African Business Club Presents: Life Insurance

I'm on California thank you again mr. Paul and can you please proceed when you're ready thank you okay all right thank you for the kind introduction and also thank you for the African business club I know the leadership is truly an honor to be speaking to you guys today.

Again Paul and Jocko over here born and raised in mentoring and then I was an immigrant immigrated to make us about 17 years ago so you pretty much I was kind of you know to my biography from you know health care safer to wealth career oh so so again I want to thank all of you for tuning in today.

So today this topic today is very very important to my heart really get to mind especially we as Africans actually believe that with everything that is going on in the country right now you know from Cote 19 to resist him to you know you name it that they're really what it comes down to it the economical gap you know between the wealthy and the.

Middle class and also the lower cost keeps shrinking I'm sure keep shrinking and shrinking and a lot of what we do is really you know educating and giving an ordinary and common Americans you know to get them to understand you know when we talk about life insurance we are not to have a life insurance you know from the past fairy form when people down so.

You know when the African business club reached out to me actually told him that this was a topic their Encino priority convenience and this is pretty much what I did I travel all over a conference African Joseph you know African you know professional organization Nigerian dot Sasuke and doctors pharmacists nurse practitioners engineers accountants it.

Was pretty much all I did in almost 40 states in America so I am a licensed professional accident life I also have a new license and that allows me to do everything from life insurance live in insurance death insurance legacy planning 401ks and etcetera so again just on the credibility side I mean licensed broker.

With about 75 different company in America and I'm not sure if you guys can see my screen if you could I mean with no relationship with the Pacific Life Pradesh or nationwide trust can see my screen let me see let me I'm sorry let me share my screen again I was able to see the screen okay so okay so these are all the different companies that I have.

Relationship so why is this important and what the reason why this is important is because I pretty much I mean independence broke I don't work for nobody so when I sit down with clients all over this country my job is to find out what is it that they looking for and then we can be able to help them to channel them.

Through a conference so these are some other countries that we work with but it's only five companies in third right sorry five continents third so what exactly do we do we do everything from life insurance long-term care but for the purpose of this I really wanna focus on the different life insurance I saw do the literal normal people think of life.

Insurance are defined and Delaware what do you mean do you mean there's a lot of RAM like yeah there's a lot of them and you need to almost fund it you know the differences are so we do her life we do universal life we do in this Universal Life you have variable you have a trump life insurance and you have a no lapse guarantee the three most popular life.

Insurance re on the contrary in America's Trump is the most popular whole life and then in this Universal life for someone feeder on this car I'm gonna tell you right now I'm not biased but my job is for people to understand you know what you have is really working for you right a lot of what we do is education also when it.

Comes to try time is basically what I tell people well let's think about it all of us on this tour see we got 43 people on this call some insurance by definition it's a death insurance the only way is time the Sharks who take out somebody has to die that's all you eat pizza if you suffering our cancer it doesn't.

Bear if you die nostril it doesn't pay us so then understanding that then the question becomes doesn't most people get sick before they die if the answer is yes then wouldn't it make sense to have something that would take care of him when you get sick this was when you die don't even benefit from it right so what am I going with this 90%.

Of Americans often time they will tell you how to transform my job but when you understand what you have well you have yourself death insurance it doesn't benefit you it would benefit your loved ones if you married it would benefit their wife but it doesn't do it anything to you so if sickness happen i watching from a.

Medical barroom I was at stroke every 40 seconds in America somebody's dying or the diagnosed with stroke when that happens half of your body's paralyzed you still have insurance and your job but who's going to pay our bills that's $5,000 a month you make that seven thousand dollars you'd make that ten thousand dollars to make how you learn.

To pay their bills so not only hasn't it but it's making sure what you have this really make sense does it really work for you right so Tom you know there's no accumulation cash value right no configuration is fish so you're gonna turn your 20 years old hundred thousand dollar promise ten dollars and then after thirty years.

We are not 50 and then the term has expired you didn't and then the model money in Spain is gone and then you trying to get it another hundred thousand dollars at the Year 50 now they're about $10,000 a month premium turns in $200 because now your order right us because in error bar scenario if you have a pre-existing.

Condition you might not even qualify for it right so term by definition of the earliest I write the premium flexibility there's no flexibility if it's ten if it's already awesome underneath only dollars a month if you lose your job like you might happen you skip the payments and then your policies canceled.

Right you can grow Hashanah right just not guarantee elements office so you can't be there's no interest being paid to your time right so all you trying to do with time is just trying to have a fixed amount so that when you die and then your loved ones forget morning will get that money nothing wrong with that but it just understanding what you have.

Right understanding where you have when it comes to her life right whole life is you could use it to grow cash right it's the life insurance that has an investment and component to it right but also your journal use it to basically profile your life so her life is a permanent insurance so Tom will expire her life does not expire the permanent.

Insurance right when it comes to printing flexibility you have zero so if you set up a whole life policy and your premium is hundred dollars a month then it's hundred dollars a month yes no I want to drop it down you don't have the option to do that right and when it comes to their benefit there is justice does the same thing it's a death benefit.

Right when it comes to dividends whole life does actually do where they give you interest they give you the interest of dividends so if you have a New York Life New York Life which is a whole life at the end of the year on the anniversary of the policy the Board of Directors will sit down and then decide okay.

New York life as a country they did X Y and EC and this is how much interest we want to give to all our high life insurance policyholders so the Board of Directors determine you know who gets one right so still do whole life but I do a lot of endless universal life so universal life again is they can use it to grow cash.

The premium is flexible so universal life is one let's say you started a hundred dollar policy in Las their job right you could use the cash on that policy to pay the premium so let's say you've had that policy for two years and then now you have $1,000 built into the policy if you lose your job you could tell the company nation what any of this.

