The Money Advantage Podcast

De: Bruce Wehner & Rachel Marshall
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  • Resumen

  • Personal Finance for the Entrepreneurially-Minded!
    The Money Advantage, LLC. All Rights Reserved.
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Episodios
  • Family Banking Formula & Whole Life Insurance

    Family Banking Formula & Whole Life Insurance
    Sep 30 2024
    Securing generational wealth has never been more critical in today's rapidly evolving financial landscape. It’s not just about safeguarding our financial future; it's about leaving behind a legacy that can provide security and opportunity for generations to come. In this episode, we dive into the Family Banking Formula concept on The Money Advantage podcast. The insights are empowering and transformative, and I’m excited to share them with you. https://www.youtube.com/live/FZTDxocCGwY We will guide you through the key strategies discussed in the podcast, from the concept of the family banking formula to the strategic use of whole life insurance. My goal is to equip you with the knowledge and motivation to take control of your financial future, ensuring that you not only secure wealth for yourself but also create a lasting legacy for your family. The Power of the Family Banking Formula: Building a Financial LegacyGenerational Wealth Through Whole Life Insurance: A Strategic AssetPersonal Banking Within the Family: Creating a Private Financial EcosystemThe Mechanics of the Family Banking Formula: How It WorksLeveraging Life Insurance for High-Net-Worth Wealth BuildingStability and Risk Management: The Strength of Insurance CompaniesTake Control of Your Financial Future with the Family Banking Formula The Power of the Family Banking Formula: Building a Financial Legacy The core idea behind the family banking formula is to take control of the banking function in your life instead of relying on traditional banks. We use specially designed whole life insurance policies to manage our family bank. At the heart of how we have personally implemented this concept is the Infinite Banking Concept (IBC), which is a strategy that allows individuals to become their own bankers. One of the key benefits of family banking is the ability to pool resources within the family. Imagine a system where you and your family members can borrow money from the family bank to fund various endeavors, whether it’s starting a business, paying for education, or purchasing a home. By doing this, you keep the wealth within the family, allowing it to grow through uninterrupted compound interest. This approach not only benefits you and your immediate family but also sets up future generations for financial success. Successful family banking isn't just about having the right financial structures in place—it's about adopting the right mindset, teaching future generations financial literacy, and providing accountability and mentorship, which are crucial for making the most of family banking. Family banking offers unparalleled access to liquidity, better returns, and reduced taxes. But more importantly, it fosters a mindset that views the family as a cohesive financial unit and promotes long-term financial independence. Imagine your family as a corporation, where each member plays a crucial role in building and maintaining financial health. By pooling resources and making strategic decisions together, your family can achieve financial goals that might seem out of reach if tackled individually. This approach strengthens family ties and lays the groundwork for a legacy of wealth, value creation, and financial literacy that can be passed down through generations. This fits well with the definition of legacy in my book Seven Generations Legacy: Design a Multigenerational Legacy of More Than Money. The definition is: “The character, values, and financial means to live life on your terms that are modeled, taught, stewarded, and given from one generation to the next.” To take it one step further, a perpetual legacy is family wealth and flourishing that grows with each successive generation. Generational Wealth Through Whole Life Insurance: A Strategic Asset One of the podcast's most impactful revelations is the strategic use of whole life insurance to build and preserve generational wealth. Unlike term life insurance,
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    52 m
  • Short-Term Rentals, with Marilynn Taylor

    Short-Term Rentals, with Marilynn Taylor
    Sep 23 2024
    Is the age of short-term rentals over? If you ask Marilynn Taylor, who coaches investors on successful short-term rental investments, the answer is a resounding no. All it takes is a true understanding of the market and the customer who is seeking a short-term rental. https://www.youtube.com/watch?v=oM80zjphe60 In this insightful conversation with Marilynn, we learn how her investing paths all led back to short-term rentals over and over, thanks to her unique ability for interior design and hospitality. She was in the game long before the rise of Airbnb, and she has stayed successful in the marketplace because she knows what the upstarts in the market forgot---quality matters. Marilynn walks us through the ups and downs of short-term rentals, what it takes to be successful, and how to get involved in the space in a way that works for your life's vision. For an inside look at the world of short-term rentals, tune in now! Airbnb and the Rise of Short-Term RentalsShort-Term Co-HostingHeed RegulationsInfinite Banking and Short-Term RentalsAbout Marilynn TaylorConnect with Marilynn TaylorBook A Strategy Call [05:45] “For some people, the world of finances, real estate investing, and all of that is because they just want to get rich. But if we really back that down for a minute and ask ourselves why we want that, I think that the answer, for the majority of people, is they want security. They want to live a nice life. They want to not feel stressed about going out and buying groceries or giving their kids a ballet lesson.” Marilynn was heavily motivated by her external circumstances, and she knew that she wanted to break the cycle of financial troubles and challenge her family’s mindset that being rich meant you were greedy. While Marilynn began her career as a professional dancer and later a makeup artist, her path eventually led her into real estate investing, which eventually evolved into interior design. One of her early properties was in Cape Cod, and the thing to do was turn it into a short-term rental. After doing some research, she furnished and decorated that property, as well as a second one, and discovered she had a knack for interior design. Her path also led her to being featured on HGTV, and at one point Marilynn believed she would be a house flipper. The lifestyle, however, didn’t suit her, and so she returned to the short-term rental space. Now, many years later, Marilynn coaches other investors on the short-term rental game. Airbnb and the Rise of Short-Term Rentals Marilynn got into short-term rentals before Airbnb was on the scene, and that company certainly transformed the market in many ways. Marilynn even resisted Airbnb for a long time because it took the personal touch out of short-term rentals. All communication happens online or in-app, and it creates barriers between you and your host. [12:53] “Now, what I think a lot of people see when they see social media content about short-term rentals—especially since Covid—it was a gold rush during that time. And so many people rushed into short-term rental as a get-rich-quick scheme. It was just a cash cow, and it didn’t matter where they bought, where they invested, how they invested, what they even put out into the market—they were just going to bring money in. And for a year and a half or two, that was true. But the harsh reality of the actual industry has slapped a whole lot of investors in the face at this point.” The reality? You have to put quality out there, and you have to provide value. Now that the market is saturated, it’s not enough to have just any old room with a bed. People care about their location, the amenities, and more. The market is saturated with places that are filled with cheap accommodations and little to no care, and people are waking up to that. That’s not what they want anymore. [15:30] “What I recommend to people when you’re searching for what is the right type of real estate investme...
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    1 h y 20 m
  • Beaver Bankers: Build Financial Dams for Future Generations

