Not Your Average Financial Podcast™

Episode 226: [Toolbox] Three Biases That Sabotage Your Finances and One Weird Habit to Find Real Wealth in 2022

December 31, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

What’s your attitude about money?
Who is generous?
Who is risky?
Who is trading?
Who is hoarding?
What is your bias?
What did Morning Star’s bias study say?
What is present bias?
What is base rate neglect?
What about loss aversion?
What about confirmation bias?
Would you like to hear Episode 108?
Would you like to hear Episode 13?
What about overconfidence bias?
What about the Lake Woe-be-gone effect from Prairie Home Companion?
Who is actually above average in their ability?
What about statistical impossibilities?
What about mutual funds?
What did Ray Dalio say about overconfidence and being wrong?
What about humility?
What about setting expectations?
Do you have an outsider’s perspective?
What about anchoring bias?
What about rigorous critical thinking?
How can you tell if something is overpriced or not?
What about the bandwagon effect?
How do these effects show up in IPO releases?
What should investment decisions be based upon?
Who is a part of the herd?
What about the financial power of gratitude?
What about decision making while afraid?
Does emotion impact our financial life?
What does uncertainty lead to?
What does gratitude lead to?
What are you grateful for?
What about volatility?
What about compassion?
What about family conversations?
What about a reciprocity ring?
What about meditation?
What about a daily gratitude journal?
What about a meditation practice?
What about putting fears in check?
Wishing you all the best in 2022!

Episode 225: Why Did I Buy This Thing Again? with Debbie Wilder

December 24, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

What are the weirdest things available for sale?
Would you like to join our Not Your Average Financial Community?
Who is Debbie Wilder?
Would you like an Office Hours sneak peek?
Why did I buy this thing again?

Debbie Wilder is a Bank on Yourself Authorized Advisor; prior to this she was a Systems Analyst for 20 years. Financially, she and her husband did everything they were told to do – 401(k)s, IRAs, 529’s for their kids, paid their mortgage down faster, and so on. And where did it get them? On the stock market rollercoaster, losing 40% of their assets in 1999, and even more in the early 2000’s. In 2005, Debbie learned about the Bank on Yourself method using specialized whole life insurance, and she never looked back. It stopped the slide of their retirement assets, it created predictability for their future, her husband stopped watching the daily tickertape, and most importantly, it saved their marriage. After opening 13 whole life insurance policies, she decided to help spread the word and become an Authorized Advisor. She always wondered why this was not taught in high school or college, so she’s passionate about educating others about it.
Debbie lives in West Hartford, CT with her husband Drew, two children (Bonnie and Sam), and dog (Snowflake). When Debbie is not working, you may find her taxiing her children around, coaching basketball, working out at the gym, or reading the newspaper.In order to provide her clients the level they expect and deserve, Debbie accepts only a small number of new clients each month who are committed to achieving lifetime financial security.

Episode 224: Uninsured and Loving It with Andy Schoonover

December 17, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

What about health insurance?
What is the cost for covering a family in the U.S. for healthcare?
Who is Andy Schoonover?
What about healthcare.gov?
What happened with Andy’s daughter?
How much was the 15-minute procedure?
What about procedures being considered medically unnecessary?
What is CrowdHealth?
What about families going bankrupt because of medical expenses?
What about catastrophic events leading to financial distress?
What about monthly premiums and deductibles?
What are our day to day medical needs?
How does one pay for the big medical expenses?
What is the cost?
What happens if the expenses exceed $500?
What about crowd funding for health care?
What about wellness visits?
What about ER visits?
Will other members pay the bill?
What are the incentives for giving?
What about claims?
What about medical bill negotiation?
What about getting the monthly bill low?
What about adding market forces into healthcare?
What about negotiating forces?
Who owns the money?
Who has to give permission to move money?
What about guarantees?
What about denial of claims?
How many bills have been funded?
Why is this so marginalized?
What about the regulatory environment?
Do you need to show a religious affiliation?
What are the guidelines?
What are the limitations or the pre-existing conditions?
How are health insurance premiums incentivized to go up?
How are the incentives different for CrowdHealth?
Would you like to try Andy’s offer on CrowdHealth?
Should we do something because every one else is doing it?
What about business owners?
What about heads of households?
Did you know we are thankful for you?