Come behind I want you to use their thousand dollars inside my life insurance to pay my premium for the next ten months they will allow you to do that right very flexible oh you want to drop down that premium from hundred dollars to let's say $50 some of these storms the confident when it comes to universal life they were allowed me to.

Do that also Universal is a permanent insurance so meaning it does not expire right it doesn't when designed correctly it does not aspire and then when it comes to you in this universal life I do a lot of guys disclosure I do a lot of this I probably do maybe 80% of life insurance right I do it's probably in this universe for life.

In the students love is very popular you can use it to grow cash it's very flexible the premium is dorsiflex when you could go up you could go down it so save their benefits you know just fees involved or just like in anything right there's also interest some of these policies like in this universal out there have what we call.

Cap so cap many and let's say if you have there with nation where nation or is basically saying we will not allow you to get interest rates of more than 15 percent in a year but also they have form so nationwide will tell you where we will not allow you to drop below zero percent if you have investment of us and I would transfer America.

America could go as high as 16 percent interest in a given year so meaning no matter what the market does he cannot make more assistant percent interest rate of return Transamerica flow is 0.75 percent so meaning was case scenario you don't even go to 0 you go to 0.75 percent Pacific like all of this country then have flow they have in the last 20.

Years most universal amongst industry has done anywhere from 7 to 8 percent in the last 20 years right so if you go back to history historical biography so that's something to keep in mind and their variable variable universal life forever universal level basically is like a you can lose money in variable universal life is basically when the one.

Therapies like your 401k it's a life insurance that you set up it's similar to for one kid but the only difference is still a life insurance right so a lot of what we do though is actually trying to get people to stay away from anything we're in this one so variable to do quite honest with you guys I don't do a lot of variables just because my niche.

Most people what I do is the Africans and most of us don't like to lose money so I try to stay away from that but that's something that we can do too so it's pretty much say life insurance user as a life insurance is family life insurance however if you lose a lot of your cash value then you will run into the risk of that policy lapsing right.

That political potential laughs so again so we talked about time Tommy's again fist it's not it's not lifetime rights to usually 10 years from 20 years from or 30 years from a whole life is usually permanence again your whole life the interest is given through dissidents right and then we can get a little more in depth.

Comparing whole life the universal life for in depth I can get into how you design the policy what happens when you die with the cash value so the very much for life you are expected to borrow that money during a lifetime right so because some of this are life insurance I have a cash value and death benefits a universal life I'm investing.

Versalife the cash value and the death benefit upon binding Menem if I have a life insurance or five hundred thousand and I have a cash value of hundred thousand if I die my family would get six hundred thousand in the universal life I mean that's universal life in whole life though if you have a 100 thousand dollars in cash value and you.

Have a $500,000 in death benefit if you die pretty much prematurely the family will only get their benefit they don't get the cash fund right whole life usually those policies designed to whether that cash value this expectation is you supposed to use is during their lifetime borrow money against Andorra so this is where it gets a little more.

Nitty-gritty right most people and it does remember that understand if you're not in the industry you might even have a whole policy still not understand so this is where it gets a little more complex so this is where I usually when we you know do I want to want the math and travel okay this is how whole life orbs from illustration standpoint.

Practical standpoint you know be able to run some numbers and then that way you can see that for yourself so and then I'm no laughs guarantee let me move my screen here no love guarantee is basically it's still a life insurance that you set up basically it's permanent but this one is basically saying that you need to pay the policies and.

Supposed to pay you're not trying to grow money you're just using it to permanent life insurance that you pay the intention is not to grow money right when we pay your premium then the policy overlaps right because it's kind of a bridge between a time and a permanent life insurance but this one the whole purpose is just not to grow much it's.

Just for how the permanent life insurance there as long as you pay a premium you will always all right so I mean I can go on and on and then but again the purpose of this really dies is I when I talk to African business a little leaders I told him listen life insurance I know in our community there's a lot of.

In our Sigma of where maybe most people really don't want to talk about it most people feel like you know this is one of those things you know maybe how aware is on what I'm here to tell you I've been an industry enough for two and a half years almost going to three years this is something just like you have your 401 K you have your property like real.

Estates life insurance should be part of your portfolio not all if you have the right life insurance that you can use a phenomenal life insurance in my opinion it should be part of your portfolio what do I mean by that life is going to happen ladies and gentlemen we all get sick we all die and we are going to retire if I'm talking to a family where.

The husband or the family is making $10,000 and months and there's no permanent life insurance in place that can replace their income if cancer happened in our family or stroke happened or heart attack happen or any of this dialysis in amputation blindness even coffee making happen if you have the right coverage with life insurance.

With long-term care we tell me some of the writers like chronic illness family and it's critical in us some of these policies will pay you out so they can take care of your family while you're still alive so it's not just I'm paying something is really when I die that's why it's our people you want to make sure you have the right life insurance.

There's a lot of good life insurance area a lot of working people in this country that's what there he is for his you know to be resources and again in the debt when it comes to get what are we leaving behind in our community I will leave in behind a depth or reason behind a legacy death is going to happen if it's going to happen then wouldn't it.

Make sense you know to have some kind of legacy in place the right look at everything going on in this society right now you know black life Maiasaura stuff money don't get me wrong right my wife is african-american so of course I'm black so I believe in the racism is in America there's no nobody you want to know the.

Truth if you really want us to begin to solve and talk to some of this you know ratio in a problem in America you're gonna do that with economical power right you gotta live in Bay Area San Francisco you go to San Francisco do you know who runs San Francisco in California the Chinese I don't wanna run in San Francisco they control your money.

