Wealth Talks

You've heard of income-based repayment aka income-driven repayment plans for student loans. Do they apply to you? How do you know what income driven plan is best for you? What about the tax liability when the loan is forgiven? Is it really worth jumping through all the recertification hoops? Will you have to limit your service potential to keep your income low enough to qualify?

Or could there be a strategy for you that ties it all together and gives you a better deal?

Maybe you can save enough cashflow over the next 20-25 years to take care of the tax liability with no problem. Maybe you can turn your debt into an asset and actually have "money saved" to show for your effort when everything is done. There is a strategy and this show will help you discover what you need to know.

Resources: https://forms.gle/bc9x5cHh4Rpf5tkNA

From the story of the Tower of Babel in Genesis, through Greek Culture, even through the Dark Ages, and now through modern day Marxism in America, humans often think it is wrong to be wealthy. They think it might be better to redistribute the wealth. Maybe everyone could enjoy prosperity equally and fairly - it sounds really nice.

But life isn't equal or fair, so what's the best solution? Today you'll hear some history around the idea of Wealth Redistribution and the different forms it assumes throughout history. This discussion makes several references to the Bible.

Basically you can choose from 3 systems:

• Socialist/Communist system = Direct Redistribution by government
• Capitalist system = Redistribution through markets, services and charity
• Neo-Capitalist or "Crony" Capitalist = Redistribution through manipulated markets

Consider how these three systems distribute and redistribute wealth and then you'll be able to make better sense of the wealth in your life to manage it wisely.

Resource links: https://www.life-benefits.com/podcasts/wealth-redistribution-where-the-idea-came-from-and-what-it-means-for-you/

Did you know, that a withdrawal from any type of Universal life insurance policy, is substantially different than a withdrawal from a Whole life insurance policy? Policy loans may also affect universal life insurance and whole life insurance products differently. On this show you'll hear what you need to know about policy loans and withdrawals.

It doesn't matter whether a universal product is called Indexed Universal Life (tied to a market index), Variable Universal Life (tied to various stock accounts), or plain Universal Life (usually tied to an interest rate).

Withdrawals from any type of life insurance policy can easily be taxable. Loans are usually not taxable but can become taxable if you borrow too much and cannot pay the interest. Don't lose money. Discover what you need to know to keep more of the money you make.

You will also hear guidelines on when it makes sense to take a policy loan and when it makes sense to use other money.

Call Life Benefits for specific guidance 702-660-7000

Conversation with Krish Dhanam and Dr. John Bergman highlighting some of the wonderful experiences and content from the 2019 Wealth Cruise.🚢

From financial wealth building to world views and knowledge for cultivating physical health and well-being, this cruise reflects a recognition that humans are tridimensional in nature with Mental, Physical and Spiritual aspects. To achieve real and sustainable wealth you have to become successful in all 3 dimensions.

Mentally you can design a strategy to create financial wealth and exercise discipline to follow your plans and make important adjustments along the way.

Physically you want to recognize when your body is stressed and how that could affect your ability to perform and experience life at your full potential.

Fundamental world views (aka spiritual beliefs) affect your work ethic, and give you the dignity to serve and do the things you need to do in the other two dimensions.

Ultimately you want to grow in a balanced way. Krish Dhanam explains the wheel of life and how this can help you develop a large "wheel" in a balanced way without getting side tracked by circular logic or passing emotional desires.

Resources:

Zig Ziglar's Wheel of Life - How does Your Life Measure? >>>>

Subscribe to Life Benefits for info on the Next Wealth Cruise

🗓 Open Enrollment for Health Insurance starts Friday November 1st running through December 15th 2019. Special guest Jack Hooper from Take Command Health shares 2 new HRAs available for businesses in 2020 - ICHRA and EBHRA in addition to QSEHRA from 2017.

Acronym Definitions:

ICHRA = Individual Coverage Health Reimbursement Arrangement

EBHRA = Excepted Benefits Health Reimbursement Arrangement

QSEHRA = Qualified Small Employer Health Reimbursement Arrangement

These HRAs can add more options and flexibility for employers and employees searching for the best health coverage and benefits.

