, clients, or anyone searching for a deeper understanding of Infinite Banking gather at the Nelson Nash Think Tank. There, they share ideas and recommit to the fundamentals of Infinite Banking the way Nelson taught. https://www.youtube.com/watch?v=lMjYKI95DI8 Bruce traveled to the 2022 Nelson Nash Think Tank, and I'm looking forward to discussing his observations and thoughts. So if you would like to hear some of the most important topics, issues, and trends in Infinite Banking ... tune in now! Table of contentsWho is Nelson Nash and What is the Think Tank?The Importance of the FundamentalsPerfect Practice Makes PerfectWhat Are the IBC Fundamentals?Banking is a ProcessIBC Creates “Forced Savings”Human Nature“Don’t Steal the Peas” You Finance Everything You BuyBook A Strategy Call Who is Nelson Nash and What is the Think Tank? There’s an incredible amount of knowledge at the root of the Infinite Banking Concept, which was created by Nelson Nash the author of Becoming Your Own Banker. Whole life insurance itself was not a new product or discovery. However, Nelson Nash realized that there could be a greater purpose and use for specially-designed whole life insurance. He used this strategy himself and later coined the term “Infinite Banking Concept.”  He created his books and the IBC practitioner program to help more insurance producers understand IBC. And subsequently, he created the program so that IBC could help more people. The Nelson Nash Think Tank is an annual conference for dedicated IBC practitioners to keep their knowledge sharp. It also helps IBC practitioners to identify and solve problems in the industry. The Importance of the Fundamentals One benefit of the Nelson Nash Think Tank, for IBC practitioners, is that it is a return to the fundamentals. In other words, the basic essentials of the Infinite Banking Concept. In any industry, it’s easy to look forward to fresh ideas and new ways to approach business. However, the fundamentals are the basic principles that hold everything together and guide your actions. Returning to the fundamentals ensures that you continue to stay on the path, and remain true to the most basic ideas. The same is true for IBC.  [5:25] “Everything you do in life, whether it’s learning a new skill or your own family, there should be some things that should be consistent and repeatable… Kind of like we talk about with money principles.” Not only can refreshing your understanding of the fundamentals help you approach new challenges, but it can also help you retain a “beginner’s mindset.” When you’re an expert in a field, it’s all too easy to forget that others don’t necessarily have the same background or understanding. But if you attempt to teach someone as if they DO, things get lost in translation. Returning to the basics in your own practice can help you more effectively teach or help someone with a beginner’s understanding of a topic.  Perfect Practice Makes Perfect Studying the fundamentals also ensures that you understand all the intricacies and nuance of your craft. True mastery takes time, effort, and dedication. It may seem boring to rehearse the basics, when there may be more interesting or complex things to study. However, it’s critical to know the fundamentals so well that you can recall them at the drop of a hat.  For example, as a basketball player, the fundamentals may be to take proper care of your feet. It seems simple, trivial even. But if you buy the wrong socks, or don’t lace your shoes correctly, you can get blisters that cause more issues down the road.  The more you return to and practice the basics of your craft, profession, or industry, the more you prepare yourself to operate at the best of your ability a...
62:44 06/06/2022
Writing Your Legacy Letter, with Blake Brewer
Do you want to write the perfect letter to your kids, but don’t know exactly where to start, what to say, or how to share your heart best?  https://www.youtube.com/watch?v=Nes6G6sX8bk Legacy Letters solve this problem. Blake Brewer is on a mission to help 1 million dads write at least one well-written, meaningful, lasting Legacy Letter to their children. Today, we’re digging into the importance of our parent’s words, how to prepare your heart and mind to write this letter, the three things that everyone needs to hear from their Dad and Mom, and how to ask forgiveness as a parent. So if you want to share the words that best communicate your heart… tune in now! Table of contentsWhy Write Down Your LegacyThe Legacy Letter that Started it AllHelping 1 Million DadsCrafting Your Legacy LetterThe Parent “Wound”Asking ForgivenessThe Most Important Components of Your Legacy LetterBook A Strategy Call Why Write Down Your Legacy Writing a legacy letter, as we’ll explore, is an opportunity to create a tremendous impact in the lives of your children. It’s actually important for the same reason life insurance is important on a security level–because one day, you won’t be around. And like life insurance, a legacy letter can help your children move forward with as few obstacles as possible.  Lucas and I wrote legacy letters for our children after my near-death experience a few years ago. At the time, we wondered: What if we don’t have all the decades ahead that we hope for? How would we be able to communicate all the most important thoughts and lessons to our daughters? A legacy letter is your opportunity to leave a tangible piece of yourself and your wisdom with your children and loved ones. That way, no matter what the future brings, you can be confident that all of your most important thoughts will make it into your children’s hands. It’s a powerful tool for families, especially for families looking to build a robust, multi-generational structure for the future. The Legacy Letter that Started it All [5:44] Our guest, Blake Brewer, shares his own experience of loss, and how that led to his role in helping families create their legacy letters. After his father’s passing, which was incredibly sudden, Blake’s mother gave him the letter his father had written for him. [10:43] “Even before I finished the letter, I felt so loved, that my dad would take the time to write this letter. I don’t know what he gave up, what he sacrificed, what TV show he didn’t watch; but my dad took the time to write down his thoughts and feelings about us, and gave some great life advice. The last line of this letter, only God could have allowed my dad to write it. My dad wrote, ‘As you follow Christ, you’ll often find yourself in the minority here on Earth, but I can assure you in Heaven, you’ll be in the majority…’” The words were the exact comfort that Blake needed at that moment and helped him to begin processing his grief. In fact, it helped him to process his grief in a healthy way, thanks to his father’s words. He says it was that letter that changed his life.  [12:05] “My dad had life insurance, so I’m grateful for that as well. My mom didn’t have to go to work, our life stayed the same, and I’m thankful for that. But this letter is worth just as much as the money that my dad provided for us.” Helping 1 Million Dads A few years ago, Blake decided to write his own letter to his children, so that they would have something of him when they needed it most. But when he sat down to start writing, he saw how difficult it was. He had plenty of ideas to put onto the page, but organizing them into the right words was hard. Other fathers he had talked to over the years, who resonated with Blake’s story, had also found the process difficult.  At the same time, God brought several other men into his life that received letters from their fathers. And these letters also changed their trajectory.
