Not Your Average Financial Podcast

Episode 241: Your Last Tax Day

April 15, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

What about tax as a seven layer dip?
What are the different tax systems?
What about income tax?
When did the income tax start?
What about payroll tax?
What about capital gains tax?
What about short term and long term capital gains tax?
What about sales tax?
What about property tax?
What about estate tax?
What about gift tax?
What about the inheritance tax?
What about gift tax exemptions?
What about the annual gift tax exclusion?
What about the tax on interest?
What about the ten year time horizon?
What is the ultimate goal?
What about inheriting money?
What about taxable money?
What about tax deferred money?
What about tax free money?
How many times can you say “taxable”?
What about the stepped up basis rule?
What about stock or real estate?
What about the SECURE Act (2019)?
What about the ROTH IRA?
What is THE IRS?
What about the significant limits in the ROTH IRA or ROTH 401(K)?
Do you still plan to eat?
What are the limits with a Bank on Yourself® Type Whole Life Insurance policy?
What happened when Mark’s mom died?
What was the last gift she gave Mark and his brother?
Was the death benefit taxable?
What are some strategies?
What happens when you receive a taxable inheritance?
What about preparing in advance?
What might you build?
What about insurability?
What about accessing cash value?
What about leaving a generational gift and legacy?
What about the estate tax exemption?
What about a historical example?
When is the estate tax due?
How long does an estate / family have to pay the tax?
How will an estate / family pay the tax?
What happens when a life insurance death benefit is larger than the estate tax exemption?
How do we avoid running into a large estate tax problem?
What about a more modest death benefit?
What about an irrevocable life insurance trust (ILIT)?
What about term insurance?
Would you like to join us in our FREE membership site?

Bonus: Quick Reference
Tax filing dates for 2022 (via IRS):

There are several important dates taxpayers should keep in mind for this year’s filing season:

January 14: IRS Free File opens. Taxpayers can begin filing returns through IRS Free File partners; tax returns will be transmitted to the IRS starting January 24. Tax software companies also are accepting tax filings in advance.
January 18: Due date for tax year 2021 fourth quarter estimated tax payment.
January 24: IRS begins 2022 tax season. Individual 2021 tax returns begin being accepted and processing begins
January 28: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.
April 18: Due date to file 2021 tax return or request extension and pay tax owed due to Emancipation Day holiday in Washington, D.C., even for those who live outside the area.
April 19: Due date to file 2021 tax return or request extension and pay tax owed for those who live in MA or ME due to Patriots’ Day holiday
October 17: Due date to file for those requesting an extension on their 2021 tax returns

The topics presented in this podcast are general information only and not for the purposes of providing legal, accounting or investment advice. On such matters, please consult a professional who knows your specific situation.

Episode 240: [Client Spotlight] From Term Insurance to the Meaning of Life with Thomas Paukovitz

April 8, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

What about the meaning of life?
What about taking responsibility?
Who is Thomas Paukovitz?
What’s his story with money?
What happened with Thomas and Amanda in the first year of marriage?
What did they learn?
What about goal setting?
What about student loans?
What about car loans?
What about debt?
What about teaching about money?
How does personal responsibility fit?
What about whole life insurance?
How is this different from term insurance?
Is there an issue with buying term online?
What about convertible term?
What about cash flow?
What are the benefits of convertible term insurance?
What about an emergency fund?
How did the pandemic alter expectations?
What about paying for adoption?
What are the plans?
What about real estate?
What about property?
What about freedom?
What about volatility and risk?
What is reliable?
What about guarantees?
What about dividends?
What about flexibility?
What about follow through?
What does the word responsibility mean to Thomas?
What about purpose and intent?
Would you like to talk with Thomas on the membership site?
Would you like to read about their adoption journey at paukoparty.com?
Would you like to learn more about convertible term insurance? Get on Mark’s Calendar to Ask about Convertible Term Insurance

Thomas is a father of two girls and married to his wife Amanda. They live in Chicago and are proud Cubs fans! Thomas is a great friend of over 10 years. We have gone on long runs together and have worked on big projects in various arenas of service, church, and more. I’ve got to see Thomas working at his best, being a great listener and a servant leader. He works as an IT analyst in a law firm In downtown Chicago.

Episode 239: Resilience, Resets and Ripples – The Butterfly Impact with Mark Briggs

April 1, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

Are you focused on a bigger and better future?
Who is Mark Briggs?
Would you like to read Mark’s new book, The Butterfly Impact: Resilience, Resets and Ripples?
What are Mark’s memories with butterflies?
How might innovations happen within organizations?
How do we take advantage of opportunities?
What about transformations within constraints?
How does Mark use difficult experiences as fuel for growth?
Where do you spend your time everyday?
What about the enzymes?
What are Mark’s daily habits?
What about hidden pitfalls with boundaries?
What is a Company Engagement Officer?
What about meaning and connection?
What about culture?
How might time help you feel at ease?
How might we take care of ourselves and our organizations?
What sort of habits, systems and life hacks would Mark suggest for resilience in future constraints?
What about contingency capital?
What about tools for resiliency?
What about developing more adaptability?
What words of wisdom does Mark have?
What are the takeaways?
What are you afraid of?
What about systems?
What about laying bricks every hour?
What about learning?
What can you do to continuously build?