    Beaver Bankers: Build Financial Dams for Future Generations
    Sep 16 2024
    What happens when you balance rigorous research with actionable steps in financial education? Drawing inspiration from Nelson Nash’s teachings and Becca Wilhite's book "Beaver Bankers," we explore how building your own financial dam can help you navigate the overwhelming flood of social media content. We’ll highlight the importance of wisdom over information and how to create a solid understanding of the Infinite Banking Concept (IBC). https://www.youtube.com/live/TXRrkhh-yXY Discover Becca Wilhite's introduction to whole life insurance in 2020, which challenged her previous beliefs shaped by Dave Ramsey and led her to embrace the principles of the Nelson Nash Institute. This pivotal moment not only transformed her financial strategy but also inspired her to write a children's book, Beaver Bankers, that cleverly uses the analogy of beavers building dams to teach financial stability and security. We also tackle the hotly debated topic of Dave Ramsey’s financial advice versus the Infinite Banking Concept. While Ramsey’s methods have undoubtedly helped many escape debt, our discussion highlights the limitations of his narrow focus on mutual funds. Becca’s dedication to mastering and teaching IBC emphasizes the importance of mentorship in making complex financial concepts accessible. We wrap up with a fascinating look at how life insurance can be strategically used for generational wealth. Tune in for a thought-provoking episode that promises to reshape your perspective on financial strategies. Dave Ramsey and IBCBeaver Bankers Book Reveals the Secrets of IBCBringing Kids on Board with BankingBook A Strategy Call Dave Ramsey and IBC Depending on who you ask in the IBC community, Dave Ramsey is a hot topic. After all, he’s staunchly against whole life insurance and IBC strategies. However, our take is a little less extreme. He can’t be a total scam, or else he wouldn’t still be doing what he’s doing. What Dave is good at is helping people get out of debt and build the discipline necessary to be good candidates for IBC. He’s just not a great wealth builder. But when you realize that, you realize he’s not a bad guy. Becca’s views were shaped early on by Dave Ramsey until she realized that there was a lot of merit to the Infinite Banking space. To get there, it required an open mind. [14:21] “If you would be curious enough to maybe spend a few hours reading a book, I think you might discover—if we could all have a little bit of humility—hey, I might not be right. And these things that I’ve thought and been taught my whole life, there may be a better way.” Don’t be afraid to learn new things, adopt a beginner’s mindset, and stretch the boundaries of what you know. Knowledge cannot harm you, it can only make you a deeper and more critical thinker. This is how Becca grew in her understanding, and what led her to becoming an IBC Practitioner in her own right. Beaver Bankers Book Reveals the Secrets of IBC Some people are good verbal communicators, others are good written communicators. Becca happens to be great at communicating concepts and ideas with the written word, as evidenced by her children’s book. This endeavor was not something Becca predicted for herself, and yet one day she found herself wondering if there were ways that nature could tell the story and principles of IBC. It was this line of thought, and her faith, that led her to researching beavers. It was just a little inkling in the back of her mind that she knew was divinely planted, so she followed through. At the beginning of her research, all she really knew was that beavers built dams. Interestingly, the reason that they build the dams is to create a more favorable environment for themselves. Beavers aren’t that great on land, and they can’t really thrive in rushing water, so they build dams. The dam turns fast-flowing water into a pond that’s ideal to live in. It provides protection, security, food, shelter,
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    44 m
Liderazgo Economía Finanzas Personales Éxito Personal
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