Not Your Average Financial Podcast™

Think different about your money, your economy and your future. Be curious. Be stable. Be sane.

Episode 466: The Real Wins and Losses of Bank on Yourself® Over 13 Years with Phil Smith

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In this episode, we ask:

  • Have you heard Episode 462?
  • Who is Phil Smith?
  • What is a super awesome privilege?
  • Why was Mark cautious?
  • What helped Phil?
  • How did Phil find the right balance with his Bank On Yourself® type whole life insurance policies?
  • What is so cool about having friends as clients?
  • What were some of Phil’s early concerns about taking policy loans?
  • What about paying off debt?
  • What about real estate?
  • What about investments?
  • How did Phil pivot, as life happened?
  • What is the new financial normal?
  • How can I route some of my major life purchases through this policy?
  • How might I keep my money growing at the same time?
  • What did Nelson Nash say?
  • What about arrival syndrome?
  • What about the beginner’s mindset?
  • What did C.S. Lewis say?
  • Would you like to meet Phil?

Phil Smith is an Associate at Lake Growth Financial Services, bringing more than 17 years of banking and credit‑union experience to the firm. A Bank On Yourself® client since 2013, Phil has personally used the strategy to navigate major life transitions, eliminate debt, fund investments, and build long‑term financial resilience—giving him a rare dual perspective as both a seasoned practitioner and a long‑term policyholder.

Known for his disciplined, thoughtful approach, Phil draws inspiration from his journey in traditional kung fu, where he is a fourth‑degree black belt soon testing for master level. He applies the art’s core principle—time and effort—to helping clients build stable, flexible, and future‑focused financial strategies. Phil serves clients nationwide and can be reached at philsmith@lakegrowth.com.

Episode 465: Client Spotlight: Bank On Yourself® for Creatives: Building a Music Empire with Janet Kuester

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In this episode, we ask:

  • How can you make your side hustle the main event, without money stress?
  • Who is Janet Kuester and how did she grow the Music Connection to hundreds of students?
  • What did Janet do with her Bank On Yourself® type whole life insurance policy?
  • What is a music activist?
  • What did Janet discover on her journey?
  • What did Janet learn in the Orchestra?
  • Who is looking for a tribe?
  • What about communicating without words?
  • What happened when Janet was 5 years old?
  • When did Janet start playing an instrument?
  • Could you believe the sound?
  • What was the journey like?
  • How did Janet found and build the Music Connection school in 2004?
  • What was Janet’s “entrepreneurial seizure”?
  • What happened when she was bursting at the seams at the Orland Park location?
  • What happened with the Suburban Youth Symphony?
  • What about kids getting access and opportunity?
  • What happened when Janet learned about Bank On Yourself®?
  • How did Janet sell her business?
  • What happens after work?
  • What did Janet do with her policy when she turned 70?
  • What about an amazing experience?
  • What about Janet’s children book, Try It and See?
  • What about Janet’s new book, More Than Music Lessons: Wisdom Beyond the Notes?
  • …and more!

Janet Kuester describes herself as a music activist.

As a young woman, she doubted her music ability, though she was filled with a love for classical music. After a 28-year detour into a nursing career, she felt called to start a music school and that started a 20-year journey into founding and running her own music school business, the Music Connection, which she sold in 2020. She is a firm believer in life’s chapters and is in the middle of the next one!

Episode 464: IUL Scams and Pitfalls Exposed – Backtested Illusions vs. Real Guaranteed Growth

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In this episode, we ask:

  • What has been marketed as a shiny solution?
  • Why is the agent pushing this hard?
  • What’s the rub?
  • What conclusion has Mark come to after seeing clients who have been burned by this?
  • What are the numbers?
  • Do you want efficiency?
  • Do you want control?
  • Do you want safety?
  • What is the last thing you need?
  • Why does indexed universal life insurance (IUL) get sold so aggressively?
  • Do the floors protect you against all losses?
  • Is there flexibility?
  • Can you participate in market gains without market risks?
  • What happens when markets “don’t cooperate”?
  • What about double digit returns?
  • What keeps rising fast?
  • What amplifies the very risk most people are trying to avoid?
  • What is a safe play?
  • What is unnecessarily risky?
  • Why are there so many IUL lawsuits?
  • What about Bank on Yourself® type dividend paying whole life insurance policies?
  • How is an indexed annuity different from an IUL?
  • What has zero insurance costs?
  • Do you like the idea of the index?
  • What is good for you?
  • How does the structure of indexed universal life work against you?
  • How about a story?
  • Is an IUL a better 401(k) alternative?
  • Are IULs liquid?
  • What about the Bank on Yourself® philosophy?
  • What happens as the paid-up additions rider accumulates?
  • Do you have to beg a bank for your money?
  • What about a stream of income?
  • What about liquidity and flexibility?
  • What about guaranteed income?
  • Where do I pull money, when I need it today?
  • How about a couple of examples?
  • What are the pillars of the Bank on Yourself® philosophy?
  • What stands up under real world pressure?
  • Does the properly structured dividend paying whole life insurance policy outperform IUL?
  • Why does the IUL work against you?
  • Do you need to talk through an existing IUL contract?
  • Are you failing forward?
  • What are the takeaways?
  • Would you like to meet with Mark or one of Mark’s associates?
  • Would you like to jump into the FREE Not Your Average Financial Community?

