The Money Advantage Podcast

Have you heard Dave Ramsey’s opinion of Infinite Banking and Whole Life Insurance? He says it’s a scam, a joke, hogwash, horrendous, a pile of manure, old school life insurance done poorly, a jumbled word picture, you can’t cut through the BS, screwing people, and just doesn’t feel right. https://www.youtube.com/watch?v=Jnbs0iANdMU Today, we’ll separate opinion from fact, so you can decide for yourself if Infinite Banking is a scam (or not) based on knowledge and understanding. So if you want to find out why the wealthy and independent thinkers have been using the profound guarantees and wealth-building strategy of Infinite Banking for centuries … tune in below! Table of contentsAre Insurance Agents Financial Advisors?How Do Mutual Companies Work?What is a Dividend, and How is it Non-Taxed?Are You Paying for Your Own Money?What Happens When You Die?Is Whole Life Insurance Expensive? Summing Up What Dave Ramsey Says About Infinite BankingBook A Strategy Call Dave Ramsey does a lot of good for a lot of people—he helps them to get out from under crippling debt and create better money habits. However, he has famously spoken against Infinite Banking, or what we often refer to as Privatized Banking.  Are Insurance Agents Financial Advisors? To evaluate whether infinite banking is a scam, it's important to understand who is giving the advice. When met with a question about whole life insurance, Dave Ramsey was not thrilled about the idea, to say the least. However, his first criticism was that the advisor who recommended insurance was only an insurance agent and not a financial advisor or planner. However, most insurance agents often have other certifications—like CFP (certified financial planner) or a Series 65 (for giving financial advice). Just because someone is able to sell insurance does not mean they can’t sell investments or give advice. Insurance is simply one certification. How Do Mutual Companies Work? Infinite Banking works with mutual life insurance companies. Dave correctly identifies the difference between mutual companies and stock companies. Policy owners own mutual companies, while stockholders own stock companies. This means that mutual companies pay profits to the policy owners, while stock companies pay profits to stockholders. Critics who call infinite banking a scam often overlook how mutual companies are structured to serve the policyholders. This is where his accuracy stops. According to Dave Ramsey: “If you are the owner of the company and you’re also a customer of the company, and the only place the company gets money is from the customers that are owners, and they give you money from profit, by definition, that means it’s because they took too much from you as a customer. There wouldn’t have been a profit otherwise.” This, however, is not true. The life insurance companies make profits outside of premiums paid into life insurance policies. Companies also make money from their conservative investments--many of which are corporate and treasury bonds, as well as derivatives, mortgage backed investments, and some equities.  Policy owners receive dividends based on these profits after policy expenses. It’s not accurate to say that premiums are the only profits. His understanding of mutual companies is not accurate. What is a Dividend, and How is it Non-Taxed? Dave Ramsey says, "So the IRS has deemed, consequently, that mutual life insurance company dividends are not dividends, in the true sense of a dividend, that they are instead, and this is the IRS’s language 'the refund of a deliberate overcharge.' So they overcharge you in order to give you some money later and make you feel like you’re making money off of them. And it's absolute hogwash. It’s a pass-through. Mathematically, it’s a pass-through. It’s the way it has to be, it’s the legal definition the freaking company, and the IRS says so." The government considers dividends non-taxable because they are considered a refund of an overcharged premium, but it’s important to realize that not all dividends are overcharged. The government also decides not to create a taxable event because it wants to incentivize people to have insurance. While dividends are not guaranteed, mutual companies have paid them consistently for over a century. If you're wondering 'Is infinite banking legit,' the tax treatment of dividends is part of the value proposition. Here’s the bottom line—if dividends were only a return of premium, you would never receive more than what you paid into a given year. However, if you look at an illustration, you will eventually come to a point where your policy’s cash value far exceeds what you’ve paid into your policy total. Are You Paying for Your Own Money? Next, Dave raises an objection to the policy loan provision. He says, “You’re borrowing your own money, and you’re paying them interest?! This is Infinite Banking for them!” While he raises a valid concern, policy loans are commonly misunderstood. Your cash value is accessible to you; however, it’s ideal to access it through a loan so that your account can compound uninterrupted. Does infinite banking really work? Yes, when structured properly, it gives you liquidity and control without interrupting compound growth. When you take a policy loan, you’re actually borrowing the company’s money, using your cash value as collateral. This means that your entire cash value can continue to earn interest and dividends at its full capacity. You’re paying the company an interest rate to allow your cash value to grow uninterrupted. Think of it like using a home equity line of credit: you're accessing the equity in your home without selling it, allowing the property to continue appreciating while you use the funds for other opportunities. The arbitrage opportunity comes when you can earn more with the borrowed funds than you pay in interest. What Happens When You Die? A huge component of whole life insurance is that it pays a death benefit to your loved ones when you pass on. This tax-free death benefit creates a powerful legacy tool that goes far beyond the living benefits of infinite banking. In turn, this can help your spouse, children, or other loved ones continue to support themselves in a time of hardship. Dave Ramsey, however, dismisses your cash value as something that “dies with you.” He claims that when the death benefit is paid out, the cash value vanishes. The ideal way to view the cash value of your policy is that it’s the usable portion of your death benefit. Cash value is like equity in a home. Your home equity is a portion of the full value of your house, not a separate entity. If you sell your house, you don’t get your home value plus the equity. Instead, you receive a check for the sale price, which includes equity, less any remaining balance on your mortgage. Just like with your house, when you die, your beneficiaries get the death benefit, which includes your cash value. The legacy benefit means your family receives the full death benefit income tax-free, regardless of how much cash value you've accessed during your lifetime. Is Whole Life Insurance Expensive?  Dave says, “So you’re dealing with one of the most expensive insurance products in the marketplace if you’re dealing with either of those two companies, I would stay completely away from both of them.” People who ask whether infinite banking is a scam often don't understand the design differences between traditional whole life and policies  optimized for IBC. We think that expensive is a poor way to describe whole life insurance, for a few reasons. First, permanent insurance is guaranteed to pay out—death is not a possibility, it’s a certainty. Because the company knows they’ll pay out one day, your premiums cover the cost of insurance (which they use to invest). Then, you have access to part of this death benefit your whole life, with the ability to leverage it for growth. On the other hand, term insurance is temporary coverage that rarely pays out and offers no additional benefits. You’re paying into a policy that may offer nothing other than peace of mind. Then you have investments that Dave Ramsey recommends. While there’s potential for gains, there’s also great potential for loss. Stock market returns are not a certainty, not even the 12% returns he speaks about frequently. In that context, given the cost of whole life insurance, is it really expensive? Summing Up What Dave Ramsey Says About Infinite Banking We want to reiterate that Dave does a lot of good for a lot of people! Debt can be a big burden to deal with, and he helps people learn to navigate debt. However, much of the information he shares about whole life insurance and infinite banking is misguided and inaccurate. While Dave Ramsey has called infinite banking a scam, his critique focuses on half-truths about traditional whole life insurance. The truth is, standard whole life insurance is a great product—and when structured for IBC, it becomes a powerful cash flow management system.. We think facts are extremely important, so that you can form your own opinion. After all, you belong in the driver’s seat of your financial picture. Take what you learn, separate it from opinion, and learn to apply it to your own personal economy. That’s how you’ll get results and accomplish what you’re aiming for! Book A Strategy Call Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help!   Book an Introductory call with our team today to learn how the family banking strategy, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out how our privatized banking strategy gives you the most safety, liquidity,

