Dollars and Nonsense

In this episode, we will discuss how to end debt. You see, there is a difference between paying off your debt and recapturing your debt. And we'll explain how this works so you can finally get off the debt hamster wheel.

~ Access our FREE Infinite Banking Beginner course here:

https://livingwealth.com/beatinflation

~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e27

There are some staggering statistics on the level of debt Americans are carrying. It's truly frightening.

But it's vitally important that you change your mindset from merely, I want to get out of debt. This should change to wanting to recapture your debt.

Getting out of debt is a topic speak with clients about every day, and that's the problem with debt. And whenever you adhere to the concept of becoming your own banker, you start to see ways of making a lot of money by recapturing your debt.

The problem is that a lot of people know what we mean by recapturing debt. And there's one more step that needs to take place we share in this episode.

• How bad is the debt crisis
• What is recapturing debt
• Using a policy as the engine
• The counter-intuitive way investing debt works
• Understanding asset-rich and cash poor
• Finding opportunities to teach children about debt

In 2017, we are in a greater financial crisis than we were in 2008 ... because we're carrying even more debt in the US.

Household US debt currently in the first quarter of 2017 was $12.87 trillion, and that is all of us living on debt.

We've got to learn to recapture debt, especially if we're going to bring down the debt in the US.

In this episode, we discuss a question that we've both been asked many times when it comes to banks vs. insurance. The question is, are mutual life insurance companies as safe as banks to put my money? The answer may surprise you.

~ Access our FREE Infinite Banking Beginner course here:

https://livingwealth.com/beatinflation

~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e25

Banks vs. insurance, which is safer is something that we've been asked many times. It's a great question to ask, in fact. People are wanting to know their money won't disappear on them.

And so, the common question we get related to infinite banking is this: "Is my money going to be as safe in the policy as it is, just sitting in a bank account. There's a lot of nuances there.

We believe that it definitely is. There's a lot of reasons for it. Why would we present banks being riskier to put your money in, than a mutual life insurance company, and a policy there?

• The federal government and state government's role
• Austrian economics and why its role in insurance is important
• Leveraged money vs. Non-leveraged money
• Factors forcing insurance companies to play it straight with your money
• The myth and nuance of the FDIC banks protections argument
• Why banks buy life insurance policies

Insurance companies actually adhere to what's called Austrian Economics. They can't loan out money they don't have.

Banks failed left and right, and are bailed out. No mutual life insurance company had to get any assistance.

In this episode, we'll discuss the reasons why you shouldn't be so excited about your tax refund, and maybe what you should do instead.

~ Access our FREE Infinite Banking Beginner course here:

https://livingwealth.com/beatinflation

~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e24

This episode is going to be a fun one. We hear all the time, even in our realm of business, "Maybe I'll get started when I get my tax refund." Or, "I'm looking forward to getting my tax refund, then I'll finally have money."

We have a different viewpoint on it. And we want to make sure everyone else understands, not only about the tax refund, but we also have some other things to say that you may want to implement.

When you think about a tax refund, it's your money you already gave the government to use for a period, or they had it. Whether it be an estimated tax, or by the time you file the taxes, you get the refund.

But, in reality, it was your money that you gave to the government to use, and then they just sent that money back to you. And they didn't send it back to you with interest payments. It's not the same dollars you sent them. It's different dollars, and yet we get excited because, "Yay, we get a refund."

~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e24

• Should you get excited about a refund
• Keeping your money in your control and working for you
• Ways of leveraging a policy to come out ahead
• Why Warren Buffet is rumored to differ paying his taxes for up to 7 years

I will say the IRS is the biggest robber of our wealth out there today.

Why do I want to give the IRS good dollars today for them to give me weaker dollars in the future?

Instead of giving that estimated tax over to the IRS, we've put it into a life insurance policy because the growth will pay any penalty.

In this episode, we sit down with a special guest, Ray Poteet -- the founder of Living Wealth. We discuss the biggest investment pitfalls to be aware of and how you can learn from his mistakes, so you won't have to suffer as he did.

~ Access our FREE Infinite Banking Beginner course here:

https://livingwealth.com/beatinflation

~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e23

How to spot investment pitfalls is harder than experiencing them. And the road to growing your financial freedom is littered with landmines. Some are similar, but most tend to be unique and hard to spot the first time around. Sometimes we even repeat mistakes if they're not pointed out to us by a trusted guide.

They're not hard to spot. You just have to know what you're looking for. And, Ray shares the worst of them in this episode.

Get resources and transcripts here:

Investment Pitfalls

• The folly of looking at rates
• When an advisor doesn't own the things they sell
• The danger of chasing "the next big thing"
• When you should never borrow to invest
• Why money needs to always be in motion
• Staying platonic with investments and keeping with rational investment decisions

Is paying cash the best option? In this episode, we will discuss how you can learn how to maximize your dollars by changing how you purchase the things you need in life.

~ Access our FREE Infinite Banking Beginner course here:

https://livingwealth.com/beatinflation

~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e22

In today's world of finance, the Holy Grail is to get out of debt and to be able to pay cash for everything. That's what we're taught by all the major financial gurus, pay cash, pay cash. Get out of debt, get out of debt.

We're not saying that's a bad idea. But we can offer some insight into how you can improve your situation even further. That's going to be the goal for today.

So is only using cash the best option?

The answer: it depends.

In fact, we think there are some better ways to do it.

