Income

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 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?

Episode 82: How to Give Yourself a Pay Raise in Your Retirement

March 29, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What is the goal or function of your money?
What is important for your money for you?
What do you want your money to do for your children and your legacy?
What is a Fixed Indexed Annuity with an Income Rider?
Have you heard Episode 23?
How much went into Fixed Indexed Annuities in 2017?
What are the positive characteristics of a Fixed Indexed Annuity?
Would you like guaranteed income for life?
What is the vocabulary?
What does Fixed refer to?
Do you want to choose the fixed allocation or the indexed allocation each year?
What does Indexed refer to?
How does the S&P 500 come into play?
What is a cap?
What is a spread?
When is a cap useful? When is a spread useful?
Are you actually investing in the market with an annuity?
What happens if the S&P 500 drops?
How does the annual reset help each year?
Why in the world would any insurance company offer to do something like this?
Does your cash actually belong to you?
How can paper wealth vaporize?
How can you grow your wealth safely?
What does an Income Rider provide?
How is income from annuitizing different from an income rider?
How are you rewarded for waiting?
What are the risks in retirement?
How can you get growth on the money to keep up with inflation?
How can you get protection from “living too long” or longevity risk?
How can you move upstream with pay raises?
How can you lock in the money you made last year?
What are the benefits from income rider?
What are the changes in the Consumer Price Index (CPI) over the last 8 years?
How are annuities also known as “mailbox money”?
What is the function of your money?
Are you wrapped up in a product?
What do you want your money to do for you?
What’s the catch?
Don’t you need a big lump sum to start an annuity?
What are the age requirements?
How is a Fixed Indexed Annuity compared to an Indexed Universal Life contract?
Have you heard Episode 59? Episode 60? Episode 61?
What can the Fixed Indexed Annuity provide?
How is a spread different from an Assets Under Management Fee (AUM Fee)?
How is this like a “private pension”?
What about saving for your future?
How do you fund a Fixed Indexed Annuity?
Would you like to book a meeting?

Episode 81: Why They’re Wrong About Annuities and 8 Ways Annuities Pay

March 22, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What did the MarketWatch article say about annuities?
How are annuities related to the market?
How are annuities related to the insurance industry?
What is a Fixed Indexed Annuity (FIA)?
What are the additional benefits?
What’s the term on an annuity?
How can you learn more about annuities?
What are the fees on FIAs?
What are surrender charges?
Are annuities liquid?
What about rollovers?
What about commissions?
How much are you paying?
What about thinking long range?
Is it better to pay a higher percentage for one year or a lower percentage over time?
Do annuities allow for access to your cash?
What intentions does one set with annuities?
What about nursing home provisions?
What about lump sums?
What happens if you die “early”?
What happens after the surrender period?
What are the beneficiaries entitled to receive?
What about guaranteed payments?
Is an annuity a “privatized pension”?
What are the eight ways annuities pay?
What are withdrawals?
What is the difference between a surrender and a withdrawal?
How much can you access from a contract via withdrawal?
What are annuity income payments?
How do income payments work?
How can you use a Bank on Yourself type policy for income?
How can you turn on income?
What is an immediate annuity?
How might immediate annuities fund life insurance contracts?
What is a substantially periodic payment?
What is a strategy to pay for kids college without market volatility?
What is a combination plan?
What about multiple streams of income with annuities?
How can you make your income more resilient?
What about pre-retirement annuities?
What about post-retirement annuities?
What about required minimum distributions (RMDs)?
What about the penalties on RMDs for qualified plans (401ks and IRAs)?
What about meeting the government requirements?
What about death benefits on annuities?
Are you surprised that annuities offer death benefits?
What are some of the ways an annuity can pay out?
Do you need a trust for an annuity?
How can you customize an annuity to suit your family’s needs?
What about nursing homes?
What about long term care?
What happens to annuity payments when you have a long term care need?
Would you like to learn more?
What are people saying?

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

March 15, 2019 by Not Your Average Financial Podcast

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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?

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

February 22, 2019 by Not Your Average Financial Podcast

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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

February 15, 2019 by Not Your Average Financial Podcast

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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 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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