49:25 05/30/2022
How to Protect Your Money Against Inflation
Are you feeling the rise in prices and wondering what the long-term effects will be on your financial goals? When inflation eats away at the value of your dollars, how do you protect from inflation? What are your options for a level-headed approach to getting your money to do the most today and in the future? https://www.youtube.com/watch?v=UE5jjK89nRg Today, we're talking about your options to protect your money against inflation...so if you want to keep your money growing, tune in now! Table of contentsShow NotesCommon Advice for Protecting from InflationSeeking Growth in All ThingsArticles ReferencedBook A Strategy Call Show Notes [0:00] Introduction: How should you prepare financially to protect your money from inflation?[2:40] Your goals, principles, and personal economy change what strategies might work for you.[4:15] Not every facet of our lives is foreseeable; so we must prepare for unknowns.[5:05] How the financial entertainment industry affects our perspective.[7:40] The value of truth over opinions.[8:55] The financial philosophy “advance and protect.”[9:55] “I think you need to stick with your fundamentals, even when the information around you is telling you, ‘Do this! Do that!’ Because it can be very attractive and it can pull you towards wanting to do something, or telling you that your fundamentals are wrong.”[10:52] Do not take education as advice. Education should provide you with information to make better decisions, yet it cannot replace personalized advice based on your unique personal economy.[11:55] Financial advice and wisdom don’t exist in a vacuum.[13:51] The importance of questioning everything, and the information you’re given. Common Advice for Protecting from Inflation [14:20] Evaluating the Investopedia article “9 Asset Classes for Protection Against Inflation.”[20:15] How to evaluate the integrity of an information source.[21:00] How different economic philosophies approach inflation.[21:20] The number one question to guide your financial decisions.[23:20] Is gold a good asset to protect against inflation?[27:05] Gold is liquid, the problem is that it’s not always easy to sell. [28:40] What is inflation? Why does inflation occur?[29:23] Are commodities good a good hedge against inflation?[30:05] Why a 60/40 stock and bond split doesn’t work.[35:55] Historic average rates of return don’t guarantee that’s what you will earn.[36:30] What are REITs, and are they a wise investment during an inflationary period?[37:35] Investing in the S&P 500 during an inflationary time may not work out, and it wouldn’t be responsible to recommend. [39:46] Why real estate is a good investment when made under the right circumstances at the right time.[40:30] What are leveraged loans?[40:50] What are TIPS?[41:10] Does the Bloomberg Aggregate Bond Index work as a hedge against inflation? Seeking Growth in All Things [43:10] In order to make better financial decisions, you must seek more education.[43:28] Les McGuire and the Economic Value of Certainty[43:55] The importance of principles in your financial decision-making, and the principles that guide us. [47:10] “Is it going to keep up with inflation? Probably not. But is it going to do better than any other place that I have to store my capital where it’s still accessible? It’s better than anything we’ve found yet.”[48:16] The power of an entrepreneurial mindset to protect from inflation.[50:58 How to hedge against inflation if you’re not entrepreneurially minded. [52:35] Closing thoughts on inflation.[52:58] “You can be more in control of your financial destiny than just having to make decisions based on the sway and the whim of interest rates and inflation and all of the boogeymen on the financial horizon.” Articles Referenced https://www.investopedia.com/articles/investing/081315/9-top-assets-protection-against-inflation.asphttps://www.ssga.com/library-content/products/factsheets/etfs/emea/factsheet-emea-en_gb-sybu-gy.
55:53 05/23/2022
Laundromat Millionaire, Dave Menz
Are you fascinated by the success stories of other entrepreneurs? Today, learn from Dave Menz, the Laundromat Millionaire, Dave Menz's inspirational story, learn the secrets of his success, and find out how you can overcome your own obstacles while building wealth. https://www.youtube.com/watch?v=trhxZsJ0cdc Tune in now! Table of contentsLearning the Laundromat RopesCraigslist BusinessThe Beginning of the Laundromat MillionaireOn Rejection and PerseveranceBuying the Next LaundromatDelayed GratificationServing a CommunityRaising the Bar for All BusinessesA Better Family FutureGet The Laundromat MillionaireAbout Dave Menz, Laundromat MillionaireBook A Strategy Call Learning the Laundromat Ropes When you’re running a business, there’s textbook knowledge and boots-on-the-ground knowledge. Dave Menz is the kind of entrepreneur with real boots on the ground experience running a successful business.  [3:11] “I grew up really poor as a young kid, in Flint, Michigan. And I was never very good at school, and I didn’t see a traditional corporate path for me. It just wasn’t in my DNA… I didn’t know anyone that was an entrepreneur or a business owner. But I was always just, from afar, admiring people that were without knowing them.” [3:40] “I don’t like limitations, I don’t like people or organizations or things telling me that I can’t accomplish x. I like to believe that if I spend enough time and gain the knowledge, and have the right mentors, and the right opportunities—good ol’ fashioned grit plays a part in that, for sure—that I can accomplish almost anything that I want to. Or at least I’m going to die trying.” This mindset, Dave shares, is what he thinks called him to entrepreneurship. While he didn’t start his path as a business owner right away, he always had a keen interest in how businesses were operated. This prepared him for one day taking over his own. When Dave knew he was ready to own his own business, he and his wife began saving and spent 3 or 4 years preparing for what would be their first laundromat.  Craigslist Business Dave actually found his first laundromat on Craigslist, after time spent researching the kind of business he wanted to own.  [11:45] “I just started down the path of due diligence with every business that I found on Craigslist or anywhere else. And every time… I came to a point where there was either a red flag or multiple red flags, that just said ‘this isn’t for you.’” Dave views himself as being somewhere in the middle of analysis paralysis and reckless—he’s a great, detail-oriented researcher, but he doesn’t get too hung up on choices. He can recognize when it’s time to move on from an idea. With the laundromat, there were no red flags he could find, so he just went for the deal.  The Beginning of the Laundromat Millionaire When Dave bought the laundromat for $85,000, it was losing money. But he also saw an opportunity in the business, and he knew he could do something great with it. All the nearby laundromats were in similar or worse condition.  [13:57] “I thought, well, I don’t know a lot about business, but I do understand the laws of supply and demand. And I know my community. I’ve lived here for a long time. It’s a thriving, growing suburb in Cincinnati. It doesn’t appear that any of these laundromats are serving this community well, and so if I fix it up and make it a nice place, seems to me like it should grow and should become profitable.” Over the 4 years Dave and his wife had saved, they had $35,000. They used $20,000 as a down payment. However, they had trouble getting a bank to back them. In fact, they had 25 rejections. This prompted them to look for funding elsewhere, and they ended up getting an SBA loan through a local credit union. After about 11 months, the first laundromat began making 3-4,000 a month.  On Rejection and Perseverance The rejections Dave faced are almost a story of their own—one of resilience.
