The Money Advantage Podcast Bruce Wehner & Rachel Marshall

Embark on a transformative financial odyssey with us as we reflect on our profound experiences at the Nelson Nash Think Tank for 2024. Unlock the doors to personal economic empowerment with the Infinite Banking Concept (IBC), a brainchild of the late Nelson Nash that revolutionizes the use of dividend-paying whole life insurance. We shed light on the historical roots and celebrate Nelson Nash's legacy, dissecting how 'banking' transcends traditional institutions to become a powerful financial tool. As we honor Nash's vision, we invite you to join us in forging a path toward reclaiming financial control and crafting a resilient legacy for generations to come.




https://www.youtube.com/watch?v=0G72iWOShEk




Tune in to hear about the most important work the Nelson Nash Institute is doing to advance the message of the Infinite Banking Concept, preserve Nelson Nash's Legacy, and help more families build sustainable wealth.







Your Need for FinanceNelson Nash's Legacy: IBC Principles1. Think Long-Range2. Don’t Be Afraid to Capitalize3. Don’t Steal the Peas4. Don’t Do Business with Banks5. Rethink Your ThinkingThe Biggest Takeaway from the 2024 IBC Think TankThe Economic Value of CertaintyDoes the Insurance Matter?Links Mentioned:Book A Strategy Call



Your Need for Finance



At the beginning of Becoming Your Own Banker, Nelson Nash states that it demonstrates that your need for financing over your lifetime will be greater than your need for protection. And this is the foundation of Infinite Banking, which helps families create their own financing resources first, in a way that also offers some protection. 



The second thing he says, right at the beginning of the book, is that finance is not about investments. It’s about how people finance their lives, which can certainly include investments. This is because ultimately, interest rates will always go up and down, making investments a variable risk. And yet, there will be a constant need over your lifetime to finance or fund things. Therefore, the banking function should be a priority. 



The Nelson Nash Institute, which hosts the annual Think Tank for IBC practitioners, is geared towards education for advisors. It helps boost camaraderie within the field, as well as ensure that IBC practitioners are on the same page about what Infinite Banking is and is not. This ensures that when you are speaking with an IBC practitioner, you’re speaking with someone who knows how to help you create a banking function for YOUR needs, without becoming unbalanced or ineffective. 



[37:10] “[Nelson] said that we have to have a program [so] that if a person’s going to call this Infinite Banking, that they actually understand Austrian economics, they understand whole life insurance in general, and why it is a rock solid institution that’s been around longer than any of these other types of insurance.”



Nelson Nash's Legacy: IBC Principles



Think Tank is a fantastic time for IBC practitioners to get together and reaffirm the basics, as well as build advanced skills. From Bruce’s perspective, here are some of the key takeaways about whole life insurance and IBC from the event. 



1. Think Long-Range



Many people think about their finances from a short-range perspective, especially when chasing rates of return. They think about what’s good for them now, without considering the implications a few decades out. This is actually how we’ve been trained to think by society. So instead of making choices that delay gratification for greater success and stability later, people are stuck thinking only a few years ahead. 



Whole life insurance helps people conduct long-range strategies because it’s an asset you can use over your whole life. While there’s a capitalization phase, you have the opportunity to make shorter-range decisions while knowing that in the long term, you’ve got your bases covered. After all, you’ve got replenishing capital, as well as a

Is what you think about money actually true? Is it helping or hurting you? Moving you forward and expanding your influence, or limiting you and your potential?




https://www.youtube.com/watch?v=YerQ46AgjZE




If you joined us last week, you know that in true Bruce and Rachel fashion, we only covered half of our intended conversation, so we're back to reveal more money myths in Part 2.



Here, you'll get a detox from harmful thinking about money, so you can gain back financial health and control.



Tune in as we continue our series through Nelson Nash's book, Becoming Your Own Banker, where we discuss retirement plans, the stock market, paying cash, and life insurance needs analysis. And this is one place that the final points to consider might just be the most important part of the book.



If you want to keep more money, have more future income, and live with more peace of mind along the way, join us for down-to-earth real talk about money that you'll wish you already knew.







Money Myths that are Costing You Money, Continued4. Tax-Qualified Plans are Best5. You Should Only Do One Thing6. You Should Always Pay Cash7. Life Insurance is About NeedsBook A Strategy Call



Money Myths that are Costing You Money, Continued



4. Tax-Qualified Plans are Best



The most popular qualified plan, of course, is the 401k. The 401k is an account that allows people to contribute some of their paycheck to be invested on their behalf. Once locked away, that money cannot be accessed without penalty until age 59 and a half. Then, once you do access it, it’s time to pay major taxes. 



