Can you really eliminate the control of Banks and Financial institutions in your life by using Life Insurance? Or should you own Life Insurance for different reasons? Discover the best reasons to own and use Life Insurance as a financial tool in 2020.
With the New Year just around the corner it’s a great time to reflect on the history of Life Insurance and how to achieve your goals in 2020. New Year’s resolutions are infamous for lasting only a few weeks. What does it take to get the follow through you deserve and achieve the results you really want?
Consistent Action is one key. And so is Consistent Motivation. One way to stay motivated in 2020 = Subscribe to Your Monday Motivation a 2-minute weekly motivational message from Ben McFie.
Subscribe to Your Monday Motivation on Apple Podcasts
OR Subscribe by text message by texting: MMM to 77222
What are people talking about when you hear the term “Investment Grade Life Insurance”? Answer: It can be just about any type of life insurance under the sun because the “Investment Grade” part is marketing fluff.
The Supreme court has ruled that life insurance is not an investment but rather an asset, so what you really want to know is how the underlying life insurance works and how it would fit into your portfolio.
This podcast show makes it easy to understand the value of guarantees from WHOLE life insurance in your portfolio, and why it pays to be wary of any other type of risk management scheme contrived within a UNIVERSAL life insurance contract. When you know what’s really happening, you’ll know what to do.
Resources:
Get the Tool: Internal Rate of Return (IRR) for Policy Values
Register for the: Jan 18th Workshop in Las Vegas
Should you rely only on Group Life Insurance through your employer? Or does it make sense to combine your group coverage with individual coverage? What option(s) will cost the least over time? What else should you know of when it comes to Group Life Insurance? Find out now.
Hear the pros and cons of Group Life Insurance and how it compares (or can work together) with personal Term Life Insurance and Participating Whole Life insurance to get you the best coverage.
Resources:
Get a Quote for Term or Participating Whole Life Insurance here
Stories from the Plymouth Pilgrim colony and the modern Farming community help to explore the way Socialism differs from Mutual Assistance, Mutual Organizations or acts of Charity in a community. Ask yourself, what model will best protect wealth? And discover how you can you participate in a mutual framework to protect the wealth you create.
Obviously, charity is important, while greed is destructive. The right method and attitude for creating and protecting your wealth follows the same guidelines. Do this right and you will experience a wealthier life beyond just the money you accumulate in the process.
This show also includes some fun facts on life insurance…how much life insurance was in-force in 1930 compared to 2018? Listen and find out.
Resources:
2018 Life Insurance Stats - Statista.com
What you need to know about government, money systems and market environments to build sustainable wealth - we make it all easy for you. Understanding these systems conceptually, will help you grow your wealth and keep more of the money you make.
Did you know Sir Isaac Newton (the inventor of calculus) made a significant contribution to a stable monetary system in England? This helped to set the stage for the great wealth accumulated by the British Empire. Hear the story on today’s show.
Today’s discussion also sheds light on why you should become wealthy in the first place. It boils down to how you get the money, and that should be a virtuous activity. As writer George Gilder points out, wealth is only valuable when it is combined with wisdom. Same reason why currency trading doesn’t “create” any value.
“Life, Liberty and the Pursuit of Happiness”, is the foundation which allows opportunity for you to create value out of nothing which is the only model that “creates” real wealth. Other methods just shuffle money around but DO NOT CREATE any new wealth.
Summary includes a tool you can use to avoid some of the imperfections in the “system of the world” in which we live today. This helps maximize your opportunities to create wealth and keep control of the wealth you do create.
Resources:
https://www.biblegateway.com/passage/?search=John+17&version=NASB
https://www.life-benefits.com/how-to-protect-your-money-from-inflation/
You’ve heard of income-based repayment aka income-driven repayment plans for student loans. Do they apply to you? How do you know what income driven plan is best for you?
What about the tax liability when the loan is forgiven? Is it really worth jumping through all the recertification hoops? Will you have to limit your service potential to keep your income low enough to qualify?
Or could there be a strategy for you that ties it all together and gives you a better deal?
