Not Your Average Financial Podcast™

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In this episode, we ask:

• How nerdy can we be?
• What financial asset has increased in value every year for the last 160 years?
• Why, in the early 20th century, did 50% of Americans have their savings in life insurance products?
• Does your financial planner have to use Google to answer your questions?
• What is the Bank On Yourself^® concept?
• How is a Bank On Yourself^® policy constructed?
• What biases do we have toward Whole Life Insurance?
• How is a Bank On Yourself^® design similar to an all base Whole Life design? How is it different?
• What does Bank On Yourself^® Engineering have to do with a sailboat?
• What companies are Bank On Yourself^® friendly?
• How do businesses use Bank On Yourself^®?
• Why does good design matter?
• … More!

The numbers presented here are for example purposes only. Please reach out to us to learn more about what’s possible in your specific situation.

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In this episode, we ask:

• What do you call a … ?
• Are all financial professionals right for your needs?
• How many designations and credentials are available for financial professionals?
• What about the CPA?
• What about the CFA?
• What about enrolled agents?
• What about the CFP®?
• What about Mark’s CFP®?
• What about a generalist designation?
• What about a specialist designation?
• Can anyone call themselves a financial advisor?
• What about life insurance agents?
• Why work with a Bank on Yourself® Professional? 
• Where do you find expert help?
• How many Bank on Yourself® Professionals are there in the U.S. and Canada?
• What about maximizing finances?
• How is the Bank on Yourself® Professional program critical to success?
• What about “just googled it” advisors?
• What about ongoing mentoring?
• What about client relationships?
• Do you really have a Bank on Yourself® type life insurance policy?
• How could you know?
• Why does your advisor matter?

What does it take to have a TRUE Bank on Yourself® type life insurance policy?

1. Is whole life insured offered?
2. Is what I have whole life insurance, universal, variable or something else?
3. Is the insurance company mutually owned or stock owned?
4. Is the insurance company’s customer service educated enough to help me with the ins and outs of policy loans (or is it going to be a nightmare every time I try to call customer service)?
5. Does the company have a HIGH COMDEX rating (90+)?
6. If I take a loan, will it affect my policy in the short and long term?
7. If I take a loan, do I have non direct or direct recognition loans?
8. If I take a loan, how will it affect the policy, short-term and long-term?
9. Do I have Non-Direct Recognition loans (which crucially allows my cash value to grow even on the cash value I’ve borrowed against) or Direct Recognition Loans (which stop the growth of my cash when I borrow from the policy)?
10. When will I pay loan interest (at the end of year or immediately?)
11. What are my loan limitations (what they’ll allow me to borrow)?
12. What is my loan interest rate on this policy? (Is it above industry average?)
13. Is the loan simple interest all year long, or is it compounding against me?
14. Does my whole life product pay dividends?
15. Is the dividend based on company performance, with me participating as an owner, or is it merely “interest sensitive”, based on industry competition and pre-formulation?
16. Has the insurance company paid dividends 100 years straight?
17. Are paid-up additions (PUA) offered through premiums or just through dividends?
18. What is the insurance company’s PUA load cost? How does it compare to other whole life products?
19. What are the PUA limits and gotchas? (When and why must we reduce our PUAs even if we don’t want to?)
20. Were any other riders available to help accelerate my cash value growth? (e.g. term rider)
21. If I miss a premium payment, are there any protections? What will happen to the policy guarantees?
22. Was there a Chronic Illness Rider or similar available? What are the fees for this rider?
23. What are the limitations on Chronic Illness/ Long Term Care / Accelerated Death Benefit riders?
24. Was there significant dividend variability (e.g. over the last 12 years) suggesting risk to future cash value growth?
25. Will this policy MEC, and do I want it to lose specific tax advantages?
26. Will both principal and gains be accessible tax-free under current law?
27. What about the agent?
28. Am I having to educate the agent?
29. Is my agent among the 200 Bank on Yourself® professionals in good standing?

 

• Do labels matter to you?
• What about your family member who has a life insurance license?
• Would you like Mark to review an inforce policy for FREE?
• Would you like to join our mailing list?
• Would you like a FREE book? Send us a screenshot of your review to hello@nyafinancialpodcast.com, and we’ll send you a book!

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In this episode, we ask:

• Does a perfect financial solution exist?
• What do you want your money to do for you?
• Where do you want your money to live?
• What did Mark learn in his research of financial products?
• What are our preconceived notions about money?
• If Katrina was “Pope of Money” for the day, what would she want for her money?
• What are the strengths and limitations of current financial products?
• What are the implications for having a sane financial picture?
• What is a financial structure?
• Where did the Egyptians bury their most treasured leaders, within their architectural wonder, the pyramid?
• …More!