Do you want to make more money this year? Today, we’re talking with Rabbi Daniel Lapin, author of Thou Shall Prosper — Ten Commandments for Making Money, one of the deepest and most profoundly philosophical books about the wisdom you need to be successful. https://www.youtube.com/watch?v=wTujheo9dAk So if you want to learn about the steps that make success possible and make more far more money than you’re making right now… tune in now! Table of contentsThe 10 Commandments (of Making Money)Business is Not Piracy Biblical Wisdom as a FoundationThou Shall Prosper (and Be Happy)Charging InterestThe Most Important Thing To Starting a BusinessSpiritual CharacteristicsRabbi Daniel LapinBook A Strategy Call We’re excited to bring you a unique guest who may surprise you. Rabbi Daniel Lapin is more than just a man of faith, he’s also an accomplished speaker, scholar, and author of a book on our favorite topic—Prosperity.  The 10 Commandments (of Making Money) While most financial books focus on returns and strategies and products, Thou Shall Prosper is a deeply profound look at the philosophical underpinnings of success and wealth. The book sprung into being after a series of lectures Rabbi Daniel Lapin gave on socio-political topics, when his most frequently asked question was, “How come Jews are so good with money?”  It was a question many were sheepish to ask, yet it gave the Rabbi cause to study the question. Especially when he realized he did not have the answer readily at hand. And so he pursued the history of the financial success of many Jews, and in the process debunked many of the bogus explanations.  He boiled his research down to one truth:  [7:43] “It is that the vast catalogue of ancient Jewish wisdom embedded in the Hebrew scriptures, that have been part and parcel of Jewish culture. Whether it’s a man, dedicated sages who study the word diligently, or whether it’s among secularized Jews whose conversation around the dinnertable revolves around the way they raise their families and inculcate their children. All reflect these intrinsic values and so, in a nutshell, that’s what it was. And I worked as hard as I worked in my life to condense all of that into ten fundamental principles.” Business is Not Piracy  In his research, Rabbi Daniel Lapin learned many Jews became pirates in the 17th century. They pillaged and plundered and built a trove of treasure. Then when they were ready to retire from piracy, they funded churches or other projects to reenter society peacefully. It's dangerous to compare modern day business to the same model. The wealthy should not have to buy their way back into polite society. Today, people compare businesses to this same model, despite being very different from piracy. Businesses are lauded for their donations, yet criticized for their income. Giving to charity should be a moral act, and it cannot "right" something that is not inherently wrong, like making money. [13:02] "If giving charity is giving back to society, then what the hell were you doing to society when you were making money in the first place?" No one complains athletes make too much. Yet people complain about CEOs—they do specialized work and are the linchpin of many major decisions.  Biblical Wisdom as a Foundation Our world as we know it is based on principles and ideas found in the Bible. [23:50] “So ancient Jewish Wisdom explains that—that is the way that it teaches and explains that—you’re not allowed to exploit a lack of information in a business transaction that isn’t transparent. And so, I’m actually prohibited from offering you a price for your property without disclosing to you that I’m aware that there is a plan development or infrastructure that is going to be built there that is going to increase the value of your property—I am not allowed to make you an offer for it without disclosing that information.” In the same way, there’s a verse in Genesis 2 that says gold is very good. This is one reason that gold became a method of monetization. On its own, it has no intrinsic value. Yet we've interpreted the scriptures in a way that makes gold valuable to us. [25:50] “It’s just that from time immemorial, people read that God said gold is good.” Rabbi Daniel Lapin also points out that when God says it’s not good to be alone, it is not simply regarding marital prospects, like Adam and Eve. It also explains the human need for connection—it is not good to be solitary.  Thou Shall Prosper (and Be Happy) [27:59] “Many people say money doesn’t make you happy. And, you know, that is a mistake. It’s like saying a car doesn’t drive you anywhere. Well, yeah, it doesn’t. You’ve got to put gasoline in it, you’ve got to put a driver behind the wheel, but yes, with those provisos a car absolutely does get you places. There are certain provisos with respect to money as well, and with those provisos in place, money makes you very, very, very happy. "And the chief, and most important, of those provisos is that you have to make the money yourself. And I think we all know what happens to families who win the lottery. I know you may have contradictory information, but I do not know of a single instance of people who won the lottery, and two years later were happier and better off for it.”  Charging Interest Another component of our conversation with Rabbi Daniel Lapin involves the stigma of charging interest. He points out that the bible does not say you cannot charge interest; it says that you should not charge interest without disclosing all the information. This understanding allowed a lot of Jewish people to go into banking with a mind for commerce and how to provide loans in a way that benefits many.  [31:06] “You see, as part of God’s love of connection, he prefers equity to debt.” When you owe someone money, you cross the street to avoid them—that’s debt. However, when you have an equity investor in your business, you seek them out because your interests align. It’s a mutually beneficial relationship. Debt can cause rifts, while equity can strengthen bonds.  The Most Important Thing To Starting a Business [32:49] “I think the most important thing is that there is no one important thing. Because business and life are far too complex to be operated on the basis of a silly slogan. There are profound and consequential principles that you need to wrap your entire being around. And one of them, for instance, is that if you consider business to be a reprehensible activity [you cannot succeed].” For each of us to be successful, we must believe, honestly, that we are doing something great for others. Because, if you view yourself as a thief and a pirate, you will not be very successful in your industry. Find your specialty, find your area of interest, and make it worthwhile to the world. Then, if you’re good at what you do, and have a passion, you’ll be paid for it.  Spiritual Characteristics There’s more to making money than a simple transaction. You must build relationships to make money—whether personal, business to business, or even on a “brand” level. Giving value, being skilled, and finding opportunities are components of wealth. These qualities simply scratch the surface. These are the spiritual qualities of money, the things that you express that are valuable—optimism, integrity, ingenuity, and more. You are not a thief for making money. You bring innate skills to the table in order to make that money. Your wealth can reflect your spiritual qualities.  Rabbi Daniel Lapin Rabbi Daniel Lapin is an author, speaker, and TV host. He immigrated to the United States from South Africa after studying mathematics, physics, and economics in Israel and the United Kingdom. His books include America’s Real War, Business Secrets from the Bible, and Thou Shall Prosper-The Ten Commandments for Making Money. All have been translated into Chinese and Korean. Rabbi Lapin is a frequent speaker for trade groups, political and civic organizations, financial conferences, and companies around the globe. He regularly appears on radio and television shows. Newsweek magazine included him in its first list of America’s fifty most influential rabbis. His weekly podcast now enjoys over 100,000 downloads, as do his weekly columns. With his wife Susan, he hosts the daily TCT television show Ancient Jewish Wisdom. An enthusiastic boater who has sailed his family across the Pacific, Rabbi Daniel Lapin lives in Maryland. With him, he has his seven children that he and his wife homeschooled. His website is www.YouNeedaRabbi.com   Book A Strategy Call Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help!   Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/, and find out how Privatized Banking, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out more about how Privatized Banking gives you the most safety, liquidity, and growth  … plus boosts your investment returns, and guarantees a legacy, go to https://privatizedbankingsecrets.com/freeguide to learn more.

