Explore the practical side of the infinite banking concept in our latest episode. We break down how specially designed whole life insurance policies can act as flexible financial tools, much like owning a home. Understand the pros, cons, and real-life applications to gain financial control!

Highlights
01:04 - Overview of Whole Life Insurance Policies
05:32 - Mortgage Process vs. Life Insurance Underwriting
08:02 - Comparison of Payments: Mortgage vs. Life Insurance Premiums
10:04 - Guaranteed Rate of Return in Whole Life Insurance
12:11 - Accessing Equity: Home Equity Loans vs. Insurance Policy Loans
14:44 - Disability and Death Benefits in Mortgage vs. Life Insurance
16:14 - Additional Benefits: Long-term Care and Terminal Illness Coverage
18:26 - Retirement Planning: House Sale vs. Life Insurance Withdrawals
20:37 - Flexibility and Tax Advantages of Life Insurance

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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In this episode of the Perennial Pride podcast, Tom welcomes Joseph DeFazio, founder of 10th Street Capital. They dive into the powerful potential of whole life insurance, explaining how it can serve as a "family bank" or "infinite bank" throughout different life stages. Learn more about the guaranteed cash value, the role of dividends, and the steady growth designed into these policies. Join Tom and Joseph for a concise breakdown of how whole life insurance can provide control, security, and growth for your financial future.

Highlights
01:12 - Importance of taxes in financial planning.
04:56 - Joe’s career journey and establishment of 10th Street Capital.
06:09 - Importance of continual learning.
07:42 - History and evolution of the tax code.
12:30 - Various ways the government can increase taxes.
19:41 - Leveraging whole life insurance in the context of infinite banking.
25:01 - Tax implications of contributions and cash value growth.
33:41 - Using life insurance dividends and paid-up additions.
40:11 - Importance of understanding opportunity cost.
46:59 - Utilizing life insurance for retirement income.
51:39 - Estate planning and tax benefits with life insurance.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Joseph DeFazio
• https://www.linkedin.com/in/josephpdefazio

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In today's episode, Tom welcomes special guest Clive Davis, founder of Park Royal Capital, a private equity firm specializing in multifamily real estate. Clive shares his fascinating journey from a corporate transactional lawyer on Wall Street and a compliance officer in the pharmaceutical industry to a full-time real estate investor and entrepreneur. Join us as Clive discusses the challenges and triumphs of his transition, his strategic approach to real estate investing, and his passion for creating generational wealth. Get ready for an insightful conversation about the realities of pursuing financial freedom and entrepreneurship.

Highlights
00:27 - Clive’s professional background in law and pharma.
01:59 -Transition from corporate to full-time real estate.
05:54 -The importance of creating generational wealth.
09:02 - Challenges with international travel and family time.
11:48 - Motivation behind pursuing financial freedom.
15:02 - Adjusting from a regular income to entrepreneurship.
18:17 - Difficulties in securing a cash-out refinance without a W-2.
27:11 - Clive’s first major real estate deals.
32:57 - Shift in investment strategy and market adaptation.
35:05 - Navigating today’s market with higher interest rates.
37:40 - Benefits of having cash on hand in uncertain times.
41:40 - Clive’s advice on running personal finances like a business.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Clive Davis
• clive@parkroyalcapital.com
• https://parkroyalcapital.com/

Call to Action
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Today, Tom explores the impactful four C's framework from Dan Sullivan's Strategic Coach program: Commitment, Courage, Capability, and Confidence. These simple yet powerful steps can help you achieve success in any area of life. Join me as we uncover how to stay committed, find the courage to face new challenges, build capabilities, and ultimately gain the confidence to succeed. Tune in, share with friends, and let's embark on this journey of growth together!

Highlights
03:59 - Introduction to the Four Cs.
05:47 - The importance of commitment.
07:09 - Embracing discomfort.
08:49 - Building expertise through courage.
10:20 - Developing capabilities in new areas.
11:33 - Personal anecdote about real estate meetup.
14:15 - The journey of continuous learning.
16:53 - Encouragement to escape the proverbial trap.
17:54 - Recap of Four Cs: commitment, courage, capability, and confidence.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

Call to Action
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In today's episode, Tom welcomes back Alpesh Parmar, founder of Wealth Matters and author of "Resilience: Turning Your Setback into a Comeback." Alpesh shares updates on his latest project, a children's book titled "Growing the Money Tree," designed to teach kids aged 8-12 about money, finance, and investing. They discuss the importance of financial education for young minds, the challenges of simplifying complex topics, and how to instill long-term thinking in children. Tune in to learn valuable insights and practical tips on educating the next generation about financial literacy.