Mark Briggs is a management consultant who helps Fortune 500 companies modernize their operations, culture, and leadership by facilitating cutting-edge transformations. He is a professor of leadership and change management at the University of North Carolina, Chapel Hill, and is the author of four books. As a speaker, trainer, and consultant in digital transformation and innovation. Mark has worked with groups across the United States, Europe, China, and the Middle East.

His new book, The Butterfly Impact: Resilience, Resets and Ripples, tackles work-life balance and offers a transformative approach for your work-life, based on his own experience and interviews with more than 100 successful professionals.

Episode 238: [Client Spotlight] Variable Paychecks to Permanent Lifetime Income with Christian Ward

March 25, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

Who is Christian Ward?
How did Christian earn his first dollar?
How does Christian handle the ups and downs of living on real estate commissions?
What is it like starting out as a realtor?
What about working on the business of real estate?
What about Profit First?
How did Mark and Christian meet?
What about knowing what you don’t know?
What about growing financial savvy?
What about growing more peaceful?
What about self improvement?
What happened in 2011?
What about running?
What about health?
What about planning for longevity?
What lessons did Christian learn through caretaking?
What about self-reliance?
What about not out-living savings?
What were Christian’s goals?
What problems does a flexible premium annuity solve?
What about lifetime income?
What happened with the investment advisor in early 2020?
What about reducing volatility?
Have you read Profit First?
How has Christian applied Profit First principles?
What are Christian’s current and future goals?
How might we pay our future selves?
What about being deliberate and thoughtful?
What about managing stuff?
Would you like to work with Christian?
Would you like to visit christianwardhomes.com?
Would you like to hear Christian’s podcast, Interesting Humans?
Would you like to join our Not Your Average Financial Community?
What are people saying?

Christian Ward is a seeker, writer, podcaster who happens to do real estate to make a living.

He has lived in many parts of the country; for the past 31 years Ann Arbor, MI has been his home. He is the podcast host of Interesting Humans a deep dive into the mindset, the philosophy and the achievements of the people around us who have fascinating narratives to share.

Episode 237: The Periodic Table of Abundance

March 18, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

Did you know we work with clients in all 50 states?
What are your financial goals and objectives?
What about long, deep conversations?
What about satisfaction?
What about documents?
What about questions?
What about general overwhelm?
What about talking and thinking about it?
What about courage?
What are the twelve general categories in the the Periodic Table of Abundance?
Do you remember the Periodic Table of Elements?
Would you like to join the Not Your Average Community membership site?
What about building a true financial teams?
What about six month reviews?
What about a deep dive on one of the elements?
What about Scaling Up?
What is EADS?
What might you eliminate?
What might you automate?
What might you delegate?
What might you scale?
What about building your money team?
How do you talk with your spouse or family about money?
What happens when tough times or windfalls come?
Do you have budget meetings?
What about syncing up with your financial professionals?
Who should be on your team?
Who should not be on your team?
What about challenges and opportunities in liquidity?
What about storing water?
What about the flow of water?
What about market volatility?
What about fees?
Does where you put your money matter?
What about discovering your savings rate?
What else or who else can help you with this?
Would you like to join us in the Not Your Average Financial Community?

Episode 236: Top 10 Episodes! Bank On Yourself® Engineering (Ep. 6)

March 11, 2022 by Not Your Average Financial Podcast

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Would you like to hear 10 of THE BEST episodes so far?
What makes a Bank On Yourself® Type Whole Life Insurance Policy work?

In this episode, we ask:

How nerdy can we be?
What financial asset has increased in value every year for the last 160 years?
Why, in the early 20th century, did 50% of Americans have their savings in life insurance products?
Does your financial planner have to use Google to answer your questions?
What is the Bank On Yourself^® concept?
How is a Bank On Yourself^® policy constructed?
What biases do we have toward Whole Life Insurance?
How is a Bank On Yourself^® design similar to an all base Whole Life design? How is it different?
What does Bank On Yourself^® Engineering have to do with a sailboat?
What companies are Bank On Yourself^® friendly?
How do businesses use Bank On Yourself^®?
Why does good design matter?
… More!

The numbers presented here are for example purposes only. Please reach out to us to learn more about what’s possible in your specific situation.

