Not Your Average Financial Podcast™

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

Episode 318: Occam’s Razor Burn Using Premium Financing

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In this episode, we ask:

  • Would you like the ultimate shaving tool?
  • What is Occam’s razor?
  • What about necessity?
  • What about the simplest solution?
  • What is the best option or model?
  • What is premium financing?
  • What is happening with the estate tax limits?
  • What about leverage?
  • What has this led to?
  • What are the risks?
  • Do you need it?
  • Can you afford it?
  • What about finding the winners and losers?
  • Is there a trend here?
  • What about an example?
  • What are the steps?
  • What is the allure?
  • What are the risks?
  • What is the exit strategy?
  • If everything worked out perfectly, what would happen?
  • What about the relationship with the bank?
  • What is a floating rate?
  • What about reapplying after a period of time?
  • Is this a good deal?
  • What happens in a rising rate environment?
  • What happens to the interest?
  • What about the accumulation feature?
  • What about collateral?
  • What about a spiral of expenses?
  • What happens if they can’t pay the premium?
  • What are the circumstances?
  • What happens when the loan is gone?
  • What about a cancellation?
  • What about leverage?
  • What about paying out of pocket?
  • What about estate tax liability?
  • What about other needs?
  • Is there any cash value available the policy owner?
  • Where does this leave the policy owner?
  • What is the biggest risk?
  • Is the loan larger than the cash value?
  • What if interest rates rise?
  • What if caps and spreads fall?
  • What about coming up with the money?
  • What are some stress tests?
  • What about a death benefit?
  • What about those with extremely high net worth?
  • Are you crawling back into the banker’s pocket?
  • What is the financial incentive for the bank?
  • How much loan interest is the bank collecting?
  • What about collateral?
  • What about the insurance agent?
  • What about the commissions?
  • Would you like to hear Episode 36?
  • Who is retiring first?
  • Is your money in a complex environment?
  • Is your money in a simple environment?
  • Who has control?
  • Would you like to join our FREE Not Your Average Community?

Episode 317: [Client Spotlight] Homeschooling, Amazon and Financial Freedom with Kate Chattic

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In this episode, we ask:

  • How about a story?
  • What about unforgettable memories with your loved ones?
  • Who is Kate Chattic?
  • What happened on Kate’s recent adventure?
  • What large costs emerged?
  • What about creative solutions?
  • How did Kate use her policy loan?
  • What about problem solving?
  • What about teaching?
  • What about resilience?
  • What about selling on Amazon?
  • What does a day in the life look like?
  • Why did Kate start her Bank on Yourself® type whole life insurance policies?
  • What are the best plans?
  • What about getting your hands in dirt in gardening?
  • What about naming the money?
  • What about an emergency fund?
  • What about buying a vehicle?
  • What about choosing to pay back a loan very quickly?
  • What is Kate’s advice?
  • What about the generations?
  • When is the best time to plant a tree?
  • What are the takeaways?
  • Would you like to join the FREE Not Your Average Financial Community?
Kate Chattic is a homeschooling mother of seven, yes SEVEN, children! Two of those kids have grown up and flown away to new adventures, but while they were teenagers they aided her in starting a business on Amazon in 2015 that grew to become the full-time income for their family. It took just 2 years to bring her husband, Nate, home from his job to join his family in the business and homeschooling the children. Now their time is spent running their business, teaching others how to sell on Amazon and sharing how to utilize life insurance creatively! katechattic.com

Episode 305: The Reduced Paid Up Strategy

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In this episode, we ask:

