The Money Advantage Podcast By cover art

The Money Advantage Podcast

By: Bruce Wehner & Rachel Marshall
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  • Personal Finance for the Entrepreneurially-Minded!
    The Money Advantage, LLC. All Rights Reserved.
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Episodes
  • Becoming Your Own Banker, Part 31: Compound Interest Revealed

    Becoming Your Own Banker, Part 31: Compound Interest Revealed
    May 20 2024
    Is compound interest magic or discipline? A stroke of luck or the product of sound fundamentals? Fantasy or reality? https://www.youtube.com/watch?v=l3Wyh618yjI If you want to reap the reward of compound interest, you need to understand the game, the roles, and get on the right side of the board. Today, we'll answer: Why you are always paying interest? What is compound interest? How do you earn compound interest? When it comes to interest, what's in your best interest? Unlock the secrets of your finances and take control like never before as we dissect the fascinating world of interest and compound interest. This podcast promises to transform your understanding of wealth as we delve into the teachings of Nelson Nash, discussing the power shift that occurs when you transition from a mere interest-payer to a savvy individual wielding the banking function in your life. We bring to light how this shift can drastically alter your financial trajectory, using the potent combination of whole life insurance and the principles of Becoming Your Own Banker. Imagine harnessing a tool that empowers you to borrow with ease, ensures your money's uninterrupted growth, and offers historical reliability. That's what we reveal through the lens of a whole life insurance policy in this episode. Discover how this method can serve as a disciplined savings vehicle and a means to build and transfer wealth through generations while respecting the might of compound interest. The conversation also uncovers the strategic moves used by the affluent to maintain financial control and how you can emulate these practices for long-term gain. In our final exploration, we dissect financial contracts and ownership within the realm of whole life insurance, clarifying the various roles such as policy owner and beneficiary. The episode goes a step further by illustrating how the Infinite Banking Concept can be practically applied in your life. By modeling successful behaviors and understanding the nature of these financial tools, you're invited to embark on a journey that could redefine your approach to personal wealth and set you on a path to becoming your own banker. The Concept of Compound InterestAverage vs. Actual Rate of Return and InterestThe Compounding CurveWebster's Definition of InterestOther Glossary Definitions in Becoming Your Own BankerDefinition of Lease/Lessee/LessorDefinition of a MortgageDefinition of OwnerBook A Strategy Call The Concept of Compound Interest There are several ways to think about interest, and one is the cost of money or the cost of banking. When most people think about banking, they think about the banking industry. However, we want to talk about the banking function, by which we mean HOW money is handled. The banking function includes making deposits and withdrawals, buying financial products, and moneylending. While banks typically perform this function, there are ways to perform this function outside of banks, like with the Infinite Banking Concept, which allows you to perform the banking function with your own capital (as well as your insurance company’s capital). Interest is the cost of using that banking function. You can pay interest to institutions for the ability to use their money, or they can pay you for storing your money with them or buying one of their products. You can also pass up interest earnings by paying for things in cash, rather than financing them and continuing to benefit from compounding interest earnings on your pool of capital. So interest, essentially, is the cost of money. It can flow toward you or away from you, yet it’s a factor in every financial transaction you make, even if you’re just passing it up. Average vs. Actual Rate of Return and Interest Many people equate interest with a rate of return. And while both involve percentages, they’re not quite the same. First, let’s take a look at what people think about rates of return.
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    37 mins
  • Why is Enough Never Enough, with Rabbi Daniel Lapin

