Not Your Average Financial Podcast

Episode 75: Dave Ramsey’s Debt Snowball Method or The Debt SnowBank Method™?

February 8, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What are people saying? Would you like a free book?
What about debt?
What is Dave Ramsey’s debt snowball method?
How much can you squeeze your lifestyle down to?
What is the debt avalanche method?
What is the best course of action?
What is The Debt SnowBank Method™?
Is it possible to be better than debt free?
What are the two piles in The Debt SnowBank Method™?
Do you have a pool of cash for an emergency?
What should you keep an eye on?
Does paying off your debts a slightly different way make a difference?
Should you follow the snow ball method or The Debt SnowBank Method™?
How do the different methods compare?

Episode 74: Dave Ramsey v. Pamela Yellen, A Bank on Yourself Battle Royale

February 1, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What are Dave Ramsey’s major complaints about Whole Life Insurance?
What does Dave Ramsey’s website say about term insurance?
What is term insurance worth?
How do you get the value in term insurance?
What is the rate of return you can actually get in the marketplace?
Does Dave Ramsey compare to after tax equivalent?
What are Dave Ramsey’s sources?
How does he back up his claims?
What about dividends?
What’s the whole story?
Who is Pamela Yellen?
What does Pamela Yellen’s website say about Bank On Yourself type whole life policies getting a tax equivalent yield of 9.94%?
What do her policy statements say?
How soon do Bank on Yourself type whole life policies get cash value?
How much did Pamela contribute to her whole life policy?
What is a paid-up additions rider?
What happens to cash value upon death?
How much did Pamela’s policy increase in 2009, when the market was very low?
Does the insurance company keep your cash value when you die?
Do term policies keep up with inflation?
How much does the death benefit increase?
How much does the cash value increase?
What is the beauty of a properly designed policy?
Do Dave Ramsey’s claims apply to all whole life insurance policies?
Would Dave Ramsey consider a Bank on Yourself type policy?
What are the pros and cons of both sides of the argument?
What are the pros of term insurance?
How can you protect insurability?
Here are Pamela Yellen’s Bank on Yourself type policy statements:

Financial security expert and best-selling author Pamela Yellen investigated more than 450 savings and retirement planning strategies seeking an alternative to the risk and volatility of stocks and other investments. Her research led her to a time-tested, predictable method of growing and protecting wealth she calls Bank On Yourself (www.bankonyourself.com) that is now used by more than half a million people.Pamela is the author of the New York Times bestselling books BANK ON YOURSELF: The Life-Changing Secret to Growing and Protecting Your Financial Future and THE BANK ON YOURSELF REVOLUTION: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.

Pamela has appeared on every major TV and radio network and served as a source for organizations and publications such as the Associated Press, Fox News, Bloomberg Businessweek, Ladies’ Home Journal, Essence Magazine, Aging Today and AARP. Her articles have been featured in thousands of major publications and websites, and she has spoken to more than 1,000 audiences world-wide.

Pamela was born in Buffalo, New York, and has lived in Sarasota, Phoenix, and the San Francisco Bay area. She graduated from the University of San Francisco with a degree in psychology. Pamela and her husband Larry currently live outside of Santa Fe, New Mexico, They enjoy theatre and the arts, hiking, biking, bird watching, traveling, gourmet cooking, working out (Pamela can leg press 200 pounds!), reading, spoiling their two grandkids, and are involved in supporting numerous charitable causes.

Ten percent of all author royalties are donated to educational not-for-profits, such as The Smile Train, The Nature Conservancy, Susan G. Komen for the Cure, Wounded Warrior Project, Heifer International, and Hawk Watch.

Buy the book on Amazon

Episode 73: OK, Dave Ramsey, You’re Right. “Whole Life Stinks…”

January 25, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What are people saying?
Would you like to leave us a review on iTunes?
Do you have ideas for future episodes?
Does whole life insurance insurance stink?
Is “buy term and invest the difference” a better idea?
Why are high commissions a problem?
What are the alternatives?
How much will an advisor make on mutual funds with a 1% fee?
How much will an advisor make in commissions on a whole life insurance policy with the same lump amount over the same number of years?
What is exciting about term insurance?
See Episode 1 and Episode 51 to learn about real return
Listen to both parts, Episode 52 and Episode 53 with Les Himel
How do term insurance policies compare to permanent whole life insurance policies?
Can you hold on to the commission in the long run?
Which seems fair? Which seems risky?
How much did the whole life truly cost?
Who needs permanent insurance? Can’t you self insure?
You only need insurance for your early years, right?
Are you at risk for spoiling future generations?
Can you live off 1 million in retirement?
Do you need excitement?
Do you love stable, predictable growth?
Where does he get the idea that it’s rare to own whole life insurance?
Why does Whole Life Insurance stink?
Would you like to ask us some questions? Book a Meeting!

