The Money Advantage Podcast

It can often seem that there’s a tradeoff between money and relationships, that you get one only at the expense of the other. But if you want to succeed in both critical life categories—you want thriving relationships you feel great about, and to live at the peak of your financial performance, you need wisdom that’s greater than both to get there. Today, we’re talking with Rabbi Daniel Lapin, author of Business Secrets from the Bible, Thou Shall Prosper: Ten Commandments for Making Money, and The Holistic You.   https://www.youtube.com/watch?v=2BUWOoOmKFo We’ll discuss why you need a holistic view of your financial performance, and how it relates to your family, friendships, and other relationships. This is ancient Jewish wisdom and Jewish financial principles for success in life. If you want to feel good about your money and use it to benefit your family for generations to come… tune in now! Table of contentsThe Holistic YouDebunking the “Scrooge”What is Business?Charity Requires ResourcesWhat is a Happy Warrior? Why You Need to be a WarriorFinding BalanceThe Pathology of PovertyImprove Your Relationships, Improve Your LifeRabbi Daniel LapinBook A Strategy Call The Holistic You The last time we had Rabbi Lapin as a guest, we had a fantastic time discussing Thou Shall Prosper, and the biblical wisdom of wealth. We’re delighted to welcome him back now to discuss another of his books, The Holistic You.  This book is a manual for integrating wealth, family, faith, and more—in a way that is fulfilling. Sometimes it can feel like juggling practice, so we’re excited to take a look at Rabbi Lapin’s wisdom in finding balance.  Rabbi Lapin came into this field because he found himself speaking to largely Christian audiences and was frequently asked, in earnest, why Jews seem to be disproportionately good with money. Without taking offense, he realized that it was a question worth pondering, and so he began to look for answers within scripture.  Debunking the “Scrooge” [11:23] “[Business] is one of the only areas of activity where doing well is a function of being good. And this is a very hard thing for people to hear because they love the idea of Scrooge—the horrible, selfish, [inaudible] millionaire.” In business, reputation is actually one of the most important aspects. Because those with poor reputations don’t last long in business. So the idea of the curmudgeonly Scrooge is a fantasy. In reality, businessmen strive to have good relationships, because what happens when a reputation goes south? Investors pull out, and money flows away from the company.  You can be an actor or a tennis player with great skill and manage to find success with a bad reputation. Business cannot be the same.  What is Business? [15:20] “Business is just a technical term for people being nice to each other… Whether you like it or not, we happen to live in a world where... we are incentivized to be nice to other people with an incredible blessing called financial abundance... Business is becoming as useful as you can, to as many other people as possible. What could be more beautiful?”  Rabbi Lapin continues by saying that this is something that God smiles upon, because “Our Father in heaven is not so different from our fathers on earth.” In other words—all fathers prefer when their children get along.  However, some believe that because business owners are making money by doing so, it morally discredits the entire process. To that, Rabbi Lapin shares the story of a woman he knows, who battled cancer and survived. And to her, it was important that she find a wig that was comfortable and natural-looking so that she could restore a sense of normalcy to her daily life.  She searched high and low for the perfect wig, and once she had found one, began importing them. Then, she returned to her cancer treatment center and proposed a setup to help patients find a wig that suited them,

Are you already a few years into your first IBC policy, and you’ve experienced the power of storing cash in a policy? Maybe now, you want to store more cash. Is it time to start another policy? Should you insure yourself, your spouse, kids, or grandkids? Why? How does it work when you build a system of policies? Should you even have life insurance for children? https://www.youtube.com/watch?v=sKq1QNKZnUc Today, we’re continuing the conversation in our series about how to take your Infinite Banking to the next level. Last time, we dug into how to maximize your current Infinite Banking Policy. We’ll talk about private family banking and insuring other family members, like spouses, kids, and grandkids. In our third and final part, we’ll talk about managing multiple policies. So if you want to hear about what to do after your first whole life insurance policy is performing well… tune in now! Table of contentsLife Insurance Isn’t Just About DeathHow to Reframe Your Insurance MindsetBuilding a Portfolio of PoliciesWhat is the Benefit of Insuring Yourself First?Order of InsuranceAre You Insurable?Should You Have Life Insurance for Children?How to Insure Your GrandchildrenFind Your Human Life ValueBook A Strategy Call Life Insurance Isn’t Just About Death We hear it all the time—“I don’t want to think about death.” This can be especially true when life insurance for children enters the discussion. However, life insurance isn’t just about death. When used correctly, it can provide liquidity and certainty... and peace of mind. It might also surprise you to learn that cash value life insurance is useful in teaching children good money habits. This is a key in family banking strategies and building generational wealth.  