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The Money Advantage Podcast

Bruce Wehner & Rachel Marshall

Personal Finance for the Entrepreneurially-Minded!

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8 Keys to Success, with Ruchi Koval

The Money Advantage Podcast

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12/12/22 • 54 min

Want to be more successful in your life and business, gain more recognition and respect, create more impact, accomplish your goals, reach financial targets, increase your income, and raise happy kids? Then it’s time you found a secret hidden in the timeless Jewish practice of Mussar, as shared by Ruchi Koval. https://www.youtube.com/watch?v=BQcMsQdidDQ It’s not where we usually start. We look for strategies, scripts, tools, and tricks to beat the odds and get there faster. But today, motivational speaker, coach, and author of Soul Construction, Ruchi Koval shares the real keys to success that are found much deeper... by developing character. So, if you want to become financially successful, then be prepared for a challenging, growing conversation that will help you have the right relationship with money... tune in now! Table of contentsWhat is Mussar?Why Does Character Development Matter?Money Doesn’t Define YouCharacter Development is a Lifelong ProcessConnect with Ruchi Koval About Ruchi KovalBook A Strategy Call What is Mussar? [5:12] “I was basically raised on the precepts of Mussar, from the time I was little enough to speak. So Musar is a concept of ethical character development... Throughout the generations, people have been asking themselves, ‘How can we make faith relevant to the next generation?’ One of the answers that came forth in the 1800s was this concept of Mussar, which had been in existence, but kind of latent—that a primary path to spirituality could be focusing on our character traits.” Before this, there were other popular schools of thought about how to achieve spirituality in the Jewish faith. It was Rabbi Yisroel Salanter who really brought this thinking to the forefront and inspired the Mussar movement. The Rabbi who founded the school that Ruchi attended was the son of a Mussar master. The character traits in question include things such as patience, kindness, joy, and humility. Ruchi also highlights that it’s also important to work on controlling your anger or allowing people to have their way. [6:38] “That was as Jewish as charity and traveling to Israel and, you know, observing the Sabbath.” Why Does Character Development Matter? [8:43] “I believe that ancient Jewish wisdom is universal. That means that it can apply to anyone. That’s why this book that I wrote—Soul Construction—is not just targeted for Jews. It’s targeted for anybody, because I do believe that it’s universal wisdom. The point of Mussar is really self-transformation, but it definitely affects everybody around us.” Part of Mussar that Ruchi shares is to have your character traits in balance. Anything to an extreme, on either end of the spectrum, is unhealthy. For example, you must have generosity in balance. You want to tithe and be generous, but you also want to keep some of that money so you can do more with it and better your family. Ambition, too, can be a good thing, unless taken too far. Then, it becomes greed. Keeping your character traits in balance not only allows you to be more spiritual, but it can also help you in your pursuit of certain things, like abundance. [11:55] “If I can get my character traits in balance, then my pursuit of money could be something that is fulfilling for me and my family, and will create harmony and not discord. Money Doesn’t Define You [17:10] “So ancient Jewish wisdom actually teaches that money doesn’t define you... How much you have of it doesn’t define you at all.” In fact, Judaism recognizes wealth as a blessing from God. So earning a certain dollar amount cannot define you. It’s your attitude toward what you have and what you choose to do with it that defines you. If you’re generous, humble, and grateful, that speaks volumes no matter your income. It also speaks volumes if you’re miserly, snobbish, and conceited. If you’re concerned about having entitled children because you’re leaving an inheritance,
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12/12/22 • 54 min