So why does the 401k have such a grasp on the financial world? Because it’s specifically designed for retirement savings, and it gives people a way to feel like they’re investing and doing something big with their money. And don’t get us wrong—it’s better to save money somewhere than to do nothing at all. 



The problem is in thinking that a 401k or an IRA are your only options. After all, these are government-designed products that benefit the government, too. While that alone doesn’t discredit qualified plans, it should stop and make you think. 



[12:53] “When a government creates a problem… and then turns around and grants you the exception to the problem they created, aren’t you a little bit suspicious that you’re being manipulated?” 



So, if qualified plans are not the best assets to save for retirement, what are the best? The short answer is anything within your control. The longer answer is that you want an asset like whole life insurance where your dollars are preserved, growing, and accessible whenever you want them to be. 



[22:50] “Investing is a fabulous idea, but not for the purpose of having safe money. Not for the purpose of having money that you can depend on in the future.”



5. You Should Only Do One Thing



Another common financial myth is that there’s only one right thing to do. This couldn’t be further from the truth. What matters far more is your order of operations. If you invest first, without having savings to support you, it's going to be unpleasant when you need to dip into your capital and you cannot. So, savings have to come first. 



Then, once you have a good foundation, and you have capital that isn’t just secure but is also growing, you can start employing some of those dollars in investments. Those investments can grow, and even if something goes wrong, you’ll still have a solid foundation. 



Whole life insurance is an important asset for many reasons, but we aren’t suggesting it’s the only thing you do. We simply recommend it as a starting place that will make all of your future financial decisions that much stronger. And if you are being told that you should only do one thing with your money, question why that is.



[45:30] “When you are putting money into a situation that is deferring tax, you just don’t have control over how much you will end up get

If you're reading this, chances are you've already taken the first step towards securing your financial future. But what about the financial futures of your children, grandchildren, or even your great-grandchildren? The journey towards financial stability isn't a one-generation game; it's about creating a lasting legacy that will provide for your loved ones long after you're gone. Today, we discuss the power of trusts for generational wealth.




https://www.youtube.com/watch?v=rb44Ad7Eg1k




I recently had the pleasure of sitting down with Joel Nagel, an international business attorney who has spent over three decades specializing in asset protection and estate planning. Joel generously shared some incredible insights and strategies for building and protecting a generational wealth dynasty, and I'm thrilled to share these insights with you.







The Power of Trusts for Generational Wealth with Joel NagelTrusts and Insurance: A Harmonious Wealth Transfer StrategyUsing Trusts to Protect and Grow Your WealthDiversifying Assets for Long-Term StabilityEducating the Next GenerationNavigating Offshore InvestmentsConclusion: Your Journey Towards a Financial LegacyBook A Strategy Call



The Power of Trusts for Generational Wealth with Joel Nagel



First things first, Joel highlighted the importance of structuring wealth in a way that transcends personal estate planning. This isn't just about making a will or setting up a basic trust; it's about taking strategic steps to minimize estate taxes and preserve wealth for multiple generations.



Joel recommends considering the establishment of international trusts. These legal structures provide a level of protection that domestic trusts may not, safeguarding your wealth from litigation and political policy changes. It's a forward-thinking approach that requires a deeper understanding of the global financial landscape, but the potential benefits for your financial legacy are substantial.



Trusts and Insurance: A Harmonious Wealth Transfer Strategy



What struck me during our discussion was Joel's emphasis on the relationship between trusts and life insurance. He described this synergy as a "legacy-building machine," and it's not hard to see why.



When you set up a trust, you're protecting your assets from estate taxes upon your death. Add life insurance into the mix, and you've got a mechanism to transfer wealth to the next generation tax-free. This strategy ensures that the assets in the trust continue to benefit your heirs, creating a financial legacy that spans generations.



Using Trusts to Protect and Grow Your Wealth



To illustrate the power of trusts for generational wealth, Joel shared a case where a trust with offshore funds successfully defended in court. This story serves as a testament to the robust legal strategies available to protect trust assets.



He also emphasized the benefits of using lending within trusts for generational wealth, as opposed to outright gifting. This approach, employed by prominent families like the DuPonts and Kennedys, can motivate beneficiaries to focus on wealth accumulation and responsible financial management. It's a fascinating way to foster financial growth while also encouraging good money habits.



Diversifying Assets for Long-Term Stability



In addition to strategic trust management, Joel also highlighted the importance of diversifying your assets. He specifically recommended investments in gold and real estate, noting that these tangible assets have historically demonstrated resilience against inflation and economic shifts.



Additionally, understanding and utilizing legal structures like onshore and offshore trusts, limited partnerships, and corporations can further fortify your family's financial standing. It's all about spreading your wealth across different asset classes to ensure long-term stability.



