Not Your Average Financial Podcast™

Think different about your money, your economy and your future. Be curious. Be stable. Be sane.

Episode 95: Think Long Range! A Tribute to Nelson Nash, Part 1

by

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

  • Can you believe it?
  • What’s changed for you since listening to our podcast?
  • What has this podcast meant to you so far?
  • Would you be willing to leave us an audio message?
  • Who was Nelson Nash?
  • Have you read Nelson’s book, Becoming Your Own Banker?
  • Would you like to read Becoming Your Own Banker on Kindle?
  • What is Nelson’s Nash’s story?
  • How does forestry inform life insurance?
  • How many generations should we prepare for?
  • What is the magic of leverage?
  • What motivated Nelson?
  • What did Nelson notice about the banks?
  • What did he notice about the life insurance policies?
  • What mindset change did Nelson experience?
  • What about 5-year-old geniuses?
  • Would you like to watch the Ted Talk by Dr. George Land?
  • What about Nelson’s famous grocery store analogy?
  • Are you “stealing your own peas”?
  • What is the Infinite Banking concept?
  • How much is the average person saving?
  • What about the volume of interest?
  • What about a typical mortgage?
  • What did Nelson say about being a pilot?
  • What is “the arrival syndrome”?
  • Are you willing to wait for the tail wind?
  • How does this all actually work?
  • How has Nelson impacted our lives and our clients lives?

Episode 94: Krisstina Wise, Millionaire Money Coach

by

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

  • What is Krisstina Wise’s story?
  • What did Krisstina learn from Real Estate?
  • Is there a ceiling to income?
  • What happens when people make a lot of income but are consistently broke?
  • What is more fun that making money?
  • What did Krisstina learn from a medical emergency?
  • What is Krisstina’s philosophy of money?
  • What frameworks does Krisstina embrace?
  • What is earning?
  • What is saving?
  • What is investing?
  • How are each of these areas similar to the systems of the body?
  • What is the source of a “money illness”?
  • What is “the money trap”?
  • How do we build true wealth?
  • How do we become the CFO of our household?
  • What is the distinction between earning and wealth building?
  • Where do we build a balance sheet?
  • How much money is enough?
  • What is the mindset?
  • Is more better?
  • Do we spend too much?
  • How do we cultivate an abundance mindset, mentality and lifestyle?
  • What are the  money laws and principles that are associated with abundance?
  • What is Parkinson’s law?
  • How do we build wealth?
  • What is the skill set of spending?
  • What’s another word for future spending?
  • What are living expenses?
  • How do we stay on track?
  • How do we integrate the choices we make on spending?
  • How much goes to interest?
  • How do we exercise our money?
  • How do we honor ourselves?
  • What’s the difference between restriction and choice?
  • What are the rules of money?
  • How does money affect health?
  • How is mastering money a skill set?
  • Where can you learn more about Krisstina’s book?
  • Have you seen Krisstina’s video on Money Mastery Training?
  • Would you like to read Krisstina’s book, Falling For Money?
Krisstina Wise is a real estate mogul, Millionaire Coach, and creator of several multi-million dollar businesses including Goodlife Luxury, The Paperless Agent and most recently, WealthyWellthy. She is also an international speaker and the award-winning author of the Amazon Best-Seller Falling for Money, a romance novel for your bank account. Named one of the 100 Most Influential Real Estate Leaders in the country, she has been featured in USA TODAY, as well as by Apple, Contactually and Evernote for her creative leadership with emerging technologies.

 