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11/14/22 • 62 min

Do you want answers from the Bible about making more money and prospering financially? The Bible has a lot to teach us about money. https://www.youtube.com/watch?v=Nc1ZUD7_VCA Today, Rabbi Daniel Lapin is back to discuss Biblical principles. For example, he'll discuss principles that you can apply to increase your revenue. He also shares how the Bible guides you to prosperity. So, if you want to deepen your faith, improve your finances, and build your financial life on a solid foundation... tune in now! Table of contentsWhy is Biblical Financial Success a Passion for Rabbi Lapin? The Bible and MoneyAncient Jewish Wisdom: The Bible and MoneyIs it Bad to Make Money?What Ancient Jewish Wisdom Reveals About HumanityBiblical Wisdom to Increase RevenueConnect with Rabbi LapinAbout Rabbi Daniel LapinView Our Other Conversations with Rabbi LapinBook A Strategy Call Why is Biblical Financial Success a Passion for Rabbi Lapin? [3:16] “First of all, it’s satisfying because it’s complex. And what I mean by that is, life is complex. Any attempt to solve the problems of life with a slogan or keyword or simple solution is doomed to failure. And people regularly ask me, you know, what is the secret to money?” In most cases, when people ask this question of Rabbi Lapin, they’re looking for a simple solution. Yet, as he points out, it’s not a simple subject and cannot be reduced to a simple answer. This led the Rabbi to dig deeper and become more interested in the ancient financial wisdom within the Bible. [5:47] “I’m afraid the Bible is just like that. If you’re going to try to solve this in a simplistic way and find a verse here or a verse there that helps you with finances, you’re going to be doomed. Because anybody who knows his way around the Bible will find a verse that says one thing and then another verse that apparently says the opposite.” To unlock wisdom from the Bible requires deep study to understand the context. A verse here or there is no good without the knowledge of why it exists in the first place. The Bible and Money [6:35] “When you got right down to it, the question I was always asked was, ‘Why are Jews so disproportionately good with money?’ And it turned out to be a very worthwhile field of study that no one had really done.” Since there was little accessible information on this topic, Rabbi Lapin embraced the subject. Over the course of his work, he’s studied and identified the connections between the holy texts and cultural behaviors. Additionally, he's studied the history surrounding Judaism, and how that applies to money. Through his books, he’s helped to make this information more accessible to people in and outside the faith. Ancient Jewish Wisdom: The Bible and Money [17:00] “Heaven and Earth are two separate categories of information. One is information that is earthly, it’s materialistic. Another form of information is ephemeral...You can’t touch it... It’s something, again, that Jewish people have always understood, to their credit and to their benefit. Which is that there is a form of knowledge which is earthly. And this you can roughly call science, technology, discovery, and medicine. In all of these things, every successive generation knows more than the one before it... However, when we come to the things that never change, well, on those, we actually seem to know less as time goes by.” Those things that never change, as they would happen, can be sourced from the Bible just as readily as anywhere else. One of Rabbi Lapin’s examples is the relationship of parent to child, and how teenage children ignore their parent’s wisdom, only for adult children to understand and appreciate their parent’s wisdom. This has never changed, yet the Rabbi asserts there’s more value in studying something like this from ancient texts than modern ones. Because that ancient wisdom gets it right. [22:30 “The beauty of ancient Jewish wisdom, in my experience,
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11/14/22 • 62 min

