1 Million Dollar Question – Episode 155

Summary:

Best selling author Kim Butler and co-host No B.S. Money Guy Todd Strobel cover a listener question of what to do when you have a million dollars. They give several case studies on how to protect the money and what to do with it to make it grow.

Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at welcome@ProsperityThinkers.com and we may answer it in an upcoming episode.

Links in this Episode:

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Submit your questions welcome@ProsperityThinkers.com email subject line: Million Dollar Podcast

Show Notes:

00:00 Introduction

00:38 Today’s topic: 1 Million Dollar Question

02:41 Listener question of what to do with your first million

03:25 What does it mean to be a millionaire?

05:55 How much debt you should pay off if you had $1M

07:03 After inefficient debt is paid off there is something more important to do before you invest

08:43 How to protect yourself by buying your own disability coverage

10:01 Taking advantage of your insurance policy while still alive

10:50 Create extra cashflow and save it to protect yourself from emergencies

11:59 Does it make sense to put money in an annuity?

14:17 The argument of net worth vs cash flow

16:01 Putting money into life settlements

17:09 If you want more information on how to use cash flow from life insurance, bridge loans or life settlements email welcome@ProsperityThinkers.com with the subject line: Million Dollar Podcast

18:21 Case study for a 59 ½ year old

19:45 Inflation is one of the biggest detriments for retirees. Kim explains how to beat inflation.