Not Your Average Financial Podcast

Episode 41: Combining Bank on Yourself® with the Asset Class of Real Estate

June 15, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

How does Real Estate work with Bank on Yourself®?
How is this like combining nitro and glycerine?
What does it take to combine real estate and Bank on Yourself®?
What is OPM (other people’s money)?
How does OPM affect your profits?
How does OPM affect bank profits?
How does the bank siphon profits from real estate?
What strategies make sense with Bank on Yourself® and real estate?
How do rental profits come into play?
Is the real estate market more or less volatile than the stock market?
What about living onsite?
What is a 1031 exchange?
Why doesn’t everyone throw every last penny into real estate?
What determines success in real estate investing?
What are the potential downsides or risks of investing in real estate?
How have home values performed in the U.S. over the last three decades?
What about pricing?
What are the secrets of a self-directed IRA?
What’s the amount you can put into a self-directed IRA?
What’s an arm’s-length transaction?
What are the expenses involved in real estate investing?
Doesn’t cash FLOW sound nice?
Are you in control of the equity in your property?
What have you given the bank permission to do with your property?
Did you know that banks can call HELOCs?
What additional costs are there?
Is there a way out? Is there a strategy that makes more sense (cents)?
How does Bank on Yourself® and real estate work?
Should I put every dollar I have into Bank on Yourself®?
What is the starter strategy? How might you dip your toes in the water to see how it works?
Do you need to pay your property taxes? How can you do this with Bank on Yourself®?
How can you do this with HOA specials?
How can you do this with a down payment?
How can you overcome the problem of opportunity cost?
What is strategy #2?
Can you purchase an entire property with cash? Can you eliminate working with banks? Can you eliminate the traditional mortgage underwriting?
- What about the policy loan interest?
How can you increase your yield without market volatility?
Would you like a permanent line of credit to yourself?
What is the policy’s value after taking a loan?
What is the comparison in growth between owning a straight real estate asset vs. owning Bank on Yourself® policy and combining it with the real estate asset?
What happens to your policy when you use it?
What happens to your policy when you don’t use it?
What’s the difference?
What does all of this mean? Join us on our next episode, where real, live real estate investors join us in the studio to share their experience with Bank on Yourself® and the asset class of real estate.

Check back soon for additional images and tables with examples from this show!

Episode 40: House Equity – The Money in the Walls

June 8, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

What’s the definition of an asset?
Is your home an asset or a liability?
What’s the definition of a liability?
Is your home an asset or a liability?
Is your investment property an asset or a liability?
Since we have to live somewhere, what would be some not-so-average ways of using home equity to your advantage?
What is a home equity line of credit (a HELOC)?
What’s the advantage to you?
What’s the advantage to the bank?
How can you keep the bank happy?
What are the terms on a HELOC?
Can you deduct the HELOC interest?
How is a HELOC just like Bank on Yourself?
How is a HELOC different from Bank on Yourself?
What are the gotchas with HELOCs?
What sort of interest do the banks charge on HELOCs?
What happens if the home falls in value?
Can you go underwater in a life insurance policy?
Can a life insurance policy affect your credit score?
What is a callable loan?
Is a HELOC a callable loan?
Can the bank cancel a line of credit on a HELOC?
When are banks most likely to change the terms of their loans?
What’s the HELOC / Mortgage / Credit Card strategy?
What happens if you want to start a business or have a medical bill come up?
What’s a variable rate loan?
Why might you not want to pay off your mortgage?
How does Bank on Yourself put you in control?
What about a refinance?
What are the two types of refinancing?
Where are we right now with home values?
What is cash out equity harvesting?
What about reverse mortgages?
Which is more important to you: to have your home paid off or to never have a mortgage payment again in your life?
What if you could have the bank pay you to live in your home?
What is a HECM loan?
What is the payout on a reverse mortgage like?
What is the repayment requirement on a reverse mortgage?
What reverse mortgage options exist?
Are reverse mortgages dangerous?
Why would I ever consider a reverse mortgage?
What ages are eligible for a reverse mortgage?
Do reverse mortgages eliminate the mortgage payments?
How do you know if you’re a good fit or not?
How can you use your home equity strategically for your highest benefit?

