Welcome to Wealth Talks where we talk about solutions, money, and other things that create wealth in your life
info_outline Can you trust your financial plannning strategy? 03/24/2020
Can you trust your financial plannning strategy? The market is a mess. Stocks are down, the Dow is down, the S&P 500 is down. Are you happy with your strategy for financial planning? Or does it feel more like gambling in Las Vegas? People are being failed by their financial planning strategy, leaving them dependent on Social Security. This is a problem. You need a foundation that isn’t affected by the latest plunge in the market. Listen now to find out why it is so critical to have this foundation, and how to get it.
info_outline Pitfalls of Typical Fiancial Planning 03/18/2020
Pitfalls of Typical Fiancial Planning Typical financial planning has failed, leaving many dependent on social security. 401Ks, simple IRAs and other Tax Qualified Plans, are the “golden goose” that can kill you financially if you don’t know and understand the “terms and conditions” of each. Although it seems like “free money” when your employer is contributing some sort of match, will that “free money” actually cost you in the long run? In today’s episode, Tom and John talk about some of the consequences that could ensue in the future with these typical systems. Surprises can be nice, but tax implications you didn’t expect to have, aren’t. Don’t get caught by surprise, understand what’s ahead. Listen Now.
info_outline Clocks and Life Insurance Policies 03/10/2020
Clocks and Life Insurance Policies Today on Wealth Talks Michele joins Tom and John… and so does Mr. Higgins! Well, sort of. Poor Mr. Higgins lives in a book and has a clock but cannot tell if it is on time! Mr. Higgins buys another clock only to discover that neither clock displays the same time. Now Mr. Higgins is in despair! He can’t tell which clock is correct! Is Mr. Higgins doing the same thing with clocks that some people do with life insurance? Listen Now to find out, not only what some people do with life insurance, but also what Mr. Higgins does to fix his problem.
info_outline Tax Advice from a former IRS Auditor 03/03/2020
Tax Advice from a former IRS Auditor How can you tell if you’re paying more in taxes than you should be? Can section 199A really give businesses a leg up? What about the Secure Act? Is Life Insurance really a good tool to leave a legacy? Jack Cohen worked as an IRS Auditor for 33 years, In fact, he won the IRS Employee of the Year Award in 2006. Since then, Jack has switched the “black hat” for the “white hat”, helping people pay as little as they legally can in taxes. Today he joins Tom and John on Wealth Talks to answer questions about section 199A, the Secure Act, and others. Also, he offers to review your tax returns so you can tell if you are losing money. Don’t miss this Episode: Listen Now.
info_outline Health is Wealth with OHS 02/25/2020
Health is Wealth with OHS Health is indeed a part of Wealth. And with so many options for diets and supplements in today’s world, where do you even start to start? Do nutrition and supplementation really play a role in helping you reach Optimal Health? Doug Grant is the founder of Optimal Health Systems (OHS). Before founding OHS in 1997, Doug was the 1st nutritionist ever hired by an NBA team. He has continued on to work with athletes in MLB, the NCAA, the Olympics, and even publishing Ironman magazine for a couple of years. Listen in as Doug Grant joins Tom and John to talk about health and nutritional needs, and what type of process goes into developing nutrition products at OHS. Resources: Call 702-660-7000 to get your 21-day Blitz Challenge Use code: OHSWealth to get 10% off your first order with Optimal Health Systems
info_outline Planning for Retirement 02/18/2020
Planning for Retirement There are many Retirement Calculators out there, insert your numbers and Ta-Dah! The calculator spits out how much money you need to have in order to retire. But these calculators can’t guarantee how much money you will need in retirement. What chunk of your money will inflation gnaw off throughout your retirement? Are your retirement savings tax free? Or only tax deferred? Will you ever require special medical care? What about assisted living? Or emergencies, or… or… or… Today on Wealth Talks, Tom and John talk about events that can catch you by surprise in retirement. Don’t trust typical financial calculators to tell you what you “need” to retire on. Call our office to see how Participating Whole Life Insurance can help you plan for more sustainable passive income in retirement. Call 702-660-7000 or schedule time to .
