Dave Lukas Chats with Mark Willis
374: How Anyone Can Be Their Own Bank and Build True Wealth with Not Your Average Financial Advisor, Mark Willis
This week’s Misfit Entrepreneur is Mark Willis. Mark is a man on mission to help people think differently about money. He is the founder of Lake Growth Financial Services, a three-time #1 Best-Selling Author, and host of the Not Your Average Financial Podcast.
After graduating with six figures of student loan debt and discovering a way to turn his debt into real wealth as he watched many people lose their retirement savings and home equity in 2008, Mark set out to help his clients take back control of their financial future and build their businesses with proven, tax-efficient financial solutions unknown to most financial gurus. As a result, he has become known as “Not Your Average Financial Planner!” and helped hundreds of clients and entrepreneurs radically change their wealth path for the better.
I’m excited for him to share his methods and ways to maximize your income and become debt free.
Like many people, Mark didn't know much about money as he went through school and wasn’t taught much because schools generally don’t. And like most, ended up with some hefty student loan debt – over $100k worth. Nowadays, though his methods, he’s been able to wipe clean all that debt and not just get out of the debt, but be better than debt-free. These strategies are what he uses with clients and even have trademarked them.
Mark works with business owners, real estate investors, even NFL Super Bowl champions. But most clients are people looking for more control, certainty, capacity and potential realized in their life. And that's what he loves doing all day long in working and serving his clients.
You're known as a sort of contrarian financial expert. What is your philosophy on investing in wealth building?
At the 10 min mark, we have a great discussion on the longer-term future of the economy and investing in general.
You're a big proponent of the bank on yourself principles. And I think a lot of people have maybe heard the term before, but they're not sure necessarily what it means. Explain what Bank On Yourself is and how it works…
As an example: Let's say I've got $200,000 of cash value, and you borrow out $180k to go buy a real estate deal. The policy will continue to grow and compound on the full 200,000, even though you’ve borrowed out the $180k. And of course, the $180k is doing its work in that real estate deal as well. You have complete control to repay that loan to the policy and can set up a repayment plan or not. If you never pay off the loan, they just deduct it from the death benefit when you pass away.
At the 29 min mark, we discuss this in more detail…
I've heard you say that you can make it so that even if someone runs out of money, they don't run out of income. Explain that.
What is the downside?
What are like three red flags that a policy like this or a set up like this is being done wrong that people should know about?
Mark Willis, CFP® (35:32.502)
Dave Ramsey has the debt snowball method. You have the debt snowbank method. I think I know where this goes, but explain the difference.
Another thing that I've heard you talk about before is there's somehow a relationship between Mount Everest and retirement somehow. So how does Mount Everest have something to do with retirement?
Top lessons that you've learned on your entrepreneur journey that you feel are really important for our listeners and people that are watching?
Being an entrepreneur is tough sometimes. There is so much we need to do, but so little time to do it all. Let’s face it, we need help, but we may not be able to afford or need a full-time employee or employees.
That’s where services like Fiverr come in where you can find professionals for just about every specific need you have in your business at great value to get things done. In fact, whole businesses are outsourced to Fiverr these days.
I love Fiverr because where I don’t have a specific area of expertise like logo design or social media management, or anything that is outside my zone of genius, I can find a pro in seconds to take care of it. This helps me to keep focused on the most important things I need to do while covering the rest.
And one thing I love about Fiverr is if you do want to get a step by step on how to do something in your business, so you can hand it off or even outsource the task, they have a tested, proven guide that you can get for pennies to help you in every area of business.
Misfits, if you are not putting the power of a service like Fiverr to work for you, now is the time. Just go to www.MisfitEntrepreneur.com/Fiverr and get started!
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