Don't control the City Council they'll control pretty much everything San Francisco from the grocery stores to the up kindergarten school to be a high school to banking everything in San Francisco what am I trying to say whoever controls the economic or power controls everything that's how you control racism right about how you going.

To do that if there's no legacy in our community like I'm from the Mandarin it's too many words you mean when we replace we're keeping with legacy meaning people are getting sick in our community there are millions of dollars coming into that community all people are getting sick in african-americans there are some people get sick so more.

Is shifted from Wall Street to Main streets that's like economical power that would make a difference 20 30 years from now when people that look like our grandchildren our great-grandchildren can go to college with nostril alone because daddy Amami left a legacy what our.

Great-grandchildren can be killed to stand a business they wanna have had the start of confident they want a castration they don't have any kind of business there's money they don't need to go to bank to do that that's how you control that and that's why you don't San Francisco right now the Chinese are controlled in San Francisco that's how.

You do that you go to Silicon Valley I am 45 minutes from San Jose if you are not in California you would think Silicon Valley's run by money the Caucasians do you know who runs Silicon Valley the Indians run Silicon Valley you go to Google you go to up where you go to Facebook or de-stank Giants do you know horizon the.

Indians so you know the sound was a guess what they have their schools they have their banks they have their real estate they have re strong how do you think that we are able to do that legacy little generation live in mourning and now this new generation able to start doing all this stuff because the monastery have to go to banks to borrow.

Money and then people are holding them hostage that's how you control that what am I trying to say I freaking as a purple are the most educated people in this country the greens on everything but we gotta get into the money business the mana business we gotta get into that right there is good but the green could be a.

Business-minded given into the morning business trying to do better with the money we make that's how we're gonna make this you know medicine better for our future generation that's how we're going to change them right I'm saying right before my very eyes between the Chinese and Indians they're dominating right they've dominated so that's how.

You do that so where am I going with that where I'm going with that is again like the industry diverse life that I talked about this is kinda high in this universe alive walks right because sometimes people are like oh really I didn't know that deliver I'm not some of this life insurance like the whole life and the industry talked about you could.

Use it as an investment this is the picture some of us are on this collar visual I want you to see a picture of how the system works it is a life insurance but 95% of the morning that is going into these life insurances our investment person is Bank investment only 5% is Bank excuse me only 5% is insurance it is touch-free.

It is a life insurance that you could use as a pension plan yourself is the life insurance that you could use as a retirement plan it's still a life insurance but you could use it as a retirement plan right for some of you on this call this is probably going what is it talking about yes there is the product idea that you could use as a.

Life insurance in America that you can see is as alive and it's Romeo by the way what was Nora this is the loophole that IRS allows for people to do this this stuff has been around since 1913 it's been around for a century 107 years old in this country and when you start reading some of the books that talks about this stuff like I would recommend.

Books I probably had read about maybe in the last three hundred different books that talks of a life insurance in America or that talks of a different task scores in America you need to understand them right so what a great book that I recommend is retirement miracle by Patrick Kelly this book basically tells you what the.

Wealthy people in America are doing with your money the Warren Buffett of the world the Bill Gates of the world they just better off the water tell you what to do with your money there tell us the middle class to go to for one can afford to repeat but do you know what they do with their money they'll do this 7-7 there do the 777 to successor man that.

Is the tax code that's what they do it do you know why they do that because they don't want to pay the houses and they don't want to lose money right so I can get more in depth but again a lot of this today just educational recommend it's money well life insurance this book tells you what rich people in America are doing with your money.

Right so some are feeling this car you're probably going again this is not really medicine they're gonna be a catch or there is something going on just think about this banks like Bank of America how to maintain billion dollars into a life insurance I said are you were in this Universal Life West Fargo if you're banking with any of this man.

This book number one selling author Jeff Thompson is tell you what the banks are doing with our morning we give the bank's the money when they make money from us this book is telling you what the banks where they're putting our money it's an industry that's for life life insurance why are the banks doing that when you read this book you will.

Understand where the banks are doing that when you read this book you understand why 50 percent of the fortune 500 company in America started the Empire Disney World Disneyland just defending McDonough's Stanford University coca-cola all of this great multi-billion dollar company started building the Empire by borrowing.

Money from the universal order in this Universal Life Insurance this stuff has been around forever you use it to build Empire you set it on account that you can go to borrow money pay the interest for yourself right why would I go to the battle to get my assess when I can sell something borrow more from me and then the company.

Will sit by me interested but you need to understand how he walks and that's why I tell you what you need to read the book to understand it's more than just life insurance it says it's a legacy it's a bank it's an investment it's a task for retirement you need to understand on his face because once you understand also.

The book will tell you another reason why they are doing it there is not a significant but balanced place billions of dollars in life insurance here is a reflection of the value they placed on this powerful assets for banks in providing automatic safety stability and groups more importantly the FDIC allows these assets to be classified.

Share one capital which is the surface capital bank and half share one copper is considered to be the measure of a bad financial strength where am I going are you well which is the life insurance is that say 1 capital dog named issue bonds is also a tier 1 capital do you know what it's not considered tier 1 capital that someone field is my son has.

A shocker to you on this call your house they held that you own in this country's knowledge I won't open it says here to a couple of million you could lose the house you don't control what happens the value of the house your 401k or 403b set here to cover so government issue bonds and some life insurance is surface instability and you know listen anytime.

It is tougher on your bank and also some of the forward here for 3 Liliana I'm not here to bash anything but I'm here to really hear people to start thinking the women especially in African communism right the Caucasians have been doing this for a century it is time that we pay attention to what's going on and understand how the system works so I can.