info_outline The Fedral Reserve and the Stock Market 02/11/2020
The Fedral Reserve and the Stock Market The Federal Reserve has been artificially lowering interest rates for years. This has been driving up the cost of stocks, far beyond their economic value. Meanwhile, other central banks are printing up legal currency in order to buy shares of stock. Our own Federal Reserve is printing up currency with which they are purchasing mortgages. Sooner or later, a return to economic reality will have to take place. Today Tom and John are joined by Dr. Paul Cleveland, Ph.D. in Economics and Professor of Economics and Finance at Birmingham-Southern College. Join the conversation as they talk about the ways to prepare for the upcoming “return to reality”. Resources:
info_outline What Is Your Financial Risk Tolerance? 02/04/2020
What Is Your Financial Risk Tolerance? Risk tolerance is a big term in typical financial planning. Basically, risk tolerance is the amount of nerve you have to watch your investment portfolio lose money without flinching. According to typical financial planning, the higher your “risk tolerance” the more money you should risk losing to try and get big returns. But typical financial planning isn’t working out so good for most Americans. People are running out of money in retirement and the median savings for someone age 65 or older is only $63,000. If you are allergic to risk and you hate losing money, if you believe that when you’re 65 you should have more than $63,000 in savings then you probably shouldn’t follow typical financial planning. Doing nothing is not enough though, you must do something better, that’s what we talk about on episode 248 of Wealth Talks. Listen Now. Wealth Seminar on February 20th.
info_outline Why 401(ks)s aren't Making Americans Wealthy! 01/28/2020
Why 401(ks)s aren't Making Americans Wealthy! How is wealth created? According to George Gilder, there are three things that create wealth. (Listen to find out) People who put money in a 401(k) limit their access to their own money which makes it hard to create wealth… and 401(k)s aren’t treating people all that well, to begin with. The average 401(k) balance is pretty low especially considering many employees are betting on their 401(k) to make retirement a reality. That’s probably the reason most retired Americans depend on Social Security for at least 50% of their retirement income. People who believe in the future use their money to create wealth. Can you do that too? Discover the three things that create wealth. Listen Now.
info_outline Money and Politics Meet again 01/22/2020
Money and Politics Meet again Governments and central banks are taking the low road. They are attempting to artificially stimulate the economy by implementing negative interest rates. John says it will work probably work short-term Tom says it could cause people to hoard tangible assets like gold, silver, antique automobiles and art. What is it that really stimulates an economy long-term and causes wealth to be created? Why do you think most business regulations are put in place? A. To protect small business from getting overrun by big business B. To make it hard for small business to compete with big business Now picture yourself approaching retirement… what would you do if interest rates went negative on all of your retirement savings, and instead of earning interest on your money, you had to start paying just to keep the money you’d saved? All this and more on episode 246 of Wealth Talks. Listen Now.
info_outline How to Save More Money in 2020 01/14/2020
How to Save More Money in 2020 Most people think saving money is about cutting lifestyle and luxuries. This is certainly one way to save, but it is not the only way because where you save your money can make a big difference in how much you get to keep. 💵 Benjamin Franklin says, “There are two ways to increase your wealth. Increase your means or decrease your wants. The best is to do both at the same time.” But increasing your means is not always as easy as increasing your income because expenses tend to rise to equal (or exceed) income (Parkinson’s law). 😟 When you have a good plan for your finances you can save more money without working any harder; you can have peace of mind and be ready for good investment opportunities when they come to you. Whether you’re trying to save more money for retirement, to make an investment, or just saving money for a rainy day it’s always a good thing to minimize fees and taxes. And you want a big word called LIQUIDITY. Find out why this is so important. Resources:
info_outline The Secure Act 01/07/2020
