Episodes

  • Family Business Longevity, with Rob Ferguson

    Family Business Longevity, with Rob Ferguson
    Jun 17 2024
    Family businesses have a shrinking lifespan. Families in business together face conflicts and challenges that have made it increasingly difficult to build a business that lasts generations. Yet Rob Ferguson, founder of Ferguson Alliance, says that family businesses can live to infinity with the right systems and tools. Today, we're discussing how the key components of communication, shared vision, and financials drive family business health. https://www.youtube.com/live/HZ1pR-ixHVY So, whether your family business goals are solving family conflict and disruption, 10X growth, or acquisitions, tune in today to learn how to increase the strength and longevity of your family business. This episode peels back the layers on how to foster generational wealth and maintain harmony within family-run companies. The conversation homes in on the essential strategies for early and intentional planning for business succession, highlighting the common pitfalls and conflicts that can derail even the strongest family enterprises. With a wealth of experience, Rob guides us through the complexities of steering companies toward sustainable growth, ensuring they can withstand the test of time and the changing tides of business culture. Join us as we reflect on the shifts in family dynamics and their influence on the longevity of family businesses from the 1950s to our current global market. We weigh the tough decisions family businesses confront when choosing to prioritize the business or the family unit. Rob's expert perspective shines a light on how those who focus on the business side often enjoy greater longevity. Yet, he also emphasizes the unique strength that comes from integrating core family values into the business ethos, which can be a potent strategy for success across generations. The crescendo of our discussion centers on the art of succession planning. It's a delicate balance that requires giving the next generation both guidance and the freedom to choose their path while ensuring a clear separation of wealth transition, ownership transition, and leadership transition. We explore the profound impact of involving multiple generations in business conversations and the establishment of family constitutions and mission statements. With the wisdom shared by Rob, families are empowered to craft legacies that not only survive but flourish for generations to come. The Beginning of a PassionCreating Family Business LongevityFamily ValuesNavigating Conflict When Transitioning the BusinessAbout Rob FergusonConnect with Rob FergusonBook A Strategy Call The Beginning of a Passion Fifteen to sixteen years ago, Rob Ferguson was the CEO of a 5th generation industrial packaging company, with about 17 cousins involved in the business. Rob was brought in as the first non-family executive to get the business back into shape and sell it. While that was all in the works, Rob recognized that there had to be a way to prevent family businesses from getting to that point of “destruction,” in order to help more families keep their legacy alive and in the family. [08:20] “Family businesses in America as we know generate—I think it was right after the pandemic—they generated 78% of all the new jobs. 60% of GDP comes from family business. Almost all of our philanthropy donations come from family businesses. And then if you think about all of the innovation that we’ve seen and experienced, again, they started off as family businesses.” Ferguson Alliance was built from Rob’s passion for helping family businesses stay in business and keep the legacy alive. Creating Family Business Longevity So what’s changing, and why is it important to keep fighting for family businesses in 2024 and beyond? So what is the major obstacle for family businesses? It’s getting families oriented around their “north star.” When Ferguson Alliance works with a new family business, the first thing they do is ask a very simple question wit...