If you’re skeptical, we understand—and that’s exactly why we’re going to be digging into the topic today.  How to Reframe Your Insurance Mindset Today, most financial planning involves saving for a future goal—retirement, college, etc. In turn, this often means locking money up in qualified plans like a 401k or 529 plan, where it’s inaccessible for long periods of time. While saving is better than the alternative, the problem is that these accounts offer little flexibility. And what is life if not an exercise in flexibility?  After all, things happen all the time that we cannot predict—unexpected medical expenses, job loss, and economic crises, as well as investment opportunities, extra vacation time, and more. But what happens when you don’t have the capital? Unfortunately, you have to make sacrifices or pass up on rare opportunities.  Cash-value life insurance—and in particular, infinite banking strategies—offers a solution. It gives individuals and families a way to save money without locking those dollars away. The cash value component is liquid and out-earns typical savings accounts. And, you can use the money at any time, for any reason. This means that you can cover unexpected emergencies and opportunities.  Yes, there’s a death benefit, but there are living benefits too. And while thinking about death can cause a lot of emotions to bubble to the surface, it’s an event none of us can avoid. Thinking about it as a logical protection mechanism, rather than an omen, can help you combat any misgivings. And in the long run, you’ll have financially prepared your loved ones for what will be a difficult time.  Building a Portfolio of Policies Over the course of your life, you’ll likely be entitled to more insurance. In the first part of our IBC 201 discussion, we talked about the importance of insuring up to your Human Life Value. This will change over the course of your life. The tricky part of building an IBC portfolio is knowing who to insure, at what time, and in what order. If‌ ‌you’re‌ ‌considering‌ ‌another‌ ‌life‌ ‌insurance‌ ‌policy,‌ ‌you‌ ‌can‌ ‌own‌ ‌a‌ ‌policy‌ ‌on‌ ‌someone‌ ‌other‌ ‌than‌ ‌yourself.‌ ‌This‌ ‌means‌ ‌that‌ ‌while‌ ‌you‌ ‌may‌ ‌make‌ ‌the‌ ‌...

Want to scale your real estate investing business, and make more money? Today, we’re talking with Gary Boomershine, CEO of RealEstateInvestor.com, who has created software to grow your real estate business, services to scale your income, and coaching to help you achieve the freedom you deserve. https://www.youtube.com/watch?v=A6rN8gE4MrU If you’re an investor or business owner who wants to create the life you envision … tune in now! Table of contentsThe Three “Buckets” of Real Estate InvestingBeing Self-Employed vs. Being a Business OwnerKnowing Your WhyThe Power of Passive IncomeLeverage Money AND TimeReal Estate CyclesScaling Your Real Estate Investing Business with Infinite BankingAbout Gary BoomershineBook A Strategy Call [4:10] “Every professional athlete, every musician, everyone has a coach...even Google.” If you are going to start a business, why wouldn’t you have a coach as well? Gary Boomershine started in the industry doing a dozen different things. It wasn’t until he had a coach that he learned to exit the rat race.  [8:50] “In real estate, the key is being able to find the deal...And right now in real estate, it’s really hard to go find the deals.” This is part of how RealEstateInvestor.com got its start—as a tool to find off-market deals.  [9:22] “As an entrepreneur, and building a business, every business needs a CEO. And if you’re a CEO doing ten dollar an hour work, you’re going to have a ten dollar bank account. So as a CEO, you’ve got to actually run the business as a CEO.” The role of the CEO, as Gary defines it, is to create leverage. A CEO leverages other people’s money and other people’s time. That way the CEO can do more, without doing everything alone. Otherwise, you run the risk of a JOB, which Gary defines as “just over broke.” The Three “Buckets” of Real Estate Investing [11”10] “There’s three main buckets people should be thinking about in real estate. There’s cash now, cash flow, and cash later.” The “cash now” category is what Gary Boomershine distinguishes as real estate operators, rather than real estate investors. These are the people who do wholesale deals or fix-and-flips. In other words, they buy low-value properties, make improvements, and sell them. They’re investing for a one-time transaction—so if they stop doing what they’re doing, they stop making money.  Then, there’s cash flow, which is a monthly stream of income. The most common cash flow real estate investment is rental property. The investor buys the property and rents it out, and that monthly rent pays the mortgage and creates income for the investor. Private lending is another cash-flowing real estate deal.  