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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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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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
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Becoming your own banker, the infinite banking concept, bank on yourself and other financial concepts promote the idea of using the life benefits of life insurance. Many people think life insurance is for when you die, that’s true, but you can also use life insurance while you’re still alive.
There are benefits to using life insurance as a financial tool that you cannot get with any other financial products. But the problem is there is good life insurance and bad life insurance and too many people who want good life insurance wind up getting bad life insurance.
We talk about good life insurance, bad life insurance and how to get a good life insurance policy with cash value so that you can be your own banker.
Resources:
Life insurance policy sales and review McFieInsurance.com
Contact: Team@mcfieinsurance.com | 702-660-7000
0:00 How to Be Your Own Banker
3:15 History of life insurance
5:38 Types of life insurance
7:09 The two types of life insurance
8:56 The origin of Buy Term, Invest the Difference
11:26 Term life insurance, universal life insurance, indexed universal life insurance (IUL) and whole life insurance
15:00 Reviewing an IUL policy
18:23 How to set up your finances
20:57 How to tell if a life insurance policy is good or bad
22:39 10/90 Infinite banking policy (IBC)
25:11 Guaranteed vs non-guaranteed values
30:13 The difference between cash value and death benefit
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https://youtu.be/-sUT5xUCkbs
The tragedy of financial resolutions is that resolutions often go unfulfilled. If you want to achieve something financially significant in a new year it is better to set a goal first and then make your resolutions.
0:00 The Tragedy of Financial Resolutions
1:13 Resolutions vs. Goals
4:25 What is a Goal?
10:32 Why specificity matters when setting goals
11:28 Why people don't set goals
14:20 Ad break @McFie-Insurance
25:00 When to celebrate a goal
27:40 Tips for setting goals in 2024
Resources:
Buy good cash value life insurance or get a policy you owned reviewed:
https://mcfieinsurance.com/
702-660-7000 | team@mcfieinsurance.com
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Prior to moving from Nevada to Indiana we took a life insurance policy loan and let that money sit in our checking account because we expected to have some "unexpected" moving expenses. The money sitting in our checking account was our cash cushion.
We talk about the "unexpected" expenses that arose
02:34 Video footage of our moving caravan
How we paid for those unexpected expenses to recover our capital sooner
The best place to keep a cash cushion
How to build a cash cushion and
How to replenish a cash cushion
Moving is one scenario that illustrates the importance of having a cash cushion but there are other scenarios where having a cash cushion gives you freedom, and peace of mind. What scenario can you think of where it would be helpful to have a cash cushion?
Resources For you:
The Wise Man Foolish Man card game, buy it here: https://amzn.to/41iOTGE
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Scare tactics are often used to coerce others into taking a desired action. These tactics attack the victim emotionally, causing them to react very differently than they might if they logically analyzed the situation. A critical first step to surviving financially is being able to think through and around scare tactics. This podcast will help you prepare mentally, so you can avoid becoming a victim. Listen Now.
Resources: A Biblical Guide to Personal Finance
Many Americans are living paycheck to paycheck, but times are not getting any easier financially, so it’s time to break this cycle now because it will only get more painful to do it later.
We know people who are living paycheck to paycheck whether they make a low income or hundreds of thousands every year. The size of your income doesn’t always matter, but financial principles always do. Sometimes you can cut expenses, and other times you can think more creatively about additional income too.
Many times, you just have to step away from all of life’s craziness, get in a corner by yourself with pad of paper and THINK about where you are, where you really want to go and how you can make adjustments to get there.
A Biblical Guide to Personal Finance has additional tips and principal about financial stewardship which will help you on your journey to financial stability and success.
You can order a copy of the book Biblical Guide to Personal Finance Here
Life insurance equity is a great tool which can be used to finance expenses and investments throughout life.
Some people try and rush the equity building process, but because they don’t understand how life insurance works, they may wind up buying an inferior policy or impatiently give up on the entire idea. But when you understand the process you’ll know it’s important to “crawl before you walk.”
Understand why life insurance is a good financial tool so you know the process and can have confidence in the results.
Resources:
412(e)(3) plans are fully insured retirement plans. This type of plan is not dependent on market performance, it is based on the guarantees of whole life insurance and annuities. Not only does this take the guesswork and market dangers out of retirement planning, it can also save you a lot on taxes today.
But 412(e)(3) plans will only work well in some situations. Do they make sense for you? Find out on Wealth Talks.
Resources:
If you are playing the game of life, you better know the rules, because things can happen quickly! What might have been a logical move in the past may be a terrible move now. Life is constantly changing, but if we understand the basic rules, we can play the game and have fun!
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Have you ever bought something you thought was nice only to find out... it’s not the real deal? Almost every good item has knockoffs, and many people get suckered into buying them. It’s a terrible feeling, but it happens. Do you have the discernment necessary to keep from getting suckered financially? Listen now to Wealth Talks.