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Have you heard about Nelson Nash, Infinite Banking, and Becoming Your Own Banker ... and want to learn more? Or maybe you’re already using Infinite Banking but would like to be able to explain it better to your spouse, parents, children, business partner, or friends. https://www.youtube.com/watch?v=ZoKCkrLgSMs Today, we're unpacking the fundamentals of the Infinite Banking Concept and discussing what Infinite Banking ISN'T. Table of contentsInfinite Banking is NOT: MagicInfinite Banking IS: A Long-Term Habit, Skill, and SystemThe Importance of Long-Term ThinkingInfinite Banking is NOT: A Get Rich Quick SchemeHow Should You Split Your Premium?Can You Pay Premiums with Cash Value?Book A Strategy Call Infinite Banking is NOT: Magic Sometimes, what gets lost in translation when talking about IBC is HOW it works. While it is a powerful tool when structured properly, it is definitely not magic. Unfortunately, the way some people talk about IBC can make it seem that way, which is a disservice to how well it works from a logical and contractual standpoint. Life insurance is a contract. Whole life insurance, in particular, tends to be a very beneficial contract. Since it’s permanent insurance, it offers a lot of living benefits. The loan provision, for example, is one such benefit. However, the loan provision is valuable because of the financial principles you can apply, NOT because you’re getting “free money,” nor even necessarily “tax-free” money. In reality, the loan provision works like any other loan. It just has the added advantage of flexibility, because it’s 100% collateralized by your cash value. Every other seemingly “magic” or “too good to be true” feature of life insurance has a similar explanation. It’s a product that is highly efficient and works well, but it has checks and balances like any other financial product. [6:50] “This is what Nelson [Nash] knew: that human conditions get in the way... If you don’t have good money habits to begin with... you’re not going to be a good saver either. And that is what the Infinite Banking system is. It’s a place to store or save money. It’s not an investment.” Infinite Banking IS: A Long-Term Habit, Skill, and System In reality, Infinite Banking is a long-term strategy to employ by way of whole life insurance. To put that in different terms, whole life insurance is a savings vehicle. Infinite Banking is the strategy for saving and using your money. The reason IBC works so well is that it rewards good habits. The first habit is one of saving: by paying premiums, you increase your equity in your insurance policy. This equity is called cash value. The next good habit is paying down your debt. When you leverage your policy to make a purchase, you benefit by making regular loan payments. You free up capital to use, and you can even apply some of that loan payment as PUAs that increase your cash value. All the while, you continue earning interest and dividends because you’re using a system that puts you in control. Your whole life insurance policy is the place you put your cash until you have somewhere to deploy it. It’s a system that makes your savings more efficient, but you have to have those good habits already. That way, you can access and use your capital. The Importance of Long-Term Thinking The tether that ties the entire system together is long-term thinking. To truly reap the benefits of an IBC policy, you have to set your sites on the long game. That means considering how your actions today can affect your future self in 30 to 40 years or more. Saving, paying loans, and creating a wealth system can all have positive impacts. Not doing those things can leave major holes in your personal economy. And more importantly, if you don’t adopt long-term thinking in your use of an IBC policy, you may struggle to see the results you want. The policy you have can only work as well as you are able to manage it.
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11/21/22 • 51 min

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Have you heard about Infinite Banking, and you want to learn more? Or maybe you’re already using Infinite Banking, but would like to explain it better to your family and friends. In past installments of the series, we've discussed how IBC works, and what it is. Today, we're unpacking what makes infinite banking "infinite". https://youtu.be/VgA7PaXvvF0 So if you're ready to learn how to increase your opportunities and create wealth that lasts beyond your lifetime... tune in now. Table of contentsThe Multigenerational Benefit of Infinite BankingHow to Create a Succession Plan for Infinite BankingWhat Makes Infinite Banking Infinite?Examples of the Infinite PossibilitiesVelocity of MoneyInternal and External ReturnsBook A Strategy Call The Multigenerational Benefit of Infinite Banking There are many ways one might consider the Infinite Banking Concept to be “infinite.” One of these ways is the multigenerational capacity of infinite banking. By establishing a liquid savings vehicle like whole life insurance, you’re creating a system of wealth that not only can be leveraged for investments and opportunities but can be passed on to the next generation via the death benefit. That money can then be reinserted into a new life insurance policy that creates new opportunities for your children. And by extension, it creates opportunities for their children. As long as each generation is properly prepared to receive your legacy, and has the required knowledge to be a good steward of that wealth, it can last for generations. This is a key reason that having a succession plan is critical. That way, your heirs are prepared to continue the family legacy that you’ve established. There should be some guidelines and procedures for how the wealth transfer is handled, and how the family can best maintain the wealth. How to Create a Succession Plan for Infinite Banking [9:08] “The first thing is, you have to communicate within your family. The second thing is you need to work with an organization that has a succession plan that’s going to continue these thoughts within the agency itself so that it can become infinite along the way.” The goal of a truly infinite IBC strategy is to involve your family. This means starting young: educating your children, involving them in your family culture, creating family values, and more can help your children get a sense of your family mission. By involving your children each step of the way, you’re including them in creating this legacy. Inclusion can inspire your children to take responsibility for their role in the family banking system. It also enables them to be good stewards of wealth in the future. This is further aided by having a support system of financial experts who can be your strategic partners. That way, you can create more wealth and freedom. This is how you keep a family banking system alive. What Makes Infinite Banking Infinite? To understand the full scope of this conversation, it’s important to get clarity on why infinite banking has its name. And, why infinite banking is such an excellent strategy for multigenerational wealth. One key is certainty, as Les McGuire discusses in his article, The Economic Value of Certainty. Whole life insurance is a product that creates certainty because it protects your wealth even in death. This certainty gives you the security and peace of mind to make decisions you might not make in scarcity mode. And being able to operate from this mindset makes the possibilities quite literally infinite. Examples of the Infinite Possibilities Using an IBC strategy with whole life insurance allows you to create a pool of liquid cash with certainty. That certainty is locked in by a few different variables: The death benefit gives you the certainty that your family is protected, your legacy can continue, and the family bank can be replenished The cash value is not correlated to the stock market,
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12/05/22 • 45 min