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    49 mins
  • Becoming Your Own Banker, Part 33: Recap

    Becoming Your Own Banker, Part 33: Recap
    Jun 10 2024
    Join the wealth revolution and see how understanding banks and banking allows you to create financial freedom by becoming your own banker. We're wrapping up our series on Nelson Nash's pivotal work on Infinite Banking, his book Becoming Your Own Banker. Unlock the secrets to becoming the master of your own financial destiny with our eye-opening discussion on 'Becoming Your Own Banker.' https://www.youtube.com/live/K2xm9EKp67Q Say goodbye to the days of simply being a cog in the banking machine and hello to wielding Infinite Banking to your advantage. We wrap up our enlightening series by emphasizing the shift from passive consumer to proactive controller of your capital. Diving straight into the heart of financial empowerment, we unravel the misconceptions sold by social media 'experts' and emphasize the importance of understanding and solving the core issues, rather than getting lost in product illustrations. It's all about prioritizing saving over borrowing to secure your financial freedom. Bruce joins us to offer his insights into Nelson's critique of the banking and insurance sectors, and their reluctance to embrace practices that put you in the driver's seat of your financial journey. Discover the commitment required to build discipline and generational wealth, and the subtle art of respecting your own money as you would a traditional bank's. We also explore investment strategies for long-term growth, drawing inspiration from Warren Buffett, and delve into the importance of economic literacy for sustaining wealth. By the end of this episode, you'll have an arsenal of tools and resources to lay the foundation for a legacy of prosperity. The Arrival SyndromeWhat Does it Mean to Become Your Own Banker?Book A Strategy Call The Arrival Syndrome Over the course of our year and a half spent dissecting Becoming Your Own Banker, one of the most stand-out lessons is to avoid “arrival syndrome.” Arrival Syndrome was Nelson’s term for thinking that you have everything figured out. And the problem with this mindset is that you become unwilling to learn, and often unwilling to revisit old ideas. And yet, there isn’t a single person who has everything all figured out. Arrival Syndrome is something to avoid whether you’re brand new, or you’ve been in an industry for decades. It is simply not a mindset that will serve you well. Even as Bruce and I dug into the book, we found ourselves seeing the same information in a new light, and we have both studied Infinite Banking for many years. Bruce himself studied with Nelson while he was alive. And so it really goes to show that you can always put yourself in a beginner’s shoes and learn something. What Does it Mean to Become Your Own Banker? A common misunderstanding about Infinite Banking is that you’re building your own bank. However, what you’re really doing is becoming a banker. By building cash value in a life insurance policy, you’re creating a pool of money that you have complete control over, that way you can be the one to assume the banking function, cutting out the middleman. Then, when you need access to capital, you don’t have to beg for it and convince an institution that you’re worth it. This means that you also get complete control over the financing terms, like when you pay it back, how frequently, and even how much. By assuming this kind of control in your life, you have a lot more power over your assets and their growth. When you have to rely on external forces for your banking, you can lose out on opportunities or otherwise find yourself limited. So remember—Infinite Banking is about taking on the role of the banker in your life. It’s also important to note that Infinite Banking is for those who have already established good money habits. This is not a strategy you can implement if you’re trying to get out of debt or fix your financial problems. Good habits mean that you don’t have massive consumer debt,
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    30 mins
  • Stop the Hustle and Grind, with Christine Jewell

    Stop the Hustle and Grind, with Christine Jewell
    Jun 3 2024
    Are you an ultra-high achiever, but feeling the cost of that success? https://www.youtube.com/live/AZ3FxdpPULY Christine Jewell, author, keynote speaker, faith-based executive coach, and host of the Breaking Chains podcast, joins us today to provide a fresh solution. In her new book, Drop the Armor, Christine teaches you a transformational approach that allows you to stop the hustle and cultivate a life of total alignment and lead from abundance and flow. We've all felt the weight of the world on our shoulders, chasing success at the expense of our peace. That's where Christine Jewell steps in, a faith-based executive coach who is redefining what it means to achieve. In our conversation, she shares her wisdom on living authentically, urging us to shed the armor of relentless hard work and embrace a life aligned with our true purpose. Unpack the journey of finding fulfillment that isn't tied to the next promotion or paycheck, especially resonant for those in high-stress fields like finance and tech. Christine's personal stories are not only insightful but also a testament to the impact of her strategies, which she has applied in her own life with remarkable success. You might expect a discussion with an executive coach to focus solely on climbing the corporate ladder, but Christine's approach is anything but conventional. This episode takes us on a deep exploration of balancing masculine and feminine energies, navigating an identity crisis, and unraveling societal pressures. Christine's reflections on growing up with a high-achieving father paint a vivid picture of the toll that relentless ambition can take, guiding us through her transformative experiences. Learn how hitting rock bottom can be the beginning of true transformation, realigning life with core beliefs for a more peaceful existence. For anyone who's ever felt lost in the hustle, Christine's insights offer a beacon