Wealth Talks

Many budget systems give you a good feeling as you start, but cannot produce the sustainable results you need to build real prosperity. As an example take Senator & Presidential candidate Elizabeth Warren's book which recommends a 50-20-30 budget system.

This budget system reminds you of a typical government budget when you realize that only 50% of your income is allocated to necessities that require 60% of an average American household income. Oops!

Maybe you could fit necessities into 50% of your income, especially if your income is above average, but this is not a great plan for keeping more of the money you make OR building prosperity.

Better start with something you know will be sustainable and a plan to NOT lose the money you save. Try the 10-20-70 system and make sure you "pay yourself first". This system has been around for a long time. You know it will be sustainable and if you can save more than 10% (or 30%) of your income, all the better.

Resources:

See how the 10-20-70 Budget System Works + Get the Worksheets Free

Special guest Dustin Mathews from WealthFit has seen people MAKE a lot of money in the Speaking & Marketing world, but KEEPING that money is another story - they usually don't. Yes, there are shooting stars that burn brightly for awhile and they burnout too.

It's good to ask yourself, from time to time, whether you want to stay on the path you're traveling or if, like Dustin was, you're addicted to the search for a BIG payday that never comes. Don't simply follow a primrose path to the detriment of real wealth in your life. Make sure you create sustainable results for yourself and your family.

Dustin has repurposed his life to make more time for family and the things that really matter. And he hasn't neglected Money either because money is an important part of Wealth.

Hear how Dustin has used his whole life policy + a lesson he learned that could save you money on your next vehicle purchase.

Resources:

Get your cabin on the Wealth Cruise: Cruise Information here or call 702-660-7000

Get the McFie's WealthFit courses here:

Wealth That Lasts - Dr. Tom McFie

Getting Out of Debt - Michele and John McFie

Note: When you get these courses there is an optional upgrade to access ALL courses on the WealthFit platform. If you try that, but decide not to continue after the free trial be sure to check that it doesn't renew automatically anyway. This seems to be a technical problem which the WealthFit team is still working through.

Disclaimer: Life Benefits does not recommend or endorse any other WealthFit courses, content or strategies.

Compounding is wonderful when it's working continuously for you - and not so wonderful when large losses interrupt the process. But you don't have to lose money if you don't gamble with risk. ♠️

You can't always trust what people tell you to do with your money, but you can watch what wise people are doing with their OWN money. Warren Buffet says to be "Fearful when others are greedy and greedy when others are fearful." Stock-piling cash when other people are greedily chasing the market, can be a great strategy; then instead of gambling with risk you can take more calculated risk (if & when you wish) and you can secure a compounding foundation of guarantees.

Start with guarantees and you can build a financial portfolio with both guarantees and results from calculated risk. Start by gambling with risk and you will never see the full potential of guarantees in your portfolio.

Disclaimer: Life Benefits its agents, and representatives are not authorized to give investment, legal or tax advice.

Few people in the world can define and highlight, social paradigms so clearly as Krish Dhanam, your special guest on this show. Krish is entertaining as he brings a wealth a knowledge and understanding of multiple world views, into wonderful perspective so you can apply the lessons in real life.

You might be thinking: "Why are you talking anthropology on a Wealth podcast?" Because, Popularity ≠ Truth and the popular definition of truth as something relative, is a social issue of our time, with far-reaching reverberations; absolutely affecting your wealth and prosperity.

Creating wealth requires you to connect with people. When you connect with people it's important to find common ground where you can agree upon certain absolute truths in order to work together effectively. When you understand different world views and how people are thinking, you'll be able to make more quality connections. Some people do this instinctively. When you understand the process consciously, it is empowering and exciting.

Resources:

Wealth Cruise October 19-26th in the Eastern Caribbean

Strife over money is the #1 reason couples bring up as they file for divorce in America. The amount of money involved doesn't seem to be a significant issue, nor how money is saved or what is purchased, but rather how one spouse (or both) makes the other FEEL about money.

You see, blaming money is an easy way out. Communication around money is often the key problem, and this requires both spouses to take responsibility for at least part of the problem. Good News! A communication problem can likely be resolved so the differences you do have (and will have) about money will seem trivial in the end.

On this show you will hear ideas for communicating with your spouse about money matters. You'll hear why you should NOT try to "change your spouse" or share everything "equally" and why the His/Her money option is not a good way to cope with a problem.

Even if you're not married, the material in this show can help you become a better communicator and to get along better with more people.

