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Dollars and Nonsense

Dollars and Nonsense focuses on helping individuals and families find financial freedom by leveraging the Infinite Banking Concept. 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 bi-monthly show. Learn more about the show by visiting https://livingwealth.com/podcast/ Infinite banking is a financial strategy, sometimes called IBC, or 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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Now displaying: May, 2017
May 29, 2017

In this episode, we will discuss why you need to become your own banker, even if you have no debt.

Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e17

We're often asked, "What if I don't have any debt?" Or "How does Infinite Banking work once I'm out of debt?"

You see, a lot of people have been taught to take loans, and they pay off their loans. And people who follow this line of thinking don't have any debt.

But what those people don't understand is that banks make just as much money off your deposits as they do on your loans. So, the reality is you might not have any debt, be making any mortgage payments, loan payments, or even credit card payments, but you are still depositing money into a banking system.

In other words, the bank doesn't care if you deposit money with them or if you borrow money from them. They just want your money!

The reason why you need to become your own banker is it's not just about paying off debt; it's about getting the bank completely out of your money. They are the ones who are conning us into believing that they're a good place to make money when in reality, they're the ones making a killing off of you no matter what chair you're sitting in.

So join us as we deep dive on why you need to become your own banker.

Become Your Own Banker Topics Discussed: 

* Common questions about becoming your own banker
* How banks make money both ways
* The tax implications of storing your money in a bank
* The opportunity cost of not becoming your own banker
* Who put your cash to work for you in unconventional ways
* Building personal systems for wealth growth like a bank
* Getting out of debt
* Recapturing the interest you've previously paid everyone else

Episode Takeaways: 

* Banks don't care if you deposit money with them or if you borrow money from them. They just want your money.

* The dollar that we made in the bank savings account, we pay taxes on.

* Banks make just as much money off of your deposits as they do on your loans. It may be time to be your own banker.

May 15, 2017

In this episode, we will discuss how to teach kids about money and the biggest mistake parents make. You see, there are three big mistakes parents make when teaching kids about money, and what you can do instead to help them have a healthy relationship with money.

~ Access our FREE Infinite Banking Beginner course here:

https://livingwealth.com/beatinflation

Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e16

How to teach kids about money is an underserved topic. It's also a very interesting topic because each person has their goals to teach with their kids. But there are a few common mistakes that people can make when teaching kids about money. These are points nearly everybody can probably agree with, to a certain extent.

And in this episode, we also discuss the topic from two different perspectives: Parents of young children just starting to approach the subject and parents of more mature children needing to further the discussion.

So join us as we dispell mythise and bring some sunshine to your outlook.


Teaching Kids about Money Topics Discussed:

* The importance and impact of practicing what you preach
* Teaching kids about saving vs. spending
* The credit card talk
* Helping kids not make our mistakes
* The importance of busting the magical money tree myth
* The dangers of never formally discussing money with kids
* Instant gratification and interest vs. saving for


Episode Takeaways:

* If you never discuss money with kids, as you're saying, it can just seem kind of magical to kids.

May 1, 2017

In this episode, we will discuss the biggest myths about paying for your children’s college tuition. And we'll share with you how you can survive your children's college years without destroying your retirement.

~ Access our FREE Infinite Banking Beginner course here:

https://livingwealth.com/beatinflation

~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e15

This is an exciting topic. The cost of college tuition spiraling out of control can cause a lot of stress on parents. They think it’s up to them to be able to afford for their kid's college tuition.

But it's not all financial doom and gloom. There may even be a way to make paying for college tuition painless.

A lot of parents believe several major myths about being able to afford college tuition for their children. And these parents are planning on paying for college tuition without realizing that some of these myths aren’t true. You see, the way colleges and universities determine financial aid and grants is very different from what most of us are taught to believe.

So join us as we dispell mythise and bring some sunshine to your outlook.

College Tuition Topics Discussed: 

* The mounting task of paying for college tuition
* Dispelling the "I make too much money" myth
* What factors college financial aid actually look at to determine eligibility
* FAFSA (Free Application for Federal Student Aid) and what Expected Family Contribution is
* How inherited capital and assets impact your child's chances of getting college financial aid and grants
* How your 401K and IRA contributions can impact your kid's ability to get college financial aid
* The limitations of 529 plans
* How 529 plans can hurt you

Episode Takeaways: 

* Even people who don't make a ton of money believe they can't receive any aid for college tuition. Not true.
* The biggest thing that will prohibit you from getting any financial aid is if your kids have assets -- including 529 plans.
* Approximately 5 to 6% of the family’s assets are included in the Expected Family Contribution calculation
* The family income—the perceived factor people stress about the most —is what colleges weigh the lease

 

 

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