of hope. Christine invites us into a profound dialogue about time, purpose, and fulfillment. She contrasts the chronological with the spiritual, inviting us to ponder life's mysteries and the human quest for understanding. Her book "The Perfect Storm" emerges as a centerpiece of the conversation, promising to guide readers toward true peace and alignment with divine will. We wrap up with a reminder that adopting the habits of successful individuals can enrich our lives beyond measure. It's not just about financial success; it's about crafting a life brimming with fulfillment and joy. Join us for this episode, where Christine Jewell illuminates the path to a more balanced, purpose-driven existence. From Stressed to ThrivingThe Masculine/Feminine DynamicThe World’s Identity CrisisThe Journey to PublishingGet a Copy of Christine’s BookBook A Strategy Call From Stressed to Thriving If you’re a high-achiever who seemingly runs on stress, then you’ll understand exactly where Christine Jewell comes from. A world-class athlete and a dedicated worker who had been building businesses since her early 20s, Christine appeared to have it all. As she puts it, she was “always working it,” always seeking the next big break, and striving for accolades. Her motto was that second place is the first loser. This pressure fueled her, but not in a sustainable way. By her 30s, Christine found herself going through a divorce and hitting the grind even harder. But underneath that tough exterior, there were cracks in the armor. Anxiety and fear were creeping in, and Christine found that peace and relaxation were impossible, even when that was her goal. Family trips, which were meant to restore, didn't even help this state. [7:00] “I hit that breaking point where I was just like, I am done. My body was burnt out, my soul was dried up… my relationships were unfulfilling.” This breaking point launched Christine into a real heart-to-heart with God about her faith and relationship with Him, wondering if the “hustle” was really part of the design....
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    40 mins
  • Becoming Your Own Banker, Part 32: How to Invest

    Becoming Your Own Banker, Part 32: How to Invest
    May 28 2024
    If you want to build wealth, reach your financial goals for retirement income, and be able to take care of everything from college for your kids to paying for cars, your home, and a lifestyle you enjoy, the most common first question is, “How to invest?” https://www.youtube.com/watch?v=hExdqtiuhto In his signature book, Becoming Your Own Banker, Nelson Nash reveals that changing your financial environment is the lynchpin to financial freedom. For today’s discussion, we’re returning to the text to talk about financial philosophy - the typical philosophy vs. the successful philosophy, and how to finally get results by changing your thinking. We’ll discuss why rates of return are a red herring, touch on the importance of dividend rates, and explain why you should understand your finances as a system rather than a process. Prepare to redefine success beyond the allure of high investment returns, and instead, learn to master the art of personal finance by controlling your financial destiny. This episode unpacks the necessity of substantial liquid savings and the strategic management of capital, which together forge a path to superior financial control and efficiency. We shine a light on the often-overlooked reality that a substantial part of our income dissipates through financing charges, and underscore the essential nature of a robust emergency fund before taking investment leaps. Venture with us through the evolving financial paradigms, reflecting on how Bitcoin, the expanding US balance sheet, and a worrisome debt-to-GDP ratio are sculpting our economic landscape. Bruce and I explore how American consumerism shapes our spending and the significance of developing a financial acumen that evolves from unconscious incompetence to unconscious competence. With Nash's financial philosophy as our guide, we dissect the drawbacks of conventional financing and celebrate the empowerment that comes from holding the reins of one's financial affairs. Finally, we address the surge in inquiries about judicious fund allocation, proffering not a prescriptive investment playbook, but a transformative perspective on money management. I share effective banking strategies that foster automatic savings and the wealth accumulation snowball effect. As we guide you through the intricacies of financial control, we to equip you with the insights necessary to recalibrate your financial habits for a future rich in prosperity. Join us for a conversation that promises to elevate your financial literacy and position you for long-term success. Philosophy and InvestmentsWhat’s Your Philosophy?How to Invest and Rethink Your ThinkingSavings is ValuableAverage Doesn’t Mean MuchSystem vs. ProcessBook A Strategy Call Philosophy and Investments Investments are one of the keys to wealth-building, because they can help you break out of the “trading time for money” rut, which can, in turn, improve your financial life significantly. By having capital that’s not reliant on how many hours you put in, you can increase your pool of money faster, have capital to use for scaling your business, and so many other uses besides. However, your investing philosophy matters a great deal here. Not all investments work the same, or have the same results. And whole life insurance is NOT an investment, it’s an asset that can help you if you intend to invest, however. In the Glossary of Becoming Your Own Banker, Nelson shares the Webster International definition of philosophy as “a search for the underlying causes and principles of reality; a quest for truth through logical reasoning rather than factual observation; a critical examining of the grounds for fundamental beliefs, and an analysis of the basic concepts employed in the expression of such beliefs.” Commonly, we see people with an investment philosophy that chasing the highest rate of return makes the most sense. And the reason they think this way is because they want to do the most with t...
