In this episode, Jim Oliver and Nick Kosko discuss:
- Becoming Your Own Banker by R. Nelson Nash and how to apply its principles.
- Actuarial science basics and insurance company’s methods for assessing risk ratings.
- Why the financial risk of whole life insurance shifts from the policy owner to the insurance company.
- How to choose your primary needs; finances or death benefit protection.
- The unilateral contract with the insurance company can be changed at any time, but not by the insurance company, only the policy owner.
- Financial management behavior changes are often needed, as the best investment is your behavior.
- Whoever controls the money makes the money, with whole life insurance the policy owner has the control.
“We want to finance everything we buy through a money pool that we own and control that is stable, has these guarantees, and has been designed for our benefit.” – Jim Oliver