62:41 05/16/2022
Why I Use Infinite Banking, with Wesley Smith
It’s time to showcase another client who’s building an Infinite Banking System for himself and his family. https://www.youtube.com/watch?v=G6l1gkv09fg Meet Wesley Smith, real estate investor, business owner in the digital marketing space, husband, and dad. To find out why he’s been using Infinite Banking for the past 7 years, and how it’s helping him in his business, investments, and his family… tune in now! Table of contentsWesley's Entrepreneurial JourneyIntro to Infinite BankingWhy Infinite Banking?Why Multiple Infinite Banking Policies?How Wes Uses His Infinite Banking PoliciesInfinite Banking and Family DynamicsTeaching the Next GenerationWes’ Tips for Business OwnersBook A Strategy Call Wesley's Entrepreneurial Journey Wes’s career launched with his dad’s plumbing company, where he stayed for three or four years. After that, he realized he wanted to get out into the world. His friend had a door-to-door sales job in telecommunications, making a pretty good salary. Wes knew it was his next step.  [4:00] “I think that first sales job really solidified the fact that I wanted to be an entrepreneur… Just learning to be in that sink or swim environment from month to month to month—every month is a new month, right—is kind of what helps you learn what you need to be a business owner, in general.” Over time, he learned he could also build some residual income from this work. Ultimately, this helped him get closer to where he wanted to be financially. But the entrepreneurial piece was still missing. This led Wes to invest in real estate. In order to advertise and maintain relationships with clients, Wes became proficient in all things digital marketing. His proficiency led him to open an agency around 2014 that caters to the tree service industry.  Intro to Infinite Banking Wes stumbled into the world of infinite banking almost by accident. About seven years ago, whole life insurance came up in conversation between Wes and his younger brother. Wes was recently married, and his son was just born, so he knew life insurance was a good thing to look into. After getting set up with an agent, he bought his first whole life insurance policy.  [8:20] “We’re all just like conditioned to not even think about life insurance one bit until we’re married and have kids, then all of a sudden everybody’s beating their door down talking about life insurance to you.” After paying a few premiums, Wes kept wondering where his premiums were going and what he was paying for. Although his agent answered his questions, he was still having trouble wrapping his brain around insurance. So he decided to do some research and learn everything he could about whole life insurance. This search led him to The Money Advantage, as well as some other sites, where he stumbled on the infinite banking concept.  Why Infinite Banking? [9:50] “Once I found that [infinite banking concept], and I ordered Nelson [Nash]’s book, Becoming Your Own Banker… it was as clear as day what I needed to be doing for the rest of my life with all of my savings.” Part of the reason infinite banking appealed to Wes is that it’s flexible and liquid. He had been in corporate settings, with a 401k, where his money was locked away and inaccessible. [10:14] “This is nice to have this [retirement] account over here, but I can’t do anything with this money for the next 35-40 years. What am I going to do if I come across a real estate deal and I need access to 50 or 100 thousand, or whatever the case may be? You just really can’t do that with a retirement account like you can with infinite banking policies.” Another benefit to infinite banking, as Wes sees it, is the ability to grow money even when you’re dormant or waiting for your next investment. The cash value of your policy puts you in a position of cash to jump on opportunities. But even when you’re waiting, your policy is growing and doing more than a typical savings account. 
58:32 05/09/2022
Crush Your 2022 Goals with Less Doing, with Ari Meisel
Want to get more done, quicker, easier, and more profitably? Then, it’s time to do less. Today, we’re talking with Ari Meisel, author of The Replaceable Founder, The Art of Less Doing, On Productivity, Idea to Execution about how to build a business that can run and grow without you. https://www.youtube.com/watch?v=i3dQcZTuKtg So, if you want 2022 to be the year you opt-out of the hustle and make consistent progress… tune in now! Table of contentsThe Art of Less DoingAsynchronous ToolsHow to Get StartedMacGyver Style InnovationThe Ultimate KPIBeing a Better Decision-MakerThe 20-Minute Work DayConnect with Ari MeiselBook A Strategy Call The Art of Less Doing When Ari Meisel graduated college, he went into real estate development and construction in Upstate New York. His hours were grueling, and he was beginning to feel the effects of stress. At 23, Ari was diagnosed with Crohn’s disease, which is an inflammatory condition that is considered incurable. And in his journey to overcome this illness, he went from working 18-hour days to working one-hour days.  And while there were dozens of books on productivity at the time, there weren’t any on the market that addressed people who truly had little time in their day. The Art of Less Doing, Ari’s first book, was born out of the extreme restriction Ari had from his Crohn’s.  Essentially, the framework of “less doing” is to optimize, automate, and outsource. This made framework made it possible for Ari to continue to work and be productive. This idea has since grown into many other things, like The Replaceable Founder.  [5:48] “If you ask somebody… who works like a 9 to 5, what would happen if you had to leave the office by 4? You couldn’t work until 5. Most would just say they’d skip lunch, that’s usually the answer that comes back. But if you ask that same person, what if you only had an hour? It’s perplexing. It requires such a different way of thinking because those things still have to get done. But if you can’t possibly get them done in that hour, then who or what is going to do them for you? It’s that restriction that breeds innovation.” Asynchronous Tools Interestingly, Ari shares an interesting part of his strategy that has helped him put significant time back in his day. That is, the power of using more “asynchronous” tools and communication. It allows people to create more work-life balance and affords individuals control over their workday. However, many jobs are formed around synchronous communication. For example, in a typically 9 to 5 job, everyone is expected to come in at the same time, and communicate immediately, in real time. However, people are not synchronous, and have different rhythms.  Asynchronous communication, on the other hand, is like email. It allows each participant to take the information and control when they read and respond to it. This gives each person more autonomy, and the ability to construct their own work boundaries.  [8:30] “The technical requirements are not really what’s important. It’s really about a mindset, in terms of what you do.” Ari shares that most people try to use texting synchronously. They type a message, send it, and can watch the three dots that signify the other person is typing. Of course, some messages are urgent, and require an immediate response. However, this can often prevent us from simply shooting off quick thoughts, which is what texting was designed to do.  Ari's Favorite Way to Communicate Voxer, which is a voice app, is Ari’s tool of choice. He allows his clients to have unlimited access to him through Voxer, but each person communicates at their own pace. It’s like communicating through voice memos or messages, rather than a phone call. This makes it possible for short, quick conversations that may take place over a day, but ultimately don’t distract or take much time.  The problem with providing coaching is that often the times people need contact with thei...
