Dollars And Nonsense

In this episode, Ray Poteet is back to share the Infinite Banking History with us. Ray's also going to be telling us exactly what he has done over the past 17-years with Infinite Banking. And he'll open up about the wealth that's been created by following the principles taught through these concepts. ~ Get resources and transcripts from this episode by visiting: https://livingwealth.com/e35/ Infinite Banking History Topics Discussed: Where did IBC (Infinite Banking Concept) come from When Ray first got introduced to IBC The time Ray became very upset with the insurance industry The time Ray met author R. Nelson Nash When the light really went off for Ray The seemingly impossible ways he's leveraged IBC Using IBC to keep money in motion   Episode Takeaways: "As I read the book I became very, very upset. Not upset with the book, but upset with my industry. Why had it had not shared Infinite Banking with me?" " We went through twenty-six cars in twenty-five years... if I had the ability to use my policies on a

In this episode, we have special guest Ray Poteet. He shares lessons on the importance of grandparents in the lives of their grandchildren. And we discuss how grandparents can their grandchildren grow with understanding about money how money works. Ray Poteet helped his grandchildren by what he's done with them and for them, especially financially. As many of you know, he's the founder of Living Wealth a mentor to the hosts of the show. Being a grandparent and now a great-grandparent, teaching other grandparents what he's learned is a passion of Ray's. So this is a special episode and topic to him. Speaking about money is often a taboo subject in most homes. But as Ray says, We teach them how to drive. We teach them how to run on a computer. [...] but we don't teach them about money. Yet, it took money to buy a car. It took money to buy a cell phone. It took money to go out to eat. It took money to take them to Disneyland. The item that we needed to do all those things we forget to talk to them about. So le

In this episode, we will discuss the three best money resolutions. These are simple changes can make for the new year that will actually make a difference in your life. We have just kicked off the new year. And everyone is trying to figure out what type of resolutions and goals they're going to set for themselves. I'm going to ask you this: Have you personally ever actually followed through with it a New Years resolution? Most likely the answer is no or not many. The intention is to follow through, and you do good for the first couple days, maybe even the first couple weeks. But then 'life gets in the way'. So we've come up with a few things that we think can really help people and are fairly simple to change. These are money resolutions they could actually achieve. Normally with a resolution, it's something you have to give up. Think of these as more a call to action. They are money resolutions that can help you and your family. And they create a sense of accomplishment versus a sense of failure. Simple 2018

In this episode, we take a close look at Dave Ramsey's advice on finance. We discuss who it's good for, who it's not good for, some things that he says that is great advice, and other things that some would say would be poor advice. ~ Get resources and transcripts from this episode by visiting: https://livingwealth.com/e32/ A lot of us know who Dave Ramsey is. He is on 500 radio stations across the US. Some of what Ramsey shares is good and some we would call poor advice. So you need to start asking yourself this question, "Does this make sense?" The best thing is that he helps people that do not know how to control their spending or to live within their means. And he does teach a disciplined approach to actually budget and live within your means. His advice and strategies are great if you're struggling to get a system in place that gives you the ability to start saving.   The Best and Worst Dave Ramsey's Advice Topics Discussed: Who the advice is good for Who the advice is bad for The wisdom of having an em

In this episode, we question the notion that you save money using tax-deferred programs. Typically, this is sold through funding your IRA or your 401K. We'll also clarify what we believe a real tax-savings is.   ~ Show notes and resources from this episode can be found here:   https://livingwealth.com/e31   We hear a lot from our clients come this time of the year saying, "Hey, I normally fund my IRA or my 401K because my tax bill is so high. The common thought is that you will save money on taxes by funding them.   But we have a beef with this. It doesn't actually save money on taxes. It's a smoking mirrors type of thing.   What people don't really understand is that on these deferred programs you're not actually saving any money on taxes. They're not called the tax savings programs. However, they are called tax-deferred programs.   We discuss in more detail in this episode...   ~ The Tax-Saving Hoax of Tax-Deferred Programs Topics Discussed: ~       * Doing the math     * Tax-savings vs. tax-deferred     *

