Not Your Average Financial Podcast™

Episode 371: Why 90% of IUL Policies Will Fail

October 11, 2024 by Not Your Average Financial Podcast

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In this episode, we ask:

Is life 100% chaotic?
Are we totally at the whims of the universe?
What happens anytime we make a plan?
What about expectations and assumptions?
What happens when time runs out?
What about the booklet, The Box by Guy Baker?
What are the four pricing factors?
What about mortality cost?
What about persistency?
What about interest rates?
What about expenses?
What is life expectancy?
What did Guy Baker discover?
How much does it take?
…Who could afford that?
What is adverse selection?
What happened in the early 1800s?
What does an actuary do?
Will it pay the mortality expenses?
What are the various configurations of each “box”?
What is life insurance dependent upon?
Why are term premiums so low early on (in age)?
Would you like to hear Episode 365?
What will almost never pay a death benefit?
Who has the highest persistency rate?
What about interest credits?
What is the math game?
What if interest rates rise or drop?
What is the job of your insurance agent?
Why are indexed universal life policies (IUL policies) so sensitive to risk?
How is whole life insurance different?
How many people who own IUL policies are receiving letters for more premium?
What’s the long game here?

Episode 370: Whole Life Drops the Mic! IUL’s Epic Rap Battle Fail with Chris Gray and Marvin Bulas

October 4, 2024 by Not Your Average Financial Podcast

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In this episode, we ask:

Would you like to hear the epic rap battle of insurance policies?
Would you like to experience this lyrical throw down of the ages?
Has Mark finally lost it?!
Did whole life’s guaranteed cash value reign supreme or did IUL’s (indexed universal life insurance) market-linked potential steal the show?
Who is Chris Gray?
Who is Marvin Bulas?
What’s this rap battle about?
Is whole life insurance steady as a rock?
Is whole life “the king of finance”?
What about guarantees?
What about dividends?
What about the indexes in IUL policies?
What about the IUL illustrations vs. IUL reality?
What about fixed indexed annuities?
What is just junk?
What happens to IULs in the later years?
What about the overpromising on this product?
What about the IUL lawsuits?
What about the new regulations?
What is a straight-line projection?
Is whole life inflexible?
What about the flexibility that riders bring?
Have you seen an IUL illustration?!
What about the IUL fine print?
What about the cost of IUL being cheaper in the early years of the policy?
What happens to IULs with age?
What about liar, liar, pants on fire?
What about the wake up call?
Are you safe from loss with an IUL?
Why do the IULs go south?
What about fees?
What about the cost of insurance increasing in an IUL?
Can you draw an income later in life?
Do the guarantees eat your cash in an IUL?
What about the zero-floor guarantee?
What about the time-locked surrender charges on an IUL?
What about loans in an IUL?
What about non-direct recognition loans?
What about increasing costs?
Did that other advisor tell you…?
What about tax and modified endowment contracts?
What if you have a material change in an IUL?
What about policy lapse?
Which life insurance policy is going to come through?
Why is there so much sizzle with IUL?
Why is the predictability of IUL performance like a monkey throwing darts?
Why are there so many pages of fine print on the IUL contract?
Would you like to reach out to Chris or Marvin?
What are the options for IUL holders?
What is possible?

Chris Gray, ChrisG@Grossmancollegefunding.com,
https://www.grossmancollegefunding.com/

Marvin Bulas, marvin@mysetsolutions.com,
https://www.bankonyourself.com/become-a-professional

Episode 369: Money, Emotional Intelligence and Mr. Rogers with CFO David Richter

September 27, 2024 by Not Your Average Financial Podcast

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In this episode, we ask:

Do you remember Mr. Roger’s lessons?
How might the Profit First system work with real estate investing?
Who is David Richter?
What about great role models?
What about emotional intelligence?
What is key for business owners?
When did David’s first deal happen?
What happened to that company?
What happened when David moved across the country?
What about make, spend and keep?
What is a fractional CFO company?
Would you like to hear Amanda Neely on Episode 165?
Have you played the cash flow game?
Who is living deal-to-deal?
What about paying yourself first?
What is Profit First in a real estate investing context?
What is the biggest challenge for real estate investors when it comes to making a profit?
What about the culture’s drive for more, more, more?
What about making money and keeping it?
What game are you playing?
How do Bank on Yourself® type whole life insurance policies take it a step deeper?
What are some examples of quarterly and annual accounts?
What fits right in?
What turbo-charges Profit First?
What about the legacy play?
What about saving?
What can business owners do to start?
Do you have a handle on your cash?
What about the Profit First cheat sheet?
Can you learn to keep it?
How does following simple systems change everything?
Would you like to visit simplecfo.com/gift ?
What are the takeaways?