Educating the Next Generation



One of the most critical aspects of generational wealth, according to Joel,

What if what you think about money turned out not to be true? Even worse, what if you're believing lies that are costing you money?




https://www.youtube.com/watch?v=AuThVweoNlU




Embark on a journey as we unravel the twisted web of money myths holding you back from true wealth. Inspired by Nelson Nash and flavored with insights from David Stearns, our discussion breaks down seven misconceptions that have snaked their way into your financial beliefs. From the debated need for dual incomes to the complex dance around tax deferral, we're here to challenge the status quo and guide your finances out of the fog and into the clear.



Tune in as we continue our series through Nelson Nash's book, Becoming Your Own Banker, where we discuss increasing income, future taxes, banking, retirement plans, the stock market, paying cash, and life insurance needs analysis. And this is one place that the final points to consider might just be the most important part of the book.



If you want to keep more money, have more future income, and live with more peace of mind along the way, join us to for down-to-earth real talk about money that you'll wish you already knew.







Rethink Your ThinkingThe Top Money Myths1. You Need Two IncomesThe Economic Value of Homemaking It’s Better to Take the Tax DeferralMarginal Tax Brackets2. You Should Be the Customer of the BankCome Back for Part 2Book A Strategy Call



Rethink Your Thinking



If you want the same results you’ve been getting, you’ve got to keep doing what you’ve been doing. But if you want different results in life, you have to do something different. If the run-of-the-mill financial advice worked for people, we’d see proof of that. And yet many people who stay stuck in this way of thinking are only just keeping their heads above the water.



For massive, powerful financial transformation, you have got to rethink your thinking. Stop clinging to what doesn’t work (or only marginally works) because it’s what you hear most often. Instead, look to the successful few and follow their cues. 



To help, we’ve compiled a list of money myths people commonly believe, and how to rethink your thinking around these topics. 



The Top Money Myths



The dangerous thing about money myths is that they’re so prominent in our society. These are not just individual beliefs that are myths, but widely accepted cultural beliefs about money that are holding people back from true wealth.



So let’s explore what these myths are, and how you can rethink your thinking about them. Below, you'll find the first three of seven money myths discussed in Becoming Your Own Banker.



1. You Need Two Incomes



This is one of the trickier myths to combat because there are plenty of good reasons for families to have two incomes. Especially now, with high inflation, many families are feeling that pinch. 



However, thanks to Parkinson’s Law, we know that what we THINK we need and what we actually need are not the same. This means that the more money people make, the more their spending rises to meet that income. Unless, of course, that person gets a handle on that spending and turns it into a habit of saving instead.



Another reason the “two-income” mindset holds us back is because it’s a limited perspective. While more money is more money, viewing income as a product of labor means that you’re always stuck trading time and work for money. If, instead, you shift your understanding of money and income as something that can be scaled and is based on your value, then it doesn’t matter whether you have one or two incomes. You may have ten sources of income! And even that may give you more time in your week to spend time raising your household, making family memories, and more.



[08:10] “There’s a different way to think about it, and it’s not going to be perfectly black and white. It’s not like there’s one right way to do things. But [Nelson] just encourages us to thin

Can you confidently say your family's financial future is protected? Staring down the barrel of a life-altering moment, I was forced to confront the fragility of existence and the critical importance of having one's affairs in order. That harrowing experience became a catalyst for today's soul-searching episode of the Money Advantage podcast, where we navigate the often-neglected waters of estate planning. This isn't your typical run-of-the-mill chat; it's a deep dive into preparing for the unforeseeable, ensuring that your family and cherished assets are shielded when you're no longer here. Estate planning transcends mere financial arrangements—it's about crafting a legacy that encapsulates your values and survives through the ages.




https://www.youtube.com/watch?v=aQGy19s4OU8




As I walk you through this with the wisdom I have learned from estate planning attorneys who share our philosophy, we touch on themes beyond the balance sheet. A personal close call serves as a stark reminder of life's unpredictability, prompting the critical need to act now. But it's not all somber reflections; this episode is imbued with hope, offering a powerful free tool to help you sculpt a robust plan tailored to your life's blueprint. By the end, you'll be equipped with the insights and resources to take decisive control of your estate planning, crafting a legacy that ensures your loved ones thrive for generations.



Do you know you need to do estate planning, but you're struggling with the motivation to get started because it seems time-consuming, complicated, and hard?



When it comes to estate planning, procrastination is so common that it seems normal.  And that's simply because most people are missing the one key thing they need to be able to move forward.



