Not Your Average Financial Podcast

Episode 260: Life Transformation through Contractual Wealth with Chris Prefontaine

August 26, 2022 by Not Your Average Financial Podcast

In this episode, we ask:

What about participating in real estate without using banks?
Who is Chris Prefontaine?
Would you like to hear Episode 125?
What about buying and selling real estate on terms?
What is a lease purchase?
What about dealing with banks?
What about generational wealth?
What about life transformation through contractual wealth?
What about the Wicked Smart community?
What is the Summer of Deals?
What is the September Quantum Leap System event?
What is the Wicket Smart Quick Start?
What about the Wicket Smart Summit?
What is the Genius model?
What about mindset?
What about skillset?
What about systems?
What practices does Chris implement to spur on growth?
What about meeting rhythm and culture?
What about the personal policies?
What about vetting someone?
What about wealth stacking?
How does one manage variable paydays with lump sums?
What is happening in the real estate space?
How do you know a real deal?
What about the books?
Would you like to visit the website to receive the books?

Chris Prefontaine is the best-selling author of 2017’s Real Estate On Your Terms and this year’s The New Rules of Real Estate Investing. A real estate investor with over 27 years of experience in the field, Chris is the founder of Smart Real Estate Coach ·- and host of the Smart Real Estate Coach Podcast. He lives in Newport, Rhode Island with his wife, Kim, and their family. Chris operates the family business with his son, Nick, his daughter, Kayla, his son-in-law, Zach, and an amazing team. Chris and his family believe strongly in giving back to the community. They currently support Franciscan Children’s Hospital in Brighton, MA, 3 Angels Foundation in Newport, RI, and the Wounded Warrior Project by giving a percentage of all deals to those causes.

Episode 259: The Top Ten Keys to Becoming Your Own Banker with Marty Smith

August 19, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

What is the most important business in the world?
Who is in the banking business?
Who is Marty Smith?
What about a Marty Smith trilogy?
Where has Marty and his wife been living for 46 years?
How long has Security Mutual of New York been in business?
What are the flagship products for Security Mutual Life Insurance Company (SML)?
What about Nelson Nash?
What about the death benefit?
What about building cash value?
What is a wonderful combination?
What is the biggest hurdle?
What about education?
How many days since the last paradigm shift?
What is the infinite banking concept?
What about the book, Becoming Your Own Banker by Nelson Nash?
Who was Nelson Nash?
What about Austrian Economics?
What about forestry?
How far into the future do you think?
What about real estate investing?
What about being a pilot?
How does money actually work?
How do you think?

What are the top ten keys?

1. What is the most important business in the world?

Banking

2. What is banking?

Where some one or organization controls a pool of money

3. What about the one pool of money?

It applies to everyone

4. What about the reality of financing everything you buy?

You either pay interest to someone
Or you give up interest you could have earned by paying cash

5. What about the alternate use of money?

Opportunity Cost

6. What is the real problem?

Paying roughly a third of income on interest, fees and charges

7. What about the need for finance?

Probably greater than the need for life insurance protection

8. What about better control over principal and interest for big ticket items?

Cars you own,
major appliances,
education,
housing,
down payment on a house,
investment opportunities,
business equipment and inventory

9. What about creating a system of finance?

Using dividend paying cash value whole life insurance
(NOT Universal Life (UL), NOT Variable Life (VL), NOT Indexed Universal Life (IUL))

10. What about a major paradigm shift? Do you understand how money works?

It requires a major paradigm shift
A personal wealth building strategy

What about the book Debt: The First 5000 Years by David Graeber?
Who do you want to be in control?
Would you like to hear a story?
Is banking a problem?
What is the solution to the problem?
What would change?
What about increased freedom and joy?
What about being financially independent?
What about a personal wealth building strategy that actually works?

Marty Smith is the Regional Vice President of Security Mutual Life Insurance Company of New York. He loves Infinite Banking and Bank on Yourself Concepts, Circle of Wealth, and Wealth & Wisdom. He believes that “dividend-paying, cash-value whole life insurance” is the greatest financial product that’s ever been created.