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10/09/23 • 63 min

Get ready to rethink your thinking about the cost of life insurance and, more importantly, the process of Infinite Banking. Our journey leads us to insights from Nelson Nash's book, giving us a fresh look at how to balance life insurance and the Infinite Banking Concept. We'll tackle the life insurance company's pricing strategy and discuss how the process of creating an entity for Infinite Banking works. https://www.youtube.com/watch?v=x-hjCfhC_ew Our exploration doesn't stop there! We delve deeper into the Commissioner Standard Ordinary Mortality Table and its role in life insurance pricing. By examining the thrilling world of actuarial science, we'll understand how mortality tables are updated using data collected from millions of lives. We'll discuss how aspects like age, gender, health, and lifestyle habits are considered when setting the price of life insurance. Furthermore, we'll delve into why having life insurance beyond the traditional retirement age is crucial and how part-time work can be a significant advantage in this context. Join us for this in-depth discussion and learn more about life insurance, Infinite Banking, and their financial implications! Creating Your Banking EntityLife Insurance UnderwritingLongevity and Life InsuranceBuy, Don’t Rent: The Cost of Life InsuranceBook A Strategy Call Creating Your Banking Entity At the crux of Becoming Your Own Banker, as the title suggests, is that you are going to become your own banker. Not your own bank. Therefore, you need to establish a banking entity outside of yourself. And what Nelson believed to be the ultimate place to do this was whole life insurance. Primarily because the policy loan provision makes it perfectly structured to leverage your capital as bankers do. So if you want to establish your banking entity, you need to buy life insurance. Life Insurance Underwriting First and foremost, life insurance, like all insurance, is about mitigating risk. For you, the person buying the insurance, you’re mitigating the risk of not living long enough. If you don’t, the life insurance company will pay money to your loved ones so that they are cared for financially in your absence. This means that insurance companies need to be cognizant of their customers’ mortality so that they don’t overextend themselves. If companies insured anyone and everyone, they’d quickly go bankrupt paying death claims on people who died too soon. Since death is guaranteed, the insurance company is insuring people who are unlikely to die too soon. That way death claims become manageable because they’re more likely to be accidents or surprises in the early years. To ensure that policyholders are likely to have a long life ahead of them, insurance companies require underwriting. This includes a health exam and lifestyle questionnaire that companies can use very accurately to predict longevity. You’ll get a rating, which determines your eligibility. The better the rating, the better the premium you can get for your death benefit. [19:50] “They know how many people of certain health will pass away at certain ages. They do not know who. So [your rating] is in no way the insurance company saying ‘I’m God and I know exactly when your days are numbered and here’s the day that you’re going to pass away.’ They do not know about your life.” Longevity and Life Insurance Many people think of retirement and life insurance as related. If you stop working and earning an income at age 65, then you don’t need insurance to protect your income anymore. While this may satisfy some people, the truth is that your need for insurance doesn’t stop at retirement, nor should the retirement benchmark really be 65. If you live to age 60, your life is likely going to be much longer than you think. That’s because the longer you live, the longer you can expect to live, thanks to actuarial science. And because you can expect to live many more years,
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10/09/23 • 63 min