In this episode, we discuss the fundamentals of ensuring a better financial future. We'll dive seeing the reality of your financial situation. And you'll learn how it's easy to achieve your goals when you have a solid understanding of where you're at right now.   ~ Get resources and transcripts from this episode by visiting:   https://livingwealth.com/e30   Today's episode is exciting for us to do because it relates very much to something we do every day with the people. We try to help people get more comfortable with talking about money and bring a clear reality to where they're at. From there we can show them that it really is possible to get out of any financial situation that you found yourself in.   The first step is just finding out where you're at. This is what we mean by reality. So, we're going to talk about seeing this reality and how to build roadmaps that lead you to success.   But first, we unravel why some people afraid to talk about where they're at financially. And we'll uncover why they're

In this episode, we will discuss how to leave a better legacy. And we'll share some practical tips you can implement that will help you leave a large and generational legacy for your family. ~ Get resources and transcripts from this episode by visiting: https://livingwealth.com/e29/ Leaving a better legacy is a topic that's dear to our heart because we deal mainly with the world of life insurance. In episode 29, we're going to talk about some practical steps, but as well as some philosophical, I guess you could Today, we're going to talk about some concrete steps. And we'll share some fundamental philosophies, so you can leave a better legacy that will last. Leave a Better Legacy Topics Covered: Figuring out how much money is enough Getting rid of poverty mentalities The Bible's stance on inheritance Ridding yourself of the scarcity mentality Setting bigger long-term financial priorities Developing and passing down money wisdom What we can learn from two of the wealthiest American families that ever existed

In this episode, we'll discuss how you could easily make over $100,000 throughout your working lifetime by just changing where you hold your emergency money of all things. ~ Get resources and transcripts from this episode by visiting: https://livingwealth.com/e28/ Emergency funds are crucial to buttressing and protecting our financial life from the unexpected catastrophes. But they're not always given the attention they should receive. And, when people do have them in place, they tend to actually lose money unknowingly. We run into this a lot, where we're teaching people how to use a policy to be their own banker and make a lot more money. But for some reason, there's a mental block, which keeps them from seeing their policy as a bank. They still see a bank account as a bank and a policy as something different. Nothing makes that clearer than when people talk to us about their emergency fund and how they would never want to move that into a policy or something like that. Today we're going to talk about em

In this episode, we will discuss how to end debt. You see, there is a difference between paying off your debt and recapturing your debt. And we'll explain how this works so you can finally get off the debt hamster wheel. There are some staggering statistics on the level of debt Americans are carrying. It's truly frightening. But it's vitally important that you change your mindset from merely, I want to get out of debt. This should change to wanting to recapture your debt. Getting out of debt is a topic speak with clients about every day, and that's the problem with debt. And whenever you adhere to the concept of becoming your own banker, you start to see ways of making a lot of money by recapturing your debt. The problem is that a lot of people know what we mean by recapturing debt. And there's one more step that needs to take place we share in this episode. How to End Debt and Recapture Your Money Topics: How bad is the debt crisis What is recapturing debt Using a policy as the engine The counter-intuitive

In this episode, we discuss a question that we've both been asked many times when it comes to banks vs. insurance. The question is, are mutual life insurance companies as safe as banks to put my money? The answer may surprise you. Banks vs. insurance, which is safer is something that we've been asked many times. It's a great question to ask, in fact. People are wanting to know their money won't disappear on them. And so, the common question we get related to infinite banking is this: "Is my money going to be as safe in the policy as it is, just sitting in a bank account. There's a lot of nuances there. We believe that it definitely is. There's a lot of reasons for it. Why would we present banks being riskier to put your money in, than a mutual life insurance company, and a policy there? Banks vs. Insurance Topics Discussed: The federal government and state government's role Austrian economics and why its role in insurance is important Leveraged money vs. Non-leveraged money Factors forcing insurance comp

