Tax

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 223: How They’re Stealing Your Pension, Even If You Don’t Have One with Chris Tobe

December 10, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

Who is Chris Tobe?
What’s his story?
Have you read Kentucky Fried Pensions?
What about contracts?
What about excessive fees?
What about the tax payers?
What about the Chicago Police pensions?
Would you like to read the Twisted Priorities article?
What’s happened in Pennsylvania?
What about making a partial payment on a pension?
What about the pensioners?
What do we know?
What about cost of living increases?
What happened in the Detroit bankruptcy?
What about underfunded pensions?
What happens in bankruptcy?
How many pennies on the dollar are the pensioners likely to receive?
What other programs are underfunded?
What about social security?
What about money printing?
What’s the value of the money going to be?
Can states declare bankruptcy?
Can cities declare bankruptcy?
What about defined contribution plans, like 401(k)s?
What about target date funds?
What about private equity hedge funds?
What about the fees?
What about the scale of fees?
What about an example?
What came out of the mutual fund association?
What about a variable annuity?
What about expenses?
What about taxes?
What about full transparency?
What about public pensions?
What are the takeaways?
How destructive are 1% fees?
Is your pension transparent?
Are pensions going away?
What about the promise and delivery of a guaranteed lifetime income?

Chris Tobe, CFA, CAIA works as a pension investment consultant, expert witness, and author. His most recent book is “Kentucky Fried Pensions” and recently filmed with PBS Frontline on a Kentucky pension piece airing in October 2018. He is now working as a Chief Investment Officer with a Public Pension consulting firm out of New Orleans the Hackett-Group, where he has provided project consulting to a number of public pensions in MD, NC and TX.

From 2008-2012 he served as a Trustee and on the Investment and Audit Committees for the $14 billion Kentucky Retirement Systems.
From 2008-2009 he was a Sr. Consultant with New England Pension Consultants and worked with a number of public pension plans in Oklahoma, Missouri, Michigan and the District of Columbia. And was Former VP in 401k investments with AEGON 2001-2008.

He has written 4 books, dozens of articles and has been quoted in the Wall St. Journal, New York Times, Forbes, & Bloomberg. As a public pension trustee, he completed the Program for Advanced Trustee Studies at Harvard Law School and Fiduciary College held at the Stanford University.

Episode 222: Four Ways to Make Your Cash Value Grow Faster

December 3, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

When will your cash value equal your death benefit?
What about an increase of cash?
Do you intend to make it to 121 years old?
What four ways can you accelerate your cash accumulation?
What about interest rates?
What about stock market performance?
Is it boring?

What is the first way?

What about a Limited Pay Whole Life policy?
What about paying to a certain age?
What about paying a limited number of premium payments?
What about a single premium payment?
What does this allow the policy to do?
What about a 10-Pay or 20-Pay?
What about paying premium to age 65 or age 100?
What about the time value of money?
What about the lack of flexibility?
What can be a great source of liquidity?

What is the second way?
- What about a paid up additions rider or PUA rider?
- What about a flexible paid up additions rider?
- What about an old fashioned whole life insurance policy
- What happens when you add a PUA rider, even without extra premium dollars?
- Is underwriting necessary for PUAs?
- What do you call money when it goes into a bank account?
- What do you call money when it goes into a 401(k)?
- What do you call money when it goes into a whole life insurance policy?
- What does premium buy?
- What is the most efficient type of insurance you can buy?
- What about an example?
- What if you want to add additional premiums to increase your cash value?
- What are the limits to PUAs?
- How much can you stack onto your base premium?
- What about an example?
- What capacity will you decide upon?
- What happens when your buckets are full?
- How does the insurance company limit you?
- How does the IRS limit you?

What is the third way?
- What about blending whole life insurance with a term insurance rider?
- What is the combination?

What is the fourth way?
- What about an existing policy that isn’t efficient?
- What can you do about a whole life policy that is underperforming?
- What is a 1035 exchange?
- What can you do about a Variable Universal Life policy?
- What about a tax free transfer of values?
- What about an annuity?
- What about accelerated death benefit rider?
- What about an example?

What about a bonus way to grow your cash?
- What about dividends?
- How might one purchase PUAs with dividends?
- Do PUAs become permanent insurance?
Would you like to leave us a review?
Would you like to share this show with someone you care about?
Would you like a free book?
Would you like a gift card?
Would you like to schedule a 15-minute meeting with Mark?

