Not Your Average Financial Podcast™

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?

Episode 205: Bank on Yourself® Type Whole Life Insurance Policy Loans vs. Everything Else, Round One

August 6, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

Have you subscribed to this podcast yet?
What did Patrick Henry say?
Does where you keep money matter?
Does where you keep your debt matter?
What happens when you are in debt?
How many Americans carry credit card debt?
What about all other types of debt?
What did the Federal Reserve study say?
What is the relationship between debt and income?
What about two years of indentured servitude?
How does that make you feel?
What about being debt free?
What about suffering?
What about depression and anger?
What did Dr. John Gathergood of the University of Nottingham study?
What about spending habits?
What about arguments about money as the top predictor of divorce, according to Sonya Britt, assistant professor of family studies at Kansas State University?
What about paying interest to a bank?
What about earning interest?
What about buying a car?
How much will you save?
What about earning interest?
What do you have to show for the money?
What about paying cash?
What about your future self?
How does one avoid this problem?
How does financing really work?
Are all forms of borrowing created equal?
What are the advantages?
What are the risks?
What are the considerations for buying a big ticket item?
What about a major expense?
What are the three things to consider when getting a “regular” loan?
- What about the speed?
- What about the interest rate?
- What about the flexibility of repayment?
What are the three ways to pay for a big ticket item?
- What about paying cash?
- What about financing?
- What about leasing?
What about making large purchases through Bank on Yourself® Type Whole Life Insurance Policy loans?
How do they work?
- How much do you want to borrow?
- Where do you want the insurance company to send the money?
- How many days does it take?
What about compounding interest?
How does taking a loan affect cash values?
What about an example?
What about uninterrupted compound growth?
Where does the policy loan money come from?
Does the money leave your policy?
What about the insurance company’s general fund?
Where do the loan payments go?
How does the policy grow?
Are you using your cash value as collateral?
What is a non-direct recognition loan?
What companies offer this feature?
What are the companies that have limits?
Would you like to meet with Mark to discuss your situation?
Can your money be doing two things at once?
How simple is it to get the money out?
How about uninterrupted compounding?
How about flexibility in repayments?
Are you in charge of how the loan gets repaid (or if it gets repaid)?
What happens if the loan doesn’t get repaid?
Who gets the reduced death benefit?
How are these loans different from every other loan?
What about dividends being based on the profits?
What is a mutual insurance company?
Who is a shareholder?
What about an example?
Who would benefit from the mortgage payments that you would be making each month?
What about the growth on an outstanding loan balance?
What are some strategies you may discuss with an authorized advisor?
What about lease arrangements?
What about having a credit check?
Can you be turned down for a policy loan?
What is a typical APR on a policy loan?
What about growth and compound interest?
What is the time table for policy loan repayments?
What about the flexibility?
What about setting up loan repayments, as you need to?
What about accumulation?
What about paying down interest only on an annual basis?
What about taking policy loans for retirement?
Who is in the driver seat?
What happens when a curve ball hits?
What about continued growth of cash value?
What about paying cash?
What happens when one takes a loan from a universal life insurance policy?
What about opportunity cost?
How do you solve the problem of continuously interrupting the growth of your money?
How can this help you eliminate bank financing?
What about other types of loans? Stay tuned!
Have you subscribed already in your favorite podcast player?
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Episode 204: Real Stories from Real People

July 30, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

What have you been able to do because of your Bank on Yourself® type whole life insurance policy?
What about Ryan’s story?
What about Jessica’s story?
What about Frank’s story?
What about Krisstina’s story?
Would you like to join us on the Not Your Average Financial Community at notyouraverage.mn.co?

Episode 203: What If I Can’t Pay the Premiums?

July 23, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

When did you start something really big?
What are the options?
What is the myth?
What are the strategies?
How is whole life insurance like a mortgage?
What about bills?
How is whole life insurance like real estate?
What about savings?
How can this benefit you in good times?
What happens if… ?
What if you hit hard times?
Are you able to lower your premium payment?
How is that possible?
What about the paid up additions?
Are paid up additions considered optional?
What about “catching up”?
What about annual premium?
What if the business falls on hard times?
What are the minimums?
What are the smaller monthly possibilities?
What about a premium offset?
What about surrounding Paid-Up Additions (PUAs) to pay premium?
What about the death benefit dropping?
How does one pay the premium with a policy loan?
What is the key difference between loans and surrender?
What about an automatic loan provision to pay premium?
Would you like to work on your situation with us? Schedule
What about dividends?
What are the dividend options?
What about the dividends paying premiums?
What are the nuances?
What about the reduced paid up option?
What are the benefits? What are the risks?
What happens to a reduced paid up (RPU) policy?
What about the irreversibility of RPU?
What about surrender and cashing out the policy?
Why is this technically possible?
What are the risks?
Why would people choose RPU instead?
What about a permanent policy?
What about buying extended term insurance?
What about an example?
What about limited pay policies?
What are the benefits?
What are some examples?
What about shorter premium payments?
What about longer premium payments?
What about the option to add money in the future?
Are you ready for rainy days?