Episode 463: True Crime! Nascar Legend Kyle Busch’s IUL Lawsuit and Death Exposed

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In this episode, we ask:

  • Why do indexed universal life (IUL) policies so often fail?
  • How about a high profile example?
  • What about a straight-forward, guaranteed approach?
  • Why are IUL policies structured to shift massive risk onto you, the policy holder?
  • What is the real culprit here?
  • What gets more expensive as you age?
  • What are the caps and limits?
  • What are the rates?
  • What are the spreads?
  • What clips the upside on these IUL products?
  • Why are there optimistic assumptions?
  • What happens to the cash value of an IUL policy to keep it in force?
  • What did the Gottlieb study say?
  • What happens to 95% of IUL policies?
  • What will you have left?
  • Would you like to hear Episode 371?
  • Would you like to hear Episode 36?
  • Do you watch NASCAR?
  • Have you been pitched an IUL?
  • How much premium did the Busch family pour into 5 indexed universal life policies?
  • What happened?
  • Why do these policies eat themselves alive or ultimately collapse?
  • Why does this keep happening?
  • What is the problem with the structure?
  • Why are the costs so high inside of an IUL?
  • What is the index crediting trap?
  • What are caps?
  • What are spreads?
  • What about the upside?
  • What is the cost of insurance?
  • What is the myth of backtesting?
  • What about the lawsuits?
  • What happens when reality hits?
  • Are these policies designed to lapse?
  • Why do certain salesman push this sizzle (without the steak)?
  • What actually works?
  • How do Bank on Yourself® type dividend paying whole life insurance policies work?
  • Can you take non-direct recognition policy loans from an indexed universal life (IUL) policy?
  • Would you like to hear a story?
  • What’s actually true?
  • How does one build a fortress?
  • What is the whole point of insurance?
  • Does IUL transfer the risk?
  • Who can read an IUL illustration?
  • What’s wrong with the IUL contracts?
  • What is the prudent alternative?
  • Are there ever “zero years” in the Bank on Yourself® type dividend paying whole life insurance policies?
  • What happens to the cost of insurance?
  • What did Ed Slott say about IUL?
  • What did Warren Buffett say?
  • What are the big lessons?
  • What are the core takeaways?
  • Have you read Lapsed by Elan Moas?
  • Would you like to listen to Episode 381 and Episode 382 with Elan Moas?
  • What are the action items?
  • Do you or a loved one own one of these IUL policies? What are the options?
  • Would you like to meet with Mark or one Mark’s associates?

Episode 462: Ninja Belts Bonus! Kung Fu Mastery and Your Money with Phil Smith

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In this episode, we ask:

  • Have you met a Kung Fu Master?
  • Who is Phil Smith?
  • Who is the big bad banker?
  • What were some of  the first lessons on the mat?
  • What are the building blocks?
  • What about the stances?
  • What about versatility?
  • What does it take to be “kung fu” at something?
  • What is the practice?
  • Have you read Atomic Habits by James Clear?
  • What happens with 1% improvements?
  • What about compounding?
  • What happens with time and repeated effort?
  • Where does one start?
  • What about the mental and physical aspects?
  • What are some of the aspects of kung fu?
  • What about the infinite kung fu concept?
  • How does the yin yang symbol integrate into this?
  • Is a 401(k) all it’s cracked up to be?
  • What has been proven to work?
  • What looks like hard work, dressed up in overalls?
  • What’s next?
  • Would you like to meet Phil and/or Mark?