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    36 mins
  • 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
  • Becoming Your Own Banker, Part 29: Words Matter

    Becoming Your Own Banker, Part 29: Words Matter
    Apr 29 2024
    Ever felt like financial jargon was designed to confuse rather than clarify? Join us as we navigate the labyrinth of financial terminology, particularly within the infinite banking sphere. It's not just about learning by rote; it's about cementing a rock-solid financial strategy based on clear, precise language. By dissecting common misconceptions, we aim to transform your understanding from hazy to laser-focused, providing you with the tools to discern financial facts from fiction and proving that words matter. https://www.youtube.com/watch?v=ziAj2-Se8fI Journey with us as we illuminate the enigmatic world of life insurance company ratings, Comdex scores, and the lifeline that is the reserve fund. Grasping these concepts is not just about knowledge—it's about safeguarding your future dividends. Our personal stories bring these ideas to life, showing how life insurance company policies can influence your financial trajectory. We'll also equip you with a broader vision of the infinite banking concept, one that goes beyond dividends to a holistic view of accessible capital, cash value growth, and the profound benefits of a well-designed system. Finally, become the architect of your own prosperity by mastering the finance tools at your disposal. As we explore the principles of disciplined savings and strategic capital use, you'll learn to cultivate a mindset that prioritizes wealth creation over mere accumulation. We invite your questions and curiosity, as they fuel our mission to empower you to make informed, confident financial decisions. So, let's transform your understanding of finance and pave the way to a thriving financial legacy. And clarity in the fundamentals leads to clarity in your use of the whole strategy. Join us as we continue the series through Becoming Your Own Banker with Part 2 on the Glossary of Terms. IBC Glossary of Terms, ContinuedDefinition of Co-GenerationDefinition of ClassificationDefinition of Contingency FundDefinition of EarningsThe Fundamentals of Infinite BankingBook A Strategy Call IBC Glossary of Terms, Continued Definition of Co-Generation This is a term used in conversations on electrical power that acknowledges that there are many sources from which to generate power within the distribution system, many of which are both producers and consumers of power. In other words, to generate the end product (electricity/power) there isn’t just one component, and it isn’t just producing. Many components within the system produce AND consume power before the final product is complete. Applied to banking, you can understand that in a properly working system, there are going to be times for capitalization (“producing”) and times for leverage (“consuming”). The process of banking is not just stockpiling, it is ALL functions of money. Definition of Classification Webster’s Dictionary defines classification as “the act of grouping into classes that have systematic relations, usually founded on common properties.” In other words, we all classify things based on their major characteristics. Classification is a great tool because it can help us compartmentalize new information and fit it into what we already know. But when it comes to life insurance, there is a great challenge, which is laid out in Becoming Your Own Banker, to rethink your thinking. After all, it would be tempting to classify life insurance as any other insurance product and move on. But when we do this, we miss out on the chance to form a proper mental construct of what whole life insurance is and can do. Though life insurance is certainly insurance, whole life insurance with a dividend-paying mutual insurance company shares characteristics with banking, and should be classified as such. It just requires that you see things a little bit differently and dig a bit deeper. Definition of Contingency Fund This is the amount of money an insurance company retains as surplus after paying deat...
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    1 hr and 2 mins