David Richter is an active real estate investor who has been essential in closing over 850 deals over the last 10 years. He has experience with wholesale, turnkey, BRRRR, owner finance, rentals, lease options, and other exit strategies.

David has helped real estate companies completely turn around from going out of business to building cash reserves by using the Profit First cash flow system. He has been featured on Biggerpockets, Real Estate Disruptors with Steve Trang, and many other podcasts, shows, and stages.

David authored Profit First for Real Estate Investing – a derivative of the original Profit First by Mike Michalowicz, tailored specifically to Real Estate Investors. His goal is to completely transform the Real Estate Investing industry by helping real estate investors make and KEEP more money in their businesses. As the founder and owner of SimpleCFO Solutions, he wants to bring investors true financial clarity and freedom and help every investor stop living deal to deal.

Episode 368: A Better Way to Profit First with Mike Michalowicz

September 20, 2024 by Not Your Average Financial Podcast

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In this episode, we ask:

Have you ever wished you were just average?
Are you a business owner?
Why do some business owners thrive and others merely survive?
What if it were easy to become profitable?
Who is Mike Michalowicz?
What is the commercial that changed Mike’s life direction?
What happened when Mike was in overwhelming debt?
What is Parkinson’s law?
What about doing fewer things, better and faster than ever?
What about making the (scary) choice to take profit first?
What did Mike realize?
What about cost cutting?
What about growth?
How did Mike flip the (Sales-Expenses=Profits) formula to (Sales-Profit=Expenses)?
Would you like to hear Episode 165?
How might one implement Profit First?
What is a behavioral intercept?
How might we set up a system to drive the results we want?
What are the core elements?
What is the vault?
What about blending the Bank on Yourself® strategy and Profit First?
What are the pitfalls?
What about Occam’s razor?
What about leveraging your natural tendencies?
What are Mike’s four healthy habits?
Did you know that Brandon Neely and Amanda Neely are Certified Profit First Professionals?
What is a Certified Profit First Professional? Would you like to visit profitfirstprofessionals.com?
What about Mike’s latest book, All In?
What do your clients want more than anything else?
What are the takeaways?
Which one of these actions will you take this week?

Mike Michalowicz is an investor, active partner in multiple companies and a prolific author. His bestselling book, Profit First, has sold more than one million copies.

Mike is a former small business columnist for The Wall Street Journal, and he launched three multi-million dollar companies before his 35th birthday.

If you enjoyed reading Profit First, you may also enjoy his other books, including All In, The Pumpkin Plan, Clockwork, Fix This Next, Get Different, My Money Bunnies, Surge and The Toilet Paper Entrepreneur.

Episode 367: A Bank on Yourself® Manifesto with Dave Bonnemort

September 13, 2024 by Not Your Average Financial Podcast

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In this episode, we ask:

Would you like to hear Part 1 with Dave Bonnemort?
What about mindset?
What about cash value life insurance?
What is the point of all of this?
What about building capital?
Can you do hard things?
What’s Dave’s experience with his policies?
What about thinking long range?
Do you want a million dollars today or a penny that doubles every day?
What about dividends?
What was Nelson Nash pounding the drum about?
When do you want your money to be most efficient?
How does the Bank on Yourself® or Infinite Banking strategy fit into the E.S.I. framework we talked about last week?
What about warehousing your wealth?
What about emergency funds?
What about starting a business and access to opportunity funds?
What about looking at the flow of money?
What about the Profit First book?
How does Dave pay his taxes?
How does Dave protect the family and the business?
What is the Augusta rule?
What about paying for college and beyond?
What about saving to drive the efficiency of the dollars?
What about real estate, crypto or starting a business?
Does the choice have to be either/or?
How is life insurance an “and asset”?
How do the tax dollars pay for the life insurance premium?
What did Dave learn from Nelson Nash?
What about insurance as an asset class?
How did Dave choose to work with Mark?
Do you build capital in an investment?
Who gets burned?
What about ruminating over all of the information, to really absorb and learn it?
What about being more strategic?
What about paying a simple interest rate back to the insurance company?
What about having capital for opportunities?
What about getting better terms for cash (vs. financing)?
What about the example of the two sisters: the life insurance sister vs. the C.D. sister?
Why are books so important and so much better than social media?
What will take time?
What is a 30 year journey and process?
Who understands how to handle lump sums?
Who is willing to hustle and grind?
What are the strategies you can employ when you can’t pay a premium?
What about thinking long term?
Would you like to hear Episode 95 and Episode 96?
How might life insurance figure into your overall situation?
How might it be a safety net as well as accessible capital?
How might patience lead to exponential growth over time?
What about talking with your family to teach financial concepts in a practical way?
Would you like to meet with Mark?

