Loans

Episode 245: The Truth About Reverse Mortgages with Tim Foor

May 13, 2022 by Not Your Average Financial Podcast

In this episode, we ask:

Do you have a visceral reaction to certain words?
Who is Tim Foor?
How did Tim become a loan officer?
Would you like to hear Episode 157?
Does Tim own Bank on Yourself® type life insurance policies?
What does Tim think about Bank on Yourself®?
What about mixing Bank on Yourself® type whole life policies and mortgage strategies?
How does Tim help activate home equity towards the client’s advantage?
What has happened to home values?
What about a tax free money vehicle?
How many tax free instruments can you count?
What about about a cash out refinance?
What is the history reverse mortgage?
What is a HECM loan?
What is a home equity conversion mortgage?
What is a principal limit?
How does your age factor into accessing the equity in your home?
What about social security “not cutting it”?
What about future proofing a house?
What about people on a fixed income?
Why do people have a negative connotation and stigma toward the reverse mortgage?
What are the renovations on the reverse mortgage?
What about the mandatory counseling for reverse mortgage?
What about red tape and fees?
Isn’t the reverse mortgage just for those in poverty?
What happens when ultra high net worth individuals take reverse mortgages?
What about the jumbo reverse mortgage?
What about fees and closing costs?
What is a non-recourse loan?
Is there a way to be underwater on a reverse mortgage?
What about the family having the first right of refusal?
Does the bank want to own the home?
What are the options upon death?
What about Henry Ford?
Where did the obsession toward paying off the house come from?
What is line growth?
What happens if the housing market tanks?
Would you like to work with Tim at 866-888-7902?
Would you like to reach out to PRMI in Wooster, Ohio?
What are the takeaways?
Would you like to hear Episode 199?
Would you like to meet with Mark?

Tim Foor has been in the mortgage business since 2012 after several years in the education and coaching fields. Tim takes a holistic approach to mortgage lending with a focus on strategic equity management. Tim also works with the sales team to ensure efficiency in the loan process. He is a 2007 graduate of Walsh University with deep ties to his hometown of Defiance, OH. He currently resides in Akron, Ohio with his wife, Monica, and daughters, Alison and Cameron.

Episode 244: Why Is College Getting More Expensive? with Angie Grimm

May 6, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

What would you think of a young person walking up to you with a business plan?
Would you loan him money?
Do you have kids?
Do you know someone with kids on their way to college?
Who is Angie Grimm?
What happened when Angie was a senior in high school?
What did she learn?
What’s the cost of college now?
Why is college so expensive?
Should every family apply for aid?
What about the rules and regulations?
What sort of assets penalize families?
What sort of assets benefit families?
What is the definition of “late stage” planning?
What age should you start planning for college?
How long do most students have to decide what offer to take?
When is too early to start planning for college?
What about picking the wrong school?
What about merit packages for your student?
What sort of research does Angie do for students?
What about estimating the cost of college?
Are colleges transparent with all of the ancillary costs?
What’s Angie’s biggest frustration with the system?
What about innovations?
What about tuition scales based on marketable degrees?
What about graduate school or advanced degrees?
Why is there so much student debt?
What about parent debt?
What about budget planning for college?
How does Bank on Yourself® type whole life insurance policies work with college planning?
What about parents lending to their own students?
What about the obligatory cost of just being alive?
What about acceleration and recoup?
Can you loan your way through retirement?
Do you want your student to have even $1 in debt?
What about the holistic plan for all of your kids, at the same time?
What about inheritance?
What does Angie love most about what she does?
Would you like to work with Angie?
Would you like to visit the College Solutions website?
What are the three types of scholarships?
What are some strategies to lower the cost of college?

Angie Grimm is the Lead College Funding Professional at College Solutions LLC in Amarillo TX. She is a financial professional specializing in solving the late-stage college planning problem for families.

Over the last 13 years, Angie and her team have worked with hundreds of families with college-bound students to successfully enroll in the college of their choice, improve their financial aid picture, and to pay for college on a tax-favored basis while keeping their other financial goals and retirement plans intact.

She has researched and developed extensive knowledge about the college financial aid system, benefiting families with advice and strategies that most parents don’t think about or have access to when saving and paying for college. She prides herself in helping students make an informed educational decision to pursue their educational goals. As a financial professional she assists parents to improve their financial aid picture, paying for college on a tax-favored basis, and set up a solid financial roadmap for college and retirement.