Maybe you can save enough cashflow over the next 20-25 years to take care of the tax liability with no problem. Maybe you can turn your debt into an asset and actually have “money saved” to show for your effort when everything is done. There is a strategy and this show will help you discover what you need to know.
Resources:
https://forms.gle/bc9x5cHh4Rpf5tkNA
From the story of the Tower of Babel in Genesis, through Greek Culture, even through the Dark Ages, and now through modern day Marxism in America, humans often think it is wrong to be wealthy. They think it might be better to redistribute the wealth. Maybe everyone could enjoy prosperity equally and fairly - it sounds really nice.
But life isn’t equal or fair, so what’s the best solution? Today you’ll hear some history around the idea of Wealth Redistribution and the different forms it assumes throughout history. This discussion makes several references to the Bible.
Basically you can choose from 3 systems:
Consider how these three systems distribute and redistribute wealth and then you’ll be able to make better sense of the wealth in your life to manage it wisely.
Resource links: https://www.life-benefits.com/podcasts/wealth-redistribution-where-the-idea-came-from-and-what-it-means-for-you/
Did you know, that a withdrawal from any type of Universal life insurance policy, is substantially different than a withdrawal from a Whole life insurance policy? Policy loans may also affect universal life insurance and whole life insurance products differently. On this show you’ll hear what you need to know about policy loans and withdrawals.
It doesn’t matter whether a universal product is called Indexed Universal Life (tied to a market index), Variable Universal Life (tied to various stock accounts), or plain Universal Life (usually tied to an interest rate).
Withdrawals from any type of life insurance policy can easily be taxable. Loans are usually not taxable but can become taxable if you borrow too much and cannot pay the interest. Don’t lose money. Discover what you need to know to keep more of the money you make.
You will also hear guidelines on when it makes sense to take a policy loan and when it makes sense to use other money.
Call Life Benefits for specific guidance 702-660-7000
Conversation with Krish Dhanam and Dr. John Bergman highlighting some of the wonderful experiences and content from the 2019 Wealth Cruise.🚢
From financial wealth building to world views and knowledge for cultivating physical health and well-being, this cruise reflects a recognition that humans are tridimensional in nature with Mental, Physical and Spiritual aspects. To achieve real and sustainable wealth you have to become successful in all 3 dimensions.
Mentally you can design a strategy to create financial wealth and exercise discipline to follow your plans and make important adjustments along the way.
Physically you want to recognize when your body is stressed and how that could affect your ability to perform and experience life at your full potential.
Fundamental world views (aka spiritual beliefs) affect your work ethic, and give you the dignity to serve and do the things you need to do in the other two dimensions.
Ultimately you want to grow in a balanced way. Krish Dhanam explains the wheel of life and how this can help you develop a large “wheel” in a balanced way without getting side tracked by circular logic or passing emotional desires.
Resources:
Zig Ziglar’s Wheel of Life - How does Your Life Measure? >>>>
Subscribe to Life Benefits for info on the Next Wealth Cruise
🗓 Open Enrollment for Health Insurance starts Friday November 1st running through December 15th 2019. Special guest Jack Hooper from Take Command Health shares 2 new HRAs available for businesses in 2020 - ICHRA and EBHRA in addition to QSEHRA from 2017.
Acronym Definitions:
ICHRA = Individual Coverage Health Reimbursement Arrangement
EBHRA = Excepted Benefits Health Reimbursement Arrangement
QSEHRA = Qualified Small Employer Health Reimbursement Arrangement
These HRAs can add more options and flexibility for employers and employees searching for the best health coverage and benefits.
Business Owners in any of the 50 states can choose from a couple types of HRAs to eliminate the hassles of trying to choose the best group health plan, and deal with premium increases. You can also outsource the on-boarding, compliance and reporting to make an HRA the obvious simple solution for your business health benefits program.
Shopping for individual coverage? Use the Take Command Health system to find the best health insurance options across ___ states.
And if you’re an employee who’s not entirely happy with your employer offered group health plan, you may want to take this information to your employer and encourage them to implement an HRA that could give you better options in 2020.
