Wealth-Building Made Simple

Most people know they need life, health, auto, and home insurance.  The question many people have is do I really need supplemental insurance?  Jon Thurmond and Phillip Washington, Jr. discuss why families purchase supplemental insurance.  
 
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The future has limitless possibilities when it comes to how NFTs will be used in finance.  Here are a few ideas Phillip feels will be part of that future.
 
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With everything going on between Russia and Ukraine and the rise of cyber warfare, business owners are looking for ways to protect their businesses from losing lots of money if they become the target of hackers.  
Susana Gibb and Phillip Washington, Jr discuss insurance coverage that helps protect business assets from this potential financial burden.
 
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Alison Reiff-Martin, CPA and Phillip Washington, Jr discuss legal ways to pay your children income tax-free if you're a business owner.  
 
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Jason Grimes and Phillip Washington, Jr. discuss how student loans affect the home buying process and Phillip makes a prediction about student loans during the episode that comes true later that day.
 
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Robert Lewis, Jr. and Phillip Washington, Jr. discuss everything from Bridgerton to a renter who rented a home for 30 years only to have the home be put on the market to be sold and the renter now having nowhere as affordable and comfortable to live.  If you rent, this is a MUST episode to listen to.
 
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This episode is one of my top all time episodes.  Personal finance expert Sharita Humphrey and I (Phillip Washington, Jr.) discuss our thoughts on money, marriage, and Bitcoin.  
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Jon Thurmond and Phillip Washington, Jr discuss why some wealthy families use other people's money (borrow money) to buy life insurance.
 
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If you think the value of digital assets are nuts, wait until you see that there are pieces of paper worth trillions of dollars...
 
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Topics: 
• What is the future of financing business growth?
• What are some ideas for business owners looking to use these innovative new finance strategies?
 
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For some reason, many people like to make things way harder than it needs to be.  Maybe it's some deep down need to feel useful, smarter, significant, or whatever.  No shade (judgement)...there's just almost always the simple, more effective way and the more complex, less effective way.  
Alison Reiff-Martin, CPA and Phillip Washington, Jr. spend a little time talking about the contrast between day trading (the complex way to make money investing) and long term investing (the relatively simple way to make money investing).  
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The lower your credit score, the more expensive life becomes.  Jason Grimes and Phillip Washington, Jr. discuss why (in their opinion) this is true.
 
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As mentioned on a previous episode, negotiating starts well before you get to the closing table.  Robert Lewis, Jr. and Phillip Washington, Jr. discuss negotiation strategies for buyers in this market (we discussed strategies for sellers last week).
 
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Jon Thurmond and Phillip Washington, Jr. discuss health insurance options for families who didn't get a chance to sign up at the end of the year for the ACA open enrollment.  
 
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We are living through a time where 3 big cycles are all converging on each other which can be exciting and scary depending on your view of the world.  Phillip ties all of these cycles together and shares his thoughts on the opportunities he sees from all of these changes.  
 
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• How will the Fed's recent rate hike approval affect markets?
• Why don’t you think the fed will be able to do all the rate hikes they project?
• What should the long term investor do with this information?
 
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Many real estate investors are getting into the short term rental markets (AirBNB, VRBO, etc) because of the potential for increased cash-flows on their properties.   It's also very in-trend with where the world is going (nomadic: live and work anywhere).  
Susana Gibb and Phillip Washington, Jr. discuss the type of insurance coverage needed to cover these properties and what they cover.
 
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Alison Reiff-Martin, CPA and Phillip Washington, Jr. discuss retirement strategies for business owners through the combined eyes of a CPA and wealth manager.  So many nuggets in this episode.
 
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Jason Grimes and Phillip Washington, Jr. discuss how often you can refinance your property technically and how to determine when it makes sense.  
 
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Negotiating starts well before you get to the closing table.  Robert Lewis, Jr. and Phillip Washington, Jr. discuss negotiation strategies for sellers in this market.
 
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I stopped doing "political" episodes on this podcast because I received so many requests after having a few amazing guests that won their races.  It really had nothing to do with being on the show.  They were just amazing people who I wanted to interview because of who they were.  When amazing, successful do something, they often times succeed.
Karen Cherry is another one of those amazing people who I had to have on the show.  She is running for Duncanville City Council District 4 and I feel if (when) Duncanville elects her they will be blessed by her energy, wisdom, and spirit.  
Share the episode with folks you know who live in Duncanville.  They will love to hear her vision of the future for Duncanville.  
www.karencherry.org
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The tax benefits around life insurance have been used by wealthy families for generations.  Jon Thurmond and Phillip Washington, Jr. discuss how they have seen their emerging affluent and affluent clients use life insurance to potentially reduce the amount of taxes they pay over time.   
 
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🎙 "Old school" NFTs
🎙 The formula for investing in NFTs
🎙 A few of the infinite ideas I see for making money by investing in NFTs
 
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Andrew Carnegie's favorite type of person to go into business with late in life.
Why that type of person?
How are futures and options similar to Bitcoin and crypto?
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Whoever invented the idea of driverless cars must have had the idea of teen drivers in mind!  Until the powers that be allow for full driverless cars on the road we have to deal with teen drivers on the road and pay the exorbitant insurance rates they add to our auto-policies.  
Susana Gibb and I (Phillip Washington, Jr.) discuss these rates and how to prepare financially for a teen driver on your auto-policy. 
 
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Sole proprietor, LLC, partnership, S-Corp, C-Corp...with all these entity options for organizing your business, how do you which one to use and when you should change to a different entity?  Alison Reiff-Martin, CPA and Phillip Washington, Jr. discuss the answer to these questions on today's episode.
 