Angie resides in Amarillo, TX with her husband Mike. They have 2 children. One who has already been through the college experience and graduated debt-free. The second who is still in college and working on her degree. www.CollegeSolutionsLLC.com

Episode 243: [Client Spotlight] Jay Helms

April 29, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

What is the risk of owning a business?
Who is Jay Helms?
How did Jay meet his wife?
Where is Jay?
What has Jay learned about short term rentals?
What was Jay’s experience with taking a policy loan?
What was Jay’s experience with the bank?
What about moving away from a W-2?
What about transforming the family’s life?
What did Jay learn form Dave Ramsey?
What is Jay scared of now?
What happened to Jay’s net worth?
What about multiple streams of income?
What about real estate?
What about a mindset shift?
Would you like to visit Jay’s site, W2 capitalist?
What about having access to capital?
What does Mark appreciate about Jay?

Jay Helms, Founder of the W2 Capitalist, escaped the rat race after 6 years of side hustling in real estate investing. Jay has a goal to help one million people create multiple streams of income, achieve financial freedom, or build legacy wealth through real estate investing. Jay met his wife Cassie when they were contestants on a reality TV show and when their family of 5 are not traveling the country in their RV, Jay and Cassie reside in Gulf Breeze, FL, with their three kids, Rowland, Stella, and Ellen Anne. Knowing that closing on the first deal is the biggest hurdle and roadblock for new investors, he wrote a book, Make An Offer: Break Through Analysis Paralysis & Grab the Confidence You Need to Become a Real Estate Investor, to help them get over those mental hurdles.

Episode 237: The Periodic Table of Abundance

March 18, 2022 by Not Your Average Financial Podcast

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In this episode, we ask:

Did you know we work with clients in all 50 states?
What are your financial goals and objectives?
What about long, deep conversations?
What about satisfaction?
What about documents?
What about questions?
What about general overwhelm?
What about talking and thinking about it?
What about courage?
What are the twelve general categories in the the Periodic Table of Abundance?
Do you remember the Periodic Table of Elements?
Would you like to join the Not Your Average Community membership site?
What about building a true financial teams?
What about six month reviews?
What about a deep dive on one of the elements?
What about Scaling Up?
What is EADS?
What might you eliminate?
What might you automate?
What might you delegate?
What might you scale?
What about building your money team?
How do you talk with your spouse or family about money?
What happens when tough times or windfalls come?
Do you have budget meetings?
What about syncing up with your financial professionals?
Who should be on your team?
Who should not be on your team?
What about challenges and opportunities in liquidity?
What about storing water?
What about the flow of water?
What about market volatility?
What about fees?
Does where you put your money matter?
What about discovering your savings rate?
What else or who else can help you with this?
Would you like to join us in the Not Your Average Financial Community?

Episode 221: Benefit from the Rising Cost of College with Marty Smith

November 26, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

How might one cover the insane, rising cost of college without vaporizing retirement savings at the same time?
Do you have someone in your life going to college or planning to go to college?
Have you heard Episode 143?
Who is Marty Smith?
What about a story?
Do you like numbers?
What about a case study?

Please note: The numbers presented here are for the purpose of an example only.
Please Book a Meeting with us or another Bank On Yourself® Professional to run the numbers specific to your situation.

Would you like to join our membership site to participate in Office Hours?
Join at notyouraverage.mn.co

Marty Smith is Regional Vice President of Security Mutual Life Insurance Company of New York.

He loves the 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.

Episode 218: Top 10 Tough Questions When You Bank on Yourself (Part 2)

November 5, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

What are the hardest, toughest questions I’ve heard people ask?
Would you like to hear Episode 217?
Why should I use the company you’re showing me?
What about this other insurance company’s dividends?
What’s the story behind the dividend?
Is the company stable?
What are the 29 qualifications for a Bank on Yourself® type whole life insurance policy?
Does the life insurance death benefit cost too much?
Why can’t I just buy my own bonds?
How is banking a necessary function in society?
How will you know which bonds to buy?
Will you be able to borrow against your bonds?
Will you have the capacity to buy bulk bonds?
What about tax?
What about fees?
What about the true cost of a life insurance death benefit?
What happens to policy values if the U.S. dollar becomes less valuable?
What about the scarcity of a resource?
What about dollar valued assets?
What about interest rates rising?
What happens to your dividends when interest rates rise?
What about purchasing paid-up additions (PUAs) with dividends?
How are PUAs like tiny life insurance policies?
What about contracts?
Is dividend paying whole life insurance a contract?
How does one beat inflation?
How does one beat devaluation of the dollar?
What about future value?
What about insurance as a store of value?
What about life insurance going off the U.S. dollar (someday)?
What about change of currency (someday)?
What about the rate of return?
What about guaranteed growth?
What about the death benefit going to your loved ones?
What about the growth rate?
What about volatility and unpredictability?
What about getting close to the average rate of return?
What about you?
Who needs to know about this?
What does this spark in you?
What are people saying?
Have these episodes been valuable to you?
Would you like to write a review?