Episode 235: Top 10 Episodes! Why Work with A Bank on Yourself® Professional? (Ep. 159)

March 4, 2022 by Not Your Average Financial Podcast

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Would you like to hear 10 of THE BEST episodes so far?
Do you need to work with a BANK ON YOURSELF® PROFESSIONAL?

In this episode, we ask:

What do you call a … ?
Are all financial professionals right for your needs?
How many designations and credentials are available for financial professionals?
What about the CPA?
What about the CFA?
What about enrolled agents?
What about the CFP®?
What about Mark’s CFP®?
What about a generalist designation?
What about a specialist designation?
Can anyone call themselves a financial advisor?
What about life insurance agents?
Why work with a Bank on Yourself® Professional?
Where do you find expert help?
How many Bank on Yourself® Professionals are there in the U.S. and Canada?
What about maximizing finances?
How is the Bank on Yourself® Professional program critical to success?
What about “just googled it” advisors?
What about ongoing mentoring?
What about client relationships?
Do you really have a Bank on Yourself® type life insurance policy?
How could you know?
Why does your advisor matter?

What does it take to have a TRUE Bank on Yourself® type life insurance policy?

Is whole life insured offered?

Is what I have whole life insurance, universal, variable or something else?

Is the insurance company mutually owned or stock owned?

Is the insurance company’s customer service educated enough to help me with the ins and outs of policy loans (or is it going to be a nightmare every time I try to call customer service)?

Does the company have a HIGH COMDEX rating (90+)?

If I take a loan, will it affect my policy in the short and long term?

If I take a loan, do I have non direct or direct recognition loans?

If I take a loan, how will it affect the policy, short-term and long-term?

Do I have Non-Direct Recognition loans (which crucially allows my cash value to grow even on the cash value I’ve borrowed against) or Direct Recognition Loans (which stop the growth of my cash when I borrow from the policy)?

When will I pay loan interest (at the end of year or immediately?)

What are my loan limitations (what they’ll allow me to borrow)?

What is my loan interest rate on this policy? (Is it above industry average?)

Is the loan simple interest all year long, or is it compounding against me?

Does my whole life product pay dividends?

Is the dividend based on company performance, with me participating as an owner, or is it merely “interest sensitive”, based on industry competition and pre-formulation?

Has the insurance company paid dividends 100 years straight?

Are paid-up additions (PUA) offered through premiums or just through dividends?

What is the insurance company’s PUA load cost? How does it compare to other whole life products?

What are the PUA limits and gotchas? (When and why must we reduce our PUAs even if we don’t want to?)

Were any other riders available to help accelerate my cash value growth? (e.g. term rider)

If I miss a premium payment, are there any protections? What will happen to the policy guarantees?

Was there a Chronic Illness Rider or similar available? What are the fees for this rider?

What are the limitations on Chronic Illness/ Long Term Care / Accelerated Death Benefit riders?

Was there significant dividend variability (e.g. over the last 12 years) suggesting risk to future cash value growth?

Will this policy MEC, and do I want it to lose specific tax advantages?

Will both principal and gains be accessible tax-free under current law?

What about the agent?

Am I having to educate the agent?

Is my agent among the 200 Bank on Yourself® professionals in good standing?

Do labels matter to you?
What about your family member who has a life insurance license?
Would you like Mark to review an inforce policy for FREE?
Would you like to join our mailing list?
Would you like a FREE book? Send us a screenshot of your review to hello@nyafinancialpodcast.com, and we’ll send you a book!

Episode 234: Top 10 Episodes! What is the Perfect Financial Solution? (Ep. 4)

February 25, 2022 by Not Your Average Financial Podcast

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Would you like to hear 10 of THE BEST episodes so far?
Where will your money LIVE? What do you want your money to DO for YOU?

In this episode, we ask:

Does a perfect financial solution exist?
What do you want your money to do for you?
Where do you want your money to live?
What did Mark learn in his research of financial products?
What are our preconceived notions about money?
If Katrina was “Pope of Money” for the day, what would she want for her money?
What are the strengths and limitations of current financial products?
What are the implications for having a sane financial picture?
What is a financial structure?
Where did the Egyptians bury their most treasured leaders, within their architectural wonder, the pyramid?
…More!

Episode 233: Top 10 Episodes! Wait A Minute! Did I Just Pay For This Twice? (Ep. 110)

February 18, 2022 by Not Your Average Financial Podcast

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Would you like to hear 10 of THE BEST episodes so far?
Is it wise to take a POLICY LOAN or not?

