Not Your Average Financial Podcast

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

August 12, 2022 by Not Your Average Financial Podcast

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?

Episode 251: How Does Inflation Affect Bank On Yourself®? Part 2

June 24, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

What about capital goods?
What if we added a zero?
Do we automatically have more wealth?
How are Bank on Yourself® type whole life policies affected by inflation?
What are some specific strategies?
What about some common myths?
How much money is floating around?
What about bug protein?
What about real estate?
What about Bank on Yourself® type whole life insurance?
What about the power of compounding?
What about the power of leverage?
What about the power of optionality?
What about inflation?
What about stocks?
Is there more to the financial universe?
What about the bond market?
What about yield curves inverting?
What about recessions?
What about insurance companies?
What about an example?
What about safety?
What about predictability?
What is the business model of a life insurance company?
Is Bank on Yourself® type whole life invincible?
What about interest rates?
What about a cash flow management system?
What if you could become your own source of financing?
What about partying like it’s 1980?
What about companies who have paid a dividend for over 100 years?
What about a case study?
What about a death benefit?
What about breaking even?
What about a policy loan?
What about total policy growth?
What about favorable loan interest rates?
What about appreciation?
What about the numbers?
How about structuring a policy?
What about single premium?
What about monthly premium?
What about annual premium?
What about multiple policies?
What about kid policies?
What about liquidity?
Where is your cash?
Is it doing what you want it to do?
Is this the end of market volatility?
Is this the end of inflation?
Do you have a question? Schedule a Call with Mark

Episode 250: How Does Inflation Affect Bank On Yourself®?

June 17, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

Are inflation indicators blinking red?
What is the PCE index?
How high is inflation?
What happened in September 1983?
How does inflation work?
How does inflation affect your financial goals?
Would you like to hear the information shared with Jay Helms at W2 Capitalist Part 1?
What about Not Your Average Inflation?
What is on the mind of real estate investors today?
How do you want to increase your own money supply?
What happened about 100 years ago?
What happened in Germany?
What is hyperinflation?
Do you feel 10 times wealthier than your parents did in 1990?
What goes up in price?
What does all of this mean?
What about a stealth tax?
Who pays it?
What about taxation without representation?
How can we protect ourselves?
Is inflation transitory?
How many years could it last?
What about stocks?
What is the amount you can get in any given year?
When was the roaring 20?
When was the boring 20?
Can you deal with a dozen years lost?
What about tremendously lower yields?
Where do average popular stock percentages come from?
What about volatility?
What about the DALBAR report?
What about the pouring 20?
What about level mortgage payments?
What about maintenance costs?
What has happened to mortgage rates recently?
What about other expenses?
What about the rent moratorium?
What about being average?
What about being not-so-average?
What about the stock market?
What about looking carefully at your money?
What about weapons of math destruction?
What about compound growth?
What about leverage?
What about optionality?
How can we flip the script, and use these to our advantage?
How might you protect yourself?
What about Bank on Yourself®?
What about dividend paying whole life insurance?
What about rings on a tree?
What has worked for hundreds of years?
What about leverage and liquidity?
What about an inflationary economy?
How do life insurance policy loans work?
What about growth of money?
What about the velocity of money?
What’s Dan’s Bank on Yourself® story?
Are you prepared for this fight?
What are you going to do with this very precious life you have?
Would you like to meet with Mark?

Episode 249: Whole Life Takes How Long to Break Even? with Dan and Rebecca Proskauer

June 10, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

What happened in the middle of the tech bubble?
Why is it OK for policies to take years to break even?
How is this not a deal breaker?
Who are the Proskauers?
Would you like to hear Episode 118?
What is Dan and Rebecca’s story with money?
How did they pay for the wedding?
How did they pay for the down payment on the house?
What about being in control of money (as opposed to having money be in control)?
What happened after college?
What about savings?
…How much did you make?
…Did you sell anything?
What happened in the financial crisis?
Where are we in the market cycle?
What did Dan and Rebecca change?
Is Bank on Yourself® too good to be true?
What happened when Dan and Rebecca started their Bank on Yourself® journey?
What about the whole family?
What about time?
What about up-front costs?
What about the post on the Not Your Average Financial Community?
What about breaking even?
What about taking on a challenge, to prove that the Bank on Yourself® concept doesn’t work?
What about looking at illustrations?
What about tax realities?
What about high interest rate savings account?
What about tax in a tax-deferred account?
What about treasury bonds?
What about the death benefit?
What about the numbers equalizing over time?
What about Day 1?
What about the cash value?
What about a stop loss?
What about comfort?
What about allowing to money to compound?
What about having access to money?
What about “break even” points?
…Compared to what?
What about start up costs with everything?
Who cares about the first 10 years?
What is far, far greater than what you put in?
What about value?
What about the long term benefits?
What about the generations?
What about Dan’s mother?
What about the family property?
What about an endowment?
What about the spectacular benefits of thinking long range?
What about up front expenses and costs?
What about taking the leap?
What about talking to people who have already taken the leap?
What about reliability?
What about flexibility?
What about the rolling average of gains?
Would you like to join the conversation and tag Dan on Not Your Average Financial Community?
What happens on Day 1?
Would you like to meet with Mark?

Dan Proskauer is Vice President of Engineering United Health Group’s Optum unit and has spent nearly 30 years as a professional in the Semiconductor and Health Care industries.

He is an engineer by personality and by training and has always been fascinated by details and numbers. Dan has been a Bank on Yourself practitioner since mid-2009 and has started new policies as recently as last year.

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