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11/28/22 • 51 min

For an intended multigenerational family business to last past the first generation, the family must become a successful team. https://www.youtube.com/watch?v=CuQR8NBc2JY Professor, organizational consultant, family therapist, and family business consultant Dr. Dennis Jaffe joins us today. He has helped families overcome challenges that impede successfully transferring businesses, wealth, value, commitments, and legacies across generations. So, if you want to create a multigenerational family enterprise... tune in now! Table of contentsWhy Should Families Think Multi-Generationally?What Can History Teach Us About the Multigenerational Family Business?When Do You Bring Kids Into the Family Business?The Challenge of First-Generation WealthWhat is the Best Way to Create a Multigenerational Family Business?About Dr. Dennis JaffeBook A Strategy Call Why Should Families Think Multi-Generationally? [3:40] “There’s no ‘should’ about it. This is what families are concerned about—they’ve created wealth, been successful, they’ve providing for their family, they’re creating more wealth than they can use on a day-to-day basis, and they have young people growing up. And they begin to say, ‘Well, what’s going to be my legacy?’ And they begin to ask the question—not how do I get more wealth—-but what is the purpose of our wealth? What do we want to do with it?” Dr. Jaffe has noticed that as families build wealth, they think more seriously about what that wealth will do beyond them. And this consideration is critical because it’s how wealth lasts for generations. You can’t simply build up wealth, you also have to create systems, educate your kids and grandkids, and pass on your values so that the generations beyond you will know how to be good stewards of your money. What Can History Teach Us About the Multigenerational Family Business? Dr. Dennis Jaffe has been in the field of family business and wealth since the early 80s. And over time, this industry has really evolved to include family meetings, family constitutions, and much more beyond just getting advice from a financial advisor. What Dr. Jaffe has done is interview and compile information from wealthy and successful families. A successful family, as Dr. Jaffe defines it, is a family that has kept and maintained its wealth for at least three generations. After all, these are the families who have done a good job of educating the next generation on how to build and keep wealth. Successful families are also families who spend time together and have a sense of connection. [12:10] “What I found is that these hundred-year families had a great sense of their legacy and history. They could look back for the fifth generation and say, ‘Well, you know, grandpa did this.’ Or, ‘One of the things that grandpa did that really made a difference for us is this...’” This research proves helpful because it doesn’t suggest a singular path to wealth. Instead, it illustrates many paths and options for building and sustaining wealth. And behind it all is a sense of family history—that each generation can learn from the ones before. When Do You Bring Kids Into the Family Business? As important as it is to look to the past for guidance on sustaining wealth, it’s just as important to keep tabs on the future. After all, your children and your children’s children are the future of your legacy. They’re the ones who will carry the torch, so it’s important to prepare them to inherit the family’s wealth and continue that legacy. [19:11] “So, one of the first things that I learned is that the older generation has to really listen to the next generation because they have a very unclear and unrealistic idea about the future. Because they see it from their own eyes and their own experience. They don't really understand the experience of their kids, the people that their kids marry, and their kid’s kids. And all those people have to have a voice,
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11/28/22 • 51 min

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How Infinite Banking Loan Interest Works