In this episode, we'll discuss the reasons why you shouldn't be so excited about your tax refund, and maybe what you should do instead. This episode is going to be a fun one. We hear all the time, even in our realm of business, "Maybe I'll get started when I get my tax refund." Or, "I'm looking forward to getting my tax refund, then I'll finally have money." We have a different viewpoint on it. And we want to make sure everyone else understands, not only about the tax refund, but we also have some other things to say that you may want to implement. When you think about a tax refund, it's your money you already gave the government to use for a period, or they had it. Whether it be an estimated tax, or by the time you file the taxes, you get the refund. But, in reality, it was your money that you gave to the government to use, and then they just sent that money back to you. And they didn't send it back to you with interest payments. It's not the same dollars you sent them. It's different dollars, and yet we get

In this episode, we sit down with a special guest, Ray Poteet -- the founder of Living Wealth. We discuss the biggest investment pitfalls to be aware of and how you can learn from his mistakes, so you won't have to suffer like he did.In this episode, we sit down with a special guest, Ray Poteet -- the founder of Living Wealth. We discuss the biggest investment pitfalls to be aware of and how you can learn from his mistakes, so you won't have to suffer like he did. How to spot investment pitfalls is harder than experiencing them. And the road to growing your financial freedom is littered with landmines. Some are similar, but most tend to be unique and hard to spot the first time around. Sometimes we even repeat mistakes if they're not pointed out to us by a trusted guide. They're not hard to spot. You just have to know what you're looking for. And, Ray shares the worst of them in this episode. Get resources and transcripts here: Investment Pitfalls Investment Pitfalls Shared and Topics Discussed: The folly of

Is paying cash the best option? In this episode, we will discuss how you can learn how to maximize your dollars by changing how you purchase the things you need in life. In today's world of finance, the Holy Grail is to get out of debt and to be able to pay cash for everything. That's what we're taught by all the major financial gurus, pay cash, pay cash. Get out of debt, get out of debt. We're not saying that's a bad idea. But we can offer some insight into how you can improve your situation even further. That's going to be the goal for today. So is only using cash the best option? The answer: it depends. In fact, we think there are some better ways to do it. ~ Get Out of Debt and Paying Cash Topics Discussed: * How can we find something else that's better than paying cash * What are some of the pitfalls with paying cash * Being asset rich vs. cash Poor * Is using cash necessarily bad * Good debt vs. bad debt * How to leverage debt in a financially healthy way * Why it's important to keep money in motion * T

In this episode, we discuss the biggest pension myths, and how you can make the best decision for you and your family. To start, one of the most significant points to focus on in your pension is who to insure. People often ask the questions, "Do you just insure the individual who qualifies for the pension plan? Or if you're married, do you also include your spouse? And what are the pros or cons to including a spouse in regards to the pension plan?" You go, you work your whole life, you retire, and then they give you an option. It's to choose to get the monthly income just on you, or for you and your spouse. Of course, we're all concerned about the well-being of our spouses. When you first see the number, you say, "Here's the monthly amount of money I can receive from a pension with just me. And if I add my spouse, wow, that's a massive reduction." So it causes people some stress when they see the monthly reduction of money per month if they add their spouse to it. And there's so much more. Which, we'll cover

In this episode, we'll pick up where we left off in episode 19. We'll share how to build the perfect life insurance policy to use for becoming your own banker. The primary goal of this episode is to discuss why we do what we do. What it focuses on the life insurance policy is when doing banking. And, in the last episode, we shared all the reasons why you're not supposed to use other types of policies and other methods to design policies. So if you haven't listened to episode 19, we suggest you listen to it first because we went through a few important foundational points. And you may want to know that we're going to compare. When it comes to building your own banking system, the focus is not on benefit. Instead, we're cash focused. So the goal is to actually put as much of your premium dollars into a paid up additions writer as you can. Which will stuff the policy go straight into the cash value. And in this episode, we explain how this is all done. ~ The Perfect Life Insurance Policy: * The correct policy fo

