Phillip Ramsey and Bryan Dewhurst
At the core of the practice at Uncommon Wealth Partners is what they call the Seven Sources of Residual Income. Without a doubt, that’s something we would all love to know more about. The first source of this residual income is one you might find uncommon – and has to do with the principles of banking.
In this episode, Phillip and Brian go in depth on a banking strategy involving insurance – and using cash value to the maximum advantage. When they first present this idea to clients, many want to fall asleep or run away – but when you understand the uncommon good sense of this tool, you will definitely want to know more.
Listeners will learn more about cash value insurance, how to think like a banker, and how to structure a policy to your maximum benefit. This episode will be truly eye-opening.
What you’ll learn
- How banking can be a source of residual income
- Understanding that “banking” boils down to the movement of money
- Why you should think of cash value life insurance as “uncommon banking”
- How the environment this uncommon banking creates allows you to leverage your money
- How a guy named Nelson Nash got the ball rolling using insurance for uncommon banking
- How to put your banks, insurance companies, and investments to work for you and not the other way around
- What a young Walt Disney did with a loan against his whole life policy
- How to structure a policy and payments to maximize what you can do with that money
- How to start thinking like a banker rather than a consumer
- Limitations of a Roth IRA compared with cash value life insurance
Golden Nuggets
Banking at the core is just the movement of money through your economic engine.” Brian Dewhurst Click To Tweet
Banking is essential to understand. Most people don't understand it. With that said, banking is comprised of multiple strategies or sources. Insurance is one of those strategies ” – Brian Dewhurst Click To Tweet
A typical whole life policy won't break even until you're 13 to 17 years into it depending on the carrier, and there’s usually zero cash value in the first 3 years or so. We advise trying to buy the least amount of death benefit for the most… Click To Tweet
This is the key to the whole uncommon banking concept: If you take one thing away from this, I think it's this point. Your money is always on deposit for the rest of your life” – Brian Dewhurst Click To Tweet
When we put this money into a policy, our number one objective is, ‘What are we doing with that cash value in that policy? What do we have access to? And what can we shore up for our clients?’” – Phillip Ramsey Click To Tweet
What we try to really show people is that cash value life insurance has the same tax structure as a Roth IRA, without all the limitations.” – Phillip Ramsey Click To Tweet
Don’t stop paying the premium. That's what Brian and I will always talk about. I think that's what differentiates us. We want you to keep funding this thing because it's just going to keep getting bigger and bigger.” – Phillip Ramsey Click To Tweet