Loans

Episode 199: Buy. Borrow. Die. …Pay Zero in Tax?

June 25, 2021 by Not Your Average Financial Podcast

In this episode, we ask:

How do the .001% navigate their taxes legally?
What about the ProPublica report?
How do they legally pay a tiny fraction of their fortunes in taxes?
What was your reaction to this news?
As your income rises, do you pay more in taxes?
Under current law, what is the highest tax bracket?
What do the ultra high net worth pay?
How is wealth different from income?
What will you pay in tax?
What about loans?
What about paying back loans?
What about collateral?
Do you have a pen and paper?
What about buying assets?
What about a home?
Does your house have an ATM attached?
When do you pay tax on an asset?
What about borrowing money?
Do you pay a tax when you borrow?
What are the tax advantages of debt?
What about interest?
What happens to wealth at death (when you die)?
What about tax on death benefits for life insurance?
What is the big divide?
What about the asset side?
What’s the caveat?
What happened in 2013?
What about buying with after tax dollars?
What about the step-up in basis?
What about the $1 salary?
What about Bank on Yourself®?
What is premium?
What is cash value?
What is death benefit?
What about buying premium?
What about borrowing cash value?
What about when you die, giving your death benefit to your beneficiary?
What about tax with life insurance?
What about strategies like bonus depreciation?
What about rental income?
What about not issuing dividends?
What about dividends in life insurance?
What is a refund of premium?
What about the option for purchasing PUAs with dividends?
Are you able to receive the dividend as a check?
When will tax be due?
What grows forever?
When do markets crash?
What about the generosity of a banker?
What if stocks go down?
What about living on stocks?
What about a margin call?
Could you come up with the money you need?
What about the cost of borrowing against the assets?
What about liquidating?
What about fixed income assets?
What about improvement of projections?
What happens if interest rates rise?
What about building up significant cash value?
What about income tax?
What about estate tax?
Who needs a trust?
Who needs an attorney?
What is the estate tax threshold under current law?
What reduces the death benefit?
What happens with unpaid policy loans?
Are death benefits taxable?
Are gains taxable?
What about an example?
What questions do you have?
What about beneficiaries?
What about teaching your children?
What about Mark’s mom?
Would you like to meet with Mark Willis, CFP® to discuss your specifics?

The topics presented in this podcast are for general information only and not for the purposes of providing legal, accounting or investing advice.

On such tax matters, please consult a CPA professional who knows your specific situation.

Episode 193: The 8 Biggest Mistakes You Make When You Bank On Yourself® with Jim Conrad

May 14, 2021 by Not Your Average Financial Podcast

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

Is it possible to mess up a Bank on Yourself® type whole life insurance policy?
Is it possible to mess up a microwave?
Would you like to ask your own questions?
Would you like to join us on the Not Your Average Financial Community?
Who is Jim Conrad?
What about a high level overview?
What are Jim’s rules to live by if you’re banking on yourself?
What gets better every year, guaranteed?
Is there such thing as paying too much premium?
What about paying as much premium as you can for as long as you can?
What about the first seven years of a policy?
Is paying premium a burden?
What about stopping?
Do you want to build wealth reliably?
Should you always use your own capital?
Why would I want to borrow from my own policy if I can get a better rate down the street?
Do you need to finance a new vehicle?
Do you need to invest in real estate?
What about paid up additions premium?
How will your dollars grow?
Why would you want to save money in someone else’s bank?
Can you enrich yourself and the bankers?
What’s the biggest building in Charlotte?
What happens when you pay interest?
What about policy loans?
Do policy loans take experience?
How much does one need to pay back on the loan?
Will an insurer take your car or house away?
Whose in charge of their cash value?
Who manages the cash value?
What’s a reasonable time frame to pay back a policy loan?
Do you want to pay premium first and then loan payments?
Are interest rates really important?
What’s the best return?
What questions do you have?
What about using other people’s money?
What about using your own cash value to make purchases?
What about arbitrage?
What about credit cards and discipline?
What are the risks?
What about paying premium out of cashflow and savings?
Why did Jim write these rules to be timeless?
What about credit union loans?
How does privatized banking work?
How much can a bank lend out?
How much does a bank have to keep on hand?
Would you like to eliminate bankers from your life?
How can the bank make so much interest?
What about low or no interest loans?
Do you need to borrow more capital than you have in your policies?
What about closing that window?
What about feathering the clutch?
What about uninterrupted compound interest?
What about retirement?
What happens if your goals change?
Are you creating income for life with whole life insurance?
When do most people stop paying premium?
What about premium offset?
What about paying your loans back?
How might you maximize your lifetime income?
How might you pay back your policy loans before you retire?
What is the best practice?
What about using your own capital to buy points on a mortgage?
Who keeps a mortgage for 30 years?
What about refinancing?
What about moving?
Does it make sense?
What about the book How Privatized Banking Really Works?
How might you use your own capital?
What about the volume of debt?
How much skin in the game does the bank really have?
What were the reserve requirements in 2008?
How might you build up and use your own capital?
Why favor paying premium over paying back loans quickly?
What does one do when they run out of wiggle room in a policy?
What about timing?
How might one completely replace banks?
How might one do the banking at the “me and you” level?
What about checking accounts?
Would you like to join our membership site?