Not all life insurance is created equal. In this episode, we discuss the biggest problems found in certain life insurance policies. And we'll cover why you would never want to use them in your banking system. Now, for those of our listeners who have been with us for a while, they know that we're big fans of a particular concept. It's called the “becoming your own banker” idea. It uses life insurance as a tool to practice banking in a brand new way. But the problem is that there are so many different kinds of policies out there. We have people come to us who have these policies, and they want to know if they're any good. So we describe to you a few of the policies to avoid, especially if you're doing this banking concept. ~ Life Insurance Policies  to Avoid Discussed: * Indexed policies * Universal variable policies * Term insurance * Hidden servicing fees and cost increases * Funny business with numbers * The fine print costing you control * What your agent needs to clearly explain to you ~ Get resources and

In this episode, we will discuss the three biggest wealth destroyers and also give you ideas of how to break free from their clutches. So much money is leaking from three areas that we're going to discuss. If people knew what was going on with their money that they're earning and saving, they'd be mortified. Bottom line: Taxes are the largest destroyers of wealth. But there is also a slew of other rats eating at your money. And sadly, most people don't even pay attention to them or know they exist. So we'll bring things to light and share with you how to protect yourself today. Wealth Destroyers Identified and Topics Discussed: * The taxes secretly robbing you blind * The 1.8 Million Dollar opportunity cost * Hidden impact of taxes on retirement programs * The sneaky money thief: inflation * How inflation becomes a compounding problem * Fractional Reserve Banking's effect on inflation * Credit Cards * Hidden fees in retirement programs * Hidden fees in mutual funds ~ Get resources and transcripts from this e

In this episode, we will discuss why you need to become your own banker, even if you have no debt. We're often asked, "What if I don't have any debt?" Or "How does Infinite Banking work once I'm out of debt?" You see, a lot of people have been taught to take loans, and they pay off their loans. And people who follow this line of thinking don't have any debt. But what those people don't understand is that banks make just as much money off your deposits as they do on your loans. So, the reality is you might not have any debt, be making any mortgage payments, loan payments, or even credit card payments, but you are still depositing money into a banking system. In other words, the bank doesn't care if you deposit money with them or if you borrow money from them. They just want your money! The reason why you need to become your own banker is it's not just about paying off debt; it's about getting the bank completely out of your money. They are the ones who are conning us into believing that they're a good place to

In this episode, we will discuss how to teach kids about money and the biggest mistake parents make. You see, there are three big mistakes parents make when teaching kids about money, and what you can do instead to help them have a healthy relationship with money. How to teach kids about money is an underserved topic. It's also a very interesting topic because each person has their goals to teach with their kids. But there are a few common mistakes that people can make when teaching kids about money. These are points nearly everybody can probably agree with, to a certain extent. And in this episode, we also discuss the topic from two different perspectives: Parents of young children just starting to approach the subject and parents of more mature children needing to further the discussion. So join us as we dispell mythise and bring some sunshine to your outlook. ~ Teaching Kids about Money Topics Discussed: * The importance and impact of practicing what you preach * Teaching kids about saving vs. spending *

In this episode, we will discuss the biggest myths about paying for your children’s college tuition. And we'll share with you how you can survive your children's college years without destroying your retirement. This is an exciting topic. The cost of college tuition spiraling out of control can cause a lot of stress on parents. They think it’s up to them to be able to afford for their kid's college tuition. But it's not all financial doom and gloom. There may even be a way to make paying for college tuition painless. A lot of parents believe several major myths about being able to afford college tuition for their children. And these parents are planning on paying for college tuition without realizing that some of these myths aren’t true. You see, the way colleges and universities determine financial aid and grants is very different from what most of us are taught to believe. So join us as we dispell mythise and bring some sunshine to your outlook. ~ College Tuition Topics Discussed: ~ * The mounting task of p