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Wealth Talks

Author: Dr. Tom McFie

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Wealth Talks podcast is an educational podcast that helps you build Wealth in all areas of your life. Increase your Financial IQ, develop personal growth, and create a lasting legacy all while getting exposed to the strategies that successful people are using. You’ll get actionable strategies and intelligence that you can immediately put to use to start creating real and lasting generational wealth. See more on our website:
223 Episodes
Truth has been so distorted, and redefined in our world that it’s easy to wonder if there really is absolute “truth” anymore. Experts tell people to embrace a new world 🌎 where everything is “relative” to everything else - a world where Opinion trumps Fact and nothing is totally certain.   This is a corrupt idea with dangerous consequence for your prosperity and wellbeing. The issue is politically charged too with far-reaching effects into education, interpretation of history, nationality, and a redefinition of family and individual rights. These elements are ALL important if you want to realize full prosperity and financial wealth in your life.   The financial world is no exception: Average and Actual Rates of Return are confused and promoted along with a myriads of assumptions and sleight of hand reporting practices which lead to outright guessing and fabrication around most financial projections.   Remember to pause and think through information before choosing your position. This isn’t a simple feel-good choice, like which sports team will be your favorite - this is about your wealth, prosperity and the world you want your children and grandchildren to live in.   Resources: “The Dress” - Is it White and Gold or Blue and Black?:
In the 1970’s DMSO was very popular with athletes🏃🏽‍♂️but you had to go to the vacuum store to get it. Where is DMSO today? What about other Fad remedies that come and go? You can see a similar pattern in the Financial World too. Fads come and go, the Guarantees stick around through thick and thin. Some fads are harmless, but many times the smartest thing you do with a Fad is - avoid it.  Just because “everybody is doing it” doesn’t mean that automatically becomes a good thing to do. Processionary caterpillars provide a great example on how this habit can be fatal. When it comes to your money, don’t let an overnight fad burn out, taking your life savings along with it. Always make a point to look deeper than the superficial excitement around any proposition.   Resources: Order Doctoring Data by Dr. Malcom Kendrick on Black Swan Video Summary by John McFie:
Life Insurance, Index Funds, Mutual Funds, Low Fees, Lower Fees, - hey even Negative Fees now! 💫 Risk, Risk Management, Risk tolerance... how in the world do you know what to do, let alone know how the results will turn out? Only by building on a foundation of Guarantees can you navigate the financial world with any sort of confidence. No mortal can tell you exactly how the future will turn out. Accept this truth and protect yourself from volatility, then take a cue from 🍔 Burger King and 🍟 McDonalds, and you’ll be able to bypass most financial advice (and shenanigans) no problem. Truth can be tricky to search out; it is very simple and logical when you find it. Manage your own money and this can mean lots of extra $ that stay in your pocket rather than subsidizing superfluous money managers.
In this episode: Life Insurance Companies are updating their products for the latest 2017 CSO Mortality tables (CSO = Commissioners Standard Ordinary). The previous major CSO tables were assembled in 2001. There are some changes that will affect new policy values because people are living longer now. Listen to hear what these changes mean for you. Special history on the Apollo 11 astronauts! (timecode: 4min 37sec)  🚀 As we celebrate their achievement with the Moon landing 🌙 and their safe return to earth 🌎 50 years ago this week, it’s a great time to reflect on how the astronauts planned for their families just-in-case they did not make it home alive. These 3 heroes could not qualify for Life Insurance, but they did have the brilliant values to protect their families before they left on the dangerous and historic trip to the Moon.
Deferral has been called “magic” 🎩 in the financial world. Deferral can help you accumulate more money, but will it actually provide you more money to use? This is a gamble on where tax rates could go and how the market might perform. Where are taxes going in the Future? Listen for what you should consider before jumping on the Tax Deferral bandwagon. Just because “everyone is doing it” doesn’t automatically make deferring your taxes the best thing to do. Right now, Congress is contemplating changes to deferral/distribution rules such as the “SECURE” Act which has passed the House of Representatives and sits in the Senate. If you have deferred taxes over your lifetime, it’s worth considering the possible outcomes while there’s still time to make some changes before you actually need the money. Don’t gamble with your with your financial future! Make sure you have a guaranteed foundation of at least some money you can access tax-free. This gives you better options for your Passive Income and providing a legacy. Resources: The Big Bank Bailout - Article Come on the Wealth Cruise October 2019 - Link
