Not Your Average Financial Podcast

Episode 91: [Great Problems] Giant Piles of Cash – Single Premium Solution

May 31, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

Can you say ca-ching?
What are the risks of a giant pile of cash?
What are the four key challenges facing all savers today?
What about the low interest rate environment?
Have you been successful in saving for retirement?
What is a required minimum distribution?
How do we pay for long term care expenses?
What is the average cost for nursing homes?
Does Medicare cover nursing care?
At what age does your financial plan end?
How old will you live?
What if you live past age 90? 100? 110?
Am I too old?
If you are age 60 to 85, how would your policy be affected?
How long do you have to wait?
Have you saved up your nest egg?
What do you do with a lump sum when you don’t want to wait years for growth?
What if you could do a one-time drop in?
What if you could have a death benefit with your lump sum?
What if your age could work to your advantage?
What is a Bank on Yourself type Single Premium solution?
What is a single premium?
How do single premium plans work?
What about health problems?
What about naming someone else as insured?
What if you own the policy?
How does the value grow as soon as starting a new policy?
How does the death benefit continue to grow?
What about the cash value?
What about long term care?
How long does the coverage last?
Can you use this benefit AT HOME or does it have to be in a skilled nursing facility?
Is this more cost effective than a traditional long term care policy?
What is the downside?
What happened in 1986?
What is the TAMRA act?
What are the tax changes?
What is the 7-pay test?
What is the MEC (modified endowment contract)?
What is FIFO?
What about the gains that exceed the basis?
What is considered taxable with MEC policies?
Why are all single premium products MECs?
What are the privileges of being age 60 or older?
When do the gains kick in?
Should we be afraid of MECs?
In what circumstances do MEC policies make sense?
In what circumstances do Single Premium policies make sense?
Did you review the case study below?

Episode 90: [Great Problems] Turning a Windfall or Lump Sum into Income for Life

May 24, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

Which would you prefer?
Do you like golf?
What financial products can you blend or couple together for amazing outcomes?
Where is your “hole in one”?
What is a Single Premium Immediate Annuity?
What is a strategy for leveraging lump sums?
Have you heard Episode 80?
Can you rollover money from a 401(k) into an IRA?
Can you house a SPIA in an IRA?
What’s a tax deferred rollover?
What are some great sources for income?
Do you want guaranteed income with lifetime payout options?
What maintenance is required with a SPIA?
Will you outlive your assets in retirement?
Would you like to hear an example?
What is single life income?
How often can you receive income?
What is the refund option?
What happens if you die?
What is joint and survivor income?
Do you have a big fat tax problem on a 401(k) or an IRA?
How do the choices of frequency affect the income?
What makes the income higher?
What about installment income?
What are the early withdrawal penalties on qualified plans?
What happens if the stock market dives?
What about a rollover?
What are the tax benefits of a rollover?
What would be a good timeline for systematically rolling over?
How can you get off the money rollercoaster?
Who is your caddie?

Episode 89: Get Bigger Pockets with Paul Moore

May 17, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

Who is Paul Moore?
What happened with Paul in December 2007?
How did Paul GIVE his way out of debt?
When did Paul get into real estate?
How can you activate a 2.5x multiplier effect on a property?
What is the power of commercial real estate?
What about mobile home parks?
What about self storage?
What about multifamily operators?
What about raising the lot rent?
What about Paul’s podcast, How to Lose Money?
What opportunities does Paul talk about?
What is wellingscapital.com?
How does a Bank On Yourself type policy work with opportunities?
What’s the different between investing and speculating?
What did Nobel Prize winner, Paul Samuelson say?
What civil rights issue is Paul working on?
How does Paul think long range?

After graduating with an engineering degree and then an MBA from Ohio State, Paul entered the management development track at Ford Motor Company in Detroit. After five years, he departed to start a staffing company with a partner. They sold it to a publicly traded firm five years later for $2.9 million. Along the way, Paul was Finalist for Ernst & Young’s Michigan Entrepreneur of the Year two years straight (1996 & 1997). Paul later entered the real estate sector, where he flipped over 50 homes and 25 high-end waterfront lots, appeared on HGTV’s House Hunters, rehabbed and managed rental properties, built a number of new homes, developed a subdivision, and started two successful online real estate marketing firms.

Three successful developments, including assisting with the development of a Hyatt hotel and a very successful multifamily project, led him into the commercial multifamily arena. Paul is the author of The Perfect Investment – Create Enduring Wealth from the Historic Shift to Multifamily Housing (2016). Paul also co-hosts a wealth-building podcast called How to Lose Money, is a featured guest on numerous real estate podcasts, and is a regular author for Bigger Pockets. Paul is married with 4 children and lives in Central Virginia.