(Tip: right click and select “new tab” to make these spreadsheets larger on your desktop web browser)

Episode 72: The Seven Baby Steps and the Dave Ramsey Gospel

January 18, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

Have you heard about the Seven Baby Steps?
How does Dave Ramsey forego logic?
Who sponsors Dave Ramsey?
Are annuities worth Dave Ramsey’s disgust face?
Why does Dave Ramsey’s advice stay written in stone?
Are you an avid follower?
What are the baby steps?
- Have you saved $1K in an emergency fund?
- Have you used the debt snowball method to pay of debts?
- Have you set up a fully funded emergency fund of three to six months worth of expenses?
- Have you invested 15% of household income into retirement?
- Have you started saving for college?
- Have you paid off your home early?
- Have you built wealth and do you give generously?
What do we love about Dave Ramsey?
Why are the baby steps awesome?
What do we love about Dave’s teachings?
What about saving $1K cash in an emergency fund?
- Is $1K a big enough improvement?
- …What has changed since Dave Ramsey first started? Is his advice out of date?
- How does that affect what you truly need to save?
- What’s the smallest ideal emergency fund in today’s dollars?
What about the debt snowball method for paying off debts?
- Is it better to go on math or emotion?
- What is the benefit to paying the debt with the smallest balance, regardless of interest rate?
- How did Mark and Katrina use the snowball method on student debt?
- What did Mark and Katrina’s mentor ask?
- Is it possible to be BETTER than debt free?
- What is Holly’s story?
- Is the snowball method the holy grail of debt payoff wisdom?
- What did Holly’s friend do with their car as a result of the snowball method?
- Is it about numbers or feelings?
- Is everyone’s situation the same?
- Is Dave Ramsey regulated by any governing authority?
- Does Dave Ramsey have any credentials?
- What about credit card faith?
- What about faith in the freedom from debt?
- Is it possible to use credit cards safely and responsibly?
What about setting up a fully funded emergency fund of three to six months of expenses?
- Is this enough?
- Do you need at least 12 months of a fully funded emergency fund?
What about saving 15% of your income for retirement?
- What assumptions are these based on?
- Can you make a real return (CAGR) of 12%? What are the odds?
- Do you want to bank on 2% chances of getting 12%?
What about saving for college?
- Who has a problem with saving for the children?
- What does Dave recommend?
- What is the big risk with a 529 plan?
- What happens if the market crashes when your kid is in school?
- See Episode 27
What about paying off your home early?
- Should you pay off or refinance your mortgage?
- Is this the pinnacle of human existence?
- See Episode 14
- Can you make an annual 12% return in your mutual funds?
- What is true in today’s dollars and interest rates?
- Why doesn’t Dave Ramsey update his recommendations based on the modern day realities?
What about building wealth and giving?
- Why not give on day 1?
- Why not build wealth on day 1?
- How does the death benefit on a life insurance policy do just this?
What idea is Dave Ramsey selling?
How does that affect you and your family ultimately?

Episode 71: The Debtor, The Saver or The Wealth Creator – Which Staircase Are You Climbing?

January 11, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

How do you buy stuff?
Would you like to meet us in person?
What staircase are you climbing?
How do you fund large capital purchases?
What are some benefits?
What does conventional purchasing look like?
What is the debtor’s or borrower’s staircase?
What do you have after you pay back the debt?

What is the saver’s staircase?
At the end of the saver’s staircase, what do you have?

What is the wealth creator’s staircase?
At the end of the wealth creator’s staircase, what do you have?

What about privacy?
What’s the best way to buy stuff?
How do wealth creators buy stuff?
Is it possible to “pay for something” twice?
What is “saving on the other side of the purchase”?
How does perspective matter?
What is an accelerated death benefit rider on a whole life insurance policy?
What are you going to do with this information?

The images here are inspired by and based on Don Blanton’s Circle of Wealth System, by Money Tax, Inc., “Debtor, Saver, Wealth Creator Visual,” The Private Reserve Strategy™, January 2012.

Episode 70: Thinking Bigger – How the Economy Affects Us All

January 4, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

Would you like to learn how to pay tax in the very best way possible?
Can someone turn lead into gold?
How do we know if we’re wasting our time?
How do we test our assumptions?
Does the chemistry in your portfolio allow for resilience?
Who let monkeys pick stocks?
How did the monkey’s stock picks perform?
How did the monkey’s stock picks perform compared to hedge fund manager’s picks?
How does the “chemistry” of certain assets work within the economy?
What are the problems?
What does a decline in the dollar look like?
What is an exchange rate?
What happened in 2009?
What happened to the dollar in 2017?
How is a whole life insurance policy affected by a decline in the dollar?
What about the environment of hyperinflation?
What is an inflation hedge?
What makes a good inflation hedge?
What is a real asset?
What about real estate?
How is Wall Street affected by hyperinflation?
What is stagflation?
How does whole life insurance change in an environment of hyperinflation?
What is deflation?
What is leverage?
What do people do when there is deflation?
What do people do when there is inflation?
How are dividends affected in a whole life policy in a deflationary environment?