Episode 93: [Great Problems] Can I Put A Lump Sum into A Policy? Part 2

by

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

  • Do you have giant piles of cash?
  • What are the six circumstances?
  • Did you listen to Part 1, Episode 92?
  • What is the answer to last episodes cliffhanger, the third unique way?
  • What is a single premium policy that allows you to add more money after the initial premium?
  • What if you’re dealing with a one time lump sum?
  • What do traditionally designed single premium whole life insurance policies allow?
  • What is a hybrid example?
  • How are Bank on Yourself authorized advisors influencing the insurance industry?
  • What did the insurance companies ask?
  • What happened?
  • What are the situations where using a Bank on Yourself policy for a lump sum makes sense?
  • Are you interested in a capital fund for real estate or business?
  • Do you need a holding place for future lump sums?
  • Do you have a need to pay for college?
  • What is a combo rider and how does it work?
  • What does a combo rider do?
  • Would you like the flexibility to put in a lump sum at irregular intervals?
  • What is the house analogy?
  • What is ART or Annual Renewable Term?
  • What is an ART rider?
  • How does the combo rider behave like universal life (UL)?
  • How is the risk much lower with a combo rider vs. a risky UL?
  • How can you get rid of the term rider within a combo rider?
  • What happens when you move the term rider into permanent insurance?
  • What happens when you know you won’t be getting additional windfalls? Can you drop the combo rider?
  • How can you move money into a policy right away?
  • How can you plan for expected windfalls?
  • How is this policy like a gas tank in a car?
  • How can you lock in your insurability?
  • How might you create a space to pour in cash?
  • How might you fund a college education without depleting or jeopardizing retirement funds?
  • What are the common vehicles for college funding?
  • Have you heard Episode 27?
  • What happens when you lock money into a qualified 529 plan?
  • How are Bank on Yourself type policies more flexible than a 529 plan?
  • What are some cool motivational incentives to get your kids to apply for a full ride?
  • What are all of the advantages?
  • Why does the government penalize parents that have saved for retirement and college?
  • Why does the government want you to be as poor as possible on paper to qualify for college funding advantages?
  • What can permanently give you an income that you can’t outlive?
  • What is the takeaway?
  • Are you working with an advisor who understands the nuances of these strategies?

Episode 92: [Great Problems] Can I Put A Lump Sum into a Policy? Part 1

by

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

  • What are the six major reasons why people put lump sumps into Bank on Yourself type policies?
  • What about paying off debt? What is the debt snow bank method?
  • What about finding a new place for your safe money to live?
  • What about an instant inheritance?
  • What about protecting from the expenses of long term care?
  • What about a capital fund for business opportunities?
  • What about a holding place for future expected lump sums?
  • What about funding a college education?
  • What about the policy loan feature?
  • What is a single premium policy?
  • Can you put a lump sum in and add a regular payment?
  • How can you consolidate debts or pay them off while still growing your money?
  • How can you boost your retirement income?
  • What are some of the benefits of moving debt from creditors to your own policy?
  • What if you could pay back loans on your schedule?
  • How about access to cash value?
  • Have you heard Episode 33?
  • Have you heard Episode 75?
  • How long does it take to pay off the debt?
  • How did Karen pay down her debt?
  • How can you reach out to Brandon?
  • How can you access the cash value?
  • What about tax dynamics?
  • Are you concerned about the volatility of the market?
  • What about receiving an inheritance?
  • What happened to a widow who put her inheritance in the market?
  • What about flexibility and control?
  • What about a tax free death benefit?
  • What about an instant inheritance that’s greater than what one can save alone?
  • What about planning for long term care needs?
  • Is it likely that we will need long term care?
  • What about the rate of return?
  • Are you planning to live a long time?
  • Are we living longer?
  • What are the costs of long term care?
  • What about home health aids, semi-private nursing room or private nursing rooms?
  • What is growing double the rate of inflation?
  • What about a surviving spouse?
  • What are the four ways to pay for long term?
  • Can you save cash for long term care in a private fund?
  • What is a traditional long term care policy?
  • Why are people no longer buying traditional long term care?
  • How much do traditional long term care policies cost each month?
  • What about single premium whole life policies with long term care benefits?
  • What are the benefits from a single premium policy that covers the long term care expenses (if you even need it)?
  • What happens if you have a terminal illness or need a life saving surgery?
  • What about the death benefit?
  • What about leaving a legacy?
  • Are you amazed?

Episode 91: [Great Problems] Giant Piles of Cash – Single Premium Solution

by

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

  • Can you say ca-ching?
  • What are the risks of a giant pile of cash?
  • What are the four key challenges facing all savers today?
  • What about the low interest rate environment?
  • Have you been successful in saving for retirement?
  • What is a required minimum distribution?
  • How do we pay for long term care expenses?
  • What is the average cost for nursing homes?
  • Does Medicare cover nursing care?
  • At what age does your financial plan end?
  • How old will you live?
  • What if you live past age 90? 100? 110?
  • Am I too old?
  • If you are age 60 to 85, how would your policy be affected?
  • How long do you have to wait?
  • Have you saved up your nest egg?
  • What do you do with a lump sum when you don’t want to wait years for growth?
  • What if you could do a one-time drop in?
  • What if you could have a death benefit with your lump sum?
  • What if your age could work to your advantage?
  • What is a Bank on Yourself type Single Premium solution?
  • What is a single premium?
  • How do single premium plans work?
  • What about health problems?
  • What about naming someone else as insured?
  • What if you own the policy?
  • How does the value grow as soon as starting a new policy?
  • How does the death benefit continue to grow?
  • What about the cash value?
  • What about long term care?
  • How long does the coverage last?
  • Can you use this benefit AT HOME or does it have to be in a skilled nursing facility?
  • Is this more cost effective than a traditional long term care policy?
  • What is the downside?
  • What happened in 1986?
  • What is the TAMRA act?
  • What are the tax changes?
  • What is the 7-pay test?
  • What is the MEC (modified endowment contract)?
  • What is FIFO?
  • What about the gains that exceed the basis?
  • What is considered taxable with MEC policies?
  • Why are all single premium products MECs?
  • What are the privileges of being age 60 or older?
  • When do the gains kick in?
  • Should we be afraid of MECs?
  • In what circumstances do MEC policies make sense?
  • In what circumstances do Single Premium policies make sense?
  • Did you review the case study below?