Jim Conrad, the President of Conrad Financial Services, resides with his wife, Deb, in Concord, North Carolina. Jim started working for his clients in financial services 20 years ago, after a 25-year career in management with a Fortune Top 10 company. He grew up in the Chicago suburbs, and he holds a B.S. in chemical engineering from Purdue University and an MBA from Lewis University.

Jim has been a Bank On Yourself Authorized Advisor for the past 13 years. His passion is helping people achieve financial peace of mind by owning a strategy they can count on for life.

Episode 190: The Ninja Belts of Bank on Yourself®

April 23, 2021 by Not Your Average Financial Podcast

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

What strategies are you excited about?
What about being a newbie?
Would you like to hear a ninja belt metaphor?
What is the white belt?
What about saving from cash flow?
What about monthly premiums?
What do you learn in karate?
How many moves are you making in your monthly budget to up your cashflow?
What about the fundamentals?
What about “back to the basics”?
What is the orange belt?
What about a lump sum along with monthly premiums?
What about windfalls?
What about bonuses?
What advantages come with a paid up additions rider?
What about repositioning?
What is a 1035 exchange?
What about universal life policies?
What about the red belt?
What about annual premiums?
How does this benefit business owners?
What about annual windfalls?
What about an annual surge in sales?
What about multiyear projects?
What about solving several problems?
What about passing on savings?
What about the yellow belt?
What about the intention behind starting?
What about other people?
What about lines of credit for business?
Can you have multiple policies on yourself?
What are the most important assets in your life?
What about the green belt?
What about real estate?
What about business inventory?
What is life insurance all about?
What about an additional focus?
What about vehicles?
What about college?
What about business expenses?
What about the debt SnowBank Method?
Is it possible to be better than debt free?
What about policy loans?
What restrictions are on policy loans?
What questions do insurance companies ask to take policy loans?
Would you like to learn more about the green belt strategy?
What about the purple belt?
Would you like the budgeting tool? Meet with Mark
Do you have a massive tax bill due every year?
What are non-direct recognition policy loans?
How fast should you pay the policy loan off?
Are you a business owner?
Are you a real estate investor?
What happens if you don’t pay off the loan?
What about the fortitude required?
What about compound growth?
Is it a good idea to pay a policy loan back?
What does it mean to lapse a policy?
What is a big deal?
What is not a big deal?
What is the risk on the gains in the policy?
What do you lose when a policy lapses?
Do you understand the risks?
What about the brown belt?
What is a system of policies?
What is a family office?
What about grandkids?
What about grandparents?
Why insure kids?
What is the power of this strategy?
What is the regular system of communication and intention?
Is a family office formal?
Is a family office informal?
How might a family communicate?
When do families meet?
Who shows up to a family meeting?
What is the key?
How might you prepare your people for the money?
What about the black belt strategy?
What about income equaling premium?
Is this recommended?
What is fraught with peril?
What did Nelson Nash say?
What is the caution?
Why is this not for 99% of people?
How does it work?
What are the four steps?
How might you live on less than you make?
What about the pattern of life?
What are the risks and considerations of black belt strategy?
Are you able to live like a spartan?
What about getting improved for this much life insurance?
What is the job of underwriters?
What about liability?
Have you arrived?
How are you still learning?
Would you like to strategize together?
Book a Meeting with Mark

Episode 183: What About Bank On Yourself® and Bitcoin?