Then, there’s the cash later category. This type of income typically comes from inflation or appreciation, as well as equity. To truly scale your real estate investing business, all three components are needed--though passive income is the key to unlocking wealth. Being Self-Employed vs. Being a Business Owner Robert Kiyosaki’s cash flow quadrant is the process of moving from having a job to being an investor. And as Gery Boomershine puts it, real estate operators are in the “self-employed quadrant.” They’re in a space that has more freedom than being an employee, yet are still trading time for money. RealEstateInvestor.com is designed for these operators, to help move them into the business owner quadrant, and finally the investor quadrant.  [17:30] “Everybody gets in [to real estate] and they’re like—How do I do a rehab? How do I wholesale a property and make some money?...No, what you want to do is stand back and say, what do you want? What do you want for your life, right?... Because at the end of the day, we’re looking for financial freedom and a life of time. The most valuable commodity is not the money, it’s the time.” Knowing Your Why The solution to this problem of “how,” is by defining your “why.” Why are you in the game,

Do you already have your first IBC policy, and want to take it to the next level? Maybe you’re a few years in and you’ve seen and experienced the power of storing cash in a policy. You’re earning interest and dividends, have exceptional compounding power and guaranteed access to use your money, and you’re watching the death benefit increase. https://www.youtube.com/watch?v=WfEVjNWZZ6g Now you want to store more cash. Is it time to start another policy? Should you insure yourself, your spouse, kids, grandkids? Why? How does it work when you start building a system of policies? We’re starting a series for those who are already IBC owners and wanting to take their policy to the next level.  Today, we’re digging into how to amplify your Infinite Banking Policy. Next, we’ll talk about insuring other family members, like spouses, kids, and grandkids. Then, we’ll talk about managing multiple policies. So if you want to hear about what to do after your whole life insurance policy is already working to continue to grow and accelerate its potency… tune in now! Table of contentsWays to Maximize Your IBC PolicyCatch Up On Any Missed PUAsTake and Repay Policy LoansWhen Should You Add Another Life Insurance Policy?What is Human Life Value?Term, Whole Life, and HLVThe Power of Dividends in IBCIBC Best Practices for Family BankingBook A Strategy Call Ways to Maximize Your IBC Policy A common misconception of Infinite Banking is that when you pay back a policy loan, you’re paying yourself interest. This isn’t exactly true, however. When you pay back a policy loan, any interest you pay is to the insurance company. What Nelson Nash talks about in his book is making payments beyond the interest, which can help make your policy more efficient.  The most efficient way to maximize your policy has a lot to do with your Paid-Up Additions. The PUA rider allows you to make extra premium payments in the early years of your policy so that your policy grows faster. If you’re maximizing your PUAs, you’re supercharging the savings component of your policy. In the early stages of your policy, it’s crucial to maximize your PUAs for as many years as you’re able. That’s because, in the early years, you have more certainty. So you’re creating more room for the future when you may not be able to maximize those PUAs.  Catch Up On Any Missed PUAs If you’re in a position where you were unable to maximize your PUAs one year, you have some time to catch up on those payments. Different companies offer different time limits for how far back you can “catch up.” So if you didn’t fund your policy as much as you could have, you have more room to pay those PUAs. Catching up will allow you to maximize your policy after lean years.  It’s also important to note that the catch-up provision has some limitations. For example, the amount of premium you’re allowed to catch up each year is based on the average of what you’ve contributed the previous 7 years. This ensures that the insurance company stays viable—which is good for you and all policyholders.  Take and Repay Policy Loans Another way to maximize your IBC policy is to be a good steward of your policy loans. If you’re a few years into your life insurance policy, there’s a good chance you’ve utilized your loan provision. Maybe you’re even using it to create cash flow. That’s a great sign that you’re on the right track.  The next step in maximizing the effects of your policy is to pay back those loans. Your loan payments may not be scheduled, yet paying back your loans frees up more of your cash value to be used again. This is the true power of an IBC policy.  In a way, it’s like a line of credit, where you pay down your balance to free up money for new opportunities. And have no liquidity fears—the second your payment clears, that same amount of capital is free for you to use again. When Should You Add Another Life Insurance Policy?