55:38 05/02/2022
Infinite Banking Objections, Answered
Have you heard about Infinite Banking, but somehow feel left with a bad taste in your mouth and you’re not sure why? We are airing some of the biggest Infinite Banking objections most people have in regards to whole life insurance. https://www.youtube.com/watch?v=imRoHqAgunk So, whether you’ve heard that it’s trash value insurance, it’s more expensive than term, it takes years to grow your cash value, the returns are garbage, or that the insurance company keeps your cash value when you die … and these dangers you’ve heard about whole life insurance may have also sounded believable, we’ll talk about each.  Today, we’re walking through a specific listener question that outlines probably every one-liner objection you’ve ever heard about whole life insurance. So, if you want to understand the facts, find out the truth, and make educated decisions about life insurance and your finances … tune in now! Table of contentsWhy We’re Answering Infinite Banking ObjectionsClaim #1: IBC is a Gimmick Whole Life InsuranceClaim #2: Whole Life Insurance is Too ExpensiveOwning vs. RentingClaim #3: Whole Life Insurance is Built on Empty PromisesClaim #4: The First Few Premiums Are Agent CommissionsClaim #5: The ROI is GarbageClaim #6: The Cash Value Isn’t Included in the Death ClaimClaim #7: You Have to Borrow Against Your Own MoneyRecycling MoneyClaim #8: Just Because It’s an Established Product, Doesn’t Mean It’s a Good OneClaim #9: Only Those Who Don’t Sell Insurance Can Be TrustedClaim #10: Dividends Are a Return of OverpaymentClaim #11: Cash Value is a Scam“Paying Yourself Interest”Additional Resource:Book A Strategy Call Why We’re Answering Infinite Banking Objections Frequently on our podcast, we receive comments from people who have infinite banking objections. Either they don’t understand whole life insurance, or they have misconceptions of what it can and cannot do. Sometimes, these comments can be downright argumentative.  We get it, we do. There’s a lot of financial advice out there, and much of it is conflicting. We’re not in the business of convincing people who simply want to argue, however, we do hope that by answering some of these Infinite Banking objections, we can truly connect with people who are open-minded and want to understand.  Claim #1: IBC is a Gimmick  A common Infinite Banking objection is that it’s a tactic or gimmick to “sucker” people into buying whole life insurance. Typically, people who make this objection believe whole life insurance to be a scam. This, however, stems from a fundamental misunderstanding of life insurance, and why people can and do want life insurance. This idea also highlights a particular misunderstanding about what IBC can and cannot do.  We address many of these claims in our blog post, “Is Infinite Banking a Scam?” However, we wanted to touch on the idea here, too. IBC is not just a gimmick, it’s a concept that can be applied to how you use whole life insurance. Infinite banking, essentially, is a concept that guides the design of a whole life insurance policy, as well as the usage of leverage.  It is not a get-rich-quick scheme, a magic solution, or an infinite pool of money. It is a school of thought that one can apply to your money. Some of the primary principles of IBC are liquidity, leverage, and uninterrupted compounding interest. Whole life insurance happens to be an ideal asset for applying these principles and more.  [11:35] “Gimmicks don’t last.”  IBC, however, has lasted. Whole Life Insurance On its own, whole life insurance is an incredibly valuable asset. It’s permanent insurance that helps families create a legacy and leave an inheritance, while also protecting income and assets. Having a death benefit, for many people, is priceless. It provides for your loved ones when you're gone, by not only providing a financial cushion but actually giving families the freedom and time to grieve without worrying about finances immedi...
