In today's episode, Tom's you through the history of 401k plans and how it may play out for most people later in life and even in legacy. What was originally created for the uber wealthy when the tax rate was 70%, has now become the mainstream way for people to invest for retirement. You CAN have more security over your wealth AND still have access to it by following a different path. Schedule call with me today to learn more and get started today! Highlights 00:22 The discussion on the role of ...
May 04, 2023•19 min•Ep. 58
Today, Tom is joined by Carolyn Tormey, a career ownership coach to talk about the benefits of entrepreneurship and franchising. With the economy changing and the potential for layoffs, on top of people retiring and looking for the next journey in their lives, many are understanding that time is our most precious resource. Moving to self-employment and away from corporate America is a way to provide yourself with financial freedom as these times are changing. IBC can help make a lot of this poss...
Apr 27, 2023•33 min•Ep. 57
A positive mindset can do so much not only for your day-to-day life, but also for your financial headspace. Think about pouring clean water into a dirty bucket - the more you pour, the cleaner the water gets. Tom talks about the importance of evaluating your financial situation and identifying ways to pour clean water into your personal and financial life. It's important to take full responsibility in your life because no one will do it for you. Your beliefs are what drives what you think which ...
Apr 25, 2023•15 min•Ep. 56
In today's episode, Tom talks about the importance of a balanced environment for our finances and our lives and maximizing our resources. He talks more about creating efficiencies of our resources and using those dollars to buy back some of those resources. In life and finances, we have to play both sides - offense and defense. Tune in to hear Tom talk about how to best play both sides of the game. Highlights 01:43 How the basic concepts of gaining more control and freedom of our finances can re...
Apr 20, 2023•16 min•Ep. 55
Clients Adonis and Daniella join Tom today to share some of the things they have learned about personal finance and real estate investing. Working in the real estate industry, they understand the power of real estate as an investment class. Purchasing a duplex home, living on one side, and renting out the other, their tenant is helping to pay the mortgage. Being coachable and open-minded clients, they were willing to learn more about IBC and leverage it as a financing source for investments. Lis...
Apr 18, 2023•36 min•Ep. 54
In this episode, Tom shares his thoughts on the Netflix documentary "Get Smart with Money." This documentary talks about the basic fundamentals on personal finance but still focuses on the cookie cutter type of finance rather than thinking outside the box to create financial freedom and control most desire. Listen in to hear Tom talk through the positives and negatives of conditional thinking around finance. Highlights 00:47 The importance of continuous learning, avoiding "arrivals syndrome," an...
Apr 13, 2023•24 min•Ep. 53
Society has come to rely on the government more than ever for benefits, security, financing, etc. Tom and lawyer Alessandra Messineo Long discuss how security has reduced the freedoms we have in life. Think about taxes - they come in so many shapes and sizes. When it comes to Protection vs. Wealth Accumulation, most people want to focus on the latter, but how do you protect them when you obtain them? Tom and Alessandra further discuss Estate Planning (taxation and legacy and the various aspects ...
Apr 11, 2023•32 min•Ep. 52
Joining Tom for a second time is friend and colleague Bryan McCloskey of Revisionist Wealth. Continuing up in their previous episode "The Retirement Experiment is Failing," Tom and Bryan talk more about the definition of retirement and how most people focus on net worth but in retirement, it's about cash flow and income. Pensions are no longer common for most outside of government jobs; money is being challenged and markets are in turmoil. It's important to maximize the use of assets to create t...
Apr 06, 2023•31 min•Ep. 51
Throughout my life and business, I've always tried to learn from the success of others. I take what resonates with me and move forward with trying to implement it. One of my favorite success stories is that of John D Rockefeller who came from humble beginnings as a bookkeeper to become the richest man in the country when he retired. Staying open-minded is key to increasing your success as new ideas and opportunities come your way. If you focus on being successful, you're likely going to become w...
Apr 04, 2023•24 min•Ep. 50
People don't often talk about the emotions tied to their finances. Financial Advisor Mark Bertrang joins Tom as they talk about the emotional side of personal finances. In his book, Investments Don't Hug, he shares true life stories of families who have gone through significant pain by loss of a loved one unexpectedly and how having a life insurance plan provided such value for those families. He calls it a "love letter" to your family to show you truly cared for them to have it in place. Mark a...