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Jason Grimes and Phillip Washington, Jr. discuss what it means to "buy points" and its helpful in the process of buying a home/real estate.
 
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Americans (in general) have not been raised in a culture of negotiation.  Some people see it as rude, showing a lack of trust, and/or don't know why they don't feel comfortable about negotiating.  
The reality is negotiating should be a natural normal part of every buying process and is not rude when done correctly.  
Robert Lewis and Phillip Washington, Jr. discuss when to start the negotiating process when in the home buying/selling process.
 
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So many people are learning about the benefits of growing cash inside of a life insurance policy.  It's been an asset for wealth families for well over a century.  
In this episode, Jon Thurmond and Phillip Washington, Jr. discuss how insurance companies actually earn the interest they pay to life insurance policies.
 
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My guest appearance on the About Mansfield Podcast with Steve Cosio
The effect on the energy business
Who wins? Can anyone catch up?
The effect on the profit center for dealerships (the service center)
The effect on the auto insurance industry
Why A.I. is already a better driver than humans
How this affects ride sharing?
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Most people think if you work really hard you should be able to generate wealth.  I know lots of very hardworking people that are struggling financially (that's most people).  I also know a ton of relatively "lazy" people who has lots of money abundantly flowing to them.  
The key to wealth-building isn't hard work...it's knowing and applying the formula!
 
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What is actually covered under my personal articles floater in my homeowners insurance policy? 
Susana Gibb and Phillip Washington, Jr. discuss some interesting (to say the least) stories of clients losing very precious personal valuables to help explain what's covered and what is not under that part of your policy.  
 
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If you're building wealth and growing your income, there comes a point in time where you realize it no longer makes sense to be your own tax adviser.  
That time is different for everyone.  Alison Reiff-Martin, CPA and Phillip Washington, Jr. discuss when they feel they right time is for a wealth-builder to hire a tax professional.  
 
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If you have ever went through the process of getting a mortgage then you are probably familiar with the term CD.  The first time I went the process of getting a mortgage it took me (Phillip) a couple times of hearing it to get the courage to ask, what does that mean and what the purpose of that document? 
On this episode Jason Grimes and I discuss the ins and outs of the closing disclosure and its importance.  
 
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Buying a home can be overwhelming.  However, buying the home is the easy part when compared to maintaining a home. There are so many things and costs you have to keep up with.  
Robert Lewis and Phillip Washington, Jr. discuss how buying a home warranty helps make the home maintenance process a whole lot more simple.  
 
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Children of aging parents are more and more shouldering their parents financial burden as medical bills and other unforeseen expenses their parents can't afford are getting more and more expensive.  
Every mentally healthy child wants their parents to live a great quality of life in their later years and feel compelled to help their parents.  
Jon Thurmond and Phillip Washington, Jr. discuss how life insurance helps refill the financial bucket for the children who gladly shoulder that burden for their parents who sacrificed so much to allow them to be in position to be a blessing for their parents.  
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You can acquire all the investing knowledge on the planet and still never build any real wealth without the proper mindset that must be present in order to create and manage long term wealth.
This is the first episode in a series of episodes around what's required to create the "Wealth-Building Mindset".
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If you are a golfer (or ever been golfing with golfers), then you know that drinking alcohol and driving a golf cart go together like hamburgers and french fries. 
What you may not know is, you might not be covered under your auto insurance policy when driving that rented (or owned) golf cart.
Susan Gibb and Phillip Washington, Jr. discuss this in detail on this episode.
 
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Once you get to retirement, there's not much you can do lower your taxes.  You have to approach this problem with foresight and plan in advance.  Alison Reiff-Martin, CPA and Phillip Washington, Jr. discuss 4 planning ideas you can begin implementing now to put you in a potentially lower tax bracket in retirement.  
 
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Phillip Washington,Jr. and Jason Grimes discuss what factors have the most weight on your credit score and on the factors that determine if you can borrow money and at what rate?
 
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Robert Lewis, Jr. (Ink Realty) gives his opinion on this question on the episode today.
 
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One of the big threats of the affluent (and emerging affluent) is losing a big chunk of their assets in a lawsuit or if they have to file bankruptcy. 
Many know about the protection that insurance, corporations, and retirement accounts provide them in protecting a portion of their assets from these threats...very few know that life insurance can also be another asset protection tool. 
Jon Thurmond and Phillip Washington, Jr. discuss that topic on today's episode.
 
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Today's topic with Susana Gibb (Gibb Insurance Services)
An insurance policy that pays if you or your loved ones are kidnapped
Why it's a good idea to not let anyone know you have this type of insurance policy
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Today's topics:
Why most of the top money managers spend so much time understanding credit and debt markets and how they work?
What function does money serve society?
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Today's topics with Alison Reiff-Martin CPA (ReiffMartin CPA)
A strategy high income and wealthy people keep their income taxes low using real estate
How depreciation and interest deductions work
Why understanding the rules of the game is important if you want to build long lasting wealth
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Today's topic with Jason Grimes (The Grimes Group) 
What are jumbo loans and what's the difference between jumbo loans and regular loans?
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Today's topic with Robert Lewis (Ink Realty)
What happens to the equity in a home when it's sold in a divorce?
Can one spouse sell the home without the other spouse's consent?
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Today's topic with Jon Thurmond (Axis Financial)
Protecting your family from the #1 cause of bankruptcy in America
Buying enough insurance without becoming "insurance poor"
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Today's topic with Susana Gibb (Gibb Agency Dallas)
What are the risks when traveling you should be aware of
Do travel policies cover being stuck in a country with Covid?
Place to buy travel insurance coverage
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Today's topic:
Understanding the different stages of an economy
How to use that information to invest wisely for the future
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