73:57 04/25/2022
Successful Families, Inheritance, and Family Giving with Rabbi Daniel Lapin
What does ancient Jewish wisdom reveal about successful family enterprise and leaving a legacy? https://www.youtube.com/watch?v=YrX7GpP4__E Today, we’re talking with Rabbi Daniel Lapin. He is the author of Thou Shalt Prosper—Ten Commandments for Making Money, and Business Secrets from the Bible. In this conversation, we’re digging into ancient Jewish wisdom for successful families, and how to navigate inheritance and family giving. So if you want to do the most for your kids, get more people to listen, and do the most with your money… tune in now! Table of contentsLife is like a Power StationThe Importance of GivingCreating a Financially Responsible FamilyHow to Have More ControlSteering Your Family UnitPrevious Discussions with Rabbi LapinAbout Rabbi Daniel LapinBook A Strategy Call Scrolling Through the Scripture Since we last spoke with Rabbi Daniel Lapin, he’s been further developing his Scrolling Through Scripture program. He designed this program to help people unpack the Hebrew text. The technology allows people with no background in Hebrew to start understanding the scripture, and understand it better.  [4:39] “In reality, it’s rather extraordinary that we live right now, in the very first time of human history where people who see themselves, and are viewed by their contemporaries, as educated and influential and knowledgeable, are completely ignorant about the Bible.” The Hebrew text reveals answers to questions about the English translations of the Bible and provides necessary context. Because many people seem to have a sort of “amnesia,” as Rabbi Lapin puts it, about the cultural relevance of the Bible.  [9:53] “We’re not necessarily dealing with people who literally have had amnesia, but if you think of people who have come of age in the last 30 years, they’ve got the equivalent of amnesia, in the sense that the cultural bricks that have been put in place to build their personality and their relationships to the world in many ways are distorted and ineffective.” Life is like a Power Station In previous discussions with Rabbi Lapin, we’ve talked about several of his books, which share financial wisdom from the Bible. On one hand, we’ve discussed how making money is a natural progression of doing something of value in the world. On the other hand, we’ve also talked about the importance of giving first, before you even make a profit. Today, we want to talk about this more deeply with the Rabbi.  To this, Rabbi Lapin shares a comparison between operating a car versus a nuclear power plant. A car is typically very straightforward to operate. There’s some learning curve, but it’s not overly complex. So, if something goes wrong while you’re driving, like a crash, it’s instantaneous. On the other hand, there are dozens upon dozens of things to know to operate a power plant. And the system is so complex, you may not understand you’ve done something wrong until much later down the road.  [15:39] “Life is like the nuclear power station, not like driving the car. Which is to say, that many of the things you need to know about the safe and proper operation of your life do not show up immediately.” It may be years before you realize that some of the decisions you’ve made aren’t the right decisions. Sometimes, it takes some time to figure out you’ve done the right thing, too. For example, if you decide to follow the “giving route” and your friend decides to follow the “taking route,” it’s possible that the taking route might seem like the more attractive option at the start.  The Importance of Giving [18:40] “We are made, we are created, to operate. We are lubricated by being givers, not takers—we are corroded by being takers. It’s like running that engine without an oil change. We thrive by being givers.” Rabbi Lapin raises an interesting point about the role of children in families. He acknowledges that as infants and toddlers, children can be very demanding.
57:11 04/18/2022
Rich vs. Wealthy – Why Mindset Matters!
Do you want to be rich, or do you want to be wealthy? There’s a huge distinction between being rich vs. wealthy. Understanding the difference is the missing ingredient you need to truly enjoy your money. https://www.youtube.com/watch?v=y2X6mPMi9Q0 So, if you want to be wealthy, find out the one thing you need to create wealth that makes a real difference, not only in your life but also in generations to come… tune in now! Table of contentsRich vs. Wealthy: What's the Difference?Make Your Money Do The MostWhat is Your Money’s Purpose?The True Freedom of Cash FlowSpending Your Time on Things That MatterGenerational LegacyRich vs. Wealthy: Which One Are You?My Upcoming Book Rich vs. Wealthy: What's the Difference? You might be wondering why I’m stressing this distinction, but there’s a good reason. If you’re rich, you can have a high standard of living. You can probably buy things that you want without thinking too deeply about the implications. Begin rich means you can do all the things that you wanted to do when you sought to be rich in the first place.  But there comes a time when you may realize that, as an entrepreneur, you have limitless earning potential. It’s well within your control to increase your income and put new business on the books, create new products and so much more. It’s at this stage that you may have a revelation of sorts. [1:45] “If you make this money and you spend the money, there’s still something more. There’s something missing. There’s this part of you that realizes, well, you can buy all the things, but what then? What next? How do you make it really matter?” The truth of the matter is that being rich simply means you have a high standard of living. That’s it. And that’s okay. But being wealthy means your money does the most for you.  Make Your Money Do The Most When your money is doing the most for you, it’s actually operating within its own purpose and contributing back to your life. Wealth does more than increase your standard of living. It also creates cash flow and allows you to help other people besides you.  [2:45] “Just consuming leaves us feeling empty. I mean, there’s really only so much we can purchase.” There’s only so much that money can do when you are consuming. The deeper, underlying desire of a “consumer” mentality is connection and purpose. That’s what people want. And it requires you to give a higher purpose to your money, rather than the act of consuming alone.  What is Your Money’s Purpose? [5:00] “Really, what I think about when I think about money doing more for me is really, I have to conceptualize where can I put my money? What are the options for the things I can do with my money?” Ultimately, there are only three things you can do with your money. You can spend it, you can save it, or you can invest it. Making more money seems like a good solution to many problems, but ultimately it’s only one piece of the puzzle. The missing component to many wealth-building journeys is a fulfilling plan for saving and investing that gives your money purpose.  So you must identify the purpose of your money. If you just want to have a bigger pile of money, you’re still going to run up against the feeling of frustration and emptiness that you might be feeling. Instead, you have to look a bit deeper to find your money’s purpose.  If you’re building time and money freedom, then you have the capability to have all of your needs met through cash flow from your assets. Then you can spend your time on what you choose to be doing. You can cultivate this through investing in businesses and assets that are sustainable and create cash flow.  The True Freedom of Cash Flow This differs from having a high salary or earning a paycheck from the work that you do. Because the foundation of cash flow that you build from your savings and investments will actually allow you to choose how you spend your time.