Episode 39: Is Your Home an Asset or a Liability?

June 1, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

How do you view your home?
What were you taught about home equity?
How does home equity play a part in retirement planning?
Should you make an extra mortgage payment?
Should you pay off your home on a 15 year mortgage?
How much did home values raise in 2002-2006?
How much did home values plunge in 2007?
What does the real estate market look like now?
From 2000-2018, how has inflation on home prices kept up with overall inflation?
What’s the average return on real estate over the last 20 years?
How much higher are home prices now than in the year 2000?
Are real estate values always going to go up?
Do you know someone who purchased their home in 2005? 2006?
How does liquidity factor into buying a home?
What about home estimates?
How hard is it to get your equity out of a house?
How is real estate like buying and selling stock?
What happens with liquidity in real estate?
What are paper profits?
Where does real estate fall on the financial pyramid?
What about using your home as a way to save for retirement?
How much have homes gained in value since 1990?
What about the mortgage interest tax deduction?
Should you pay off your mortgage as fast as you can?
Are your principal payments earning any interest?
Is the equity in your home liquid?
Is the equity in your home guaranteed?
What are the tax benefits for having equity in your home?
Are you guaranteed to pay more in taxes the more you pay off your house?
What are the pros and cons to paying off your house?
What are the dangers of conventional thinking in housing?
What about the equity and interest you do you earn?
How does the Bank on Yourself strategy work with housing?
Where should you build up equity?
What about refinancing?
How can liquidity provide great advantages for owning a home?
Can you overemphasize the value of liquidity?
What about managing the stress of home repairs?
How can you speed up the home repair, when you’re waiting on on a property insurance claim?
What about paying extra payments each month on your mortgage?
What about tax benefits?

Episode 38: Another Word From Our Clients

May 25, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

What are our clients excited about?
Who is Christine?
What did Christine see her family and friends go through?
What was Christine’s first reaction when she heard about Bank On Yourself?
How does Christine use her Bank On Yourself policy?
What does Christine think is the best feature of a Bank on Yourself policy?
What did Mark learn from a recent study about education around policy loans?
What is Christine’s advice to first-timers?
What unique perspective does Christine bring?
How many ways can you use a Bank On Yourself policy?
How are Ben and Erica using their system of Bank On Yourself policies?
What did Harvey do to pay his daughter’s tuition, even when he was out of work?
How did Harvey use his policy to buy a new car?
How does Ros feel about her Bank On Yourself policies?
How did Amanda’s life change because of her Bank On Yourself policy?
How did Brandon eliminate their business debt and student debt?
How did Joe secure copyrights and photographs for his book?
How did Andrew become debt free and see his money continue to grow?
How did Craig fulfill the American Dream?
How did Grady creatively use a Bank On Yourself policy loan to improve his credit score and save $5K on the life of his student loan? (Amazing.)
What do you think about Ben “taking the hit” on moving money out of a traditional retirement account?
How is “taking a hit” for growth much like gardening?
What thoughts do you have?
What ideas do you have?
Hop on our calendar! Let’s see what’s possible.

Episode 37: A Word from Our Clients

May 18, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

What are our clients getting excited about?
How have our clients been utilizing their Bank On Yourself solutions?
How have our clients invested in Real Estate?
How have our clients increased their income?
How have our clients worked within their family structures?
How have our clients paid their taxes?
How have our clients paid for their grandkid’s college?
How are our clients leaving a legacy?
Who is Phil Smith?
How many policies does Phil and his wife own?
What questions did Phil have when he started working with Mark?
How is a Bank on Yourself policy an exercise in simplicity?
What is Phil’s experience with growth?
How has Phil used his policy?
How does Phil, who works at a credit union, see loans?
How does Phil do “not your average average” financial management?
How many creditors have hassled Phil?
How did Phil respond to a policy loan repayment letter?
How are credit unions beneficial?
How does Phil plan on using his policies in the future?
What’s Phil’s advice for first-timers?

Episode 36: How Much Does That Truly Cost?