Episode 88: Money Answers with Jordan Goodman

May 10, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

Who is Jordan Goodman?
Where is financial education?
How do people behave around the stock market?
What happens with debt?
What incentives are there to save?
Is debt fueling the economy?
What has changed with the new tax law?
What books has Jordan written?
How do we refinance car loans?
Is a car an asset or a liability?
What is myloangen.com ?
What is a defeat device on leased cars?
What about the high interest student loan debt?
What is splashfinancial.com/moneyanswers and how can they help with paying off student debt quicker ?
What is the problem of this generation?
What are some strategies for paying for college?
What about credit cards?
What is guidetocreditcard.com ?
How can we improve our credit score?
Are errors on your credit report?
What is the FACTA law?
What is tourdecredit.com ?
What about medical debt?
What are the qualified advocacy organizations?
What is healthcareadvocates.com ?
How do we prioritize business debts?
Who has the most leverage over your business?
What is Corporate Turnaround?
What is helpwithpayables.com ?
Where is Jordan’s landing page?
See go.moneyanswers.com/notaveragefinancial

Jordan Goodman is ‘America’s Money Answers Man’ and a nationally-recognized expert on personal finance. He is a regular guest on numerous radio and television call-in shows across the country, answering questinos on personal finance topics. He appears frequently on The View, Fox News Network, Fox Business Network, CNN, CNBC, and CBS evening news.

For 18 years Jordan was on the editorial staff of Money magazine, serving as Wall Street correspondent. While at Money, Jordan reported and wrote on virtually every aspect of personal finance. In addition, h e served as weekly financial analyst on NBC News at Sunrise for 9 years, and the daily business news commentator on Mutual Broadcastings System’s America in the Morning show for 8 years.

Jordan is the author / co-author of 13 bestselling books on personal finance including Master Your Debt, Fast Profits in Hard Times, Everyone’s Money Book, Master Your Money Type, Barron’s Finance and Investment Handbook.

Jordan is a popular speaker and seminar leader on personal finance topics for business people, students, associations, investment clubs, employees and more.

Episode 87: How to Get Wealthy While Paying Your Taxes, Part 2

May 3, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What is the greatest wealth building opportunity while paying taxes?
Do you get a tax refund each year?
Have you listened to Part 1, Episode 86?
Is your cash accessible?
Do you have the flexibility with a repayment schedule?
What happens if you don’t pay a life insurance policy loan back?
What about uninterrupted compound growth?
What are the steps?
Can you save for taxes and retirement at the same time?
Can you pay taxes with a policy loan?
Can you save for taxes throughout the year?
For whom does this strategy work the best?
Are tax refunds free money?
Does the IRS pay you interest?
What questions do you have?

Check out this private video webinar we did on Bank On Yourself and paying your taxes!

Click here to watch– https://youtu.be/000TgLqQpNQ

(or skip ahead to here to just see the numbers for “Tommie Taxpayer”) https://youtu.be/000TgLqQpNQ?t=4267

Episode 86: How to Get Wealthy While Paying Your Taxes, Part 1

April 26, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

How about peace, sanity and satisfaction?
How do you pay your taxes?
After you’ve cut down your obligation, what then?
When did withholding start?
What are all of the ways you can pay for something?
What is opportunity cost? See Episode 13
How much do you truly pay in taxes?
Can you change how you pay for your taxes?
What if you could save money?
What if you could make a return?
What are the IRS late penalties?
What’s the difference between monthly and daily compounding?
Have you heard the Debt, Saver and Wealth Accumulator episode?
What happens when you take a loan from a 401(k)?
How many times do you get taxed with a 401(k) loan?
Can you take a loan from an IRA?
What about HELOCs?
Are home values guaranteed?
Are you in the pocket of the bank?
Can the bank take a HELOC away?
Can the bank call a HELOC?
What about tax savings with HELOCs?
When do you need money most?
What has happened to tax benefits with HELOCs after the new tax law?
What about collateralizing with a traditional bank loan?
What about CDs?
How can you use a correctly designed whole life insurance policy to pay taxes?
What about business owners?
What about selling a business?
Why do business owners benefit from a Bank on Yourself type, dividend paying whole life insurance policy when paying taxes?
Would you like to make your own payback schedule?
What happens if you don’t repay the loan?
What about uninterrupted compound growth?
Is the tax liability one of the biggest expenses of your year?
What are some other benefits?
How is this different from deductions?
Do you have a good system for paying your taxes?