The Secure Act he SECURE Act was signed into law by President Trump on December 20, 2019. Here are some key changes you should know as you plan for retirement: Generally, the SECURE Act: Removed Maximum Age limit for IRA Contributions Increased the age for Required Minimum Distributions (RMDs) from age 70.5 to 72 Enforces a 10yr distribution window for most inherited retirement accounts - no more stretch IRAs The SECURE Act is likely to increase age tax-qualified account balances because people will be encouraged to save more in these accounts. It will also increase government tax revenues because of the 10yr distribution rule on inherited accounts. Also under the Secure Act, employers get a tax credit by automatically enrolling employees in the company sponsored retirement plan (Small-Employer Automatic Enrollment Credit). If you don’t want to be automatically enrolled into contributions to your company retirement plan you may need to take action to opt-out. Now is a good time to consider how much of your money you wish to invest in tax-qualified accounts compared to paying the tax and building wealth in other types of accounts where you have more control, lower fees and less market risk. For example: Target-date mutual funds are a default option for most retirement plans with an automatic enrollment. Target-date funds are sold as a “set it and forget it management strategy” and they are also notorious for high fees. Fees are a killer whenever you try to grow your money. Compare target-date funds with the guaranteed values that build in participating whole life insurance policy over a similar time period. It could make sense to keep the control of your money and lock in guaranteed growth through life insurance + leave any legacy to your heirs income tax-free, instead of putting them into a higher tax-bracket with required distributions on an inherited tax-qualified account. - Register now Most people are losing money with typical financial planning. Learn to use Life Insurance as a Financial tool while you’re living so you can keep more of the money you make and have financial peace of mind.
info_outline Financial Independence in 2020 12/31/2019
Financial Independence in 2020 Can you really eliminate the control of Banks and Financial institutions in your life by using Life Insurance? Or should you own Life Insurance for different reasons? Discover the best reasons to own and use Life Insurance as a financial tool in 2020. With the New Year just around the corner it’s a great time to reflect on the history of Life Insurance and how to achieve your goals in 2020. New Year’s resolutions are infamous for lasting only a few weeks. What does it take to get the follow through you deserve and achieve the results you really want? Consistent Action is one key. And so is Consistent Motivation. One way to stay motivated in 2020 = Subscribe to Your Monday Motivation a 2-minute weekly motivational message from Ben McFie. on Apple Podcasts OR by texting: MMM to 77222
info_outline Investment Grade Life Insurance - What You Need to Know 12/24/2019
Investment Grade Life Insurance - What You Need to Know What are people talking about when you hear the term “Investment Grade Life Insurance”? Answer: It can be just about any type of life insurance under the sun because the “Investment Grade” part is marketing fluff. The Supreme court has ruled that life insurance is not an investment but rather an asset, so what you really want to know is how the underlying life insurance works and how it would fit into your portfolio. This podcast show makes it easy to understand the value of guarantees from WHOLE life insurance in your portfolio, and why it pays to be wary of any other type of risk management scheme contrived within a UNIVERSAL life insurance contract. When you know what’s really happening, you’ll know what to do. Resources: Get the Tool: Register for the:
info_outline Group Life Insurance Plans - What You Need to Know 12/18/2019
Group Life Insurance Plans - What You Need to Know Should you rely only on Group Life Insurance through your employer? Or does it make sense to combine your group coverage with individual coverage? What option(s) will cost the least over time? What else should you know of when it comes to Group Life Insurance? Find out now. Hear the pros and cons of Group Life Insurance and how it compares (or can work together) with personal Term Life Insurance and Participating Whole Life insurance to get you the best coverage. Resources:
info_outline Protecting Your Wealth through a Mutual Community 12/11/2019
Protecting Your Wealth through a Mutual Community Stories from the Plymouth Pilgrim colony and the modern Farming community help to explore the way Socialism differs from Mutual Assistance, Mutual Organizations or acts of Charity in a community. Ask yourself, what model will best protect wealth? And discover how you can you participate in a mutual framework to protect the wealth you create. Obviously, charity is important, while greed is destructive. The right method and attitude for creating and protecting your wealth follows the same guidelines. Do this right and you will experience a wealthier life beyond just the money you accumulate in the process. This show also includes some fun facts on life insurance…how much life insurance was in-force in 1930 compared to 2018? Listen and find out. Resources: 2018 Life Insurance Stats - Statista.com
