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Ep 96: Be Your Own Banker with Mark Willis


With over 5,000 commercial banks and savings institutions available to choose from in the USA, one might think that having access to cash on demand and avoiding debt would be simple, but it isn't. Our guest today is Mark Willis, and he believes as long as banks control the environment where your money lives, you’ll never win. As a certified financial planner, Mark has worked with people who want to build wealth outside of Wall Street and in ways that are safe and predictable. In today’s episode, his mission is to help you become your own banker. After accumulating over $100,000 of student debt between himself and his wife, the two wanted to liberate themselves from complete bank control. What Mark found changed his life and has given his family financial security. You’ll hear about the various ways in which you can guarantee yourself predictable growth, have access to money at any time, and earn tax-free, all through one simple method: the whole life insurance policy. He says it all starts off by asking yourself, “What kind of characteristics do I want my money to have?” Because where you keep your money will impact on its behavior. To Mark, it’s not only about the money, but rather knowing what to do with it. As he puts it, “I’d rather have Tiger Woods' swing than his clubs.” So join us today and find out how you can become your own banker.

Key Points From This Episode:

  • Introducing today’s guest, Mark Willis, a certified financial planner

  • Briefly learn about the history of banking and how we have outsourced its function.

  • How banks win if they control the environment where your money lives.

  • Hear about the Overton window in politics.

  • Application of the Overton window can also apply to your financial life.

  • Michael’s thoughts on the 401K and how it is like an abusive relationship.

  • It isn’t that banking is wrong, there are just the wrong people behind the desk.

  • Michale and his wife wanted to find a way to get wealth while paying off debt.

  • Defining what the Certified Financial Planning Process is.

  • We talk about how your money acts differently in different environments.

  • The different characteristics Michale wanted in his money.

  • Why using a whole life insurance policy is so attractive and what it can do for you.

  • Understand the two types of life insurance policies that are available to you.

  • Like anything you put your money into, you still need to understand the attached risks.

  • What strategies are in place should the health insurance company that protects you goes belly up.

  • Other great options you can use instead of whole life insurance policies.

Tweetables:

“If banks control the environment where your money lives, they’re going to win. If you are the banker and control that environment, you will win.” — @LakeGrowth [0:02:44]

“What we found after the 2008 recession is: real wealth is not found in my home. All of the money that we pay out of our mortgages earn us no interest, no tax deduction, and no liquidity and it’s locked up until or if we meet a generous banker.” — @LakeGrowth [0:08:38]

“When are banks least likely to give us cash, in good times or bad? Bad. times. And when are you most likely going to need that cash? During bad times.” — @LakeGrowth [0:09:08]

“To be debt-free is to say, ‘I owe nothing and I own nothing.’” — @LakeGrowth [0:10:30]

“Where you keep your money will make it act differently.” — @LakeGrowth [0:12:01]

“You become your own source of financing when you have a policy like a whole life insurance policy.” — @LakeGrowth [0:20:25]

Links Mentioned in Today’s Episode:

Lake Growth

Lake Growth on Twitter

Mark Willis on LinkedIn

Not Your Average Financial Podcast

Debt: The First 5,000 Years


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