Not Your Average Financial Podcast

Episode 167: Don’t Worry, Retire Happy with Tom Hegna

November 13, 2020 by Not Your Average Financial Podcast

In this episode, we ask:

Who is Tom Hegna?
What was Tom taught at a young age?
What about savings?
What about a Math Party?
What’s the problem?
What needs to change?
What does retirement mean for Tom?
Are you getting any younger?
Can you take any of it with you?
What does Tom think about annuities?
What’s the stupidest thing someone can do?
What’s the difference between variable and fixed indexed annuities?
What about bonds?
What about income annuities?
What is retirement all about?
Is guaranteed lifetime income possible?
What about AUM (assets under management) fees?
What do the retirement studies say?
Do you have enough income for basic expenses in retirement?
Is there a substitute for guaranteed lifetime income?
Why do people rebel against the optimal?
What are Tom’s books?
What does AAA mean?
What does CCC mean?
What’s a mortality credit?
What else do you need to learn?
Would you like to work with us? See the job description here: http://bit.ly/worklg

Tom Hegna, CLU, ChFC, CASL, is an economist, author, and retirement expert. He has been an incredibly popular industry speaker for many years and is considered by many to be THE Retirement Income Expert!.

As a former First Vice President at New York Life, retired Lieutenant Colonel, and economist, Tom has delivered over 5,000 seminars on his signature “Paychecks and Playchecks” retirement approach, helping Baby Boomers and seniors retire the “optimal” way. He has condensed a large chunk of his considerable knowledge into 5 books.

Episode 166: Sean Morrissey is Landlording for Life

November 6, 2020 by Not Your Average Financial Podcast

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In this episode, we ask:

When was your moment?
Who is Sean Morrissey?
Have you heard the podcast Landlording for Life?
Who is Sean leading?
What about buy and hold real estate?
What is leading with lifestyle?
What does financial freedom mean for Sean?
What happened when banks lowered the line of credit?
What happened for four years?
What did Sean learn?
What does Sean do and what does liquidity do for Sean’s business?
How did Sean get started?
What is the value of liquidity?
What are the challenges for landlords right now?
What does the average guy or gal not realize about the need we have for access to capital?
Is it easy to buy?
What’s the weird position?
Are you liquid enough?
What about roughly 3% of capital expenditures and reserves?
What about roughly 5% for vacancy?
What about roughly 3% for a liquidity factor?
What about the “what if” game?
What about Mark’s meeting with Sean?
What surprised Sean?
What did Sean find?
Have you heard Episode 159 and Episode 160?
What did Sean learn?
What about universal life policies?
Are all mutual insurance companies good for Bank on Yourself® type policies?
Why does the contract matter on a life insurance policy?
What is a direct recognition loan provision?
What about non direct recognition company?
What’s an eye opener?
What are Sean’s hopes?
How does Sean plan to use his policies in sync with real estate?
What does Sean see, looking back?
How does Sean think big enough now?
Where do you want to be in 10 to 20 years?
When do we want our money most efficient?
What’s the power of a whole life insurance policy (especially the older ones)?
What about tax deductions and depreciation in real estate?
What about long range thinking?
What are the options down the road?
What’s the problem of real estate without whole life?
Would you like to work with Sean?
What is happening with evictions in Illinois?
What about liquidity?
What about setting sights too small?
How big can you think?
What about opportunities?
Want to work with us? We’re hiring. http://bit.ly/worklg

Sean Morrissey is a landlord and real estate broker, in the western suburbs of the Chicagoland area, who has built a $7M real estate portfolio and owns/manages Chicagoland Realty Group Partners LLC.

Having managed 200+ properties for landlords in the Chicagoland area, Sean has built property management systems to make “buy and hold” real estate sustainable and wealth-building.

Sean’s proudest achievement is being able to spend his days with his wife, two kids, dog and cat in what some may define a financial freedom lifestyle. Sean is the host of the real estate “buy and hold” real estate investor podcast called Landlording for Life.

