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In This Issue... July
28, 2015
Feature Article -
There Are Better Options For Business Owners
Improve your attitude -
Earl Nightingale - Directline
20 -
Courage
and Intelligence
Become Their Trusted
Advisor -
Maximize Sales
& Other Benefits
With Your Local Market Fame
Coaches Corner -
4 Ways to Harness the
Marketing Magic of Reciprocity
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What
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There Are Better
Options For Business Owners!
Dear ~Contact.FirstName~,
A few weeks ago a
CPA called us with a case he wanted help on. He wasn't sure what the best
course of action was for his client and wanted a second opinion.
He told us that
after doing the client's business tax return, the client was going to owe
over $100,000 to the IRS. The client wanted to know what he could do to
reduce that amount. The CPA was considering the traditional advice of using
a 401k, or some other qualified pension plan. Or, possibly setting up a
deferred compensation plan.
While either one
of those is a viable option short-term, we told him there might be a better
way long-term.
Consider, the
first problem with using qualified plans is that you are just delaying the
income taxes due, not eliminating those income taxes. Eventually, you are
going to pay taxes on the amount of money you put into a qualified plan...
plus pay additional income taxes on the accumulation.
Example: If
you put $100,000 into a qualified plan you might initially save $28,000 in income
taxes. However, if over the years that $100,000 grows to a million dollars, the taxes on
the million dollars would be over $280,000. That is over 10 times the amount
you initially saved.
Wouldn't the
client be better off paying the taxes now and putting the money into a
vehicle that would allow him to withdraw the money income tax free in
retirement? Note: A Roth IRA might be an option, however there are
limitations on how much you can contribute, and it phases out based on your
income.
Another
concern
with qualified plans is whether or not sometime in the
future the federal government will lower the Social Security retirement
income for those people who have accumulated a lot of money in their qualified
retirement plans. (means testing) Is there any question that sometime in the
future the federal government will be forced to find ways
to lower Social Security retirement income payments.
"So, what can
we do to reduce the income taxes for my client right now?"
There is probably
nothing we can do to help the client to immediately reduce their business income
taxes. But, there are some options that could reduce, or possibly prevent the tax
problem in the future.
One Option...
Let's assume the client has some business property, with built up equity.
Simplistically, they could take out a loan on that property and write off
the loan interest each year as a business expense. Then the client could put the money into a savings vehicle,
where he could access the money tax free. As
long as the client can make more on the money, than the loan is costing
them, then why not. Besides, it also provides a liquid cash reserve for
problems in the future.
Example:
The business takes out a business loan on the property for $500,000 at 8%.
So, for the next 10 or 15 years they would have a tax write off of approximately $40,000 of loan
interest. And, they would save
approximately $16,000 in income taxes... Net cost of the loan is
approximately $24,000 per year. They can then use the $500,000 to buy life insurance
on the owner, partners, or key employees. (Note: The life insurance premiums
are not tax deductable. But, the part of the premium that is paying for the
death benefit may be deductable.) Done right, the policy builds tax deferred
and they can generally get at the money income tax free in retirement.
Another Option... The business could
bonus the client some money, which is a tax deduction for the company and
taxable to the client. The client could then take out an equity line of
credit on their home to offset the taxes due on that bonus.
Example:
The company could bonus the client $4,000 per year. To offset that amount
the client could take out out a $100,000 equity line of credit at 4%. The
client then uses the $4,000 to pay the loan interest and use that interest
payment as a tax write off
each year. The client now has $100,000 to immediately
put into cash value life insurance.
Note...
These are very simplistic examples. There are some other tax
rules
you have to consider to do this properly.
Jeremy
Nason
Trainer, Coach & Mentor
'The 9 Out Of 10
Guys'
__________________
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The Quintessential Element
What used to work in the financial industry no
longer works. Many of you have probably experienced or suspected
this over the last couple of years. Marketing that used to work,
no longer does. Sales presentations that used to “wow” people,
just turns them off now. People have become jaded. Their
attention span has plummeted. Here is the ingredient that is
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Disability statistics from 2014
Consumers have a great deal of misunderstanding
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falsehoods about disability insurance. Here are the top
5 myths about disability insurance.
Best of John Savage
An hour long audio of tips from one of the top
financial industry leaders of his time.
The best way to stay in front
of
your clients, friends,
family, neighbors and prospects is with a
personalized
client newsletter! Note: You can get a free
NON-personalized client
newsletter as a member of the Insurance Marketing and Sales Resource Center.
Are you offering a
booklet or free report on your web site, social media page and monthly newsletter? If
not, you are missing out on a huge opportunity to build your credibility,
to attract people to you!
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Not sure
we can help, or if our services are right for you... Don’t Wait...
Call us Toll Free to schedule a No Obligation,
Free 15 Minute Consultation
with Lew or Jeremy.
Toll Free In US 877-297-4608 / Direct
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Shame For You To Struggle Finding
Prospects
& Closing Sales, When Our Members Do It So Easily!