Today, we’re talking with Mike Kitko; author, speaker, coach who helps you lead powerfully, love selflessly, profit shamelessly, and play recklessly. If you’re an elite business owner who wants to break through to success and live soul out… tune in now! https://www.youtube.com/watch?v=F9Bo-zzgpts Table of contentsWorking in Your Zone of GeniusBreakthrough to Success and HappinessMike's Personal Breakthrough to SuccessHow Do You Own Your Zone of Genius?Solving the Money MindsetThe Breakthrough to Success Begins with Real LeadershipMike Kitko’s Prosperity PrinciplesGet in Touch with Mike KitkoAbout Mike KitkoBook A Strategy Call Does success have to be hard? Mike Kitko argues that the breakthrough to success doesn’t have to be! You can make it simple, and today we’re talking about how to simplify your journey to success. It starts with letting go. [1:48] “For 43 years, I made everything in my life as hard as I possibly could because I was taught...that if it’s not hard, it’s not valuable. And if it’s easy, then you’re missing the point.” Working in Your Zone of Genius Your “zone of genius” as defined by Gay Hendricks, author of The Big Leap, is the space where you rely on your innate abilities. Many people call this “purpose,” and when you’re working within this zone, as Mike says, life is easy. This is where the magic happens, energy is limitless, and synchronicities occur. And yet, because we're conditioned to believe that success is hard, we distrust ourselves when we're in that zone. We are trained to think we have to work hard to be worthy. And it’s the exact opposite of what we should be striving for. Mike breaks down the steps for working in your zone of genius in this way: Find and understand your purpose Create a vision for your life that reflects what you want to experience Understand your desires and know that new ones will always surface Get into your flow in your zone of genius Act from within your zone of genius [5:50] “Life doesn’t have to be hard. I have too much fun having joy and success and happiness and wealth the easy way. My wife termed them grind gurus and hustle whores. Let all those guys teach everybody... I’m looking for the path of least resistance.” [13:40] “When you’re in your zone of genius, it’s like time stops and things happen for you and because of you.” Breakthrough to Success and Happiness [6:45] “I think the mind has a problem with happiness. The mind creates problems where they don’t exist... We don’t understand what’s happening [in our mind], and we don’t understand how to discipline this, and we don’t understand how to eat the fruit and spit out the seeds... We don’t understand that we can let the thoughts go—the ones that don’t serve, that create struggle, that create stress out of joy and happiness. When we can let them go, we don’t have to follow them into a problem-solving space. You don’t have to solve problems that don’t exist.” The average human has 6,200 thoughts per day, and we spend so much of our mental energy on our problems. What would happen if you identified the problems that don’t exist and let them go? When we allow our thoughts to have control and run rampant, we drain our mental energy. The breakthrough to success occurs when we can let go of thoughts that don't serve us, or take us down a rabbit hole of worry and doubt. Mike's Personal Breakthrough to Success In 2016, Mike Kitko was fired from his second executive level position in 20 months. And it was an easy climb to the top, even though he “made it hard” for himself. And he admits that he was fired because he himself was toxic at the time.  [10:10] “The struggle that I felt inside, and the pain that I felt inside, I wanted everyone else to experience it too. We see in the world what we feel...We experience the world from our internal lens. When we expect life to be hard, or we expect life to be painful,

