Not Your Average Financial Podcast

Episode 295: How to Prepare Your Family for an Inheritance

April 28, 2023 by Not Your Average Financial Podcast

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In this episode, we ask:

What do you say to someone when you know it’s the last time you will ever speak to them?
How do you say something loving and honoring?
What are the most important and pressing issues?
Who is prepared? Who is not prepared?
How does true wealth come through assets plus skills?
What about the mindset and skillset that’s needed?
What about education?
What about buying a home?
What about mentoring the next generation?
What about leaving a family fund?
How might one create a family fund or family reserve using Bank on Yourself® type dividend paying whole life insurance?
What about creating a long-term, safe and sure wealth bucket?
What about instantly creating a legacy and a savings strategy for years to come?
What will help your whole family weather tough economic storms?
What about long-term thinking?
What about a more durable view of wealth?
What about the family thinking as a family unit?
What about creating financially responsible kids and adults?
What skillsets will grow?
What about creating a mission for your family that’s bigger than individual happiness?
What do you prefer?
How does one get started creating a family fund?
Who do you need at the table?
What is your greatest asset?
Would you like to hear Episode 294?
What about the big picture strategy?
What is the best design?
What is the unique solution for your specific needs?
Would you like to meet with Mark to discuss a family fund?
How soon does one see cash value?
How might one use cash value from whole life insurance policy loans?
What about an uninsurable life insurance policy owner?
Who is buying policies on family members?
Who is buying policies on their parents?
Who is buying policies on their kids?
Who is buying policies on business partners?
What about a parent matching program?
How might both generations contribute to a policy?
How many creative ways can you think up?
What about an example?
What about single premium immediate annuities?
Is it possible for annuities to pay insurance policy premium?
What about the Vanderbilts?
What about the Rothschilds?
What about leaving assets?
What about leaving assets and values?
Who is a part of the ever unfolding story?
Why does family wealth evaporate?
Does success leave clues?
Do you have control over your assets?
Who has control over your assets?
What about saving?
What is the different between lending and giving?
How might kids use family money wisely?
What skills do kids need to remember?
What about nurturing and training?
What about long-term thinking?
What about delayed gratification?
What about displaying family values?
What are the takeaways?

Episode 294: How Families and Financial Advisors Sabotage Generational Wealth

April 21, 2023 by Not Your Average Financial Podcast

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In this episode, we ask:

Who needs to hear this?
Would you like a FREE book?
What about leaving a legacy?
How many generations?
What did Gloria Steinem say?
What about aggressive investment?
Did you lose $1?
Should we become more conservative as we get closer to retirement?
What is human capital?
How might we think like a family?
What is the greatest asset?
Would you like to hear Episode 104 and Episode 105?
How might one take an individual’s net worth and build up the family for generations?
Who is “taken out of service”?
Who will transform the family?
What happens in retirement?
What is the work that you love?
What about consulting?
What about freelancing?
What about starting a business?
What about mentoring the next generation?
What about sharing your story?
Is insurance temporary?
How is life insurance the bedrock of generational wealth?
Who buys term insurance?
…What do they have to show for it?
What happens when term insurance runs out?
What is the best age to purchase insurance?
What are the guarantees?
What is the only type of life insurance that offers guarantees?
What about government and taxes?
How much will you pay in tax in retirement?
What are the restrictions on the 401(k) or IRA?
Do you want the choice to spend down the accounts?
What happens now the SECURE Act has passed?
What are growth vehicles?
What are transfer vehicles?
What about failure?
What if there was no transfer of power?
How might we prepare the people to receive gifts?
Who is leaking money, as the generations progress?
What about shirt sleeves to shirt sleeves in three generations?
What about nurturing emotional, intellectual and human/social capital of the family?
Why do so many focus on short term thinking?
How do we avoid sabotaging and avoiding long term generational wealth?
Would you like to talk with Mark about generational wealth?
What are the four key elements that lead to long term thinking and generational wealth?
What about financial foundations?
What about saving?
What is the opposite of saving?
What about a family fund?
How might one save money, mitigate against risk and provide permanent protection and leave a legacy?
What about family lending?
What creative ways might you use family capital?
What if grandma and grandpa bought up all of the loans for the children and grandchildren?
What would happen if the wealth stayed within the family (instead of bleeding interest to bankers)?
What about leadership?
What about mentorship?
What about nurturing family relationships?
What about growing children into world leaders?
How young is too young?
What about legacy?
How might we prepare the people for the money?
What about the traditions and the values you leave behind?
What about sharing this episode with a family member?