(At only $25 per month can you
afford to pass this up?) |
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Improve Your
Attitude And Change Your World |
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Earl Nightingale - Directline
20
As courage
and intelligence are the two qualities best
worth a good man's cultivation, so it is the first part of
intelligence to recognize our precarious estate in life, and the
first part of courage to be not all be abashed before the fact.
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How To Become The Most
'Trusted
Advisor'
In Your Local Community! |
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Maximize Sales
& Other Benefits
With Your Local Market Fame©
By Forrest Wallace Cato
For over forty years I have guided people in the
war for fame with instructions that I know to be priceless. You
can win fame right where you are. I enjoy sharing this knowledge
with Insurance Pro Shop® readers. You have to win your fame --
this is the only way to acquire fame. You need to know how to
accomplish this properly -- it is doable today if you have the
correct program. Some celebrity promoters and PR agents turn
every aspect of the process into a “big deal” so that they can
claim large fees from you. Don’t go this route.
My experience includes occasional ‘hand holding,’ pampering,
coddling, soothing, and reassuring, as well as nagging and
pushing, -- all in an attempt to get clients to their targeted
objectives.
MDRT super-star Norman G. Levine says, “You are not
likely to stick with even a proven system unless you understand
how the system works. Find and keep the discipline to properly
execute a sufficient number of the project requirements in your
fame-building program. You can become famous where you earn your
living, plus remain famous. But very few agents or planners know
how to accomplish this.”
The benefits of fame for you can be enormous -- so many, in fact,
that I will not attempt to list all of them here. There are few
short-term or long-term benefits from being a publicity hound.
But actual fame is priceless if you want to make maximum sales,
to be highly influential, or to increase your power.
Jeremy Nason of the Insurance Pro Shop® says, “You are the only
person who truly knows all that you really intend to achieve by
using fame. With your fame building plan in action, as you
master the rationale behind the concepts enacted, and place the
media to work for you, you will gain a higher-and-higher degree
of influence over your odds for success.”
The following contains a limited number of benefits you can
obtain. You will immediately think of benefits that are not
included in this list.
Your Most Important Benefits
After You Become A Local Celebrity
-
Your main personal or individual benefit is that you
will eventually become a famous person where you are.
-
You will strengthen your willpower.
-
Your choices and actions will vastly improve as your wisdom
grows.
-
You will stop depending on your fame to “just happen” or
expecting to be “discovered.”
-
You will discontinue making so many attempts
that fail.
-
Your fame will open a very large number of additional doors
for you as the byproducts of your fame are huge.
Lew Nason says, "You can easily become
well known in your local community with Forrest Wallace Cato.
Cato's approach will build your knowledge, skills, and
confidence"
-
You can actually become famous rather than falsely claiming
fame
and credibility, on a lying, embellished, and exaggerated web
site,
or in an untrue biographical sketch.
-
Your desire for personal fame without executing a consistent
and proven workable plan remains only a desire. There must be a
series of related ongoing projects, all well executed.
-
With his help you will become realistic about the pursuit of
specific objectives that fame can place you on track to obtain.
-
When your fame is obtained you can far more effectively use
the multiple benefits that your fame makes possible.
-
You can stop spinning your wheels and actually achieve:
Wealth
Appreciation
Acceptance
Recognition
Renown
Acclaim
Become “Someone”
Establish Yourself As A Leader
Reposition Yourself
Make A Comeback And Be Stronger
Obtain Power
Gain Influence
-
Since you can finally become someone well-known and admired
you will most likely choose to become someone well-known and
admired.
-
You will not continue to remain as you are -- little known.
-
You are more likely to win a million dollars from Nigeria than
you are to become famous without specialized help. Now you have
honest and highly qualified help that is not out to continually
sell something expensive to you.
-
Capture more of the energy from your efforts and extend them.
-
Sticking with this image building program often becomes the
quest that brings purpose and greater achievement into your life
and career.
-
With this strategy you can bring about the power of belief and
confidence in you.
Can you write three more targeted realistic objectives
that you can obtain?
_________________
ForrestCato@gmail.com
www.CatoMakesYouFamous.com
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You'll Quickly
Double and Triple Your Income, When You Become The 'Trusted
Advisor' People Want To See! |
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We Have Kept Our Services Affordable For Everyone
Please consider, we
could charge you $3,000 or more upfront, with annual renewal fees for
our proven sales systems and training, just like everyone else does.
And, we could cater to those few agents, advisors and planners that can
afford our services. Or, we could recruit a few agents, advisors and
planners and require them to contract with us to receive our systems and
training, so we could make an over-ride on their business.
However, this isn’t about us making money. This
is about us giving back to this great industry and trying
to make a
difference. We created the Insurance Pro Shop
because there is a serious
lack of any real, creditable insurance marketing, prospecting and sales
training in this industry. So, we decided right from the beginning that
we wanted to give as many people as possible the best opportunity to
succeed and earn a significant six-figure income. Accordingly, we are offering our
proven systems and training at a fraction of the cost of everyone else.