Episode 258: Don’t Do What Banks Tell You To Do… with Kristin Colca

August 12, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

What about a life changing moment?
What do banks do with money?
Who is Kristin Colca?
What happened to Kristin?
What does Kristin do?
What happened when Kristin met Teresa Kuhn?
What happened when Kristin graduated with her finance degree?
Would you like to hear Episode 56?
What about a savings mentality?
What about a reliance on safety?
What about taking on debt?
What about fast-forwarding to today?
What happens in an emergency?
What about liquidity, safety and guarantees?
What about risk, being beholden to finance companies and no emergency reserves?
What were the CD rates in the early 1980s?
Why should people keep their money liquid?
What about the ebbs and flows in the economy?
What about the market?
What about interest rates?
Why is it important to have liquidity?
What about taking advantage of opportunities when they come up?
How do banks work?
What do people not seem to realize about the banks?
What about an example?
What about real estate?
What about hard money lending?
What about peer-to-peer lending?
What are the steps?
What about capitalizing a policy?
What about borrowing against the cash value in a policy?
What about lending to another person?
What about determining the terms?
What about paying back the policy loan?
What about inflation?
What are the protective elements of a Bank on Yourself® type whole life insurance policy in an inflationary environment?
What about bond yields?
What about the price or premiums staying level, even an inflationary environment?
What is the good news?
Where are the buckets of cash?
What about the financial gurus?
What’s important about saving?
What’s important about the sequence of returns?
What about taking on risk?
What about guaranteed liquid cash?
How might you attract opportunities to you?
What about choosing the right financial tools?
What are the hidden pitfalls?
How do people make good decisions?
What are the rules?
What are the values?
What is the amount of risk?
What is the amount of money I’m willing to lose?
What is the rate of return that would justify this risk?
What about chasing the fairy tale dream?
What about leaving a legacy?
Would you like to reach out to Kristin?
Would you like to visit learnmorewithkristin.com?
If interest rates continue to rise, what will happen to policies?
What about riskier investments?
What do banks do with their own money?
Would you like to join our FREE membership site?
Would you like to join us at the Not Your Average Financial Summit? Come back next week for more details.

Kristin Colca, after starting her career in the banking industry, noticed that conventional financial wisdom was not working for many of her clients. A low-interest rate environment combined with Wall Street volatility and a growing pile of debt made it almost impossible to plan or create a secure plan for retirement. Further complicating these issues are the financial “experts” and “advisors” that are too quick to recommend one-size-fits-all solutions without fully understanding their client’s goals or dreams. Kristin’s mission is to create custom-tailored financial strategies for her clients that empower them to achieve financial freedom. Connect with Kristin Colca at learnmorewithkristin.com.

Episode 257: The Two-Stage Rocket Strategy

August 5, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

Have you ever wondered what it’s really like to be on a launch pad?
What happens when the engines light?
What about accelerating straight up?
What about large sums?
What about real estate?
What about debts?
What about a Bank on Yourself® type whole life insurance policy?
Will it fit?
What would happen if a one million dollar lump sum went into a policy?
What happened in the 1970s?
What is a MEC or modified endowment contract?
What happened in 1988?
What is the TAMRA Act?
What are the tests?
Would you like to listen to Episode 91?
Why was the TAMRA Act put into place?
What is special about the seven year test (the seven pay test)?
Would you like to hear Episode 203?
What are the tax implications of a MEC policy?
Should you be surprised by a MEC?
What do the insurers do on a monthly basis?
What about the 60-day grace period?
Will policies accidentally turn into a MEC?
What are the advantages of MEC policies?
Do you understand the power of Bank on Yourself®?
Why are most single pay policies classified as MEC policies?
Should I do a MEC policy or non-MEC policy?
Is this the last windfall?
What are the limits to a single premium policy?
What about recurring premium policies?
Can you get a life insurance policy over age 65?
Can you get a life insurance policy over age 85?
How might the single premium MEC policies work?
Should we avoid MECs at all costs?
How much of the cash value in a single premium MEC policy is loanable?
What are the advantages of non-MEC policies?
How much can you take of the cash value in a non-MEC policy?
What is the two-stage rocket strategy?
What about doing both a Single Premium MEC policy and a recurring non-MEC policy?
What about taxes?
How long does it take for single premium policies to break even?
How long does it take for recurring premium policies to break event?
What are the stages?
What happens after taking loans on the cash value?
What about taxable events?
What about the life insurance death benefit?
What is the catch?
What about long term planning?
How might one buy back debts?
What about recurring premium?
What about flexibility?
What is a paid up additions rider (PUAR)?
Would you like to hear Episode 142?
What about a case study?
What are the tax implications of the different policies?
What about the death benefits?
What about chronic care, long-term care and/or home health care?
Would you like to meet with Mark?
Who needs to hear this?
Would you like to leave us a review?
Would you like a free book? Send us a screenshot to hello@nyafinancialpodcast.com, and we’ll send you a free book!