    Why is Enough Never Enough, with Rabbi Daniel Lapin
    May 13 2024
    Why is enough never enough? How do I know when you've made enough money, or when making money becomes too much of a concern, and you should be satisfied with what you've got? https://www.youtube.com/watch?v=B3zBDjmeNTA Joining us to discuss this abundance paradox is a long-time friend of The Money Advantage, Rabbi Daniel Lapin. Author of Thou Shall Prosper, Business Secrets from the Bible, and The Holistic You, among other works, Rabbi Lapin is an international speaker and TV host who shares the relevancy of ancient Jewish wisdom for helping us navigate modern times and answer life's most pressing questions. Join us for a captivating discussion with Rabbi Daniel Lappin, who returns for an eighth appearance to unravel the perennial dilemma of why is enough never enough in terms of wealth and work. Listen in as we tackle the intricate balance of ambition and contentment, drawing upon Rabbi Lappin's wisdom and personal anecdotes. This dialogue is designed to guide you through the challenges of defining success and deciding when it's time to refocus your energy away from financial gain and toward the other facets of life that matter most. Discover the art of harmonizing the conflicting truths that shape our lives, as we ponder balancing professional aspirations with personal well-being. Our conversation with Rabbi Lappin illuminates the importance of relationships, health, and embracing a philosophy of service over retirement. The notion that our careers can be a calling rather than just a job is an empowering theme we delve into, exploring how finding fulfillment in service to others can enrich both our professional paths and personal growth. In this episode, we also tackle the scarcity versus abundance mindset, sharing insights on how our beliefs influence our business outcomes and life choices. Rabbi Lappin provides thought-provoking perspectives on retirement norms, the role of marketing in success, and the impact of social circles on our decisions. To round out our expansive conversation, we discuss the importance of balance across the five Fs: family, finances, friendships, faith, and fitness, and we emphasize the crucial role of effective communication in our lives. Tune in for these transformative ideas and more, as we aim to equip you with the tools to lead a more fulfilling, purpose-driven life. Why is Enough Never Enough?Where Are You Investing?Why Do We Do What We Do?Rethinking Retirement ExpectationsThe Holistic YouOther Conversations with Rabbi Lapin:Book A Strategy Call Why is Enough Never Enough? When asked about how much money is “enough,” Rabbi Lapin told us an interesting story about his daughter instead. He and his wife homeschooled their daughter for much of her life, until she decided to go into the school system. His daughter found school to be fairly easy, and getting As were no issue for her in her first semester. In her next semester, however, she started to get some Bs, and the semester after that some Cs sprinkled in. While the Rabbi and his wife were not overly concerned with grades, they did ask her about it. And his daughter answered that when she got As, she was spending too much time focused only on homework. When she got Bs, she had time for other interests and pursuits. And Cs reminded her that she wasn’t putting enough time into school. So she used her grades as a gauge in a very interesting way, outside of the typical way of thinking. For her, it was all about balancing priorities. He likens this story to the question of “enough money,” because it’s something everyone will grapple with. Is there a point at which you can say you’re doing well enough with money that you stop pursuing it? [06:07] “This is actually a very difficult question. It’s not a difficult question to answer, but it’s a difficult question to answer in a way that doesn’t indict me.” Where Are You Investing? Money is of course important.
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    1 hr and 2 mins
  • Becoming Your Own Banker, Part 30: Infinite Banking Process Explained

    Becoming Your Own Banker, Part 30: Infinite Banking Process Explained
    May 6 2024
    Why does Infinite Banking work? https://www.youtube.com/watch?v=iKdgq2KDw_s We'll look at the flow of money through the economy, where it is pooling, who owns it, who controls it, and who gets access. This is the Infinite Banking Process explained; and this clarity will tell you everything you need to know about how money works. Unlock the secrets to financial sovereignty as we journey through the empowering strategy of infinite banking, inspired by Nelson Nash's celebrated philosophy. We unravel the often misunderstood world of controlling your own financial destiny. Imagine breaking free from traditional banking, navigating the complexities of money management with ease, and placing the power firmly in your own hands. Through our illuminating discussion, you'll discover a straightforward approach to building your pool of wealth, gaining insights that promise to transform your relationship with money. In today's episode, we delve into the mechanics of how money circulates within personal and economic systems, drawing insightful parallels with natural cycles and Warren Buffett's investment principles. You'll learn about the inner workings of life insurance companies, unveiling how you can tap into their capital reservoirs to your advantage. By embracing the simplicity of taking control of the banking function, we champion the mantra of modeling the successful few. Don't miss the opportunity to explore how infinite banking can reshape your future, offering you the keys to constructing a life and business that reflect your true aspirations. Building Cash Value Through InsuranceInfinite Banking Process Explained: The Value of Cash ValueMoney and the Water CycleBook A Strategy Call Building Cash Value Through Insurance You may have heard that Infinite Banking is “more caught than taught,” which is Nelson’s way of saying that the concept is more important to understand than the minute details. If you understand from a macro perspective how things work, you can do great things with IBC—the rest comes with time and study. For example, most people get hung up on the idea of rate of return when reviewing financial strategies and products. But if you place too much value on rates of return, you may lose out on other valuable benefits like liquidity, protection, tax advantages, and more. Or, if you’re too focused on getting a good rate of return, your average growth could be worse than a slow but steady rate of return. By understanding the principles of IBC—like building cash value with as much flexibility as possible—the rate of return and other concerns are minimized. We’re asking you to reframe how you think about your wealth. Infinite Banking Process Explained: The Value of Cash Value [03:12] “Really it’s about developing a pool of money that you can then access to take the finance charge out of your life, and when you come upon opportunities in your life to then use that for investments. It’s really that simple.” Cash has tremendous value in our lives, and we all have a need for financing while we’re on this earth. The place where you store your cash can have a major impact on how you use it when you use it, and why you use it. By storing your cash in whole life insurance, you guarantee that you remain in control of those functions, so you can use your money when you want to, and you can finance what you want to. That’s the value of cash value. Money and the Water Cycle The reality of money is that it flows. It flows from one reservoir to another, like water, so we’re going to explain Infinite Banking through the analogy of water. Like the water cycle, money in your “pool” can evaporate, it can condense, and fill your pool more, or it can flow to/from other sources. The important part is that you have the pool to work with! Money enters your insurance company’s pool by paying premiums and repaying loans (which translates to increasing your own pool of money).
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    22 mins
Leadership Economics Personal Finance Personal Success
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