March 5, 2021 by Not Your Average Financial Podcast

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

Do you remember your MySpace password?
Do you have your bank password somewhere for your kids and grandkids to find?
Who is Stefan Thomas?
How did he lose so much Bitcoin?
What are the risks?
Does Bitcoin have value?
Is crypto a way to safeguard wealth?
What’s to love?
What is the value of the price of a bitcoin?
Is this the latest tulip mania?
Is it the future of money?
What are the main functions of money?
What defines money?
What about blockchain inflation?
Who owns blockchain patents?
What about volatility?
How old is Bitcoin?
How much would you like to spend on pizza?
Who uses Bitcoin to buy groceries?
What about anonymity?
What about concerns and regulations?
What did Janet Yellen say?
What about marketing?
What about a Bitcoin ATM network?
Is Bitcoin a medium of exchange?
What about payment for debts and taxes?
Why is the U.S. dollar the current medium of exchange?
Why does the U.S. government want tax in U.S. dollars?
What about printing money?
What about modern monetary theory?
What happened in the 1960s?
What about the behavior of society?
What about paying tax with Bitcoin?
What about reporting crypto holdings?
What about regulations and oversights?
What about the benefits?
What about paying tax on the gains?
What about the federal reserve?
What about pension funds?
Who is G. Edward Griffin?
What did he say?
Will the U.S. dollar go away?
What about the capital?
Has the government been hands off with crypto?
What about non-Bitcoin cryptocurrencies?
What are the main functions of money?
What about store of value?
What about the word currency?
What about flow?
What about storage?
How many bitcoins have been lost?
What about aging?
How is money like the promise of the future?
What about commodities?
What about futures?
What about gold?
Is Bitcoin a store of value?
Is Bitcoin speculation?
Who is the end user for Bitcoin?
What about futures contracts?
How is this like an insurance contract?
What about beating inflation?
What about predictability?
What about 1970s or 1980s inflation?
What about Bank on Yourself® type dividend paying whole life insurance?
What about speculation?
What about your risk tolerance?
What do you see in crypto?
Is crypto scarce?
Is it useful?
What about a deflationary environment?
What is the biggest profit centers for insurers?
What about term insurance policies?
Will insurers pay in crypto?
When did the dollar become legal?
What happened in 1863?
What is the legally recognized currency?
Who wins?
Is whole life insurance immune from financial disaster?
What about the risks?
Where is the real education?
Where does the real transformation occur?

Episode 176: Annuities vs. Everything Else

January 15, 2021 by Not Your Average Financial Podcast

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

What are people saying about annuities?
What about supplemental income strategies for retirement?
Should alternative income strategies be used in retirement?
What about rental income?
What about rental income in a pandemic?
Is your rental property your annuity?
How is this working out?
What about Moody’s analytics?
How many renters are behind on rent?
What about mom and pop landlords?
What are squatter’s rights?
What about contract law?
What about laddered bonds?
What about taxes?
Have you heard Episode 138?
What about MUNI bonds?
What did Barron’s say?
What did Mark see at the Oriental Museum?
What about liquidity?
What is a Single Premium Immediate Annuity (a SPIA)?
What about inflation?
What about the Mack Truck factor?
What have the insurers done with the annuity gotchas?
What is the fixed indexed annuity?
Have you heard Episode 80?
What about income?
What about a steady stream of income in retirement?
How does one fund an annuity?
What are the choices?
What are the tradeoffs?
What are the protections?
What about qualified and non qualified plans?
How does a fixed annuity address the liquidity problem?
Who has the cash?
What is an idea for liquidity?
What about the inflation problem?
Can you lose money due to market fluctuations?
What about the participation rate?
What about an inflation protection hedge?
What about competitive market returns without loss?
What about increasing income in retirement?
What about a pay raise in retirement?
What about a guaranteed minimum income for life?
What about the insurers addressing the Mack Truck factor?
What about gifting the unspent lump sum to your beneficiaries?
What about nursing home care?
What about double income payments in a qualified care facility?
Do you have a bond that can do that?
Do you have a rental property that can do that?
What are the benefits of the indexed annuity?
What are the downsides?
What are the risks?
Who is an indexed annuity good for?
What about medium and long term savings goals?
What about short term goals?
What do you want your money to do for you?
Who are indexed annuities NOT good for?
What about surrender charges?
What about liquidity?
Would you like to meet with Mark?
What about looking at your Social Security benefits online?
Do you have a plan for long term care?
Do you have a plan for your home equity?
How might your home equity support you in retirement?
Do you still need to buy stuff?
Would you like to join the Not Your Average Financial Community?

