OPA 2 OPM
In the ever-evolving landscape of entrepreneurship, accountability and adaptability are two sides of the same coin. Join us on Others People Audience 2 Other People Money as we explore the art of being accountable while orchestrating a successful pivot in your business.
Hosted by DéMille Morris @Railway2Success, Markel Gale @Mogulsince97 & Alex Johnson @ _ajthe1, this podcast dives deep into the stories and strategies of entrepreneurs who have not only weathered storms but have thrived amidst change. Whether you're a seasoned business owner or just starting on your entrepreneurial journey, this podcast is your guide to mastering the delicate balance of accountability and pivoting.
In each episode, we bring you inspiring conversations with experts, business leaders, and innovators who share their real-life experiences, lessons learned, and practical advice. Discover how accountability is the foundation for making the right decisions and ensuring your business stays on course, even when the unexpected happens.
Through engaging interviews, insightful discussions, and actionable takeaways, you'll learn:
- How to set clear goals and metrics for your business.
- Strategies for fostering a culture of accountability within your team.
- The art of recognizing when it's time to pivot and adapt your business model.
- Tips for effectively communicating and implementing changes.
- Success stories of businesses that not only survived but thrived after a pivot.
Whether you're facing unexpected challenges or simply seeking ways to stay ahead in a competitive market, "Navigating Accountability and Pivoting in Business" offers the wisdom and guidance you need. Tune in to gain valuable insights and transform your business into a resilient, agile, and accountable powerhouse.
Don't miss an episode – subscribe today and embark on a journey toward business success through accountability and strategic pivoting.
OPA 2 OPM
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 S