Go on and on but again I'm trying to be respectful of time because were actually enjoys the Q&A so how stop sharing and then I will hand it over to you guys and then we can open it up for Q&A thank you so much mr. enjoy cool we really you know learned a lot from that presentation so for the people on the call please.

Yeah request please feel free to meet yourself and please ask your speaker just state your name and just act a speaker your question regarding life insurance thank you hey Paul hey so you mentioned a lot of things about the IUL so so there's a lot of benefits yes I didn't introduce myself my name is IRA G there I'm over I.

Live out here in Texas in West Texas well so what does what are some of the negatives you've mentioned a lot of positives about the IU well what you can do grow your money but the one thing from my end is cuz I ul is already something I've already signed up for but since you're an expert I wanted to get more details about what are some of the.

Negatives because I haven't been able to find much negatives but you've been looking looking and you that's the majority of some of the things that you sell so there has to be something right because that's my same thought as there has to be some sort of catch they're talking about no tap don't ever you believe yeah so yeah I've heard a little.

Bit more a lot of positives but what are some of the negatives from your in regards to the IUL or are they not any negatives well thank you for answering the asking now question I get this question all the time especially because by natural we are very skeptical people you know just by nature we always thinking well there is something here.

What is it they're not telling me couple things where are you well it has to be designed properly right it has to be the same the design of IUL has to make sense for you not for me sometimes we might run into an agents that would check out the the face amounts right let's say you paint a thousand into an R ul and depending on your age I go raise.

That amount to two million dollars so when I the mom and I do that now I don't have your best interests at heart now my commission interests are heart so that cam Monsieur from a from a cash value standpoint right because if the sale is so high and the money that you're putting in then in that case number is no longer enough to sustain.

That cinnamon restaurant money time I understand you have to look at it from a standpoint like from you it's not so much about it's silly because the same when you design your correctly it could be a five hundred thousand dollar annual but the cash value truly is from now can turn the police into a million dollar Yule because it's the cash value and the.

Death benefit so casually if is not designed correctly in commercial and also I'm sorry that said so and also it's not a short-term investment so sometimes so you need not could borrow money into this them like listen to me you could borrow money from you are you well if you have cash money available at any time let's say I don't $80,000 into.

An are you at this month and next month I have a positive cash money against them right it's not illegal to do that but I tell costume people do you know you gotta have discipline you only go there to borrow money is absolutely you have to write is not something is Etienne right that's not really you know that's not it go right but if you.

Absolutely have to then that's your bank why would you go to Bank of America to ask for a loan you gotta pay them 10% interest when you can go to your AR ùl and borrow that money may be the interest and that is super simple you pay back to yourself and the company is still paying interest on the loan so the bonus room works right or sometimes.

People be looking at your fees you know short term it doesn't make sense then I tell him with everything in America time it doesn't make sense but when you look at are you so I just design an are you afraid clients that is doing a medical doctor in New Jersey that is doing two thousand dollars a month she's 40 years old she's gonna do two thousand a month.

She's 65 years old a 65 year so she would repair is 250,000 if I remember a number crane but 750,000 nationwide or is paying have 3.5 million has free when she retired so 750 3.5 million easier I'm saying so that's a long time there's nothing like it I've looked at still do stops right I still use long term there's.

Nothing I just because of the task benefit if we understand where America is going all this debt of California I'm in California ten billion dollars deficit right what do you think will happen to taxes in California in the future you probably will go up and then you go to federal 2025 twenty million dollars so from its has just from at a.

Spot benefit it makes sense I can't think of any other place to go then are you well whole life in your this product because of the task incentive if IRS is going to allow you to do that then you need a lot of wealthy people in America that's where the banks why would Bank of America have 19 billion dollars into it think about.

It Bank of America is a product probably traded fine why wouldn't they invest on a ten billion dollars into your socks there are socks why would you make sell for the bank of America usually simpler by body roaster you know what I don't want to do it they don't want to pay taxes because if 19 billion dollars go to 25 they would pay capital gains taxes.

On that I wanna do that Oh if 19 billion dollars drop down because market crashes then get losing your money that's what you don't want to do it so that's why I accept it well all of us on this call is trying to be successful then if you try to be successful and then you have all these formulas out here that basically telling.

You how you could be successful then the banks are doing it then you know now I think I think it definitely did it was just one of the part I look at is of course a lot of things that we're talking about in this group is of course being able to set up your savings and have it it's just finding other places to put your money that allows you to.

Grow so I agree with you in the same realm is I mean a lot of stocks but the high UL was one that I looked at is okay looking at by the time I get to 60 that's 29 years from now that would allow me to then begin taking money essentially what I used to retire so that's the part just my follow-up question on the tax free right so it.

Essentially the 401k is doing its own thing but then you don't have to take as much out of a 401k because you can take that as and then that income gets taxed at its level but from the IUL you can also take that but it's not income because essentially it's a writer okay yes yes it's a life insurance yeah.

Because remember I'm only going to allow you and you've been tested on it already so the post has money going into it so when you start taking that money out then it's not considered an income yeah that's all the questions I got thank you thank you so much for that question does anybody else on the call have a call for the speaker.

All right look I have a question now for you mr. hanjo cool you mentioned that you know you could take us on some money from your cash value to pay your premium right now we pay that back exactly that consider a loan would be able to pay that back into policy you don't have to pay back but when you borrow money so that means you.

Actually taking money on us alone then that's the one that you have to pay it back but the money that is already built in because well you know you don't are you doing it just basically does if one of the flexibility that some of these policies allows you to do so it's basically cash is there the main purpose of that has reindeers for you to borrow.

