The Prosperity Podcast

Today’s episode comes from a listener question where Kim Butler and No B.S. Money Guy Todd Strobel sit down and address the topic of life settlements. They share some of the confusing terms and address common questions. Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at hello@partners4prosperity.com and we may answer it in an upcoming episode.

In this episode Kim Butler and No B.S. Money Guy Todd Strobel sit down and talk about building a team of trusted advisors that can manage your financial affairs. This topic conversation comes from a recent issue in the AARP magazine. Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at hello@partners4prosperity.com and we may answer it in an upcoming episode.

Kim Butler and no B.S. money guy Todd Strobel sit down and talk about the money myths that float around in the financial world and one of those biggest myths is that the government wants to build people's wealth. Anyone with a 401k will hear about the government's true objective and see the potential risk on the horizon. Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!

Summary: Best-selling author Kim Butler and No BS money guy Todd Strobel talk about money myths in particular whether or not it is a good idea to “self-insure” if you have enough money. Kim asks why it is that insurance companies provide more for you if you have more wealth, when society thinks you should have less? And finally Kim and Todd discuss the difference between gross and net worth insurance coverage. Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!   Links in this Episode: Get the free ebook and audiobook - Financial Planning has FAILED Submit your questions hello@partners4prosperity.com   Show Notes: 00:00 Introduction 00:43 2 questions: can you self-insure? And should you self-insure? 02:35 Life insurance is not necessary. Especially if you have built up enough assets 06:34 Kim asks why is it that insurance companies will provide more if you have more wealth, yet our society thinks you should have less? 08:36 Life insurance runs things completely different from any other insurance-- it’s need-based 08:58 Gross worth vs Net Worth insurance coverage 09:39 The answers to if you should self-insure, and can you? 12:15 The income tax free benefits of life insurance

Summary: Best-selling author Kim Butler and no B.S. money guy Todd Sterobel talk about how to convert a traditional IRA to a Roth IRA. They discuss the Who, Why, and How to convert. They also talk about certain situations in which converting to a Roth IRA would not be beneficial. There are several advantages of converting to a Roth IRA that Kim and Todd discuss in detailed, yet simple and clear terms. Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!   Links in this Episode: Get the free ebook and audiobook - Financial Planning has FAILED Submit your questions hello@partners4prosperity.com   Show Notes: 00:00 Introduction 01:02 There is no income requirement for converting a traditional IRA over to a Roth IRA 01:26 Kim answers the how, why, and who the Roth IRA is a good strategy for 01:56 The Who: converting can be beneficial if you have the dollars to pay the tax that are going to be due 03:06 Converting is good for people who believe that taxes are going up, that want to access the Roth IRA tax laws, and have extra cash sitting around 03:47 Yes, you can do a partial conversion 04:38 If Hillary Clinton’s plan goes through all loopholes may be cut so this might be your only time to convert to a Roth IRA 05:02 People are believing that taxes are going to go up-- it would be beneficial to go ahead and pay the taxes now and put those tax dollars into a Roth IRA and you would not pay taxes on it in the future 06:13 The Why: You have enough dollars TODAY that you are willing to pay the tax with. You may want to even take a lower income this year and convert to the Roth IRA and because you are in a lower tax bracket, you pay lower taxes on the IRA conversion 07:19 Todd makes a point that those parents sending their kids off to college and trying to receive financial aid, may NOT want to convert to a Roth IRA as having that extra income could affect that negatively 07:47 Kim talks about the advantages of the Roth IRA-- it’s like the old adage: Roth IRA law is like paying taxes on the seed, and not on the harvest 08:42 One of the differences between a traditional IRA and Roth IRA is that a traditional IRA pays taxes at distribution, whereas a Roth IRA does not 08:59 The How: There’s 2 ways-- 1. A simple conversion just requires paperwork 2. Get a discount for that conversion in other words, get taxed on a lesser dollar amount 11:12 There are no penalties for converting to a Roth IRA 12:41 Special email for podcast listeners only is: hello@partners4prosperity.com get the ebook at partners4prosperity.com/ebook audio version available also

Summary: In this fun and resourceful episode Kim Butler and no B.S. money guy Todd Strobel sit down and talk about the mental nutrition and routines we have in our lives for consuming information and sharpening our minds. Together they share some of their favorite news sites, books, podcasts and much more.   Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!   Links in this Episode: Get the free ebook and audiobook - Financial Planning has FAILED Submit your questions hello@partners4prosperity.com   Show Notes:   00:00 Introduction 00:28 Today’s topic - Your News Diet and Your Mental Nutrition 02:27 How Kim gets news and information 04:05 The bulk of news is negative news 05:20 Be very careful of how you feed your brain 05:35 Kim’s first pick is Christian Science Monitor 06:07 Todd’s first pick is Audible.com 07:40 The podcast The Kind World Podcast 09:27 Positive and uplifting news The Good News Network 10:27 AARP.org inspiring stories for baby boomers 11:23 GrowingBolder.com hope and inspiration 12:55 Book Disrupt Aging by Jo Ann Jenkins 14:20 Book Quiet by Susan Cain 14:41 Share your favorite books and resources with us at hello@partners4prosperity.com 15:17 Audiobook Learning How to Avoid the Gap by Dan Sullivan

