Today, Tom is joined by Disability Insurance Expert Hunter Brown to help listeners better under the importance of disability insurance (DI).

Did you know that about 12% of the population suffers a long-term disability and at age 35, you have a 50% chance of experiencing a disability of three months or longer? Tune in to hear Hunter and Tom discuss myths and confusion around DI, what they wish people understood about DI, and the key options when considering a type of DI policy.

Highlights 01:40 Hunter Brown's background in disability insurance 03:57 What is disability insurance? 06:37 Types of disability insurance 14:20 Group policies and the potential limitations 22:23 Partial disabilities and adding riders 24:02 Unique considerations for business owners 24:24 Business overhead protection 25:30 Key person coverage for employees 28:47 Importance of disability insurance for small business owners 30:37 Considering Social Security benefits and increasing protection over time 33:24 Importance of multiple income streams

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Hunter Brown
• [email protected]
• https://www.linkedin.com/in/hunter-brown-b7615614b

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In today's episode, Tom talks about a 2013 PBS series on the retirement crisis that is still very applicable today. Most people don't have pensions to rely on for retirement and have moved to risk type retirement. Cash flow is king as you need it to let you live the life you want. Listen in to hear what you can do to prepare for a stress-free retirement.

Highlights 00:21 Transitioning to retirement instead of aiming for a fixed target 02:14 Focus on controlling and achieving financial freedom 04:13 Key risks: Longevity and diversifying income streams 09:06 Taxes as a major risk to wealth and exploring tax-free investment opportunities 13:21 Market volatility and creating a volatility buffer to maximize asset use 16:35 Cognitive decline, simplifying finances, and creating steady income sources 20:23 Emphasizing the importance of planning and understanding personal goals when building wealth and approaching retirement 20:42 Gratitude for podcast listeners and the goal to help them achieve financial freedom through education and empowerment 21:40 Encouragement to visit the website for additional content and to access the book "Wealth Beyond the Numbers" for personal experiences and tips on building wealth and abundance in life

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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Joining Tom today is Ryan Condie to talk about creating freedom in your life. Our time is our most precious resource and we need to be doing everything we can do to protect that resource. The economy is changing and people are looking for the next journey in life. Freedom and control of life requires taking responsibility. Investing is something you can own and control to reduce risk. Tune in to listen as Ryan shares his advice for those wanting to get into business for themselves.

Highlights 01:11 - Ryan's journey into buying businesses and how it all started with his first online business purchase. 04:15 - Ryan's transition from working in tech to focusing on acquisitions. 06:39 - The advice to focus on changing your world first before trying to change the world with your business. 09:22 - The reality of businesses requiring active management and not being truly passive. 11:41 - Recognizing the need to start small and build upon the foundation of a business. 17:56 - Becoming proactive in your life decisions and recognizing that life is happening for you, not to you. 19:02 - Experiencing a situation where life becomes painful enough to want and initiate change. 21:26 - Teaching children valuable skills and instilling good values in them through entrepreneurial activities. 26:05 - Taking the first step in starting a business by getting out of your comfort zone and doing something small. 27:31 - Recognizing the importance of taking action and pushing yourself to get started and keep going.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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In today's episode, Tom's you through the history of 401k plans and how it may play out for most people later in life and even in legacy. What was originally created for the uber wealthy when the tax rate was 70%, has now become the mainstream way for people to invest for retirement. You CAN have more security over your wealth AND still have access to it by following a different path. Schedule call with me today to learn more and get started today!

Highlights

• 00:22 The discussion on the role of government in controlling financial lives
• 02:38 The creation of 401k in the late 70s and early 80s and its initial benefits
• 05:18 The uncertainty of future tax rates and inflation's impact on retirement
• 08:07 The pressure on money in 401k accounts
• 11:49 The Required Minimum Distribution (RMD) age and the government's control over regulations
• 14:16 The Secure Act and the limit to deferring inherited accounts
• 15:22 The impact of potential financial issues on control over personal money
• 16:49 The importance of having flexibility, balance, and multiple options in personal finances
• 17:39 Conclusion and invitation to reach out for more help on financial planning Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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Today, Tom is joined by Carolyn Tormey, a career ownership coach to talk about the benefits of entrepreneurship and franchising. With the economy changing and the potential for layoffs, on top of people retiring and looking for the next journey in their lives, many are understanding that time is our most precious resource. Moving to self-employment and away from corporate America is a way to provide yourself with financial freedom as these times are changing. IBC can help make a lot of this possible. Tune in to hear more about franchising, if it's right for you, and what to consider before becoming an entrepreneur.

