Not Your Average Financial Podcast™

Think different about your money, your economy and your future. Be curious. Be stable. Be sane.

Episode 80: Even If You Run Out of Money… Never Run Out of Income.

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In this episode, we ask:

  • Is it a good idea to purchase an annuity?
  • What did Barron’s say about annuities?
  • What changes do newer annuities offer?
  • Can a younger person purchase an annuity?
  • What did Jack Bogle say?
  • Are you ready for jargon?
  • What is an immediate annuity?
  • What did Mark see at the Oriental Museum at the University of Chicago?
  • What problems do immediate annuities solve?
  • Can you still lose money with bonds?
  • How can you get protected income in retirement?
  • How do annuities work with a Bank on Yourself type policy?
  • What are the tradeoffs of an annuity?
  • What did Oscar Wilde say?
  • What is a deferred annuity?
  • Can 401(k)s give an income guarantee?
  • Can an annuity give an income guarantee?
  • What is a fixed annuity?
  • What is a fixed rate of return?
  • What is an indexed annuity?
  • How does the market affect an indexed annuity?
  • Are you putting money into the stock market with an indexed annuity?
  • What is a fixed indexed annuity with an income rider?
  • What is a variable annuity?
  • Are you putting money into the stock market with a variable annuity?
  • What fees are involved with a variable annuity?
  • Why would you want an annuity?
  • What do you want the money to do for you?
  • Would you like to book an appointment with us?
  • What questions should you ask yourself?
  • How do you feel protected income for life?
  • What other options are there for protected income for life?
  • Would you like your money protected against market loss?
  • What did Warren Buffet say?
  • Do you want your money to be tax deferred?
  • What about other taxable accounts?
  • Do you want access to your money under your control?Income Chart

Episode 79: The Hidden Problems of Living Too Long

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In this episode, we ask:

  • What is a necessary risk?
  • What is an unnecessary risk?
  • Do you need a side hustle?
  • How do we manage risk?
  • Where do we need to go from here?
  • What is FINRA?
  • What are the 21 categories of risk from FINRA?
  • What are the two types of risk?
  • What is an example of pure risk?
  • What is an example of speculative risk?
  • What is purchasing power risk?
  • What is the consumption assumption?
  • Do you spend more on your days off?
  • How much do you expect the cost of consumer goods to increase over the next 20 or 30 years?
  • How much have health insurance premiums risen since 1999?
  • Will health care costs eat up your retirement income?
  • What about systemic risk or market risk?
  • Does staying in the market longer protect you?
  • Would you like to review Episode 51: Does Buy and Hold Work?
  • Would you like to review Episode 52: A New Perspective with Les Himel (Part 1)?
  • Would you like to review Episode 53: A New Perspective with Les Himel (Part 2)?
  • Are you exposed to political risk or tax risk?
  • What about the risk inherent with sequence of returns?
  • What about the average rate of return?
  • What about the IRA money being allocated to a nursing home?
  • What about the risk of elder fraud in your senior years?
  • What about the death of a spouse?
  • What about the risk of dismissing long term care?
  • How much does long term care typically cost?
  • What are the unavoidable risks?
  • Which of these risks is the most important?
  • What about the risk of living too long?
  • How do you protect against living too long?
  • What is protected income?
  • What if you could create a passive income stream, that even if you run out of money, you would never run out of money?

sequence of returns

Episode 78: What’s So Secure About Social Security with Bill Rainaldi, CFP®

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In this episode, we ask:

  • Who is Bill Rainaldi?
  • What is Social Security? When was it started?
  • How much of your income is withheld from your pay for Social Security?
  • How does Medicare factor in?
  • What is the average Social Security income?
  • Can you rely on Social Security in retirement?
  • How long do you have to work before you qualify for Social Security?
  • What is a spousal benefit?
  • What are the mistakes people make with Social Security?
  • How much do these mistakes cost?
  • Are the Social Security personnel unable to give financial advice?
  • What is a survivor benefit?
  • Why is it important to consider your spouse in the decision on when to claim the benefit?
  • What if there is an age difference with the spouse?
  • What is the earnings test?
  • What is the most common age for people choosing to receive the benefit?
  • What happens if you’re still working?
  • Are you trying too hard to get the maximum benefit?
  • How does the formula work?
  • Who benefits more from Social Security – a high or low income person?
  • What is the rate Social Security benefits are taxed at?
  • Are you making too much in income?
  • Is Medicare free?
  • What about Medicare Part B?
  • What is MAGI?
  • How can you manage your benefits properly?
  • What about Medicare Part D?
  • How do you stay below certain thresholds?
  • Can your Social Security benefit go down?
  • What about brackets?
  • Will Social Security be around in the future?
  • What is happening with the retirement age?
  • What action steps can you take to better prepare for Social Security?
  • Can you live on Social Security benefits alone?
  • Have you and your spouse visited ssa.gov to find your best claim option?
  • Would you like a free Social Security analysis? Book A Meeting

