Jason and Kyle discuss the last section in Becoming Your Own Banker and what you can do if you are uninsurable: What topics did we discuss? -You can possibly insure other people if you are not insurable -Why whole life insurance can be a better option for business partners than term insurance -What determines insurable interest
Jason and Kyle answer the commonly asked question of, “How much premium should I pay?”. Top points discussed: -How do the insurance companies determine the maximum amount of death benefit you can have. -You must realize that you have to capitalize the policy up front. -Start where you are comfortable. -You can always start more policies as income rises. -There is usually a way to get started.
Jason and Kyle break down the “A Different Look at the Monetary Value of a College Degree” section in Becoming Your Own Banker. Top points discussed: -What if you started your banking system before going to college? -The problems with college today. -What you can do to make the best of the situation.
Jason and Kyle discuss the value that having cash on hand brings to you and your business: -When you have access to capital, opportunities seek you out -Storing cash in efficient places is critical to not lose value due to inflation -Access to capital allows you take more calculated risk to grow -Investing in yourself is your biggest rate of return
Jason and Kyle break down the “An Even Distribution of Age Classes” section in Becoming Your Own Banker. Top points discussed: -It takes time to build your banking system -An efficient strategy to use whole life insurance to build generational wealth -Top benefits of having the first generation buy policies on the third generation -The importance of passing on your financial knowledge to the next generations -Money is not evil!
Jason and Kyle discuss the idea some have of paying too much in insurance premiums. Topics discussed: Not all insurance premiums are created equal Viewing insurance premiums for your IBC policies as deposits The importance of educating yourself on IBC