Archives for April 2019

Episode 86: How to Get Wealthy While Paying Your Taxes, Part 1

April 26, 2019 by Not Your Average Financial Podcast

In this episode, we ask:

How about peace, sanity and satisfaction?
How do you pay your taxes?
After you’ve cut down your obligation, what then?
When did withholding start?
What are all of the ways you can pay for something?
What is opportunity cost? See Episode 13
How much do you truly pay in taxes?
Can you change how you pay for your taxes?
What if you could save money?
What if you could make a return?
What are the IRS late penalties?
What’s the difference between monthly and daily compounding?
Have you heard the Debt, Saver and Wealth Accumulator episode?
What happens when you take a loan from a 401(k)?
How many times do you get taxed with a 401(k) loan?
Can you take a loan from an IRA?
What about HELOCs?
Are home values guaranteed?
Are you in the pocket of the bank?
Can the bank take a HELOC away?
Can the bank call a HELOC?
What about tax savings with HELOCs?
When do you need money most?
What has happened to tax benefits with HELOCs after the new tax law?
What about collateralizing with a traditional bank loan?
What about CDs?
How can you use a correctly designed whole life insurance policy to pay taxes?
What about business owners?
What about selling a business?
Why do business owners benefit from a Bank on Yourself type, dividend paying whole life insurance policy when paying taxes?
Would you like to make your own payback schedule?
What happens if you don’t repay the loan?
What about uninterrupted compound growth?
Is the tax liability one of the biggest expenses of your year?
What are some other benefits?
How is this different from deductions?
Do you have a good system for paying your taxes?

Remember! This episode provides generalized tax information and is NOT considered the same as the professional tax advice you will receive from your CPA. We are not CPAs, and we don’t play them on T.V.

Please consult your CPA or tax expert for professional tax advice and insight into your specific situation.

Episode 85: The Tax Sale of A Lifetime

April 19, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What do you think about where taxes are headed in the future?
What does the society of actuaries say?
What does “tax deferred” mean?
Does it matter if you take taxes out now or later?
How much of your retirement account will be there for income in retirement?
What does your retirement account allow after tax?
Why do so many Americans have tax deferred plans?
Why do Certified Professional Accountants (CPAs) recommend tax deferred plans?
What timeline do CPAs operate on?
Do we eliminate taxes with tax deferred plans?
Why don’t we call them “tax-postponed” plans?
What about the tax reform?
How much did the tax reform increase the national deficit?
Should we preemptively pay our taxes now or wait until the distant future?
What happens to taxes on January 1, 2026?
What does “maxing out your tax bracket” mean?
What about tax free IRAs?
What strategies should you bring to your tax expert?
What are tax penalties?
Are you over or under age 59.5?
Where is your IRA invested?
Do you think there will be a stock market correction?
On average, how much does the stock market drop?
Why are we willing to take a 10% stock market drop?
Why do we avoid the 10% early withdrawal penalty?
Does it make sense to spend money for a larger return?
What are the three specific tax steps?
What about deductions for business owners?
What does Section 179 say about purchasing heavy vehicles and other equipment?
What about depreciation?
What about rental spaces?
What about tax advantaged strategies?
Are you incorporated as an S Corporation?
What about tax savings for individuals?
When do you plan to retire?
Are your RMDs below the standard deduction?
Do you have a pension?
Do you have a tax deferred plan?
Do you have your children as contingent beneficiaries?
Is the IRS a beneficiary on your tax deferred account?

Please consult your CPA or tax expert for professional tax advice and insight into your specific situation.

Episode 84: The Past, Present and Future of Paying Your Taxes

April 12, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What does THEIRS stand for?
When did the income tax begin in the U.S.?
Why was the income tax established?
How can you save taxes legally?
What can you do?
What options do you have?
Are taxes currently high or low?
What were the tax brackets in 1929? in 1940? in 1942? in 1944?
Why the massive increases?
What happened with incomes and inflation?
What are victory taxes?
What are excise taxes?
When did withholding start?
What happened in 1946?
What reductions occurred after the war?
What is bracket creep?
How is inflation a stealth tax?
How much has the deficit grown?
Which is greater in the U.S., student debt or credit card debt?
How much do students owe?
Will military spending decrease domestic spending?
Who will pay for these rising expenses?
What about healthcare?
Who will cover the expenses for the elderly among us?
What about the interest on the national debt?
How much will the government spend on interest alone?
Do you think taxes will be lower or higher in the future?
Do you want to pay those taxes?
Would you like to watch our private webinar on tax?

Episode 83: How to Maximize Your Retirement Income

April 5, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

How much peace and financial stability can you have?
How do oceans and rivers work together?
How do we benefit from systems?
Are annuities good for liquid access?
How can we solve immediate cash needs?
Where could you possibly keep an OCEAN OF MONEY?
How does a Bank on Yourself type policy work with annuities?
What spreadsheet did Holly create?
What is direct recognition?
What is non-direct recognition?
How does direct or non-direct recognition work?
Do you have a dividend paying whole life insurance contract?
Do you have a provision for non-direct recognition policy loans?
Do all insurance companies encourage policy holders to take policy loans?
Why is so important to work with the right advisors?
What can be buried in the contract provisions?
How do policy loans work? Have you heard Episode 32?
How can you overcome opportunity cost?
Does your policy have a TRUE non-direct recognition provision?
How can you get your money do two things at once?
Can you imagine growing your cash (even when you’ve spent it)?
How can your hard earned dollars work hard for you?
What if you had $1M in an annuity and $1M in a Bank on Yourself type Whole Life Insurance policy?
What happens when the account value is gone?
What is an ideal safe withdrawal rate?
How can you protect against running out of money?
What if we spend down the whole life policy earlier and allow the annuity to keep growing?
Which vehicles give you the most income in retirement?
Where are the guarantees in the stock market?
Is it possible to predict what the market will do?
Who is better at choosing stocks? Hedge fund managers or monkeys?
Would you like peace of mind?
Would you like your money to be there for you no matter what happens?
What are people saying?
Would you like to send us a review?
Would you like a free copy of the Bank on Yourself Revolution book?
Email us at hello@nyafinancialpodcast.com
Would you like to book a meeting with Mark?