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 214: Not Your Average Inflation

October 8, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

Would you like to join us tomorrow, October 9, 2021, for the Not Your Average Financial Summit?
What about the hyperinflation after WWI?
Is finance “just math”?
What about net worth?
What is far worse than being in a negative net worth?
What about interest payments to debt?
Would you like to view the U.S. Debt Clock?
What about the sizable national debt?
What about the net present value calculation?
What are the promises?
What about the terminal value or liquidation value?
What about global wealth?
What about large liabilities?
What happens systemically?
What about debt to GDP ratio?
What about math?
How much has the money supply grown?
How much has the population grown?
Is inflation a stealth tax?
What about compounding growth?
What about leverage?
What about the velocity of money?
What about purchasing power?
What are the banks trying to sell?
What about savings accounts?
Where can you get compound growth, leverage and velocity of money?
What did DALBAR say?
What about target date funds?
What was the year over year growth over the last 20 years?
Who has a 401(k)?
What about the real return vs. the advertised return?
Could real estate hedge inflation?
What happens in a time of crisis?
What are the options?
What else is there?
What are some not your average strategies?
What about fixed indexed annuities?
What about losing purchasing power?
What about having an inflation rider?
What about having a cost of living adjustment rider?
What about the behavior of the market?
What is laddering?
Can your money keep up with or exceed inflation?
How might we stabilize?
What about an example?
What about a dynamic response to inflation?
Is there inflation insurance?
What about Bank on Yourself® type whole life insurance policies?
Is whole life insurance immune to hyper inflation?
What happens when the rates go up?
Would you like to hear Episode 113?
What happens to bonds when inflation hits?
What do insurance companies invest into?
What are the rules?
What happens to insurance products when inflation hits?
Do you know anything else in the world can do what I just described?
How much value would you like to build for your business?
How might I respond in a positive way to whatever happens?
This is the last day before our summit, would you like to RSVP for tomorrow, October 9, 2021?

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.

Episode 206: Bank on Yourself® Type Whole Life Insurance Policy Loans vs. Everything Else, Round Two

August 13, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

Have you heard the first episode in this series, Episode 205?
Which is better: a 401(k) loan or a whole life insurance policy loan?
How many of 401(k) investors have an outstanding loan?
Should the 401(k) loan be the first choice or the last choice?
What is the process for getting a 401(k) loan?
What are the 13 steps?
How long does it take to get a 401(k) loan?
What happens with a whole life insurance policy loan?
What are the limits?
What can you use the money for?
What do the proponents of the 401(k) loan say?
Are 401(k) loans a taxable event?
Are taxes due?
How will you be repaying that 401(k) loan?
Will you pay taxes twice?
What’s your bracket?
Have you seen the show notes on Episode 110?
What happens if you borrow from your 401(k) and you lose your job?
How fast must you repay that loan?
What about taxes and penalties?
What are the required repayment plans?
What about a home equity line of credit (HELOC)?
What about tapping into the equity of your house?
What about the requirement of making regular payments?
What about pledging your home as collateral?
What about a higher interest rate?
What about HELOC vs. whole life insurance policy loan?
Is the house value guaranteed to grow?
Are whole life insurance cash values guaranteed to grow?
Could you lose your home if you don’t pay off the HELOC?
What is collateral in a whole life insurance policy?
What about a court judgment?
What about credit ratings?
Can a banker call your HELOC?
What is the fine print in the HELOC?
Can you count on the HELOC?
Is it possible to default on a whole life insurance policy loan?
What happens when the loan value is the same as the cash value?
How might you avoid policy lapse?
What happens to the death benefit on a whole life insurance policy that has unpaid loans?
Would you like to hear Episode 203?
What about loaning from a brokerage account?
What is a margin loan?
Can the broker call the margin loan?
What about locking in losses?
What is liquid?
Is there a repayment schedule on whole life insurance policy loans?
What did Mark Twain say?
What about life insurance loans vs. whole life insurance loans?
Can you borrow from a term insurance policy?
What about universal life insurance?
Would you like to hear Episode 59? Episode 60? Episode 61?
What about the monthly costs on universal life (UL) and indexed universal life (IUL) policies?
What significant changes happen in these policies?
What are the risks to taking loans on a IUL or UL policies?
What happens when closing IUL or UL policies?
What are the tax consequences?
What about variable life policy loans?
What are the risks?
Will the policy lapse?
What about the phantom income?
What about the moving parts?
Why are whole life insurance policy loans so much safer?
What is on the insurance company’s shoulders?
What about the guarantees?
What is not guaranteed?
Can the insurance company change the costs on the policy?
What about annual cash value increases?
What about the death benefit?
What about the premiums?
What about the dividend paying whole life insurance policy?
How might dividends make the situation even better?
Who does the dividend benefit?
What about minimum guarantees?
Is a Bank on Yourself® whole life insurance policy part of your overall strategy?
What about the death benefit?
What about the living benefits?
What about the loan feature?
What about tax advantages?
What about security?
What about guaranteed growth?
Would you like a 15-minute meeting with Mark?