Episode 114: The 8 Rules for Bank on Yourself® with Jim Conrad


Manage episode 245792550 series 1610796
By Not Your Average Financial Podcast™. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

In this episode, we ask:

  • Who is Jim Conrad?
  • Would you like a FREE copy of Pamela Yellen’s new book, Rescue Your Retirement?
  • Send us a screenshot of your new iTunes review to hello@nyafinancialpodcast.com, and we’ll send you a copy of the book!
  • What can you do with a dollar?
  • What are the 8 rules for Bank on Yourself® type Whole Life policy?
    • 1. A Bank on Yourself® type Whole Life policy gets better every year, and there is nothing you can do about it.
    • 2. There is no such thing as paying too much premium.
    • 3. Pay as much premium as you can, for as long as you can.
    • 4. Always use your own capital… did I say always?
    • 5. Never save up money in somebody else’s bank.
    • 6. Pay back your policy loans in a reasonable amount of time.
    • 7. Favor paying premium over paying back loans quickly.
    • 8. If you bank on yourself, you can forget about interest rates and rate of return.
  • Have you heard Episode 6?
  • Does something becoming more efficient every year violate the laws of physics?
  • Do you know anything else that gets better every year?
  • Is there such a thing as paying as paying too much premium?
  • Would you like to watch Jim’s Dollar Diagram video?
  • How many policies does Jim own?
  • How can you make major purchases over and over again?
  • Why would you want to put money into a risk investment?
  • Why is this so powerful?
  • What is the math on PUA premium growth from age 21?
  • Should you do this if you’re younger?
  • How is Jim living proof that it works?
  • How long can you keep paying premium?
  • Why is paying premium a privilege?
  • Why wouldn’t you want to keep putting money into that money machine?
  • Isn’t the look of a curve beautiful?
  • If you have a money machine in your living room, and you put one dollar in and four dollars come out, how many dollars would you put in the money machine?
  • Why should I borrow against my own policy if I can get a lower interest rate a credit union?
  • What is the flaw in this thinking?
  • Can you enrich yourself and the bankers?
  • How might you enrich yourself?
  • Why would you like to build up the wealth of others, when you can build your own wealth?
  • Are you in the habit of keeping tens of thousands in the closet?
  • Do you own a properly structured Bank on Yourself® type Whole Life policy?
  • Why would you want to enrich those who profit from fractional reserve banking?
  • How might you pay back your policy loans in a reasonable period of time?
  • What is a reasonable period of time?
  • How does one determine what is reasonable?
  • Why do people pay off loans quickly?
  • Can you afford to buy that thing?
  • Are you “stealing the peas”? (As Nelson Nash would say…)
  • Can you favor paying premium over paying back loans quickly?
  • How much of your available cash flow should be used for paying back loans?
  • How much of your available cash flow should be used for premium?
  • Should you put your dollar into PUAs or toward a policy loan?
  • Should you always favor paying premium?
  • What happens when you’re no longer earning active income?
  • Should you pay off your loans before retirement?
  • How have we been trained?
  • How can you think differently than the way the rest of the world thinks?
  • What? Jim? Did I hear you right?
  • Shouldn’t you get the lowest interest rate you can get?
  • Where will your death benefit go?
  • What is the rate of return on guaranteed growth over unknown growth?
  • What about interest rates?
  • Are higher interest rates great?
  • How does the volume of interest go down over the growth of the loan?
  • What about dividends?
  • What has to happen for Jim to throw a party?
  • Would you like to watch Jim’s Dollar Diagram video?
  • Would you like to talk with Jim? Email him at jim@conradfinancial.us
  • What did you take away from today’s episode?

Jim Conrad, the President of Conrad Financial Services, resides with his wife, Deb, in Concord, North Carolina. Jim started working for his clients in financial services 20 years ago, after a 25-year career in management with a Fortune Top 10 company. He grew up in the Chicago suburbs, and he hold a B.S. in chemical engineering from Purdue University and an MBA from Lewis University.

Jim has been a Bank On Yourself Authorized Advisor for the past 13 years. His passion is helping people achieve financial peace of mind by owning a strategy they can count on for life.

118 episodes