Most people think they're in just one business - their job. We’re also all taught that success comes from working hard at a job, earning a paycheck, and saving for the future.

But here's the thing, whether you realize it or not, you're already in the banking business. Every time money moves through your life - paying bills, making purchases, saving for the future - someone is profiting from that flow of capital. Usually, it's the banks.

What if it could be you?

In this episode, we dive into why you should run your household like the enterprise it is while building your own family banking system.

Think about it - your day job exists for one reason: to support your family's well-being and future. So why let other institutions capture all the financial benefits from your hard-earned money?

• A Man’s Two Businesses: Every man should focus on two core businesses: his primary vocation, which provides income, and his "banking business," which involves managing personal and family capital. By controlling the flow of money through IBC, families can capture financial benefits typically earned by banks, ensuring long-term financial security and independence.

• The Home is the Ultimate Business: Your home isn’t just where you live; it’s the most important business you’ll ever run. The household is the ultimate enterprise; Every job you take or decision you make should work toward securing your family’s financial stability. Treating your household like a business means planning ahead, protecting what matters, and prioritizing your family’s future.

• Family Banking System: Why borrow from a bank when you can be the bank? By setting up a family banking system with whole life insurance policies, you can fund major expenses like cars or college while keeping the profits in your own family. It’s about building financial independence and creating options for your loved ones.

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If you’re a parent chances are you’re constantly thinking about securing your children's future.

Traditional financial planning for kids usually stops at college savings. But what if you could build a financial fortress that grows for generations? Enter children's whole life insurance – These policies offer a unique combination of guaranteed growth, tax advantages, and flexibility that can create lasting generational wealth.

We get into how these policies work, why they outperform traditional college savings plans, and most importantly, how they can create a legacy of financial independence that spans centuries.

• Foundation of Family Banking: Children's life insurance policies enable generational wealth starting 14 days after birth. Immediate cash value builds tax-free through compound interest. Insurance companies require equal coverage between siblings to prevent any incentive disparities, with coverage typically limited to 50% of the parents' existing policies. The resulting pool of capital becomes a flexible financial foundation - accessible for education expenses, business ventures, real estate investments, or any other purpose without restrictions or penalties. Unlike traditional savings vehicles, these policies combine immediate utility with long-term growth potential, creating a financial legacy that can span generations while maintaining full access to funds throughout the child's life.

• Strategic Advantage Over 529 Plans: Life insurance policies maintain growth even when borrowed against - a key difference from 529s which stop growing when withdrawn. No market dependency or educational use requirements. Death benefit included. Invisible on FAFSA applications. Offers privacy and flexibility 529s can't match.

• Multi-Generational Impact: Creates century-spanning financial independence for descendants. Requires careful trust structuring and family constitution development. Protects future generations from economic pressure, enabling principle-based decisions. Success demands meticulous planning but impacts great-grandchildren and beyond.

• Critical Financial Education Component: Parents must actively teach capital management and banking principles traditional schools ignore. Knowledge transforms inheritance from potential burden to growth tool. Combines financial wisdom with family values. Creates capable wealth stewards prepared to expand legacy. Education proves as valuable as the wealth itself.

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Understanding life insurance underwriting is critical.

Most agents gloss over the complexities to get straight to the sale, but Hans Toohey and Brian Moody move beyond the typical "just buy term" conversation to examine the intricate process of getting approved for coverage, especially for military service members.

Underwriting differs dramatically between civilian and military applicants. In this episode, they discuss the unique challenges of military pilot ratings, the impact of VA disability claims, and the often-overlooked financial qualification process. Hans and Brian draw from their experience working with military personnel to provide actionable insights about medical exams, financial requirements, and navigating the complex military medical records system.

Getting coverage while you're insurable is paramount, VA disability claims require careful timing, and understanding the underwriting process matters more than chasing the best rates.

• Dual Qualification Required: Life insurance stands alone in needing both financial and medical approval. Financial looks at income and existing coverage, while medical requires exams and health history. Once approved, it's a binding contract that can't be changed.

• Military Service Adds Complexity: Military pilots face extra charges that civilian pilots don't - $4/thousand for fighters, $2/thousand for helicopters. Deployments complicate coverage, and getting military medical records is notoriously difficult. Simple assignments like moving overseas can trigger special reviews.

• VA Claims vs Insurance Timing: The VA system rewards claiming maximum disability, while insurance rewards good health. Mental health claims especially impact insurability. Key advice: Get insured before filing VA claims, as these records become permanent.

• Focus on Getting Coverage: Whether you get preferred or standard rates matters less than securing coverage while you can. Most people don't get healthier with age. Even if tobacco use or high-risk activities bump up your rates, having coverage beats being uninsurable later.

Got Questions? Reach out to us at info@remnantfinance.com

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