So, if you'd like to make progress in just a few minutes, tune in today to find out the one question you need to ask yourself so you can get started?







Estate Planning 101Getting Started with Estate PlanningThe Number One Question to StartA Personal StoryHow Prepared Are You to Protect Loved Ones?Book A Strategy Call



Estate Planning 101



Estate Planning is such an integral part of financial preparation, and yet it seems like something so complicated and so encompassing that it has the potential to consume all of your focus. However, estate planning does not have to be as scary as all that. 



Estate planning is the process of legally planning to take care of your loved ones and take care of your financial assets ahead of time so that when you die, your affairs are sorted. While death isn’t fun to think about, having these plans is so crucial. Otherwise, you risk leaving your family and financial affairs to the whims of the probate courts. So, while you’re alive, it’s so powerful to use the financial wisdom that you have now to ensure that your wishes are carried out when you’re gone. 



By taking care of this essential step, you can live your life with a greater peace of mind that what you care most about will be taken care of, no matter what. While life insurance is a piece of that puzzle, there are some other considerations to take care of, and hopefully, this post can make the process just a bit easier for you. 



Getting Started with Estate Planning



As you ready yourself to get your affairs in order, know that you must do this work with a licensed estate attorney who is licensed in the state where you live. What we’re sharing with you today is a preliminary conversation, so that you can feel confident going into the process. However, the actual planning must be carried out with the correct professional. 



The benefit to working with a professional is that they can look at your family, your assets, and your goals and turn that into something customized that works for you. We have some estate planning attorneys on our team who create plans for families in a way that is congruent with the Infinite Banking strategies we employ. 

Do you want to use Infinite Banking, but you're uninsurable? Today we are discussing uninsurability hacks!



Don't worry, uninsurability ISN'T a game-stopper for using Infinite Banking to build your own banking system.  




https://www.youtube.com/watch?v=iklRiFBTZRo




That means you can still reap the exponential reward of dividends and interest that grow with uninterrupted compounding, store liquid cash reserves that can serve as guaranteed collateral throughout your lifetime, even while it continues growing, and provide a death benefit that is the most efficient estate transfer tool ...



... even if you're not personally eligible for a life insurance policy due to health concerns.



Today, we're nearing the end of our tour through Nelson Nash's book, Becoming Your Own Banker to show why Infinite Banking is, in fact, an opportunity available to just about everyone.



Unlock the secrets to financial empowerment, even when the odds seem stacked against you due to uninsurability, with our latest Money Advantage Podcast episode. Rachel Marshall and Bruce Wehner delve into the heart of infinite banking for those carrying the weight of health conditions or lifestyles that insurance companies typically shy away from. We tear down the barriers and bust the myths that may have left you feeling excluded from the world of life insurance, revealing a silver lining for anyone eager to take control of their financial destiny.



Join us as we navigate the often misunderstood landscape of life insurance ratings, breaking down how your personal health and lifestyle choices don't have to deter you from securing a policy that benefits your financial plans. From understanding the nuances of mortality rates during unprecedented times, such as the COVID-19 pandemic, to the ins and outs of insurance contracts, this episode is packed with expert insights that will reshape your perception of life insurance's role in your financial strategy.



Whether you're facing personal insurability hurdles or you're searching for ways to cement a legacy for future generations, we provide actionable strategies and a dose of inspiration. Explore how insuring a family member can open the doors to the infinite banking concept, and how even those with health concerns can potentially find viable paths to insurability. We also touch on the potential of life insurance in generating passive income and serving as capital for investment opportunities.







How to Be Insurable Should You Apply with a Health Condition?Life Insurance RatingsWhat Does it Mean to Increase the Cost of Insurance?Uninsurability Hacks and Insurable InterestBook A Strategy Call



How to Be Insurable 



If you want whole life insurance, you’ve got to qualify for a policy first. This means that the insurance company views you as an acceptable risk to take on. Since whole life insurance is permanent, companies must do their due diligence to guarantee that they can pay the claims they are responsible for. In other words, they can’t insure everybody, or they wouldn’t have the money to pay death benefits. 



So, to gauge your personal insurance risk, companies require an application. Part of this application is a health exam. Life insurance companies employ people called actuaries, who are capable of extremely precise life expectancy math, based on certain health variables. A health exam helps to tell these actuaries whether you fall within an acceptable risk margin, and how much it would then cost to insure you if you do. 



For example, someone with good health who smokes cigarettes may qualify for insurance, however their cost of insurance will increase slightly, since smoking creates a higher risk for certain issues later in life. 



It may all sound a bit morbid, however, this practice allows insurance companies to be extremely capable financially (which is something you want in an insurance company). By insuring people who are likely to live long lives,