What is the most important factor in retirement planning? The philosophy and the financial habits you create.

John does financial planning for clients. Today he shares details about how he goes about creating a successful financial plan.

• What is his goal when he advises his clients?
• How does he make projections for his clients?
• How do you make calculations based on future assumptions?
• Whats the best way to save for education?
• How do you plan for retirement?
• How much money is enough? Can you calculate that number?

An important message on retirement is found in a parable of the Bible. A rich farmer who had an abundance of grain, decided to tare down his barns and build bigger ones to store up all his wealth. God rebuked this man for his actions and said to him, "You fool! This very night your soul is required of you; and now who will own all the things you have prepared?" Luke 12:20

The take away from this is, there is a problem with greed and just storing up money for your own wants desires and needs and neglecting some of the more important things, like what happens to your soul when you die, or caring for the needs of those around you.

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On this episode we are discussing an article written by the White Coat Investor on Infinite Banking. The article is called 7 truths on Infinite Banking / Bank On Yourself.

In this episode:

1. Who is The White Coat Investor?
2. Are the 7 "truths" of this article accurate? ... We discuss each of them today.
3. Is The White Coat Investor consistent?
4. Clarity on some confusion around infinite banking and whole life insurance
5. Direct vs Non Direct recognition.
6. What is an Infinite Banking Policy?

Link to Tom McFie's article on the White Coat Investor: https://mcfieinsurance.com/white-coat-investor/?utm_source=YouTube&utm_medium=link&utm_campaign=podcast&utm_content=558

Follow the Wealth Talks Podcast on: Instagram: https://www.instagram.com/wealthtalkspodcast/?utm_source=ig_web_button_share_sheet&igshid=OGQ5ZDc2ODk2ZA==

Facebook: https://www.facebook.com/profile.php?id=61554798231074

Listen to the Wealth Talks Podcast on: Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163

Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8

Dave Ramsey has 7 recommendations:

1. Start a $1000 emergency fund
2. Implement a debt snowball strategy
3. Have 3-6 months of expenses worth in savings
4. Invest 15 % of your income
5. Save for your children's college tuition
6. Pay off your house early
7. Build wealth and give

Are these 7 steps good to follow? Do they lead to financial success? Here's our opinion.

Also in this episode:

• What is the difference between an Emergency Fund and a Cash Cushion?
• Expectations and positive thinking.

Link to Dave Ramsey vs Infinite Banking binder: https://pages.mcfieinsurance.com/dave-ramsey-v-infinite-banking/?utm_source=youtube&utm_medium=link&utm_campaign=podcast&utm_content=557