  • What is better than a five star review?
  • Who needs to hear this?
  • Would you like a FREE book? Email us at hello@nyafinancialpodcast.com!
  • What about the Apollo missions?
  • When will premiums come to an end?
  • Would you like to hear Episode 293?
  • What about the contractual obligation of the life insurance company?
  • What is a maturity date?
  • What limits exist?
  • What about age 121?
  • What about actuarial math?
  • What about when the cash value matches the death benefit?
  • How is term insurance different?
  • What about an example with old fashioned whole life insurance?
  • Should I surrender a policy?
  • …Do you feel lucky?
  • Would you rather…?
  • What about an example with Bank on Yourself® type whole life insurance?
  • What is growing?
  • How do PUAs change everything?
  • What is ever increasing…?
  • What are the implications?
  • What else in the financial universe works this way?
  • What about algae?
  • What about the explosion of a supernova?
  • What did Albert Einstein say?
  • How is guaranteed growth possible?
  • Would you like to listen to Episode 197?
  • Are you forced to pay premiums forever?
  • What if you can’t pay the premiums?
  • Would you like to hear Episode 203?
  • What is reduced paid up (RPU)?
  • How does this work?
  • What are the trade offs?
  • How do different products work?
  • How about an example?
  • What continues to grow, even after he stops paying premiums?
  • What happens if he is still alive at age 121?
  • What about funding a policy for only 10 years?
  • What about retiring at age 70?
  • What about reduce paying up at age 71?
  • What will happen to the policy?
  • What will the actuarial math do?
  • What happens to the cash value?
  • How can the cash value continue to increase after RPU?
  • Who can RPU? What are the rules?
  • What about another example?
  • Does this work with lump sums?
  • What about a lifetime of tax free access to the cash?
  • What happens if one reduce pays up after a policy loan gets out of hand?
  • What about paying down a policy loan with cash flow freed up from RPU?
  • What about the restrictions on universal life contracts?
  • When will premiums need to stop?
  • Can expenses ever stop?
  • What are some of the other considerations of RPU?
  • Would you like to meet with Mark?

 

How Does Cash Value grow on a guaranteed basis? Follow along below:

 

Pay One Lump Sum ($138,000)… funds it for 5 years!

Then in year 8 Reduce Pay Up and the cash value continues growing.

 

 

 

Of course, you might not want to fully fund this policy (as seen above for life) – instead you might follow this course of action: Fully fund the policy for 10 years then pay minimally until year 20, then reduce pay up your policy:

 

 

All guarantees are based on the claims-paying ability of the insurer. Dividends are not guaranteed.

These are not complete illustrations, but general information. They do not include the load costs or surrender charges which may or may not be included in the images above. All guarantees are based on the claims-paying ability of the insurer. Dividends are not guaranteed. 

 Please review a full contract and illustration for details when considering this for your situation.

 

 

 

 

Episode 303: Expert Panel on Bank on Yourself® Client Stories

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In this episode, we ask:

  • What is even better than a five star review?
  • Who needs to hear this?
  • What book does Stephen recommend?
  • What did Stephen’s clients learn?
  • What did Dan’s client do with his cash value?
  • What were Mark’s clients able do with their modest policies?
  • What did Grant’s business owner client do?
  • Who wants to have control of their money?
  • Why would a business owner choose to do a Bank on Yourself® account strategy for their employees?
  • What about emergencies?
  • What happens with 401(k)s when losing an employee?
  • What about taxable accounts?
  • What about tax free money?
  • What about giving the family something more valuable?
  • What are the benefits?
  • Do employees love it?
  • What happened with John’s business owner client?
  • What about the challenge to get the funding for business expenses?
  • What’s the update with this client’s retirement?
  • Who wants more policies?
  • What is so powerful to understand about WHOLE LIFE insurance?
  • What do you need today? tomorrow?
  • Would you like to hear Episode 86 and Episode 87?
  • What did Amanda do?
  • Who pays tax via policy loans?
  • What about self escrow?
  • How much did Amanda’s client save in fees while doing self escrow with policy loans?
  • What seeds did Sarry’s client plant for the future?
  • What about Mark’s client’s family example?
  • What about thinking outside of the box?
  • Where is it written that you have to put all of your chips on red or black to meet your financial goals?
  • What are the takeaways?
  • Would you like to connect on the FREE Not Your Average Financial Community at notyouraverage.mn.co?