Right now, you have a fantastic opportunity to use whole life insurance as a place to store cash, build capital reserves, get better than bank rates on savings, AND the ability to earn never-ending compound interest, even WHILE you’re using the same money for something else. And you don’t have to qualify to access your capital. You can thank the 7702 Plan for that. https://www.youtube.com/watch?v=7lMnZARrqys But is this long-time financial bunker of the wealthy about to become an obsolete vintage classic? The recent spending bill Trump signed into law went into effect on January 1, 2021. As a result, we'll be seeing some critical changes to the IRS code that has made Privatized Banking such a powerful opportunity.  There’s still much to be determined, but today, we’re looking at tax code changes and how they affect you. So if you want to find out what these changes mean for your ability to get the profound guarantees and wealth-building strategy of Privatized Banking… tune in below! Table of contentsWhat is the 7702 Rule?What is a MEC?What's Changing with 7702 Plans?MEC QualificationsChanges in GuaranteesThe Impact of the 7702 Plan Changes7702 Plan Changes and MECSDid the 7702 Plan Change Destroy Privatized Banking?Book A Strategy Call What is the 7702 Rule? In short, this is the part of the tax code that enables Privatized Banking strategies with life insurance. The way life insurance has been defined in the past, according to the Federal Government, offers many tax advantages. Tax-deferred growth, which can sometimes be experienced tax-free if used properly,Tax-free policy loans,And an income-tax free death benefit. Because of these tax advantages, there is a provision that prevents whole life insurance from being abused. If too much premium is funneled in too quickly through Paid-Up Additions, a policy can become a modified endowment contract (MEC). What is a MEC? Up until the 80s, people were abusing the benefits of life insurance by purchasing a small face value, funneling in extra premium, and calling it life insurance. Then, they were reaping all the tax benefits. In 1984, the government put a stop to that by placing limits on over-funded policies. While still possible to do, once a policy becomes a MEC, it no longer carries the same tax advantages. The trick to Privatized Banking is to design policies with as much premium as possible, without a policy becoming a MEC. That way, you can get as much cash value as possible, while still reaping the benefits of tax advantages. What's Changing with 7702 Plans? The bill, signed in December, went into effect in January. The 5,593 page document has taken time to wade through, but here's what we now know. Regulations for what constituted a MEC are changing. MEC Qualifications Prior to this bill, a life insurance policy had to pass something called a 7-pay test to qualify. The test determines how quickly a policy could be considered "paid-up," or fully funded. If your policy was paid-up within the first seven years of the policy, it would fail the test and become a MEC. Now, the MEC test will be based on a floating rate relative to the Prime rate. Changes in Guarantees One of the greatest strengths of a life insurance policy is certainty: there are guarantees built into the policy that keep your money secure—and growing. Previously, the minimum guaranteed interest rate on policy growth was 4%, however the government lowered that rate to 2%. However, it's important to note that insurance companies have been successfully navigating a low-interest rate environment for a long time. And just because the floor has lowered does not mean rates can't be higher. The Impact of the 7702 Plan Changes While these changes will affect policies going forward, it's important to note that any policies currently in-force will not change. Life insurance is contractual, and companies are required to uphold current contracts. New policies, both whole life and universal life, will be affected. However, we see this as a positive change overall. Low bond yields overwhelmed insurance companies as they worked to meet their contractual obligations. This new minimum will allow insurance companies to continue to meet their guarantees in this low-interest-rate environment. It's important that life insurance companies maintain their longevity and integrity, and the returns were almost too good for how low bond yields were in 2020. We want mutual companies to succeed, because it allows our policies to succeed, too. Remember, mutual insurance companies share profits with policy owners—if yields go up, so do dividends. The lower guarantee threshold allows companies to stay afloat in leaner times. 7702 Plan Changes and MECS One of the other powerful side effects of lower interest rates is that you can funnel in more premium dollars per death benefit without a policy becoming a MEC. In the long run, this can improve compounding, and in the early years of your policy makes more cash value available to you. This happens because of the cost of insurance. Based on the face value of the death benefit, and actuarial tables, the insurance company carefully calculates the cost of insurance. Base premiums are based on this calculation, and in the early years of a policy most of your premium goes to paying the cost of insurance. Paid-up additions allow you to funnel money in beyond that amount, which means more of your premium will go into your cash value. These additions can improve the amount available to you in early years. The downside is that your guaranteed cash values will be lower because of the lower guaranteed rate. Did the 7702 Plan Change Destroy Privatized Banking? Ultimately, we don't think so. While adjustments will need to happen when designing new policies, we see this change as an opportunity to grow. The changes we see will contribute to the sustainability of mutual insurance companies, allowing more people to partake in the benefits of Privatized Banking for years to come. We think that's a win. While some guarantees have changed, and the government has redefined MECs, the strongest aspects of permanent insurance have not been changed. Guarantees still exist, there are still tax advantages, and the policy loan remains. In other words, the way we use Privatized Banking strategies is unchanged. Only time will tell how some of these changes play out, and we look forward to seeing them unfold. Book A Strategy Call Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help!   Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/, and find out how Privatized Banking, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out more about how Privatized Banking gives you the most safety, liquidity, and growth  … plus boosts your investment returns, and guarantees a legacy, go to https://privatizedbankingsecrets.com/freeguide to learn more.

If you want to achieve the impossible, connect with the most powerful people in the world, achieve the next level in your business, strengthen your relationships, lead your community, and make an impact… listen in, because we're talking with Steve Sims. https://www.youtube.com/watch?v=oHXpuecDrjM Quoted as “The Real Life Wizard of Oz" by Forbes and Entrepreneur Magazine, Steve Sims is the best-selling Author of BLUEFISHING—The Art of Making Things Happen, a sought-after coach, and a speaker at a variety of networks, groups and associations, as well as the Pentagon and Harvard—twice!  So if you want to transform your life, attract influencers and high net worth clients… tune in below! Table of contentsSteve SimsThe Number One Mindset Tip“You Are the Room You’re In”How to GrowEntering with a SolutionSteve Sims' Millionaire PartiesA Note to EntrepreneursLinks MentionedBook A Strategy Call Steve Sims Steve Sims is a master at helping people achieve the impossible with the most powerful people in the world. Or, if you ask him, he’d say he’s good at achieving the stupid, or the unexplained. That’s because, as Steve shares, once you label something as impossible, you’ve created a mental barrier for yourself. So if one thing is clear, Steve knows how to transcend the unthinkable, and impact the world.  Steve has had many paths in life, all of which hae led him to where he is now. For the last 25 years, he's been in what is technically the concierge and spa business. In his own words: [2:27] “One of the famous stories everyone knows was I had a client who wanted to have a meal in Italy, and he wanted it to be unforgettable. And so I closed down the Academia, the Galleria in Florence, that houses Michel Angelo’s David. Set up a table of six at the feet of David. And halfway through the pasta I had Andrea Bocelli come in and serenade them. And so I’m basically the Make-A-Wish foundation for people with really, really, really big checkbooks.” Now, Steve acts as a mindset coach to help people get the clients that they deserve and want, rather than the clients they get.  The Number One Mindset Tip When asked what his number one mindset tip is, Steve answered to not identify the problem. Which at first may seem completely counterintuitive. That is because in his experience, people spend the bulk of their energy telling you why they can’t do something. Either they don’t have the money, or the time, or the resources.  The trick is to shift to how you can do something. The answer may be to set aside thirty minutes a day to reach your goal, or write grants to fund your project, or build more cash flow with a side hustle. Maybe, the solutions are far more creative than that, as Steve Sims shares with us in the interview. There’s an infinite number of solutions for an infinite amount of ideas—it just takes work and a vision.  As Steve says: [5:02] “Have you ever noticed that when you get into a room full of entrepreneurs, you’re at home?” That’s because the entrepreneurial mindset is energizing—it’s about innovation, creativity, and finding solutions. It’s the exact opposite of the—"Here’s why I can’t”—mindset.  “You Are the Room You’re In” You’ve likely heard the statement before—you’re a combination of the five people you spend the most time with. One of Steve Sims' strategies, regardless of his position, has been to surround himself with wealthy people. This could be people of intellectual wealth or monetary wealth. This strategy has allowed him to grow, and to be the person with all the solutions, instantly making him one of the most valuable assets in a room of wealthy people. How to Grow [10:38] “Sometimes the greatest growth comes from the most devastating problems and mistakes and issues." Later in our conversation, Steve shares a personal story of how he was flown to China for work, then fired. What seemed like a dark situation turned out to be a phenomenal opportunity that led him to being a bouncer and making connections with some of the most affluent customers in the establishment.  This growth was fueled by the idea that he could not remain stagnant. He is always seeking opportunities and solutions, so that he can becomes a better version of himself each day. [15:02] “I say, ‘If I don’t try to get there, I’m going to stay here.’ Whoa. I don’t want to be me, even today. You know, I live well, and I’m absolutely fine, but I don’t want to be me this time next year. And I remember someone saying to me the definition of Hell is to have met the man you could have been.” Entering with a Solution Steve Sims will tell you, he’s not a networker in the typical sense. He’s not about the watercooler talk or casual conversation, he’s all about solutions. That’s how he made some of his greatest connections—he didn’t enter a conversation until he had a solution to present.  Part of being the solution requires listening and paying attention—you must understand the problems people are facing, so you can position yourself to be the person to solve them. The second component is to ask questions.  The best question to ask, in Steve's opinion, is “What would help?” You provide at least two solutions, so that you’re offering a choice. This removes the liability off of you--you're not leaving room for an answer you don't want, such as '"no." If you can create a scenario in which the answer is what you want it to be, you've made yourself valuable. Steve Sims' Millionaire Parties After Steve’s solution-finding epiphany, he started to throw parties exclusively for millionaires (in the 80s and 90s). Through these parties, he made a name for himself, and created a niche commodity for the types of people he wanted to work with. And he found new solutions to his own problems—one of which involved a liquor license. Steve Sims' was required to have one to sell alcohol, which meant jumping through hoops. However, giving the liquor away did not require a license. So he made the alcohol free, and increased the ticket price from $500 to $1500. The parties became increasingly exclusive, and Steve ended up better for it because he didn't dwell on the problem of "can't."  A Note to Entrepreneurs In closing our conversation with Steve Sims, we circle back to the story of dinner with Michel Angelo’s David. There’s a story beneath that popular anecdote that few people know. And that’s that as he was setting up this once-in-a-lifetime event, he got pushback from the museum curator all the way through.  When the night finally rolled around, everything was perfect. It could be called Steve’s magnum opus. And he asked the curator how he, Steve, of all people pulled it off. There were answers he expected to hear—he’s well connected, he’s passionate, he’s an accomplished negotiator. However, what the curator told him was that Steve was the first to have asked for these things.  At first, this deflated his ego a bit. This remarkable event was the first of its kind simply because no one had asked. Yet that detail was the lesson—until you ask for what you want, and pursue your dreams, they won’t exist. It’s not that they’re not possible, they simply have not happened yet. Links Mentioned https://www.stevedsims.com/podcast/ https://www.stevedsims.com https://www.forbes.com/sites/petertaylor/2016/05/11/the-5-keys-to-success-from-the-man-with-the-worlds-coolest-job/?sh=ee63994550dd Book A Strategy Call Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help!   Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/, and find out how Privatized Banking, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out more about how Privatized Banking gives you the most safety, liquidity, and growth… plus boosts your investment returns, and guarantees a legacy, go to https://privatizedbankingsecrets.com/freeguide to learn more.