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In this episode, we ask:

• Would you like to leave us a review?
• Do you experience panic moments?
• Have you ever felt panic around a policy loan?
• Have you heard Episode 34?
• How exactly does a policy work?
• Would you like to discuss this with us?
• What happens when you take the first loan out?
• What about buying a new car with a policy loan?
• Do you ever ask, “Did I just make a terrible mistake?”
• Didn’t I pay for the car twice?
• Is taking a policy loan better than paying cash?
• Is the loan payment on top of premium?
• Doesn’t it feel like you’re buying the car all over again?
• Are you the banker and the borrower at the same time?
• Why do bankers add capital to a bank?
• Who comes in the front door of a bank?
• Why do bankers love it when borrowers pay back loans?
• Are banks looking for capital?
• Are you setting up an actual bank?
• How might you recapture the banking function?
• What is a reasonable period of time?
• What is the big idea?
• What might you use as collateral?
• What have you been saving for?
• How does a Home Equity Line of Credit (HELOC) work?
• How do people use HELOCs to finance education (or other life purchase)?
• What are the problems with using a HELOC?
• What are the benefits with a Bank on Yourself type policy?
• What are the problems with 401(k) loans?
• What are the benefits with a Bank on Yourself type policy?
• What does this look like in an example with real numbers?
• When you take a policy loan, where does it come from?
• How does the policy continue to grow, even with policy loans?
• What is a non-direct recognition loan feature?
• Have you heard Episode 83?
• Which companies offer non-direct recognition?
• Does the insurance company charge you interest on a whole life insurance loan?
• Are you able to skip a payment on a life insurance loan repayment?
• Is the loan interest simple or compound interest?
• Could the policy lapse if you take a very large policy loan?
• How can you manage the policy in a healthy way?
• What happens when you take money from a savings account?
• Is there an opportunity cost with a policy loan?
• When do you have to pay the policy loan off?
• Do you interrupt the growth of your money when you borrow it?
• Am I saving enough to have the money to make the purchase I want?
• How will I make the purchase? Will I pay cash? Will I go into debt? Will I take a policy loan?
• Have you heard Episode 54 yet?
• Have you heard Episode 71 yet?
• Isn’t this twice as nice?

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In this episode, we ask:

• What is a life insurance policy loan?
• If I’m trying to be debt free, why go back into debt with an insurance company?
• Are life insurance loans just like a credit card or a mortgage?
• Isn’t a life insurance loan just like a personal loan?
• How does your cash value collateral continuing growing, even when you have a policy loan outstanding?
• How is this different from a HELOC?
• Is your house guaranteed to go up in value?
• What about contractual guarantees with a life insurance policy loan?
• What are the limits with a life insurance policy loan?
• Could the loans lapse the policy?
• What is the best kind of investment to a life insurance company?
• Can you be “underwater” in your life insurance policy loan?
• What are the requirements for this type of life insurance policy to work in a Bank on Yourself design?
  • Is it whole life insurance?
  • Is it a non-direct recognition loan?
  • Is it flexible, so you keep it for your entire life?
  • Are you repaying your loans?
  • Are you working with a knowledgeable, authorized advisor?
• Do you have trauma from a previous bad experience?
• Why do so many advisors not know how to design these properly?
• Does your existing whole life insurance policy penalize you when you take policy loans?
• Does your advisor know what they’re doing? Do they frantically google in front of you?
• Why did the Titanic sink?
• Do you know an advisor who has a skillful knowledge of Life Insurance contracts?
• Of what red flags should you be aware?
• With non-direct recognition policy loan, how is the dividend credited on a whole life policy?
• If you don’t have a non-direct recognition policy loan, what happens?
• When you take a policy loan, where does the money come from?
  • See The Bank On Yourself Revolution by Pamela Yellen, page 256
• What is the collateral for that loan?
• When do life insurance companies get a profit?
• How do you benefit from the interest you paid on the loan?
• If the insurance company’s yield is better than their worst case scenario, what happens to your dividends?
• Who’s allergic to paying interest?
• What are some financing strategies when buying a car?
• What interest does an insurance company charge on the loan?
• Who are the owners of the insurance company?
• Do you love that you are charged loan interest?
• What is simple interest, compounded annually in arrears?
• When is 5% not always 5%?
• Why would you willingly pay extra for something?
• What type of interest would you like on a savings account? Simple? Compound?
• How can you calculate the growth you receive?
• Is the method of banking on yourself better or worse than paying cash for things?
• Don’t you wish more people knew about this?
• How can you make a profit on buying a car?
• How can you use a life insurance policy with non-direct recognition policy loans for income in retirement?
• What’s the problem with the direct recognition policy loan design for income in retirement?
• What design features have a tremendous amount of impact on how long money will last in retirement?
• How do banks use money in more ways than one (at the same time)?
• What does the fine print in your contract say?
• “Ignore what banks tell you to do with money, and instead, watch what they do with their own money.” – John McCarthy
• How much money do banks keep in life insurance contracts?
• What’s a tier 1 asset?
• How can you change your family tree?