This episode features a round table of
select Bank On Yourself® Professionals, including:
John Ensley (Puget Sound, WA),
Sarry Ibrahim (Chicago, IL),
Dan Morris (Daytona Beach, FL),
Amanda Neely (Cincinnati, OH),
Brandon Neely (Cincinnati, OH),
Stephen Step (Los Angeles, CA)
and Grant Thompson (Amarillo, TX).

 

Episode 295: How to Prepare Your Family for an Inheritance

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In this episode, we ask:

  • What do you say to someone when you know it’s the last time you will ever speak to them?
  • How do you say something loving and honoring?
  • What are the most important and pressing issues?
  • Who is prepared? Who is not prepared?
  • How does true wealth come through assets plus skills?
  • What about the mindset and skillset that’s needed?
  • What about education?
  • What about buying a home?
  • What about mentoring the next generation?
  • What about leaving a family fund?
  • How might one create a family fund or family reserve using Bank on Yourself® type dividend paying whole life insurance?
  • What about creating a long-term, safe and sure wealth bucket?
  • What about instantly creating a legacy and a savings strategy for years to come?
  • What will help your whole family weather tough economic storms?
  • What about long-term thinking?
  • What about a more durable view of wealth?
  • What about the family thinking as a family unit?
  • What about creating financially responsible kids and adults?
  • What skillsets will grow?
  • What about creating a mission for your family that’s bigger than individual happiness?
  • What do you prefer?
  • How does one get started creating a family fund?
  • Who do you need at the table?
  • What is your greatest asset?
  • Would you like to hear Episode 294?
  • What about the big picture strategy?
  • What is the best design?
  • What is the unique solution for your specific needs?
  • Would you like to meet with Mark to discuss a family fund?
  • How soon does one see cash value?
  • How might one use cash value from whole life insurance policy loans?
  • What about an uninsurable life insurance policy owner?
  • Who is buying policies on family members?
  • Who is buying policies on their parents?
  • Who is buying policies on their kids?
  • Who is buying policies on business partners?
  • What about a parent matching program?
  • How might both generations contribute to a policy?
  • How many creative ways can you think up?
  • What about an example?
  • What about single premium immediate annuities?
  • Is it possible for annuities to pay insurance policy premium?
  • What about the Vanderbilts?
  • What about the Rothschilds?
  • What about leaving assets?
  • What about leaving assets and values?
  • Who is a part of the ever unfolding story?
  • Why does family wealth evaporate?
  • Does success leave clues?
  • Do you have control over your assets?
  • Who has control over your assets?
  • What about saving?
  • What is the different between lending and giving?
  • How might kids use family money wisely?
  • What skills do kids need to remember?
  • What about nurturing and training?
  • What about long-term thinking?
  • What about delayed gratification?
  • What about displaying family values?
  • What are the takeaways?

Episode 294: How Families and Financial Advisors Sabotage Generational Wealth

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In this episode, we ask:

  • Who needs to hear this?
  • Would you like a FREE book?
  • What about leaving a legacy?
  • How many generations?
  • What did Gloria Steinem say?
  • What about aggressive investment?
  • Did you lose $1?
  • Should we become more conservative as we get closer to retirement?
  • What is human capital?
  • How might we think like a family?
  • What is the greatest asset?
  • Would you like to hear Episode 104 and Episode 105?
  • How might one take an individual’s net worth and build up the family for generations?
  • Who is “taken out of service”?
  • Who will transform the family?
  • What happens in retirement?
  • What is the work that you love?
  • What about consulting?
  • What about freelancing?
  • What about starting a business?
  • What about mentoring the next generation?
  • What about sharing your story?
  • Is insurance temporary?
  • How is life insurance the bedrock of generational wealth?
  • Who buys term insurance?
  • …What do they have to show for it?
  • What happens when term insurance runs out?
  • What is the best age to purchase insurance?
  • What are the guarantees?
  • What is the only type of life insurance that offers guarantees?
  • What about government and taxes?
  • How much will you pay in tax in retirement?
  • What are the restrictions on the 401(k) or IRA?
  • Do you want the choice to spend down the accounts?
  • What happens now the SECURE Act has passed?
  • What are growth vehicles?
  • What are transfer vehicles?
  • What about failure?
  • What if there was no transfer of power?
  • How might we prepare the people to receive gifts?
  • Who is leaking money, as the generations progress?
  • What about shirt sleeves to shirt sleeves in three generations?
  • What about nurturing emotional, intellectual and human/social capital of the family?
  • Why do so many focus on short term thinking?
  • How do we avoid sabotaging and avoiding long term generational wealth?
  • Would you like to talk with Mark about generational wealth?
  • What are the four key elements that lead to long term thinking and generational wealth?
  • What about financial foundations?
  • What about saving?
  • What is the opposite of saving?
  • What about a family fund?
  • How might one save money, mitigate against risk and provide permanent protection and leave a legacy?
  • What about family lending?
  • What creative ways might you use family capital?
  • What if grandma and grandpa bought up all of the loans for the children and grandchildren?
  • What would happen if the wealth stayed within the family (instead of bleeding interest to bankers)?
  • What about leadership?
  • What about mentorship?
  • What about nurturing family relationships?
  • What about growing children into world leaders?
  • How young is too young?
  • What about legacy?
  • How might we prepare the people for the money?
  • What about the traditions and the values you leave behind?
  • What about sharing this episode with a family member?

Episode 286: Policy Loan Interest Rates are Rising… Party at My House!

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In this episode, we ask:

  • Who needs to hear this?
  • Where else can you get an asset that grows every single year?
  • What did Pamela Yellen say?
  • Would you like to take her up on the challenge?
  • Where is the loan coming from?
  • What are the benefits?
  • What about getting the money out tax free?
  • Why does the insurance company charge interest in the first place?
  • How much interest do you have to pay on a policy loan?
  • When do you owe the interest to the insurance company?
  • What are the tax benefits of loan interest?
  • When you take out a loan against a life insurance policy, don’t you have to pay the interest back?
  • What about taking out your very first policy loan?
  • Why are rising interest rates a good thing for policy holders?
  • What is the difference between simple and compound interest?
  • What about calculating loan interest in arrears?
  • What about an example?
  • How is this different from an annual percentage rate or APR?
  • What is the actual cost of the loan?
  • What really matters?
  • What is the cause?
  • What is the effect?
  • What about another example?
  • How did Mark get that number?!
  • Is your policy continuing to grow?
  • What can you reasonably expect?
  • How are Bank on Yourself® type life insurance policies designed differently from other life insurance policies?
  • Who can properly design Bank on Yourself® type life insurance policies?
  • Are your policies designed properly?
  • Is the devil in the details?
  • What about non-direct recognition policy loans?
  • Who is breaking compound growth?
  • Would you like to meet with Mark or a colleague of Mark’s?
  • Who charges us interest?
  • Who gets access?
  • What grows?
  • What is the insurance company doing?
  • What is going on with loan interest rates?
  • What are the responsibilities of the insurer?
  • Would you like to hear Episode 128?
  • How might the insurers make the best choices for their owners?
  • What does the contract state about policy loan interest rates?
  • How is the rate calculated?
  • What is the actual APR?
  • What about variable rates?
  • How are life insurance policy loans different from other types of loans?
  • What are the key differences for life insurance policy loan rates?
  • Will the policy lapse?
  • What happens when the rates rise?
  • Why is Mark thrilled?
  • Will your policy grow faster, too?
  • What about a hypothetical scenario?
  • Does this translate into higher profit distributions?
  • How does this affect cash value?
  • Does a Bank on Yourself® type life insurance policy still work if you don’t take policy loans?
  • What are the benefits?
  • What do policy owners receive?
  • What happens when you pay down a policy loan?
  • What options do you have?
  • What happens with an outstanding policy loan balance upon the insured’s death?
  • How is your policy helping to add security and confidence to your future?