Did you know that nearly 3 out of every 10 people provide care for chronically ill, disabled or aged members of their family? 😨 It’s true, and more than 1 out of 10 of these family caregivers provide 40 or more hours of care per week!   Whether you’re directly providing this care or financing the care for your family - this can really affect your finances FAST. But your retirement and legacy shouldn’t have to suffer for this important priority IF the family plans ahead.   Don’t wait until it’s too late. Explore the options and get perspective for your family plan.   There’s a good case for Adult Children to Insure their Parents, but this isn’t always possible. Even if parents don’t want to leave a legacy, the best solution includes a way to restore the financial burden resting upon family care-givers (or care-financiers).   Resources: The Case for Insuring Parents and Loved Ones - Article on Get a Life Insurance Quote   Wealth Workshop in Bellingham, Washington July 27th Wealth Cruise October 2019 - See Event Details
Happy Independence Day! 🇺🇸 It's a great time to consider how you exercise your Financial FREEDOM. Financial planning used to be simple. Today there are infinite possibilities - some good - some bad. You want sustainable Passive Income in your Golden Years? Now is the best time to optimize your money - create stability and better options for the future. This is not as hard as you might think. Traditional tools with solid guarantees are still the best way to build your foundation. Also a follow up to last week’s show… people say “you won’t need a Life Insurance Death Benefit” in the future - discover why this is probably not true. Of course a life insurance death benefit can be income tax free, but that’s not all. Listen and discover another role where a permanent death benefit can become a unique planning tool for your future and passive income.   Resources: How Much Will You Need for Retirement - Podcast Retirement Remastered - Smart Strategy for Passive Income in Your Golden Years - Article Wealth Cruise October 2019 - Info Link Coming soon - a video bringing unique perspective to how you want to manage your finances. Subscribe here for updates
A L Williams popularized the concept of “Buy Term and Invest the Difference” in the 1970’s. When market returns are looking good this concept seems to make a come-back even though it’s flawed with big assumptions. They say you won’t need a death benefit when term insurance gets expensive. They say your investments will do better than whole life insurance. Maybe, and maybe not. You want guarantees? Then you want to build a strong financial foundation with guarantees before you invest. Investing isn’t bad, but don’t throw away guarantees for speculative possibilities.   Resources: Buy Term and Invest the Difference? - Video Example with ROR How to Build a Secure Financial Foundation - Video with Ben McFie and a Donut Stack
Catch this Special Interview with Alex. Alex contacted our office for some policy reviews after his agent told him “let policy loans pay your premiums.”  This started in the 90’s.  20+ years later results are plaintive. These were (and still are) good policies, but the funding strategy backfired. Policy loans can enable you to take great financial opportunities without giving up guaranteed growth + dividends on your money, and like any good strategy this can be taken too far. Good rule of thumb for Policy Loans = Make sure you’re always making or saving more money than the interest when you take a policy loan. Can you use a policy loan to pay a premium if you’re in a cash flow crunch? Of course, just don’t make this your long-term habit. DO make sure you’re always aware of the interest on any and all policy loans that you take. Plan to review your strategy regularly - about 1x year is a good idea. Contact Life Benefits for a complimentary policy review.
Most public facing insurance companies today are organized as stock-held companies. 🏢 Many mutual carriers have reorganized as mutual holding companies.   What does this mean for you? Example: You get a whole life policy from a mutual carrier. BUT then the contract says your policy was issued by a stock company! You still participate/receive dividends + have voting rights as a mutual policy holder, so what just happened?   No cause for alarm. If you chose a mutual holding company, this is normal. Here’s how a typical mutual holding structure works and what you should know as a policy holder with a company organized in this manner.   Topic #2: What is the 7-pay test? One of you recently asked a question about the 7-pay test. Today you get the answer + hear why some people intentionally want policies that are Modified Endowment Contracts. And yes, this does make sense sometimes.   Resource: Here’s the link to order Winning Your Financial GAME - Book and Study Guide
Comments (4)

Jignasha Chetan

What are those two books they talk about in this episode

Feb 23rd

Tom MacDonald

hi guys I came across your podcast and thought I would listen to it. But episode 187 was essentially devoid of any meaningful information. I was waiting for the meat of the meal should be put on the table and all I kept getting was appetizers. I'm kind of using that metaphor because I think you overdid it with the metaphors as well. cover the 5 w's and give specific examples would be helpful. I ran a radio talk show Program for a couple of years and I know you have to fill up time. I get that but make sure you get concrete information out along the way. like most things in life that are free they still have to bring value or else your time ends up being wasted. Cheers and good luck

Dec 6th

Mark I

you could have just said you dont understand bitcoin, and dont invest in it which would be valid but ranting on with gospel passages etc. was painful to listen to!

Jul 19th

Teresa Christ


Mar 24th
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