Episode 217: Top Ten Tough Questions When You Bank on Yourself (Part 1)

October 29, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

What about tough questions?
What about breaking even?
Why is Bank on Yourself® type whole life insurance worth it, when I am so close to retirement?
Have you missed opportunities?
Have you taken on too much risk?
…Compared to what?
What about an example?
Would you have enough money and time?
What about non paying tenants?
What about market downturns?
What is your time horizon?
Is your time horizon too short?
What would most financial advisors say?
What will you have?
What about real estate?
What about the stock market?
Why is it worth it?
What about an example?
What about a death benefit?
What about saving?
What about working?
Are you earning enough?
What accounts are taxable?
What makes sense?
What about waiting?
What is the best opportunity for my money today?
What about dealing with large sums of cash?
What about expenses?
What about policy loans?
What about locking in insurability?
What about earnings in a whole life insurance policy’s growth?
Can one get compounding back after losing the opportunity?
What about time?
What about guaranteed growth?
What about good health?
Is good health guaranteed?
What happens when one is uninsurable?
What about putting everything on hold?
Will life get in the way?
Is time your friend?
Is time your enemy?
Is there anything you can do about it?
Is the last deal you will ever do?
What would you like to give your future self?
Is there always more where that came from?
What is the power of the strategy?
How can I be sure that the life insurance company will come through on its guarantee?
What about guarantees?
Is past performance indicative of future results?
Would you like to listen to Episode 128?
What about bonds? What happens if bonds fail?
What about cash flow?
What about policy dividends?
What has happened since 1920 in corporate bond yields relative to inflation?
What about investment grade fixed income assets?
Why can’t I just forgo life insurance and save in a regular bank account?
What about an example?
What other financial vehicle can meet these expectations?
Does having your money safe and available for whatever you need take away any of your options? Or does it give you more options?
What tough questions do you have?

Episode 215: Client Spotlight with Jack Gerstner

October 15, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

Can you rely on someone else to create your financial plan?
Have you heard Episode 122?
Who is your money guru?
Who is Jack Gerstner?
What about financial education?
What about research?
What about being open to new ideas?
What about challenging assumptions constructively?
What is Jack’s story with money?
What’s Jack’s story with crypto?
What happened when Jack read the Bank on Yourself Revolution book?
How does Jack use and leverage the whole life insurance policies?
What about renovations on properties?
What about medical bills?
What about speculation?
What about leaving a legacy?
What about property taxes?
What about compounding power?
How are taxes life’s greatest expense?
What makes all the sense in the world?
What is Jack’s strategy with whole life insurance and crypto?
What about Bitcoin?
What about speculation and volatility?
What about dollar cost averaging?
What about risk?
What about dividend paying whole life insurance?
What about annuities?
What about “anchor” assets?
What is Jack’s framework for allocation?
What about an emergency fund of three to six months of living expenses in your whole life insurance policy?
What about giving your money a job?
What about Jack’s philosophy for finance?
How is money a tool?
What about trusting and verifying?
What is a wise allocation of time?
What about a healthy distrust of mainstream advice, in general?
What about financial responsibility?
How about owning and learning the right way?
How do Bank on Yourself® type whole life insurance policies allow you to take more responsibility?
Who cares the most about your money?
What about purchasing power?
What about inflation?
What about inflation as a tax?
What happens to dividends on policies when interest rates rise?
Why did Jack join the Navy?
What would Jack tell his 18-year-old self?
What about paying attention to time?
What about responsibility?
What is reliable?
What is within your control?
What about your internal locus of control?

Jack Gerstner lives in Elmhurst, IL with his beautiful wife Lauren and their daughter Mia. They have a baby boy due in November 2021. Jack is an Illinois native and has lived here his entire life. He is a Transportation and Logistics professional and an Officer in the Navy Reserve. When he’s not spending time with his family or working, Jack enjoys running, reading, and learning about finance. Jack started his Bank on Yourself journey in June 2014 with Lake Growth Financial and now has multiple policies on him and his family.
Contact Jack on LinkedIn

Episode 213: 8 Ways to Prosper From Annuities

October 1, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

Do annuities stink?
What are the retirement experts saying?

In this episode, I explore the Kiplinger’s Article from June 3, 2021 on 8 Surprising Ways to Prosper on Annuities and add some of my own thoughts. Have you read this article? It’s really good…