The Money Advantage Podcast

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07/26/21 • 28 min

Want to use your Infinite Banking policy, but wish you understand the nuts and bolts of how Infinite Banking loan interest works first? Today, we’re answering a question from our wonderful community of listeners: https://www.youtube.com/watch?v=iFSgJlrjL4U What’s the policy loan if I wanted to borrow 1K? Are there any interest rates?—Riley Nelson So if you want to learn exactly how interest works on life insurance policy loans... tune in now! Table of contentsWhat is IBC?The Power of LeverageDo Life Insurance Companies Charge Interest on Policy Loans?Why Compounding Interest Matters Fixed vs. Variable InterestThe Nuances of Variable Interest RatesHow Companies Charge InterestBook A Strategy Call What is IBC? A friend of ours, James Neathery, often says, “If you understand the concepts, the details don’t matter, and if you don’t understand the concepts, then the details don’t matter.” Ultimately, what he’s saying is that you must ultimately understand the big picture of how and why IBC (Infinite Banking Concept) does what it does. Without that conceptual understanding, the rest doesn’t matter. And so, we’re first going to look at infinite banking or privatized banking on a conceptual level, so that we can get into the weeds. Infinite banking is an alternative banking position. As we know, banks pay you interest, and they charge you interest. Life insurance companies work the same way. If you have a whole life insurance policy, the insurance carrier will pay you interest and charge you interest. The power of “banking” with a life insurance company is in the rates, the leverage, and the level of control. To access the cash value of your life insurance, you can take a policy loan. The benefits of a private system is that you do not need permission or approval. The Power of Leverage The reason that IBC works in a way that regular banking does not is because of the power of leverage. The rate at which insurance companies pay interest is often far greater than what the banks offer, as well as dividends. This allows for greater accumulation. Then, you can leverage that money to make it do more jobs. This could mean taking a policy loan at 5% and investing it in real estate at an even better rate. You can then put the monthly cash flow towards the loan repayment and give your money a better rate of return in the long run. And because you’ve leveraged the insurance company’s money (using your cash value as collateral), your policy continues to accumulate interest at its maximum compounding potential. The benefit is that you’re not JUST putting your money in a vehicle with better safety, liquidity and growth. You also have an ASSET that allows you to accumulate more assets with uninterrupted compound interest. IBC is not magic. However, it’s a strategy you can use to make your banking more efficient and work more in your favor. Do Life Insurance Companies Charge Interest on Policy Loans? Yes, the life insurance companies DO charge you interest. This is because you’re borrowing from the insurance company instead of taking money directly from your cash value. This means that your entire cash value can continue to compound uninterrupted. Instead, your cash value acts as collateral. This means that your death benefit will be reduced until the loan is paid back. You aren’t borrowing your own money and paying yourself interest, which is a common misconception. Why Compounding Interest Matters You might wonder WHY you would want to pay interest at all, when you could just withdraw from a regular savings account. The answer is in the compounding. When you withdraw money from a bank account, there’s less money to earn interest on. As we all know, interest accumulates better on larger sums of money—1% of $1,000 is only ten dollars. On the other hand, 1% of $10,000 is a hundred dollars. At the higher balance, not only are you earning more money—you’re also earning money on TH...
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07/26/21 • 28 min

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07/13/20 • 65 min

https://youtu.be/FtpKs0X1SFs Considering a 10/90 premium split (Base/PUA) policy design with a Blended Term PUA Rider for an IBC policy over a design truer to Nelson Nash's original 33/67 split? Was it because someone showed you that you can get more cash value in Year 1? Or an earlier break-even point, and still outperform the cash value by Year 30? Unfortunately, this newest fad design hurts clients who want the best place to store cash and build investible capital. When you're looking for answers, it can be really hard to sort through what's best. And to separate what’s marketing vs. what’s true education. We strive for simplicity but accuracy, disclosing without being confusing, breaking down without misleading. That's because our ultimate goal is empowering you to make decisions. It's tough to make decisions through all this marketing noise. Because it takes your attention off of what really matters: control. Today, Bruce and I are talking with MassMutual Brokerage Manager, Rodney Mogen about the risks of a stripped-down 10/90 premium split design. 10/90 Premium Split & Blended Term PUA Rider We’ll discuss IBC policy design, the blended Term PUA rider, base/PUA premium split, and ideal whole life policy structure and answer: What are the risks of a policy with too much PUA premium?What is a MEC, and why do you want to avoid it?Why is a Blended Term PUA Rider used with a 10/90 premium split design and how does it increase your risk as a policy owner?Why and how do you give up long-term dividend growth when you have minimal base design?Policy illustrations and marketing vs. actual policy performance.The difference between long-term policy performance vs. short-term cash value.The trend of companies that kept their dividends high over the last decade, now lowering dividends. So, if you want to get the best Infinite Banking policy, maximize early access to cash value, and get the most guarantees and growth so you can maximize the use of every dollar towards creating time and money freedom, tune in now! Where The Infinite Banking Concept Fits In The Bigger Picture The Infinite Banking Concept is just one step in the greater Cash Flow System. It’s the peanut butter to your cash flow sandwich. While it’s nestled into Stage 2, Protection, it also improves everything else around it. Infinite Banking helps you keep more of the money you make in Stage 1, amplify your cash-flowing asset strategy in Stage 3, and accelerate your time and money freedom. The Bottom Line About IBC and Premium Split Nelson Nash, the Father of the Infinite Banking Concept, warned against people using the concept as a sales tool with improper policy design. No one should be nervous about IBC; they should be worried about policies that stray off course and take on risk. Insurance is a risk transfer product. The entire reason for using Whole Life Insurance over UL, IUL, VUL, EIUL, etc. is the safety and guarantees. So why would you add a rider that lacks guarantees? Policies with too little base and Blended Term PUA riders are taking on more risk than is necessary. If you go the route of 10/90 premium split and Blended Term PUA’s, you are sacrificing safety and guarantees for a few extra thousand dollars in cash value today. Stick with a ‘Pure’ PUA rider and a proper amount of base premium, and you can sleep well at night. The safer approach will provide more certainty over a much longer time horizon and wider range of possibilities. Your cash value is supposed to be your safe tank to store cash in between the deals/investments you make outside your policy. In general, the ideal funding ratio for a specially designed life insurance policy (IBC approved) is 33% base premium, to 67% PUA. This design gives you access to cash early, without compromising the ability for the policy to grow. About Rodney Mogen Rodney Mogen is a 20+ year veteran in the financial industry.
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07/13/20 • 65 min