Remember! This episode provides generalized tax information and is NOT considered the same as the professional tax advice you will receive from your CPA. We are not CPAs, and we don’t play them on T.V.

Please consult your CPA or tax expert for professional tax advice and insight into your specific situation.

Episode 85: The Tax Sale of A Lifetime

April 19, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What do you think about where taxes are headed in the future?
What does the society of actuaries say?
What does “tax deferred” mean?
Does it matter if you take taxes out now or later?
How much of your retirement account will be there for income in retirement?
What does your retirement account allow after tax?
Why do so many Americans have tax deferred plans?
Why do Certified Professional Accountants (CPAs) recommend tax deferred plans?
What timeline do CPAs operate on?
Do we eliminate taxes with tax deferred plans?
Why don’t we call them “tax-postponed” plans?
What about the tax reform?
How much did the tax reform increase the national deficit?
Should we preemptively pay our taxes now or wait until the distant future?
What happens to taxes on January 1, 2026?
What does “maxing out your tax bracket” mean?
What about tax free IRAs?
What strategies should you bring to your tax expert?
What are tax penalties?
Are you over or under age 59.5?
Where is your IRA invested?
Do you think there will be a stock market correction?
On average, how much does the stock market drop?
Why are we willing to take a 10% stock market drop?
Why do we avoid the 10% early withdrawal penalty?
Does it make sense to spend money for a larger return?
What are the three specific tax steps?
What about deductions for business owners?
What does Section 179 say about purchasing heavy vehicles and other equipment?
What about depreciation?
What about rental spaces?
What about tax advantaged strategies?
Are you incorporated as an S Corporation?
What about tax savings for individuals?
When do you plan to retire?
Are your RMDs below the standard deduction?
Do you have a pension?
Do you have a tax deferred plan?
Do you have your children as contingent beneficiaries?
Is the IRS a beneficiary on your tax deferred account?

Please consult your CPA or tax expert for professional tax advice and insight into your specific situation.

Episode 84: The Past, Present and Future of Paying Your Taxes

April 12, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What does THEIRS stand for?
When did the income tax begin in the U.S.?
Why was the income tax established?
How can you save taxes legally?
What can you do?
What options do you have?
Are taxes currently high or low?
What were the tax brackets in 1929? in 1940? in 1942? in 1944?
Why the massive increases?
What happened with incomes and inflation?
What are victory taxes?
What are excise taxes?
When did withholding start?
What happened in 1946?
What reductions occurred after the war?
What is bracket creep?
How is inflation a stealth tax?
How much has the deficit grown?
Which is greater in the U.S., student debt or credit card debt?
How much do students owe?
Will military spending decrease domestic spending?
Who will pay for these rising expenses?
What about healthcare?
Who will cover the expenses for the elderly among us?
What about the interest on the national debt?
How much will the government spend on interest alone?
Do you think taxes will be lower or higher in the future?
Do you want to pay those taxes?
Would you like to watch our private webinar on tax?

Episode 83: How to Maximize Your Retirement Income

April 5, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

How much peace and financial stability can you have?
How do oceans and rivers work together?
How do we benefit from systems?
Are annuities good for liquid access?
How can we solve immediate cash needs?
Where could you possibly keep an OCEAN OF MONEY?
How does a Bank on Yourself type policy work with annuities?
What spreadsheet did Holly create?
What is direct recognition?
What is non-direct recognition?
How does direct or non-direct recognition work?
Do you have a dividend paying whole life insurance contract?
Do you have a provision for non-direct recognition policy loans?
Do all insurance companies encourage policy holders to take policy loans?
Why is so important to work with the right advisors?
What can be buried in the contract provisions?
How do policy loans work? Have you heard Episode 32?
How can you overcome opportunity cost?
Does your policy have a TRUE non-direct recognition provision?
How can you get your money do two things at once?
Can you imagine growing your cash (even when you’ve spent it)?
How can your hard earned dollars work hard for you?
What if you had $1M in an annuity and $1M in a Bank on Yourself type Whole Life Insurance policy?
What happens when the account value is gone?
What is an ideal safe withdrawal rate?
How can you protect against running out of money?
What if we spend down the whole life policy earlier and allow the annuity to keep growing?
Which vehicles give you the most income in retirement?
Where are the guarantees in the stock market?
Is it possible to predict what the market will do?
Who is better at choosing stocks? Hedge fund managers or monkeys?
Would you like peace of mind?
Would you like your money to be there for you no matter what happens?
What are people saying?
Would you like to send us a review?
Would you like a free copy of the Bank on Yourself Revolution book?
Email us at hello@nyafinancialpodcast.com
Would you like to book a meeting with Mark?