 

 

Episode 461: No. 9 The Black Belt Warning: The Real Dangers of Large Policy Loans and How to Avoid Lapse Tax

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In this episode, we ask:

  • Have we gone mad here?
  • Should we save more?
  • Should we just hope the market cooperates?
  • What is the four step process for the black belt?
  • What discipline is required to handle large loan balances?
  • What is the most important business in the world?
  • Should premiums and income match?
  • What is the black belt strategy?
  • Is it a black belt for a reason?
  • Would you like to start with capturing your monthly cashflow with No. 1 The White Belt?
  • Would you like to work with the most important people in your life, No. 2 The Yellow Belt?
  • Would you like to climb up and out on eliminating debt with No. 3 The Orange Belt?
  • Would you like to strategize to protect your retirement and business with No. 4 the Red Belt?
  • Would you like to structure a cash flow system with No. 5 the Green Belt?
  • Would you like to tackle massive expenses with No. 6 the Purple Belt?
  • Would you like to bring the generations along and up with No. 7 the Brown Belt?
  • Would you like to rise to cash flow mastery with No. 8 the Black Belt?
  • How does this actually look in practice?
  • How about some case studies?
  • Is the black belt a set it and forget it strategy?
  • Can the policy loans get quite large?
  • What happens if the loans are not repaid?
  • Will the policy collapse?
  • What is taxable as ordinary income?
  • What is phantom income?
  • What happens to the death benefit?
  • How can you prevent your warehouse from being destroyed?
  • Who are you working with to protect your wealth?
  • What did Nelson Nash say in Becoming Your Own Banker?
  • Why do they use whole life insurance as tier one capital?
  • What are the key takeaways?
  • Would you like to meet with Mark Willis, CFP®?

 

 

Episode 460: No. 8 The Black Belt Strategy: Expand Your Banking System Until It Handles 100% of Your Income

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In this episode, we ask:

  • Have you tied on your belt?
  • What is happening with the CPI?
  • Where is worker confidence listed with ABRI?
  • What is the median savings for people in the U.S.?
  • What age bracket is buying whole life insurance in droves?
  • What is the black belt?
  • Are you leaking wealth?
  • Is your wealth working for you or someone else?
  • Would you like to start with capturing your monthly cashflow with No. 1 The White Belt?
  • Would you like to work with the most important people in your life, No. 2 The Yellow Belt?
  • Would you like to climb up and out on eliminating debt with No. 3 The Orange Belt?
  • Would you like to strategize to protect your retirement and business with No. 4 the Red Belt?
  • Would you like to structure a cash flow system with No. 5 the Green Belt?
  • Would you like to tackle massive expenses with No. 6 the Purple Belt?
  • Would you like to bring the generations along and up with No. 7 the Brown Belt?
  • What did Nelson Nash say?
  • What happens to ALL of your money?
  • What does the bank do with your money?
  • Can your system accommodate your income?
  • Have you read Becoming Your Banker by Nelson Nash?
  • What will wreck your margins?
  • What is theft from yourself?
  • What about opportunity cost?
  • Who pays retail?
  • Where does your money live?
  • What is bank-owned life insurance (BOLI)?
  • How much life insurance do banks purchase?
  • How much of that banking function do you want to control?
  • How do we turn our headwind into a tailwind?
  • How do you live on less than you make?
  • What is the aim?
  • Can you expand?
  • Should your premium match your income?
  • What did Jim Conrad say in his dollar diagram?
  • What would happen if…?
  • How does the black belt work at scale?
  • Can you finance every big transaction in your life?
  • How do you eliminate the dreaded wealth transfers?
  • Who has the discipline for this?
  • Is this a set it and forget it plan?
  • How about some examples?
  • Who is sleeping better?
  • Who treats his policies like a family office command center?
  • Do you have a repayment strategy?
  • Do you have windfalls?
  • Who has self-control?
  • Who has patience?
  • When does the power come?
  • What is the significant danger to this strategy?
  • Could the policy trigger a surrender or lapse?
  • What is phantom income?
  • Who is trained and able to engineer policies for you?
  • What about business growth?
  • What about legacy?
  • Would you like to meet with Mark?

 

Episode 459: No. 7 The Brown Belt: Create a Family Banking System That Lasts Over 100 Years

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In this episode, we ask:

  • What can span three or more generations?
  • Have you considered the family office?
  • Would you like to get going with capturing your monthly cashflow with No. 1 The White Belt?
  • Would you like to advance to working with the most important people in your life, No. 2 The Yellow Belt?
  • Would you like to climb up and out on eliminating debt with No. 3 The Orange Belt?
  • Would you like to review strategies to protect your retirement and business with No. 4 the Red Belt?
  • Would you like to architect a cash flow system with No. 5 the Green Belt?
  • Would you like to tackle massive expenses with No. 6 the Purple Belt?
  • Have you heard the old proverb?
  • Do we prepare the people for the money?
  • Have you read Perpetual Wealth by Kim Butler?
  • What does this strategy involve?
  • What is tax free under current tax law?
  • What about the fund and the family council?
  • Would you like to plan and participate in an intentional family retreat?
  • What opportunities would strengthen everybody?
  • Have you crafted a family mission statement?
  • How does a family keep the fund distinct from a “family piggy bank”?
  • What will the next generation learn?
  • What about family loan requests and family fund underwriting?
  • What happens when the family approves a loan?
  • How many families don’t ever talk about money?
  • What is the reward?
  • Will your wealth be a blessing or a curse to the future generations?
  • What do Americans fear more than dying?
  • What are the takeaways?
  • Would you like to meet with Mark or one of Mark’s associates?