What are the three questions you need to ask yourself before buying an annuity?
How do you want to fund your annuity?
Can you add to a flexible annuity?
When do you want the money?
What is a SPIA (a single premium immediate annuity)?
What is a deferred annuity?
What about earning interest?
How do you want it to grow?
What is a fixed annuity?
What about variable annuities?
Who assumes all of the risk?
What is guaranteed?
What about a fixed deferred annuity?
What about a declared rate annuity?
What about the interest calculation?
How does an annuity compare to a CD?
What about the S&P 500?
What about when the market is up?
What about when the market drops?
What about allocations?
What about locked-in increases?
What is the safety of a fixed indexed annuity?
Does a fixed indexed annuity make sense for you?
What about charity?
What about long term care?
What about estate planning?
What about RMDs?
What is the bucket strategy?
What about the short term?
What about the medium term?
What about the long term?
What is laddering?
What is a bond market hedge?
What about period certain income?
What is bond market risk?
What about transferring wealth to your heirs?
Would you like to hear Episode 211?
What about an annuity with a death benefit?
What about a series of payments?
What about a joint life annuity?
Who is your survivor?
Does your survivor need to be a spouse?
What about a child or grandchild?
Does an inheritance strategy change the monthly income amount?
Does the annuity bypass probate?
What about social security benefits?
What about waiting until age 70 to take social security benefits?
What happens to the monthly amount?
What are the downsides?
What about health?
What about reliable income?
What about long term care expenses?
What about underwriting for long term care in an annuity?
Do they require medical exams?
What about giving more money to charity?
What is a charitable gift annuity?
What about minimizing estate taxes?
What about loss of liquidity?
What about reducing your required minimum distributions (RMDs)?
What is a QLAC or qualified life annuity contract?
Are you forced to take money out of qualified plans?
What happens at age 85?
How might one beat a CD at its own game?
What is a MYGA or multi-year guaranteed annuity?
What about a fixed period of time?
What about an additional savings bucket for retirement?
What about a fixed annuity over a certain period of time?
What are the options?
What’s the difference between a CD and a MYGA?
Who issues a CD?
Who issues a MYGA?
What about interest?
What about tax?
What about medical bills?
What about a strategy?
You’ve heard of deferred tax? What about deferred income?
What about two streams of income?
What about pay raises?
What about growth?
What about repaying a whole life insurance loan?
What surprising ways have you prospered from annuities?

Episode 208: Turning $82K into $20M with Chris Thurman

August 27, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

What about a seed?
Who is Chris Thurman?
What about his partner Grant Thompson?
What happened when Mark was a client?
What about love?
What about life insurance as a central component?
What about a story?
How do we need to think?
What about Nelson Nash?
Why did Nelson Nash plant trees?
What about having a huge impact on your family?
What about the numbers?
What about insurance on the wife?
What about insurance on the husband?
Who do we want to insure?
Who do we want to benefit?
What happened when the son-in-law ended up in the hospital?
What about the paid up additions riders (PUA riders)?
What about the death benefit?
What about getting the windfall?
What did they do that was different?
What did they do with the inheritance?
How did she buy her house?
What happens at age 65?
What happens at her age 90?
What about multi generational planning?
Who started all of this?
How much did grandpa contribute?
What happens at the 4th generation?
What about life insurance on babies?
When do we want to start compound growth?
What about protecting insurability?
What about his son’s insurability?
What about teaching your children and your grandchildren?
What is the growth?
Where else can she start an outcome like this?
What about the Rockefeller Family?
What about the Rothschild Family?
What about the death benefit alone?
What have the policies grown to?
What about the legacy for this family?
Can her son handle this much wealth?
Why not term insurance?
How many term insurance policies will be in force at 90 years old?
Does term insurance have its purpose?
Why is whole life insurance required to make it work?
What about starting with your children?
What about starting with your grandchildren?
What about teaching kids on a camping trip?
What about teaching kids through example?
Who owns their cars?
Who borrows on their cars?
What about the “normal” way?
What about sharing annual reports?
What was his experience gifting his daughter a policy after graduation?
What about teaching your kids along the way?
What do they teach about money in school?
What about being normal?
What about being in debt up to your eyeballs?
What about having a nice credit score?
What about having a 401(k)?
What about sticking the money in the drywall of your house?
What about a sibling summit?
Is love part of your rate of return?
What principles or proverbs would Chris leave to his family?
How was Chris impacted by his Bank on Yourself® type whole life insurance policy?
Would you like to reach out to Chris and/or Grant? thompsonthurman.com

Chris Thurman is the co-owner of Thompson & Thurman in Amarillo TX and one of only 200 Bank on Yourself® Professionals in the United States and Canada. He takes a comprehensive view of each client’s financial situation, and is passionate about guiding his clients towards success. He uses the Bank on Yourself® process to enable his clients to have a rock-solid financial plan and a predictable retirement income, with no luck, skill or guesswork required. Chris helps his clients become their own source of financing and get back what they pay for major purchases so they can have a richer lifestyle in retirement that is not directly dependent on the ups and downs of the stock and real estate markets.
Chris is married to his wife Holly and they have 3 children Austin, Claire and Spencer. In Chris’ spare time he enjoys spending his time at his kids sporting events and spending time with the family in the mountains fishing and riding ATV’s.

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