Summary: Can employing your kids be a tax advantage? In this episode Kim Butler and no B.S. money guy Todd Strobel sit down and talk about how employing children can offer several tax benefits and teach them the value of money. Children can do menial or low-skilled work and get compensated and you can benefit with tax breaks. For you to implement this in your financial strategy you will want to consult with your CPA or advisor and follow the guidelines presented by the IRS Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!   Links in this Episode: Get the free ebook and audiobook - Financial Planning has FAILED Submit your questions hello@partners4prosperity.com   Show Notes: 00:00 Introduction 00:29 Today’s topic: Taxes; and how to lower your tax bill 01:16 If tax money could be put back into your business, where would it do the most good? 01:54 Kim Butler: firm believer in paying someone else to do the work 02:32 Employ your kids so they learn the value of work and money (check with your CPA first) 3:45 Getting your kids to help work in your business may help solve family dynamics if they have their own money 4:14 Todd’s idea: using your kid’s pictures in marketing 5:34 Talks about teens having their own money, learn how to make their dollar stretch 6:39 Kim’s ideas on what work kids and teens can do and in turn make them more independent financially 8:03 It’s a win-win from a business point of view, child’s point of view, and parent’s point of view, and job market point of view 9:18 Make sure you stay in line with the law when employing children 10:20 Send in questions or comments

Summary: Most market expectations are based on information from the past. That alone won’t cut it anymore since we live in an economy that advances by nanoseconds with bots and bytes of information. In this episode Kim Butler and no B.S. money guy Todd Strobel sit down and talk about rearview mirror investing and share one of the key principles of prosperity.   Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us!   Links in this Episode: Get the free ebook and audiobook - Financial Planning has FAILED Submit your questions hello@partners4prosperity.com   Show Notes: 00:00 Introduction 00:29 Today’s topic: Rearview Mirror Investing 00:56 “Pilots don’t use rearview mirrors” famous quote by Joel Weldon 01:47 Investing and trading happens in millionths of a second 02:58 Why the stock market did so well over the last 20 years 04:00 Why do you think we are so hung up on history as it relates to our investments? 04:21 Focus on what you can control 05:00 If you cannot control a particular marketplace you have no business investing in that company in the stock market 05:24 The reasons why Warren Buffett and Donald Trump win in the market 07:10 The 401k and baby boomers have completely changed the marketplace 10:09 The distinct difference between an asset that is growth oriented and an asset that is income oriented 10:41 Start your knowledge about the new economy in this free ebook Financial Planning has FAILED 12:50 Ask a question for the podcast hello@partners4prosperity.com

Summary: If you have money tied up in a 401k, 403b or a 529 plan then you will be shocked to hear about the regulations and restrictions placed on your money. Kim Butler and no B.S. money guy Todd Strobel sit down and talk about the important prosperity values of maintaining control and simplicity. Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us! Links in this Episode: Get the ebook - Financial Planning has FAILED   Show Notes: 01:25 Talking about 401k, 403b and 529 plans 03:23 Giving up control is a major prosperity violation 04:20 Savings should be a guarantee and not fluctuate 04:47 Every 529 plan has the amount of money put in and the growth has been destroyed 06:18 Sometimes it's worth paying the penalty for the freedom of your money 06:50 What do you think the government's goal is? 10:34 Control and simplicity are important things to seek out in your investments 12:47 Your money needs to do 3 these three things

Summary: Should you get a conventional mortgage or a jumbo loan? In this episode Kim Butler and no B.S. money guy Todd Strobel sit down and talk about the advantages of a 30 year mortgage and see numerically what makes sense in the long run.   Tune in to find out how to take control of your finances today. If you would like the opportunity for us to answer your question on the show or to be a guest on our show, be sure to keep sending us questions and reach out to us! Links in this Episode: Financial Planning Has Failed Ebook Busting Interest Rate Lies   Show Notes: 00:00 Intro 00:51 What Are Jumbo Loans & Are They Actually Bad? 01:15  What Do You Need to Know About Jumbo Loans? 04:11 Is It Worth it to Pay the PMI or Should You Put 20% Down? 07:07 Jumbo Rate vs. Conventional Rate Mortgage 12:45 Proving Numerically that a 30 Year Mortgage is More Efficient 13:41 Should You Work Toward Refinancing? 15:36 Should You Keep Your Equity in Your House? 18:18 Outro