May 11, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

How expensive are the different financial products?
What are the most expensive financial products?
Are you surprised to hear the commissions financial advisors receive?
Why are most fees so hard to find?
Is it a crime to be paid?
Why shouldn’t we get our retirement plans for free?
Who pays for the “free” public library?
How financially (in)solvent is Social Security?
Is Social Security free?
Do we have to pay what Wall Street is charging?
Did you know there are fees on your 401(k)?
How does a 1% AUM fee affect your account over 30 years?
How does compounding affect your account?
How ugly do compounding fees get?
Are there more index funds or stocks available?
How much do you lose in fees?
How do money managers get rich?
How is the government regulating this?
How are your accounts doing? FINRA Fund Analyzer
What are the most expensive financial products?
How expensive is term insurance?
Are you paying huge fees in your employer sponsored plans?
What is the pure raw cost?
Is this cost efficient?
Are the costs transparent?
Would you like us to run some more numbers for you? Schedule with us here.

Episode 35: Structuring Insurance: It’s All About How You Think

May 4, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

What are the biases with insurance?
What misunderstandings exist?
What’s the truth?
Why does anyone have a bias against anything?
Where do we hear information?
Is this information in line with reality?
What about my family member’s experience?
How many mutual funds are out there?
Why do people have completely different experiences with the same vehicle?
How can life insurance help you while you’re alive?
How is a whole life insurance policy more than just a death benefit?
Why is old fashioned whole life a terrible place to save money?
Is a model T car a terrible way to drive across the country?
Is an airplane an effective way to get to the grocery store?
Is this an investment?
Should insurance compete with a mutual fund?
How will you feel when the market crashes to the depths of the ocean?
When do you want your money growing the fastest?
When do you want your money in a competitive position?
Why is whole life insurance so expensive?
Why is term life insurance so cheap?
Is term really cheaper?
What’s a better deal?
When would you want to buy term?
Why is term insurance designed to become too expensive?
Have you seen your term premium quadruple yet?
What do you have to show for a dropped term policy?
Do you want to buy term?
How are the benefits in whole life stronger than term?
What guarantees do you have with whole life insurance?
What guarantees do you have with term life insurance?
How many term policies actually ever pay a claim?
What’s the difference between buying a house and renting?
Which one will provide the greatest value to you and your value?
How is this unlike most whole life insurance that most people have heard about?
How much of a pay cut do advisors take?
How quickly can you use the cash value?
What are the benefits?
Would you like tax free access to cash?
Would you like guaranteed growth every year?
Would you like the ability to leave your family more than you could ever save?
Do you need to finance a big purchase?
Why aren’t insurance companies letting everyone know about this?
Why are there entire cable channels dedicated to Wall Street?
Why aren’t we hearing a whole lot about this?
Where did the term buy term and invest the difference come from?
How are high net worth clients and leaders allocating their assets?
What’s too good to be true?
Is whole life premium payments only for the affluent?
What if someone can’t afford the premium?
What about getting “locked” into a premium payment?
What happens if I miss a premium payment on a whole life insurance policy?
What flexibility exists?
Who decides how much goes into premium?
What happens if I lose my income temporarily?
Is life insurance a safe place to put money?
Is a life insurance policy safer than the banks?
Are life insurance companies FDIC insured?
What is FDIC insurance?
What safeguards are on the insurance companies?
What third parties are involved?
What happens if a life insurance company goes down?
What about AIG in 2008?
What happened to the life insurance subsidiary of AIG?
Does the FDIC have enough money to cover all of the nation’s banks?
What percentage of our money is backed up by FDIC?
In 2008, how much did the FDIC ask for in bailout money?
Who pays for the bailout?
If the FDIC raises limits to 1 million, what happens?
Are banks legally required to keep safe assets?
How much life insurance do the banks have to purchase themselves?
What is BOLI?
What did Nelson Nash say?
What happens when you change the way you see things?

