Wealth Talks

Inflation is like a thief that never comes.  It is good to protect yourself from inflation in every way you can. The bible says that if the man of the house knew what time the thief was coming he would be on the alert and not let his house be broken into.  We know the thief is here, our duty is to protect our financial house to the best of our ability.  This episode of Wealth Talks Podcast is a timely episode for how to combat inflation in 2024. Resources: How to get a Whole Life Insurance Policy: Contact McFie Insurance 702-660-7000 | team@mcfieinsurance.com | https://mcfieinsurance.com/    Follow the Wealth Talks Podcast on: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA== Facebook: https://www.facebook.com/profile.php?id=61554798231074   Listen to the Wealth Talks Podcast on: Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163 Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8

This is an example of how someone used the Infinite Banking Concept and the cash value of their life insurance to expand their welding and fabrication business. One of the owners of Brothers Fab Shop joins us in the studio to answer all our questions. We ask about: The expansion opportunity How to borrow from a policy Have they paid the loans back yet How has the expansion affected business and more This episode of Wealth Talks Podcast is a great episode for anyone who owns a business. This is how the Infinite Banking Concept can work for a business owner. Resources: How to get an Infinite Banking Policy:  Contact McFie Insurance 702-660-7000 | team@mcfieinsurance.com | www.mcfieinsurance.com Follow the Wealth Talks Podcast on: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==  Facebook: https://www.facebook.com/profile.php?id=61554798231074  Watch on YouTube: https://youtu.be/Z8XUZ825QP8 

In this episode we review the numbers of the first Infinite Banking policy we bought. We have owned the policy for 18 years now so you could say it’s an adult policy now. Over the years, We have paid lots of premiums on this policy and we have also used policy loans against the cash value for many things. We go over all of it in this episode, episode 463, of The Wealth Talks Podcast. Resources:  2 Ways to pay the most hated tax in America: https://www.youtube.com/watch?v=dBG9Gk8lGTw   Get a good Infinite Banking policy for yourself:  https://mcfieinsurance.com/  702-660-7000 mailto: team@mcfieinsurance.com   Follow the Wealth Talks Podcast on: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==   Facebook: https://www.facebook.com/profile.php?id=61554798231074   Watch on YouTube: https://youtu.be/iOb_5_It0b4

In 2005 our family went on vacation. We drove from Oregon where we lived at that time down to San Diego California to spend some time on the beach. But on this particular vacation Dad may have been more excited about a book he was reading than the vacation we were taking. We had not been thrilled with all of the results we were getting from the financial advice we had followed most of our life, and here were some of the missing pieces in this book. The Infinite Banking Concept is a way of thinking that can revolutionize your financial future. In this podcast we talk about how we found The Infinite Banking Concept. Resources:  Contact McFie Insurance to buy life insurance or for a life insurance review: 702-660-7000   mailto: team@mcfieinsurance.com Follow the Wealth Talks Podcast on: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA== Facebook: https://www.facebook.com/profile.php?id=61554798231074   Watch on YouTube: https://youtu.be/D79Rx01vFNQ 

Our son Jesse, Is getting married this month, Jesse will be the first of our 8 children to get married. We are very happy for him and his soon to be wife, Alyssa. We thought it would be interesting and useful to have Jesse join us in the studio for this episode of Wealth Talks to talk about premarital financial considerations, house hunting and wedding plans among other things. Resources: To buy life insurance or get a life insurance review, contact McFie Insurance. mailto: Team@McFieInsurance.com  or 702-660-7000. Follow the Wealth Talks Podcast on: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==   Facebook: https://www.facebook.com/profile.php?id=61554798231074   Watch on YouTube: https://youtu.be/8Yj3ICOJbu4   #wedding #finances #housebuying