info_outline Capitalism vs Socialism and Why You Should Become Wealthy 12/03/2019
Capitalism vs Socialism and Why You Should Become Wealthy What you need to know about government, money systems and market environments to build sustainable wealth - we make it all easy for you. Understanding these systems conceptually, will help you grow your wealth and keep more of the money you make. Did you know Sir Isaac Newton (the inventor of calculus) made a significant contribution to a stable monetary system in England? This helped to set the stage for the great wealth accumulated by the British Empire. Hear the story on today’s show. Today’s discussion also sheds light on why you should become wealthy in the first place. It boils down to how you get the money, and that should be a virtuous activity. As writer George Gilder points out, wealth is only valuable when it is combined with wisdom. Same reason why currency trading doesn’t “create” any value. “Life, Liberty and the Pursuit of Happiness”, is the foundation which allows opportunity for you to create value out of nothing which is the only model that “creates” real wealth. Other methods just shuffle money around but DO NOT CREATE any new wealth. Summary includes a tool you can use to avoid some of the imperfections in the “system of the world” in which we live today. This helps maximize your opportunities to create wealth and keep control of the wealth you do create. Resources:
info_outline Income Driven Repayment Options for Your Student Loan 11/27/2019
Income Driven Repayment Options for Your Student Loan You’ve heard of income-based repayment aka income-driven repayment plans for student loans. Do they apply to you? How do you know what income driven plan is best for you? What about the tax liability when the loan is forgiven? Is it really worth jumping through all the recertification hoops? Will you have to limit your service potential to keep your income low enough to qualify? Or could there be a strategy for you that ties it all together and gives you a better deal? Maybe you can save enough cashflow over the next 20-25 years to take care of the tax liability with no problem. Maybe you can turn your debt into an asset and actually have “money saved” to show for your effort when everything is done. There is a strategy and this show will help you discover what you need to know. Resources: https://forms.gle/bc9x5cHh4Rpf5tkNA
info_outline Wealth Redistribution 11/19/2019
Wealth Redistribution From the story of the Tower of Babel in Genesis, through Greek Culture, even through the Dark Ages, and now through modern day Marxism in America, humans often think it is wrong to be wealthy. They think it might be better to redistribute the wealth. Maybe everyone could enjoy prosperity equally and fairly - it sounds really nice. But life isn’t equal or fair, so what’s the best solution? Today you’ll hear some history around the idea of Wealth Redistribution and the different forms it assumes throughout history. This discussion makes several references to the Bible. Basically you can choose from 3 systems: Socialist/Communist system = Direct Redistribution by government Capitalist system = Redistribution through markets, services and charity Neo-Capitalist or “Crony” Capitalist = Redistribution through manipulated markets Consider how these three systems distribute and redistribute wealth and then you’ll be able to make better sense of the wealth in your life to manage it wisely. Resource links:
info_outline Life insurance policy loans and withdrawals (tax consequences and details your agent may not have told you) 11/12/2019
Life insurance policy loans and withdrawals (tax consequences and details your agent may not have told you) Did you know, that a withdrawal from any type of Universal life insurance policy, is substantially different than a withdrawal from a Whole life insurance policy? Policy loans may also affect universal life insurance and whole life insurance products differently. On this show you’ll hear what you need to know about policy loans and withdrawals. It doesn’t matter whether a universal product is called Indexed Universal Life (tied to a market index), Variable Universal Life (tied to various stock accounts), or plain Universal Life (usually tied to an interest rate). Withdrawals from any type of life insurance policy can easily be taxable. Loans are usually not taxable but can become taxable if you borrow too much and cannot pay the interest. Don’t lose money. Discover what you need to know to keep more of the money you make. You will also hear guidelines on when it makes sense to take a policy loan and when it makes sense to use other money. Call Life Benefits for specific guidance 702-660-7000