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07/20/20 • 60 min

Have you considered investing offshore, or even becoming an expat and living abroad? Today, we’re talking with Mikkel Thorup, of The Escape Artist, about how to have more travel, freedom, and control. https://www.youtube.com/watch?v=9Ju5Jyt4zEU So if you want to travel and live overseas, invest internationally, shrink taxes and grow your wealth, tune in now! In this episode, you'll discover: Why living abroad is easier and more attainable than you may think.How to work in another country to fund your travel - stories from experience with international travel and work visas.How curiosity and an obsession to understand the world fueled nearly 20 years of continuous travel.What to think about before becoming an expat.Why diversify your investments geographically, politically, across currency, and across time. Who Is Mikkel Thorup? Mikkel Thorup is an expert in expat living and investing offshore. He's the Best Selling author of Expat Secrets: How To Pay Zero Taxes, Live Overseas & Make Giant Piles Of Money. Mikkel has spent nearly 20 years in continual travel around the world. He's visited more than 100 countries, including Colombia, North Korea, Zimbabwe and Iran. He's lived as an Expat since early 2000's, making his home in Central America, South Pacific, Asia, the Arctic, and North America, as well as the Middle East. Throughout his explorations, Mikkel Thorup has kept a keen eye on different investments and businesses. Putting money where his mouth is and finding some very interesting and often very different opportunities. Mikkel Thorup believes people should understand that just because someone was born in one country it doesn't mean that they need to spend their entire lives there, and it certainly doesn't mean they need to keep their money and investments there. Often there are huge tax advantages and economic benefits to building your business and wealth abroad. A high school dropout, Mikkel started failing out of school at 12 and completely left school by 15 years old. But he never gave up his passion for learning. Now, he still enjoys reading over 100 books a year on topics such as entrepreneurship, marketing, economics, and investing. Mikkel is a firm believer in continual education and chooses to reinvest a large portion of his income back into himself through courses, training and coaching every year. He has made it his mission to serve others and constantly gives back to the community by sharing his knowledge in Entrepreneurship with the hopes of impacting others in a positive manner. Learn More About Expat Living and Offshore Investing with Mikkel Thorup If you'd like to learn about offshore bank accounts, offshore companies, and offshore trusts, or explore residency, visas, second passports, buying property or working in another country, or even learning another language, follow Mikkel's work. Check out EscapeArtist.com. Listen to The Expat Money Show here. Get his book, Expat Secrets: How To Pay Zero Taxes, Live Overseas & Make Giant Piles Of Money. Check out the Offshore Escape 2020 Summit. Want to Talk About Life Insurance? To discuss your life insurance strategy, or implement Infinite Banking, alternative investments, or passive cash flow strategies to keep more of the money you make, book your strategy call with The Money Advantage advisors today. Thanks for Tuning In! Thanks so much for being with us this week. Have some feedback you’d like to share? Please leave a note in the comments section below! Don’t forget to subscribe to the show to get automatic episode updates for The Money Advantage podcast! And, finally, please take a minute to leave us an honest review and rating on Apple Podcasts. They really help us out when it comes to the ranking of the show. And I make it a point to read every single one of the reviews we get. Thanks for listening!
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07/20/20 • 60 min