Interest rates are rising right now and being in debt is becoming more expensive all the time. In this episode, episode 460 of the wealth talks podcast, we are going to talk about how to be debt free. Becoming debt free can be a daunting task, many people will never know what it feels like to be debt free. People take on debt voluntarily or involuntarily. Voluntary debt in our country often involves student loans and credit cards. Involuntary debt often involves emergencies. To truly be “debt free” you can’t have any debt, none, nada, zip, zero. This is how to be debt free. Resources:  https://mcfieinsurance.com/10-20-70-budget-system  Follow the Wealth Talks Podcast on: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==  Facebook: https://www.facebook.com/profile.php?id=61554798231074   Watch Wealth Talks Podcast on YouTube: https://www.youtube.com/@wealth-talks-podcast

It is good to have life insurance, but having bad life insurance can be worse than having no life insurance at all.  Michele reads a message from someone who writes in about how they bought the wrong kind of life insurance even though they were trying to get good life insurance. We talk about how to get good life insurance and how to check the life insurance you already have to find out if it is good life insurance. Life insurance is something you want to get right the first time because it gets more expensive with time. Resources: Go here to get the free policy checklist we talk about in this episode: https://mcfieinsurance.com/podcasts/how-to-get-life-insurance/ Follow on: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==  Facebook: https://www.facebook.com/profile.php?id=61554798231074    Watch Wealth Talks Podcast on YouTube: https://youtu.be/rSNhjrw0P0s

The death benefit is probably the most prominent feature of life insurance and the feature most people think of when they think of life insurance. But that’s not the only benefit of life insurance, you can use the cash value of your life insurance while you’re still alive because your life insurance policy is collateral. You can also assign your life insurance as collateral to use other people’s money. If you own a business you can use life insurance as a benefits program and to keep critical employees. Resources: To get term insurance contact https://mcfieinsurance.com/   Mailto:team@mcfieinsurance.com  call: 702-660-7000 Follow the Wealth Talks Podcast on: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==  Facebook: https://www.facebook.com/profile.php?id=61554798231074  Watch on YouTube: https://youtu.be/axpMwXi2s78    

Most people think life insurance is for when you die, it is, but, you can also use the life benefits of whole life insurance while you’re still alive. What about term insurance though? Is it any good or is it a waste of money? Many people who have term life insurance now are going to be severely disappointed when their term is up because you can't turn back the clock and get new coverage at the same low rates you had before. Resources: To get your life insurance reviewed call McFie Insurance at 702-660-7000 or email: team@mcfieinsurance.com Follow the Wealth Talks Podcast on: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==   Facebook: https://www.facebook.com/profile.php?id=61554798231074   Listen to the Wealth Talks Podcast on: Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163   Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8 Watch on YouTube: https://youtu.be/VjQg5RPgEok

We get to listen to an interview with real estate investor John Morey.  John talks about why he bought whole life insurance, how he started out using it wrong.  Why he like to use whole life insurance to grow his wealth, and how he teaches other people about how they can benefit from using life insurance and invest in real estate. 0:00 Interview with John Morey 3:41 What is a MEC policy? 5:08 Don't make this mistake with Infinite Banking 20:50 Why starting now is important (visual demonstration) Resources: https://southerncharmre.com/  Follow the Wealth Talks Podcast on: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==   Facebook: https://www.facebook.com/profile.php?id=61554798231074   Watch on YouTube: https://youtu.be/PPUQAmAdkSA   

Mark Twain has the credit for saying, “The Return of my money is more important than the return on my money.” It is better to make an investment that returns a small increase as well as your seed money than it is to make an investment that has a large projected return but fails to return your seed money. Warren Buffet said, “The first rule of an investment is don’t lose, The second rule of an investment is don’t forget the first rule and that’s all the rules there are.” If you lose your seed money, how are you going to get ahead financially? You can earn a positive average rate of return while you're losing money!! We talk about bad investments, good investments and how to access capital to make investments. Resources: Life Insurance review: https://mcfieinsurance.com/ Follow the Wealth Talks Podcast on: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==  Facebook: https://www.facebook.com/profile.php?id=61554798231074  Watch on YouTube: https://youtu.be/fcX19z967m8