Episode 285: Recovering from a $50M Loss with Rod Khleif

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In this episode, we ask:

  • Who is resilient?
  • Who is Rod Khleif?
  • What’s Rod’s story?
  • How many layoffs are expected?
  • What did Rod’s mom do?
  • What does Rod do today?
  • How did Rod build his real estate portfolio?
  • How is it all about cashflow?
  • Would you like to view rodslinks.com?
  • What kills cash flow?
  • Will the gravy train last forever?
  • What did Rod not pay attention to in 2006-2008?
  • What happened?
  • What about bridge debt?
  • Who is in trouble?
  • What about liquidity?
  • Who is fearful?
  • Who is excited?
  • What about the comfort zone?
  • Are you a leader?
  • Where is your focus?
  • What happens when you pay attention?
  • What about the word appreciation?
  • What about gratitude?
  • How does gratitude affect your health?
  • What about making a decision?
  • What about taking a step?
  • Would you like to explore Rod’s course?
  • How are you adding value?
  • How does one learn the audience?
  • What can we do to improve?
  • What are some of the conferences Rod is attending?
  • How does mindset affect outcomes?
  • What have you failed at this week?
  • What are you afraid of?
  • What are you going to do next?
  • What did Rod build?
  • What about goals?
  • What about feeding families?
  • Who is giving back?
  • What is fulfilling?
  • Who is giving back?
  • Would you like to share this episode? hello@nyafinancialpodcast.com
  • Would you like a 15-minute meeting with Mark?

Rod Khleif is a business owner and philanthropist who is passionate about business, high performance, real estate and giving back. As one of the country’s top real estate and peak performance luminaries, he has also owned over 2,000 properties.

Rod recovered from losing $50 million dollars in the crash of 2008 to the success he enjoys today. Rod brings incredible authenticity and insight to his approach to real estate, mindset, success and life. Rod also founded The Tiny Hands Foundation, which has benefited more than 130,000 children in need.

Episode 283: Fire Your Real Estate Banker (Part 1)

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In this episode, we ask:

  • Would you like to subscribe?
  • Is there a better time to be a real estate investor?
  • Would you like some game-changing strategies?
  • What about mortgage rates?
  • What about inflation?
  • What is the overall state of the market?
  • How far will the money last?
  • What is the monthly cost for long term care?
  • What did the study from Urban Institute say?
  • Who is able to retire?
  • Will you have the choice?
  • How might constraints drive innovation?
  • Where might your money go?
  • What is the small hinge that will swing the big door in your financial life?
  • Where will your money live?
  • What about risk, tax, fees and penalties?
  • What do you want your money to do for you?
  • Do these products solve your problems?
  • Do these products feed the problems?
  • What is guaranteed?
  • What did Einstein say?
  • What are the attributes of your money?
  • Is it taxable?
  • Is it guaranteed?
  • Can you leverage it?
  • Is it at risk?
  • Do you have control over where your money lives?
  • What are your answers to these questions? 
    • Can you lose money due to elements outside of your control?
    • Are guarantees on your money offered or received?
    • Is the principal safe and protected?
    • Are there any penalties to access your cash?
    • Can you get access to the money without red tape or delays, if you need it?
    • Can you leverage your money to create the most amount of wealth for the least amount of money?
    • Does your money grow tax deferred, or is it going to be taxed in the future? Is it going to be tax free in the future?
    • Is your money protected from lawsuits and creditors and other predators?
    • Can your money be used as collateral?
    • Does your money transfer income tax free to your heirs?
  • Is your money doing things counter to your desires?
  • Where will your money live?
  • What are you going to do about it?
  • What about a story?
  • What did Mark learn?
  • What about Bank on Yourself® type whole life insurance policies?
  • Is it time to find a better way?
  • How does this fit with real estate?
  • Why should we bother?
  • What about tax advantages?
    • How is this similar or different from a Roth IRA?
  • What about guarantees?
    • How is this time tested?
    • How are the guarantees a great buffer?
  • What about insurance?
    • Does whole life insurance expire?
  • What about freedom?
    • What about liquidity?
    • What about access? What about loan provisions?
  • How can you get true, uninterrupted compound growth?
  • What does any of this mean to you and your real estate business?
  • What happens when you combine real estate and Bank on Yourself®?
  • See you next week!