Resources:
For more information on shopping for Individual and Family Health Insurance Coverage see:
How to Save Money on your Health Insurance - 2018 podcast with Jack Hooper
and
🗞Everything you need to know, and probably more than you’ll ever need to know, about Indexed Universal Life Insurance (IUL). Universal Life Insurance has been promoted since the 1970’s. IUL insurance is even more recent, but still based on the same idea of buying term insurance and investing the difference.
If you like risk, fees, a possibility of greater gain when the market goes up (never when it goes down), an ever increasing cost of insurance, and a thick contract that obviously protects the insurance company over the policy owner…you might want IUL.
Yes, we’re biased toward good traditional Whole Life insurance, and you’ll understand why as you listen. Complexity is not your friend when it comes to IUL.
Resources:
If you already have an IUL policy contact Life Benefits for a review: 702-660-7000
How Indexed Universal Life Insurance Works: https://www.life-benefits.com/how-indexed-universal-life-insurance-works-iul/
19 out of 20 Americans with a 401(k) are paying fees of some sort whether they know it or not. 😰 Even if the account, or advisor, does not charge a management fee, there are usually fees hidden in various ways.
If you know these fees are present you can figure out how to deal with them, overcome, or avoid them strategically. Just don’t be a sucker and think you have no fees until it’s too late to recover the money you lose.
If you’re going to invest, be aware of expense ratios, transaction fees, and front-end or back-end fees. There can even be custodial or accounting fees. Not all of these fees are easy to track down especially when they are pre-packaged within various investments or funds so you simply see a net return.
Even when you just have money in a bank there are possible fees so it pays to be vigilant and strategic about how you save money and where you save your money.
Best known as a billionaire tycoon and a hostile corporate takeover entrepreneur, T. Boone Pickens was an amazing person with great financial sense.
But in 2008 one of his ideas crashed. Pickens had helped Oklahoma State University buy life insurance through Premium Financing. After the 2008 crash T. Boone Pickens stepped in personally to bailout OSU and they still lost the life insurance.
Today you’ll see a lot of people encouraging premium financing on the internet or in seminars. Unless you have deep pockets or a rich benefactor like T. Boone Pickens it’s much better to stick with a “comfortable and affordable” strategy for funding your life insurance assets. If Premium Financing was a wildcard for T. Boone Pickens, what makes you think it could be different for you?
Resources:
Today is #InternationalPodcastDay! And we have a winner for the Beats Solo3 Wireless headphones - announced during this show.
Thank you for participating in the WealthTalks celebration sharing your favorite podcast shows!
And some of you went above and beyond sharing more on how you use your policies + asking questions for the WealthTalks show and leaving reviews on iTunes & Stitcher. We appreciate you!
Hear an answer to 4 of the many great questions you asked through the celebration entries:
1. How do you decide when to take a policy loan or when to use outside money?
2. At what point do you become maxed out on your life insurance coverage?
3. How can this concept be integrated with real estate and business cash flow strategies?
4. What is the fastest way to pay down debt?
Resources:
How do you maximize growth in your policies (and outside your policies) with strategies like the Infinite Banking, Bank On Yourself or The Perpetual Wealth Code™?
This can depend partly on how your policies are designed. If you have a policy that is “maxed out” under the Modified Endowment Contract rules you might not be able to maximize the policy much more. What then?
When your policy growth and guarantees are maximized it’s time to look to your money management for the optimal growth opportunities. Listen for details on the balance to make this all work for you so you can stop losing money and keep more of the money you make.
Celebrate #InternationalPodcastDay this week by sharing your Favorite Podcast Shows and entering to win a set a Beats Headphones on September 30th:
Many budget systems give you a good feeling as you start, but cannot produce the sustainable results you need to build real prosperity. As an example take Senator & Presidential candidate Elizabeth Warren’s book which recommends a 50-20-30 budget system.
This budget system reminds you of a typical government budget when you realize that only 50% of your income is allocated to necessities that require 60% of an average American household income. Oops!
Maybe you could fit necessities into 50% of your income, especially if your income is above average, but this is not a great plan for keeping more of the money you make OR building prosperity.
