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.
- 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
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.