Episode 90: [Great Problems] Turning a Windfall or Lump Sum into Income for Life

by

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

  • Which would you prefer?
  • Do you like golf?
  • What financial products can you blend or couple together for amazing outcomes?
  • Where is your “hole in one”?
  • What is a Single Premium Immediate Annuity?
  • What is a strategy for leveraging lump sums?
  • Have you heard Episode 80?
  • Can you rollover money from a 401(k) into an IRA?
  • Can you house a SPIA in an IRA?
  • What’s a tax deferred rollover?
  • What are some great sources for income?
  • Do you want guaranteed income with lifetime payout options?
  • What maintenance is required with a SPIA?
  • Will you outlive your assets in retirement?
  • Would you like to hear an example?
  • What is single life income?
  • How often can you receive income?
  • What is the refund option?
  • What happens if you die?
  • What is joint and survivor income?
  • Do you have a big fat tax problem on a 401(k) or an IRA?
  • How do the choices of frequency affect the income?
  • What makes the income higher?
  • What about installment income?
  • What are the early withdrawal penalties on qualified plans?
  • What happens if the stock market dives?
  • What about a rollover?
  • What are the tax benefits of a rollover?
  • What would be a good timeline for systematically rolling over?
  • How can you get off the money rollercoaster?
  • Who is your caddie?

Episode 89: Get Bigger Pockets with Paul Moore

by

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

  • Who is Paul Moore?
  • What happened with Paul in December 2007?
  • How did Paul GIVE his way out of debt?
  • When did Paul get into real estate?
  • How can you activate a 2.5x multiplier effect on a property?
  • What is the power of commercial real estate?
  • What about mobile home parks?
  • What about self storage?
  • What about multifamily operators?
  • What about raising the lot rent?
  • What about Paul’s podcast, How to Lose Money?
  • What opportunities does Paul talk about?
  • What is wellingscapital.com?
  • How does a Bank On Yourself type policy work with opportunities?
  • What’s the different between investing and speculating?
  • What did Nobel Prize winner, Paul Samuelson say?
  • What civil rights issue is Paul working on?
  • How does Paul think long range?

After graduating with an engineering degree and then an MBA from Ohio State, Paul entered the management development track at Ford Motor Company in Detroit. After five years, he departed to start a staffing company with a partner. They sold it to a publicly traded firm five years later for $2.9 million. Along the way, Paul was Finalist for Ernst & Young’s Michigan Entrepreneur of the Year two years straight (1996 & 1997). Paul later entered the real estate sector, where he flipped over 50 homes and 25 high-end waterfront lots, appeared on HGTV’s House Hunters, rehabbed and managed rental properties, built a number of new homes, developed a subdivision, and started two successful online real estate marketing firms.

Three successful developments, including assisting with the development of a Hyatt hotel and a very successful multifamily project, led him into the commercial multifamily arena. Paul is the author of The Perfect Investment – Create Enduring Wealth from the Historic Shift to Multifamily Housing (2016). Paul also co-hosts a wealth-building podcast called How to Lose Money, is a featured guest on numerous real estate podcasts, and is a regular author for Bigger Pockets. Paul is married with 4 children and lives in Central Virginia.