Episode 173: Am I Too Old for Bank on Yourself®? Part 2

December 25, 2020 by Not Your Average Financial Podcast

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

Did you hear Part 1 in last week’s episode, Episode 172?
What about Bank on Yourself® for seniors?
What about long term care?
Can an 85-year-old get life insurance?
What about examples?
How do lump sum premiums work?
What about riders?
What about growth?
What about guaranteed values?
What about inflation?
What is a single premium whole life policy?
What about health concerns?
What is different about underwriting?
What about insuring someone in your family or business?
What about ownership of the policy?
What questions should you ask?
What about retirement?
Who do you know that needs to consider this?
Has your retirement gone up in value every single year?
What about dividends?
How strong is the institution where your money is held?
What about luck?
What about skill?
What about growth and principal?
What about taxes on gains?
Can you spend the money while it’s still growing for you?
What about borrowing cash value?
What is the path toward uninterrupted compound growth?
Do you have a Bank on Yourself® professional to talk with?
What is a non-recourse loan?
What happens when you die?
Is your money liquid?
Are you penalized from accessing your money?
Is your money trapped?
How much can you withdraw?
What’s pretty cool?
What about retirement income?
What about the biggest complaints from seniors?
What about penalties?
Does your plan address the 500-pound gorilla in the room?
What about long term care?
What about activities for daily living?
What about giving to charity?
What about probate court?
Would you like to hear some examples?
What about the sandwich years?
What about required minimum distributions or RMDs?
What about a home health care benefit?
What about leaving a legacy?
Where do seniors tend to keep cash?
What is possible and not possible to do?
Would you like to call us?
Would you like to view Mark’s calendar and book a meeting?

Episode 168: Robert Farrington, the College Investor

November 20, 2020 by Not Your Average Financial Podcast

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

What’s the number one thing in your financial life?
What is the moment that compounding can work for you?
Would you like to work with Mark? Learn more and apply at bit.ly/worklg
How much student debt is there?
How did Robert earn his first dollar?
How did Robert’s article get so many eyeballs?
What about student loan debt?
What’s Robert’s story?
What are the implications of student loans?
How did Robert get debt free?
What about increasing income?
Who knows how many they have?
Did you take out loans with your parents?
Did you take out loans with your kids?
What are Robert’s 30 ideas for passive income?
What repayment can you afford?
Should you kick the can down the road?
What will you do for the next five years?
Do you have a system that works for you?
What are the odds of loan forgiveness?
What programs are available?
Are you into public service?
Can you get something for nothing?
What are the general rules of thumb?
What about refinancing?
What are the problems with Parent Plus loans?
What about family drama?
What about legal responsibility?
What are the rates now?
Should you be debt free before doing anything else?
What about the rate of return?
What about time?
Can you be this age again?
Would you like to visit thecollegeinvestor.com?
Would you like to learn more at loanbuddy.us?
What about consistency?
What about sticking with it?
What are the takeaways?
What about the volume of time?
What about refinancing student loan?
What about 529 plans for paying off student loan debt?
What are the takeaways?
Would you like to join us on Zoom, Tuesday, December 1?
- When: Dec 1, 2020 02:00 PM Central Time (US and Canada)
- Topic: Savings Smackdown – Save Now or Save Later
- Register in advance for this webinar. After registering, you will receive a confirmation email containing information about joining the webinar.

Robert Farrington is a student loan debt expert and the founder of The College Investor. He has been helping people navigate student loans, investing, and wealth-building for over 10 years.