Mar 30, 2023•47 min•Ep. 49
Today, Tom shares different ways to safeguard your assets while accumulating wealth AND during the distribution and transfer of wealth to the next generation. Tune is to hear more about reducing the impact of negative things on our wealth. Highlights 00:33 Parents are always worried about our kids' safety and ensuring that they get the right education 02:09 Some general topics around how we safeguard and protect our wealth 03:38 The core elements of building a strong financial foundation 04:28 H...
Mar 28, 2023•18 min•Ep. 48
Joining today is another fellow IBC practitioner Monica Felton who specializes in utilizing your family bank to pay for college. College is getting very expensive causing many families to question the value of it. Tom and Monica are big believers in investing in ourselves and getting education but still need to make smart decisions, especially ones that could impact parents' ability to retire. Tune is as Monica shares with Tom her opinion on the best way to pay for college, the difference betwee...
Mar 23, 2023•37 min•Ep. 47
Human behavior can be both a benefit or hindrance. In the book "Becoming Your Own Banker" by R. Nelson Nash, he teaches you how to create the right financial habits and elaborates on the two human behaviors that might hold us back from becoming our best and building wealth. First, The Arrival Syndrome - where we stop learning because we think we know everything and second, Parkinson's Law - spending what we make so we can't save enough. It's time to start using your scarcest resource, your time,...
Mar 21, 2023•17 min•Ep. 46
Today, Tom and EJ Fernandez of Ed James Insurance Brokerage talk about creating the lives we want and determining how your business/work can fit in and support it. People often think our work is our life and it becomes the center of who we are and what people associate with us. It's a major part, but not the only part that defines us. There are two financial paths one can go down: Protection or wealth accumulation. Although insurance is not the most exciting topic to discuss, it does provide the...
Mar 16, 2023•37 min•Ep. 45
Do you know the difference between saving, investing, and gambling? While saving and investing are co-mingled, they are really just a form of gambling. In this case, gambling is defined as taking a risky action in the hope of a desired result. Saving doesn't provide much return so people feel the need to invest or even worse gamble. Most people aren't saving much, they invest before saving (think retirement accounts), and many invest in things they don't know or understand (more like gambling). ...
Mar 14, 2023•15 min•Ep. 44
Tom is joined by Kevin Micinilio, an Independent Insurance Agent who helps business owners make sure they are protected from the unexpected. They talk about the importance of commercial insurance and what exposures most people don't cover but should. How prepared are you for when it doesn't go right? Highlights 01:30 How Kevin got started with commercial insurance 06:20 Helping clients in real estate investing by protecting their assets and understanding the supply chain issues 11:14 Issues that...
Mar 09, 2023•42 min•Ep. 43
In today's episode, Tom talks through various definitions of freedom and they relate to our financial lives. He shares how the "system" is set up to control more of our wealth and we need to be more aware of what is happening in banks, financial institutions, and government. Listen in to learn how to get freedom from banks and taxation by investing in things you can control and own. Highlights 00:30 Freedom as a challenge 02:37 The definition of freedom 04:46 Impact of conformity on personal fre...
Mar 07, 2023•26 min•Ep. 42
Joining Tom on today's episode is estate planner Jim Burch. During this episode, Tom and Jim talk about how society has come to rely on the government more than ever for benefits, security, and financing. Death is a certainty, but the timing of it is not. Tune in to learn more about the basics of estate planning and how easy it can be to get something started. Highlights 01:33 How he started with his business and venturing in entrepreneurship 03:22 Estate planning and business planning services ...
Mar 02, 2023•40 min•Ep. 41
With it still being early into the year 2023, Tom talks about how it's a good time of year to assess various areas of your financial life: Savings, growth, debt, cash flow, etc. Tom shares how he feels it's always prudent to think that things could change for the worse. It's important to focus on what you can control, what you can influence, and what you cannot control. Tune in to listen as Tom explains how to assess those areas of your financial life. Highlights 00:57 The reality of life 02:23 ...
Feb 28, 2023•21 min•Ep. 40
In today's episode, Tom is joined by Dave Zook from The Real Asset Investor as they discuss his entrepreneurial background and how it led him to have a $500K tax bill from his business. This pushed him to explore how others were reducing their tax bills which in turn got him into the Real Estate Multi-Family space. We are living in a crazy economic world with a threat of recession coming. Watch and listen to learn where you can invest to bring more benefits and certainty to your life. Tom and Da...