Episode 202: Hot Tea with Marilyn Blosser

July 16, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

Who is resilient?
Who is Marilyn Blosser?
How did Marilyn get into financial services?
What about the federal government’s mandate to hire women in the insurance industry?
What about a stable salary?
What about commissions only?
What about a subsidy?
What about an unlimited income potential?
What about working from the heart?
Will Marilyn ever retire?
What about the Million Dollar Round Table (MDRT)?
How has Marilyn dramatically changed people’s lives?
What about the hiring culture?
What about Marilyn’s work with CNA?
What about working with property and casualty agents?
What happened with Henry?
When did Marilyn open her own business?
What about high net worth individuals?
What are the changes Marilyn has witnessed in the industry over her career?
Is life insurance only about the death benefit?
What about the living benefits alongside the death benefit?
What about Dave Ramsey?
What about Suze Orman?
What about buy term and invest the difference?
What about the 401(k)?
What about the volatility?
What’s the plan when the market drops?
What about Walt Disney and J.C. Penney using the living benefits of their whole life insurance?
Will it go backwards?
How can you protect yourself from volatility, regardless of age?
What is the best a 401(k) can do?
What about risk?
What is not understood about life insurance?
What about Ed Slott?
Does the insurance company send a 1099?
What about working with happy clients for decades?
Why can’t certain clients put more money into their policies?
What about converting term insurance to whole life insurance?
What about overcoming the fundamental challenges?
What about financial illiteracy?
What about the busyness of life?
What happens in an emergency?
What about the cash flow spreadsheet?
What about paying attention?
What are some interesting client experiences?
What about Marilyn’s client who was also a convicted felon?
Did the felon get approved for life insurance?
What about the Rockefeller family’s dynastic trust?
What about the Vanderbilts?
What about Marilyn’s policies?
What about setting up a trust?
What about the policies in the family?
What about Ben Franklin?
What about long term thinking?
Why is Marilyn blowing the horn for properly designed whole life insurance?
Would you like to reach out to Marilyn by phone at 305-934-7705?
Would you like to reach out to Marilyn by email at mmb@blosserfinancial.com?

Marilyn Blosser was born in Miami & has lived in Florida all her life. She’s been in the financial services business for almost 45 years.

Marilyn is very active in her professional organization WIFS, Women In Insurance & Financial Services, having served many terms on both the National & Local Board of Directors. She also belongs and is active in several service organizations including the American Legion. Marilyn enjoys spending time with family & friends as well as playing golf and is an avid poker player. Reach out to Marilyn by phone at 305-934-7705 or email her at mmb@blosserfinancial.com.

Episode 201: The Five Stages of Business Growth with Brett Gilliland

July 9, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

What about the hero’s journey?
What about the predictable stages of business growth?
Who is Brett Gilliland?
What about predictable growing pains for the seven figures business?
What about the start up phase until the first million?
What do people need to do?
What new stuff is there to learn?
What about the three million to ten million journey?
What about InfusionSoft?
What about Keap?
What about revenue projection?
What about training?
What about business scaling?
How might one grow a business successfully?
What are the stages of business growth?
What about people?
What about processes?
What about systems?
What about pressing the gas more and more?
How does one shift?
What about the tripling?
What is a solopreneur?
What about the team?
How does a team figure out sales?
How does a team generate leads?
What are the hurdles at seven figures?
What about people and systems?
What about leadership and culture?
What about growth?
What about founders and entrepreneurs?
What is relevant about the timeline? How long does it take?
How does one extract themselves?
What about separating from a business identity?
What about relinquishing control?
What about letting go?
What about trust?
Will it all fall apart?
Will it work?
What about giving ownership to other people?
What about responsibility and authority?
What about modeling?
What about assisting?
What about watching?
What about leaving?
What about delegating?
What about parenting?
What about the leadership journey?
What about leading as a capable builder?
How does one lead?
What about organizing the work?
What about the Big 3?
What’s expected?
How will it be measured?
How does it align to company goals?
What about giving clear ownership to someone?
What about talking about the vision?
What about contentment at a smaller scale?
What about freedom in business?
What about hitting ceilings?
What about a pathway for growing?
What about lighting the way?
What is Brett’s story around freedom?
What about service?
How does freedom ripple through an organization?
What about upper limits?
What is organizational behavior?
What about getting a different result?
Are you perfectly happy with your current results?
Is your organization perfectly designed to get the results it gets?
What about transitions?
What about mindset?
What about skillset?
What about toolset?
What about the root meaning of the word of economy?
How might you change the inputs?
What do we know?
What do we need to learn?
Who do we need to meet?
What about ownership spirit (or thought work)?
What about the gift of ownership?
Would you like to visit growwithelite.com to find the ebook?
What are people saying?
Would you like to leave us a review on Apple Podcasts?
Would you like to meet with Mark?