Americans are saving more money than ever, yet interest rates are at an all-time low. If you're looking for the best place to save money, it might be time to stop saving with banks. https://www.youtube.com/watch?v=dl02XkqwwDg A recent CNBC article states: "In the midst of the coronavirus crisis, many Americans are spending less and saving more. At the same time, banks are paying next to nothing on those deposits." Are you, too, looking for the best place to keep savings but want to make sure you’re doing the most with your money? Today, we’re talking about this unspoken challenge from a fresh lens. So if you want to learn about one of the best places to save money, so you don’t have to give up returns or resort to high risk in search of them… tune in below! Table of contentsWhy More People are SavingInterest Rates and the Federal Reserve Decline of Customer ServiceBank Accounts and LendingTraditional and Alternative Savings Options ComparedWhere Is the Best Place to Save Money?Whole Life Insurance: Emergency Fund and Alternative High-Yield Savings AccountWhy isn’t it Mainstream?Common Savings Mistakes to AvoidBottom Line Why More People are Saving Americans are saving more money than ever, yet bank savings rates are at an all-time low. So, how does a scenario like this happen? We think primarily, COVID-19 has been an eye-opener for the world. On one hand, workers who were affected by job closures have likely realised that they didn’t have enough money saved to fall back on. While a tough lesson to learn, the fact that Americans have been successfully saving more money gives us hope. After all, having money saved is what enables you to weather economic storms (and seize opportunities when things are going well). On the other hand, business closures meant a lack of things to do. Movie theaters, aquariums, museums, restaurants, and shops all closed. Pretty much all indoor (and many outdoor) businesses had to shut down for a good portion of the year. This also means that many families turned to other alternatives for entertainment, in other words, free. Hiking, swimming, and being outdoors became more popular. Americans started saving more money by default because so many businesses put a halt to operations. So not only are people choosing to create better savings habits, they’re also creating better spending habits. Now that you have the money, it’s time to ask—where is the best place to put your money? Interest Rates and the Federal Reserve  A tumultuous economy means changing interest rates. The Federal Reserve controls interest rates, and in order to boost the economy, they’ve lowered rates dramatically, almost to zero. Meanwhile, they’ve also pumped trillions of dollars into the banks. Now, banks are at a surplus - meaning that overnight lending between banks is down, as are savings rates. In the past, banks would use high-interest rates and “prizes” to incentivize opening accounts at their establishment, appealing to people who were looking for the best places to save money. Now, with a surplus, there’s no need for banks to offer this incentive. High savings rates are the bank's way of broadcasting that they want your money, and they’re willing to offer something in return. Now, banks can lower these incentives almost to zero, because they aren’t relying on that money to come in. We’re seeing a mismatch in supply and demand. While there’s a high demand for a safe place to store liquid cash, where it will also grow, there’s relatively low demand from banks for new accounts. Decline of Customer Service One unfortunate consequence of this low-interest-rate market is a decline in customer service. Because banks do not need new accounts, they are not incentivising new customers, which also means that there is no incentive for them to provide better customer service. Combine that with a high demand for saving and a pandemic, and the issue worsens. Lobbies are closed, drive-through lanes are cramped, and phone service is difficult. Bank Accounts and Lending Under normal circumstances, banks have higher interest rates on savings accounts and money market accounts because they want your money. Ultimately, because that’s how they make theirs. You see, banks don’t lend their own money to their customers. They leverage their customers’ money - YOUR money. For example, if you deposit $100,000 into a savings account, making 0.05%, you’ll earn $50 on that deposit. Then, say that the bank agrees to loan that same $100,000 to someone else for their mortgage. If they offer an interest rate of 3%, that’s $3,000 of interest. So the bank is making 60 times what they’re paying you in interest. In other words, for a $50 investment in your savings account, they’ve made $3,000. We’re not arguing that banks shouldn’t make a profit. However, we are saying that this is the reason for low interest rate markets - to bolster banks and get money recirculating. Yet what if you could store your money elsewhere, earn a better savings rate, and be able to leverage that money in the same way as the banks do? Because if the bank can do it, so can you.  Traditional and Alternative Savings Options Compared Let's compare the places to save money that might be described as popular, mainstream options.  Traditional savings accounts offer FDIC insurance but minimal growth. They keep your money safe, but let inflation quietly chip away at its value. Money market accounts might be a slightly better place to keep savings with marginally higher rates and check-writing ability, but they still fall short of true growth. CDs lock your money away for months or years. Many consider these a good place to save money they won't need right away, but early withdrawal penalties can be steep. Apart from banks, other options exist for anyone looking for the best places to save money: High-yield online savings accounts typically offer better rates than physical banks. They could be worth considering when looking for where to save money for better returns. Credit unions are member-owned and often provide better savings rates than commercial banks, and could be another viable place to keep your money. Treasury bills and notes offer government-backed security with potentially higher returns than standard savings accounts. Generally speaking, they are a good place to save money for those with a slightly longer time horizon. Money market mutual funds, though not FDIC-insured, provide another place to keep savings. They usually offer higher yields than traditional accounts while maintaining reasonable liquidity. But Where Is the Best Place to Save Money? When families ask me about the best place to keep savings, I have to be honest with them. While the aforementioned suggestions are viable, they just aren't cutting it anymore - you can do so much better. Your money should be safe. It should grow. And you should be able to use it when you need it! Most savings options force you to give up at least one of these essentials. But what if you didn't have to compromise? Utilizing a strategy we call infinite banking, you can do what the banks do, and at a better savings rate than you’ll get with the banks. It starts with a specially designed whole life insurance policy with a mutual company. This concept has been used for hundreds of years, yet it feels like it’s one of the world’s best-kept secrets. Why? Because today, it’s primarily the super wealthy who use this strategy. Whole Life Insurance: Emergency Fund and Alternative High-Yield Savings Account To clarify, life insurance is not a savings account. However, it is the best place to store money in the form of liquid capital that we have found. One of the great strengths of a whole life policy is the savings rate. Whole life insurance has a cash value benefit, on top of the death benefit. This is cash that you have access to while living and is guaranteed to grow each year. You can also receive non-guaranteed dividends. However, most companies have paid dividends for over a hundred years. To do what the banks do, you can take a policy loan. Rather than liquidating your cash value, you’re using your value as collateral to get a loan from the insurance company. When you withdraw money from a savings account or money market fund, you stop the full compounding growth of your money. When you take a whole life insurance policy loan, you keep your money in place so it can compound uninterrupted…and you still have money to use. Then, you can use that policy loan for cash-flow investments and opportunities. As Robert Kiyosaki says, you should look to use “other people’s money” (OPM) as often as possible. The more you can create situations of leverage, the more you can grow your wealth at the same time as you create new streams of income and cash flow.  Why isn’t it Mainstream? One reason Privatized Banking strategies aren’t well-known is that insurance companies are very conservative with their spending. This says something about the safety of life insurance companies and how they’ve survived every economic downturn. One way these companies cut spending is by limiting their advertisements; instead, they rely on their producers or agents to do the advertising or word-of-mouth ads for them. Common Savings Mistakes to Avoid Over the years, I've watched families make these costly mistakes when considering the best places to save money: Letting cash sit idle in checking accounts isn't being conservative; it's missing opportunities to grow your family's future. Remember, every dollar deserves a purpose! Jumping from one "high-yield" account to another. The best place to keep your money involves so much more than simply hunting down an extra 0.1% interest. Forgetting about inflation is another common mistake.