Want to use your Infinite Banking policy, but wish you understand the nuts and bolts of how Infinite Banking loan interest works first? Today, we’re answering a question from our wonderful community of listeners: https://www.youtube.com/watch?v=iFSgJlrjL4U What’s the policy loan if I wanted to borrow 1K? Are there any interest rates?—Riley Nelson So if you want to learn exactly how interest works on life insurance policy loans… tune in now! Table of contentsWhat is IBC?The Power of LeverageDo Life Insurance Companies Charge Interest on Policy Loans?Why Compounding Interest Matters Fixed vs. Variable InterestThe Nuances of Variable Interest RatesHow Companies Charge InterestBook A Strategy Call What is IBC? A friend of ours, James Neathery, often says, “If you understand the concepts, the details don’t matter, and if you don’t understand the concepts, then the details don’t matter.”  Ultimately, what he’s saying is that you must ultimately understand the big picture of how and why IBC (Infinite Banking Concept) does what it does. Without that conceptual understanding, the rest doesn’t matter. And so, we’re first going to look at infinite banking or privatized banking on a conceptual level, so that we can get into the weeds. Infinite banking is an alternative banking position. As we know, banks pay you interest, and they charge you interest. Life insurance companies work the same way. If you have a whole life insurance policy, the insurance carrier will pay you interest and charge you interest.  The power of “banking” with a life insurance company is in the rates, the leverage, and the level of control. To access the cash value of your life insurance, you can take a policy loan. The benefits of a private system is that you do not need permission or approval.  The Power of Leverage The reason that IBC works in a way that regular banking does not is because of the power of leverage. The rate at which insurance companies pay interest is often far greater than what the banks offer, as well as dividends. This allows for greater accumulation. Then, you can leverage that money to make it do more jobs.  This could mean taking a policy loan at 5% and investing it in real estate at an even better rate. You can then put the monthly cash flow towards the loan repayment and give your money a better rate of return in the long run. And because you’ve leveraged the insurance company’s money (using your cash value as collateral), your policy continues to accumulate interest at its maximum compounding potential.  The benefit is that you’re not JUST putting your money in a vehicle with better safety, liquidity and growth. You also have an ASSET that allows you to accumulate more assets with uninterrupted compound interest.  IBC is not magic. However, it’s a strategy you can use to make your banking more efficient and work more in your favor.  Do Life Insurance Companies Charge Interest on Policy Loans? Yes, the life insurance companies DO charge you interest. This is because you’re borrowing from the insurance company instead of taking money directly from your cash value. This means that your entire cash value can continue to compound uninterrupted.  Instead, your cash value acts as collateral. This means that your death benefit will be reduced until the loan is paid back. You aren’t borrowing your own money and paying yourself interest, which is a common misconception.  Why Compounding Interest Matters  You might wonder WHY you would want to pay interest at all, when you could just withdraw from a regular savings account. The answer is in the compounding. When you withdraw money from a bank account, there’s less money to earn interest on. As we all know, interest accumulates better on larger sums of money—1% of $1,000 is only ten dollars. On the other hand, 1% of $10,000 is a hundred dollars. At the higher balance, not only are you earning more money—you’re also earning money on TH...