18:04 04/11/2022
Accelerate My Revenue: High Ticket Sales and Virtual Events, with Eileen Wilder
Did you know that it’s possible to compress your annual goals and accomplish them in a day? With virtual events, all things are possible. Here’s your permission to blow the lid off your expectations for your income! Eileen Wilder, known as “The Queen of Stages,” is a master communicator, trainer, teacher, and advocate for growing (and monetizing) your personal influence for more impact, more income, and most of all—more fun! https://www.youtube.com/watch?v=jQIaviWgBjA So today, find out how you can accelerate your revenue, leverage your time, and scale your business in 2022… tune in now! Table of contentsThe Beginnings of Accelerate My Revenue Combatting InsecurityStop Seeing Money as LimitedHow to Find Your ConfidenceThe Power of Virtual EventsKnow Your AudienceGetting “Big Numbers” with a NicheAbout Eileen WilderConnect With Eileen WilderBook A Strategy Call The Beginnings of Accelerate My Revenue  Eileen Wilder began her journey as a pastor, and together with her husband decided to explore the online space. This entrepreneurial journey eventually led to Eileen’s first six-figure day. In a single day, she earned $108,000. This occurred about three months into her entrepreneurial journey and sparked her understanding of the power of speaking.  It wasn’t just an incremental journey; it was a quantum leap for Eileen and her family. Immediately, this spurred them to pause everything and try to figure out exactly what they did so they could replicate it. This led to them passing the million-dollar mark of revenue well within a year, and even exceeding that.  [5:38] “I just want to encourage you. 2021 was not great for many, many reasons, on so many fronts. I have disastrous things that happened in my [life]; you know health reasons, loss of [a] family member. However, the opportunity to impact more lives has never been greater, as a result of what happened in 2021. As a result of covid. shutting things down, the online virtual space is exploding, and virtual events are repeatedly, systematically, day-by-day are doing six and seven-figure days.”  If you have a message, or what Eileen calls a stirring in your heart, there has never been a better time to get that out into the world.  Combatting Insecurity Finding exponential growth is possible, no matter who you are. However, it requires transformational thinking. Insecurity, self-doubt, and low confidence can all get in the way of the message you have to share with the world.  [7:45] “Brendon Burchard said, ‘Your internal insecurity is not market reality.’ And oftentimes what’s happening internally in our mental mind drama, the mind movies we have, and the stories we’re telling ourselves…is actually not the market reality. The market is trading billions of dollars every day–products, programs, services. And get this: they’re inferior to what you offer.”  The first step to your journey of success is to stop allowing your internal insecurity to sabotage your potential impact on the world.  [8:44] “There’s more than enough for all of us to have more than enough, with more than enough left over.” Stop Seeing Money as Limited The next hurdle to combat is just as Eileen says above. It’s easy to believe that money is finite, however, the world simply does not work that way. Money is an exchange of value, and if you can provide value, abundance will follow. If you improve someone’s life, their life grows and so does yours.  Don’t fall into the mental trap of limitation. If someone gets more money, that does not mean there’s less of the pie available to you. It can actually raise the bar for everyone, and what someone earns is simply a fun fact. Another person’s earnings do not have a bearing on your own earnings.  You also likely won’t serve everyone with the message you have to offer the world, as Eileen points out. That doesn’t mean your income is limited, and in fact, it can even create more freedom for you to be yourself a...
46:40 04/04/2022
The Marshall Family Bank: Why We Started a New Life Insurance Policy
Do you want to accumulate reserves and investible capital where it’s safe and liquid, so you have the cash to invest in the widest range of circumstances? Come behind the scenes as we talk about our Marshall Family Bank in real-time.  https://www.youtube.com/watch?v=wmDrsECWJ8Y Today, we’re talking about our recent whole life insurance policy conversion with a 1035 exchange. We’ll discuss the original policy and what prompted the conversion. We also cover how we structured the new policy, what riders we added and why, and our updated cash value, dividend, and death benefit performance. So, if you want to see exactly how we’re growing our family bank to continue today… tune in now! Table of contentsHow We Started the Marshall Family BankThe First PolicyWhy the 1035 Exchange?What is Demutualization?How Does a 1035 Work?The Old vs. New Marshall PolicySo Why a 1035? Execute TodayBook A Strategy Call How We Started the Marshall Family Bank The Marshall Family bank had to start somewhere, so we want to start by sharing our beginnings with you. Originally, we gravitated toward whole life insurance because we were between opportunities. We were also seeking a safe place to store our cash. This was about 9 years ago. Liquidity was one of our top priorities because we were saving almost 50% of our W-2 income in precious metals, which lacked the liquidity we needed. We still have precious metals in our portfolio today. However, after saving such a significant portion of our income, it was clear that better liquidity would be beneficial. This compounded with the realization that we needed some diversity in our assets since precious metals rise and fall in value.  It was about this time when infinite banking crossed our radar. We were searching for more liquidity and safety. The idea was appealing because we recognized the long-term benefits of a cash flow system. [2:55] “This was when we really sunk in our teeth to the idea that whole life insurance can be a place to store cash, it can be specially designed as infinite banking to have the capital reserves, grow cash value, pay dividends because it’s a mutual policy, and also have a death benefit that transfers your legacy. And we’ve had an evolution, over the course of our life, of recognizing we also need to have human life value, which means having as much death benefit as we can have.” The First Policy With our first policy, we didn’t yet have the long-term vision we have now. Sometimes we didn’t pay the full premiums, and we added PUAs where we could. However, we are thankful we got started at all, rather than waiting. It still helped us to be in a better position than we would be without it. In fact, we used the policy frequently while we had it. This policy was a $10,000 annual premium, insuring Lucas. We used it for several loans over the years, including our business and real estate investing. We’ve paid these loans back, and it’s been a great storage tank for the capital we have.  In the time since we started this policy, we’ve learned a significant amount about policy design and structure. It’s because of our knowledge that we decided to do a 1035 exchange of our first policy into a new life insurance policy.  Why the 1035 Exchange? One reason that whole life insurance can be a great tool for wealth storage and building is that it’s flexible. If your income increases, you can get another life insurance policy and keep your others intact, effectively building a portfolio of policies. This is one reason we thought it would be interesting to have this conversation since we did a 1035 exchange instead of simply starting a new policy. [8:40] Bruce: “Very rarely should a person 1035 a whole life policy to another whole life policy—unless they have specific reasons for doing it.”  Some of the reasons people 1035 whole life insurance into other whole life insurance are:  To receive better service from a new life insurance c...