There is a major problem in the world today: it’s not people disagreeing with one another… it’s that they cannot disagree agreeably, civilly, and most importantly, persuasively! Here, at the end of a turned upside-down year, the gift we need most is a solution. That's where The Go-Giver Influencer comes in. https://www.youtube.com/watch?v=wtLxPvRHxZ4 In this interview, we’re talking with Bob Burg, co-author of The Go-Giver Influencer.  So if you want a way to find common ground where there appears to be only irreconcilable conflict, and get the secret to achieving your goals, this is the answer you’re looking for… tune in below! Table of contentsWho “The Go-Giver: Influencer” is ForWhat is Influence?Healing Political RiftsThe 5 Secrets of Genuine Influence1. Master Your Emotions2. Step Into the Other Person's Shoes3. Set the Proper Frame4. Communicate with Tact and Empathy5. Let Go of Having to Be RightAbout Bob Burg Who “The Go-Giver: Influencer” is For Bob Burg, along with his co-writer John Mann, has now written four books about the “Go-Giver” parable. The first story is about the seemingly counterintuitive steps to success that can make a vast difference in your life. The Go-Giver Influencer is the second book which tells yet another parable of success, and important lessons about relationships. [5:09] “John and I… really wanted to take [the concept of] influence to a deeper level because of its importance. Now, in both of the other parables… influence was certainly a part of it. It was even law number three—the law of influence in The Go-Giver. So we have to really look at, ‘What is influence, and why is it important?’” The answer is people skills. Talent can only take you so far in business and in life. And of course, hard work keeps your talent honed. Yet without people skills, you’ll have a hard time making actual progress toward your goals. Everything we do in life is filtered through the relationships we have with other people. That is where The Go-Giver Influencer comes into play. What is Influence? [8:18] “I think that’s the essence of influence, it’s pull. Pull as opposed to push, right? As in, how far can you push a rope? And the answer is not very fast or effectively. Influencers don’t push… their will on others. They don’t try to push their ideas on others.” You can’t push your way to what you want—it won’t end well for anyone, nor is it sustainable. Influence is the art of pulling, or better yet attracting, people. In fact, the best influencers do this genuinely, because they understand that there’s power behind being inviting. [10:20] “[Genuine influencers] will ask themselves questions. How does what I’m asking this person to do… align with their goals? With their needs, with their wants, their desires?... How am I helping them overcome a challenge...Now, when we ask ourselves these questions thoughtfully, intelligently, genuinely, authentically—again, not as a way to manipulate another human being to our will, but as a way of building [inaudible]---[we earn] that person’s commitment, as opposed to trying to depend on some type of compliance.” Healing Political Rifts 2020 has been a tough, sometimes contentious year, and the rift between political affiliations has only grown. We’ve been most concerned by the conversations across political divides, which have put a strain on relationships of all types. And we’re even seeing a shift in the conversation. Between parties, we used to see, “I’m right, you’re wrong” discussions. Though not the healthiest outlook, there was still discussion. Now, the conversation is, “I’m right, you’re evil.” [18:44] “This is a totally different frame, and one which makes it nearly impossible to engage. Because you’re not going to engage with evil. Evil is incorrigible. There’s nothing you can do with evil. So because of that, what people have done on both sides is hunker down, listening only to the information that supports what they already believe.” This creates rifts, and healthy communication can’t take root in this type of environment. Healing these rifts and re-opening conversation begins with a willingness to engage. The second step is to try to understand where the other person is coming from, and why. This doesn’t mean you have to agree. Yet, you must attempt to understand those thought processes. The 5 Secrets of Genuine Influence 1. Master Your Emotions [22:09] “It’s only when we’re in control of our own emotions that we’re even in a position to take a potentially negative situation or person and turn it into a win for everyone involved. The challenge is, as human beings we’re emotional… Now, what we’re not saying is to deny your emotions…What we can say is, make sure you’re the master of your emotions and they’re not the master of you.” 2. Step Into the Other Person's Shoes It’s easier said than done. [23:10] “The fact is, most of us don’t have the same size feet. So we literally can’t step into another person’s shoes. More importantly, we can’t figuratively step into another person’s mind, or set of beliefs, because we’re not them.” [24:18] “And the only way we can really step into another person’s shoes is to ask questions and then listen. Really listen. Listen not to shoot them down or to disagree, or to tap into our own biases…just listen.” 3. Set the Proper Frame [25:00] “A frame is simply the place where it all begins. The frame can be defined as the premise; the foundation from which everything else takes place.” To have productive conversations, have the right foundation. Just as you must master your emotions, you must also be intentional about the environment you create. Before posting a retort on a Facebook post or making a quick comeback, consider how you want to frame your response and what sort of frame will give you the results you want. 4. Communicate with Tact and Empathy [29:51] “My dad always defined tact as the language of strength. Which I love, because it takes strength to not just blow up… Tact can really be defined as a way of communicating an idea to someone that they ordinarily would not be accepting of, in a way that, not only are they not defensive of you or your idea, but they’re open and accepting of considering your idea. Empathy is what makes this possible, because it means that we realize this person feels a different way than we do. And we may not understand their feeling exactly because we’re not them, but we can understand they’re feeling something.” 5. Let Go of Having to Be Right [30:40] “We don’t mean, don’t care about being right, okay? Of course, you want to be right; you want to prepare to be right, you want to have the information to be right, but let go of your attachment to having to be right… Because when we’re not open to this, we become that person, ‘My mind is made up, don’t confuse me with the facts.’ And that person can never learn. When we’re at least open to not having to be right, we go into learners mode. And we can actually equip ourselves with the information to be more right, more times.” You also broadcast to those you’re speaking with, and those watching that you’re seeking truth, not just seeking a winnable argument. About Bob Burg Besides coauthoring the bestselling Go-Giver books with John David Mann, Bob has authored several popular books, including the critically acclaimed, Endless Referrals: Network Your Everyday Contacts Into Sales and Adversaries into Allies. His total book sales are well over a million copies. The American Management Association named Bob one of the 30 Most Influential Leaders and he is one of Inc.’s 100 Great Leadership Speakers. Richtopia named him one of the Top 200 Most Influential Authors in the World. Bob is an advocate, supporter, and defender of the free enterprise system and believes that the amount of money one makes is directly proportional to how many people one serves. He is also an unapologetic animal fanatic, and served on the board of directors of Furry Friends Adoption & Clinic in his hometown of Jupiter, Florida. For more information, articles and free resources, please visit www.burg.com. Find Out Your Next Step to Time and Money Freedom Do you want to use Privatized Banking, alternative investments, or cash flow strategies to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We would love to help you.   Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/. By the way, to find out more about how Privatized Banking gives you the most safety, liquidity, and growth … plus gives you the ability to have your money do 2 things at the same time, boosting your investment returns.  Go to https://privatizedbankingsecrets.com/freeguide to learn more.