Better start with something you know will be sustainable and a plan to NOT lose the money you save. Try the 10-20-70 system and make sure you “pay yourself first”. This system has been around for a long time. You know it will be sustainable and if you can save more than 10% (or 30%) of your income, all the better.
Resources:
See how the 10-20-70 Budget System Works + Get the Worksheets Free
Special guest Dustin Mathews from WealthFit has seen people MAKE a lot of money in the Speaking & Marketing world, but KEEPING that money is another story - they usually don’t. Yes, there are shooting stars that burn brightly for awhile and they burnout too.
It’s good to ask yourself, from time to time, whether you want to stay on the path you’re traveling or if, like Dustin was, you’re addicted to the search for a BIG payday that never comes. Don’t simply follow a primrose path to the detriment of real wealth in your life. Make sure you create sustainable results for yourself and your family.
Dustin has repurposed his life to make more time for family and the things that really matter. And he hasn’t neglected Money either because money is an important part of Wealth.
Hear how Dustin has used his whole life policy + a lesson he learned that could save you money on your next vehicle purchase.
Resources:
Get your cabin on the Wealth Cruise: Cruise Information here or call 702-660-7000
Get the McFie’s WealthFit courses here:
Wealth That Lasts - Dr. Tom McFie
Getting Out of Debt - Michele and John McFie
Note: When you get these courses there is an optional upgrade to access ALL courses on the WealthFit platform. If you try that, but decide not to continue after the free trial be sure to check that it doesn’t renew automatically anyway. This seems to be a technical problem which the WealthFit team is still working through.
Disclaimer: Life Benefits does not recommend or endorse any other WealthFit courses, content or strategies.
Compounding is wonderful when it’s working continuously for you - and not so wonderful when large losses interrupt the process. But you don’t have to lose money if you don’t gamble with risk. ♠️
You can’t always trust what people tell you to do with your money, but you can watch what wise people are doing with their OWN money. Warren Buffet says to be “Fearful when others are greedy and greedy when others are fearful.” Stock-piling cash when other people are greedily chasing the market, can be a great strategy; then instead of gambling with risk you can take more calculated risk (if & when you wish) and you can secure a compounding foundation of guarantees.
Start with guarantees and you can build a financial portfolio with both guarantees and results from calculated risk. Start by gambling with risk and you will never see the full potential of guarantees in your portfolio.
Disclaimer: Life Benefits its agents, and representatives are not authorized to give investment, legal or tax advice.
Few people in the world can define and highlight, social paradigms so clearly as Krish Dhanam, your special guest on this show. Krish is entertaining as he brings a wealth a knowledge and understanding of multiple world views, into wonderful perspective so you can apply the lessons in real life.
You might be thinking: “Why are you talking anthropology on a Wealth podcast?” Because, Popularity ≠ Truth and the popular definition of truth as something relative, is a social issue of our time, with far-reaching reverberations; absolutely affecting your wealth and prosperity.
Creating wealth requires you to connect with people. When you connect with people it’s important to find common ground where you can agree upon certain absolute truths in order to work together effectively. When you understand different world views and how people are thinking, you’ll be able to make more quality connections. Some people do this instinctively. When you understand the process consciously, it is empowering and exciting.
Resources:
Strife over money is the #1 reason couples bring up as they file for divorce in America. The amount of money involved doesn’t seem to be a significant issue, nor how money is saved or what is purchased, but rather how one spouse (or both) makes the other FEEL about money.
You see, blaming money is an easy way out. Communication around money is often the key problem, and this requires both spouses to take responsibility for at least part of the problem. Good News! A communication problem can likely be resolved so the differences you do have (and will have) about money will seem trivial in the end.
On this show you will hear ideas for communicating with your spouse about money matters. You’ll hear why you should NOT try to “change your spouse” or share everything “equally” and why the His/Her money option is not a good way to cope with a problem.
Even if you’re not married, the material in this show can help you become a better communicator and to get along better with more people.