info_outline Special Interview on the Wealth Cruise with Dr. John Bergman and Krish Dhanam 11/06/2019
Special Interview on the Wealth Cruise with Dr. John Bergman and Krish Dhanam Conversation with Krish Dhanam and Dr. John Bergman highlighting some of the wonderful experiences and content from the 2019 Wealth Cruise.🚢 From financial wealth building to world views and knowledge for cultivating physical health and well-being, this cruise reflects a recognition that humans are tridimensional in nature with Mental, Physical and Spiritual aspects. To achieve real and sustainable wealth you have to become successful in all 3 dimensions. Mentally you can design a strategy to create financial wealth and exercise discipline to follow your plans and make important adjustments along the way. Physically you want to recognize when your body is stressed and how that could affect your ability to perform and experience life at your full potential. Fundamental world views (aka spiritual beliefs) affect your work ethic, and give you the dignity to serve and do the things you need to do in the other two dimensions. Ultimately you want to grow in a balanced way. Krish Dhanam explains the wheel of life and how this can help you develop a large “wheel” in a balanced way without getting side tracked by circular logic or passing emotional desires. Resources:
info_outline New Health Insurance Options for 2020 10/29/2019
New Health Insurance Options for 2020 🗓 Open Enrollment for Health Insurance starts Friday November 1st running through December 15th 2019. Special guest Jack Hooper from Take Command Health shares 2 new HRAs available for businesses in 2020 - ICHRA and EBHRA in addition to QSEHRA from 2017. Acronym Definitions: ICHRA = Individual Coverage Health Reimbursement Arrangement EBHRA = Excepted Benefits Health Reimbursement Arrangement QSEHRA = Qualified Small Employer Health Reimbursement Arrangement These HRAs can add more options and flexibility for employers and employees searching for the best health coverage and benefits. Business Owners in any of the 50 states can choose from a couple types of HRAs to eliminate the hassles of trying to choose the best group health plan, and deal with premium increases. You can also outsource the on-boarding, compliance and reporting to make an HRA the obvious simple solution for your business health benefits program. Shopping for individual coverage? Use the Take Command Health system to . And if you’re an employee who’s not entirely happy with your employer offered group health plan, you may want to take this information to your employer and encourage them to implement an HRA that could give you better options in 2020. Resources: For more information on shopping for Individual and Family Health Insurance Coverage see: and
info_outline Indexed Universal Life Insurance (IUL): How it Works and What You Need to Know 10/16/2019
Indexed Universal Life Insurance (IUL): How it Works and What You Need to Know 🗞Everything you need to know, and probably more than you’ll ever need to know, about Indexed Universal Life Insurance (IUL). Universal Life Insurance has been promoted since the 1970’s. IUL insurance is even more recent, but still based on the same idea of buying term insurance and investing the difference. If you like risk, fees, a possibility of greater gain when the market goes up (never when it goes down), an ever increasing cost of insurance, and a thick contract that obviously protects the insurance company over the policy owner…you might want IUL. Yes, we’re biased toward good traditional Whole Life insurance, and you’ll understand why as you listen. Complexity is not your friend when it comes to IUL. Resources: If you already have an IUL policy contact Life Benefits for a review: 702-660-7000 How Indexed Universal Life Insurance Works:
info_outline Free is Never Free because there is Always a Cost 10/15/2019
Free is Never Free because there is Always a Cost 19 out of 20 Americans with a 401(k) are paying fees of some sort whether they know it or not. 😰 Even if the account, or advisor, does not charge a management fee, there are usually fees hidden in various ways. If you know these fees are present you can figure out how to deal with them, overcome, or avoid them strategically. Just don’t be a sucker and think you have no fees until it’s too late to recover the money you lose. If you’re going to invest, be aware of expense ratios, transaction fees, and front-end or back-end fees. There can even be custodial or accounting fees. Not all of these fees are easy to track down especially when they are pre-packaged within various investments or funds so you simply see a net return. Even when you just have money in a bank there are possible fees so it pays to be vigilant and strategic about how you save money and where you save your money.