Are you frustrated with the volatility, fee structure, and abstract nature of most investments? Do you feel that you’ve outgrown the status quo investing strategy and want to play a bigger game with your investing? Have you heard of alternative investments, but don’t know where to get started? Do you need investments that are built for high performers like you, who know it’s possible to increase your income today? https://www.youtube.com/watch?v=np8dmb8n8Cw Today, we’re talking with Denis Shapiro, Managing Partner of SIH Capital Group and author of The Alternative Investment Almanac: Expert Insights on Building Person Wealth in Non-Traditional Ways. So if you want to hear about how one investor in the alternative space is helping others with a simplified strategy to invest for passive income… tune in now! Table of contentsWhat IS An Accredited Investor?Denis Shapiro’s Journey to Alternative InvestmentsHaving a Portfolio with Stocks AND Alternative InvestmentsThe Importance of Building RelationshipsAn Overview of the Asset Classes A Note on Ponzi SchemesThe Give and Take of Alternative Investments Diversify Between Liquid and Illiquid Assets How to Get Involved in Accredited InvestmentsGet The Alternative Investment Almanac by Denis Shapiro About Denis ShapiroBook A Strategy Call What IS An Accredited Investor? Accredited investors have certain investment opportunities available to them that the average person does not. Namely, a number of alternative investments outside of the stock market. So how do you know if you’re an accredited investor? Accredited investor status is actually defined by your income (or Net Worth). Let’s break it down; you’re an accredited investor, as defined by the SEC, IF: You are SINGLE, and have had an income of at least $250,000 for the past two years, with the expectation to keep earning the same or greater Your are MARRIED, and have had an income of at least $300,000 for the past two years, with the expectation to keep earning the same or greater OR, if you have a Net Worth exceeding $1 million. If you’re an accredited investor, or on track to become one, you’ll want to stick around to learn more. Denis Shapiro’s Journey to Alternative Investments In high school, Denis' older brother gifted him a copy of Rich Dad, Poor Dad by Robert Kiyosaki. Yet, he was skeptical of the ideas that Kiyosaki brought forth. His key takeaway, however, was that he should start buying assets--which was a mindset his peers did not have.  So, he started with a mutual fund that didn’t do very well.  That’s when he started to look for a different way, and he experimented with different assets. He also dedicated his college career to finance, which overlapped with the housing crash. When he graduated, the job market wasn’t great, so he decided to continue his education and get his MBA. Eventually, he broke into real estate and started building a portfolio that had stocks AND alternative investments.  Having a Portfolio with Stocks AND Alternative Investments What Denis found when he had a portfolio only made of stocks, was that he couldn’t do it all. He couldn’t have appreciation and income and tax savings. In reality, though, the stock market just doesn’t work that way. You have to have a truly diversified portfolio to have everything—and that means having a portion of investments that aren’t correlated to the stock market. In other words, the performance of those investments doesn’t depend on what the stock market is doing.  The problem with stocks is that the way they perform can depend on too many external factors. Stocks can drop based on rumors, company reinvention, and so much more. Instead of picking stocks, Denis realized that his stock portfolio performed better when he went with an index fund. Yet his income from that portfolio was still lacking.  His epiphany was that in order to get the most from his index fund,

Are you on track for financial freedom? If you don’t know the answer to this question, you’re not alone.  https://www.youtube.com/watch?v=1uNyH8npUik Most people think the answer is how much more they have left before the house is paid off, how much left on the student loans, the balance of their retirement fund, the stock market’s performance, the Federal Reserve chair’s economic analysis, or interest rates.  While these things paint the landscape along the road to financial freedom, they have almost nothing to do with your progress. Really, these answers avoid the question. The problem is that you can do all the analysis and understand the market factors, possibly make a lot of money when times are good, but still have the same nagging fear that you’ll lose it all or lose control. Today, we’re speaking out about the reasons why your financial plan is failing, and why so many good people with good intentions who are doing “all the right things” are still getting derailed. It’s not interest rates, the stock market, inflation, or having selected the wrong risk tolerance. So if you want to find out exactly why you’re not where you want to be… tune in now! Table of contentsThe “Problem” with Financial Advice5 Reasons Your Financial Plan is Failing1. You're Not Taking Action2. You Haven’t Defined What Financial Freedom Means to You3. You’re Distracted4. You’re Guessing 5. You’re Making Things ComplicatedAre You Doing the Best You Can with What You Have?Book A Strategy Call Do you find yourself asking questions like: Do I have enough money?Am I managing my money correctly?Do I have enough cash flow?Will I be able to afford retirement?Can I put my children through college?Am I going to be able to grow my business the way I want to? If you are, first know that you’re not alone and that there are solutions for you. Your financial experience doesn’t have to keep you up at night, and we want to help you jump over any hurdles on your path.  