On Creating a Strong Foundation for your Financial Health With Mark Willis

“if you're trying to fly an airplane that can push it 100 miles an hour, but that headwind is coming right at you at 300 miles an hour, no matter how hard you push that little plane, it's going to be moving in the wrong direction, and that headwind for most of us is the amount of mortgage interest and debt that comes with our real estate deals”

He's a strategic alliance and he's a certified financial planner, a three-time number one best-selling author, and the owner of Lake growth financial services, a financial firm in Chicago, Illinois. Over the years he has helped hundreds of his clients take back control of their financial future and build their business with proven tax-efficient financial solutions.

He specializes in building custom-tailored financial strategies that are unknown to the typical stock jock stock jockeys attorneys or other financial gurus. He's also the host of Not Your Average Financial Podcast.

Watch the episode here

Brett:

I'm excited to chat with my next guest here. He's a repeat guest and he's becoming a friend and a strategic alliance, and he's a certified financial planner, a three-time number one best-selling author, and the owner of Lake growth financial services, a financial firm in Chicago, Illinois. Over the years he has helped hundreds of his clients take back control of their financial future and build their business with proven tax-efficient financial solutions. He specializes in building custom-tailored financial strategies that are unknown to the typical stock jock stock jockeys attorneys or other financial gurus. He's also the host of the?Not Your Average Financial Podcast. Please welcome to show with me,?Mark Willis. Mark, how're you doing, sir?

Mark:

Brett, great to see you. How are you?

Brett:

I'm doing fantastic. I'm excited to dive in and spend some time with you again, with my audience. We're going to be talking about some actual deal stories from the last episode where Mark was talking all about the three secrets, the three secrets to the infinite banking system. Using whole life insurance, you can go back and check that out on iTunes, as well as on Spotify as well as on YouTube. I always recommend YouTube because you can see our handsome faces here and really get to dive in on the video. Again, the three streaks are infinite, making sense that was aired about seven months ago. But now we're going to be talking about banking on yourself again, but more also actual deal stories, client deal stories that folks who acted when they heard the episode, and so that being said, Mark, you want to give our listeners get to know you for the first time. Just maybe the two-minute version of your story?

Mark:

First of all, speak for yourself on the handsome face thing, you might have one, but I'm still just trying to keep up with you, that's all. I’m happy to connect with you and your audience again. It's been my pleasure to work over the last 11 years with clients all over the United States and Canada, and honestly, throughout the rest of the world, too. There are ways in which I've been able to partner with folks in many countries, but we work virtually and over the phone with folks to help them become their own source of financing. Become more convinced as a certified financial planner over these last few years, especially in the last year, in particular, that being your own source of financing matters more than the rate of return you got on your mutual funds last year. In fact, it matters more than almost any other part of your financial portfolio. I like it to the headwind coming right at you, if you're trying to fly an airplane that can, maybe its engine can push it 100 miles an hour.

But that headwind is coming right at you at 300 miles an hour. There's no way, no matter how hard you push that little plane, it's going to be moving in the wrong direction, and that headwind for most of us is the amount of mortgage interest and debt that comes with our real estate deals. Because even though we might be cashflow positive on our deals, very often the bank is the one that makes off with the biggest winnings. They have very little if any skin in the game, and they're welcome and happy to take your monthly mortgage payment every month, and you can land the plane and then get a tailwind which means becoming your own source of financing your own mortgage company to your deals or yourself, not just for your real estate but for every part of your financial life. It changes everything, and so that's what we've been privileged to help our clients do.

Brett:

Let's dive right into a couple of recent case studies with Capital Gains Tax Solutions listeners who took action. Let's start the first one, mark, without giving any names, tell the story and what the challenge was, and what we were able to help them achieve.

Mark:

You're sure, and for your listeners, I want to say, I think the world of the people who've been willing and ready to act, fine to hear in other podcasts, watch another YouTube, but those that took steps to improve my utmost respect to them. One person in particular very, very successful professional, white-collar professional, was very interested in doing some deals and saw the kind of the inevitable tax that would come with having some success in real estate, and so they reached out this person reached out to me and we had had a discussion, and I'll just say this upfront, he already had a whole life insurance policy from an insurance agent that had said something up for him roughly 789 years ago, and it was even with a company that I had been aware of and understood, but it was not designed properly, and the policy was going to become taxable in just a few more years, and the amount of debt that was accumulating on that policy was so massive, that it was costing this person almost six grand a month, just to service the interest on the loan. I better back up for just a quick minute and explain what is a bank on yourself, and how can it go wrong? That's wrong, it's a whole life insurance contract.

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