Money you know you dress alone if you choose to but if it is not again let's say you had a job you know you get sick and whatnot then you could tell the company no one I see that aha two thousand dollars and I'm paying two hundred dollars a month so you said of you guys taking two hundred dollars from my bank account.

Then I want to go three months without making a payment and then used to two thousand dollars to do that I wanna go in here without making payments so yeah that's lesser no absolutely not hi mr. Jones my name is Ania and thank you for what you're doing because I have a similar but like I'm a nurse and I should mention to the professional.

Business right now and all you're saying is very true I just have a little correction with the term insurance because I know you said on return assurance your your gain your money and when you die but I have a certain insurance that I have a terminal illness right so when I get sick I do get the money that's one and also we have the.

Slavery that like the same I keep any constant for 90 days I don't have to pay but uh turkey shots that I have because I used to have whole and now I have to me the reason why I switched one of the reasons why I switched is because return turn your insurance which is very little compared to your death benefit on your.

Face value and then that's the difference because with holy Shah what was happening was that let's say I have a dead benefit of hundred thousand with with Carrie Shores my my payment will be ten dollars but with her insurance our end up they may be like fifty dollars hmm what happens at the end is that for the first year or two I didn't get any.

Cash flow explaining if I paid extra I paid so much and yet for the first few years there was nothing and then when I went back to get some money out I was boring the money but this is money this is my money that I put in there but I was worrying the money we're at a point if I don't pay it back it means for my when something happens to me they were.

Gonna take whatever amount that I took out my face body and then this interest also that's going on that money that I took out so let's say 2000 if I didn't pay write it by a year two three four five my thousand one thousand five two thousand and now I own but with the trend that I have now I'm paid the minimum the basic minimum which is like.

Trade ounce and then that extra forty that I was paid into my home I'm investing so I started venturing into it and I realized that you know why do we even get life insurance we're supposed to get life insurance for our active years those years that went and I choose much supported life insurance I probably think on protection because for the.

Years that my life is active that if I drop dead my phone is gonna suffer that's when I believe in this money let's say 3035 years right now I have a huge debate very little and that extra that I was paying for my home I just went in there and grabbed money to pay in fees and I didn't have to pay back and I and it wasn't a loan so.

Confusing like you know because with it with their whole life its food and all that you say in this food but it's extremely expensive and that extra money that you're charging is when you're putting it in your arm your cash value which at the end of the day they actually to come and borrow the same money that you put it you pay interest.

On it and from the text what you're saying is very true but that is why we like to teach people this for the Middle America because with their tax bracket it's good for the wealthy people so they like to take all the shots behind your money so that's me coming up that my fellow people are struggling I don't think that's the way to go after I.

Compared the team my thank you I am they know what I'm actually in agreement with you there's nothing you Syria that I disagree with yes we do term was already talking about it strum with living benefits we do that so I'm sorry I'm certified try to categorize or trauma and tumble Reverend you know you have I still sound even benefit and I.

Say hi you won right because what is the purpose look at so what'd you just say right there so I do not disagree with you policing for me I look at it in a little different right so follow me on this Charlie living benefits is they loot first line of defense when you get sick because when you get sick you have a time we even.

Benefit when you cash it out and you survive whatever that sickness is now you have a pre-existing condition no the insurance company is going to touch you so but already a star but you'd already touch that into the policy you have 30 years old nobody's going to touch it so that's why I recommend having box or I recommend if you don't what is not for.

Everyone it's really it has to make sense from now do trust me I'm not difference in some of you on this turned out Dave Ramsey his alibi by Tom invested different in order stock listen to me that my sons do for a mill on here or multi-millionaire billion because they're or they already had a most of them had live in assets for.

Middle America and that doesn't work because by time an investor different why do you know where you gonna invest it would you fund stock market I've done that I lost money in 2008 so think of people who listen to that advice that about turn thirty years ago and also invested in what you fund 2020 that we are getting ready to retire that time.

That their bar is fire and the moocher firm was doing well up until February of this year so in 60 years over 65s rubato retire the attorneys generated to aspire and the difference where he invests any difference the market crash so much your fault stock markets in March of this is Muslim occur on average was done steady percent see if he had a hundred.

Thousand dollars in mutual fund you woke up someday in March or February he was down to seventy thousand so the point is again I get the arguments both for middle class that can be a little misleading because the key is to build works and if if you're gonna do that in real estate or you churn I do real estate in California to have rental.

Properties so I'm not buying your distance Adam Saaks I'm smiling right now because oddballs excellent just last rug when he was really really cheap so this morning I'm smiling but I also know that I'm smiling that I can wake up on Monday that says like I lose this value of 50 percent in one day and it does not I can do about.

That's so when you chose beauty words you know would you rather use a foundation of a good that is stable solid or you're gonna tell you something that you don't control then the idea that someone can have its knees in China and then shut down the whole world called chronically nineteen yes a global economy right now there's so many people.

I know here who give advice this sauce do this does not goal is to inform you right inform and then on you know how the lady that they realize how the market was going they advise them because she's older so she took our money at the right time and then just like you said you mentioned something that everything that you do is launching.

So if I'm 20 years old and I have my money in the stocks or mutual funds I'm really not worried about carbon because I'll be launching but because I have people managing for me if the older population the person just embraces the way that put there are indicators that show that the market is going to crash so they are brighter and she took all.

That money based on her age but because everything is long-term who gains all turn if I'm twenty years or thirty I'm not really worried thirty years before retired right absolutely absolutely so I mean I think this is my own perspective I think I think it's very important for people to understand what it means to plan not to fail and planning not to.

Fail means you exactly know what you're doing I am NOT against any product I am for applying them properly because it's funny when some people go out there and start bashing a product because this because that it may be because the person you've dealt with does not understand the product before applying it to what your goals are and everything.

