Not Your Average Financial Podcast™

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

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

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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 68: How to Share Financial Knowledge with Your Tribe

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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 66: The Secret Life of Whole Life Insurance

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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?

Episode 62: #FIRE Extinguishers with Brandon and Amanda Neely

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In this episode, we ask:

  • Who are Brandon and Amanda Neely?
  • Grandma’s Wealth Wisdom Podcast
  • What is the F.I.R.E. strategy?
  • What does F.I.R.E. stand for?
  • How does one know they’re F.I.R.E.d?
  • How do you calculate your freedom number?
  • What are the pros of people going for this strategy?
  • What are the downsides of F.I.R.E. ?
  • What things do the F.I.R.E. people take off the table?
  • If someone was trying to retire early, how does one avoid the pitfalls?
  • What are the F.I.R.E. extinguishers?
    • Have you considered Tax Deferred Plan penalties?
    • Have you considered the Stock Market risks?
    • Have you considered the possibility of tax increases?
    • Have you considered the possibility of rising inflation?
    • Have you considered the fees?
    • Have you considered future medical expenses?
    • Have you considered Long Term Care expenses?
    • Have you considered unexpected large expenses?
    • Have you considered opportunity cost?
  • What are the perfect matches – the F.I.R.E. starters?
    • Bank on Yourself type life insurance policies
    • Access the money without penalty
    • Uninterrupted compound growth
    • No double tax payments
    • Hedge against inflation
    • Pay fees up front
    • Coverage for Long Term Care
    • Can make large purchases
    • Have growth continuing while you use the money for expenditures
  • What are other options?
    • Why is access without penalty crucial?
    • What did Brandon and Amanda do with their dividend paying whole life insurance policy?
    • How did this put them in a really good position?
    • What would Grandma say about this concept?
    • Did a single Grandma own a 401(k)?
    • What does retirement look like?
    • Contact Brandon and Amanda and subscribe to the Grandma’s Wealth Wisdom podcast at GrandmasWealthWisdom.com

    Amanda and Brandon Neely are small business and financial professionals.  They founded and ran Overflow Coffee Bar, L3C from 2008 through 2018.  Now, they share their experiential knowledge through podcasting and through developing personalized financial strategies for individuals and couples.  Their goal is to help people build wealth – the sort of wealth that would make their Grandma proud.  Subscribe to hear more at Grandma’s Wealth Wisdom podcast or wherever great podcasts are found. 

    Episode 58: How to Be An Amazon Legend and Bank on Yourself

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    In this episode, we ask:

    • What are people saying?
    • How can being your own source of financing make you more competitive?
    • Who is Danny Stock?
    • What is Danny’s story?
    • What challenges did Danny overcome?
    • What happened when Danny met Mark?
    • Who is going to control the banking function?
    • What is the Bank on Yourself concept and how does it help you?
    • Can you imagine your life and your business if you have a contingency pool of capital?
    • What characteristics would this contingency pool of capital need?
    • What could you use your contingency pool of capital for?
    • How does this create flexibility?
    • Do you need to be an ultra-high net worth individual?
    • How can you build a permanent line of credit for your business?
    • How can you use this for inventory?
    • How to get velocity with your cash?
    • How do life insurance policies work? Hear Episode 32
    • Where is the best place to keep your money?
    • When will your income stop?
    • How can you pay off debts?
    • Should you pay off your debts before doing a Bank on Yourself type policy?
    • How does Danny use Bank on Yourself for his business?
    • How does this strategy affect Danny’s family?
    • Who can help you navigate your specific circumstances?

    Danny Stock launched his thriving Amazon business 3 years ago during the Q4 sessions. He has a knack for finding profitable and replenish-able products using retail and online arbitrage. Being a veteran, he served in the Army and now brings his heart of service to e-commerce by being a mentor to many other successful online sellers. See Danny’s website at https://www.amzlegends.com.

    Episode 57: Business Owners! You Are Already In the Banking Business

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    In this episode, we ask:

    • What are people saying?
    • What are the realities of the modern day business owner?
    • How do entrepreneurs affect our economy?
    • Who drives the innovations and the revolutions that we take for granted?
    • What does Mark love about business owners?
    • What’s the difference between a thermometer and a thermostat?
    • What’s the book by Paul Poirot, The Pension Idea?
    • Based on this book, where is the source of security to be found?
    • What has happened to personal freedom?
    • In 1940, how much did Americans save?
    • In 2018, how much do Americans save?
    • What about debt?
    • What if time is money?
    • What if 1/3 of your day is going to servicing debt?
    • What if 20-30% is going to taxes?
    • Does this mean you have to save less?
    • Does this mean you need to invest at higher rates?
    • Where does true security lie?
    • Why do we revere the self made billionaires?
    • Why do people go into working for themselves and starting their own businesses?
    • What do you do with the last 1/3 of your day?
    • Are you really working for yourself?
    • Are you working the bank?
    • Are most business owners risky or conservative with their portfolios?
    • What about banks and high interest debt?
    • How do business owners use debt?
    • What about student loan debt?
    • What is the solution?
    • Why is banking the most profitable business in the history of mankind?
    • What does the bank do with your money?
    • What is fractional reserve banking?
    • How is it possible that the banks make so much and small business owners are failing?
    • What about the rate of return?
    • What’s an infinite rate of return?
    • Who’s profiting? Who’s taking on the risk to grow your business?
    • Does the bank care if you have a bad month selling inventory?
    • Does the bank care if you have a family emergency or a health crisis?
    • Has much changed since King Solomon said “the borrower is slave to the lender”?
    • How is this like Neo in the Matrix?
    • Are you loaded up with debt?
    • Are you paying cash for everything?
    • Are you financing everything you buy?
    • What is opportunity cost?
    • How do we unplug ourselves from the banking system? …Is it even possible?
    • How can you use the banking strategy to your advantage?
    • What if you could set your own terms?
    • What if you could avoid the pain of bank financing?