In this episode, we ask:

Would you like to leave us a review?
Do you experience panic moments?
Have you ever felt panic around a policy loan?
Have you heard Episode 34?
How exactly does a policy work?
Would you like to discuss this with us?
What happens when you take the first loan out?
What about buying a new car with a policy loan?
Do you ever ask, “Did I just make a terrible mistake?”
Didn’t I pay for the car twice?
Is taking a policy loan better than paying cash?
Is the loan payment on top of premium?
Doesn’t it feel like you’re buying the car all over again?
Are you the banker and the borrower at the same time?
Why do bankers add capital to a bank?
Who comes in the front door of a bank?
Why do bankers love it when borrowers pay back loans?
Are banks looking for capital?
Are you setting up an actual bank?
How might you recapture the banking function?
What is a reasonable period of time?
What is the big idea?
What might you use as collateral?
What have you been saving for?
How does a Home Equity Line of Credit (HELOC) work?
How do people use HELOCs to finance education (or other life purchase)?
What are the problems with using a HELOC?
What are the benefits with a Bank on Yourself type policy?
What are the problems with 401(k) loans?
What are the benefits with a Bank on Yourself type policy?
What does this look like in an example with real numbers?
When you take a policy loan, where does it come from?
How does the policy continue to grow, even with policy loans?
What is a non-direct recognition loan feature?
Have you heard Episode 83?
Which companies offer non-direct recognition?
Does the insurance company charge you interest on a whole life insurance loan?
Are you able to skip a payment on a life insurance loan repayment?
Is the loan interest simple or compound interest?
Could the policy lapse if you take a very large policy loan?
How can you manage the policy in a healthy way?
What happens when you take money from a savings account?
Is there an opportunity cost with a policy loan?
When do you have to pay the policy loan off?
Do you interrupt the growth of your money when you borrow it?
Am I saving enough to have the money to make the purchase I want?
How will I make the purchase? Will I pay cash? Will I go into debt? Will I take a policy loan?
Have you heard Episode 54 yet?
Have you heard Episode 71 yet?
Isn’t this twice as nice?

Episode 232: Top 10 Episodes! How Do Bank on Yourself® Type Policy Loans Work? (Ep. 32)

February 11, 2022 by Not Your Average Financial Podcast

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Would you like to hear 10 of THE BEST episodes so far?
How do Bank on Yourself® Type Whole Life Insurance LOANS work?

In this episode, we ask:

What is a life insurance policy loan?
If I’m trying to be debt free, why go back into debt with an insurance company?
Are life insurance loans just like a credit card or a mortgage?
Isn’t a life insurance loan just like a personal loan?
How does your cash value collateral continuing growing, even when you have a policy loan outstanding?
How is this different from a HELOC?
Is your house guaranteed to go up in value?
What about contractual guarantees with a life insurance policy loan?
What are the limits with a life insurance policy loan?
Could the loans lapse the policy?
What is the best kind of investment to a life insurance company?
Can you be “underwater” in your life insurance policy loan?
What are the requirements for this type of life insurance policy to work in a Bank on Yourself design?
- Is it whole life insurance?
- Is it a non-direct recognition loan?
- Is it flexible, so you keep it for your entire life?
- Are you repaying your loans?
- Are you working with a knowledgeable, authorized advisor?
Do you have trauma from a previous bad experience?
Why do so many advisors not know how to design these properly?
Does your existing whole life insurance policy penalize you when you take policy loans?
Does your advisor know what they’re doing? Do they frantically google in front of you?
Why did the Titanic sink?
Do you know an advisor who has a skillful knowledge of Life Insurance contracts?
Of what red flags should you be aware?
With non-direct recognition policy loan, how is the dividend credited on a whole life policy?
If you don’t have a non-direct recognition policy loan, what happens?
When you take a policy loan, where does the money come from?
- See The Bank On Yourself Revolution by Pamela Yellen, page 256
What is the collateral for that loan?
When do life insurance companies get a profit?
How do you benefit from the interest you paid on the loan?
If the insurance company’s yield is better than their worst case scenario, what happens to your dividends?
Who’s allergic to paying interest?
What are some financing strategies when buying a car?
What interest does an insurance company charge on the loan?
Who are the owners of the insurance company?
Do you love that you are charged loan interest?
What is simple interest, compounded annually in arrears?
When is 5% not always 5%?
Why would you willingly pay extra for something?
What type of interest would you like on a savings account? Simple? Compound?
How can you calculate the growth you receive?
Is the method of banking on yourself better or worse than paying cash for things?
Don’t you wish more people knew about this?
How can you make a profit on buying a car?
How can you use a life insurance policy with non-direct recognition policy loans for income in retirement?
What’s the problem with the direct recognition policy loan design for income in retirement?
What design features have a tremendous amount of impact on how long money will last in retirement?
How do banks use money in more ways than one (at the same time)?
What does the fine print in your contract say?
“Ignore what banks tell you to do with money, and instead, watch what they do with their own money.” – John McCarthy
How much money do banks keep in life insurance contracts?
What’s a tier 1 asset?
How can you change your family tree?