Get Out of Debt and Paying Cash Topics Discussed:

* How can we find something else that's better than paying cash * What are some of the pitfalls with paying cash * Being asset rich vs. cash Poor * Is using cash necessarily bad * Good debt vs. bad debt * How to leverage debt in a financially healthy way * Why it's important to keep money in motion * The real cost every time you pay in cash

Cash vs. Debt Episode Takeaways:

* Every time you pay cash your money stops earning for you.

* Really, we want to keep your money in motion.

* There is a difference between bad debt and good debt.

* A pitfall with paying cash are your asset rich, cash poor.

~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e22

In this episode, we discuss the biggest pension myths, and how you can make the best decision for you and your family.

To start, one of the most significant points to focus on in your pension is who to insure. People often ask the questions, "Do you just insure the individual who qualifies for the pension plan? Or if you're married, do you also include your spouse? And what are the pros or cons to including a spouse in regards to the pension plan?"

You go, you work your whole life, you retire, and then they give you an option. It's to choose to get the monthly income just on you, or for you and your spouse. Of course, we're all concerned about the well-being of our spouses. When you first see the number, you say, "Here's the monthly amount of money I can receive from a pension with just me. And if I add my spouse, wow, that's a massive reduction." So it causes people some stress when they see the monthly reduction of money per month if they add their spouse to it.

And there's so much more. Which, we'll cover in this episode to help you maximize your pension.

Pension Myths and Maximization Topics Discussed:

* Who to insure in your pension plan * Ensuring your spouse is provided for * Leveraging a dividend paying whole life insurance policy correctly * Where social security fits in, or doesn't * Can you count on your pension to be there when you retire * How to maximize your pension

Pension Mythis Episode Takeaways:

* If I die, the day after, she's set because I've been building life insurance banking policies to create wealth

* If you only put money in a pension, you can't leave a legacy of wealth for your family.

* So more and more, it's becoming a reality that pension programs are going out of existence.

* Social security too is that it's constantly changing and who knows how long honestly, it's going to be around for.

* With the city of Detroit going bankrupt. All the people who had pensions, guess what? They're gone.

~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e21/

In this episode, we'll pick up where we left off in episode 19. We'll share how to build the perfect life insurance policy to use for becoming your own banker.

The primary goal of this episode is to discuss why we do what we do. What it focuses on the life insurance policy is when doing banking. And, in the last episode, we shared all the reasons why you're not supposed to use other types of policies and other methods to design policies.

So if you haven't listened to episode 19, we suggest you listen to it first because we went through a few important foundational points. And you may want to know that we're going to compare.

When it comes to building your own banking system, the focus is not on benefit. Instead, we're cash focused. So the goal is to actually put as much of your premium dollars into a paid up additions writer as you can. Which will stuff the policy go straight into the cash value. And in this episode, we explain how this is all done.

~ The Perfect Life Insurance Policy: * The correct policy for use in Infinite Banking * What is a paid up additions writer and how is it used * What is a mutual company * Traditional Life Insurance vs. Infinite Banking * Being cash focused vs. benefit focused * Understanding guaranteed interest rate vs. guaranteed cash value ~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e20

Episode Takeaways:

* When buying a single premium writer, you're buying it strictly to have cash, and it buys you a little bit of guaranteed death benefit.

* Without a paid up additions writer, the policy is going to underperform, and it won't be a banking policy.

* Life insurance it's called life insurance. It's not called death insurance. It should be life giving, to an extent.

* With banking, we're not benefit focused. You're cash focused.

~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e20

Not all life insurance is created equal. In this episode, we discuss the biggest problems found in certain life insurance policies. And we'll cover why you would never want to use them in your banking system.

Now, for those of our listeners who have been with us for a while, they know that we're big fans of a particular concept. It's called the "becoming your own banker" idea. It uses life insurance as a tool to practice banking in a brand new way.

But the problem is that there are so many different kinds of policies out there. We have people come to us who have these policies, and they want to know if they're any good.

So we describe to you a few of the policies to avoid, especially if you're doing this banking concept.

Life Insurance Policies to Avoid Discussed:

* Indexed policies * Universal variable policies * Term insurance * Hidden servicing fees and cost increases * Funny business with numbers * The fine print costing you control * What your agent needs to clearly explain to you

Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e19

Episode Takeaways:

* That's the issue with universal life is it may turn out okay, but that's not really up to you.

* The insurance company has the control of the policy to determine what they're going to cap you at, so they can always drop the cap.

* Banks don't buy these policies and there's a reason why, because they can't control what happens to that policy due to the guarantees and all the things that are given control over to the insurance company.

In this episode, we will discuss the three biggest wealth destroyers and also give you ideas of how to break free from their clutches.

So much money is leaking from three areas that we're going to discuss. If people knew what was going on with their money that they're earning and saving, they'd be mortified.

Bottom line: Taxes are the largest destroyers of wealth. But there is also a slew of other rats eating at your money. And sadly, most people don't even pay attention to them or know they exist.

So we'll bring things to light and share with you how to protect yourself today.

Wealth Destroyers Identified and Topics Discussed:

* The taxes secretly robbing you blind * The 1.8 Million Dollar opportunity cost * Hidden impact of taxes on retirement programs * The sneaky money thief: inflation * How inflation becomes a compounding problem * Fractional Reserve Banking's effect on inflation * Credit Cards * Hidden fees in retirement programs * Hidden fees in mutual funds ~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e18 Episode Takeaways:

* 3+3+3 always equals 9. But when you put money into the game math doesn't work thanks to inflation.

* We're taught to believe today's dollars are the same as tomorrow's dollars. They're not!

* The biggest hidden fees are in mutual funds and retirement programs that go to the money managers.

* Taxes, inflation, and fees rob people of enormous amounts of wealth. And they don't usually know it.