As we teach people about whole life insurance, how to manage money and the infinite banking concept, time and time again people tell us “I wish I would have known about this sooner”, or, “they should teach this in high school”.
When you find something that works so well, it’s hard not to look back and wish you had that knowledge or that product earlier in life.
In this episode, Episode 477 of the Wealth Talks Podcast we are going to talk about the things we wish we knew about finances before age 18. That covers high school also, yes, some of these things we talk about today, should be taught in high school.
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Today we answer 9 questions we received about life insurance, cash value, money, interest rates, and dividends.
These questions and their answers will be helpful to anyone who uses, or plans to use life insurance cash values and the Infinite Banking concept.
The questions are:
1. Do I get to choose the interest rate I pay on a policy loan?
2. If the dividend rate is 5% and my policy loan interest rate is 4% am I making 1% on the difference?
3. When I pay back my policy loan with interest am I paying myself back principle and interest?
4. Does the interest I owe on a policy loan change every month if I am making principle and interest payments monthly back to the policy?
5. What is the interest rate that the guaranteed cash values compound at?
6. How is the dividend rate determined?
7. Is the dividend rate the same as the compounding growth rate of the policy cash values?
8. Can the insurance company alter my life insurance contract if I start flight lessons?
9. When I borrow money from my policy how does it affect the guaranteed growth of my policy? How does it affect the dividends? How does it affect the face value?
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In this podcast you will get specific numbers, and details from two different Whole Life Insurance policies, what the premiums are, how long they can be funded and how much money the owner can borrow.
This is a glimpse into infinite banking policy design that many people will never get.
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The way you think is the lens through which you observe every situation in life. The way you observe influences how you respond and how you respond makes an enormous impact in your life for better or for worse.
Respond… and that’s such an important word, because many people go through life reacting to what life presents to them and that’s not an ideal situation to be in.
The difference between responding and reacting can be as significant as life and death, If you touch a hot stove, your reaction can save you from severe burns, in the same way a response instead of reaction can neutralize a bad situation, and lead you to successful communication.
If you have a bad mindset, how do you fix your mindset?
If you habitually react, how do you start responding instead?
If you don’t like the results you are getting, how do you get different results?
All this and more on this episode of The Wealth Talks Podcast
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Have you ever wondered what the world will look like when today’s young adults become the middle-aged people of the future?
The future is full of possibilities for everyone. There will be people who seize the opportunity to make a possibility a reality and there will be people who let the possibilities remain possibilities because they don’t want to make a commitment or put in the work.
If anyone, young or old, rich or poor, man or woman, chooses to do what it takes, success can still be theirs.
If you have young children make sure to involve them in what you are doing so they don’t have to figure everything out from scratch when they are the next group of “young adults”.
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If the money you save isn’t earning anything, it is losing value. That’s horrible news, but it’s the truth.
We were on a business call with Alex just the other day and he asked, what is happening to the middle class?
Middle class is defined largely by household income adjusted for household members. Anything from about 50k/150k of income per person is considered middle class right now.
The most obvious thing that hurts the middle class is Inflation.
Inflation is stealing the value from your money every day and if your savings can’t outpace inflation, or at least keep up with it, you are falling behind.
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Today we have Anna, in the studio with us, to discuss how she has built her baking business from scratch, no pun intended, and to discuss some of the challenges and problems she has faced along the way. We also are of course going to sample one of her famous treats.
Anna's business, Bread and Butter baking, makes sourdough bread, cookies, cakes, pies and cinnamon rolls.
You can also watch the video of this episode on Youtube: https://youtu.be/Yx7DqS6WZHg
Cash Value Life Insurance is one of the lesser understood financial assets that you can own, but it is also one of the most powerful.
In today’s episode of The Wealth Talks Podcast we talk about the cash value of life insurance policies, what it is, where it comes from and how it can be used. This episode is all things cash value.
After this episode you will understand life insurance cash value better than you ever have before.
Paying Property Taxes using the infinite banking concept: https://www.youtube.com/watch?v=dBG9Gk8lGTw
Review WealthTalks on Apple Podcast here: https://podcasts.apple.com/us/podcast/wealth-talks/id978187163
As a listener of the Wealth Talks Podcast you can request episodes that answer your questions or talk about something you want to know more about, just send an email to producer@wealthtalks.com
Josh listens to Wealth Talks on his way to work and he asked us to do a rebuttal to an episode of Dave Ramsey’s show where he is talking about the infinite banking concept. We happen to know a lot about the infinite banking concept, so if anyone can add perspective to Dave Ramsey’s video about the Infinite Banking Concept it would be us.
The video Josh sent to us is called Heated Debate Between Infinite Banker and Dave Ramsey if you need more context to anything we talk about in this podcast the link to that video is here: https://www.youtube.com/watch?v=A-NKv_wp8DM
If anyone knows Jim from Nashville who was on this episode of the Dave Ramsey show, please email producer@wealthtalks.com and let us know. It sounds like Jim has put a lot of thought into what he is doing for his son and we would like to hear more about it.
