In today’s episode, Jeff interviews Mark Willis, a financial advisor who had a lot of student loan debt after attending college. Mark had no plans on how to pay off the debt and no job. Mark started on the Dave Ramsey debt snowball method and then learned about whole life insurance. Structured correctly a whole life insurance policy has a lot of benefits. Join Jeff and Mark as they talk about Mark’s journey and a strategy to bank on yourself.
Mark and Jeff discuss:
- After high school; getting ready for college and his mom helped him get student loans.
- Fast forward to 2008, graduated with $120,000 in student loan debt, a family, no job and no plan to pay it off.
- Mark began his journey to get focused on his own finances after receiving his first student loan bill.
- Working for a CPA at the time helping prepare tax returns, he heard the CPA telling people how sorry she was that they lost half their life savings.
- Since then, he has started a financial firm working with clients all over the country to help people take back control over their financial future.
- His philosophy: Eye opening experience; following David Ramsey's method, the debt snowball.
- Problem of opportunity cost when you buy an ice cream cone, you say no to investing/buying anything else with that money.
- Second ah ha moment; Paying for debt with cash, was a loser strategy.
- Bank on yourself concept: a financial tool that uses an insurance contract called dividend paying full (whole) life insurance contract.
- This strategy isn't an overnight success, you need to be a patient saver.
- Five stages of financial freedom; it's a process (milestones on the journey to your freedom days).
- New in your world: helping clients achieve financial freedom with minimal risk and helping other advisors.
Fast Five Questions
- If you woke up and your business was gone, you have $500, a laptop, a place to live, and food, what would you do first? “Time block. I would grab a sheet of paper and time block. The most important skill you can have as a business owner. Time blocking is choosing chunks of time to focus on certain activity types. Boundaries around email, family, etc.”
- What is the biggest mistake that you have made in business? “Finding who the right hire’s are.”
- What is a book that you would recommend? “The bank on yourself revolution by Pamela Yellen and The road less stupid by Keith Cunningham.”
- What is a tool that you use everyday that you would recommend? “TextExpander.”
- What’s your definition of freedom day? “Inspired by Victor Franks quote, freedom is the choice to have an attitude that you control in the midst of your circumstances.”
- What is the best way to contact you? “kickstartwithmark.com.”
Jeff spent the early part of his career working for others. Jeff had started 5 businesses that failed before he had his first success. Since that time he has learned the principles of a successful business and has been able to build and grow multiple seven-figure businesses. Jeff lives in the Austin area and is actively working in his community and supporting the growth of small businesses.
Connect with the Freedom Nation podcast at www.freedomnationpodcast.com
You can connect with Jeff through
Instagram: https://www.instagram.com/freedomnationpodcast/
Twitter: https://twitter.com/JeffKikel
LinkedIn: https://www.linkedin.com/in/jeffkikel/