Every time you spend money you are making an investment. It’s either a good investment or a bad investment. Do not buy into the idea that investments have to be something rare, exclusive, elusive, exciting or in a land far away.  Some of the best investments are right in front of you, if you can’t see them it’s because you look at everything the way most everyone else does. You can and should become rich and investing is one of your responsibilities with the money that comes under your control 2:14 Is real estate a good investment? 10:13 Should you cosign a student loan? 13:33 Why investing morally is important 15:08 How to set up your finances 18:01 Using policy cash value 26:05 Is oil a good investment? 27:23 Preparing for an investment Resources: Life insurance policy sales and review https://mcfieinsurance.com/  Contact: Team@McFieInsurance.com | 702-660-7000 Follow along: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==  Facebook: https://www.facebook.com/profile.php?id=61554798231074  Watch on YouTube: https://youtu.be/2fkdf7lJmMo

There are two kinds of debt, good debt and bad debt. Good debt is debt that gives you a financial advantage; tax benefits, better cash flow and the ability to take advantage of opportunity. Bad debt is debt that costs you opportunity, causes stressful cash flow issues and cripples you financially. In this episode we talk about how to payoff bad debt and how to use good debt to your advantage. 4:19 How to tell if a debt is good or bad 12:38 Snowball Method explained 14:00 The Avalanche Method  16:59 How to set up your finances 19:34 The largest amount of debt John has seen 27:34 Should student loans be paid off? 30:21 Is a mortgage a good debt? Resources: Life insurance policy sales and review McFieInsurance.com Contact: Team@McfieInsurance.com | 702-660-7000 Follow along: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==   Facebook: https://www.facebook.com/profile.php?id=61554798231074   Watch on: YouTube: https://youtu.be/vYrX3XA-DWk 

The savings rate in the US has been going up a bit recently but it’s still lower than what it should be. Generally speaking, people aren’t saving enough money to have financial peace of mind. But when someone does save money there are a host of decisions to be made on how to keep that money. In this podcast we talk all things savings, how to save money and where to keep money you have saved. Resources: Life insurance policy sales and review McFieInsurance.com  Contact: Team@mcfieinsurance.com | 702-660-7000 2:51 Where to save your money 6:24 The problem with saving plans 8:45 What to look for in a savings plan 16:25 How to set up your finances 27:00 Why premium financing isn't used much right now 28:31 Earning a 66% return in whole life insurance Follow along: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==   Facebook: https://www.facebook.com/profile.php?id=61554798231074   Watch On: YouTube: https://youtu.be/Mhw62bVjAf8  

Becoming your own banker, the infinite banking concept, bank on yourself and other financial concepts promote the idea of using the life benefits of life insurance. Many people think life insurance is for when you die, that’s true, but you can also use life insurance while you’re still alive. There are benefits to using life insurance as a financial tool that you cannot get with any other financial products. But the problem is there is good life insurance and bad life insurance and too many people who want good life insurance wind up getting bad life insurance. We talk about good life insurance, bad life insurance and how to get a good life insurance policy with cash value so that you can be your own banker. Resources: Life insurance policy sales and review McFieInsurance.com  Contact: Team@mcfieinsurance.com | 702-660-7000 0:00 How to Be Your Own Banker 3:15 History of life insurance 5:38 Types of life insurance 7:09 The two types of life insurance 8:56 The origin of Buy Term, Invest the Difference 11:26 Term life insurance, universal life insurance, indexed universal life insurance (IUL) and whole life insurance 15:00 Reviewing an IUL policy 18:23 How to set up your finances 20:57 How to tell if a life insurance policy is good or bad 22:39 10/90 Infinite banking policy (IBC) 25:11 Guaranteed vs non-guaranteed values 30:13 The difference between cash value and death benefit Follow along: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==  Facebook: https://www.facebook.com/profile.php?id=61554798231074  Watch on Youtube: https://youtu.be/-sUT5xUCkbs