Dave Bonnemort is a current client and active practitioner of the Becoming Your Own Banker concept, as well as a husband to an amazing wife and father to three incredible kids.

He makes his living as a small business owner, is a student of Austrian economics, and a personal finance junkie.

Episode 366: From Mowing Lawns to Mastering Money with Dave Bonnemort

September 6, 2024 by Not Your Average Financial Podcast

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In this episode, we ask:

Does X mark the spot?
Who is Dave Bonnemort?
How did Dave get his start?
How many policies does Dave and his family own?
What is the E.S.I. framework?
What about earning?
What about saving?
What about interest?
What about banking?
Who is good at at least two of the three?
What about investing in yourself and your health?
What about education?
How might we bring value to others?
What have you done to help keep up with inflation?
What is the difference between saving and investing?
Is a 401(k) saving or investing?
What about the book Becoming Your Own Banker by Nelson Nash?
What about keeping your debts low?
What did Charlie Munger say?
What about Willie Sutton’s law?
What about the changing rules?
Have you looked at the history of taxes?
Where are the big payouts?
What about risk?
What about the likelihood of loss vs. the likelihood of winning?
What about volatility?
What about saving and building capital?
What about being broke as a joke?
How did Dave 10x some of his money?
Who knows better (what to do with your money)?
What about banking, rate and volume?
What are the two businesses?
How about patience and hard work?
What about the mindset?
What are the ugly, painful, grinding years?
What about the capitalization phase?
How is this like starting a tree farm?
What about the loan phase?
How much money do you bring in every month?
What dollar amount do you bring in as loans?
What if you were paying yourself back (for loans) and recapturing that interest instead?
Would you like to hear Part 2 with Dave next week?
What are the takeaways?
What about the need to have accessible, liquid capital?

Dave Bonnemort is a current client and active practitioner of the Becoming Your Own Banker concept, as well as a husband to an amazing wife and father to three incredible kids.

He makes his living as a small business owner, is a student of Austrian economics, and a personal finance junkie.

Episode 365: Retirement Savings Sabotage! Why 90 Percent of IULs Fail… and What To Do

August 30, 2024 by Not Your Average Financial Podcast

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In this episode, we ask:

Are we in a retirement crisis in this country?
How was that agent trained?
What is the problem with indexed universal life insurance (IUL)?
Have you read the book Becoming Your Own Banker by Nelson Nash?
Would you like to hear Episode 312?
Have you read Pamela Yellen’s book The Bank on Yourself Revolution?
What did the estate planning attorney say?
What was on the Comparing Life Insurance Solutions document (see readable image of document below)?
Have you been tricked?
What’s in the fine print?
What about withdrawals?
Can you put money back into an IUL after a withdrawal?
What is the main purpose of a life insurance company?
What about the investment portfolio?
What do insurers make on their overall portfolio?
What types of investments are in the insurer’s portfolio?
Who believes 7%?
What is mathematically impossible?
What rate of return is legally shown on the statements?
Is there such a thing as an average rate of return?
What will the insurers do with an IUL contract?
Do you remember the Fast and the Furious, etc.?
What happens if you take a loan from an IUL and the market crashes?
What is the feature?
What about the insurance expenses?
Why is that IUL cash value shrinking?
Why does the cost of insurance go up every single year in an IUL?
What about tax-free loans with an IUL?
What happened to the IUL writing agent?
How much are you taking out each year to supplement your retirement?
How many years are you getting 0 on your index?
Do you have income to pay down the IUL policy loans?
What adds to the pressure?
What happens to 88% of IUL policies?
How many IUL policies pay a death claim?
What if your IUL policy lapses with gains inside of the contract?
How long do you have to pay the taxes?
What is the over loan protection rider for those age 75+?
What about properly set up permanent dividend paying whole life insurance, from a mutual insurance company that offers non-direct recognition loans?
What is true?
What happens if you totally ignore the policy loan?
When does a policy risk lapsing?
What about flexibility?
How about a thought exercise, a tale of two contracts?
What happens when you’re in your in your eighties and can’t pay the higher premiums?
What are the guarantees in IUL?
What are the guarantees in whole life?
What is annual renewable term insurance (ART)?
What about costs?
What are the differences?
What are the limits of an IUL?
What is a reduce paid up policy (RPU)?
Can one RPU an IUL?
What about the strength of dividends?
What should this document say about whole life insurance?
What is the cost basis?
What about the rules for policy loans?
Why the ommissions on the IUL side?
What is a stalwart of several centuries of financial stability?
What is the big experiment of modern times?
What almost never pays a death benefit?
What about the gains being taxable?
What about the tax implications for beneficiaries of IUL policies?
What is the 1035 exchange?
Can one 1035 exchange from an IUL into a whole life policy?
Who’s in your corner to help you navigate and interpret all of this jargon?
Would you like to meet with Mark or one of Mark’s colleagues?