 

A Lehigh University graduate, William Rainaldi is a Regional Vice President for Security Mutual Life Insurance Company of Binghamton, NY. He is a leading U.S. authority on Social Security and its impact on retirement planning. He has an extensive background in life insurance, business & investment concepts and computer technology.

In 2015 he was the featured presenter in a series of Social Security webinars sponsored by Trusts and Estates magazine and Wealthmangement.com. In 2017, he was a featured guest on Laura Adams’ Money Girl podcast, produced by Macmillan Publishing.

Mr. Rainaldi is a Certified Financial Planner™ and an Accredited Estate Planner (AEP). He is married with three children and two grandchildren. You can reach Bill via email at WRainald@SMLNY.com.

Episode 77: 10 Ways to Develop Streams of Passive Income That Won’t Run Dry

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In this episode, we ask:

  • What are people saying?
  • What is the purpose of having multiple streams of income?
  • How can you get income with Real Estate?
  • What are REIT dividends?
  • What are the advantages and disadvantages with REIT dividends?
  • What about rental income?
  • What are private equity funds?
  • What about becoming a shareholder in crowd funding?
  • What about dividend income?
  • What about peer to peer lending?
  • What about writing a book?
  • What are some important pieces for writing books?
  • What about selling products online?
  • See this episode with Danny Stock and amzlegends.com
  • What about traditional plans, like defined benefit plans and pension plans from your employer?
  • What are annuities?
  • What about social security income?
  • What about bonds?
  • What about personal savings and investments?
  • What about stock options through work?
  • What about bond and CD laddering?
  • What about cash value life insurance?
  • What about becoming a business owner and having others run it for you?
  • What about renting your stuff?
  • What about renting out your car?
  • What other ideas do you have?

Episode 76: 16 Streams of Passive Income with Ryan Reger

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In this episode, we ask:

  • Have you ever considered having 16 streams of income?
  • Who is Ryan Reger?
  • What are his income streams?
  • What tool does Ryan use for productivity?
  • Is passive income common?
  • Where should someone start?
  • What can someone do who doesn’t have a passion or skill?
  • What are the things you can do?
  • What do you want to do in your ideal day?
  • What makes you 40% more likely to reach your goal?
  • What was Ryan’s dream position?
  • What steps do you need today to start living that?
  • What is your ideal day five years from now?
  • How does a Bank on Yourself type policy become one of Ryan’s streams of income?
  • How can you learn more about Ryan’s strategy?

My journey of entrepreneurship started in November 2008 after managing an unsuccessful political campaign.  I didn’t want another “real job.”  My dream was to be able to work from home with my wife, Melane.

That opportunity came about in the form of an online furniture business.  Melane and my mother-in-law had started a very part time online furniture company back in 2005 and I saw this as my shot at having my own business.  With the Lord’s help we did over $250,000 in sales in 2009 just on Craigslist and just in the Dallas-Fort Worth area.  Soon after we started shipping furniture nationwide and expanded to Amazon and eBay.  

In 2012 we learned about Amazon’s FBA Program (Fulfillment by Amazon) and that set the trajectory for the next several years.  Instead of heavy furniture we focused on smaller items that Amazon could fulfill for us.  We now primarily focus on wholesale and private label products where we have created our own brand.

My passion to help others start and grow their own businesses lead me to writing books, creating courses and speaking.  My wife and I now have about 16 different streams of income.  In April of 2017 my son Callen was born and I am blessed to be able to work from home and not miss a moment of his life because of these various streams.

I don’t say all of this to boast by any means.  It’s just to show you that you can have your dreams.  None of this happened overnight.  It was a lot of work, but it has been so worth it.  Since the end of 2008 I have not had a “real job.”

I want the same for you, so I wrote Streams of Income, which breaks down the 3 main ways of making money online.  It’s a short, easy read and will give you some direction as to which business model might be a fit for you.

Whatever your dream is I want to be here to push you in the right direction and point you toward resources that will help you fulfill your dreams.

To learn more about Ryan Reger, visit ryanreger.com. Download the Streams of Income book for free.

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

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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

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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…”

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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

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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?

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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.