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What do you think would happen if everyone got a million dollars a month? What do you think would happen to the price of eggs and bread and Lamborghinis?

Yes - but what is "fair?" if they aren't being paid "fair"- if the employer has them hired at a discount, why doesn't the employee go to somewhere else where they can be paid "fairly" - what they're worth? Wouldn't that be a opportunity for another employer somewhere else? Everyone is paid exactly what they're worth, including you including me. The hiring market is a great clarifying factor here. The big idea: If I want more income, I have to bring more value to clients - (or in the case of an employee,) my boss!

I agree there's lots of hamster wheels out there! Don't get stuck in one

I wonder how we could reorganize incentives to help people become productive and inwardly motivated?

This is a really great point! It's all about aligning incentives isn't it?

I wish you all the best!

If you want to leave something efficiently to your children when you die, check out life insurance! That's exactly what it's designed for. The 401K will leave a large portion of your retirement money to the government EG. if you have $100,000 in your 401k, you'd leave 50K to each kid. But they'd have to pay taxes (fed and state taxes, let's say at 35%), so that's a net amount of $35,000 for each kid. and the government will get 15K x 2 kids = 30K... 30K to IRS 35K to each kid... but what if you used life insurance instead? Govt = $0 Kids = MORE than 50K each!

Term life insurance only ✅

Nothing wrong with putting in contributions up to the match, but please understand that with 3 1/2% fees you’d have to get a pretty high rate of return to overcome that.

@@NotYourAverageFinancialPodcast what is your opinion of where to put retirement $$$ so it can grow? A Roth is nice, but a Roth has low limits on yearly amount 1 can contribute towards it.

Think about it! Every sentence is true

​@@NotYourAverageFinancialPodcastuntil it's not.

Yes in my video I’m talking about 401(k) is not IRAs. You have more options in an IRA, however you’re still under the government’s thumb in terms of contribution limits, when you can take the money out etc. If you want the government to tell you when you’re finally old enough to be responsible enough to have your own money, go for it!

​@NotYourAverageFinancialPodcast it doesn't specify on the title. Where is my limit on how much I can make on my 401k or ira. I am only in a partnership with the government with my 401k match seeing my 401k has a roth option. Every time someone talks down about 401k there is a insurance scheme or real estate potential scam. Like grant cardone. So give us a list of where we could get better return. Hysa is 5% bonds 5%. Checking account .01% and so on.

This made me smile 😂

Thanks

It's hard to "purposefully explain" the entire episode in a 60-second RUclips short. Got to listen to the episode, link is in the notes below the video. Not everything is a scam bro!

I totally agree with you, using an IRA to prepare for retirement is like trying to suck concrete through a straw, very difficult and it hurts!

As far as tax law history goes the 1 % quickly becomes all of us as the IRS looks for more ways to gobble up money.

You cant tax unrealized gains. It isn't real money, it's fake and just on paper. They literally aren't allowed to sell the stocks most of the time

I agree it's sort of a preposterous rule. Likely it won't pass but the fact that it's being floated is a sign to get our ducks in a row. The tax junkies in Congress are looking for any veins they can find at this point. How much longer until they come after 401ks? Mortgage interest deductions? Anything else that you can think of to raise taxes on us... But we can find financial solutions that predate the IRS!

i agree!

But will we even care about the law, since the law claims its going after "billionaires" , everyone thinks we should stick it to the rich, until we realize we're the ones Congress has put a target on! 🎯

@NotYourAverageFinancialPodcast I just know that if my simple mind can reason through a bunch of this shit, I damn well know they know better, so it's all optics, and they don't care.

They just want to clear they debt

@@Z3MMMMM so what?

What do you think will happen? Do you think the law will pass

Yes I don't typically look at Banks as all together safe place to put money. I also would highly recommend getting a Bank On Yourself Professional to review the policy you bought the other day, as there are lots of insurance products out there that I would not recommend. Maybe a good idea to get a second opinion before you dig too deep into the policy you bought. If you'd like, reach out to us and we can review it in 15 minutes to make sure it's the right fit -- lakegrowth.com/schedule

It may be the end of the old world, but we are hopeful, and I can't wait for what happens at the beginning of the new world! And the way we design Financial Solutions for clients, each person each family can start the new chapter as soon as today!