Review WealthTalks on Apple Podcast here: https://podcasts.apple.com/us/podcast/wealth-talks/id978187163
As a listener of the Wealth Talks Podcast you too can request episodes that answer your questions or talk about something you want to know more about, just send an email to producer@wealthtalks.com
There has been a lot of money transferred from the accounts of working Americans into the coffers of the U.S. Government from the income tax alone. But worse than that it has created division among Americans and that is the worst repercussion of the 16th amendment.
In this episode we talk about:
• Tax avoidance vs. tax evasion
• Tax avoidance procedures
• Tax planning measures
• Tax fighting duties
Listen as we will talk about ways to avoid income taxes, pay income taxes and fight back against the progression of the income tax.
What do you think of the 16th amendment?
The Richest Man in Babylon book has the reputation of being responsible for creating more millionaires than any other book in print. If that is the case, the advice in this book may be the best financial advice in the world.
The financial advice given in this book has many aspects. One of the most fundamental of these is the 10-20-70 Rule.
The powerful thing about the 10-20-70 rule is that no matter how much or how little money you make there is always 10%... 20%... and 70%. And it works on any scale.
Listen and discover how to apply this fundamental financial principal to your finances, and then watch how it transforms your life.
Resources:
How to get a Whole Life Insurance Policy: Contact McFie Insurance 702-660-7000 | team@mcfieinsurance.com | https://mcfieinsurance.com/
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In days gone by many private companies could offer pensions that would actually support someone financially in retirement, but those days are gone and so are the pensions.
The financial side of retirement is extremely uncertain, many mainstream retirement plans are mediocre at best and while the desire to retire persists among people, the financial challenges of retirement have increased.
The Financial Side of retirement can be better than the forecast looks, if you do something different than what most Americans are doing.
Watch this episode and start planning for a better retirement now.
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Inflation is like a thief that never comes.
It is good to protect yourself from inflation in every way you can. The bible says that if the man of the house knew what time the thief was coming he would be on the alert and not let his house be broken into.
We know the thief is here, our duty is to protect our financial house to the best of our ability.
This episode of Wealth Talks Podcast is a timely episode for how to combat inflation in 2024.
Resources:
How to get a Whole Life Insurance Policy: Contact McFie Insurance 702-660-7000 | team@mcfieinsurance.com | https://mcfieinsurance.com/
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This is an example of how someone used the Infinite Banking Concept and the cash value of their life insurance to expand their welding and fabrication business. One of the owners of Brothers Fab Shop joins us in the studio to answer all our questions.
We ask about:
The expansion opportunity
How to borrow from a policy
Have they paid the loans back yet
How has the expansion affected business and more
This episode of Wealth Talks Podcast is a great episode for anyone who owns a business. This is how the Infinite Banking Concept can work for a business owner.
Resources:
How to get an Infinite Banking Policy:
Contact McFie Insurance 702-660-7000 | team@mcfieinsurance.com | www.mcfieinsurance.com
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Watch on YouTube: https://youtu.be/Z8XUZ825QP8
In this episode we review the numbers of the first Infinite Banking policy we bought. We have owned the policy for 18 years now so you could say it’s an adult policy now. Over the years, We have paid lots of premiums on this policy and we have also used policy loans against the cash value for many things. We go over all of it in this episode, episode 463, of The Wealth Talks Podcast.
Resources:
2 Ways to pay the most hated tax in America: https://www.youtube.com/watch?v=dBG9Gk8lGTw
Get a good Infinite Banking policy for yourself:
https://mcfieinsurance.com/
702-660-7000
mailto: team@mcfieinsurance.com
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In 2005 our family went on vacation. We drove from Oregon where we lived at that time down to San Diego California to spend some time on the beach. But on this particular vacation Dad may have been more excited about a book he was reading than the vacation we were taking.
We had not been thrilled with all of the results we were getting from the financial advice we had followed most of our life, and here were some of the missing pieces in this book.
The Infinite Banking Concept is a way of thinking that can revolutionize your financial future.
In this podcast we talk about how we found The Infinite Banking Concept.
Resources:
Contact McFie Insurance to buy life insurance or for a life insurance review:
702-660-7000 mailto: team@mcfieinsurance.com
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Watch on YouTube: https://youtu.be/D79Rx01vFNQ
Our son Jesse, Is getting married this month, Jesse will be the first of our 8 children to get married. We are very happy for him and his soon to be wife, Alyssa.
We thought it would be interesting and useful to have Jesse join us in the studio for this episode of Wealth Talks to talk about premarital financial considerations, house hunting and wedding plans among other things.