That is why it's always very good to know you know what you're getting yourself into and exactly know how is gonna work out for you all right am i against any product I will never tell anybody don't do don't do that but you know understand what your end goals are and then know.

What your it's just like you go to a doctor I'm a pharmacist and the pharmacist doesn't know what is wrong which one is giving you medication you know so when people come out and talk bad about product or something or days sometimes I kind of like you know that's giving people misleading information when I st. stuff on a platform or.

Something I think we need to be very careful and all life has a place in financial planning and I think is essential having money in a place where is not is not it doesn't have anything to do my to do with the market will help you in retirement I can guarantee that I have stuff to prove it but if you solely rely on the market I'm not saying the.

Market is not good by the time you retire I mean you're gonna depend on withdrawing four percent or maybe three point five percent every time so nice to break it down if you don't make it if you want to take about 100 hours on the retirement that means you don't need I mean if you're gonna if you have a medium or something that means you're.

Gonna need to take like about 40,000 and you're not even sure does go no you're gonna outlast your money very careful everything has its place in financial planning you just have to say good good evening good evening this is the Meiji half I have a quick question yeah maybe if I can have two flow just wanna be clear I believe I wasn't.

Bashing any products I'm just saying that I think it's good for people to know she'd like I'm sorry I think I joined the conversation very late but I would like to have a quick question so I think I did to understand some of the basics of your argument or maybe your discussion as about the old life insurance and everything so but one.

Thing I would like to ask is as a young man as a young man you know as a young man as a young African I'm a African American man or African man there's one particular issue that is very important I wish you put it to cognizant is that we are not patients for finish up land or for for a long term investment we are really you know you want to get the.

Money fast what's something that you know well where can I put my money now in the next one one year or less to get my money to get like ten times of the morning so you know so and I think one of the most important thing that we should emphasize that building wealth is not just a quick fix there's no the room was not built in a.

Day you if you want to be wealthy there's a deliberate attempt of building wealth is I just that you know you want to make money in just a few seconds now and that's the major problem that we have you know like you know most of us we wanted money right now right now so I think it's very important that maybe some of the things now in some of your.

Education that you educators if you emphasize on that because if you don't do that I think I may be misleading you know for a young man I spent 30 years old if you tell him that you know you have to invest for the next 30 years you know I'll do this too long I don't know if I'm gonna give up 30 50 years now and stuff like that so but you know.

Regardless so I think it's just one of the 10 that I want us to kind of highlight now in the community to just be patient well enough the consistency I'm patient will pay off and long-run rather and just be rushing through any kind of investment thank you thank you thank you and I agree with you wholeheartedly I.

Think I truly again that's why understanding doubt what he just said that's why I try to tell people diversification is a way to go if you try and strike a weight then stock market is the way to go if you Charlie you could get lucky right but again I don't think when it comes to building wealth it's about getting lucky.

You gotta have a plan you got a heart when it goes to really say like I'll thank you mr. Walker sell it sell it same time so the other thing we all pretty much say in the center in general the IUL the concept or even the whole life the whole culture is basically slow steady you know investment there's a reason why.

Some of this insurance company they are not guaranteeing 25 percent 50 percent in our interest there's a reason why they copy our assignments right because like I try to tell people I live in California when Golden State Warriors was hot right three-point Steph Curry and klay Thompson died was beautiful to watch right but then but then 2000.

Whatever three years ago Toronto Raptors beat them by you know hidden futures are heated two points right so my point is sometimes even in baseball you can hit singles still when the hawk was serious you know he didn't a home run yeah that would be good but he doesn't come all the time so when it comes to the same thing right and you get a believe in.

That plan which goes back to what the bird is said and that's why I truly tell people you're gonna read the book most of my clients I'm not listen to me if you I'm doing this for you just think I'm selling you a life insurance I'm doing this you've you've missed the points but if you planning that we can build wealth for your generation also.

For your generation then you understand the point another way the book on the son you know what you're giving yourself there's a lot of books out it right and at the pointers most of us you know you can rely on getting that on TV like CNN or smart Channel when they want to hide information from us you remember they put it in the books either be gonna.

Begin to ask yourself how can such a thing has been around whole lives are you well or is great complain Americans I'm like this most dealers off of loans to build him a misdemeanor on success nights in pattern dilute pose mirror on most of us we're still questioning oh we don't even know anything about it right so that's lack of just not really.

Paying attention right so for me I had a financial advisor you know I fired him in 2008 and then advisor 2016 when Obama had left office system when Trump won the presidency the next morning the whole world went into depression stock market crash and then I was a lot of money too so now I have to get rid of a financial advisor.

It was the curiocity of trying to understand what the world cheap people in America are doing with the money that was one let me hit it was the ferocity of working and vain people are supposed to know to manage my money and I'm still losing money okay now I need to go figure out what's out there when it comes to taxes when it comes to all our.

Tools because I understand stops I understood for work it but I'm like what else is out there that I can use you know in conjunction with auditors that I'm already doing that's how some of these services are you know I read up on II got a license and here we actually do stocks but I also understand that it's not it's not reliable that money can.

Evaporate in one day right so you know thank you so much thank you on that power thank you bidding me Thank You Cynthia contributions just just one more question from my side arm that we have people asking people are normally scared to talk about life insurance you know how do you convince them to sign up to you know get life insurance and how do.

We as a play hard we educate our members the importance of life insurance for me I got out of the convincing business two years ago I don't convince people to get a life insurance I dedicate and inform them why they need to have I got convincing not because I don't think it's something this like I didn't die buzzer.