info_outline T Boone Pickens and Premium Financing with Oklahoma State University 10/08/2019
T Boone Pickens and Premium Financing with Oklahoma State University Best known as a billionaire tycoon and a hostile corporate takeover entrepreneur, T. Boone Pickens was an amazing person with great financial sense. But in 2008 one of his ideas crashed. Pickens had helped Oklahoma State University buy life insurance through Premium Financing. After the 2008 crash T. Boone Pickens stepped in personally to bailout OSU and they still lost the life insurance. Today you’ll see a lot of people encouraging premium financing on the internet or in seminars. Unless you have deep pockets or a rich benefactor like T. Boone Pickens it’s much better to stick with a “comfortable and affordable” strategy for funding your life insurance assets. If Premium Financing was a wildcard for T. Boone Pickens, what makes you think it could be different for you? Resources:
info_outline 4 Financial Questions answered and the #InternationalPodcastDay Winner Is... 10/01/2019
4 Financial Questions answered and the #InternationalPodcastDay Winner Is... Today is #InternationalPodcastDay! And we have a winner for the Beats Solo3 Wireless headphones - announced during this show. Thank you for participating in the WealthTalks celebration sharing your favorite podcast shows! And some of you went above and beyond sharing more on how you use your policies + asking questions for the WealthTalks show and leaving reviews on iTunes & Stitcher. We appreciate you! Hear an answer to 4 of the many great questions you asked through the celebration entries: 1. How do you decide when to take a policy loan or when to use outside money? 2. At what point do you become maxed out on your life insurance coverage? 3. How can this concept be integrated with real estate and business cash flow strategies? 4. What is the fastest way to pay down debt? Resources:
info_outline How to Maximize Policy Growth 09/24/2019
How to Maximize Policy Growth How do you maximize growth in your policies (and outside your policies) with strategies like the Infinite Banking, Bank On Yourself or The Perpetual Wealth Code™? This can depend partly on how your policies are designed. If you have a policy that is “maxed out” under the Modified Endowment Contract rules you might not be able to maximize the policy much more. What then? When your policy growth and guarantees are maximized it’s time to look to your money management for the optimal growth opportunities. Listen for details on the balance to make this all work for you so you can stop losing money and keep more of the money you make. Celebrate #InternationalPodcastDay this week by sharing your Favorite Podcast Shows and entering to win a set a Beats Headphones on September 30th:
info_outline How to "Budget" for Your Prosperity and Wealth 09/17/2019
How to "Budget" for Your Prosperity and Wealth Many budget systems give you a good feeling as you start, but cannot produce the sustainable results you need to build real prosperity. As an example take Senator & Presidential candidate Elizabeth Warren’s book which recommends a 50-20-30 budget system. This budget system reminds you of a typical government budget when you realize that only 50% of your income is allocated to necessities that require 60% of an average American household income. Oops! Maybe you could fit necessities into 50% of your income, especially if your income is above average, but this is not a great plan for keeping more of the money you make OR building prosperity. Better start with something you know will be sustainable and a plan to NOT lose the money you save. Try the 10-20-70 system and make sure you “pay yourself first”. This system has been around for a long time. You know it will be sustainable and if you can save more than 10% (or 30%) of your income, all the better. Resources:
info_outline Becoming Wealth Fit with special guest and client Dustin Matthews 09/10/2019
Becoming Wealth Fit with special guest and client Dustin Matthews Special guest Dustin Mathews from WealthFit has seen people MAKE a lot of money in the Speaking & Marketing world, but KEEPING that money is another story - they usually don’t. Yes, there are shooting stars that burn brightly for awhile and they burnout too. It’s good to ask yourself, from time to time, whether you want to stay on the path you’re traveling or if, like Dustin was, you’re addicted to the search for a BIG payday that never comes. Don’t simply follow a primrose path to the detriment of real wealth in your life. Make sure you create sustainable results for yourself and your family. Dustin has repurposed his life to make more time for family and the things that really matter. And he hasn’t neglected Money either because money is an important part of Wealth. Hear how Dustin has used his whole life policy + a lesson he learned that could save you money on your next vehicle purchase. Resources: Get your cabin on the Wealth Cruise: or call 702-660-7000 Get the McFie’s WealthFit courses here: Note: When you get these courses there is an optional upgrade to access ALL courses on the WealthFit platform. If you try that, but decide not to continue after the free trial be sure to check that it doesn’t renew automatically anyway. This seems to be a technical problem which the WealthFit team is still working through. Disclaimer: Life Benefits does not recommend or endorse any other WealthFit courses, content or strategies.