37:05 03/28/2022
7-Figure Business Owner and the Legacy Blueprint, with Joe Evangelisti
How do you get life-changing transformation and master the game of business? Joe Evangelisti has built an 8-figure empire and has helped hundreds of entrepreneurs and business owners to cross the 7, 8, and 9-figure mark. Interested in being the next 7-figure business? Don't miss this opportunity to learn from one of the greats. https://www.youtube.com/watch?v=_d_IsQBXhtM To find out how to pivot to unlock your true potential, put aces in their places, and develop a winning culture… tune in now! Table of contentsLife-Changing TransformationMindset TransformationHow to Build ConfidenceCreate a 7-Figure Business by Getting a LifeDon't Be the ArsonistHow to Get Started Building a TeamHow to Be a Team LeaderWhat Does it Mean to Pivot?The Power of Aces in Their PlacesFostering Company CultureStrong Leaders Create Strong LeadersHow to Live Life NowConnect with Joe EvangelistiAbout Joe EvangelistiBook A Strategy Call Life-Changing Transformation Joe Evangelisti is a master of transformation and doesn't let the circumstances drag him down. In fact, his early business experiences have primed him to find opportunities in what others might consider dire circumstances. [4:00] “I was lucky I got into real estate in 2007, which a lot of people were in real estate back then. It was kind of a weird year to get involved in it, but it taught me a lot. Because we thought we were going to hit the ground and flip dozens of houses and make tons of money, and it couldn’t have happened any differently, right?”  Joe got into the real estate market with his own cash and was already two or three properties deep when the market crashed. Yet, he credits this time as teaching him valuable lessons in how to pivot and course-correct his investments in order to make lemonade out of lemons.  [5:00] “I think early on in my career, the first five or six years, it was just a matter of putting all of my time and effort into hustling, grinding, and figuring out until I nearly had a burnout in my early 30s and realized hey, this isn’t the way to do it.” Mindset Transformation It was this shift in mindset that Joe credits with helping him build the multiple successful businesses he has today. It's the same mindset he's helped others adopt to build their own 7-figure businesses and beyond. First, he recognized that there doesn’t have to be an endless grind with no satisfaction. Secondly, he learned that you must also be the kind of motivated person that can find and create solutions no matter the odds. Some of the most successful entrepreneurs Joe can identify have been through some of the most terrifying financial scenarios, and come out on top because they’re able to see it through and course correct.  [7:20] “The characteristic that I see in real winners is the fact that they just don’t ever stop. Right? They don’t ever give up, they just keep pushing no matter how bad things are.”  How to Build Confidence [8:10] “One of my strong unique abilities is the ability to get people to recognize not only their authenticity but the value they bring, right? I think that the challenge that so many entrepreneurs have is they’re trying to be somebody else. They’re trying to be somebody they’re not. When you can recognize your own brand, your own authenticity, what your own value is, what you can bring to the table, what is the byproduct of that? The byproduct of that is confidence. When people give up, what they’re lacking is confidence.” Joe asserts you maintain your confidence by maintaining your identity because confidence comes from authenticity. And all people have an innate ability to recognize authenticity. It shows when you're donning a facade, or being someone you're not. Joe even goes so far as to say that vulnerability can help you be more authentic. The problem is that so many people are afraid of being open and vulnerable. If you want to create real, human connections with clients, business partners,
57:43 03/21/2022
TMA on the Banking with Life Podcast
This week we have the pleasure of joining James Neathery on his podcast, Banking with Life. https://www.youtube.com/watch?v=VTr7vMxoyQU If you want to better understand the importance of life insurance as a foundational tool, and how it integrates into a family banking system...tune in now! Show Notes: 0:00 James Neathery introduces The Money Advantage team: Rachel Marshall, Lucas Marshall, and Bruce Wehner.  3:00 The more quality information about infinite banking and finance out there, the better. Separating the noise from the truth.  5:40 Rachel shares how The Money Advantage team met Nelson Nash, author of Becoming Your Own Banker. 8:15 Lucas touches on the importance of the IBC and life insurance industry sticking together and applying the principles of legacy to create a broader sense of community.  11:30 James says. “Every business has a ferocious need for capital and cash flows.”  12:15 What is family and heritage, and how does money impact that? How does it contribute to generational wealth? 12:55 How the Marshall family implements a family banking system, and how this system has adapted over time.  14:30 How do you ensure that your legacy and money are used in accordance with your family values? 16:30 The benefits of a family banking system over time. 19:30 The benefit of being surrounded by like-minded, entrepreneurial people.  20:20 Where to store your capital for safety and liquidity. 21:25 What is a leveraged-up death benefit, and why is it so profound? 24:15 Bruce shares why he decided to open a life insurance policy on his father.  28:25 What does it mean to have a family enterprise, and how can you be successful? 29:15 What is the “rugged individualist” in the financial industry? How do you move toward a family-focused financial system? 33:15 IBC in theory versus in practice. 35:00 Infinite banking starts at the idea level: you have to reconcile the idea with your finances first. 38:15 The reason you want to step into the role of the banker is that it gives you control. Control gives you options.  40:15 The power of how Nelson Nash taught IBC. 41:50 How people form their opinions on whole life insurance.  45:10 How do you handle people who challenge your understanding or beliefs?  48:30 “Most people’s understanding of life insurance is based on someone else’s misconception.” 49:45 The importance of a solid financial foundation. 53:00 Being available versus being on demand.  54:00 Working with ideal clients. 55:45 The Fed doesn’t understand banking.  1:03:20 Closing thoughts. Book A Strategy Call Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help!  Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/, and find out how Privatized Banking, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out more about how Privatized Banking gives you the most safety, liquidity, and growth… plus boosts your investment returns, and guarantees a legacy, go to https://privatizedbankingsecrets.com/freeguide to learn more.