People need to understand the value access of the value then to them they feel like they are doing yourself you follow what I mean so I've been I think I mentioned this earlier Kobe Bryant someone feeling this call could be pregnant basketball fine even I'm not really that's fun Kobe brand-new is about 1.1 billion dollars could be brine.

Harder and he had a fifty million dollars life freshener with Pacific Life are you well why would a bus type of player superstar net worth 1.2 million why would he have that so the board is a lot of people in this country realized that I didn't keep to DreamWorks is diversifying and having their model work for them so some of this life insurance.

Program when you understand them that is basically you paying your premium and having this insurance company basically do the work for you you don't have to hire a financial adviser you don't have to hire a property manager it's basically like all in a real estate with no headache right so I don't have the logistics or details about Kobe's.

Situation but my point is if the world cheap people anomalies are doing it using it to build legacy then in our community I don't convince the blood just tell people this is what you need to do it I want you to read some books that talks about it so that that way you understand because me telling you there's a ton of feel I probably feel.

Like we should make money off of me right so in a long time so I just have to educate yourself understand it so that way you know that this is something you are doing for yourself and for your loved ones right so that's kind of my approach what I'm dealing with especially our people right because sir there's a lot of skepticism there's a.

Lot of mistrust there's a lot of all of that going on so he cannot look at it that way you cannot look at it that way this is something that you're doing for yourself I'm getting ready right now some talking to you guys again I'm building a hotel in Nigeria where do you think that money is rebuilding the hotel is coming from it's.

Coming from my life insurance policy why because I can't go to your borrow money do what I need to do back home and then why I'm boring that money the company was still payments from now on tell me any program allowing you to do them right so I'm less rigid right do you do DFS hours which is leverage leverage and delegation so.

Middle-class winning join us on what it means to leverage so that is me using my life insurance as a leverage to do what I want to do in Nigeria right now whatever I want to do here that's how this thing works we need to reduce a lot of false things and intercept set self when the money get in then I liquid then use that money.

To do what I'm gonna do then I start all over start singing that's the web middle-class think about wealthy people in America don't do step 6 let's use the second cow's milk it do what they want it comes back again now it's a different mindset then so this go back to water damage you were saying about instant gratification I know some delay.

Gratification right so it's a different master thank you thank you so much mr. Paul hello me please go ahead with your question to let me please ask the question hey my name is Bethany I have two questions my first question is that does having disability insurance affect your whatever policy you get with term.

Insurance and then the second one is you don't have kids before you have kids after you have kids so in other words like because you have does not it does not now keep in mind because sometimes it doesn't so this is where getting to be we need to understand what kind of disability you have if this is a disability that is through your job if.

It's short on short-term disabilities for six months outside of my job I have with my job but I have a outside of my job she said a long time there was a language you know the Latin definitely a long time means after two years is eruption so you need to understand a lot of you know life insurance disability with each time that.

Long time is what tribes their long time is how much is the policy if it's $500,000 policy and the long time is five hundred thousand if it's a million dollar policy then the long time is a million dollars right so it's really understanding you know um you know what that in the language you know the long-term care I know so what modifies.

Has a long time does not affect whatever kind of overtime now do you have time for a few more questions actually appreciate that my question is about term insurance premium I just wanted to touch up so I know cease said like it makes butterflies ten dollars a month but if I remember correctly but correct me if I'm wrong as the years go on be.

Like the premium substantially increases like to a point where it may have but if I was ten dollars a month but then it can go as high honey is that correct huh yeah for turn premium same time it's time for the cost of insurance so so the premium is fish but also remember that's why the limit so if ten years or twenty years or thirty years.

So in ten dollar time ensuring that you get when you were 20 years old if you get it for thirty years there is gonna be ten dollars throughout the duration of the printer a charm then when you once inspired here 15 an eternal renew a neutron then you know your order you probably got you know order come on.

Medical comorbidities going on so it's probably not gonna be long and honorable usually from premium use is fish you know the one that we do the one that we offer and then second my second question was for the school of thought as far as like borrowing money from your cash value policy as compared to borrow money for the bank is there like a lower.

Interest rate that you get from the credit if you're lucky and then they also give you I can go to 5% and once I take that one here the insurance company will sleepy pay me interest on that money thank you absolutely hmm hi Jimmy yes okay my question is uh I've got a life.

Insurance for my oh my god about two years ago and so Moses I was always done in the standing in a couple of years they're gonna relocate my question is does that can companies deny you know payment you know by relocating to but to Nigerian this in this case or or doesn't matter this is specific to the company it's specific to the company I mean if.

You really establish here citizen or residency and then you move back as long as you pay a premium I can't imagine them denying it just because it's already established a residence here it's not even if you move out of my psoriasis very probably will be coming I know though when we are setting up a new premium let's say I'm setting up a.

New premium right now for people that are really living in Nigeria a chance to get a life insurance some of this company hydrating and he writes contrasted table C or Class C so what does basically mean some people that are really measure their life insurance here yeah but also I know the fat dog the Nigerian in Oshkosh Wisconsin where is.

Politically unstable you know it's a day that's the weather look at that's where they look at Nigeria like nationwide Pacific life America I do I know down I have someone that was in the ministry or for second in command in minister on Finance in Nigeria and the broader was trying to get me to get him a policy got denied I tried about five different.

Company because even though he was second come up but he was not a politician but he was an appointee did deny him on the premises of that right so so understanding that so if you already have the policy in place and then he decides to go back I will take his she'll be a problem just because the police is already in place.

Right I would thank pop I will probably come sucks you know you know before you have a home here and they look at you know I don't think that should be a problem because India is anything the hoppers or their bias the proof of deaths the only proof of death and then they will pay out a policy right the long time here I have made a.

