Income

Episode 107: Adventures in Financial Planning with Tim Austin, Part 2

September 20, 2019 by Not Your Average Financial Podcast

In this episode, we ask:

What are the four categories?
Have you taken an inventory of your life?
What are the potential places to improve?
Are you taking advantage of all opportunities in tax savings?
What can you do to control your cash flow on a monthly basis toward how you’re paying off debt?
Can you consolidate debt?
How can you shift that to savings?
What can we do to create financial independence in our lifestyle?
Are you inappropriately putting too much money in risk assets that aren’t really serving you well?
What are the steps?
How might you take inventory of your current allocations?
How might you accept where you are?
How might you take small baby steps?
What does one percent daily improvement do over the course of a year?
Does saving in a whole life insurance products mean sacrificing returns?
What does the word risk mean?
What do markets do?
Are we in a boom right now?
When was the last bust?
Do you invest when the market is low?
What happened in 2005?
Why do we buy high?
How has Tim’s net worth reached a new high every single day?
What did Tim do with his brother?
What is a buy-sell policy?
What did Tim do in 2019?
What advantages does Tim have?
When did speculation start to take hold in our culture?
What were the rich people doing in the 60s?
Do you have a realistic expectation of the 401(k)?
Will the market do the 12% every year?
Is your home your best asset?
Is your home paid off?
Do we need to live in bigger homes?
Should we buy lattes four times a week?
Why does Tim pay a trainer four times a week?
Who can help you?

Tim Austin is President and Founder of SET for Advisors, a leading training organization for financial advisors who want to help their clients grow wealth predictably and without taking unnecessary risk.

He is also the co-founder and director of the Bank On Yourself authorized advisor whole life insurance concept along with best-selling author Pamela Yellen who wrote the book Bank On Yourself: The Life-Changing Secret to Growing and Protecting Your Financial Future.

Bank On Yourself is a major best seller, hitting #1 on the USA Today and Amazon best-seller lists, and is also a New York Times, Wall Street Journal and Publishers Weekly #1 best seller.Tim makes his home in Clarkston, Michigan with his wife and three children. Tim likes to test the limits of his physical ability and mental toughness participating in Half Iron Man Triathlons and marathons.

Episode 106: Adventures in Financial Planning with Tim Austin, Part 1

September 13, 2019 by Not Your Average Financial Podcast

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

Who is Tim Austin?
When did Tim start learning about money?
When did Tim become a financial advisor?
What did Tim learn from his dad?
What did Tim learn from his grandmother?
What did Tim have to tell his grandmother?
What is the 10/10/10 rule?
What are orphan clients?
What did the orphan clients teach Tim about life insurance?
How did the orphan clients save money?
What are your liquid assets?
Are you living within your means?
What is financial independence?
How much are Americans saving today?
What is the difference between an asset and a liability?
What if someone can’t save 30% of their income?
What is the average debt ratio today?
What kind of debt?
What about an inventory?
Can you accept where you’re at?
Can you start making small, incremental improvements?
Where are all of the dollars going?
How many dollars are going to taxes?
How many dollars are going to debt?
Are you sacrificing your rate of return?
What will Tim share in next week’s Part 2 episode?
What are Mark and Holly’s takeaways?

Episode 104: The Family is Your Greatest Asset, Part 1

August 30, 2019 by Not Your Average Financial Podcast

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

Would you like to join us LIVE on Saturday, September 7, 2019 at 1PM-2PM Central Time? Register Now!
Is it best to Buy Term and Invest the Rest?
Would you like to fill out our feedback survey?
What is the greatest asset in your portfolio?
How has your family structure changed over the years?
Did you inherent your family business?
Has the business of family mostly disappeared?
Do we have a connection with our past?
Will your family have a guaranteed legacy?
Do you plan with your family?
What do rich families do that others don’t do?
How do you invest in your family?
What are the rules for the family asset concept?
How can you use the least amount of money to create the greatest amount of wealth?
Can you guarantee that wealth will occur and that it will transfer to the family tax free?
Do you think like a rich person?
Do you think like a poor person?
Would you like to create wealth for your family if you didn’t have to spend one more dime than you are spending right now?
How might you realign your assets to create more control over your money?
What is true wealth?
What about control in business?
Do you know it’s a great investment?
What about control in stock?
What about control in family business?
What are the elements that affect legacies?
What happens when one follows the traditional recommended plans?
What about the 401(k)?
What about the IRA?
What about the I.R.S.?
Are you leaving the I.R.S. a tip?
What about leverage?
What might be a perfect solution for wealth creation?
What about the perspective of the elder parent?
What about the perspective of the adult children?
What is a family asset system?
How many dreams have you had that have actually come to fruition in your life?
Is it possible to leave more money than you could ever save?
What is Mark’s story as a son?
What did Mark’s mom do?
What are the guarantees?
Do you want to add to an inheritance for your kids without paying anything?
Are you stressed by the market?
Are you paying fees?
What would you bet on?
Would you like to discuss the family asset concept with your family?
Would you like to join us next episode for Part 2?