If you’re planning to leave an inheritance to your children, there’s a new rule in the Secure Act that will probably cause your kids to pay more taxes if you pass on your retirement plan. https://www.youtube.com/watch?v=3yQ22dT2H6I Today, we’re discussing how the Secure Act, passed in 2019, affects your retirement plans and may front-load taxes to kids who inherit these plans.  If you want to know what the Secure Act is, how it applies to you, and what you can do about it… tune in below!   Table of contentsThe Key Takeaways of the Secure ActContributionsPart-time Workers Get 401(k) OptionsTax BreaksParental AidThe Secure Act and IRAsHow the Secure Act Impacts InheritanceMaximize Your InheritanceBook A Strategy Call If you have an IRA, the following changes to the tax laws are important for you to know. These changes can affect how your inheritance is distributed from an IRA, making it prudent to reassess your financial strategy. We want to help you continue to maximize your retirement and still leave an inheritance, should you choose. Staying on top of the changes and making some smart pivots can save you and your family on heavy tax penalties down the road.  We have designed this article as an overview of the changes so that you can meet with your CPA and financial advisors with confidence. It’s always crucial to be informed, yet work with a professional on the specifics. The Key Takeaways of the Secure Act Before we can dive too deep into the impact of these changes, and what you can do differently, it’s important to look at what those changes are. Contributions Previously, you could make contributions to your traditional IRA until age 70 ½. Now, you can make those contributions indefinitely. This also means that you don’t have to take your required minimum distributions (RMDs) until age 72. The implications could be an increase in taxes, for two reasons: Your account has more time to grow. While growth is good, this also raises your tax liability.That two-year window (or more) gives room for tax brackets to change, and it’s more likely that taxes will increase than decrease. So if you’re taking a higher distribution, and the taxes increase, the tax hit could feel even greater. Part-time Workers Get 401(k) Options In the past, part-time workers were not eligible for 401(k) plans. Now, the Secure Act has created a provision for long-term part-timers to make contributions to a 401(k). This broadens the scope of who is eligible for government-sponsored retirement plans, which could entice more people to participate.  Those who are eligible? Anyone who works 1,000 hours in a year, or who has worked 500 hours a year for three consecutive years.  Tax Breaks The Secure Act also rolled in some tax breaks, many specifically for businesses. One of the bigger breaks is for businesses who set up automatic enrollments for employees. This means that rather than opting into a 401(k) plan, employees may have to opt-out.  Parental Aid Along with other changes, a provision was added that will allow parents to withdraw $5,000 without penalties, to help cover birth and adoption fees. This can help offset some of the typical costs of new parenthood.  This is significant, because in the past any withdrawals from a qualified plan before a certain age would incur a penalty. Similarly, parents will now be able to withdraw up to $10,000 annually without penalty from a 529 plan to repay student loans. The Secure Act and IRAs One of the reasons provided for the change in required minimum distributions, is that people are living longer. Often, people are working longer, too. On one hand, this allows the money more time to grow, and helps it go farther in retirement. On the other hand, it also raises questions about the tax implications in the long-run.  We think one of the most prudent questions to ask yourself is: “If I’m not paying this tax on my income today, what will that tax implication be in the future?” Because unfortunately, tax-deferment isn’t a free pass. While there are some strategies in which a deferral makes sense, there are other factors to consider, such as: Will your income increase over time?Will taxes increase over time?Can you afford to live your current lifestyle on the interest of your IRA or 401(k)?How much do you want to leave to your heirs? (And how much will be taxed?) How the Secure Act Impacts Inheritance With an inherited IRA, we can see one of the biggest changes. In the past, a non-spousal inheritance of an IRA could be taken in small distributions over the beneficiary’s lifetime. This was referred to as a stretch IRA. Now, that inheritance must be taken in full over 10 years. According to Investopedia, this will create an additional $15.7 billion of tax revenue for the government.  Our understanding is that you can either take these distributions incrementally over ten years, or in a lump sum at the beginning or end of the 10-year window. However, this is taxed as ordinary income. So regardless of how you take these distributions, there’s a possibility that that income is taxed in a higher bracket. What we don’t know is how those brackets will change. Because not only can the percentage change, the margins of the brackets can change as well. This means that a well-intentioned inheritance can be less impactful than you intend it to be.  Maximize Your Inheritance When leaving an inheritance, we all want it to be as substantial as possible. When it’s undercut by taxes and fees, the impact we intend to make might not be possible. The Infinite Banking Concept with whole life insurance is one way to pass on a tax-free inheritance and ensure that your intentions are carried out.  This type of strategy gives you the freedom to spend and save more, while still leaving your children with a brighter future. And it works well with other assets and retirement accounts. Take control of your finances today and live a more empowered life with both freedom of time and money.  Book A Strategy Call Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help!   Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/, and find out how Privatized Banking, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out more about how Privatized Banking gives you the most safety, liquidity, and growth  … plus boosts your investment returns, and guarantees a legacy, go to https://privatizedbankingsecrets.com/freeguide to learn more.

