Dollars and Nonsense Living Wealth
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Dollars and Nonsense focuses on helping individuals and families find financial freedom by leveraging the Infinite Banking Concept (IBC). The podcast delivers real-world tips, tricks, and techniques for anyone wanting to take their wealth to the next level.
We do all this through the hosts sharing their vast knowledge and sitting down with experts. Plus, the show is for the average person—you don’t have to be a financial expert or an economics professor to get a metric ton out of every episode. We extract priceless resources and action steps for you and deliver them in a 30-minute weekly show.
Learn more about the show by visiting https://livingwealth.com/podcast/
Our primary focus is a financial strategy called the infinite banking concept that allows you to control your savings and debt needs, helping you become your own banker, in essence. It was formalized by finance expert R. Nelson Nash in the early 1980s. But its roots go back much further.
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E226: How to Build Generational Wealth (3-Step Formula)
In this episode, Nate Scott unveils the blueprint for establishing and nurturing generational wealth. He stresses the importance of adopting a mindset focused on long-term wealth over retirement. Nate explains the need to acquire evergreen assets that can endure for generations, such as farmland, real estate, and businesses.
He also explores the significance of trusts in estate planning and advocates for the family office model. Nate suggests leveraging life insurance to create liquidity and facilitate the growth of generational wealth. He then ties these strategies back to biblical principles.
Takeaways:
Mindset Shift: Prioritize long-term wealth over immediate retirement goals.
Invest in Evergreen Assets: Acquire assets like farmland, real estate, and businesses that can be passed down through generations.
Utilize Trusts and Family Office Model: Implement trusts and consider adopting the family office model to preserve and expand your estate for future generations.
Life Insurance Strategy: Use life insurance to ensure liquidity and support the growth of generational wealth.
Episode Resources:
Gain FREE access to our Infinite Banking Course here
What is Infinite Banking
Who was Nelson Nash? -
E225: How Do I Know if Infinite Banking is Right For Me?
Join Nate Scott in this episode as he tackles the burning question: Is infinite banking the right fit for you? He delves into the nuances of infinite banking, stressing that it's not a one-size-fits-all solution. And encourages listeners to explore their financial paths, whether it's the traditional retirement route or the more hands-on, entrepreneurial approach.
Nate also highlights the flexibility of infinite banking, reassuring people that they don't have to go all-in to reap its benefits. By the end, you'll have a clearer understanding of where you stand on the financial spectrum and whether infinite banking aligns with your goals.
Key Takeaways:
Personal Fit: Infinite banking isn't for everyone; it's essential to assess if it matches your financial goals and preferences.Financial Path: Consider your financial path carefully—whether you're inclined towards conventional retirement or a more active investment approach.
Flexibility Factor: You don't need to fully commit to infinite banking; it can complement your existing financial strategy as a secure, liquid savings option.
Spectrum Insight: Learn about the spectrum of compelled individuals, from those embracing entrepreneurship to those favoring passive retirement planning.
Self-Assessment: Understanding your position on the spectrum and your comfort level with financial involvement can guide your decision on whether infinite banking is right for you.
Episode Resources:
Gain FREE access to our Infinite Banking Course here
What is Infinite Banking
Who was Nelson Nash? -
E224: Is Barbell Investing the Holy Grail of Investing?
Tune in to this Dollars and Nonsense episode to discover how Nate Scott leverages infinite banking and the “empire over retire” philosophy to build wealth, achieve financial freedom, and create a life of purpose and fulfillment.
Nate also does an in-depth explanation of the idea of barbell investing and how he leverages his policies to invest in asymmetrical opportunities. He shares personal examples of barbell deals he has created, such as investing in a friend's business and partnering in the land flipping industry.
Key Takeaways:
How to Get Real Results with Infinite Banking: Nate explains how infinite banking is not just a theoretical concept but a practical strategy that delivers concrete results. It's all about transforming your money from a passive asset into an active tool.
Empire Over Retire Philosophy: The "empire over retire" philosophy challenges conventional notions of retirement. It's about crafting a life that doesn't rely on traditional retirement but empowers you to build your own financial empire.
Introduction to Barbell Investing: Nate introduces the concept of barbell investing, a strategic approach that involves placing funds into both safe, liquid, conservative assets and high-risk, high-reward opportunities. He also explains how infinite banking plays a pivotal role in executing this investment strategy.
Barbell Deals for Entrepreneurs: Entrepreneurs have a unique advantage in creating barbell deals within their businesses. Nate shares personal examples of how he's leveraged his infinite banking policies to participate in asymmetrical opportunities, such as investing in a friend's business and venturing into the land flipping industry.
Infinite Banking for Personal Expenses: Infinite banking can be used for personal expenses, such as home renovations and car purchases. It offers security and financial flexibility, making it an ideal choice for various life goals.
Unlocking the Potential of Infinite Banking: Nate concludes the episode by underlining the remarkable potential of infinite banking as a wealth-building strategy. It not only provides security but also opens doors to high returns, making it an invaluable tool on the journey to financial success.
Episode Resources:
Gain FREE access to our Infinite Banking Course here
What is Infinite Banking
Who was Nelson Nash? -
E223: What Is Infinite Banking and Why Does It Work?