We know that there are financial struggles at every income level—no matter how well someone appears to be doing from the outside. And in the same vein, there are also solutions at every income level. In today’s post, we want to address the five reasons your financial plan is failing, so that you can rectify them and get back on track to financial freedom. The “Problem” with Financial Advice Financial advice can be tricky because there are so many moving parts. You could talk with a broker and get one strategy, a CPA and get another, and a life insurance agent and get something completely different! Not to mention, when you go online and do the research yourself, you’ll read hundreds of conflicting viewpoints. It can seem like there are no right answers, or that you have to have a degree in finance or economics to really understand anything, yet that’s not true. We want to help you sift through the noise and put together something cohesive that works for you.  First things first: you don’t have to do it all or start by doing everything. Sometimes mastering one strategy, and making it your own, can make a huge difference. Find something or someone that aligns with your values, and start somewhere. 5 Reasons Your Financial Plan is Failing 1. You're Not Taking Action When it comes to your financial future, one of the best things you can do is take action. If you let fear of failure keep you in a state of inaction, you can hinder any forward momentum. It’s important to acknowledge the things you’re afraid of—like losing money—so that you can take actions that will better your odds and your current circumstances.  Because the reality is, there are too many variables outside of your control. The stock market and the economy will continue to change, even if you don’t take action. So what actions can you take to protect yourself and your finances now, so you can make riskier decisions with greater confidence? 2.

How do you create a healthy relationship with money that serves you? Today, we’re talking with Bob Wheeler, author of The Money Nerve, about how to create radical abundance. https://www.youtube.com/watch?v=YczbRpnO0E4 Bruce and I recently had the pleasure of joining Bob on his podcast, Money You Should Ask, and we just knew we had to share him with you. After all, how many CPAs do you know with a great sense of humor? We hope you’ll enjoy our delightful and humorous conversation with Bob about the feelings we have about money.  So if you want to feel good about your money… tune in now! Table of contentsThe "Money Nerve" Behind the MoneyAn "External" View of Money(There is No Finish Line)Abundance is About PerspectiveWhat is a Money Nerve?Overcoming the Money NerveAbout Bob WheelerBook A Strategy Call The "Money Nerve" Behind the Money When Bob initially became a CPA, what he found was that people continuously made money decisions that weren’t in their best interest. They would receive advice, then do the opposite. Bob himself wasn’t doing well financially and he was making seemingly simple mistakes. So he decided to do the internal work and look at his emotional motivations, so he could learn why he was seemingly “self-sabotaging.”  [4:35] “It all started to become really clear to me that we’re all working on these unconscious, emotional money beliefs and money blocks that we’ve been carrying since we were probably five, six years old. And we have to unpack that, for many of us, to go forward.”  This research has helped Bob unlearn his own emotional blocks, as well as improve his client’s views of money, and break down the stigma and money shame so prevalent in our world today. And it led to his book, The Money Nerve. An "External" View of Money Beyond shame and guilt, the way we view other people’s money needs a huge overhaul. How many times have we judged someone by their home, or their car, and placed a certain value upon that? Not only do we believe that people with more must be happier, and label things as a solution to our problems. We also believe that at a certain income level, problems will cease.  Yet this doesn’t really address the root of the problem—and that is, once again, the way we as a society feel about money. A certain income level does not define wealth, although it is easy to believe—true wealth involves what you can do with what you have.  [6:23] “Social media, and our culture, really cultivates this [idea] that you have to be successful and you are your assets, you are your accomplishments...I think what happens is, we don’t stop and take a look and say—Wait a minute. That person with that jet and that fancy mansion also has incredible debt or something. Or they inherited it, and they feel incredibly shameful, and guilty, that they’ve taken on all these assets that they don’t deserve.” Social media is an arena we use to show the best of ourselves. Most people don’t share their credit card debt or how close to bankruptcy they are on Facebook. So we can’t judge by what we see on social media. Even the person with the best life you know has carefully cultivated their online presence.  (There is No Finish Line) [9:25] “Everybody’s trying to get to the finish line. The thing is, I don’t want to get to the finish line—that’s my last breath. I want to have as much fun on the way to the finish line. For me, that’s where life exists, is on the way to the finish line. I think with athletes and these folks that can be in the moment, they’re conscious of that. I think most of us are unconsciously thinking—I gotta get there, I gotta do this, I gotta hit my mark—and so we’re unconsciously trying to get there instead of realizing... we’re here.” Abundance is About Perspective Abundance thinking is a bit of a misnomer, because so often people attach a number to abundance, and attempt to quantify it. What’s truly great about abundance thinking is that there is...

