The Infinite Wealth Podcast

Are you worried about getting sued and losing your assets to creditors and predators?  Each state has some level of asset protection for the cash value of your life insurance, but what about your investments, your business, and your home? This episode is from a webinar we did with attorney Robert Bolick to discuss how you can protect just about all of your assets. Schedule your 15-minute call with Anthony or Cameron here: https://calendly.com/anthonyfaso/15-min-phone-call https://calendly.com/cameronchristiansen/15min Check our on-line course at www.InfiniteWealthCourse.com

Schedule your 15-minute call with Anthony or Cameron here: https://calendly.com/anthonyfaso/15-min-phone-call https://calendly.com/cameronchristiansen/15min Check our on-line course at www.InfiniteWealthCourse.com   Buy Becoming Your Own Banker by R. Nelson Nash http://bit.ly/BYOBbookIWC 

Schedule your 15-minute call with Anthony or Cameron here:  https://calendly.com/anthonyfaso/15-min-phone-call  https://calendly.com/cameronchristiansen/15min  Check our on-line course at www.InfiniteWealthCourse.com     On today’s episode we interview Sarah Brown, with Pinnacle Franchise Development. Sarah has tremendous insight that she’s able to share with our listeners as she has owned her own Franchise, worked as a franchise Broker and Consultant and currently she oversees Franchise Development for two national brands. A list of the topics covered in this are as follows:    Who buys franchises?  What is the biggest misconception of owning a franchise?   How passive are franchises?  What type of experience is necessary for a franchisee?  Spectrum of Franchise’s: Retail - Service  If someone is interested in franchise ownership, where should they start?  Best due diligence practices  Retail vs. Service Franchises  Serial Franchisors  Franchises: Millennials and Gen X  How does a recession affect franchise ownership?      Resources mentioned:     SBA - Business or Franchise?  Differences and benefits and downside of each:  SBA - which type of business should I buy?  SCORE - Volunteer Counselors and classes:  SCORE - Find a Local Counselor  IFA (International Franchise Association): Largest Trade Organization for Franchising:  IFA Website   Franchise 500:  Entrepreneur.com's List of Franchise Rankings:  Entrepreneur.com Franchise 500  Franchise Dictionary - Rankings and good online resource:  Franchise Dictionary Gamechanger  Franchise Consultants/Brokers - help find the right franchise - FranNet is a Franchise that helps people find the right franchise or determine if franchising is correct for them:  FranNet Find your Local Consultant  FBR (Franchise Business Review):  Rankings and resources:  FBR  ROBS: https://www.irs.gov/retirement-plans/rollovers-as-business-start-ups-compliance-project 

Schedule your 15-minute call with Anthony or Cameron here: https://calendly.com/anthonyfaso/15-min-phone-call https://calendly.com/cameronchristiansen/15min Check our on-line course at www.InfiniteWealthCourse.com Is IBC a Scam? A CPA's Perspective http://bit.ly/isIBCaScam  Nelson Nash documentary http://bit.ly/NelsonDoc  Buy Becoming Your Own Banker by R. Nelson Nash http://bit.ly/BYOBbookIWC 

What this episode is about:    In this episode we discuss the Hierarchy of Wealth which is a blueprint for how you should build wealth. We will discuss which account is best for storing your opportunity fund and we discuss what banks say you should do with YOUR money versus what they do with THEIR money.   Abraham Maslow was a psychologist in the 40’s and 50’s and was well known for his Hierarchy of Needs model. This idea states that a lower level must be completely satisfied and fulfilled before moving onto a higher pursuit.  We apply Maslow’s framework to money in a model that we call The Hierarchy of Wealth. This model is made up the following four tiers:  Tier 1: Cash/Cash Values   Tier 2: Control  Tier 3: Collateral  Tier 4: Speculation  When people begin saving money where are they told to begin: Tier 1 or Tier 4? Cameron and Anthony discuss why people begin saving in Tier 4 and ask if it makes sense?    Mentioned in this episode:  https://www.barryjamesdyke.com/the-pirates-of-manhattan  https://www.amazon.com/Myth-Revisited-Small-Businesses-About/  How to save 20% on your lease – YouTube Video  WL compared to an investment account – YouTube Video    Schedule your 15-minute call with Anthony or Cameron here: https://calendly.com/anthonyfaso/15-min-phone-call https://calendly.com/cameronchristiansen/15min Check our on-line course at www.InfiniteWealthCourse.com

Schedule your 15-minute call with Anthony or Cameron here: https://calendly.com/anthonyfaso/15-min-phone-call https://calendly.com/cameronchristiansen/15min Check our on-line course at www.InfiniteWealthCourse.com

Schedule your 15-minute call with Anthony or Cameron here: https://calendly.com/anthonyfaso/15-min-phone-call https://calendly.com/cameronchristiansenlv/15min  Check our online educational platform at www.InfiniteWealthCourse.com  When Anthony first heard about the Infinite Banking Concept, we went to various typical financial planners that we worked with through his CPA first to see why IBC would not work. One told him that the commissions were “very high.”  In actuality, the way an IBC policy is designed,  the commission is one third the amount of a typical life insurance policy. Another told him that he could “earn a higher rate of return” doing something else.  In actuality, IBC is not an EITHER/OR. IBC is an AND asset.  When you have an opportunity to make more money, with IBC you can use your policy to invest in other investments. Cameron was concerned about the stability of the life insurance companies and if he was the only person doing this. The companies we use for IBC must meet the following criteria: A mutual company (owned not by stockholders but policyholders) Over 100 years old Paid dividends EVERY one of the 100 years Support the Infinite Banking Concept During the last financial crash, 499 banks went under.  Do you know how many mutual insurance companies failed? ZERO IBC has not hit the mainstream however; banks and the wealthy have been using these concepts for over 100 years. We are working on a platform for people that practice IBC to share ideas on how they use their policies and ways to create passive income and build wealth outside of Wall Street.  Stay tuned for more details.  