Highlights

• 01:30 Caroline shares her journey into becoming a career ownership coach and working in the franchising industry
• 04:01 What a franchise is and how it can be beneficial for expanding businesses
• 06:08 The higher success rates of franchise businesses compared to independent businesses
• 08:27 The ideal types of people for franchising ownership
• 10:31 The growth and availability of semi-passive and completely passive franchise opportunities for potential owners
• 12:25 The benefits of diversifying investments by owning a franchise and having control over it
• 14:13 Avoiding pitfalls and common mistakes in franchising
• 14:47 The "20-60-20 rule" in franchising, explaining the performance levels of franchise owners
• 17:29 The importance of being well-capitalized and having a good understanding of the ramp-up period in franchise ownership
• 18:04 Typical levels of investment and financing options in franchise opportunities
• 21:42 The growing expansion and opportunities in the assisted living industry and franchise space
• 23:23 Observations about younger generations leaning more towards self-employment and franchise opportunities
• 29:32 The challenges of navigating through the wealth of information available to anyone wanting to start a franchise
• 30:38 The importance of exploring franchise opportunities in a non-threatening, low-pressure environment. Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Carolyn Tormey
• https://ctormey.esourcecoach.com/
• https://www.linkedin.com/in/carolyntormey

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A positive mindset can do so much not only for your day-to-day life, but also for your financial headspace. Think about pouring clean water into a dirty bucket - the more you pour, the cleaner the water gets. Tom talks about the importance of evaluating your financial situation and identifying ways to pour clean water into your personal and financial life. It's important to take full responsibility in your life because no one will do it for you. Your beliefs are what drives what you think which drives how you act. What are your actions doing for you today?

Highlights

• 00:09 Introduction to the importance of cleansing in both health and mindset
• 01:03 Analogy of filling and cleaning brain space with clean water
• 02:01 Morning practices to stay grounded and positive
• 03:45 Recognizing the small things in life as a source of gratitude
• 05:15 The need to be proactive in managing personal finances
• 07:17 Looking at areas where money is being lost, such as taxes and interest fees
• 10:01 The importance of optimizing and maximizing the efficiency of personal finances
• 11:20 Personal finance as an active sport and the need to take ownership and responsibility
• 12:04 Cleansing in all areas of life, including finances and mindset Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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In today's episode, Tom talks about the importance of a balanced environment for our finances and our lives and maximizing our resources. He talks more about creating efficiencies of our resources and using those dollars to buy back some of those resources. In life and finances, we have to play both sides - offense and defense. Tune in to hear Tom talk about how to best play both sides of the game.

Highlights

• 01:43 How the basic concepts of gaining more control and freedom of our finances can relate to a football team and its setup.
• 03:41 The defensive side of personal finance and how it is set up to protect our wealth from others
• 07:25 The offensive side of personal finance and how it focuses on growing wealth
• 09:22 The importance of protection in building wealth
• 10:15 Role of savings in building wealth and growing it consistently
• 11:21 Investing in things you know, understand, and have more control over
• 12:33 The role of special teams in personal finance and how experts can help with various aspects of it.
• 14:26 Having a balanced and well-aligned financial strategy to achieve the desired goals in life Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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Clients Adonis and Daniella join Tom today to share some of the things they have learned about personal finance and real estate investing. Working in the real estate industry, they understand the power of real estate as an investment class. Purchasing a duplex home, living on one side, and renting out the other, their tenant is helping to pay the mortgage. Being coachable and open-minded clients, they were willing to learn more about IBC and leverage it as a financing source for investments. Listen in as they share some interesting experiences to those considering real estate investing and careers.