Episode 274: What Your Money is Trying to Tell You with Marty Smith

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In this episode, we ask:

  • Would you like to hear a very special presentation?
  • Is dividend paying whole life insurance the best vehicle possible?
  • Who is Marty Smith?
  • How is Marty in the belief changing the business?
  • Is the bank the best place to store your money?
  • Is the 401(k) the best place for your retirement dollars?
  • Is the 529 plan the best way to pay for education?
  • Is financing your car through the dealership the best way to pay for it?
  • What happened at the SML officers meeting?
  • What might would we do instead of a 401(k)?
  • What happened?
  • Why did you buy a dividend paying whole life insurance policy?
  • Why should you buy a dividend paying whole life insurance policy?
  • What about Nelson Nash?
  • Did Nelson Nash own 45(!) dividend paying whole life insurance policies?
  • Why don’t people buy?
  • Do most of us live our lives unconsciously?
  • Is reality hard to see?
  • What about lies, half-truths, misdirections, etc.?
  • What did Socrates say?
  • How do you become conscious?
  • How do you become aware?
  • What about thinking?
  • What happens next?
  • What about the feelings?
  • What about the intuition?
  • What about the sensations?
  • What are the clues?
  • What about examining the suffering?
  • What is the solution?
  • Is there a better way to reach my financial goals?
  • Do I have to take as much risk as I am taking?
  • What about taxes?
  • What about regulation?
  • What about inflation?
  • Why did I buy dividend paying whole life insurance policies?
  • Why did you buy dividend paying whole life insurance policies?
  • Why should you buy dividend paying whole life insurance policies?
  • What did Pamela Yellen say?
  • Is there something better?
  • What was Marty’s profound, life-changing experience?
  • What are the four simple reasons?
  • What happens when you become conscious?
  • Who taught you to put money in the bank?
  • Is the money in your bank guaranteed to grow?
  • What about negative interest rates?
  • What about disability?
  • What about a death benefit?
  • How is a dividend paying whole life insurance policy different?
  • How important is a leveraged death benefit?
  • What about cash value?
  • How much does your life insurance actually cost?
  • What is the best retirement vehicle for your money?
  • What did the creator of the 401(k), Ted Benna, say?
  • What is almost the opposite of the 401(k)?
  • What about liquidity?
  • What about increases?
  • What about tax free death benefits to leave for your family?
  • What is the best financing tool available?
  • What about collateralization through policy loans?
  • What about the growth?
  • What about control?
  • What about loan payback schedules?
  • What is the power of banking on yourself?
  • What about the power of building wealth with each generation of your family?
  • What about denial?
  • What about the clues?
  • What about suffering?
  • What should we welcome?
  • What might we examine?
  • What about thoughtful, critical actions and decisions?
  • Is dividend paying whole life insurance the best product ever created?

Marty Smith is the Regional Vice President of Security Mutual Life Insurance Company of New York. He loves Infinite Banking and Bank on Yourself Concepts, Circle of Wealth, and Wealth & Wisdom. He believes that dividend-paying, cash-value whole life insurance is the greatest financial product that’s ever been created.