That's really fascinating thank you for sharing! We still do things out of habit in our lives don't we? I wonder what creating roads would look like today if we were starting fresh. Same with finances!

@chrisklugh That's great to hear you're interested! It's definitely important to do your research and not miss any key details. You may have already found the list at the end of the video - timestamp 52:35 - you can also find out more information at nyafinancialpodcast.com!

To help people save more money! What are some other ways folks could do it besides these?

​@@NotYourAverageFinancialPodcastdo someone cares? I mean i people do but Do someone want to hear it from you?

Hard to read sarcasm online - so I hope you're okay! While this quick video was explaining the the very real problem Americans face when preparing for an uncertain financial future, our episode explores into some incredible solutions that can help every American overcome these challenges we face... Watch the whole episode -- You got this!

@@NotYourAverageFinancialPodcast ahh it’s a bit of both sarcasm in reality I believe once you become a financial burden on your family it’s time to go.

Kind of wild right? How many other ways are we doing the same thing with our financial lives, unexpectedly trying to solve a problem by making the problem worse?

I'm only out of touch if you believe that you can't have control or agency over your own life. I'm not interested in working with people who don't believe they can take control of their finances. What can we control today? We can make our own bed can't we? We can add value to the marketplace right? It does not mean you have to start with a giant amount of money, but how could you save $3 today? How could you save $4 tomorrow? It's possible -- this from a guy who started six figures in debt and no income and no prospects for future success. You can do it!!

My Only Rule for myself is that my value in the marketplace has to grow faster than the inflation rate. Truly, in terms of how much they impact us -- the president matters less than your mayor, and he/she matters less than local school board, and they matter less than your family... Do you agree?

I agree Les! It's about time we as Americans have options that don't put us last in line for our own money. How have other retirement accounts fared for us over the last 50 years?

You don't seem to understand the point of reserve banks, it's there to control the interest rate and hence the inflation rate. Which is a tool the government uses to control the economy during a bad recession in order to boost the economy. That's just one example of its use. To learn more you can check monetary policy.

It comes down to whether or not you believe that the government can and should "control" the interest rates, the inflation rates and the economy. If the government controls these levers during a bad economy what do you think it will try to do during a good economy? We cannot take the good and not the bad fractional Reserve banking. How did our country survive before fractional Reserve banking or the Federal Reserve systems? Somehow we ran surpluses! And there was no inflation - in fact we had deflation during the Gilded Age, wouldn't that be cool if we could do that again?

The federal reserve hasn't been actually backed by gold since 1971.

They have no gold.

And it's not federal either. Is a scam.

All great points! You're right, it's time that we audit the FED, no one knows exactly if they have any gold or not. I might use the word cabal rather than scam. It's all happening out in the open and yet we treat it like it's normal.

I agree David, How can Banks get away with this sort of thing?

Yes I guess you're right! I think we could all fast backward to the '80s and have a fun time anyway what do you think?

Best way is to go to Not Your Average Financial Podcast™ website and click on Request a Meeting - nyafinancialpodcast.com

You can also find it here - nyafinancialpodcast.com/episode-159-why-work-with-a-bank-on-yourself-professional/

I don't believe the presentation is available as a copy however you can watch the video and if you'd like to speak with someone please reach out to us

What is the time stamp of the book your hearing in the video? We will try to get the name and title to you

Yes you're probably right! How can we learn more about what happened there, do you have any books or resources?

Our pleasure!

Absolutely a gym! So glad Les is on the journey helping people find Financial Freedom. What do you notice about his approach that helps you think different about money?

No unfortunately IBC is not the same thing as Bank On Yourself - nyafinancialpodcast.com/episode-235-top-10-episodes-why-work-with-a-bank-on-yourself-professional-ep-159/

Bank On Yourself type whole life insurance is a savings strategy that helps you: 1) grow your money guaranteed every single year outside of Wall St., real estate, crypto, etc. 2) may build a tax free bucket of money from which to retire or access money before retirement for any reason at all 3) creates a permanent legacy with the life insurance which will always be more than you've saved into the policy 4) become your own source of financing where you can borrow from the policy and allow the cash value to continue to grow even on the capital you borrow. If this is true, when would you want to know? And how much of your financial life would you want to reposition so you could take advantage of it?