Episode 293: [Client Spotlight] Solar Tax Credits and Bank On Yourself® with Julia Amstutz

April 14, 2023 by Not Your Average Financial Podcast

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In this episode, we ask:

What do you see?
Have you ever used SoftSoap?
What problem did Robert Taylor solve?
What did Sherlock Holmes say?
Who can see (and not just observe)?
Who is Julia Amstutz?
What was dinner like for Julia growing up?
What did Julia learn from her parents about budgeting?
What happened when Julia came back from Europe?
Is deferring tax always a good idea?
What is the tax rate now?
What will the tax rate be in the future?
What is Julia up to now?
How has Julia used her policy?
How did Julia and her husband Steve pay cash for their car?
What was Steve’s reaction when learning about Julia’s policy?
What about the solar installation project?
What about tax credits and renewable energy credits?
Is it possible to zero out an electric bill?
How is Julia repurposing the energy bill to repay the policy loan?
What about thinking long term?
What happens in the first few years?
What pays off?
How much has Julia’s policy grown?
What additional goals does Julia have with her policy?
What about liquidity?
What about contributing to your own retirement savings?
What are the takeaways?
Who thinks about tax deferral?
How does Julia transcend this limited thinking?
Who thinks long range?
How does a CPA think?
What about thinking out loud, talking with a buddy?
How might you think about it in a different way?

Julia Amstutz grew up in Italy where her parents served as missionaries until they moved back to the United States when she was sixteen. She attended Wheaton college and began her career in public accounting shortly after graduation.

She is now a senior manager in the National Professional Standards Group of an international public accounting firm. She lives in Central Illinois with her husband Steve and together they enjoy serving the international students in their community.

Episode 292: Multiple Streams of Tax-Free Income in Retirement

April 7, 2023 by Not Your Average Financial Podcast

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In this episode, we ask:

What is better than a five star review?
Who needs to hear this?
Who wants a FREE book?
When is the time to make changes to your tax situation?
Would you like to hear Episode 290 and Episode 291?
Who wants multiple streams of tax-free income?
How many streams are we talking about?
How many streams of income does Ryan Reger have? Would you like to hear Episode 76?
What provides a series of tax advantages?
What happens if the IRS changes the rules?
What about social security?
What is the correct time to take social security benefits?
What are the factors that play into this decision?
What happened to social security rules in the 1980s?
How much of your social security check is taxable?
What about Roth IRA conversions?
What tax trap is easy to fall into?
Why is it smart to do a piece meal, internal, multi-year conversion?
What did Nelson Nash say?
Who is getting a guaranteed income stream?
How might one spread out the tax liability?
Is there still time?
What is the standard deduction?
What about an income annuity?
What about an example?
When were you taxed?
What about a recap?
What about some counter-intuitive strategies?
What about muni-bonds?
What about tax on muni-bonds?
How does this affect social security?
How much will you pay in tax?
How many states charge tax on muni-bonds?
What are the rates?
What about call risk?
What about reverse mortgages?
What are the takeaways?
What about future taxes?
What about putting all your eggs in one tax-free basket?
Does your CPA think beyond this year?
Would you like to join us next week?

Episode 291: Unexpected Ways to Max Out Your Roth IRA

March 31, 2023 by Not Your Average Financial Podcast

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In this episode, we ask:

Are you paying more in tax?
What are some strategies with IRAs and Roth IRAs?
What about the drama of the stock market?
What strategies include a guaranteed life time income?
Who is ready for a next level strategy?
What’s wrong with self-directed IRAs?
Would you like to hear Episode 209?
What is a “back door” Roth?
How do conversions work?
Who meets the income eligibility requirements for a Roth IRA?
What about an IRA on a spouse?
What about a “mega back door” IRA?
What does this look like?
What about high income earners?
Who allows for after tax contributions?
Does it make sense to pay tax on a smaller balance?
Is it better to convert when your income is lower?
Is time running out?
What about a multi-year conversion?
Do you have the number of your HR department?
Do you own a small business?
Are your family members employed?
Where will the money live?
What is liquid?
What is accessible?
What do you want to purchase within your IRA?
How much do you need?
How much annual income do you want?
Is the IRA full of stocks? Indexed funds? Real estate?
Is there a better way?
What about an income annuity inside of an IRA?
What about guaranteed lifetime feature?
What about inflation protection?
What about liquidity?
Is the money locked up?
What about emergency funds?
What about leaving a death benefit to your heirs, should you pass away too soon?
What about an IRA transfer?
What about piecemeal internal Roth conversions?
What about paying your taxes now?
What about an annuity inside a Roth IRA?
What about guaranteed, tax-free, inflation-adjusted income that could last the rest of your life?

Episode 290: How Inflation will Affect Your Taxes

March 24, 2023 by Not Your Average Financial Podcast

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In this episode, we ask:

What is even better than a five star review?
Who needs to hear this?
Would you like a free book?
What about inflation?
What triggers change in the tax law?
What is the good news?
How are the tax brackets tied to inflation?
What adjustments have been made?
What are the hidden pitfalls?
What about the standard deduction?
Did you know about the new number for the standard deduction?
What about the updated annual estate tax?
What about sales tax?
What about capital losses?
What about capital gains?
What about social security benefits?
Are social security benefits taxed?
What has been intentionally frozen in place?
Will taxes have to go up on everybody?
How about a game?
What about money printing?
Are you among the wealthiest?
What is fair?
What happens if the law changes?
When do you want to get started?
What has lots of income tax liability in the future?
What about the SECURE act?
What about ERISA?
Do Roth IRAs get taxed?
Where will the money live?
When was life insurance started?
When was the IRS started?
What did Ed Slott say?
What is the single biggest benefit in the tax code?
What about tax deferred growth?
What is income tax free?
What about the estate tax?
What about receiving the death benefit?
What about funding a trust with life insurance?
What forces are at work?
What are the external factors?
Would you like to join us next week?

Episode 289: [Client Spotlight] How to Be a 10-Hour Entrepreneur with Jason Duncan

March 17, 2023 by Not Your Average Financial Podcast

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In this episode, we ask:

Have you ever seen a log jam?
Are you the log jam?
Who is Jason Duncan and what is his story?
What happened in 1995?
What happened in 2010?
How many hours do you have to work?
Does entrepreneurship provide freedom?
What’s the difference between an Owner Investor and an Owner Operator?
What is the mindset shift?
Are you building a job?
Are you the hero?
How did Jason find out about the Bank on Yourself® concept?
Who did Jason have lunch with?
How does Jason feel about banks?
What happens when you get access to the capital you need?
What about making an impact?
Who can make an impact without access to money?
What about generational wealth?
What’s the story about Alfred Nobel’s obituary?
How will you be remembered?
What happens to your estate when you pass away?
What is the mission bigger than yourself?
How will you make your lasting impact happen?
Would you like to learn more at therealjasonduncan.com?

Jason Duncan is the founder of The Exiter Club. He is the host of the Root of All Success podcast. He loves riding motorcycles and camping in his RV. Learn more at therealjasonduncan.com.

Episode 288: Why Did You Become a Bank on Yourself Professional®?

March 10, 2023 by Not Your Average Financial Podcast

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In this episode, we ask:

Why do you do what you do?
What gets you out of bed in the morning?
Why do they practice Bank on Yourself®?
How did Marvin Bulas get involved?
What happened with Marvin’s grandparents?
Is long term care the number one cause of bankruptcy?
How did Brandon and Amanda Neely get involved?
Would you like to purchase and watch the Banking with Life documentary?
How did Steven Step get started?
What was Grant Thompson trying to prove false?
Why does it matter?
Why not be a “regular investment dude”?
What is the truth?
Are you better off, now that you’ve met me?
How might you help people?
How does money really work?
What does retirement mean for you?
How might you live those “mini retirements” along the way?
What is just a tool?
What will Brandon’s son receive?
How is Brandon able to grow his wealth?
Who is thinking like a banker?
Who is thinking like a business person?
What about guidance?
What happens at a 6-month review?
Who is the mind chasing business?
Who said “most people would rather die than think?”
What about inviting people to dream?
If you were king or queen of money for a day, what would you change?
How might you create differently?
How might forge your own path forward?
What about imagination?
How do we grow out of the mess?
Why does it matter?
How are Bank on Yourself Professionals® different from your typical life insurance agent?
Where are you saving?
Is Bank on Yourself® the best place to save?
What about the mindset of saving perpetually?
Who has the money?
What are you thinking about?
When did the last opportunity come along?
When will the next opportunity come along?
Are you ready?
What are the benefits and keys to becoming a Bank on Yourself® professional?
With whom are you connected?

Episode 287: What the FTX? Crypto from the Crypt

March 3, 2023 by Not Your Average Financial Podcast

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In this episode, we ask:

What is going on?
What went wrong?
What is an exchange?
What’s the problem?
What did the new CEO say?
What has happened to cryptocurrencies over the last 12 months?
How did this bleed into lobbying?
What’s going to happen?
What happened in 2008?
What are some of the complexities?
Who is vigilant?
How can you take even more care?
What are some parallel stories?
What emoji would you choose?
What about record keeping?
What about board minutes?
What about the mania?
What about the due diligence?
What about the FOMO (fear of missing out)?
What happened?
What is the mindset?
What is the nature of risk?
How much is it down?
How does it drop more than 70% twice in the last year?
Who are among the suckers?
Is crypto winter now a crypto ice age?
Have you seen web3isgoingjustgreat.com?
What are the 9 reasons to avoid crypto?
Would you like to hear Episode 183?
What is the underlying value?
Who is taking unnecessary risks?
Would you like to meet with Mark?

Episode 286: Policy Loan Interest Rates are Rising… Party at My House!

February 24, 2023 by Not Your Average Financial Podcast

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In this episode, we ask:

Who needs to hear this?
Where else can you get an asset that grows every single year?
What did Pamela Yellen say?
Would you like to take her up on the challenge?
Where is the loan coming from?
What are the benefits?
What about getting the money out tax free?
Why does the insurance company charge interest in the first place?
How much interest do you have to pay on a policy loan?
When do you owe the interest to the insurance company?
What are the tax benefits of loan interest?
When you take out a loan against a life insurance policy, don’t you have to pay the interest back?
What about taking out your very first policy loan?
Why are rising interest rates a good thing for policy holders?
What is the difference between simple and compound interest?
What about calculating loan interest in arrears?
What about an example?
How is this different from an annual percentage rate or APR?
What is the actual cost of the loan?
What really matters?
What is the cause?
What is the effect?
What about another example?
How did Mark get that number?!
Is your policy continuing to grow?
What can you reasonably expect?
How are Bank on Yourself® type life insurance policies designed differently from other life insurance policies?
Who can properly design Bank on Yourself® type life insurance policies?
Are your policies designed properly?
Is the devil in the details?
What about non-direct recognition policy loans?
Who is breaking compound growth?
Would you like to meet with Mark or a colleague of Mark’s?
Who charges us interest?
Who gets access?
What grows?
What is the insurance company doing?
What is going on with loan interest rates?
What are the responsibilities of the insurer?
Would you like to hear Episode 128?
How might the insurers make the best choices for their owners?
What does the contract state about policy loan interest rates?
How is the rate calculated?
What is the actual APR?
What about variable rates?
How are life insurance policy loans different from other types of loans?
What are the key differences for life insurance policy loan rates?
Will the policy lapse?
What happens when the rates rise?
Why is Mark thrilled?
Will your policy grow faster, too?
What about a hypothetical scenario?
Does this translate into higher profit distributions?
How does this affect cash value?
Does a Bank on Yourself® type life insurance policy still work if you don’t take policy loans?
What are the benefits?
What do policy owners receive?
What happens when you pay down a policy loan?
What options do you have?
What happens with an outstanding policy loan balance upon the insured’s death?
How is your policy helping to add security and confidence to your future?

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