Episode 165: Combining Bank on Yourself® with Profit First

October 30, 2020 by Not Your Average Financial Podcast

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In this episode, we ask:

Would you like to work with us? Visit bit.ly/worklg
Is this your moment?
Would you like to learn how to combine the Bank on Yourself® strategy with Profit First?
Who are Brandon and Amanda Neely?
Can you build the wealth you really want?
What’s Amanda and Brandon’s story?
How many bank accounts do you need?
How much does an average bank account earn in interest?
How much does an average Bank on Yourself® type dividend paying whole life insurance policy earn?
What’s the story of Amanda’s client?
Who’s the boss?
How might you get the best results?
Are you financially set for life?
Who is taking unnecessary risk?
What’s the next step?
Who is in the banking business?
What makes business owners special?
How will Bank on Yourself® help you grow wealth?
What about the return of your capital?
What are the risks?
What about the options?
What are the benefits?
What about a volatility buffer?
Should you only do Bank on Yourself®?
What is Profit First?
What about debt?
What about paying cash for major purchases?
How might Bank on Yourself® help you to navigate the opportunity cost?
Are you in a W-2 job?
Will you run out of money?
Are you earning interest or paying interest?
Is all of your money tied up in a government sponsored 401(k)?
What about a diversified portfolio?
How might one break the paycheck-to-paycheck cycle?
What are the objections to Profit First?
Have you ever received a massive tax bill?
How does one pay the huge tax bill?
Will you find a way to be profitable?
Are you at least 1% profitable?
How do Bank on Yourself® and Profit First work together?
Do you give every dollar a job?
Would you like a copy of the spreadsheet? Email Mark at hello@nyafinancialpodcast.com
What are the steps for setting this up?
What could this mean for you?
Could this benefit you?
Do you need someone to help set up Profit First?
Do you need someone to help you set up Bank on Yourself®?
Would you like to schedule an intro call? The link is case-sensitive: bit.ly/BOYPF123
What’s your next best step?
What adjustments do you need to make?
What’s the death benefit?
Why are not-so-average strategies so important?

Profit First Chart

How Profit First works with Bank on Yourself®

Episode 164: From the Unthinkable to the Obvious

October 23, 2020 by Not Your Average Financial Podcast

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In this episode, we ask:

We are hiring! Want to work with us? http://bit.ly/worklg
Does it sound absurd?
How is this possible?
What is Overton’s window?
What are the six steps?
What are the limits and the range?
What about mad libs?
What about farmers?
How did the idea of taxes begin to change?
What about saving?
What about the stock market?
How long have we had the 401(k) in play?
What is safe?
How much is your emergency fund?
What did the DALBAR study say about true market performance?
Does the evidence match the beliefs?
What about the gold standard?
What happened to interest rates?
What is the dollar tied to now?
What about lifestyle pressure?
What about both partners working?
What about savings?
What about keeping up?
Why was the 401(k) so appealing in the beginning?
Where is a nation of speculators born?
What are the takeaways?
What about Overton’s Window mixed with Parkinson’s law?
What about the boiled frog?
What about dollar cost averaging?
What about dividend paying whole life insurance?
What is a smarter strategy?
What is so unthinkable?
Do you love being not so average?
Would you like a free book? Email us at hello@nyafinancialpodcast.com
Would you like to get our episodes delivered right to your inbox so you don’t miss the amazing free content we’re giving out each week? Would you also like to get exclusive access to live calls, office hours and Q&A with me and our esteemed guests? http://nyafinancialpodcast.com/subscribe/

Episode 163: Why Banks Need Insurance Companies with Kevin Greer

October 16, 2020 by Not Your Average Financial Podcast

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In this episode, we ask:

Would you like to be the owner?
What about assets?
Who is Kevin Greer?
Who works with Kevin?
What’s the craziest thing Kevin’s seen?
What about families inheriting properties?
What about estates and life insurance death benefits?
How does Kevin acquire properties for BankFinancial?
What’s the big difference for a smaller bank?
Who is the target market?
Why does it make sense to work with a community bank?
How does cash value life insurance factor into net worth calculations?
What does Kevin see on the balance sheets?
What about term insurance?
What is a future asset vs. current asset?
What about liquidation situations?
What are capital markets?
What are BankFinancial’s sweet spot?
What is a recourse loan?
How does one personally guarantee a loan?
What is it like, as a bank, borrowing from life insurance companies?
What kind of loans do life insurance companies want?
What are the companies looking for?
How might you, as an owner in a mutual life insurance company, participate in these deals?
What about cash flow?
What about yield?
What about private lending (sort of like hard money lending)?
How does Kevin help private lenders?
How did Kevin discover his passion for this work?
Would you like to talk with Kevin?
- kgreer@bankfinancial.com
- Call 312-525-1131
- Reach out on LinkedIn
What are the takeaways?
What is a current asset? What is a future asset?