Episode 166: Sean Morrissey is Landlording for Life

November 6, 2020 by Not Your Average Financial Podcast

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

When was your moment?
Who is Sean Morrissey?
Have you heard the podcast Landlording for Life?
Who is Sean leading?
What about buy and hold real estate?
What is leading with lifestyle?
What does financial freedom mean for Sean?
What happened when banks lowered the line of credit?
What happened for four years?
What did Sean learn?
What does Sean do and what does liquidity do for Sean’s business?
How did Sean get started?
What is the value of liquidity?
What are the challenges for landlords right now?
What does the average guy or gal not realize about the need we have for access to capital?
Is it easy to buy?
What’s the weird position?
Are you liquid enough?
What about roughly 3% of capital expenditures and reserves?
What about roughly 5% for vacancy?
What about roughly 3% for a liquidity factor?
What about the “what if” game?
What about Mark’s meeting with Sean?
What surprised Sean?
What did Sean find?
Have you heard Episode 159 and Episode 160?
What did Sean learn?
What about universal life policies?
Are all mutual insurance companies good for Bank on Yourself® type policies?
Why does the contract matter on a life insurance policy?
What is a direct recognition loan provision?
What about non direct recognition company?
What’s an eye opener?
What are Sean’s hopes?
How does Sean plan to use his policies in sync with real estate?
What does Sean see, looking back?
How does Sean think big enough now?
Where do you want to be in 10 to 20 years?
When do we want our money most efficient?
What’s the power of a whole life insurance policy (especially the older ones)?
What about tax deductions and depreciation in real estate?
What about long range thinking?
What are the options down the road?
What’s the problem of real estate without whole life?
Would you like to work with Sean?
What is happening with evictions in Illinois?
What about liquidity?
What about setting sights too small?
How big can you think?
What about opportunities?
Want to work with us? We’re hiring. http://bit.ly/worklg

Sean Morrissey is a landlord and real estate broker, in the western suburbs of the Chicagoland area, who has built a $7M real estate portfolio and owns/manages Chicagoland Realty Group Partners LLC.

Having managed 200+ properties for landlords in the Chicagoland area, Sean has built property management systems to make “buy and hold” real estate sustainable and wealth-building.

Sean’s proudest achievement is being able to spend his days with his wife, two kids, dog and cat in what some may define a financial freedom lifestyle. Sean is the host of the real estate “buy and hold” real estate investor podcast called Landlording for Life.

Episode 163: Why Banks Need Insurance Companies with Kevin Greer

October 16, 2020 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 be the owner?
What about assets?
Who is Kevin Greer?
Who works with Kevin?
What’s the craziest thing Kevin’s seen?
What about families inheriting properties?
What about estates and life insurance death benefits?
How does Kevin acquire properties for BankFinancial?
What’s the big difference for a smaller bank?
Who is the target market?
Why does it make sense to work with a community bank?
How does cash value life insurance factor into net worth calculations?
What does Kevin see on the balance sheets?
What about term insurance?
What is a future asset vs. current asset?
What about liquidation situations?
What are capital markets?
What are BankFinancial’s sweet spot?
What is a recourse loan?
How does one personally guarantee a loan?
What is it like, as a bank, borrowing from life insurance companies?
What kind of loans do life insurance companies want?
What are the companies looking for?
How might you, as an owner in a mutual life insurance company, participate in these deals?
What about cash flow?
What about yield?
What about private lending (sort of like hard money lending)?
How does Kevin help private lenders?
How did Kevin discover his passion for this work?
Would you like to talk with Kevin?
- kgreer@bankfinancial.com
- Call 312-525-1131
- Reach out on LinkedIn
What are the takeaways?
What is a current asset? What is a future asset?

Note the disclaimer: The topics presented in this podcast are for general information only and not for the purposes of providing legal, accounting or investing advice. On such matters, please consult a professional who knows your specific situation.

Kevin Greer, a commercial and multifamily real estate specialist for BankFinancial, has over 25 years experience lending and has closed over $100 million in real estate financing transactions.

Kevin participated on bank REO committees and REO disposition teams. In addition, Kevin has personally bought and sold several real estate properties over the past 15 years.

Episode 161: Bank on Yourself® and Real Estate Investing

October 2, 2020 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 hear a LIVE workshop Mark did with Roger Blankenship of the Flipping America Real Estate Investment Association?
Who has the deal funding power?
Is it possible to cut out mortgage companies?
What was the biggest wake up call of Mark’s adult life?
What are the three strategies and tactics?
What else?
Would you like to watch the video presentation (see below)?
Would you like to subscribe to the NYAFP YouTube page?
Would you like to hear the Q&A?

Prev Page...

...Next Page