Resources:
To buy life insurance or get a life insurance review, contact McFie Insurance. mailto: Team@McFieInsurance.com or 702-660-7000.
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Watch on YouTube: https://youtu.be/8Yj3ICOJbu4
Interest rates are rising right now and being in debt is becoming more expensive all the time. In this episode, episode 460 of the wealth talks podcast, we are going to talk about how to be debt free.
Becoming debt free can be a daunting task, many people will never know what it feels like to be debt free.
People take on debt voluntarily or involuntarily. Voluntary debt in our country often involves student loans and credit cards. Involuntary debt often involves emergencies. To truly be “debt free” you can’t have any debt, none, nada, zip, zero. This is how to be debt free.
Resources:
https://mcfieinsurance.com/10-20-70-budget-system
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It is good to have life insurance, but having bad life insurance can be worse than having no life insurance at all.
Michele reads a message from someone who writes in about how they bought the wrong kind of life insurance even though they were trying to get good life insurance.
We talk about how to get good life insurance and how to check the life insurance you already have to find out if it is good life insurance.
Life insurance is something you want to get right the first time because it gets more expensive with time.
Resources:
Go here to get the free policy checklist we talk about in this episode: https://mcfieinsurance.com/podcasts/how-to-get-life-insurance/
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The death benefit is probably the most prominent feature of life insurance and the feature most people think of when they think of life insurance. But that’s not the only benefit of life insurance, you can use the cash value of your life insurance while you’re still alive because your life insurance policy is collateral.
You can also assign your life insurance as collateral to use other people’s money.
If you own a business you can use life insurance as a benefits program and to keep critical employees.
Resources:
To get term insurance contact https://mcfieinsurance.com/
Mailto:team@mcfieinsurance.com
call: 702-660-7000
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https://youtu.be/axpMwXi2s78
Most people think life insurance is for when you die, it is, but, you can also use the life benefits of whole life insurance while you’re still alive. What about term insurance though? Is it any good or is it a waste of money?
Many people who have term life insurance now are going to be severely disappointed when their term is up because you can't turn back the clock and get new coverage at the same low rates you had before.
Resources:
To get your life insurance reviewed call McFie Insurance at 702-660-7000 or email: team@mcfieinsurance.com
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We get to listen to an interview with real estate investor John Morey.
John talks about why he bought whole life insurance, how he started out using it wrong.
Why he like to use whole life insurance to grow his wealth, and how he teaches other people about how they can benefit from using life insurance and invest in real estate.
0:00 Interview with John Morey
3:41 What is a MEC policy?
5:08 Don't make this mistake with Infinite Banking
20:50 Why starting now is important (visual demonstration)
Resources:
https://southerncharmre.com/
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Mark Twain has the credit for saying, “The Return of my money is more important than the return on my money.” It is better to make an investment that returns a small increase as well as your seed money than it is to make an investment that has a large projected return but fails to return your seed money. Warren Buffet said, “The first rule of an investment is don’t lose, The second rule of an investment is don’t forget the first rule and that’s all the rules there are.” If you lose your seed money, how are you going to get ahead financially?
You can earn a positive average rate of return while you're losing money!!
We talk about bad investments, good investments and how to access capital to make investments.
Resources:
Life Insurance review: https://mcfieinsurance.com/
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Every time you spend money you are making an investment. It’s either a good investment or a bad investment. Do not buy into the idea that investments have to be something rare, exclusive, elusive, exciting or in a land far away. Some of the best investments are right in front of you, if you can’t see them it’s because you look at everything the way most everyone else does.
You can and should become rich and investing is one of your responsibilities with the money that comes under your control
2:14 Is real estate a good investment?
10:13 Should you cosign a student loan?
13:33 Why investing morally is important
15:08 How to set up your finances
18:01 Using policy cash value
26:05 Is oil a good investment?
27:23 Preparing for an investment
Resources:
Life insurance policy sales and review https://mcfieinsurance.com/
Contact: Team@McFieInsurance.com | 702-660-7000
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Watch on YouTube: https://youtu.be/2fkdf7lJmMo
There are two kinds of debt, good debt and bad debt. Good debt is debt that gives you a financial advantage; tax benefits, better cash flow and the ability to take advantage of opportunity. Bad debt is debt that costs you opportunity, causes stressful cash flow issues and cripples you financially. In this episode we talk about how to payoff bad debt and how to use good debt to your advantage.
4:19 How to tell if a debt is good or bad
12:38 Snowball Method explained
14:00 The Avalanche Method
16:59 How to set up your finances
19:34 The largest amount of debt John has seen
27:34 Should student loans be paid off?
30:21 Is a mortgage a good debt?
Resources:
Life insurance policy sales and review McFieInsurance.com
Contact: Team@McfieInsurance.com | 702-660-7000
Follow along:
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Watch on:
YouTube: https://youtu.be/vYrX3XA-DWk