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

Kevin Greer, a commercial and multifamily real estate specialist for BankFinancial, has over 25 years experience lending and has closed over $100 million in real estate financing transactions.

Kevin participated on bank REO committees and REO disposition teams. In addition, Kevin has personally bought and sold several real estate properties over the past 15 years.

Episode 162: Real Estate Investing and Bank on Yourself® with Lane Kawaoka

October 9, 2020 by Not Your Average Financial Podcast

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In this episode, we ask:

Who is Lane Kawaoka?
How did Lane start his portfolio?
What does Lane like to purchase?
What about “recession resistant” properties?
Why did Lane choose real estate?
What is Lane’s opportunity fund?
What about litigation protection? How does that work in each state?
What about retirement plans or qualified money?
What about tax advantages?
What is the advantage of using non qualified money?
What is cost segregation?
What is bonus depreciation?
Do the tax benefits get passed down to LPs?
What happens with high income earners?
What about the Required Minimum Distribution in retirement?
What is preferable about whole life insurance?
How does Lane pick his deals?
Why are relationships so important?
What about choosing the right, trustworthy people?
What are the three keys to success?
Does the income exceed the expenses (and then some)?
What about cash flow investing?
Would you like to hear Lane’s podcast, Simple Passive Cashflow?
What about Lane’s Mastermind, Passive Investor Accelerator?
What are the takeaways?

Lane Kawoaka has been investing for over a decade and now controls 2,600+ units. As owner of CrowdfundAloha.com, SimplePassiveCashflow.com, and ReiAloha.com, Lane is responsible for finding investment opportunities, analysis, and marketing. Mr. Kawaoka obtained a BS in Industrial Engineer and MS in Civil Engineering and Construction Management from the University of Washington. In addition to an analytical engineering background, Lane has real world experience in working as a project manager for over $230 million dollars of capital construction projects in both the public and private sector. Working as a high paid professional in Corporate America and frustrated by the traditional wealth building dogma, Lane was compelled to inspire and mentor other working professionals via his Top-50 Investing podcast at SimplePassiveCashflow.com.

Episode 161: Bank on Yourself® and Real Estate Investing

October 2, 2020 by Not Your Average Financial Podcast

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In this episode, we ask:

Would you like to hear a LIVE workshop Mark did with Roger Blankenship of the Flipping America Real Estate Investment Association?
Who has the deal funding power?
Is it possible to cut out mortgage companies?
What was the biggest wake up call of Mark’s adult life?
What are the three strategies and tactics?
What else?
Would you like to watch the video presentation (see below)?
Would you like to subscribe to the NYAFP YouTube page?
Would you like to hear the Q&A?

Episode 160: Why Work with a Bank on Yourself® Professional? Part 2

September 25, 2020 by Not Your Average Financial Podcast

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In this episode, we ask:

What is the history of Bank on Yourself®?
What did Nelson Nash find with the Infinite Banking Concept?
How was Nelson an evangelist?
What’s the issue with the IBC meaning?
What standards are in place around the Infinite Banking Concept?
What did Pamela Yellen learn?
What does Pamela write on page 247 of the Bank of Yourself® Revolution?
What is a modified endowment contract (or MEC)?
How did Pamela Yellen develop the Bank on Yourself® Professionals program?
How is the Bank on Yourself® language protected?
What is Bank on Yourself®?
How does this make a significant difference?
How might you know if an agent is capable and properly trained in designing a Bank on Yourself® type policy?
What about investment advisors?
What about designing riders properly?
How are these policies different from traditional whole life policies?
What is the only kind of insurance recommended for the Bank on Yourself® strategy?
What about captive agents?
What sort of products are captive agents writing?
Does it sound too good to be true?
What is Bank on Yourself® based upon?
Who owns Bank on Yourself® type life insurance policies?
Who do you know who is a Bank on Yourself® policy owner?
Can that advisor truly help you?
Why didn’t that advisor already tell you about Bank on Yourself®?
What is Bank on Yourself® NOT?
What about the knock-off advisors?
What about advisors who lost their licenses?
What is happening in the marketplace landscape?
What about the Infinite Banking Concept?
What about Private Banking Systems, Family Banking, Circle of Wealth, What Would the Rockefellars Do? and Perpetual Wealth Strategy?
Have you heard episode 95 and 96?
When was Nelson Nash’s Becoming Your Own Banker written?
What’s wrong with outdated numbers?
Is it about rate of return?
Is it legal to call an insurance policy a “bank”?
What about the laws and regulations?
Did Nelson Nash defend his trademarks?
How much do we treasure Nelson’s legacy?
What is a 770 Account?
What about the other names for a 770, including a President’s Secret Account, a 501(k) Plan, an Invisible Account and Income for Life?
What about a 702(j) Retirement Plan, attributed to President Ronald Reagan?
How are the Bank on Yourself® Professionals different?
What about Wealth Beyond Wall Street?
What is the promise?
What are some other names?
What is a Safe Money Millionaire or a 101 plan?
What is Indexed Universal Life?
What is in the fine print?
What about the warnings and disclaimers?
Why does the cash value on these go to ZERO?
What about the watchdog investigation?
Why are the illustrations on IUL and UL products wildly inaccurate?
What are IUL problems?
What about the IUL increasing costs?
Why is this devastating?
Why do these policies fall apart?
Would you like to hear Episode 59?
Would you like to hear Episode 60?
Would you like to hear Episode 61?
How are Bank on Yourself® Professionals different?
What is Maximum Premium Indexing and why is it so hot right now?
Why are they recommending buying an IUL and a whole life policy?
What is this mysterious strategy?
What is the advantage? What is the downside?
What is piggy backing?
Who does this benefit?
What are the red flags?
Why is this an ethical crisis?
Why is borrowing from one policy to buy a new one a bad idea?
What can you do if you’ve already purchased an inefficient or troubling policy?
Have you heard of the 1031 exchange in real estate?
Is there a like kind exchange in insurance?
What is the 1035 exchange?
Do you have an in-force illustration?
Would you like to call your insurer to get an in-force illustration?
Would you like us to review your in-force illustration for FREE?
- Email us your PDF at hello@nyafinancialpodcast.com
- or hop on Mark’s calendar.

The Problem with Costs Going Crazy in Indexed Universal Life (IUL)

Example of What Might Happen with Retirement Income Using Indexed Universal Life (IUL)

Episode 159: Why Work with a Bank On Yourself® Professional?

September 18, 2020 by Not Your Average Financial Podcast

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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 158: Bank on Yourself®: What’s in it for Insurance Companies? with Matt Berman

September 11, 2020 by Not Your Average Financial Podcast

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In this episode, we ask:

Why would insurance companies offer the products for Bank on Yourself® whole life insurance type policies?
Who is Matt Berman?
What is Foresters Life Insurance and Annuity Company?
How is a member different than a customer?
What is a fraternal benefit society?
How is the Foresters experience different than a stock based company?
What are the benefits?
How might life insurance promote a social benefit?
What space does Foresters create to provide service to the community?
What is Caring Through Crisis?
What about the legal support?
What is the Charity Benefit Rider?
What about the profitable business model?
How does Foresters stay profitable through these hard times?
What about the strategic plays?
What about managing low rates and uncertainty?
How is this an exciting time?
How does Foresters rise to the occasion?
What’s in it for Foresters?
What about diversification of risk?
What about consistency?
What about needs?
How does the Foresters spectrum of products serve different needs?
What about term life insurance?
What about permanent cash value life insurance?
What about premium levels?
What about retirement needs?
What about unanticipated life events?
When do profits emerge for life insurance company?
How is it that a company can lose money in the first year of a new policy?
What is an acquisition expense?
How do profits emerge over time?
What about premiums paid over time?
What about a strong persistency?
What about the diversification of the company’s risk?
What about the price point?
What is a long duration liability?
What about reinvesting back into membership?
What about stakeholders and constituents?
How long has Foresters been going strong?
What about purpose driven DNA?
How does Foresters operate?
What about innovation?
What about being purpose driven?
What about focusing on social good?
What happened in 2019?
What about wellness?
What about a rewards system based on wellness?
What are the takeaways?
Would you like to join us live tomorrow for Profit First and Bank On Yourself®, Saturday, September 12, 2020 at 11am ET?

As Chief Distribution Officer of Foresters Financial, Matt Berman is responsible for life insurance and annuity product development, pricing and sales across the United States and Canada.

Matt has over 25 years of experience leading strategic planning, sales, marketing and product management organizations in insurance and investment banking. He has worked in global organizations, including AXA, AIG and Zurich Insurance, motivating customer-focused teams in both the property and casualty, and life and savings sectors.

Matt holds a Bachelor of Arts in English from the University of Pennsylvania and a Master of Business Administration from New York University, Stern School of Business. Matt is an avid tennis player, skier and surfer, and active in community service.

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