Episode 69: New Goals and How to Succeed

December 28, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

What are people saying?
Would you like a free book?
Are you interested in increasing your income?
Why do new year’s goals / plans fail?
Is your goal realistic?
Are you burning out?
Is your goal too time consuming?
Is your goal too limiting?
Are you cutting out too much?
Is there too much change too fast?
Have you worked in the proper rewards?
What incentives do you have in place?
How can you significantly increase your success on new habits?
Have you read The Power of Habit: Why We Do What We Do in Life and Business by Charles Duhigg?
Why does our brain need so much energy?
Are our brains just lazy?
Do you think about putting one leg at a time into pants?
What is a cue?
What is a routine?
What is a reward?
What is the penalty?
How do you break a bad habit?
What is the cycle?
What do you crave?
How do you pay attention?
What do you truly want?
How do you transform a habit?
What does a new routine look like?
What is the cue and how do you isolate it?
What questions should you ask to find the cue?
What are you really craving?
How do you change the routine and identify a new routine?
Did you write down your new plan?
- When ______ (the cue) happens,
- I will ______ (insert new routine)
- because it provides me with ______ (reward).
What about financial habits?
What are expensive habits?
How can you get the good feeling without the poor habit?
What are good habits?
How does a exercise habit transform all other habits?
What happened when a group kept a food journal?
What is the most important key to breaking a habit?
What is a good saving habit?
What do you want your new habit to be?
How do you keep your goal conscious?
How do you make your routine “brain dead simple”?
What truly motivates you?
For more information, read the book!

Episode 68: How to Share Financial Knowledge with Your Tribe

December 21, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

Would you like to give us a review on iTunes? We’d love to hear from you!
Would you like a book?
What do you talk about for hours on end?
Do you see money differently?
Who is the hero in your story?
What should you take on your journey? What should you leave behind?
Who is your fellowship? Who is your tribe?
Do superheros need help?
How is your family doing?
Do you need a new fellowship?
How could you share your excitement?
Have these concepts been meaningful to you?
Who else needs to know about these strategies?
Who do you know that has been doing “the right things” their whole life and is watching it all blow up in their face?
What are the layers?
Why is sharing excitement so challenging?
What doesn’t work?
- Should I send someone a book as a present?
- Should I just show by example?
What does work?
- Should I share my intentions?
- Should I be intentional?
  - Should I let them know that I would like to share some things that have profoundly impacted my financial life?
- Can I share over a tweet?
- Should I schedule a time to share?
- What’s the best amount of time to dedicate to a conversation?
- How do I “set the table” with an invitation?
- How much time should last between the invitation and the conversation?
- Where should we have the conversation?
- What is the balance between simplicity and complexity?
- What’s your story?
- What are the key parts to a great story?
- How do you share your feelings?
- How can you give an invitation to awareness?
  - What if you’re not well received?
- How do you distill the core elements?
  - Would you like a memorable acronym?
    - …What is T.G.I.F.?
- How do you connect?
- How do you recommend an advisor?

Episode 67: A No Stress Holiday Season

December 14, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

Can you hear the jingle of the bells?
Why are we so stressed at the holidays?
What drives people to take policy loans?
What does Amanda Neely say about strategically navigating the holiday season?
Do you have an emergency fund?
Do you have a feeling of abundance?
How can you free yourself up financially?
What does Jonathan Stinson say about having more options and more leverage?
What is “leveraging liquidity without depleting it?”
How can we think about these things differently?
How did Marvin purchase a car at the holiday?
What about the power to access your cash?
What did Holly do with a policy loan?
What did Mark and Katrina do with policy loans?

Episode 66: The Secret Life of Whole Life Insurance

December 7, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

What is the history of Whole Life Insurance?
Who are some notable personalities who have harnessed life insurance?
How far back does life insurance go?
What was a burial club?
How does this affect widows and children?
Who is John Graunt? What did he figure out?
Who is Edward Lloyds and what did he offer?
Why did Edmond Haley keep records on when people died? How did this affect actuarial science?
When was the first official life insurance company?
When was the first world’s mutual insurer?
What was happening in 1776?
What did Benjamin Franklin have to do with life insurance?
What is a fraternal benefit society?
What was the first product that came out in Ben Franklin’s company?
What did Prudential bring to the industry?
When did policy loans come into play?
In 1891, what did Leland and Jane Stanford do? What happened in 1893?
How did J.C. Penny develop his stores? What did he do in 1929? What is happening with JCPenny stores today?
In 1939, what happened with Foster Farms? What is happening with Foster Farms today?
In the 1950s, what did Walt Disney do? What is happening with Disney today?
Have you seen the movie, The Founder?
In 1961, what did Ray Crock do?
In 1980, what happened with Doris Christopher do? How much did she sell the Pampered Chef to Warren Buffet for?
What did Governor Romney disclose regarding his life insurance policy?
What did Senator McCain do with his life insurance policy?
Which famous race car driver is very vocal about life insurance today?
How many things wouldn’t exist without life insurance?
Would you rather be average or would you rather follow in the steps of those who have succeeded?
Who is life insurance for?

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