Grow your wealth with financial planning with Jared McKay

Summary

In this conversation, Jared McKay shares his background and how he got into financial planning. He emphasizes the importance of separating personal and business finances and provides insights into tax strategies for entrepreneurs. McKay also discusses investment strategies for business owners and the challenges of saving for retirement. He recommends leveraging life insurance as a retirement savings tool and explains why it can be more advantageous than traditional retirement accounts. This conversation explores various aspects of life insurance, including income and contribution limits, taxation for high-income earners, accessing money from insurance policies, and the importance of properly structuring insurance policies. The discussion also covers the limits and maximums of life insurance policies, the concept of front-loading insurance policies, and the benefits of having multiple policies. The conversation emphasizes the importance of creating generational wealth through life insurance and the role of insurance in business succession planning. Overall, the conversation provides valuable insights into the world of life insurance and its potential benefits.

Takeaways

• Separate personal and business finances to ensure accurate accounting and maximize tax benefits.
• Consider leveraging life insurance as a retirement savings tool, as it offers tax-free growth and flexibility.
• Diversify your investment strategies based on your risk tolerance and financial goals.
• Start saving for retirement early and have a clear plan for your business's succession or exit strategy. Understanding income and contribution limits is crucial when considering life insurance options.
• High-income earners often face significant tax burdens, making tax planning an important consideration.
• Insurance policies can provide access to cash and serve as a source of funding for various purposes.
• Properly structuring insurance policies is essential to maximize benefits and access to cash.
• Life insurance can play a significant role in creating generational wealth and business succession planning.

Chapters

00:00
Introduction and Background

02:27
Getting Started in Financial Services

05:00
Separating Personal and Business Finances

06:14
Tax Strategies for Entrepreneurs

10:00
Investment Strategies for Business Owners

18:20
Saving for Retirement as an Entrepreneur

32:33
Challenges of Saving for Retirement

37:28
Choosing Life Insurance over Traditional Retirement Accounts

40:56
Income and Contribution Limits

41:14
Taxes for High Income Earners

41:37
Taxation of Professional Athletes and Consultants

42:18
Contribution Limits and Insurance Policies

43:08
Accessing Money from Insurance Policies

44:04
Properly Structuring Insurance Policies

45:00
Limits and Maximums of Life Insurance Policies

45:25
Multiple Life Insurance Policies and Accessing Money

46:18
Limits and Front Loading Insurance Policies

47:06
Insurance Policies Based on Annual Income

48:02
Accessing Cash from Insurance Policies

49:27
Understanding Death Benefit in Life Insurance

49:59
Term and Permanent Life Insurance Policies

50:37
Living Benefits of Life Insurance

51:38
Examples of Historical Use of Life Insurance Policies

53:05
Creating Generational Wealth with Life Insurance

54:35
Considerations for Entrepreneurs in Choosing Insurance

56:34
Insurance for Individuals with Health Complications

57:34
Business Succession Planning and Buy-Sell Agreements

01:10:45
Creating a Succession Plan for Family-Owned Businesses