LINKS:  Rates of Return: https://youtu.be/I5x7PWBSgaI  Schedule your 15-minute call with Anthony or Cameron here: https://calendly.com/anthonyfaso/15-min-phone-call https://calendly.com/cameronchristiansen/15min  Check our online course at www.InfiniteWealthCourse.com Buy the book Becoming Your Own Banker:   https://www.amazon.com/dp/B001NZO1DS/ref=cm_sw_em_r_mt_dp_U_xvvjDbAZAP94H 

Schedule your 15-minute call with Anthony or Cameron here: https://calendly.com/anthonyfaso/15-min-phone-call https://calendly.com/cameronchristiansen/15min Check our on-line education platform at www.InfniteWealthCours.com      You can contact Kim Walker CPA https://kimwalkercpa.com/ or kimwalkercpa@gmail.com  Business returns  The biggest news for businesses is the 21% tax rate on C Corp income.  This is quite a reduction in rates from prior years and may mean that C Corps become more attractive.  This is not a scaled or progressive tax.  It is a flat tax for all levels of taxable income.  For business returns in 2018, we have lost the deduction for entertainment.  This includes seats at sporting events and theatres, golf tee fees, night club table fees, hunting or fishing trips, etc….  Business meals are still 50% deductible.  This is the year to buy new equipment or office furniture.  Assets purchased before the end of 2022, will be subject to an accelerated depreciation method called bonus depreciation.  In most cases, you will be able to write off 100% of the cost of the asset as a current year tax deduction.   We can also take advantage of an increase in the maximum deduction allowed for qualified section 179 property from $500,000 to $1 million.  The rules for depreciating business passenger vehicles have become more generous as well.  A new or used vehicle placed into service in 2018 will be able to take bonus depreciation of $8,000 plus an additional maximum of $10,000 of regular depreciation for a total of a potential $18,000 write off in year one.  Keep in mind that mileage logs are still required to establish the qualified business usage of the vehicle.  New pass-through deduction  We have a new pass-through deduction the Qualified Business Income (QBI) available to owners of pass-through entities such as Sub S corporations, partnership, sole proprietorships and rental activities.  The maximum deduction available will be 20% of the qualified business income of the pass-through entities.  If you are a personal service company, restrictions will apply if your taxable income is over $315,000 but less than $415,000.  Once your taxable income exceeds $415,000 the deduction is disallowed.  If you are not a personal service company, you also have additional tests to apply after your taxable income exceeds $315,000 but there is no upper cap on taxable income.  The QBI deduction can never exceed 20% of the modified taxable income which is taxable income reduced by capital gains including qualified dividend income.  Personal returns  As with corporations, we have new limitations on deducting net operating losses on personal returns.  The deduction is limited to 80% of the taxable income.  This means that an NOL cannot entirely wipe out taxable income in any given year.  Unused portions will be rolled forward.  A big change for 2018 is in the deductions arena.  We have lost: Moving expenses The alimony paid deduction for divorces executed after December 31, 2018 The domestic production activities deduction The deduction for taxes paid – state income and property – are now limited to $10,000 per year.  Not terrible for Nevada residents but potentially devastating to California residents. Mortgage interest is limited to acquisition debt of $750,000 for homes purchased after 2017.  This used to be $1,000,000.  Excess interest paid is lost, not rolled over. Interest on home equity debt used to pay off personal credit cards or auto loans, will not deductible in 2018. All itemized deductions subject to the 2% limitation which includes investment fees, safety deposit box fees, tax return preparation fees, unreimbursed employee job expenses, estate planning fees, and home office for employees The exemption credit for children.  In 2017 this deduction was $4,050 for each person in the house.  In 2018, this deduction is zero.  In other words, you will not get a better tax break for having more children or a bigger household.  The standard deduction has been raised to $24,000 for married couples.  Many taxpayers will use the standard deduction in 2018 rather than itemize their deductions.  It will net them a better tax break.   The child tax credit has been increased from $1,000 to $2,000 for children under 17.  The credit begins to phase out at a modified AGI of $400,000/200,000 in income.  Up to $1,400 of the credit may be refundable.  Educational plan funds (529 plans) can now be used to pay for K-12 private school tuition for up to $10,000 per year.

The hosts discuss their motivation for starting the podcast and share alternative financial strategies. They emphasize the five pillars of wealth: investing in oneself, owning a business, real estate, lending, and infinite banking concept. They highlight the value of education and provide examples of saving and investing. The concept of infinite banking using whole life insurance as a tool is explored. The importance of a secure cash foundation and the ability to invest in other areas is discussed, along with upcoming episodes featuring guest experts.