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08/10/20 • 57 min

https://www.youtube.com/watch?v=uvUp3vuKYjA Do you want to leave a legacy with an estate plan that transfers wealth and empowers the next generation? Find someone who is helping others do it successfully. And that means tailoring a customized, bespoke plan specifically to your family. Today we're talking with highly recognized estate planning attorney, Andrew Howell, about the principles and wisdom he's distilled from working with ultra-high net worth families and business owners. So if you want to know how to entrust wealth to future generations, provide for unity in the family, and leave a legacy of wisdom and opportunity so you can create an estate plan that transcends generations, tune in now! In this episode about estate planning to bridge generations, you'll discover: Why traditional estate planning fails at increasing family wealth and promoting character development.How the core of the Entrusted model of estate planning is about meaningful relationships.How to transfer wealth in a way that incentivizes work and stewardship instead of producing entitlement.The top 3 eroding effects on generational wealth.Why traditional estate planning that divides assets limits your family's ability to make an impact.Why leaving your money to charity creates a lost opportunity for your family.How to set up your family wealth as a bank to create opportunity, entrepreneurship, and accountability.Why the first priority to leaving a legacy is to know who you are as individuals and a family. Where Estate Planning Fits into Your Cashflow Creation System Encircling your family and assets with a bulletproof estate plan will maximize your peace of mind. But it’s just one small step of a greater journey. That’s why we’ve put together the 3-step Entrepreneur’s Cash Flow System. The first step is keeping more of the money you make. This includes tax planning, debt restructuring, cash flow awareness, and restructuring your savings so you can access it as an emergency/opportunity fund. This step frees up and increases your cash flow, so you have more to save, and consequently, more to invest. Then, you’ll protect your money with savings, privatized banking and legal protection. This is where estate planning fits in. You’ll know that no matter what happens to you, your wishes will be carried out, your assets will remain intact, and your wisdom will empower generations after you. Finally, you’ll put your money to work and get it to make more by investing in cash-flowing assets to build time and money freedom and leave a rich legacy. About Andrew Howell Andrew L. Howell is a Co-Founder of the Salt Lake City law firm York Howell & Guymon. His focus is on estate planning, asset protection planning, probate and estate administration, charitable giving, sophisticated business structuring and transactions, and tax planning. Additionally, he is passionate about, and regularly assists clients with, family legacy planning, stock and asset sales and purchases, buy-sell and shareholder agreements, and business buy-out and business succession planning. Mr. Howell’s practice has a specific focus on ultra-high net worth families and business owners. Mr. Howell is a leader at the forefront of responding to the industry-wide shift in estate planning resulting from client demand for a more holistic approach to wealth transfer. He assists his ultra- high net worth clientele in creating dynamic estate plans, focusing on what they can do to increase harmony and purpose in their planning. Mr. Howell is the co-author of Entrusted: Building a Legacy That Lasts, which features seven core disciplines of successful wealth transfer of high-net-worth families going back hundreds of years, as well as Riveted: 44 Values That Change the World. Andrew Howell is routinely recognized as a Mountain States Top Lawyer and was credited by Salt Lake Magazine as a Rising Star on the Mountain States Super Lawyers List...
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08/10/20 • 57 min

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How many episodes does The Money Advantage Podcast have?

The Money Advantage Podcast currently has 313 episodes available.

What topics does The Money Advantage Podcast cover?

The podcast is about Entrepreneurship, Investing, Podcasts and Business.

What is the most popular episode on The Money Advantage Podcast?

The episode title '8 Keys to Success, with Ruchi Koval' is the most popular.

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The average episode length on The Money Advantage Podcast is 51 minutes.

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Episodes of The Money Advantage Podcast are typically released every 7 days.

When was the first episode of The Money Advantage Podcast?

The first episode of The Money Advantage Podcast was released on Nov 8, 2017.

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