66:28 03/14/2022
How to Make Money Online, with Brian Dixon
Where do you start in navigating a clear path to impact and income? How do you make money online? https://www.youtube.com/watch?v=ipnicQQZvkk Brian Dixon says to start with your people. He’s the marketing mentor and business coach who helps you get the clarity to grow your business. So if you want to create a sustainable business, market with confidence, and make money authentically … tune in now! Table of contentsStarting Your Entrepreneurial JourneyStart with Value to Make Money OnlineYour Past Can Direct Your FutureBrian’s 3 Steps to Finding PurposeThe Power of a Growth MindsetConnect with BrianAbout Brian DixonBook A Strategy Call Starting Your Entrepreneurial Journey One of the great things about entrepreneurship is that you can start anywhere, with anything. The world has need of many types of people. Brian Dixon's journey began with music. Aside from writing and performing music, Brian learned how to cold-call venues… and he enjoyed it.  [4:41] “That for me was like my first entrepreneurial journey; [it] was just being the guy that went and got the gigs for the bands. And then I’m like, ‘Wow, people come to the show, so let’s sell them something.’” Brian’s music journey helped him become a better entrepreneur and taught him the skills needed to provide value to his people. For example, playing gigs helped him learn what kind of merchandise people wanted. This is how you grow a business: find something you love, and learn how to market and grow that into something that creates value for the audience that loves and wants what you offer. Start with Value to Make Money Online The key to creating a valuable online business is to do or create something that people want. It’s the secret to all businesses. Money follows value because money represents value. One of Brian’s early businesses began as a way to help the people close to him. In fact, it wasn’t even designed to be a business. He just saw a need for something in the world and made it.  [10:32] “My wife and I took spring break that year and instead of going on vacation, which was well earned working with middle school kids, we decided to stay for a week, for all of spring break, pull ourselves up into the video studio at the school, and we filmed a DVD. And it was called ‘The Internet and Your Kids: Healthy Habits for a Safe Online Home…’ I didn’t even think it was a product yet…I just want[ed] to help these families.” Brian and his wife simply made the DVDs because they saw that it would help relatives, parents of students, and the students themselves. They sent the files to a print-on-demand company, ordered a few for the classroom, and next thing they knew they had made their first $800.  Your Past Can Direct Your Future [16:06] “I just fell in love with the idea that I have a message that matters, but you have a message that matters. And I can make a bigger dent in the universe, right, I can make a bigger impact in my lifetime when I help other people figure out how to take the message out of their heart and out of their head and get it onto the web.” The answer to your purpose, Brian believes, is to look to the very things you or your loved ones have overcome, because chances are there are other people with those same struggles who need to get where you are. [18:56] “I’d say you have to mine your past for diamonds. You look back and you go, what is it that I have overcome? What is it that I have struggled with, or somebody that I love and know has struggled with, and I helped them?” Brian’s 3 Steps to Finding Purpose When Brian helps clients find their own voice and business, he uses a three step process to unearth their message. The first step is to identify the pain points that you have experience solving. Then, you find the promise, or the promised land. You might be there right now. As Brian puts it, the ‘you’ who was experiencing the pain in the past wants to be where you are now,
54:37 03/07/2022
Financing with Infinite Banking
Why is financing with Infinite Banking better than paying cash? https://www.youtube.com/watch?v=ZzQ73xBl2TE Today, we’re answering a listener question about the Infinite Banking Concept. And we're going back to Nelson Nash's book, Becoming Your Own Banker to explain the concept. So, if you want to better understand the Infinite Banking Concept and how it helps you make more effective financial choices that put you in control… tune in now! Table of contentsAnswering a Listener QuestionHere’s Dave’s original question:The Short Answer to Financing with Infinite BankingWhat Are the Options for Financing a Car?Why Use a CD?Why You Wouldn't Want to Buy a Car With Cash?The Math of CompoundingIs Financing with Infinite Banking "Paying Yourself Interest"?How is This Method Not a Wash?What Insurance Has that Cash Alone Does NotBook A Strategy Call Answering a Listener Question We love to see what our community is saying, and answer any questions. Recently, we had an insightful question from a listener named Dave. Dave's done the homework and read up on Infinite Banking. His question gets to the heart of the concept, so we wanted to dedicate some serious time to answering it.  Here’s Dave’s original question: "...I do have a question regarding the chart and explanations on page 41 where Nelson Nash discusses the different ways to purchase a car. Methods A, B and C are very familiar to me, but method D and E are new concepts to me. It never occurred to me that I could purchase a car using the Bank C/D method, which shows to be superior to paying cash.  Since this is the banking "concept,” but just using someone else's bank I think it is important that I understand how this works and I am just not quite grasping it. I think it would be helpful to me if you could explain and provide examples of how the Bank C/D method works and why is it more effective than paying cash. I can see from the chart that it is obviously better, but I just don't totally understand why. Somewhere I am missing something in my understanding of this concept and I'm not learning it very well from the book. Maybe I am just not seeing the math the same way and it doesn't seem to be explained very well in the book, at least to me.  If I store money in a bank and earn interest, but take out a loan from the bank to make a purchase isn't it a wash?  Where is the leverage and how does that benefit me?  Is it because the interest rate on the C/D is higher than the borrowed interest rate? I know that you have recently been answering questions on your podcast and I hope you will find it worth your time to address this one. It seems to be at the center of how this concept works and once I understand that I think I may have a breakthrough in my understanding. Thanks for your time and effort.” The Short Answer to Financing with Infinite Banking Dave’s question is a great one that really addresses why someone would use infinite banking. We think, first of all, that what Nelson Nash did with his book is create options. There are different reasons, both personal and economic, to finance a car with each of his examples. However, leveraging a life insurance policy is often not considered among all the options. Primarily for the reasons that Dave brings up in his question–people aren’t familiar with it, and it can seem complicated.  The short answer is that using life insurance to fund a car allows you to take advantage of uninterrupted compounding. Because while you may pay interest on a loan, you’re also earning interest on the full value of your cash value. This means that you can both take advantage of capital without losing the momentum of your accumulation account's ability to earn interest and grow. [8:52] “Nelson used to always talk about this: It’s not about the rates of return… it’s about who’s controlling the banking function.” The person who controls the banking function has the flexibility.
64:19 02/28/2022