We like to ask our audience, what is your biggest challenge with building wealth, and we receive so many insightful questions. Today, we’re answering a question from Matt about how to create a balanced wealth portfolio.  https://www.youtube.com/watch?v=zZztP3WOhF4 So if you want to make sure you’re thinking through all the pieces of your financial plan and doing the best you can with your money for today and for the future, tune in now! Table of contentsAnswering a Viewer QuestionStarting with “Why”Having Cash for Emergencies and OpportunitiesMindset Matters for a Balanced Wealth PortfolioFixing Money LeaksAsset ProtectionYour Financial PictureThe Right Financial Vehicles for a Balanced Wealth PortfolioBook A Strategy Call Answering a Viewer Question We love when our audience asks questions, and we often answer them live in our recordings. However, we recently received a question from a viewer named Matt, and we thought it was a wonderful opportunity to dig into the topic more thoroughly.  Matt asked, “How [do I] create a balanced wealth portfolio that includes a mixture of short, mid- and long-term savings for now and the future?   [I’m] weighing between Backdoor Roth (for someone that has been funding a Roth for 20yrs)401k....where to stop....do you fund just to your match? Or what’s the income level where a couple loses the tax advantage of FULLY funding (I was always taught, get to a point where you can fully max for tax savings... but now I’m not sure)Independent stock investing in a basic brokerage accountWhole life Cash Flow accounts (when does it make sense to [add] this into one’s investment strategy).” If you’ve been thinking about how to do the best that you can with your money, this is the post for you.  Starting with “Why” Financial advice is not one-size-fits-all… although it’s often talked about as though it is. The reason it isn't is because everyone has a different set of goals, as well as different financial histories. That's why it is so important to understand your “why" when building a balanced wealth portfolio. What are you saving for, and why do you want to optimize your money? In other words, what is the purpose of your money? Retirement is one of the most frequent savings benchmarks, yet it’s an incomplete goal. Retirement means different things to different people. The FIRE movement seeks to “retire” at 40, but most of them only retire from a job they don’t like. They continue to work in other capacities—filming videos, writing blogs, and managing investments. The underlying reality is the importance of finding fulfilling work, and creating enough cash flow to enjoy life in the moment rather than a future date.  To other people, retirement means quitting work completely at the age of 65 or so. However, life expectancy is beyond age 100. That means that many people need to save enough money over 40 years of working to retire for another 40 years. That can be a challenging accomplishment. The answer for many is somewhere in the middle. Finding work that is fulfilling (and constantly reevaluating that fulfillment), optimizing your dollars for more freedom, having more control, and creating more opportunities. Some people may have entirely different goals. Therefore it's crucial to ask yourself—What is the purpose of your money? That purpose could be: Freedom to spend your time and money how you wantPutting your children through school or funding their passionsTravelling more now, rather than later  The clearer you get on the purpose of your money, the easier it will be to tailor your portfolio to YOUR wants and your current financial picture Having Cash for Emergencies and Opportunities When we hear concern about having short, medium, and long-term financial success, what we hear is a desire for an emergency and opportunity fund. To have cash on hand for unexpected costs like car or home repairs,