Highlights
04:19 - Covid’s impact on family dynamics and career.
04:49 - Launching “Growing the Money Tree for Kids.”
09:31 - Inspiration behind the new book project.
15:07 - Making financial education relatable for kids.
19:58 - Importance of understanding passive income.
22:30 - The iterative process of writing the book with children.
25:18 - Significance of launching the book for summer learning.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Alpesh Parmar
• https://amzn.to/4azyfW9
• alpesh@wealthmatrs.com

Call to Action
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How to Listen:
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In today's episode, Tom is joined by estate attorney Alessandra Long where they discuss the importance of estate planning for financial security and peace of mind. Joins them as they explore the basics of wills, trusts, and essential roles like executor, trustee, and guardian. Tune in to learn more about estate planning and feel empowered to make informed decisions for your future.

Highlights
01:15 - Importance of Estate Planning
03:40 - Tax Day Coincidence
05:40 - Early Realization about Estate Messes
08:59 - The Hassles of Guardianship After Death
11:25 - Key Elements of an Estate Plan
12:50 - Healthcare Directives and Durable Power of Attorney
15:35 - Importance of a Living Will
19:35 - Comparing Will vs. Revocable Living Trust
22:34 - Mention of Testamentary Trust Pitfalls
26:51 - Benefits of a Pour-Over Will
31:45 - Role of Financial Advisors in Estate Planning
34:00 - Understanding the Important Roles: Executor, Trustee, Guardian
38:49 - Corporate Trustees and Professional Help
43:20 - Reviewing Estate Plan Every 3-5 Years
45:30 - Importance of Elderly Parents’ Estate Plans
51:20 - Emphasis on Getting Started Early with Estate Planning

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Alessandra Long
• aml@amlonglaw.com
• https://amlonglaw.com/

Call to Action
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How to Listen:
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Joining Tom in an enlightening conversation with Becca Wilhite, an authorized infinite banking practitioner, as they explore the revolutionary concept of infinite banking. Becca shares her journey from skeptic to believer and delves into the intricacies of using whole life insurance policies to achieve financial freedom. Discover how infinite banking can empower you to take control of your finances, build assets, and unlock new possibilities. Tune in to learn how this unconventional approach to finance can transform your wealth management strategy.

Highlights
04:19 - “Dead on arrival” perception of whole life insurance.
05:46 - Light bulb moments during COVID research.
06:51 - The revelation: whole life insurance benefits.
09:30 - Misconceptions about debt and cash payments.
11:19 - Rethinking debt through the Infinite Banking lens.
16:48 - Skepticism of mainstream financial advice.
19:32 - Personal experience with Roth IRA vs. IBC.
20:55 - The average vs. actual rate of return.
23:39 - Sharing Infinite Banking with clients.
26:16 - Conversations with children about finance.
29:32 - The concept of generational wealth.
32:17 - The story behind "Beaver Bankers"
35:46 - Illustrating financial concepts through beavers.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Becca Wilhite
• https://www.salientsolutionsibc.com/

Call to Action

• Schedule a Call with Tom

How to Listen:
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Today, Tom offers a comprehensive exploration of the pros and cons of the Infinite Banking Concept. From tax advantages and guaranteed growth to asset protection and legacy planning, Tom breaks down the complexities of utilizing whole life insurance policies for cash storage and management. Discover how the IBC philosophy can provide stable capital storage, tax advantages, and legacy planning opportunities, while also navigating the upfront costs, qualification process, and potential complexities associated with this unique financial approach. Whether you're new to infinite banking or seeking deeper insights, join Tom as he sheds light on whether this strategy is the right fit for you.

Highlights

• 1:08 - Access to the Cash Value in Policies.
• 1:29 - Legacy Planning and its Impact.
• 9:46 - No Perfect Asset: Everything Has Pros and Cons.
• 10:02 - Cons of the Infinite Banking Concept: Higher Upfront Costs.
• 11:40 - Health Qualifications for Policy Approval.
• 12:45 - Complexity and Understanding Policy Design.
• 14:14 - Misconceptions about Whole Life Insurance as an Investment.
• 15:53 - The Risk of Policy Lapse and Required Discipline.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

Call to Action
Schedule a Call with Tom

How to Listen:
Subscribe on Youtube

Subscribe on Spotify