Curious about how investing in raw land could help you accomplish your financial goals? In this episode, we’re talking with Mark Podolsky, The Land Geek, the raw land investor who’s completed over 5500 land deals, with an average ROI of over 300% on cash flips, and over 1,000% on the deals he sells with financing terms. https://www.youtube.com/watch?v=AMB7SWZLyn8 So if you want to learn from a raw land investor who’s replaced his income and helped many other people do the same … tune in below! Table of contentsHow Do You Invest in Raw Land?Doing Your Due Diligence with Raw LandWhat Happens Next?How to Make Your Offer IrresistibleRaw Land Creates ValueThe Risks of Raw Land InvestmentsPrivatized Banking and Raw LandAbout Mark PodolskyLinks How Do You Invest in Raw Land? In our interview, Mark starts us out with a case study, using Bruce as a hypothetical. In this instance, Bruce lives in St. Louis, yet owns 10 acres of land in Texas. He also owes $200 of back taxes. He’s advertising two things here: no emotional attachment to that raw land, and there’s some sort of financial distress. You, as the raw land investor, would look at the comparable sales on his 10-acre parcel for the last 12-18 months. Then, you take the lowest comp divided by four, giving you what Warren Buffett would call a 300% margin of safety. Then you’ll send an actual offer. Pretend the lowest comp is $10,000. You would send an offer of $2,500. Chances are, Bruce will accept the offer, because it’s better than nothing. In Mark’s case, 3 out of 5 people typically accept his offers. Then it’s time to do his due diligence. Doing Your Due Diligence with Raw Land When Mark Podolsky talks about due diligence, here’s what he means: Does “Bruce” still own the property?Are the back taxes only $200?What’s the ingress and egress?Are there any breaks in the title's chain?Are there liens or encumbrances?Is there legal access?What are the neighbors doing?How far is the property from other services?What are the roads like?What is compelling about the property? It’s crucial that before you make an investment on a property, you know all the important factors. You can also enlist help: Mark himself outsources this step to his team in the Philippines, because they are connected to an American title company. It’s not costly either. For larger investments, working with an American title company directly is beneficial. Or you can even outsource through Craigslist. Taking the time or spending the resources to vet your land thoroughly will pay off in the long run. What Happens Next? The trick to raw land investments, after you vet the property, is to sell in 30 days or fewer. Then, you can make it cash flow similarly to a rental property, and be ready to invest in the next plot of land. So who do you sell to? Fortunately, with raw land, you have built-in buyers: the neighbors. Intrinsically, the neighbors are going to have an interest in this land more than anyone else to start.  They may want it to protect their privacy, or to build out their estate. Giving them the first pass can often have a huge payout. Should that not pan out, you have several other options to find buyers. Start with your buyer's list, then you can start looking online: CraigslistFacebook Marketplace (or buy/sell groups)Land sale websites How to Make Your Offer Irresistible How you package and sell the land makes the offer irresistible. You ask for a $2,500 down payment and recoup your investment. Then, Mark recommends this: a monthly payment of $449 over 84 months at 9% interest. This way, you have a onetime sale, earn your capital back, and then you have monthly cash flow without renters, renovations, or rehabs. Because you’re not dealing with tenants, you’re also exempt from Dodd Frank, RESPA, and the SAFE Act. [13:28] “The game we play is, can we create enough of these land notes, where our passive income exceeds our fixed expense, and now we’re working because we want to, not because we have to?” Raw Land Creates Value One of the many benefits to raw land investing is that it doesn’t just line your own pockets. You’re fulfilling the needs of the seller. In our case study, Bruce was looking for a way out—he wanted to be free of the land and get caught up on his taxes. Then, you have buyers with a need, so you’re also solving their problem. It’s a win for all sides. Nor can you forget about the county region. The county collects more tax revenue this way, so you’re helping to improve schools, hospitals, and county services as well. There’s value all the way down the line. The Risks of Raw Land Investments The first risk of investing in raw land is the environmental risk. Before buying any property, there’s another component to add to your “due diligence” list. Go to the epa.gov site to ensure you’re not buying a Superfund site. A Superfund site is a site that ensures that the company that pollutes the land is liable for cleaning it up. If you buy it, it does not make you liable, however, it can complicate the selling process. The second risk to raw land is overpaying. You make your money on the buying of the property, so if you’re not paying 25-30 cents on the dollar, you’re overpaying. People will accept offers like that because they’re often trying to rid themselves of that land. Mark equates it to selling off the clutter in your garage. [26:20] “Close your eyes and picture your garage right now, okay? And imagine I sent you an offer on all that stuff in your garage [for] 25-30 cents on the dollar. How happy would you be to accept that offer? Now yeah, you could go and try to take pictures of each item in your garage and try to sell them on OfferUp or eBay, but you’re busy. Right? That’s not what you want to do. It’s the same thing with the people who own raw land. They don’t want to learn how to market their own land.” Privatized Banking and Raw Land The power of the deals that Mark structures is that he recoups his investment immediately upon selling. So his monthly cash flow is pure profit. If you combine that with the power of the Infinite Banking Concept, you can continue to leverage your cash value repeatedly and pay your initial investment back. This means that you can do more deals more quickly, because you are borrowing against your value and not carrying the loan for long periods of time. About Mark Podolsky Armed with only $3,000, gut-wrenching fear, and absolutely no real estate experience… Mark bought his first few parcels of raw land in 2001. Today Mark is the author of Dirt Rich, the ultimate guide to helping you build a passive income. He's also the owner of Frontier Properties, a very reputable and successful land investing company, and has been buying and selling land full time since 2001. By focusing on working smart, not hard, he has completed over 5,500 land deals with an average ROI of over 300% on cash flips, and over 1,000% on the deals he sells with financing terms. Prior to his land investing success, Mark had a high-stress, soulless corporate job, and felt trapped in a state of solo-economic-dependency (i.e. his income stopped as soon as he stopped working). Escaping solo-economic dependency changed Mark’s life in so many positive ways that he decided to teach, coach and mentor others to help them achieve their financial goals. Even though Mark invests a lot of his time helping others, he stays actively involved in running his land investing business, and is dedicated to teaching the most current and relevant “real world” land investing methods to his students. Links The Land Geek , Mark's companyMark's course, "Wholetailing" (available free to our listeners)Mark's email: mark@thelandgeek.com Find Out Your Next Step to Time and Money Freedom Do you want to use Privatized Banking, alternative investments, or cash flow strategies to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We would love to help you.   Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/. By the way, to find out more about how Privatized Banking gives you the most safety, liquidity, and growth  … plus gives you the ability to have your money do 2 things at the same time, boosting your investment returns.  Go to https://privatizedbankingsecrets.com/freeguide to learn more.

Most people never maximize their full financial potential. That means they don’t accumulate the assets they could, and what they do save and invest isn’t protected and gets eroded too quickly. Then they take distributions in a way that shrinks their income, and they’re always trying to outrun the fear of running out. https://www.youtube.com/watch?v=L2qIGF_hwn4 Sound too close for comfort? This doesn’t have to be you.  We’re talking with another of our stellar advisors on The Money Advantage team, Scott McCright. You’ll hear the tenured experience he’s gained in over 27 years of working with clients, and his approach as an educator, strategist, and engineer. So, if one of your goals for the NEW YEAR is a fresh start financially, where you take ownership and lock in a plan you’re CONFIDENT will maximize your potential and do the most with your money… tune in below! Table of contentsIntroducing Scott McCrightDefining Financial FreedomStrategizing for Full Financial PotentialMindset MattersOpportunity CostReach Your Financial Potential with Privatized BankingBook A Strategy Call As we usher in this New Year, it’s time to think about your finances with fresh eyes. We recommend starting by zooming out: by looking at the big picture of your finances, you can maximize your lifestyle with efficiency. That means maximizing your income, your protection, your assets, and ultimately, realizing your full financial potential. To do that, you have to know how the pieces fit together.  Today, we’re sharing with you a way to think differently.  Introducing Scott McCright Scott is a member of the team here at The Money Advantage and offers a really valuable perspective to our clients. What we’ve seen time and time again is that he treats everyone as he would treat his friends. And that is so crucial to our mission here at The Money Advantage and treating finance like a team sport. After spending time in the Navy, Scott transitioned into the financial services world in 1993. He started first in insurance, and then moved to securities, when he had a realization. He was seeing time and time again that everyone was told to do exactly the same things. The advice wasn’t tailored for the individuals, and no one was really hitting it out of the park either. How could everyone expect to have different results when they were making the same mistakes? So he joined hands with other professionals, to see if there was a better way to help people.  [7:25] “I’m a big believer in, ‘There’s not one specific product that’s going to get you where you want to go.’ It’s more in the how and the why you do things than it is the where.” Defining Financial Freedom The financial landscape has gone through many changes over the last few decades, though people can more or less agree on one thing: they are looking for financial freedom. We think one of the best places to start, as highlighted by Scott’s quote above, is figuring out your “how” and “why.”  Get clear on what you want. What does financial freedom look like to you? What will you be able to do once you reach financial freedom, that you cannot do now? There are a few things that happen here when you get really clear on your vision. The first is, you can create a plan, or a strategy. If you’re working with a team of advisors, bringing your ideas to the table can be a great asset to the process. The next thing that happens is, you create a sort of discipline, because you’ve pinpointed the future that you want for yourself. You’re motivated, rather than defeated by what you don’t have.  