Brett Gilliland is Co-Founder and CEO of Elite Entrepreneurs, a business dedicated entirely to helping business owners overcome the predictable 7-figure growth challenges that trip up most entrepreneurs. Elite Entrepreneurs specializes in helping 7-figure businesses grow from $1M-$3M and from $3M-$10M with a proven method that has helped hundreds of entrepreneurs over the past 10 years. Connect with Brett Gilliland on LinkedIn.

Episode 200: The Question is the Answer

July 2, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

What about Socrates?
What did he say?
What about drawing out?
What about the socratic method?
What’s the process?
What about financial professionals?
What about asking interesting questions?
What about asking good questions?
What about Dale Carnegie?
What are the six types of questions that Socrates posed?
What about clarifying concepts?
What about probing assumptions?
What about probing rationale or reason or evidence?
What about questioning the viewpoint or the perspective?
What about probing implications or consequences?
What about questioning the question?
What about a deep dive conversation?
What happens with new clients?
What are some of the best conversations you’ve had?
How has the world changed?
Are you prepared?
How will you face new challenges?
Will government be able to care for the elderly?
How much does a year of nursing home care cost?
How are people living longer?
What about social security?
How long were benefits supposed to last?
What about Medicare?
How will these systems continue functioning?
What about the reality of living to age 100?
What about the reality of living to age 120?
Are people living longer than ever before?
What is the current transformation?
What about the industrial economy?
What about the information economy?
What about labor?
What about The End of Work by Jeremy Rifkin?
What did Harvard predict?
What about doing something else in two years?
Who needs job skills?
Who needs a new way of thinking?
What about time?
What about money?
What about interest rates?
Will interest rates remain this low?
What about government debt?
What about the rule of 72?
How many years will it take you to double your money?
What about inflation?
How many years will it take to double your income?
What about the rule of 115?
How many years will it take to triple your money?
How many years will it take to triple your income?
What about guaranteed income?
What about mortality credits?
What about leveraging?
Would you like to meet with Mark?
What about the world of low interest rates?
What about money printing?
What about the M2 supply?
What about the World Debt Clock?
What about the future inflation of that money?
What is the forecast?
Who pays more when inflation rises?
What will happen in fourteen years?
What about living with a lower standard of living?
Will you even be able to retire?
How might we offset inflation?
What about the market giving zero returns?
What about Wall Street?
What about a 401(k)?
What do you want to do about all of this?
What do you want to have happen to you, when you die?
What do you want to have happen to you, when you become disabled?
What do you want to have happen to you, if you have a critical illness?
What do you want to have happen to you, when you need long term care?
What do you want to have happen to you in retirement?
What about access to cash?
What about volatility?
What are the some of the financial miracles available?
What about compound interest?
What about tax deferral or tax free compound interest?
What about leverage?
What do you want to tackle?
Do you have access to capital?
How might you take advantage of these opportunities?
What about good news?
What are your favorite questions?
What are your takeaways?
What actions will you take?

Thanks for all of your support! We’re at 200 episodes!

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

June 25, 2021 by Not Your Average Financial Podcast

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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 198: Live Your Best Life (Insurance)

June 18, 2021 by Not Your Average Financial Podcast

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In this episode, we ask:

Would you like to hear this letter?
Would you like to download the letter? Subscribe to our email, and get the letter FREE.
What is your job to do on this earth?
What is the meaning of life?
Do you have a mission greater than yourself?
Who is responsible?
What about the fragility of life?
What about protection?
What about meaning and purpose?
Who wants to leave a large gift upon passing away?
What about taking life seriously?
What about desire?
What about caring for children and grandchildren?
Do you have car insurance?
What happens to your car insurance premiums if you never have an accident?
What about home insurance?
What happens if you have no triggering events?
What about health insurance?
What happens if you stay healthy?
Do you still pay the premium just in case?
What about the death benefit?
Why do they call it LIFE insurance?
What about the powerful advantages of the cash value?
Why do I need a death benefit at all?
Why do I need insurance expenses in the first few years?
What will you miss?
Why is the death benefit the asset?
What about a savings account?
What about guarantees?
What about the contractual growth?
What about guaranteed fixed interest?
What about collateral?
What about a relief of liability?
What about the tax advantages?
What about the income tax law?
What about widows, orphans and charitable causes?
What about incentives for private citizens?
What about borrowing from the policy?
What about an example?
What about mortality credits?
Have you heard Episode 197?
What about life transitions?
What about long term care?
What if?
What about dividend paying whole life insurance?
How much value would you like to build for your family and business?
Would you like to change your life?
What facts will change?
What about making good on your promises?
To whom are you responsible?
Will you reassure them?
Will you make sure they know?
Did you download the letter yet? Subscribe to our email, and get the letter FREE.

Episode 197: How is Guaranteed Growth Possible?

June 11, 2021 by Not Your Average Financial Podcast

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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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