Join us LIVE on Saturday, September 7, 2019 at 1PM-2PM CT

Register Now!

Episode 94: Krisstina Wise, Millionaire Money Coach

June 21, 2019 by Not Your Average Financial Podcast

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

What is Krisstina Wise’s story?
What did Krisstina learn from Real Estate?
Is there a ceiling to income?
What happens when people make a lot of income but are consistently broke?
What is more fun that making money?
What did Krisstina learn from a medical emergency?
What is Krisstina’s philosophy of money?
What frameworks does Krisstina embrace?
What is earning?
What is saving?
What is investing?
How are each of these areas similar to the systems of the body?
What is the source of a “money illness”?
What is “the money trap”?
How do we build true wealth?
How do we become the CFO of our household?
What is the distinction between earning and wealth building?
Where do we build a balance sheet?
How much money is enough?
What is the mindset?
Is more better?
Do we spend too much?
How do we cultivate an abundance mindset, mentality and lifestyle?
What are the money laws and principles that are associated with abundance?
What is Parkinson’s law?
How do we build wealth?
What is the skill set of spending?
What’s another word for future spending?
What are living expenses?
How do we stay on track?
How do we integrate the choices we make on spending?
How much goes to interest?
How do we exercise our money?
How do we honor ourselves?
What’s the difference between restriction and choice?
What are the rules of money?
How does money affect health?
How is mastering money a skill set?
Where can you learn more about Krisstina’s book?
Have you seen Krisstina’s video on Money Mastery Training?
Would you like to read Krisstina’s book, Falling For Money?

Krisstina Wise is a real estate mogul, Millionaire Coach, and creator of several multi-million dollar businesses including Goodlife Luxury, The Paperless Agent and most recently, WealthyWellthy. She is also an international speaker and the award-winning author of the Amazon Best-Seller Falling for Money, a romance novel for your bank account. Named one of the 100 Most Influential Real Estate Leaders in the country, she has been featured in USA TODAY, as well as by Apple, Contactually and Evernote for her creative leadership with emerging technologies.

Episode 93: [Great Problems] Can I Put A Lump Sum into A Policy? Part 2

June 14, 2019 by Not Your Average Financial Podcast

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

Do you have giant piles of cash?
What are the six circumstances?
Did you listen to Part 1, Episode 92?
What is the answer to last episodes cliffhanger, the third unique way?
What is a single premium policy that allows you to add more money after the initial premium?
What if you’re dealing with a one time lump sum?
What do traditionally designed single premium whole life insurance policies allow?
What is a hybrid example?
How are Bank on Yourself authorized advisors influencing the insurance industry?
What did the insurance companies ask?
What happened?
What are the situations where using a Bank on Yourself policy for a lump sum makes sense?
Are you interested in a capital fund for real estate or business?
Do you need a holding place for future lump sums?
Do you have a need to pay for college?
What is a combo rider and how does it work?
What does a combo rider do?
Would you like the flexibility to put in a lump sum at irregular intervals?
What is the house analogy?
What is ART or Annual Renewable Term?
What is an ART rider?
How does the combo rider behave like universal life (UL)?
How is the risk much lower with a combo rider vs. a risky UL?
How can you get rid of the term rider within a combo rider?
What happens when you move the term rider into permanent insurance?
What happens when you know you won’t be getting additional windfalls? Can you drop the combo rider?
How can you move money into a policy right away?
How can you plan for expected windfalls?
How is this policy like a gas tank in a car?
How can you lock in your insurability?
How might you create a space to pour in cash?
How might you fund a college education without depleting or jeopardizing retirement funds?
What are the common vehicles for college funding?
Have you heard Episode 27?
What happens when you lock money into a qualified 529 plan?
How are Bank on Yourself type policies more flexible than a 529 plan?
What are some cool motivational incentives to get your kids to apply for a full ride?
What are all of the advantages?
Why does the government penalize parents that have saved for retirement and college?
Why does the government want you to be as poor as possible on paper to qualify for college funding advantages?
What can permanently give you an income that you can’t outlive?
What is the takeaway?
Are you working with an advisor who understands the nuances of these strategies?

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

May 31, 2019 by Not Your Average Financial Podcast

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

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

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

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

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

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

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

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?