The Prosperity Podcast
Kim and Spencer, in this The Prosperity Podcast episode, featured a discussion about whole life insurance as a financial asset and tool for emergencies and opportunities. It started with a historical look at the inception of whole life insurance by "bands of brothers" and church brethren centuries ago, aiming to address the financial losses of term insurance. As opposed to term insurance, whole life insurance was created to build an asset called cash value, which policyholders could borrow against. This role of life insurance in financial planning has expanded over time, with books like Nelson...
info_outline Tax Advantages of Life Insurance Deep Dive - Episode 559The Prosperity Podcast
Kim and Spencer discuss the tax advantages and personal protections of life insurance. They discussed points that include the basis of taxation on life insurance, how it is similar to taxation of vehicle and home insurance, and a detailed comparison of life insurance with Roth IRA and 401(k) from a taxation perspective. They briefly talk about borrowing against life insurance cash value and also touch upon the nuances of premium structure and death benefits of a policy. Prosperity Thinkers is proud to be an affiliate of the transformative Gravy Stack movement, helping individuals around...
info_outline The Detailed Guide on Funding Life Insurance Policies - Episode 558The Prosperity Podcast
Kim and Spencer engage in a deep-dive discussion about life insurance policies. They emphasize the importance of having the right mindset and principles when dealing with life insurance policies. They elaborate on the concept of overfunding and underfunding these policies. Kim and Spencer mention how the premium of a policy can build cash value and the ways that a "Paid Up Addition" could increase the death benefit and build cash value. They caution against overfunding your policy beyond the IRS's Modified Endowment Contract (MEC) limit, which could lead to tax implications. Prosperity...
info_outline The Relationship of Luck and Control - Episode 557The Prosperity Podcast
Spencer and Kim discuss the concept of luck and its relation to hard work. They argue that luck can be misleading since it insinuates that success doesn't need work or can be taken away at any moment. Instead, they emphasize that working is a way of serving and creating value, making it the foundation for success. They also underline that when one is prepared and actively participating, opportunities arise that may be perceived as luck but in reality, are the product of effort and preparation. The hosts also express skepticism towards beliefs that advocate for good fortune through actions like...
info_outline The Myth of Cutting Expenses - Episode 556The Prosperity Podcast
This episode centered around the concept of cutting expenses, discussing how efforts to decrease spending often lead to limited financial success. Referencing the book, No Worries by Jared Dillian, a finance writer and former Wall Street employee, this episode highlighted the drawbacks of focusing solely on expense reduction. Rather than achieving true prosperity, continual cost-cutting may lead to financial stagnation. Spencer and Kim also emphasized the importance of rising above cutting costs and shifting focus onto cultivating abundance and increasing income. They discouraged clinging onto...
info_outline Prosperity Pets - Episode 555The Prosperity Podcast
Prosperity Pets consists of a series of stories that provide lessons concerning prosperity. Kim shares the unique idea behind a stuffed pet that is an exact replica of her dog, Emma, leading the hosts to connect it with the idea of Prosperity Pets. The primary aim of these stories is to teach children and adults alike the importance of being prosperity thinkers, akin to pets that pull out positivity and live in the moment. The intention is to combine the fun and engaging nature of pets with the substantial principles of prosperity. Prosperity Thinkers is proud to be an affiliate of the...
info_outline Adaptive Learning and Self-care with Garrett Gunderson - Bonus Episode 554The Prosperity Podcast
Kim Butler chats with Garrett Gunderson, they talk about his ongoing book projects including revised versions of "Killing Sacred Cows'' and "What Would the Rockefellers do," and his children's book "I am Money". They delve into the importance of adaptive learning and self-care, illustrating how treating oneself as the greatest asset can lead to better productivity and generosity. In another segment, Butler shares her views on the perception of work, resilience, failure, and retirement. She argues that work should be enjoyable, and recovery from failure is crucial for growth....
info_outline Consequences of Not Thinking Big Enough - Episode 554The Prosperity Podcast
This episode talks about the concept of "thinking big enough" inspired by some song lyrics, highlighting the importance of songs as they carry messages that stick. Kim, introduces the term "visioneering", which substitutes setting specific goals with envisioning a future that inspires and propels us forward, as she believes goals can be inherently limiting. She explains that visioneering differs from goal setting as it encourages long-term and expansive thinking that is constantly changing, instead of being strictly focused on achieving specific, short-term, and measurable results. She makes...
info_outline The Offshore Banking Alternative - Episode 553The Prosperity Podcast
This episode delves into the topic of offshore banking alternatives. The hosts, contemplating the changing economy and threats of central bank digital currencies, discuss the importance of retaining control over personal wealth. They share fascinating insights into medical tourism and reflect on the attractiveness of the US dollar in countries like Brazil and Mexico. They underline the importance of having control over personal wealth. For those just starting their careers to those with a net worth of fewer than 10 million dollars, they highly recommend considering such domestic institutions...
info_outline How Celebrity Financial Experts Hinder Prosperity - Episode 552The Prosperity Podcast
This episode discusses the 'anti-debt snowball', challenging mainstream financial advice from figures like Dave Ramsey and Suze Orman. The hosts criticize these advisors for focusing solely on eliminating debt without preparing listeners for steps afterward. They argue that efficiently managed debts, such as student loans and mortgages, can be integral to personal financial strategy and shouldn't necessarily be the priority to eliminate. Instead, the hosts emphasize the need for the cash flow focus, particularly for higher-income individuals, and for establishing an emergency opportunity fund....
info_outlineKim and Spencer talk about the fascinating world of Artificial Intelligence (AI) and its potential to reshape the financial advising industry as we know it. With Kim sharing her firsthand experience from attending the renowned Abundance360 event, this conversation offers valuable insights for listeners who aspire to stay ahead of the curve and harness the power of AI in their practices.
Throughout the discussion, Kim and Spencer emphasize the unique aspects of human interaction that AI will not be able to replace, especially when it comes to raising funds and nurturing valuable client relationships. The significance of emotional intelligence, empathy, and trust cannot be understated, and these irreplaceable qualities are what set human advisors apart in this evolving landscape.
Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Thinkers thinking and strategies today!
Do you have a question you would like answered on the show? Please send it to us at [email protected] and we may answer it in an upcoming episode.
Links and Resources from this Episode
- For resources and additional information of this episode go to https://prosperitythinkers.com/podcasts/
- https://truthconcepts.com/
- https://embodied.com/
Show Notes - What Kim’s takeaways are from the Abundance360 event
- The unique human skill of raising money, which is about building relationships and transforming lives, will likely not be entirely replaced by AI
- AI can help pick up on emotions in words and between lines in email interactions, enabling us to get to the human element even quicker
- AI scheduling assistants can take the onus off sales assistants by sending text messages to clients and prospects, filling up calendars without overwhelming email inboxes
- Robots designed as communication devices and playmates for senior citizens can provide them with valuable company and engagement
- Innovations on AI and technology
- While robots may increasingly take up service positions in restaurants and other industries, having a financial advisor for personalized advice is still crucial
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