Episode 458: No. 6 The Purple Belt: How to Finance Massive Annual Expenses

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In this episode, we ask:

  • Why is the consumer sentiment rating in the basement?
  • What is projected to run dry?
  • What are people voting with their wallet for?
  • Would you like to begin with capturing your monthly cashflow with No. 1 The White Belt?
  • Would you like to continue on with the most important people in your life, No. 2 The Yellow Belt?
  • Would you like to climb up and out on eliminating debt with No. 3 The Orange Belt?
  • Would you like to review strategies to protect your retirement and business with No. 4 the Red Belt?
  • Would you like to architect a cash flow system with No. 5 the Green Belt?
  • Is this for the faint of heart?
  • Are you at the intermediate or advanced level?
  • What about uninterrupted compounding?
  • Are you a business owner?
  • How about an example?
  • How big are your checks to the I.R.S. every year?
  • What is growing year after year?
  • How about private school tuition?
  • What about Amazon sellers?
  • Does a policy loan have to be repaid?
  • What about property taxes?
  • What about property and casualty insurance premiums?
  • What about charitable pledges?
  • What about major annual business operating expenses?
  • How does one pay off a giant loan?
  • Should everyone listening to this do a purple belt strategy?
  • What happens when a loan meets or exceeds cash value?
  • What about the sale or 1031 exchange of real estate?
  • What about receiving a substantial inheritance?
  • What about large bonuses or commissions?
  • What about the sale of intellectual property?
  • What about receiving a lump sum?
  • What about extra income?
  • What carries real risk?
  • What is the Plan B?
  • What are the serious consequences?
  • How do we work to make sure the loan never threatens the contract?
  • Is your money working full throttle?
  • What about steady, predictable growth that you can control?
  • Is that big expense dead weight?
  • How might you benefit from the cash flowing through your life?
  • What did Nelson Nash say?
  • Do you control the financing function of your life?
  • What did Pamela Yellen say?
  • Can you weather the storms that are coming?
  • What are the takeaways?
  • Would you like to meet with Mark?
  • Would you like to join our FREE! Not Your Average Financial Community?

Episode 457: No. 5 The Green Belt: Not Just a Policy, A Cash Flow System

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In this episode, we ask:

  • Are you crossing your fingers and hoping Wall Street delivers?
  • Would you like to start with capturing your monthly cashflow with No. 1 The White Belt?
  • Would you like to follow up with the most important people in your life, No. 2 The Yellow Belt?
  • Would you like to catch up on eliminating debt with No. 3 The Orange Belt?
  • Would you like to review strategies to protect your retirement and business with No. 4 the Red Belt?
  • Does financial mastery unfold in a straight line?
  • How about a cash-flow management system?
  • How does the green belt obliterate the main-stream 0h-so-average financial advice?
  • How many policies can you get?
  • What is the key mindset shift?
  • How does one build a portfolio of policies?
  • What are the lifetime wealth leaks?
  • What happens to the 529 plan?
  • How are you buying cars?
  • What compounds into serious money?
  • What about family vacations?
  • What about investments? What about entrepreneurial pursuits?
  • What are 15 creative green belt solutions?
  • What about tuition?
  • What about vehicle and major purchases?
  • What about real estate (without a credit check)?
  • What about business expansion?
  • What about a family vacation or memory?
  • What about home renovations and repairs?
  • What about medical and health costs?
  • What about milestone events?
  • What about tax bill buffers?
  • What about opportunities?
  • What about emergency funds?
  • What about charity and legacy?
  • What about down payments?
  • What about self-insurance?
  • What about retirement and fun money?
  • What is the biggest expense staring at you right now?
  • How are you managing the cash value?
  • Does every dollar in your policy have a job to do?
  • Is the cash value untouchable?
  • Is the cash value perfectly liquid?
  • Who borrows without a real plan?
  • What about a proper buffer?
  • How does the green belt balance this out?
  • What are the buckets?
  • How can you gain total confidence?
  • How might one command their money with purpose and clarity?
  • How does the disciplined approach change the game?
  • What are the takeaways?
  • What are the action items?
  • Would you like to meet with Mark or one of Mark’s associates?