Andy Schoonover is the founder and CEO of CrowdHealth, a community-powered alternative to health insurance that provides a revolutionary way of paying for healthcare bills through crowdfunding. Schoonover was previously CEO of VRI, a healthcare technology company focused on monitoring patients with chronic conditions out of their homes. He is a graduate of the University of Virginia and Stanford University’s Graduate School of Business.

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 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 220: Client Spotlight: Joe Rulli on Bread and Circuses and Banking

November 19, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

How about the times?
Have you heard of Bread and Circuses?
What about real, honest conversations?
Who is Joe Rulli?
What’s Joe story with money?
How is a co-op different from a condo?
What about co-office space?
What did Joe initially think about Bank on Yourself®?
What about volatility?
What about risk?
What about mutual life insurance companies?
What has Joe used his policy for?
What is Joe working on now?
What about monthly payments?
What about the mortgage?
What about Joe’s philosophy aligns with the philosophy of Bank on Yourself®?
What about interest?
What about growth?
What about freedom?
What about the history of banking and social unrest?
What are the benefits of a Bank on Yourself® type whole life insurance policy?
Have you read Debt: The First 5000 Years by David Graeber?
What does Joe recommend?
What about trust?
What is prosperity?
What is wisdom?
Would you like to read Joe’s latest book, Bread and Circuses?

Joseph Anthony Rulli is a transplanted Hoosier, living in Chicago since 2006. A 1987 graduate of the University of Notre Dame (BA, History) and a 1992 graduate of St. Meinrad School of Theology (MDiv) he taught Social Studies, Religion, Philosophy, and History at the high school level. He began writing as a career upon his arrival to his second city and has had two short stories published, a stage play performed, an electronic tour book published online, and The Chicago Haymarket Affair (History Press/Arcadia Publishing, 2016) his first print book, followed by Chicago Socialism: The People’s History (History Press/Arcadia Publishing, 2019).

His first novel, the satire Bread & Circuses, is due for an October release through Chicago-based Shy City House. He has just contracted with History Press/Arcadia Publishing for a third history, tentatively called Chicago Marching: Protest, Authority, and Violence Since 1855.

Episode 219: The 7702 Changes – Disaster or Christmas Miracle?

November 12, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

What about the smoke-filled room in Chicago’s Blackstone hotel?
What happened at the end of 2020?
What is the 7702 rule?
How does this affect life insurance?
When was this last changed?
What is the amount of premium that can fund a policy and stay in-force based on life insurance expenses and assumed interest rates?
Is it an investment?
Is it life insurance?
What happened in 1984?
What has changed in the last three decades?
What about government bond yields?
What about insurers?
What about guarantees?
Did the life insurance industry advocate for this rule?
What is the relationship between how much can you contribute and the amount of death benefit that the policy purchases?
What happens at age 121?
What are the assumptions?
What about the guaranteed interest rate?
What about 4% over the last few decades?
What happens when interest rates are very, very low?
What about operating a sustainable and profitable business?
How high were interest rates in the early 1980s?
How do life insurance companies generate profits?
What about bonds?
What happened after the peak in 10 year treasury yields?
What was the dilemma?
What about reflecting current economic realities?
What about making sure that life insurance can persist into the future?
What am I not saying?
What about the insurers ability to offer new policies?
What about a story?
What about dividend rates?
What about cash value?
What about guaranteed cash value accumulation?
What about a higher premium?
Can you go a lot farther?
Can you build cash value more efficiently?
What about less expense?
What happens from year 2021 and beyond?
How does this impact new policies?
What happens to existing policies?
What can you do with new policies?
What about the future of higher tax?
Would you like to meet with Mark? Schedule A Meeting

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?

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