Episode 461: No. 9 The Black Belt Warning: The Real Dangers of Large Policy Loans and How to Avoid Lapse Tax

In this episode, we ask:

• Have we gone mad here?
• Should we save more?
• Should we just hope the market cooperates?
• What is the four step process for the black belt?
• What discipline is required to handle large loan balances?
• What is the most important business in the world?
• Should premiums and income match?
• What is the black belt strategy?
• Is it a black belt for a reason?
• Would you like to start with capturing your monthly cashflow with No. 1 The White Belt?
• Would you like to work with the most important people in your life, No. 2 The Yellow Belt?
• Would you like to climb up and out on eliminating debt with No. 3 The Orange Belt?
• Would you like to strategize to protect your retirement and business with No. 4 the Red Belt?
• Would you like to structure a cash flow system with No. 5 the Green Belt?
• Would you like to tackle massive expenses with No. 6 the Purple Belt?
• Would you like to bring the generations along and up with No. 7 the Brown Belt?
• Would you like to rise to cash flow mastery with No. 8 the Black Belt?
• How does this actually look in practice?
• How about some case studies?
• Is the black belt a set it and forget it strategy?
• Can the policy loans get quite large?
• What happens if the loans are not repaid?
• Will the policy collapse?
• What is taxable as ordinary income?
• What is phantom income?
• What happens to the death benefit?
• How can you prevent your warehouse from being destroyed?
• Who are you working with to protect your wealth?
• What did Nelson Nash say in Becoming Your Own Banker?
• Why do they use whole life insurance as tier one capital?
• What are the key takeaways?
• Would you like to meet with Mark Willis, CFP®?