Throughout this year you will get to make financial decisions. If you make good financial decisions you will get ahead faster.  In this podcast we will share knowledge that you can use to make good financial decisions. Please go here and write a review for the Wealth Talks Podcast:  https://podcasts.apple.com/us/podcast/wealth-talks/id978187163  –Thank you! 2:11 Financial metrics that confuse people 9:44 Ad Break  @McFie-Insurance   15:58 The Trick to Kubota's 0% Financing 25:02 Tom & Michele's Camper Resources: Life insurance policy sales and review McFieInsurance.com  Contact: Team@mcfieinsurance.com | 702-660-7000 Follow along: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==   Facebook: https://www.facebook.com/profile.php?id=61554798231074   Watch on: YouTube: https://youtu.be/Gw6hiKngqv0 

The tragedy of financial resolutions is that resolutions often go unfulfilled. If you want to achieve something financially significant in a new year it is better to set a goal first and then make your resolutions. 0:00 The Tragedy of Financial Resolutions 1:13 Resolutions vs. Goals 4:25 What is a Goal? 10:32 Why specificity matters when setting goals 11:28 Why people don't set goals 14:20 Ad break @McFie-Insurance   25:00 When to celebrate a goal 27:40 Tips for setting goals in 2024 Resources: Buy good cash value life insurance or get a policy you owned reviewed:  https://mcfieinsurance.com/  702-660-7000  |  team@mcfieinsurance.com Follow along: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==   Facebook: https://www.facebook.com/profile.php?id=61554798231074   Watch on: YouTube: https://youtu.be/aMiSv0StJQ8 

In our family’s Christmas gift exchange this year we have a $20 limit. We drew names last month and the rules are that the drawing results are confidential and you can’t spend more than $20 on the gift you buy. In this Bonus Christmas Podcast we discuss how putting a financial limit on our family gift exchange increases creativity. 0:00 Intro. 1:19 John's most memorable gift. 3:47 Why a financial limit on a gift exchange is useful. 12:15 When can a good gift be a bad gift? 15:13 John blows a train whistle. 15:56 Last minute Christmas gift ideas. 19:03 American inventions. 20:55 How to help children develop creativity. Resources:  The Wise Man Foolish Man card game, buy it here: https://amzn.to/41iOTGE  A good train whistle :) if you're buying a gift for someone who loves trains: https://amzn.to/41xU6uA  The book Michele bought Tom last year: https://amzn.to/3trwqv3  Follow along: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==   Facebook: https://www.facebook.com/profile.php?id=61554798231074   Listen on: Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163   Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8 

We share our reasons for moving from Nevada to Indiana and the financial implications of switching houses. We talk about:  Buying our new house while selling our old house Our backup financing plan Why we paid cash for the new house God's timing Freedom and politics Resources: The Wise Man Foolish Man card game, buy it here: https://amzn.to/41iOTGE Follow along: Instagram: https://instagram.com/wealthtalkspodcast?igshid=YTQwZjQ0NmI0OA== Facebook: https://www.facebook.com/profile.php?id=61554798231074 Listen on: Youtube: https://www.youtube.com/channel/UCNxtmtcy-NGobVMvuO9sjBQ  Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163 Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8 

Prior to moving from Nevada to Indiana we took a life insurance policy loan and let that money sit in our checking account because we expected to have some "unexpected" moving expenses. The money sitting in our checking account was our cash cushion. We talk about the "unexpected" expenses that arose  02:34 Video footage of our moving caravan  How we paid for those unexpected expenses to recover our capital sooner The best place to keep a cash cushion How to build a cash cushion and How to replenish a cash cushion Moving is one scenario that illustrates the importance of having a cash cushion but there are other scenarios where having a cash cushion gives you freedom, and peace of mind. What scenario can you think of where it would be helpful to have a cash cushion? Resources For you: The Wise Man Foolish Man card game, buy it here: https://amzn.to/41iOTGE  Follow along:  Instagram: https://instagram.com/wealthtalkspodcast Facebook: https://www.facebook.com/profile.php YouTube: https://www.youtube.com/@wealthtalkspodcast558/videos