Episode 34: Shock and Awe: The Firsts

April 27, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

Do you have a question on every single page of a new policy?
How many pages are in your contract?
What is the guaranteed values table on a life insurance contract?
Wait, so you’re saying there are zero dollars in cash value the first five years?!
What’s going on here?
Why the shock?
What’s the whole story?
What’s a paid up additions rider?
How does that affect the data table?
What parts of the design are in the paragraphs? What parts of the design are in the guaranteed tables?
What information in the contract describes the actual performance?
Are you in awe?
What do we know about the track record of each company?
How does the company’s track record affect the data table?
Has the company already declared their dividend?
What’s the worst case scenario?
Why is there a difference in an illustration and a contract’s data table?
What is it like when you pay your first premium?
How do you manage your cash flow adjustment?
What does behavioral economist Richard Thaler say about forced savings?
How is a premium payment a source of savings vs. a bill?
What is it like to login and see your cash value online?
What does it mean to see expenses come out in year one on a life insurance policy?
Am I better off doing something else?
Do you have the patience for a long term strategy?
What is the cost?
When does the cost come out?
What does Nelson Nash say about thinking long range?
Why is there a cost?
What does the cost buy?
What happens on Day 1 of a policy?
When does your death benefit go into effect?
How much is your death benefit?
What happens as you continuously check on your cash value?
Will your policy ever decline in value?
Which is more affordable – a life insurance policy or an account with a 1% assets under management fee (like a ETFs, a mutual fund, 401(k) or IRA)?
When do you want your money growing the fastest?
When are you ever not going to need this cash?
What are the contractual guarantees?
What are you in awe of?
What is it like to request a policy loan?
How much do you want? Where do you want the insurance company to send it?
Is taking a Bank on Yourself life insurance policy loan easy?
Are there any limits on taking a policy loan?
Why is 80-90% (or higher) of the cash value available as collateral for a policy loan?
Why shouldn’t you drain your checking account down to the last penny?
When should you set up a loan repayment plan?
Who decides what the payment amount is going to be?
Who can help you decide how to structure the loan payback?
What’s the APR on the loan payback?
Who decides what the timeline on that payment will be?
Can I have my loan repayment coupled with the premium payment, so it’s one draft a month?
Do you have to know all of the technical details?
What happens the first year?
Does your annual statement look like it was written in hieroglyphs?
What do the numbers behind the numbers mean?
Are you feeling angry / frustrated / jipped?
Who can help you navigate your annual report?
What about when there is a market correction or when the market takes a nose dive? How are policy holders affected?
Why is the annual statement full of jargon?
What is it like when you get that first dividend?
What happens when the benefits outweigh the cost?
Do you have the patience to see money grow over time?
Do you have a question? Schedule a quick call with us here.
Do you feel relieved?
What happens when you get your first dividend?
What happens when your cash value exceeds what you put in?
How huge are the rewards?

Episode 33: Bank On Yourself Loans & Getting Out of Debt

April 20, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

Shouldn’t we pay down our debt first before doing anything else with our money?
How did Pamela Yellen’s husband “make a profit” on his heart surgery?
How can you reduce or eliminate your debt and increase your savings at the same time?
How can policy loans help you get out debt?
What is the first thing you should do to get financial freedom?
How can money keep growing as if you didn’t take a loan?
Should I wait until I’m debt free to start a Bank On Yourself designed policy?
What’s the snowball method?
What is the bomb cyclone method?
How does lost savings affect long term financial goals?
Are you missing out on retirement income?
How does this affect a mortgage timeline?
How can you eliminate student loans?
How can you supercharge your debt payoff?
See the Tale of Two Brothers Part 1
See the Tale of Two Brothers Part 2
What happens when your available loan value equals the loan balance?
What is better than paying cash to pay off a house?
What happens when you pay a policy loan back?
How can you pay off debt without losing the growth on your money?
How can use this strategy for student loans?
How can use this for financing a car?
How can use this for mortgage acceleration?
How can you get out of credit card debt?
How can you start saving?
How many applications are there with this strategy?
How can you get out of the debt without starting “at ground zero”?
What do you get after you’re debt free?
How do you keep the loan company happy?
In what ways can you utilize the snowball method on steroids?

Episode 32: How do Bank on Yourself Policy Loans Work?

April 13, 2018 by Not Your Average Financial Podcast

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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?

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