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Podcast: Not Your Average Financial Podcast
Ep 087: Creating reliable, consistent cash flow for generations to come | Mark Willis
06:38 – What brought Mark into the financial service industry was his obsession with their own lack of a financial plan.
08:23 – Mark had no background or formal training in finance until he started working on his CFP (Certified Financial Planner). He added that expensive education brought them to the point they are at today and he is grateful for that.
11:04 – Mark said that financial vehicles should be used in the way that they were intended. Wall Street was never meant to be our knight in shining armor for our retirement future.
11:27 – Mark distinguishes the difference between saving and investing. He said that a savings is the money that you cannot afford to lose. While an investment portfolio is built with the money you can afford to lose.
12:56 – ROI should not stand for Return on Investment. Mark would rather call it Rate of Income. He explains why.
14:27 – Climbing up a mountain is not an important part of the job. It’s okay to grow your wealth and get a higher net worth, but what is the goal? Is the goal to plant the flag at the top of the tallest mountain? Mark says NO. The goal is to get back down that mountain safely without dying.
14:36 – National Geographic did a study and said that 85% of deaths are coming down Mt. Everest, not ascending it. Mark would say that it is the same with our retirements.
16:27 – Mark discusses the 3 major risks with traditional retirement plans. He says our whole financial system is built on climbing the mountain and then leaving everybody up at the top.
19:48 – Even if you run out of money, you’ll never run out of income.
24:04 – An annuity is a bucket of money that can generate for you a stream of income that can never run dry, even if that bucket went dry. The insurance company that issued the annuity is on the hook to pay you and on your spouse for as long as you both live.
25:26 – Mark said that an annuity is really there as your foundational wealth plan. Cover all of your needed expenses using an annuity and have fun with your additional funds that you could lose and not be bothered by.
30:15 – The problem that Mark has with Universal Life Insurance is that there is an increasing cost buried inside that Universal Life policy. Mortality credits hurt you in life insurance, while mortality credits help you with annuities. He explains why.
34:40 – GrowMoreWealth.com is the best way to reach Mark and his colleagues. All of them have been trained and could help you through income maximization concepts. You can also find them on Not Your Average Financial Podcast.
35:34 – It’s all about getting safely down the mountain and planting the flag down at basecamp so you can pass it on to the next generation.
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