Feb 23, 2023•34 min•Ep. 39
Today, Tom talks about the different ways Whole Life Insurance is a benefit for those concerned with taxes. The history of the tax code and how it's ballooned to thousands of pages makes it so that no one can read and understand the whole thing. It's important to reinforce the need to understand the tax code as a set of incentives; one being to protect our families so the government doesn't have to take them. Listen in and schedule a call with me to learn how WL Insurance can be a valuable asset...
Feb 09, 2023•17 min•Ep. 37
As Ben Franklin said, "Nothing is certain except death and taxes." In this episode, Tom shares two models that will help you think through a different approach to building financial freedom. How you use your dollars to maximize your life and create freedom, requires taking the necessary steps and assessing what you're currently doing. What are you doing today to build cash flow now to live the life you really want every day? Highlights Exploring financial freedom and control. - 0:11 The two mode...
Feb 07, 2023•14 min•Ep. 36
Tom is joined by cybersecurity expert Joe Vitti as they talk about the importance of having the "defensive" side of our lives in a place that helps solidify our foundation of wealth building. In our very connected, tech-heavy world, the exposure is growing in diversity and size. It's important to own the responsibility and take steps to protect your assets. Listen to hear recommendations on how to bring increased awareness to this risk! Highlights How Joe Vitti started in cybersecurity. - 1:30 T...
Jan 26, 2023•32 min•Ep. 35
Nothing is permanent, except change. We may have the best laid-out plans but what would happen that could change that? In today's episode, Tom focuses on what stops people when it comes to changing their worries about what could happen. What if I can't make the premium contribution to my Family Bank? There are multiple options at your disposal such as using cash value to create assets that bring you income or borrowing against your policy to fund your premium until things solidify. These are jus...
Jan 19, 2023•19 min•Ep. 34
Tom is joined today by fellow IBC practitioner Brandon Jenkins of Tier One Life Insurance where they talk about their shared values, core principles, and building the right habits and mindset in life. Continuously learning and focusing on what you can control combined with good habits, align with IBC and how it can be used with real estate and business. Control and freedom in life come from focusing on things you can control and impact. Listen in to learn about stoicism and the obstacles in the ...
Jan 12, 2023•37 min•Ep. 33
When the Powerball hits all-time highs, do you run and grab a few tickets with the hopes of "Maybe I'll get lucky this time"? It's fun to think about, but not a reality as the odds are never really in your favor. Conversely, it's not the most fun exercise to think about a certainty (dying) and what that might mean financially. Most don't talk about it or prepare for it. Did you know there are many ways to use your Death Benefit while living? You can use it to spend down other assets and reduce t...
Jan 05, 2023•19 min•Ep. 32
Many people spend countless hours at jobs they dislike, however, it's where they likely spend the most time during their lives. Tom shares how getting your resources and assets to do as many jobs as possible will bring your great wealth. He demonstrates how an IBC policy with real estate can have your dollars do more than ten jobs with the same dollars. It's important to think of your assets differently and how they could be used to create the maximum wealth by having them do as many jobs as pos...
Dec 22, 2022•16 min•Ep. 31
Regret is something that can keep you up at night. Tom listens as his client Michael Glatts talks about his history and transition from corporate America to start his own innovation business. He had to ask about Fear of Failure or Fear of Regret. He didn't want to have any regrets in his life. They talk about how empowerment requires you to take some risks and how people can find their passion and obtain control of their life. Tune in to learn more about control and freedom in life. Highlights W...
Dec 15, 2022•32 min•Ep. 30
To turn negatives into positives - perception is everything. In any given situation, perception can cause you to go into fear or conversely, can be seen as a tremendous opportunity to grow and learn. From a financial perspective, the fear of the unknown can cause many to do nothing and thus miss out on potentially awesome opportunities. Tom shares his thoughts on fear vs empowerment and how can turn negative into positive. Highlights Tom's personal experience surrounding inflation, interest rate...
Dec 08, 2022•15 min•Ep. 29
Joining Tom Today is Erika Baldino, a title expert who helps to protect a family's biggest asset - their house. They dive into why it's important to protect the past history of the asset as it exchanges ownership. You have to know what you own and protect your future and your foundation - just like a house. Erika shares about 1030 exchanges of real estate investments so you can defer the taxes on gains of a rental property. Make sure you are taking responsibility so you can protect and keep more...
Dec 01, 2022•34 min•Ep. 28