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In this episode, we ask:

• What about Silly Putty?
• What about accidental inventions?
• What about the wheel?
• What about the axle?
• What about the power of leverage?
• What about access?
• What about cash value?
• What about a contract?
• What about Bank on Yourself® type whole life insurance contracts? 
• What about Episode 195 and Episode 196?
• How can whole life insurance grow guaranteed?
• How long might you live?
• What affects guaranteed growth?
• What about traditional whole life insurance?
• What about the guaranteed death benefits at mortality?
• What about financial certainty?
• What about greater flexibility?
• What is powerful and often overlooked?
• What about the average ways of looking at finances?
• What about “mythical financial vehicles”?
• Are you guaranteed to lose money if you buy whole life insurance?
• What happens in year 1 of a permanent whole life insurance policy?
• What about some context?
• What about whole life insurance compared to ETFs or bond fund?
• Is there a guaranteed ledger in the stock market? (NO!)
• What about the guaranteed LOSS for the stock market investor?
• What about the objections?
• What about the dividends?
• What about timing?
• Does timing matter?
• What about fluctuating markets?
• What about risk?
• What about success in retirement?
• What three things does whole life insurance provide?
• What about guaranteed income that cannot be outlived?
• What about access to mortality credits?
• How are mortality credits like the axle?
• How might insurance companies make a profit?
• What are mortality tables?
• What about hedging risk?
• What about Paid Up Additions riders or PUAs?
• Would you like to hear Episode 142?
• What about leverage?
• What about pennies that buy dollars?
• What about volatility?
• What about little or no volatility?
• How might you dramatically reduce your risk?
• What about the barbell?
• When is the greatest time to have cash value whole life insurance and annuities in your portfolio?
• What about getting greater yield?
• What about examples?
• What about CDs?
• What about annuities?
• What about death benefits?
• What about super low interest rate environments?
• What about privacy?
• What about going through probate (or not)?
• What about beneficiaries?
• What about creditor and predator protection?
• What about the power of the axle?
• Would you like to listen to Sarry’s podcast as well?

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In this episode, we ask:

• How does Real Estate work with Bank on Yourself®?
• How is this like combining nitro and glycerine?
• What does it take to combine real estate and Bank on Yourself®?
• What is OPM (other people’s money)?
• How does OPM affect your profits?
• How does OPM affect bank profits?
• How does the bank siphon profits from real estate?
• What strategies make sense with Bank on Yourself® and real estate?
• How do rental profits come into play?
• Is the real estate market more or less volatile than the stock market?
• What about living onsite?
• What is a 1031 exchange?
• Why doesn’t everyone throw every last penny into real estate?
• What determines success in real estate investing?
• What are the potential downsides or risks of investing in real estate?
• How have home values performed in the U.S. over the last three decades?
• What about pricing?
• What are the secrets of a self-directed IRA?
• What’s the amount you can put into a self-directed IRA?
• What’s an arm’s-length transaction?
• What are the expenses involved in real estate investing?
• Doesn’t cash FLOW sound nice?
• Are you in control of the equity in your property?
• What have you given the bank permission to do with your property?
• Did you know that banks can call HELOCs?
• What additional costs are there?
• Is there a way out? Is there a strategy that makes more sense (cents)?
• How does Bank on Yourself® and real estate work?
• Should I put every dollar I have into Bank on Yourself®?
• What is the starter strategy?  How might you dip your toes in the water to see how it works?
• Do you need to pay your property taxes? How can you do this with Bank on Yourself®?
• How can you do this with HOA specials?
• How can you do this with a down payment?
• How can you overcome the problem of opportunity cost?
• What is strategy #2?
• Can you purchase an entire property with cash? Can you eliminate working with banks? Can you eliminate the traditional mortgage underwriting?
  • What about the policy loan interest?
• How can you increase your yield without market volatility?
• Would you like a permanent line of credit to yourself?
• What is the policy’s value after taking a loan?
• What is the comparison in growth between owning a straight real estate asset vs. owning Bank on Yourself® policy and combining it with the real estate asset?
• What happens to your policy when you use it?
• What happens to your policy when you don’t use it?
• What’s the difference?
• What does all of this mean? Join us on our next episode, where real, live real estate investors join us in the studio to share their experience with Bank on Yourself® and the asset class of real estate.

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In this episode, we ask:

• How do you buy stuff?
• Would you like to meet us in person?
• What staircase are you climbing?
• How do you fund large capital purchases?
• What are some benefits?
• What does conventional purchasing look like?
• What is the debtor’s or borrower’s staircase?
• What do you have after you pay back the debt?

