Monthly Archives: March 2022

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S4: Episode 6 – Banking On Yourself With Mark Willis

Finance, Financial, Financial Planning, Insurance, Retirement, Taxes, , , , , , , ,

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Joining host Stephen Stricklin is guest Mark Willis, financial advisor and owner of Late Growth Financial Services in Chicago IL, and Co-Host of his podcast Not Your Average Financial Podcast, on the topic of banking on yourself. 

Graduating college with an immense amount of debt, and starting a new job at a CPA firm during the 2008 stock market collapse, Mark wondered “Is there something better than just climbing out of this hole?” Knowing debt is important to move past, but not wanting to throw away crucial years, where money is more valuable due to compound growth and opportunity cost, Mark thought, “Is there a way to turn my debt liability into an asset?”

The Bank on Yourself concept uses a whole life insurance policy tool to build an asset called cash value. Using the “snowbank method” Mark talks about how to continue to pay off debt with minimum payments, and dump the leftover money into the whole life policy that has a non-direct recognition loan. You can borrow against your life insurance cash value and it will continue to grow as if you hadn’t touched a dime of the money! 

Though it took Mark an extra year to finish paying off his student loan debt, he wasn’t back at net zero. He had created a massive asset on his balance sheet.  

Mark discusses:

  • Not Your Average Financial Podcast 
  • His story; how he accumulated student loan debt, and how he overcame it. 
  • “Banking on Yourself” concept 
  • The “snowbank method” 
  • Whole life policy with a non-direct recognition loan
  • What would an easy financial life look like?
  • Being aware that a whole life policy is a long term commitment 
  • Having different assets to pull from in retirement 

Resources:
https://simplifyyourretirement.com
https://nyafinancialpodcast.com 

Connect With Mark Willis:
https://nyafinancialpodcast.com
LinkedIn: Mark Willis

Connect With Stephen Stricklin:
stephen@wisewealth.com
WiseWealth.com
Simplify Your Retirement
LinkedIn: Stephen Stricklin
LinkedIn: Wise Wealth LLC

About Our Guest:
Mark Willis is a certified financial advisor in Chicago, IL, owner of Late Growth Financial Services in Chicago, he specializes in building custom tailored financial strategies. He is the Co-Host of Not Your Average Financial Podcast.

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S4: Episode 5 – A Mountain Climber’s Financial Advice With David Rosell – Part 2

Finance, Financial, Financial Planning, Insurance, Retirement, Taxes, , , , , ,

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Joining Stephen Stricklin for another podcast episode is our guest, David Rosell, financial planner, president and founder of Rosell Wealth Management, author of Failure Is Not an Option, and avid traveler. They discuss common risks that you should consider when planning for retirement. 

Risks that occur in the distribution phase of retirement are inevitable. It’s up to us to be prepared with a plan when we meet these risks. The most common risks that people run into are inflation risk, interest rate risk, and longevity risk. With these uncertainties in mind, we can find peace by having a plan. 

When it comes to distribution planning and how people withdraw their money during these years to handle longevity, there’s a hierarchy of needs, similar to the outline of “Maslow’s Hierarchy of Needs.” First on the list is core expenses, your necessities, and these must be guaranteed for life. Then comes joy expenses, like traveling, hobbies, and grandchildren. Last are goals: education for grandchildren, a vacation home, and leaving a legacy. 

Stephen and David want you to go into retirement with confidence and peace when navigating the inevitable risks. A quote from David’s book says it all, “Hit the ball over the fence, and you can take your time going around the bases. -John Roper.”  

David Discusses:

  • David Rosell’s new book, Failure Is Not an Option
  • Inflation Risk: being aware that the cost of living will double every 20 years, at the rate of 3.5%
  • Interest Rate Risk: considering the uncertainty of the fluctuating value of bonds, making a plan to take all the moving risks into motion.  
  • Longevity Risk: it’s becoming more common to live decades past what people plan for, and this fact makes all other risks more dangerous. 
  • Setting a financial plan based off of “Maslow’s Hierarchy of Needs.” Core expenses, joy expenses, and goals. 
  • David Rosell’s book, Keep Climbing, A Millennial’s Guide to Financial PLanning, and looking forward to book #3 in the making. 

Resources:
https://simplifyyourretirement.com
https://wisewealth.com
https://www.davidrosell.com
Season 1
Season 4 Episode 3 Inflation
Season 4 Episode 4 (Part 1)

Connect With David Rosell:
https://www.davidrosell.com
LinkedIn: David Rosell

Connect With Stephen Stricklin:
stephen@wisewealth.com
WiseWealth.com
Simplify Your Retirement
LinkedIn: Stephen Stricklin
LinkedIn: Wise Wealth LLC

About Our Guest:
David Rosell is the author of Failure Is Not an Option, Creating Certainty in the Uncertainty of Retirement. He is the president and founder of Rosell Wealth Management in Bend, Oregon. He is an extreme traveler, having been to more than 75 countries on 6 different continents, including hitchhiking in Nairobi to Cape Town Africa, climbing the Nepalese Himalayas, and even tearing down the Berlin Wall.