Do you have a marriage with successful communication around money? Please share your thoughts in the comments below or write in to [email protected]

Resources:

Wealth Cruise October 19-26th in the Eastern Caribbean: https://www.eventbrite.com/e/7-day-wealth-cruise-seminar-tickets-56010515961

Truth has been so distorted, and redefined in our world that it's easy to wonder if there really is absolute "truth" anymore. Experts tell people to embrace a new world 🌎 where everything is "relative" to everything else - a world where Opinion trumps Fact and nothing is totally certain.

This is a corrupt idea with dangerous consequence for your prosperity and wellbeing. The issue is politically charged too with far-reaching effects into education, interpretation of history, nationality, and a redefinition of family and individual rights. These elements are ALL important if you want to realize full prosperity and financial wealth in your life.

The financial world is no exception: Average and Actual Rates of Return are confused and promoted along with a myriads of assumptions and sleight of hand reporting practices which lead to outright guessing and fabrication around most financial projections.

Remember to pause and think through information before choosing your position. This isn't a simple feel-good choice, like which sports team will be your favorite - this is about your wealth, prosperity and the world you want your children and grandchildren to live in.

Resources:

"The Dress" - Is it White and Gold or Blue and Black?: https://en.wikipedia.org/wiki/The_dress

In the 1970's DMSO was very popular with athletes🏃🏽‍♂️but you had to go to the vacuum store to get it. Where is DMSO today? What about other Fad remedies that come and go?

You can see a similar pattern in the Financial World too. Fads come and go, the Guarantees stick around through thick and thin. Some fads are harmless, but many times the smartest thing you do with a Fad is - avoid it. Just because "everybody is doing it" doesn't mean that automatically becomes a good thing to do. Processionary caterpillars provide a great example on how this habit can be fatal.

When it comes to your money, don't let an overnight fad burn out, taking your life savings along with it. Always make a point to look deeper than the superficial excitement around any proposition.

Resources:

Order Doctoring Data by Dr. Malcom Kendrick on Amazon.com:

https://www.amazon.com/gp/product/1907797467/ref=as_li_qf_asin_il_tl?ie=UTF8&tag=lifebenefit09-20&creative=9325&linkCode=as2&creativeASIN=1907797467&linkId=abd39d49d531ff6552edeebead064532

Black Swan Video Summary by John McFie: https://www.youtube.com/watch?v=5K74rH0OriI

Life Insurance, Index Funds, Mutual Funds, Low Fees, Lower Fees, - hey even Negative Fees now! 💫 Risk, Risk Management, Risk tolerance... how in the world do you know what to do, let alone know how the results will turn out?

Only by building on a foundation of Guarantees can you navigate the financial world with any sort of confidence. No mortal can tell you exactly how the future will turn out. Accept this truth and protect yourself from volatility, then take a cue from 🍔 Burger King and 🍟 McDonalds, and you'll be able to bypass most financial advice (and shenanigans) no problem.

Truth can be tricky to search out; it is very simple and logical when you find it. Manage your own money and this can mean lots of extra $ that stay in your pocket rather than subsidizing superfluous money managers.

In this episode:

Life Insurance Companies are updating their products for the latest 2017 CSO Mortality tables (CSO = Commissioners Standard Ordinary). The previous major CSO tables were assembled in 2001. There are some changes that will affect new policy values because people are living longer now. Listen to hear what these changes mean for you.

Special history on the Apollo 11 astronauts! (timecode: 4min 37sec) 🚀 As we celebrate their achievement with the Moon landing 🌙 and their safe return to earth 🌎 50 years ago this week, it's a great time to reflect on how the astronauts planned for their families just-in-case they did not make it home alive.

These 3 heroes could not qualify for Life Insurance, but they did have the brilliant values to protect their families before they left on the dangerous and historic trip to the Moon.

Deferral has been called "magic" 🎩 in the financial world. Deferral can help you accumulate more money, but will it actually provide you more money to use? This is a gamble on where tax rates could go and how the market might perform.

Where are taxes going in the Future? Listen for what you should consider before jumping on the Tax Deferral bandwagon. Just because "everyone is doing it" doesn't automatically make deferring your taxes the best thing to do.

Right now, Congress is contemplating changes to deferral/distribution rules such as the "SECURE" Act which has passed the House of Representatives and sits in the Senate. If you have deferred taxes over your lifetime, it's worth considering the possible outcomes while there's still time to make some changes before you actually need the money.

Don't gamble with your with your financial future! Make sure you have a guaranteed foundation of at least some money you can access tax-free. This gives you better options for your Passive Income and providing a legacy.

Resources:

The Big Bank Bailout - Forbes.com Article

Come on the Wealth Cruise October 2019 - Link