Resources:
A Biblical Guide to Personal Finance
How Life Insurance Works - Video
The robbers didn’t kick the door in, bust the safe or leave fingerprints on the entry way table, they didn’t break the windows, damage furniture or rip out the TVs. Inflation is such a clever thief, many people never realize they are systematically being stolen from. If you don’t know this about inflation, you owe it to yourself. Listen to this episode now.
Resource Links:
A Biblical Guide to Personal Finance
Many people base their actions on an ever-changing perception of reality instead of time-tested truth. But the Bible tells us that “whatever a man sows, this he will also reap.”
Only 43% of Americans today say they believe money is important. As Zig Ziglar pointed out, the other 57% “will probably lie about other things too.” Money is important, and the exchange of money is more important than the form/type of money because the exchange of money expresses and can even magnify your underlying values.
But many aspects of the financial system we live in today are based on perception rather than fact, and this creates some problems.
Listen for tips on what you can do to base your own actions and preparations on a deep foundation of truth and reality despite various illusions we perceive.
Resource Links:
A Biblical Guide to Personal Finance
What is fungibility? Is it mildew? Is it mushrooms? Is it the blue green spores growing on the 3-week-old half sandwich at the back of the fridge? Or perhaps the whiteish green carpet spreading over the curiously deformed orange at the supermarket? Actually, fungibility has a lot to do with money and finance. Find out all about fungibility on Wealth Talks.
Some people only have life insurance to provide a death benefit. Many of them never realize life insurance can provide benefits while they are still living. This is sad because using the life benefits of a policy could make their life so much better and more enjoyable, while still providing a death benefit for their loved ones when they pass. In this episode, you will discover the life benefits of life insurance, and how to use them.
Resources:
Time Value of Money - Policy Loan Financing Example
How Life Insurance Works - YouTube video with Gracine McFie
Winning Your Financial GAME book & study guide
Inflation punishes people for saving by stealing the value out of their money. With inflation this bad, many people are saving less, have stopped saving or are even spending their savings. Some of this is doubtless due to rising prices, but it is hard to save when your being punished for it. Is it still a good idea to save? Find out what Tom and John think on Wealth Talks.
Resources: Wealth Seminar Recording: https://www.life-benefits.com/store/
Fear and greed are called the two big motivators in this world, but they won’t help you build a strong and sustainable financial future. Today on Wealth Talks, Tom and John discuss the mindset you need to have to build a successful financial future. Listen Now!
Socialism is supposed to be where everyone shares with other people. The needy are taken care of by those who have an abundance, everything is fair, equal, just, and the sun sets in a golden glow over the ocean every night. Sounds nice!
Socialism has been tried many times, and it hasn’t worked. But could it? Listen now on Wealth Talks.
Resources: Livestream and in-person registration; https://www.life-benefits.com/wealth-seminar/?inf_contact_key=6d62f9b9e07dd9e55b77ab13cf56715d680f8914173f9191b1c0223e68310bb1
Sticks and stones may break my bones, but words can never hurt me. Today on Wealth Talks, Tom and John discuss this age-old children’s rhyme, and how it is still very relevant even in the “grown-up” world.
Also, there is something happening in Las Vegas you should probably know about. Listen now!
Resources: Register here: https://www.life-benefits.com/wealth-seminar/ *Livestream* option can be selected in the checkout process.
Getting rich quick is simple. All you do is bet big and never lose at poker. Simple, straightforward, and statistically impossible. Simple doesn’t mean easy. There are numerous such half-baked plans and schemes for getting rich quick, some people even believe life insurance is the method with which one can get rich quick.
We love life insurance, but it’s not a get rich quick formula. Today on Wealth Talks, Tom and John discuss what life insurance can do for you.
Resources: Fri-Sat Wealth Seminar in Las Vegas
Ice cream containers are getting smaller, and the price is rising. Is this inflation? It's now called shrinkflation!
No matter what cutesy name inflation may masquerade under, it’s still inflation and can hurt you financially.
Today Tom and John discuss inflation, how we can appoint better politicians, and something happening in September (you are invited).
Why do so many airplanes crash after heavy maintenance (engine overhaul, etc.)? Why do cars sometimes have more problems when they come out of the shop? Why do patients become worse after surgery? Why are some people losing money even when their money is actively managed?
There is something to explain this phenomenon, it’s called “Maintenance Induced Failure.”
How much Maintenance is too much? Listen now on Wealth Talks!
There are many spider webs out there, not all of them are made by eight legged arthropods. Many are spun specifically to snare gullible, greedy or unaware humans.
It’s a dangerous time to be a fly... join Tom and John as they clear up some of these sticky webs on today’s episode.
Listen now!
Resources:
Taxing the rich is a topic many elected officials harp on with a religious zeal. Despite their moral high tone, taxes on the rich seem to do more damage to the middle and lower classes. The income tax, supposedly to penalize rich tycoons, ended up being paid mostly by people other than the rich. Whoops! Guess it’s time for a new tax. Any suggestions for a name?
On today’s episode, Tom and John discuss how we can avoid getting squelched by taxes and inflation... it’s one of the few weapons we have left.
Resources