Episode 88: Money Answers with Jordan Goodman

by

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

  • Who is Jordan Goodman?
  • Where is financial education?
  • How do people behave around the stock market?
  • What happens with debt?
  • What incentives are there to save?
  • Is debt fueling the economy?
  • What has changed with the new tax law?
  • What books has Jordan written?
  • How do we refinance car loans?
  • Is a car an asset or a liability?
  • What is myloangen.com ?
  • What is a defeat device on leased cars?
  • What about the high interest student loan debt?
  • What is splashfinancial.com/moneyanswers and how can they help with paying off student debt quicker ?
  • What is the problem of this generation?
  • What are some strategies for paying for college?
  • What about credit cards?
  • What is guidetocreditcard.com ?
  • How can we improve our credit score?
  • Are errors on your credit report?
  • What is the FACTA law?
  • What is tourdecredit.com ?
  • What about medical debt?
  • What are the qualified advocacy organizations?
  • What is healthcareadvocates.com ?
  • How do we prioritize business debts?
  • Who has the most leverage over your business?
  • What is Corporate Turnaround?
  • What is helpwithpayables.com ?
  • Where is Jordan’s landing page?
  • See go.moneyanswers.com/notaveragefinancial 

Jordan Goodman is ‘America’s Money Answers Man’ and a nationally-recognized expert on personal finance. He is a regular guest on numerous radio and television call-in shows across the country, answering questinos on personal finance topics. He appears frequently on The View, Fox News Network, Fox Business Network, CNN, CNBC, and CBS evening news.

 

For 18 years Jordan was on the editorial staff of Money magazine, serving as Wall Street correspondent. While at Money, Jordan reported and wrote on virtually every aspect of personal finance. In addition, h e served as weekly financial analyst on NBC News at Sunrise for 9 years, and the daily business news commentator on Mutual Broadcastings System’s America in the Morning show for 8 years.

 

Jordan is the author / co-author of 13 bestselling books on personal finance including Master Your Debt, Fast Profits in Hard Times, Everyone’s Money Book, Master Your Money Type, Barron’s Finance and Investment Handbook.

 

Jordan is a popular speaker and seminar leader on personal finance topics for business people, students, associations, investment clubs, employees and more.

Episode 87: How to Get Wealthy While Paying Your Taxes, Part 2

by

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

  • What is the greatest wealth building opportunity while paying taxes?
  • Do you get a tax refund each year?
  • Have you listened to Part 1, Episode 86?
  • Is your cash accessible?
  • Do you have the flexibility with a repayment schedule?
  • What happens if you don’t pay a life insurance policy loan back?
  • What about uninterrupted compound growth?
  • What are the steps?
  • Can you save for taxes and retirement at the same time?
  • Can you pay taxes with a policy loan?
  • Can you save for taxes throughout the year?
  • For whom does this strategy work the best?
  • Are tax refunds free money?
  • Does the IRS pay you interest?
  • What questions do you have?

 

​Check out this private video webinar we did on Bank On Yourself and paying your taxes!
Click here to watch– https://youtu.be/000TgLqQpNQ  
(or skip ahead to here to just see the numbers for “Tommie Taxpayer”) https://youtu.be/000TgLqQpNQ?t=4267

 

 

Episode 86: How to Get Wealthy While Paying Your Taxes, Part 1

by

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

In this episode, we ask:

  • How about peace, sanity and satisfaction?
  • How do you pay your taxes?
  • After you’ve cut down your obligation, what then?
  • When did withholding start?
  • What are all of the ways you can pay for something?
  • What is opportunity cost? See Episode 13
  • How much do you truly pay in taxes?
  • Can you change how you pay for your taxes?
  • What if you could save money?
  • What if you could make a return?
  • What are the IRS late penalties?
  • What’s the difference between monthly and daily compounding?
  • Have you heard the Debt, Saver and Wealth Accumulator episode?
  • What happens when you take a loan from a 401(k)?
  • How many times do you get taxed with a 401(k) loan?
  • Can you take a loan from an IRA?
  • What about HELOCs?
  • Are home values guaranteed?
  • Are you in the pocket of the bank?
  • Can the bank take a HELOC away?
  • Can the bank call a HELOC?
  • What about tax savings with HELOCs?
  • When do you need money most?
  • What has happened to tax benefits with HELOCs after the new tax law?
  • What about collateralizing with a traditional bank loan?
  • What about CDs?
  • How can you use a correctly designed whole life insurance policy to pay taxes?
  • What about business owners?
  • What about selling a business?
  • Why do business owners benefit from a Bank on Yourself type, dividend paying whole life insurance policy when paying taxes?
  • Would you like to make your own payback schedule?
  • What happens if you don’t repay the loan?
  • What about uninterrupted compound growth?
  • Is the tax liability one of the biggest expenses of your year?
  • What are some other benefits?
  • How is this different from deductions?
  • Do you have a good system for paying your taxes?

Remember! This episode provides generalized tax information and is NOT considered the same as the professional tax advice you will receive from your CPA. We are not CPAs, and we don’t play them on T.V.

 

Please consult your CPA or tax expert for professional tax advice and insight into your specific situation.