Do you have a marriage with successful communication around money? Please share your thoughts in the comments below or write in to podcast@wealthtalks.com
Resources:
Truth has been so distorted, and redefined in our world that it’s easy to wonder if there really is absolute “truth” anymore. Experts tell people to embrace a new world 🌎 where everything is “relative” to everything else - a world where Opinion trumps Fact and nothing is totally certain.
This is a corrupt idea with dangerous consequence for your prosperity and wellbeing. The issue is politically charged too with far-reaching effects into education, interpretation of history, nationality, and a redefinition of family and individual rights. These elements are ALL important if you want to realize full prosperity and financial wealth in your life.
The financial world is no exception: Average and Actual Rates of Return are confused and promoted along with a myriads of assumptions and sleight of hand reporting practices which lead to outright guessing and fabrication around most financial projections.
Remember to pause and think through information before choosing your position. This isn’t a simple feel-good choice, like which sports team will be your favorite - this is about your wealth, prosperity and the world you want your children and grandchildren to live in.
Resources:
“The Dress” - Is it White and Gold or Blue and Black?: https://en.wikipedia.org/wiki/The_dress
In the 1970’s DMSO was very popular with athletes🏃🏽♂️but you had to go to the vacuum store to get it. Where is DMSO today? What about other Fad remedies that come and go?
You can see a similar pattern in the Financial World too. Fads come and go, the Guarantees stick around through thick and thin. Some fads are harmless, but many times the smartest thing you do with a Fad is - avoid it. Just because “everybody is doing it” doesn’t mean that automatically becomes a good thing to do. Processionary caterpillars provide a great example on how this habit can be fatal.
When it comes to your money, don’t let an overnight fad burn out, taking your life savings along with it. Always make a point to look deeper than the superficial excitement around any proposition.
Resources:
Order Doctoring Data by Dr. Malcom Kendrick on Amazon.com:
Black Swan Video Summary by John McFie: https://www.youtube.com/watch?v=5K74rH0OriI
Life Insurance, Index Funds, Mutual Funds, Low Fees, Lower Fees, - hey even Negative Fees now! 💫 Risk, Risk Management, Risk tolerance... how in the world do you know what to do, let alone know how the results will turn out?
Only by building on a foundation of Guarantees can you navigate the financial world with any sort of confidence. No mortal can tell you exactly how the future will turn out. Accept this truth and protect yourself from volatility, then take a cue from 🍔 Burger King and 🍟 McDonalds, and you’ll be able to bypass most financial advice (and shenanigans) no problem.
Truth can be tricky to search out; it is very simple and logical when you find it. Manage your own money and this can mean lots of extra $ that stay in your pocket rather than subsidizing superfluous money managers.
In this episode:
Life Insurance Companies are updating their products for the latest 2017 CSO Mortality tables (CSO = Commissioners Standard Ordinary). The previous major CSO tables were assembled in 2001. There are some changes that will affect new policy values because people are living longer now. Listen to hear what these changes mean for you.
Special history on the Apollo 11 astronauts! (timecode: 4min 37sec) 🚀 As we celebrate their achievement with the Moon landing 🌙 and their safe return to earth 🌎 50 years ago this week, it’s a great time to reflect on how the astronauts planned for their families just-in-case they did not make it home alive.
These 3 heroes could not qualify for Life Insurance, but they did have the brilliant values to protect their families before they left on the dangerous and historic trip to the Moon.
Deferral has been called “magic” 🎩 in the financial world. Deferral can help you accumulate more money, but will it actually provide you more money to use? This is a gamble on where tax rates could go and how the market might perform.
Where are taxes going in the Future? Listen for what you should consider before jumping on the Tax Deferral bandwagon. Just because “everyone is doing it” doesn’t automatically make deferring your taxes the best thing to do.
Right now, Congress is contemplating changes to deferral/distribution rules such as the “SECURE” Act which has passed the House of Representatives and sits in the Senate. If you have deferred taxes over your lifetime, it’s worth considering the possible outcomes while there’s still time to make some changes before you actually need the money.
Don’t gamble with your with your financial future! Make sure you have a guaranteed foundation of at least some money you can access tax-free. This gives you better options for your Passive Income and providing a legacy.
Resources: