『Episode 13: Debunking financial myths from social media』のカバーアート

Episode 13: Debunking financial myths from social media

Episode 13: Debunking financial myths from social media

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 Wit, Wisdom, and What Matters Most Episode 13 Debunking social media myths Investment advisory services offered by Moneta Group Investment Advisors, LLC, an investment adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The information discussed in this podcast is for informational and educational purposes only. You should consult with an appropriately credentialed professional before making any financial, investment, tax, or legal decision. Kyle: And welcome to this edition of Wit, Wisdom, and What Matters Most. It’s a podcast by Moneta’s Gast Freeman Troyer Racen Team. My name is Kyle Luetters, an advisor on the team, and I am joined by Danton Troyer, one of the partners. So ,Danton, no guest on this episode, but actually when we’ve been prepping for what is now season two, that’s hard to believe, we were talking about some of the shows that we wanted to do and some of the guests that we wanted to have. And this show really kind of came up as an idea from something we were talking about in passing, which is just financial myths or financial topics that come up on social media, and really wanting to dive into some of these things. Because, as you very well know, in this industry, it is very, very difficult to paint with a broad brush and to paint in absolutes. Danton: Yeah, I think that’s, you hit the nail on the head there. I mean, and social media is obviously not a great place for these types of conversations because they’re very nuanced and very individual. But nonetheless, I can’t tell you how many times a year I get financial advice forwarded from an Instagram clip or some sort of social media presence, and it’s a guru who can solve all your problems just through social media posts. So it’s definitely a topic that’s worth exploring. Kyle: I can debunk one without much talking, it’s somehow, someway, somebody pays taxes. It’s like watching the movie National Treasure, where the Harvey Keitel character comes in and he goes, Ben, somebody’s got to go to jail. So we can just debunk that one right off the word go. But you know, there are different things, different mitigation strategies, but really let’s do this. Let’s kind of have you set this up, and we’ve picked out a couple of them that we’re going to kind of talk through. And we’re going to go banter back and forth on these. But before we get started, do you have anything else that you wanted to add before we kind of jump into that first myth? Danton: No, let’s jump right in. Kyle: Okay, go ahead for it. Danton: All right. So the first one we’re going to talk about is a strategy called infinite banking. And just broad picture, we’ll dive into more of the details as we talk through this, but it’s using a life insurance policy with a cash value, typically. We see this with a whole life policy. And so the thought here is, why do I need a bank when I can use this as my savings account and just borrow money from the cash value or the insurance company, paying myself interest? Everything sounds great. I don’t have to pay the bank any interest, I’m paying myself, that sounds reasonable. I’m using the money that I put in and so everything, you know, kind of checks a box that is this easy solution to bank yourself and who needs the big bad banks? Kyle: I think, and I hear what you’re saying there, what’s the oldest profession in the world? Sales and persuasion. And I think that’s key in taking a look at a lot of these. So let’s take this one and go through it just a bit. So you’re going to have a permanent life insurance policy that is going to build cash value. So permanent life insurance policy, as long as the premiums are paid, stays in force over the course of your entire lifetime. And different from term insurance, whole life insurance builds cash value. Now that’s what you are, in a sense, borrowing against or paying yourself on is the cash value in that policy. First and foremost, whole life insurance is a whole lot more expensive. I think that’s where they get the name – whole is a whole lot more expensive than term insurance. And rightfully so, you are building a cash value. They are doing a calculation based on you keeping this coverage in place over the course of your entire lifetime. But you’re paying somewhere between 15 to 20 times the cost for that permanent life insurance policy. So I think if you’re going to make this case for having this bank of your own, you have to factor in the cost of insurance, because that’s a very big key in all of this. And that’s where some of the higher costs do come from. Now there are a ton, and I mean a ton of different types of policies out there, the way the policies are structured. And be very clear when I say this, I do believe there is a case for these types of products in certain scenarios. And again, each ...
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