Highlights

• 01:32 Adonis and Daniella discuss their background in the real estate industry, both working in leadership positions at their company and owning a two-family home.
• 03:41 Their experiences learning about personal finance growing up and finding better financial education through their jobs at Keller Williams
• 09:30 The journey toward finding and purchasing their ideal multi-family property after exploring different options together
• 15:19 Their experience as landlords and the importance of thoroughly screening potential tenants before renting out their property
• 16:21 Satisfaction with their multi-family property investment and the financial benefits they have seen from the venture
• 18:15 The importance of thinking long-term when it comes to financial planning and investing 19:30 Plans to acquire more properties to generate more profit for their future endeavors
• 20:44 The importance of estate planning and having strong financial knowledge to avoid stressful situations like probate court
• 23:16 Adopting the Infinite Banking concept and using whole life insurance policies as a means to store and grow their cash
• 27:37 How a small inheritance from was used to start a whole life insurance policy Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Adonis & Daniella Chamble
• https://adonis.kw.com/
• [email protected]

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In this episode, Tom shares his thoughts on the Netflix documentary "Get Smart with Money." This documentary talks about the basic fundamentals on personal finance but still focuses on the cookie cutter type of finance rather than thinking outside the box to create financial freedom and control most desire. Listen in to hear Tom talk through the positives and negatives of conditional thinking around finance.

Highlights

• 00:47 The importance of continuous learning, avoiding "arrivals syndrome," and the effect of financial anxiety
• 01:14 The lack of financial literacy in our school systems and the prevalence of financial anxiety among adults
• 02:37 Impact of financial stress on other aspects of life
• 07:20 Importance of investing in things you understand and have control over.
• 10:41 The second case study of a young family working towards financial independence and early retirement
• 11:48 Discussing the FIRE movement (Financially Independent, Retire Early) and the importance of producing value throughout life
• 14:37 The third case study about a young couple struggling with credit card and student loan debt
• 18:15 Case study of a young woman in the service industry, not feeling fulfilled, and relating her situation to financial aspects
• 18:55 Exploring alternative ways to build wealth aligned with passions
• 20:06 Creating cash flow and saving money by investing in your own business and expertise
• 21:17 The emotional pull of not having financial direction and the young woman's process of building a successful life and business. Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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Society has come to rely on the government more than ever for benefits, security, financing, etc. Tom and lawyer Alessandra Messineo Long discuss how security has reduced the freedoms we have in life. Think about taxes - they come in so many shapes and sizes. When it comes to Protection vs. Wealth Accumulation, most people want to focus on the latter, but how do you protect them when you obtain them? Tom and Alessandra further discuss Estate Planning (taxation and legacy and the various aspects of an estate plan that can be leveraged while living making it easier/more efficient to pass to the next generation. Tune in to learn the importance of protecting assets now and for legacy planning. How can you protect your assets so your family can keep more for generations to come?

Highlights

• 01:05 - Alessandra explains the importance of putting one's affairs in order, even when it might be an uncomfortable topic.
• 06:50 - The importance of having a will and other legal documents in place for individuals over 18, especially those with assets or children.
• 10:52 - Discussion about guardianship for minor children in case something happens to the parents.
• 13:34 - The benefits of setting up a living trust or revocable trust to manage assets efficiently and avoid lengthy probate processes.
• 16:47 - The advantages of starting estate planning early and building it over time to prepare for the inevitable and ensure wealth transfer to family members swiftly and efficiently.
• 18:07 - Alessandra discusses the benefits of having a revocable trust and a durable power of attorney, which can manage assets and make decisions in case of incapacitation.
• 18:51 - The importance of estate planning as a gift to one's family to simplify the transfer of wealth and reduce fees, legal costs, and taxes.
• 19:39 - Discussion on the potential for changes in estate tax exemptions and the use of various documents and trusts to transfer wealth efficiently.
• 20:08 - The use of life insurance to transfer wealth to the next generation, both term and whole life policies, and the benefits of irrevocable life insurance trusts.
• 24:58 - Communication with family and advisors is essential for effective estate planning, discussing assets, beneficiaries, and making sure everyone knows where everything is.
• 27:05 - Preparing heirs for the wealth transfer is just as important as preparing the wealth itself, having open discussions about assets and wishes helps to ensure a smooth transition.
• 28:14 - Alessandra emphasizes checking beneficiaries on all assets and prioritizing estate planning as minors turn 18 to protect their interests in the future. Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Alessandra Messineo Long
• https://amlonglaw.com/

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How to Listen: Subscribe on Youtube Listen on Spotify