Little different but it gets I think it should be a policy I think we have do so Abu Salah please go editor with a publisher comment I just want to make a quick comment about life insurance we have two bodies as building a legacy and generational wealth but some of us it may not accurately walk for us but for our children definitely they will.

Benefit from it I shared a couple of my friends the other day I graduated from pharmacy school 2011 and I had a pharmacy manager that got a phone call from his dad out of the blue the dad's holding truth I paid of your student loans he's Asian by the way and it was like 'wait work dad and that was exactly six months.

After he graduated so the bad day what did that did was did that hutch actually had a life insurance for him and took money out of that life insurance paid of the student loans and handed the portfolio to the son now you can take it off from here and he even waited six months after he graduated before each of the money house meaning that he made.

More money interest wise on the capital investing so when we talk about life insurance is not definitely like right now we are not looking at it real time oh I got a benefit for me right now right now right now is a long term investment and also a business owner I took our money from my portfolio to set up a business I didn't have to go to the.

Bank and I'm not paying about ten percent interest rate on the loan that I took on the business is three years now and I'll be able to pay it off blow the interest though the company is paying me off of the money that I invested so I want to encourage us because we Africans we don't think of the long-term benefit we just think about oh I'm gonna be.

Paying three hundred dollars every month I'm gonna dollars every month we're byaku put it in the bank and you know do something else with the money trust me my seven-year hood I hope in the bank I can for him and for three good years probably a dollar went over the capita that I put in there the money so all these bank that we think we.

Invested in or put it on money to save they're really not doing anything doing anything for us in the long run you probably put in a thousand dollars at the end of the day you at the end of the year you probably have a time I think we lost it for for a second that was a very powerful message we cannot the point be solar guys again the idea of Bank is the.

Lending institution that's the way Bank make money they make money by lending more giving loan out so in Nigeria so in America so that's why I try to get people to understand there are books out there that you need to really don't need to in order to become you know I'm not saying good become they you know like you're at this area right like basic.

Information I needed to me to know to understand about its products again it is one of the ways that he could build webs when you understand it and when it's done currently some talking to us right now does of my kids education is life insurance did he have adjusted my kids I.

Got three kids their school 529 plan I design like a life insurance if I want my kids to die of course not but from a economical standpoint he will make sense for me to do it that way than go into any of these banks to go set up a 529 plan but what I've also done by doing that some of you that went to school in America I don't have to.

Because when I do a bank what do you think will happen to the scholarship what do you think welcome to the final sure it once the school finals Allahabad is more in the bank for him but if I design and college plan there is a college man there is just a life insurance I have to declare that say life insurance so this is what I'm.

Saying we need to understand how the system works who run because of us off returns highly educated people highly highly but when it comes to economics understanding how money works in this country like we will not will us in that category and that's why it's not about making money understand America.

And hurt us is works in unearthing I'm talking about that's why even when the African leaders return like I'm more unhappy you know to do it because every time I have an opportunity to tell our people we have 15 people on this floor if I have one person that decide to do something that is a positive that's where I look at it if I have to do it I.

Decide to do something that is a positive right because we gotta start somewhere so yes thank you mister enjoy cool I'm just trying to be constant of your time I'm not sure anybody on the on the chat still have any more questions while we still have so please you know let me share my contact information real quick yes sorry I'm gonna have to write.

Around here so this is my cell three five four five three zero seven one eight five if you guys can see myself my email is P in Georgia number nine Gmail dot-com and it's Paul and Jocko here you guys see my screen I don't know see my boy I'm sure five three zero three five four seven one in five right yeah so.

Again feel free you know if you wanna reach out you can only stall test and then that way we can have a conversation again for me more than anything this is just you know understanding different things out here I'm not on anything I'm on people not knowing the option I'm not by anything so thank you again mr. joke who we just have one more session for.

You I think Felicia will go ahead and take that away mr. Paul thank you so much fun information lots of gems and powerful info so give us your America Bruce my number one rule when it comes to different money in America and also some of you that are familiar with Warren Buffett I think is the best investor in our generation so my common.

Sense will be anything you do this money the key to building wealth or build a legacy you cannot afford to go backwards right so when it comes to anything that you can reduce your risk I know so there's benefits time long time is am I going to lose money on this is it going to cost me and that's what drives my decision when it comes to.

Everything that I do bones here and also in my hearing I think if all of us you know can understand again that's where the instant gratification it can not be looking at now when it comes to transmen right you can also download money not gonna be like 'hot going in right if i put in a dollar that.

A dollar should be able to go to ten dollars long time or be but if I put in a dollar and then long time is going to 50 cent then it doesn't make sense to do right so so that's you know Selassie you need to look at I'm not trying to say like someone for you but I look at the human eye still in the following class I'm not saying that but.

I'm just saying long term and you you know like you cannot afford to lose money because if you try to build wealth then anytime you lose money going Baptists right you can buy in our world but can I have more than following K could be 19 happen I lost 20 percent when some people rely where Paul I'm young so you know this thing goes up I'm.

Going on okay you can look at it that way or you can look at well if you didn't go negative 20 and you went forward where do you think it would be you start up going from 100 to 80 you would have gone from Congress to 120 so not 20% that you lost how long is it taking you to opportunity lost opportunity cost that's what we call.

What is that costing you being in negative for 20% and for how long Brian Fisher if that money wasn't another vehicle how long it took you to go negative 20 that's like additional 10% I'm saying make a difference so again like I said you know this thing I've thought it through over years and I just feel like a lot of a lot of what I.

Put my money in things right you know but for a long time right so you know nothing all of us should be you know looking at it down so oh thank you thank you so much there's a lot of gems of information and thanks for joining us for today so everybody else as well thanks so much for your time I know

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