Join us in this week’s episode, as Nate Scott explores the concept of "infinite banking", what it is and why it works. Beyond being a financial strategy, infinite banking encourages individuals to rethink their approach to money, transforming it from a passive asset into an active tool that can be strategically leveraged to build wealth, ensure financial security, and leave a lasting legacy.
The premise of infinite banking is based on the belief that mutual life insurance companies and banks have a similar business model, but mutual life insurance companies exist to benefit policyholders, while banks exist to benefit shareholders.
Nate discusses the unique features of whole life insurance policies, such as tax-free growth, policy loans, uninterrupted compounding, and the potential for passive income. By understanding and embracing the core principles of infinite banking, listeners gain the knowledge and perspective needed to take charge of their financial futures.
Key Takeaways:
Central Premise: Nate emphasizes that the core premise of infinite banking is choosing to do business with mutual life insurance companies as an owner and leveraging their financial tools to achieve better results than traditional banking.
Money Flow: The concept of infinite banking revolves around the idea that money should flow through a banking mechanism in your life, covering income, expenses, and investments.
Key Characteristics of Infinite Banking: Ownership, tax-free growth, interest-only line of credit, uninterrupted compounding, passive income generation, and a legacy mentality define infinite banking.
Understanding the Premise: Nate underscores the importance of agreeing with the central premise of infinite banking before exploring policy details. Policy loans, although initially confusing, provide valuable interest-only lines of credit, unique to whole life insurance.
Infinite Banking vs. Traditional Banking: Infinite banking complements other investment strategies and financial tools, offering an alternative approach to achieve financial goals.
Legacy and Wealth Preservation: Whole life insurance policies play a vital role in wealth preservation and transfer, particularly in estate planning.
Episode Resources:
Gain FREE access to our Beginner’s Course here now
What is Infinite Banking
Who was Nelson Nash? -
E222: Is The "Augusta Rule" A Legitimate Tax Loophole?
In this enlightening episode, Nate Scott unveils the Augusta Rule, a powerful tax strategy that can save homeowners and business owners significant money. Discover how this legitimate tax loophole allows homeowners to rent out their properties for up to 14 days a year without paying taxes on the rental income.
Nate shares insights into how business owners can leverage the Augusta Rule to their advantage by renting their personal residences to their corporations and deducting the rental payments as legitimate business expenses.
Key Takeaways:
Understanding the Augusta Rule: Nate introduces listeners to the Augusta Rule, a tax loophole that enables homeowners to rent out their homes for up to 14 days annually, completely tax-free.
Leveraging the Augusta Rule for Businesses: Business owners can strategically use the Augusta Rule to their advantage by renting their personal residences to their corporations for various legitimate purposes, such as hosting meetings, staff retreats, and events. These rental payments can then be expensed by the company.
Navigating the "Reasonable" Gray Area: Nate emphasizes the importance of defining what is "reasonable" when determining rental rates for personal residences, a critical aspect of the Augusta Rule. He shares his personal experience and underscores the need to consult with qualified accountants.
Balancing Legitimacy and Scrutiny: Nate highlights the significance of exercising caution when employing tax strategies like the Augusta Rule. While entirely legal, these strategies may attract IRS scrutiny, making it essential to make reasonable choices.
Episode Resources:
Gain FREE access to our Beginner’s Course here now
What is Infinite Banking
Who was Nelson Nash? -
E221: Debunking The Biggest Infinite Banking Myths
In this enlightening episode, unveil the truth about Infinite Banking as Nate Scott dispels some of the most prevalent myths. Get ready to gain true clarity on this journey as Nate dismantles misconceptions surrounding base premiums, rates of return, policy loans, interest payments, loan interest versus policy returns, and the fate of your cash value upon your passing. Gain a deeper understanding of Infinite Banking and equip yourself with the knowledge to make informed decisions.
Join us in this myth-busting episode as we separate fact from fiction, bringing you closer to the truth about Infinite Banking and empowering you to make informed financial choices. Don't let myths hold you back from exploring this powerful wealth-building strategy.
Key Takeaways:
Base Premium Misconception: Learn that the base premium in Infinite Banking policies is not an expense; it actually generates cash value.
Rates of Return: Discover the potential for good rates of return offered by whole life insurance policies, especially when considering their tax advantages and liquidity.
Policy Loans and Wealth Generation: Understand that policy loans themselves do not generate wealth; it's the policy and its cash value that play a crucial role in building your financial prosperity.
Paying Interest: Realize that paying interest on your policy loans is not a foolish move; it enables you to keep your money invested and earn returns.
Loan Interest vs. Policy Returns: Learn that the rate of return on your policy does not necessarily have to surpass the loan interest rate for Infinite Banking to be a viable strategy.
Cash Value Upon Passing: Clarify the misconception that the insurance company keeps your cash value when you pass away; in reality, the cash value contributes to the death benefit, ensuring that your equity benefits your heirs.
Episode Resources:
Gain FREE access to our Beginner’s Course here now
What is Infinite Banking
Who was Nelson Nash?
Customer Reviews
Worth your time!!!!
If your looking for insight and standing principles to apply to your life that will generate financial stability for your family and future. This is a must listen!
Changed my life
Buy into this story. It made me & my family much smarter about all things money!
Outstanding podcast
Always so inspired and encouraged after listening to this podcast. Holly and Nate are filled with knowledge and practical advice for growing wealth through IBC.