Episode 256: 3 Ways to Save for Retirement – Even If You Lose Your Job!

July 29, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

What about guarantees?
What is the catch?
What are the guaranteed components in life insurance contracts?
What are premiums guaranteed?
What about fixed premiums?
What about term insurance?
What about indexed universal life insurance (IUL)?
What sort of contract is this?
What is your end of the bargain?
Why has Mark grown to love paying premiums?
Would you like to listen to Episode 203?
What about a seventh piece?
What about a loss of income?
What does the Social Security Administration say about the chances of disability?
How do disabilities develop?
What about disability insurance?
How is this like term insurance?
What about peace of mind?
What is the average duration of disability claims?
How does this affect financial goals?
Do you have a sheet of paper?
What about a clear look at your net worth?
What is your greatest asset?
What is income capacity?
Do you insure your automobiles?
What about protecting your income making machine?
What about your life insurance policy?
How will you pay your premium?
What is a waiver of premium rider?
What is a rider?
What is a paid up additions (PUA) rider?
Would you like to hear Episode 142?
Would you like to hear Episode 143?
Would you like to hear Episode 144?
Who will pay the premium, if you’re disabled?
What is the catch?
What about an example?
Would you like to hear Episode 203?
What are some other options?
What about reducing the base to reduce the cost of waiver of premium?
Would you like to meet with Mark?
Would you like to join the discussion over at our FREE Not Your Average Financial Community?

Episode 255: Post-COVID Underwriting Secrets with Ryan Nemcek

July 22, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

What is the truth about the last few years?
Would you like to learn about underwriting?
Who is Ryan Nemcek?
What happened at Ryan’s wedding?
How did Ryan become the Senior Underwriter at Security Mutual Life Insurance Company (SML)?
What does underwriting entail?
What’s is the weirdest case that has come across Ryan’s desk?
What is a contestability period?
When does an investigation occur?
What happens within the first two years of a policy?
What about suicide?
What is adverse selection?
What about risk?
What has been happening since 1886?
What about pricing?
What about sustainability?
What about having the funds to pay the claims, when they need to be paid?
What happened over the last two years?
What changed with COVID?
What about risks?
How has underwriting changed?
What about life expectancy?
What about advances in medicine?
How does Ryan view the Bank on Yourself® strategy?
How much death benefit does it buy?
Can you afford it?
How is life insurance a good tool?
What is the limit on how many policies one could own?
What about calculations based on multiples of age?
What about calculations based on annual income?
How long has Security Mutual been in business?
What are the unique underwriting programs at SML?
What is a risk class?
What about years and years of mortality studies?
What about heart disease?
What about the long term growth of the policy?
What is the “standard” rating?
How might one improve their rating?
What is the healthy living program?
What about favorable factors?
What is express underwriting?
What are the limits to express underwriting?
What happened with a lot of companies at the beginning of the pandemic?
What is unique about SML?
What is possible?
What is the oldest age you can apply?
What is the youngest age you can apply?
Would you like to visit sml.ny.com?

Ryan Nemcek is the Senior Underwriter at Security Mutual Life Insurance Company of New York in Binghamton, NY. He has held this position since 2014.

Episode 254: Solving the Unsolvable Financial Problems with Steven Step

July 15, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

How do you solve an unsolvable problem?
Can you solve a Rubik’s cube?
What about complexity?
Who is Steven Step?
What’s Steven’s story with Bank on Yourself®?
What happens every year on the policy statement?
What is always increasing?
What is the best way of creating a safe, tax-free retirement income?
Are there many safe, tax-free instruments available?
What about paying taxes?
What about social security?
What about the adjusted gross income?
How much is exposed to taxation?
What about financing bigger items?
How many policies does Steven own?
How many cars has Steven purchased?
What about medical emergencies?
What about an example?
What about feeling great?
What about ease?
What about a 401(k)?
What about Bank on Yourself®?
What about a traditional pension?
What about surprisingly high fees?
What about the market?
What about dollar cost averaging?
What are they not thinking about?
When will the market crash?
Does all the money saved in a 401(k) belong to the 401(k)’s account holder?
What about the IRA?
How long are you going to live?
What about the layers of complexity?
…How much in retirement assets?
What is possible?
Do you have to start taking required minimum distributions?
What about the tax payments?
What about the specific situation?
What about the The Baby Boomer Dilemma movie?
What’s Steven’s story with a client who held a 401(k)?
What happened in 2008?
What will the sequence of returns look like?
What is Steven’s hope?
Where will you be when you’re at age 82?
Would you like to connect with Steven? Call 800-245-4677 or reach out at connectwithstevenstep.com
Would you like to reach out to Steven and get access to view The Baby Boomer Dilemma?
Aren’t you thankful for Steven?
Would you like to review this podcast? Send us a screenshot of your review to hello@nyafinancialpodcast.com!

