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Episode 11: How to fire your bank and be your own source of financing with Mark Willis, CFP
More on YouTube? Click HERE
Who is Mark?
- He is a man on a mission to help you think differently about your money, your economy, and your future.
- Mark is a CERTIFIED FINANCIAL PLANNER™, a three-time #1 Best Selling Author and the owner of Lake Growth Financial Services, a financial firm in Chicago, Illinois. As co-host of the Not Your Average Financial Podcast™, he shares some of his strategies for investing in real estate, paying for college without going broke, and creating an income in retirement you will not outlive. Mark works with people who want to grow their wealth in ways that are safe and predictable, to become their own source of financing, and to create tax-free income in retirement.
Strategy & Investment focus area:
- Did you know that you’re loaning your money to the bank with low interest?
- It is not about the rate of debt, but the volume of interest, that silently kills your finances
- Americans spend 37% of their expenses on servicing debt (that is without taxes), that’s like ⅓ of our day if you exchange time for money.
- HELOC vs Life Insurance
- Buy an asset that produces income
- Turning one asset into two assets in your life insurance policy
Quotes:
- Rich people plans for 4 generations, while poor people plan for Saturday night
- The truth is - you are financing everything you buy, whether via loan on banks or saving up and paying via cash.
Mentions:
- Dividend-paying life-insurance
- Lindy Effect
- Debt: The First 5000 Years by David Graeber (audiobook: https://www.youtube.com/playlist?list=PLBqhed9UDNTzRF538_Y33t59opndPqPJf)
- Bank on yourself
Investor Q&A Round:
Q: If you would go back in time, where and why?
A: To go back and meet Benjamin Franklin - who was the first co-owner to one of the first mutual life insurance companies.
He deposited several thousand dollars into an interest-bearing account for the City of Philadelphia with the condition that the city will open the account after 100 years after his death (the next one opened 200 years after his death) and earned millions of dollars to date, that is a man thinking 4 generations into the future.
Read: A 200- Year-Old Gift From Benjamin Franklin
Start taking action right NOW!
- Goal-setting the right way!
- Hesitant to make the first step towards real estate investing? Axel learned the hard way- but you DON’T have to start that way. Feel free to talk to him :)
Connect with us through social! We’d love to build a community of like-minded people like YOU!
Any questions?
***
Grab my 10k/month passive income strategy and weekly newsletters at https://tinyurl.com/iwg-strategy
BOOK IS OUT! Grab Your Copy and learn how to get your feet wet in real estate investing
View all episodes
By Axel Meierhoefer
5
3838 ratings
More on YouTube? Click HERE
Who is Mark?
- He is a man on a mission to help you think differently about your money, your economy, and your future.
- Mark is a CERTIFIED FINANCIAL PLANNER™, a three-time #1 Best Selling Author and the owner of Lake Growth Financial Services, a financial firm in Chicago, Illinois. As co-host of the Not Your Average Financial Podcast™, he shares some of his strategies for investing in real estate, paying for college without going broke, and creating an income in retirement you will not outlive. Mark works with people who want to grow their wealth in ways that are safe and predictable, to become their own source of financing, and to create tax-free income in retirement.
Strategy & Investment focus area:
- Did you know that you’re loaning your money to the bank with low interest?
- It is not about the rate of debt, but the volume of interest, that silently kills your finances
- Americans spend 37% of their expenses on servicing debt (that is without taxes), that’s like ⅓ of our day if you exchange time for money.
- HELOC vs Life Insurance
- Buy an asset that produces income
- Turning one asset into two assets in your life insurance policy
Quotes:
- Rich people plans for 4 generations, while poor people plan for Saturday night
- The truth is - you are financing everything you buy, whether via loan on banks or saving up and paying via cash.
Mentions:
- Dividend-paying life-insurance
- Lindy Effect
- Debt: The First 5000 Years by David Graeber (audiobook: https://www.youtube.com/playlist?list=PLBqhed9UDNTzRF538_Y33t59opndPqPJf)
- Bank on yourself
Investor Q&A Round:
Q: If you would go back in time, where and why?
A: To go back and meet Benjamin Franklin - who was the first co-owner to one of the first mutual life insurance companies.
He deposited several thousand dollars into an interest-bearing account for the City of Philadelphia with the condition that the city will open the account after 100 years after his death (the next one opened 200 years after his death) and earned millions of dollars to date, that is a man thinking 4 generations into the future.
Read: A 200- Year-Old Gift From Benjamin Franklin
Start taking action right NOW!
- Goal-setting the right way!
- Hesitant to make the first step towards real estate investing? Axel learned the hard way- but you DON’T have to start that way. Feel free to talk to him :)
Connect with us through social! We’d love to build a community of like-minded people like YOU!
Any questions?
***
Grab my 10k/month passive income strategy and weekly newsletters at https://tinyurl.com/iwg-strategy
BOOK IS OUT! Grab Your Copy and learn how to get your feet wet in real estate investing