Episode 364: Don’t Make Your Financial Life a Daytime TV Drama

August 23, 2024 by Not Your Average Financial Podcast

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In this episode, we ask:

How about the young and the rest of us?
How about the bold and the broker?
How about general hospital, finance wing?
How do we cope with the drama?
Would you like to hear Episode 363?
Would you like to hear Episode 144?
What about debt to your future self?
What about liabilities?
What about assets?
What about student loan debt?
Who is stuck in the cycle of debt?
Who passes on the cycle of debt to the next generation?
Why are they in debt?
What happens when you take a life insurance policy loan?
How can you beat cash?
What happens if you need to buy a car?
What is the average retirement savings?
What about the boomers?
Who will be able to retire?
What are the options?
What about savings?
How many retirees plan on depending on Social Security?
How much would the reduction be?
Do you like cliffhangers?
How about a real happily ever after?
Would you like to schedule a meeting with Mark?

Episode 363: Drowning in Long Term Care Costs? Life Insurance as a Lifesaver

August 16, 2024 by Not Your Average Financial Podcast

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In this episode, we ask:

How about dealing with the complexities of the long term care industry?
According to the Department of Health and Human Services, how many will need Long Term Care insurance?
How many people own Long Term Care insurance?
What about self-insuring?
What’s the percentage of people that confused Long Term Care insurance with Long Term Disability or Health insurance?
Will the gallows humor pay for the bills?
What are the major changes that affected this industry recently?
What about home-based care?
Why is Long Term Care insurance so unappealing?
Is Long Term Care insurance use-it or lose-it?
What about the trend toward dual-purpose policies?
What percent of Americans are living paycheck to paycheck?
Who can afford even a small emergency?
How much does Long Term Care cost per month?
What about unpaid family caregivers?
How is the family doubly harmed?
What happens to a woman in her 50s who finds herself caregiving?
What happens as the boomers start to retire?
Would you like to visit caregiver.com?
Who wants to talk about aging?
What about nursing homes?
Is Bank on Yourself® just a death benefit?
What about living benefits?
What about the Accelerated Death Benefit Rider (ADBR)?
What can you use the money for?
What are the activities for daily living (ADLs)?
Would you like a lump sum or a periodic payment?
What about giving to charity?
What about surgery and medical bills?
What about paying someone for ongoing care?
What about home repairs?
What about a cruise?
Are there any restrictions on the use of the money?
How about some more case studies?
What about options?
What about taking care of the expenses in the final years?
How about an example?
Would you like to hear Episode 91?
What will you build for yourself and your loved ones?
Would you like to meet us at the FREE Not Your Average Financial Community?
Would you like to meet with Mark?

Episode 362: Amanda Neely’s 5 Tips for Conscious Wealth Management

August 9, 2024 by Not Your Average Financial Podcast

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In this episode, we ask:

What is your financial story?
Who is Amanda Neely?
What is the S.T.I.L.L. method?
Would you like to hear additional episodes with Amanda?
What are the 12 principles and the 5 steps?
What is in the book Five Smooth Stones?
What about setting your sights?
What about tracking your in-and-outs?
What about inspecting your progress?
What about looking for the micro-adjustments?
What about living deliberately?
What about goals, visions and dreams?
What about looking out along the horizon?
What about tracking your money (budgeting)?
How might one give every dollar a job with cash value inside a policy?
What about inspecting your progress?
Am I more free or less free?
Will you want to change?
Are you changing too quickly?
Will you stick to it?
Is it good if the progress is too easy?
What about micro-adjustments with business owner clients?
What about living deliberately?
What’s it going to take to make an adjustment?
What are some of the biggest challenges?
What happens as Amanda lives more deliberately?
What are the logistics?
What do you need to decide?
What spirit do you need to bring to this?
What about additional resources?
What did Henry Ford say?
How is this different from other books?
What is Amanda’s special offer?
Would you like to buy Five Smooth Stones and use the code: NOTAVERAGE ?
What are the takeaways?

Amanda Neely, CFP® is a Certified Financial Professional® and Bank on Yourself® Professional, who uses her years of experience in business growth to develop personalized financial strategies for individuals, couples, and entrepreneurs. She works with people to find their unique path to financial freedom. Reach out to Amanda at www.wealthwisdomfp.com

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