You'll get all the tools & training you need in
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Coaching Corner |
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4 Ways to Harness the
Marketing Magic of Reciprocity
By Paul M Mallett
There are dozens of
definitions of marketing. I certainly have my favorites, but one
that many of us have probably heard is: “Marketing is
influence.” It’s the
art of persuading your customers and other stakeholders to see
your value and take an action that benefits your business - and
hopefully them.
When it comes to
influence, there are a number of proven principles you can
leverage in your marketing efforts. One of the most effective is
the principle of reciprocity. Reciprocity is the tendency for us
to want to give something back when we receive something of
value. It’s strongest when we perceive there is no expectation
of us providing something in return.
Think about it. When
someone gives you something as simple as a “thank you,”
you feel compelled to respond with “you’re welcome.” In
fact, not only are you psychologically compelled to give
something back to the person that gave to you, you’re also
compelled to eliminate any sense of indebtedness to the other
person. It’s true. It’s in our nature.
Now, before you start
accusing me of manipulating others, let me say this: There is a
fine line between persuasion and manipulation. We all walk that
line every day. The difference is in our commitment to
persuading people to do what is also beneficial to them. Intent
matters. Stay on the right side of that line, and all is well.
Given that reciprocity is
a real force of human nature, there are very specific and
practical ways you can put the principle of reciprocity to work
for you in marketing your business. Here are just a few:
Give,
give, give.
I often recommend advisors
join a local networking group. Quite often, I hear, “I’ve
tried that, but it didn’t work. I wasted a lot of time for no
business.” When I ask how many referrals they provided to
the others in the group, the response is usually an
unintelligible mumble. Reciprocity only works if you give first.
Then, do it again and again.
Ask people for their biggest
concerns.
For reciprocity to really
work, you must learn to put the needs of others before your own.
That’s the irony of this principle. Ask clients, prospects and
referral partners what keeps them up at night, and do it with
sincerity and empathy. If they know you really care, just asking
the question will trigger appreciation and a desire to do
business with you.
Write a
value packed blog or article.
To take the last point to
the next level, write and share a blog or article that helps
your prospects solve their biggest problem. Obviously, you can
only help with issues that can be resolved with your specific
expertise. Teach them something of value they didn’t already
know, and you’ll likely trigger the urge to reciprocate.
Offer
access to your resources.
Show people where you go
for information. Give them access to software tools. Do some
basic research for them. Be generous with your best information.
Find a way to create real value, and then give it to them with
no expectation of anything in return. Do something nice like
that, and most people will feel compelled to do something nice
for you in return.
The principle of
reciprocity can provide a real spark to your marketing efforts
if you make it a point to follow a few simple rules:
-
Be genuine. Put the
needs of others first. Expect nothing in return.
-
Deliver stellar
service when you get the opportunity.
-
Don’t be afraid to
ask for help or business at some point, but don’t connect it
to what you have done for them.
-
This is big. Don’t
let laziness, fear, envy, or selfishness get in the way of
helping those that can potentially help you.
Master the principles of
reciprocity and you’ll be blown away by the impact on your life
and business. Not only will selfless giving boost your business,
it’s also one of the keys to happiness in life.
I call that a win-win.
_______________
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You Can Double and Triple
Your Appointments and Sales, By
Learning To Ask The Right Questions!
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Now With 3 Months Of One-on-One
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This is the in-depth annuity and
life insurance
appointment setting, fact-finding and sales
training, with personal coaching and mentoring that you expected, but
didn't get from your Company, IMO or FMO!
"Lew
& Jeremy - First off, I wanted to say THANK YOU. I am just at the tip of
the iceberg of potential and have a lot of bad habits to 'wash out' and work on
new good habits everyday. I have been following IPS for years and have bought a
few of your systems over that time. Things really didn't click, or I ignored
your wisdom, most likely the latter, but as financial professionals we owe it to
our clients and ourselves to become that - professionals. I believe EVERYONE
should buy your fact finding DVD's at a minimum. This is the foundation
for working with a potential client, asking questions in order to get them to
realize they have problems (some that they may not know about previously),
understand those problems simply and how you can help their problems with simple
solutions without discussing product. I now know when I exit my initial meeting
if I did a good job of asking questions and getting the potential client to buy
into concepts. If I didn't do a good job, I know what I need to work on as well.
Just by getting down to the fundamentals, I have added two clients in the past
two weeks with over $25k in annual life premium + $100k-200k rollover funds.
This is not even discussing the other appointments I have set in the next two
weeks. I have been recommending you to other agents I know who are having
similar issues. Thanks Lew and Jeremy! You guys are great!
Mike Spence,
President of Wealth Building Methods, LLC - MN
Not sure
we can help, or if our services are right for you... Don’t Wait...
Call us Toll Free to schedule a No Obligation,
Free 15 Minute Consultation
with Lew or Jeremy.
Toll Free In US 877-297-4608 / Direct
Line 770-443-2852
(M-F, 9AM-5PM, EST)
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