This combination pulls you out of the narrow view and allows you to think about your big picture finances. It’s easier to create long-term strategies to reach your full financial potential when you’re working toward specific dreams. This is the time to make sure that all the pieces and parts of your financial life are going to work together to get you there.  Strategizing for Full Financial Potential [10:03] “I think everybody always says taxes, well—taxes are a big thing... I’m a big believer in thinking, well okay, if I’m going to climb the mountain, I’ve got to have a way to get back down. People don’t plan for that, they plan on going up, but they don’t plan on coming down. And that’s where people fail.” Strategy is an important part of your financial life. From income, to taxes, to acquiring assets—you must know where you’re going. Or to pull from Steve’s analogy, you have to know how to go up the mountain and how to come back down.  It’s easy, too, to put it all on paper and know what you’ll do over the next 30 years. Except life happens over that time, and you must be flexible. Scott says: [11:09] “I always tell people, you know, life gets in the way over those next 30 years, so don’t get discouraged if the plan has to change slightly. But you do have to have goals and aspirations and some discipline to get where you want to go. And that is why working with a financial professional is like the checkup, going to the doctor all the time.” Mindset Matters [16:19] “I think one of the problems I see more than anything else is, for some reason, people are taught to live in a scarcity mindset. So they’re making decisions based on reaction.” To reach your financial potential, it’s wise not to be reactionary in your approach. Often, those reactive decisions come from a place of fear or emotion, rather than logic. You can also call this a scarcity mindset—where you live in a state of “not enough,” which affects your financial decision making accordingly. Our goal is to help foster an abundance mindset, where you look for and see opportunities to reach greater prosperity.  Operating from a state of abundance, no matter your financial circumstance, allows you to slow down and think about the best next step for prosperity. So when the stock market crashes, you’re not jumping to move money around out of fear. Instead, you can take the time to move confidently in the best possible direction. Money is not a finite pie, though it may feel like it sometimes. Especially if you’re allocating every dollar to a place on your budget. Abundance thinking is about assessing what you have and asking yourself how you can maximize the use of it so that you can create more streams of income and more assets.  Opportunity Cost [21:17] “The one thing I think people miss is that every financial decision that they have to make—whether it’s daily, weekly, monthly, annually—has a direct impact on every other decision they have to make.” You'll have to make tough calls sometimes, like buying a new refrigerator, or fixing your car, where you must pull money out from somewhere. It’s important to remember that you finance everything you buy. In Scott’s words: [22:07] “We either spend cash and lose the earning ability on that cash, or we borrow people’s money and pay them interest for the use of it.”  So how do you use this principle of financing what you buy to make better decisions? You do what the wealthy do—you don’t relinquish control of your money. One way to do that is to create your own privatized banking system, using whole life insurance. Reach Your Financial Potential with Privatized Banking [25:04] “So what does life insurance do? It gives us tax favorable places to put our money that we can tap into today for other opportunities.” Other products make you relinquish control—a 401(k), traditional IRAs, the stock market—these are all designed with as little control for the consumer as possible. If someone asked you to play Monopoly with them, but reserved the right to change the rules whenever they wished, would you play? And yet the government designs qualified plans to change in their favor.  We’re not saying that it never makes sense to have a 401(k) or an IRA. However, whole life insurance is an ideal foundation because: You’re in control of your moneyYou’re not penalized for accessing itIt offers guaranteed growth and security Whole life insurance is one of the keys we use in our own finances at The Money Advantage. That's because it creates a bridge to all other assets, and helps you to reach your full financial potential. Book A Strategy Call Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help!   Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/, and find out how Privatized Banking, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out more about how Privatized Banking gives you the most safety, liquidity, and growth  … plus boosts your investment returns, and guarantees a legacy, go to https://privatizedbankingsecrets.com/freeguide to learn more.

Considering Infinite Banking, or IBC, but still a little skeptical? https://youtu.be/UNw8fUMhiNU In this episode, we’re talking with Dr. Robert P. Murphy, a free-market economist, who has testified before Congress on energy markets and monetary policy and has given many interviews on TV and radio. He is the author of hundreds of articles and several books on economic topics created for the layperson, including one of his most recent: The Case for IBC. So if you want to hear from a highly respected economist perspective just why Infinite Banking works … tune in below! In this episode on The Case for IBC, you’ll hear: How the Nelson Nash Institute came to be Common misconceptions about whole life insurance What Dave Ramsey gets wrong about “buy term, invest the difference” Why IBC is about more than just the rate of return The future of dividend rates And more! Table of contentsIn this episode on The Case for IBC, you’ll hear:The Nelson Nash InstituteThe Case for IBCOther Common Objections of IBCThe Future of Dividend RatesClosing RemarksOrganize Your Finances or Get Life Insurance TodayThanks for Tuning In! The Nelson Nash Institute [7:00] “Carlos and I wrote a book called, How Privatized Banking Really Works.... That phrase [Privatized Banking] was actually Carlos, his idea.” [8:23] “If you’re doing IBC, you’re not contributing to the problem, because the Austrian view is commercial banking that expands and contracts the credit supply. So if you’re...financing your purchases via policy loans, then you’re not contributing to the boom/bust cycle in the Austrian view.”  [8:58] “...Carlos and I were going around, giving presentations to the public and life insurance agents would hire us often to come do that, you know, presumably knowing that they were going to be able to sell more if we came and talked to a crowd about...the big picture here... And so over time we just realized this isn’t going to work. We need a more formal way of both, you know, training agents to make sure they know what Nelson’s principles are and how to design these policies correctly, but also so we feel comfortable… [putting] the public into the hands of certain life insurance professionals… So that was the birth of the IBC practitioners program.” You can find out more about Nelson Nash here: Nelson Nash: The Father of Infinite Banking (IBC) The Case for IBC [13:30] “... often this concept clicks with [business owners] sooner than with other people, is [because of] the importance of cash flow. So for like a salaried employee, you know, they kind of know every month how much money is coming in the door, and then they have their bills. And they’ve just got to make sure… [they] spend less each month than what’s coming in.” [15:20] "I came across a pretty sophisticated critique of IBC a while ago, from another economist, and he said, 'You know, this concept actually makes sense. What they’re really doing here is using an asset as collateral to then borrow money from some other institution to finance their cash flow. And they happen to be using life insurance or using...the cash surrender value, and a dividend paying whole life insurance is the collateral... When in principle you could take your house, as long as you have a bunch of equity, and go to a commercial bank and take out either a home equity loan or a HELOC.'" "And so... the concept the economist was arguing was, 'It has nothing to do with life insurance, and the only reason they’re doing it with life insurance is to get the commission.'" "So I go through and explain why, actually, that’s a perfect illustration of why Nelson was right to pick this vehicle or platform of a dividend paying whole life policy." Other Common Objections of IBC [19:54] “So another common one is… 'Oh everyone knows a whole life policy is a terrible place to put your money, you should buy term and invest the difference.’” [20:47] “The way we put it is that the whole life insurance policies are the platform upon which IBC is implemented. So yeah, if people don’t want their foundation, then they’re going to be hesitant to step onto it.” [22:06] “It’s going to be clear, we’re not arguing that you should never get a term policy... but virtually, you know, they are trying to make the other case saying that you should never get a whole life policy, it is always advantageous to buy term invest the difference...So the big issue is, it’s an apples to oranges comparison.” The Future of Dividend Rates [29:40] "My prediction is that the Feds are going to keep the interest rates low until the point at which the dollar starts significantly slipping against other currencies. And/or domestically, prices start rising such that...it’s too painful and they have to start ratcheting up rates to stem that." [30:20] “They can’t just keep interest rates at one percent, if price inflation is running at eight percent. They’d have to raise rates just like they did in the late 70s, early 80s.” Closing Remarks [38:00] “It’s not a get rich quick scheme, it’s a get rich slowly scheme... Like it’s amazing how much the thing grows. That’s basically just the power of compound interest.” [38:30] “There are plenty of people who were up to their eyeballs in credit card or student loans or other types of debt. And they talked to somebody who knows how IBC works…[and they see] with the same cash flow, you can just rearrange what you’re doing and dig out of this much more quickly, and be on a better foundation. So I would just say to people, don’t think this is something that only pertains to wealthy people.” Organize Your Finances or Get Life Insurance Today Do you want to use Privatized Banking, alternative investments, or cash flow strategies to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We would love to help you.   Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/. By the way, do you want to find out more about how Privatized Banking gives you the most safety, liquidity, and growth  … plus gives you the ability to have your money do 2 things at the same time, boosting your investment returns?  Go to https://privatizedbankingsecrets.com/freeguide to learn more. Thanks for Tuning In! Thanks so much for being with us this week. Have some feedback you’d like to share? Please leave a note in the comments section below! 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