• What is the saver’s staircase?
• At the end of the saver’s staircase, what do you have?

• What is the wealth creator’s staircase?
• At the end of the wealth creator’s staircase, what do you have?

• What about privacy?
• What’s the best way to buy stuff?
• How do wealth creators buy stuff?
• Is it possible to “pay for something” twice?
• What is “saving on the other side of the purchase”?
• How does perspective matter?
• What is an accelerated death benefit rider on a whole life insurance policy?
• What are you going to do with this information?

The images here are inspired by and based on Don Blanton’s Circle of Wealth System, by Money Tax, Inc., “Debtor, Saver, Wealth Creator Visual,” The Private Reserve Strategy™, January 2012. 

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In this episode, we ask:

• How much peace and financial stability can you have?
• How do oceans and rivers work together?
• How do we benefit from systems?
• Are annuities good for liquid access?
• How can we solve immediate cash needs?
• Where could you possibly keep an OCEAN OF MONEY?
• How does a Bank on Yourself type policy work with annuities?
• What spreadsheet did Holly create?
• What is direct recognition?
• What is non-direct recognition?
• How does direct or non-direct recognition work?
• Do you have a dividend paying whole life insurance contract?
• Do you have a provision for non-direct recognition policy loans?
• Do all insurance companies encourage policy holders to take policy loans?
• Why is so important to work with the right advisors?
• What can be buried in the contract provisions?
• How do policy loans work? Have you heard Episode 32?
• How can you overcome opportunity cost?
• Does your policy have a TRUE non-direct recognition provision?
• How can you get your money do two things at once?
• Can you imagine growing your cash (even when you’ve spent it)?
• How can your hard earned dollars work hard for you?
• What if you had $1M in an annuity and $1M in a Bank on Yourself type Whole Life Insurance policy?
• What happens when the account value is gone?
• What is an ideal safe withdrawal rate?
• How can you protect against running out of money?
• What if we spend down the whole life policy earlier and allow the annuity to keep growing?
• Which vehicles give you the most income in retirement?
• Where are the guarantees in the stock market?
• Is it possible to predict what the market will do?
• Who is better at choosing stocks? Hedge fund managers or monkeys?
• Would you like peace of mind?
• Would you like your money to be there for you no matter what happens?
• What are people saying?
• Would you like to send us a review?
• Would you like a free copy of the Bank on Yourself Revolution book?
• Email us at hello@nyafinancialpodcast.com
• Would you like to book a meeting with Mark?

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In this episode, we ask:

• Who is Pamela Yellen?
• What about Pamela’s articles and books?
• What did Pamela learn from experience?
• What did Pamela investigate?
• How does Pamela remember her mission?
• What about Dave Ramsey and Suze Orman?
• What is real education?
• What is infotainment?
• Has conventional financial wisdom worked?
• How many actually have financial security?
• What do people say about Bank on Yourself?
• What about investment accounts?
• What about Pamela’s newest book, Rescue Your Retirement? 
• What about 401(k)s and IRAs?
• What will the value of your accounts be when it’s time for retirement?
• Do you know?
• What about a personal story?
• What about the go go years of the dot com bubble?
• What is a paper gain?
• How is a paper gain different from real wealth?
• What about paper gains vanishing?
• How does Bank on Yourself® fit into a financial strategy?
• What about cash value?
• What about taking policy loans?
• What are some examples of what people are doing with policy loans?
• What has Pamela done with her policies?
• What happened when Pamela wrote the Bank on Yourself® book?
• How was she able to access $500,000 in a week, with no questions asked?
• What about non-direct recognition policy loans?
• Is this the 8th wonder of the world?
• What happened to Pamela’s colleagues?
• What about compound growth?
• What about guarantees?
• What about the right to borrow?
• What is a unilateral contract?
• What about opportunities?
• What about emergencies?
• What would an adequate emergency fund look like?
• Can you have your money working for you in two places at once?
• What about the Bank on Yourself® Professional program?
• What about the intellectual property of Bank of Yourself®?
• Why is it important to work with someone with the right training to build and care for a policy?
• How might a policy help you manage your tax burden?
• Do people have to pay tax on social security?
• What about commissions?
• What about the death benefit?
• What did the father of the 401(k) say?
• What is he doing with his money?
• What if you have a 401(k)?
• What about reading pages 36-37 of Rescue Your Retirement?
• Would you like a FREE copy of Rescue Your Retirement?
• Would you like to visit findoutmorenow.com?
• Would you like to book a meeting with Mark? (Write Rescue Your Retirement book in the notes on the calendar page so we can get you that FREE copy)
• What are Pamela’s insights?
• What are the takeaways?