Mindsets/Financial IQ

[T-Matt]

I currently live in the St. Petersburg/Tampa area and have recently grown a level of frustration with the market. After taking a business trip out to Oakland and San Francisco, I realized that it's not me. I'm not the problem. People in Florida are dead inside, they are. They are content with a Job, they are content with never having compound interest on their side, they are happy being average. I walked into the most ghetto part of Oakland and I met some drug dealers and just down right ghetto people who knew more about money and business mindsets than some moderately successful people over here on the east coast. I was just curious if some of you guys noticed the difference between Floridians and other citizens..

I loved it over in San Fran/Oakland. I made more business contacts in 4 days than I make in 4 months over here.. I'm going to do a 7-pay EIUL for one of the biggest drug dealers in Oakland. He even has a fictitous LLC, so, we're going to do an EIUL for him personally, him as a key business person, as well as one for his company. That's over $5,000 compensation for me, AND he's going to be set for life. I am just fascinated.

Let's discuss this...

T-Matt

 

[chewyxrage]

What is a 7-pay EIUL?

 

[T-Matt]

What is a 7-pay EIUL?

7-pay is the maximum amount of money you can contribute to a life insurance policy to keep it a modified endowment contract.. in other words, in order to take full advantage of its tax benefits and liability sheltering benefits.. IE.. Life insurance cash value cannot be obtained through a lawsuit or divorce. In order to access the money one needs to 'loan' it.. because it is a 'loan' the IRS cannot treat it as taxable income.. I'm glad a ghetto ass drug dealer in the middle of Oakland can comprehend this but an Engineer with a PhD (Permanent head Damage) cannot...

EIUL is an equity index universal life insurance policy.. the subaccount grows on the S&P 500.. You are guaranteed your principle plus 1% growth regardless of what the market does..

 

[ZKaudio]

dude sf is ghetto nowadays... GREAT restaurants though... you should really check out la if you want to make money...there are more good looking women and you can choose to live in a nice part of LA, instead of sf where the most expensive parts have the most bums.