Business Owners in any of the 50 states can choose from a couple types of HRAs to eliminate the hassles of trying to choose the best group health plan, and deal with premium increases. You can also outsource the on-boarding, compliance and reporting to make an HRA the obvious simple solution for your business health benefits program.

Shopping for individual coverage? Use the Take Command Health system to find the best health insurance options across ___ states.

And if you're an employee who's not entirely happy with your employer offered group health plan, you may want to take this information to your employer and encourage them to implement an HRA that could give you better options in 2020.

Resources:

For more information on shopping for Individual and Family Health Insurance Coverage see:

How to Save Money on your Health Insurance - 2018 podcast with Jack Hooper

and

Comparison of Heathcare Sharing Options - Podcast

🗞Everything you need to know, and probably more than you'll ever need to know, about Indexed Universal Life Insurance (IUL). Universal Life Insurance has been promoted since the 1970's. IUL insurance is even more recent, but still based on the same idea of buying term insurance and investing the difference.

If you like risk, fees, a possibility of greater gain when the market goes up (never when it goes down), an ever increasing cost of insurance, and a thick contract that obviously protects the insurance company over the policy owner…you might want IUL.

Yes, we're biased toward good traditional Whole Life insurance, and you'll understand why as you listen. Complexity is not your friend when it comes to IUL.

Resources:

If you already have an IUL policy contact Life Benefits for a review: 702-660-7000

How Indexed Universal Life Insurance Works: https://www.life-benefits.com/how-indexed-universal-life-insurance-works-iul/

19 out of 20 Americans with a 401(k) are paying fees of some sort whether they know it or not. 😰 Even if the account, or advisor, does not charge a management fee, there are usually fees hidden in various ways.

If you know these fees are present you can figure out how to deal with them, overcome, or avoid them strategically. Just don't be a sucker and think you have no fees until it's too late to recover the money you lose.

If you're going to invest, be aware of expense ratios, transaction fees, and front-end or back-end fees. There can even be custodial or accounting fees. Not all of these fees are easy to track down especially when they are pre-packaged within various investments or funds so you simply see a net return.

Even when you just have money in a bank there are possible fees so it pays to be vigilant and strategic about how you save money and where you save your money.

Best known as a billionaire tycoon and a hostile corporate takeover entrepreneur, T. Boone Pickens was an amazing person with great financial sense.

But in 2008 one of his ideas crashed. Pickens had helped Oklahoma State University buy life insurance through Premium Financing. After the 2008 crash T. Boone Pickens stepped in personally to bailout OSU and they still lost the life insurance.

Today you'll see a lot of people encouraging premium financing on the internet or in seminars. Unless you have deep pockets or a rich benefactor like T. Boone Pickens it's much better to stick with a "comfortable and affordable" strategy for funding your life insurance assets. If Premium Financing was a wildcard for T. Boone Pickens, what makes you think it could be different for you?

Resources:

Premium Financed Life Insurance: A Risky Endeavor

Today is #InternationalPodcastDay! And we have a winner for the Beats Solo3 Wireless headphones - announced during this show.

Thank you for participating in the WealthTalks celebration sharing your favorite podcast shows!

And some of you went above and beyond sharing more on how you use your policies + asking questions for the WealthTalks show and leaving reviews on iTunes & Stitcher. We appreciate you!

Hear an answer to 4 of the many great questions you asked through the celebration entries:

1. How do you decide when to take a policy loan or when to use outside money?

2. At what point do you become maxed out on your life insurance coverage?

3. How can this concept be integrated with real estate and business cash flow strategies?

4. What is the fastest way to pay down debt?

Resources:

How Life Insurance Works - Human Life Value Calculation

How do you maximize growth in your policies (and outside your policies) with strategies like the Infinite Banking, Bank On Yourself or The Perpetual Wealth Code™?

This can depend partly on how your policies are designed. If you have a policy that is "maxed out" under the Modified Endowment Contract rules you might not be able to maximize the policy much more. What then?

When your policy growth and guarantees are maximized it's time to look to your money management for the optimal growth opportunities. Listen for details on the balance to make this all work for you so you can stop losing money and keep more of the money you make.

Celebrate #InternationalPodcastDay this week by sharing your Favorite Podcast Shows and entering to win a set a Beats Headphones on September 30th:

Enter to Win here - #InternationalPodcastDay