Steven Step is the President of A Step Ahead Financial, Inc. He is the co-author of The Secret to Lifetime Security. Steven has a Masters in Business Administration from USC. He has thirty years of experience helping hundreds of families build wealth, save taxes and retire comfortably.

Episode 253: Everybody Else Has a Plan for Your Money with Brandon Neely

July 8, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

Is it possible to give what you have not received?
Who is Brandon Neely?
What is Brandon’s superpower?
What does Brandon suggest?
Why does Profit First matter?
What (who) is the biggest risk?
What (who) is the biggest asset?
What happened when Brandon and Amanda sold their coffee shop business?
What about closing or selling a business?
How do you position yourself to be in a better, healthy place?
What helps the resilience of a business owner?
Would you like to hear Episode 165?
What is the STILL method?
What is CHAOS?
How might we remove the chaos?
What are some practices?
What about goals?
What about tracking?
What about inspecting?
What about adjustments?
What about living deliberately?
What about everyone’s goals being different?
What about business owners?
What about real estate investors?
What about a 401(k)?
Does everyone have a plan for your money?
What about Bank on Yourself® type whole life designed policies?
What about tracking?
What about volatility?
Is the rate of return the real rate of return? Are you tracking?
Are you finding the truth in the fees?
What about budgeting?
Have you used YNAB yet?
Who has their head in the sand?
What is the definition of insanity?
Are there any do-overs?
Are you looking for 1% adjustments?
What about the expense challenge?
What about the hundreds of subscriptions?
What about incremental change?
What about the policies?
What about living deliberately?
What about action?
What about contemplation?
What about giving?
What’s the difference between the entrepreneurs and the wantrepreneurs?
What about refining your goals?
What happened with Brandon’s son?
Would you like to visit the stillmethod.com?

Brandon Neely is a serial entrepreneur, Profit First and Bank On Yourself Professional, and the co-host of Wealth Wisdom Financial Podcast with his wife and business partner Amanda. He and Amanda founded and managed Overflow Coffee Bar, L3C from 2008 through 2018. They learned a lot of what to do and NOT to do through that experience. They have since sold that business. Now, as financial allies, they share their experiential knowledge through podcasting and developing personalized financial strategies for individuals and profitability strategies for businesses. They continue to help clients implement the Profit First system as well as how to use a Bank On Yourself framework to grow their businesses and future. Connect with Brandon at Wealth Wisdom Financial via the STILL Method.

Episode 252: What is the 1035 Exchange?

July 1, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

Are you stuck for your whole life?
What if you had the option to take your business elsewhere?
What about a poorly designed policy?
What about a policy that was improperly designed?
What is Section 1035?
What about a tax free transfer?
Do you know about the 1031 exchange?
Do you have an in-force illustration on the IUL policy?
Would you like to hear Episode 59, Episode 60 and Episode 61?
Would you like to trade one product for another without any tax consequences?
What about the cost basis?
What about annuities?
What about the fees in variable annuities?
What about Mark’s experience?
What about the unique characteristics of a properly designed Bank on Yourself type whole life policy from Episode 159?
Would you like to meet with Mark?
What about some examples?
What about a single premium policy? Would you like to hear Episode 91?
What about a modified endowment contract (MEC) policy?
What about a tax-free exchange?
What about retirement?
What about moving from life insurance into an annuity?
What about a guaranteed permanent lifetime income?
What about the finite cash value?
What about converting?
Is a 1035 exchange possible with term insurance?
What about term insurance conversions? Would you like to hear Episode 187?
What about medical issues?
What about a like-kind exchange?
Does the insured need to be the same person?
What about setting up policies on children?
What about the power of compound growth?
What about converting kids policies at age 18?
What are the elements to consider?
What are the pros?
What are the cons?
What will help you?
Would you like to meet with Mark?
Would you like to join the FREE Not Your Average Financial Community membership site?