Preview:

Today we have a special edition of the show where we’re going to share Ryan’s recent appearance on the Wealth Warehouse show with David Befort and Paul Fugere. David is the Founder/CEO of Max Performance Financial. He founded the company with the mission of educating people on the truths about money. Paul, on the other hand, is an Active Duty U.S. Army officer who graduated from Norwich University in 2002 with a B.A. in History and again in 2012 with a MA in Diplomacy and International Terrorism.

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More About This Episode:

The ​episode ​tackles ​financial ​strategies ​tailored ​specifically ​for ​pilots, ​covering ​everything ​from ​best ​practices ​in ​managing ​a ​pilot’s ​401k ​to ​the ​principles ​of ​infinite ​banking. ​The ​discussion ​goes ​a ​little ​bit ​further, ​exploring ​the ​often ​overlooked ​aspects ​of ​insurance ​policies, ​the ​benefits ​of ​opening ​policies ​for ​children, ​and ​how ​pilots ​can ​ensure ​access ​to ​capital ​throughout ​their ​careers.

 

Here’s what we cover in this episode:

0:00 – Intro

2:37 – Your 401k custodian

5:23 – What drew Ryan to infinite banking?

9:32 – Life insurance considerations

14:13 – Planning for retirement

18:32 – The retirement toolkit

22:15 – Setting up your children for financial success

27:53 – Getting the government out of your finances when possible.

 

Resources:

Check out the Wealth Warehouse YouTube channel: https://www.youtube.com/@Thewealthwarehousepodcast

Retire Pilots – https://retirepilots.com

Get your FREE Retirement Toolkit – https://bit.ly/3ZmZsaX

Pilot Tax – https://pilot-tax.com/

The Pilot’s Advisor Podcast is also on video. Watch & Subscribe on YouTube: https://bit.ly/3EIEBW2

Connect with Pilot-Tax: https://pilot-tax.com/

 

Episode Transcription:

(Note, this is an automated transcription. Please forgive any errors.)

Walter Storholt  00:00

Up next, it’s a special edition of the pilots advisor where Ryan Fleming was recently a guest on the podcast wealth warehouse, your go to guide for infinite banking, which is also hosted by two fellow pilots. The episode tackles financial strategies tailored specifically for pilots, covering everything from best practices in managing a pilot’s 401k. To the principles of infinite banking. The discussion goes a little bit further exploring the often overlooked aspects of insurance policies, the benefits of opening policies for children, and how pilots can ensure access to capital throughout their careers. We’ll link to the wealth warehouse podcast in this episode’s description, so you can check out more of their episodes. In the meantime, let’s get to today’s episode. Here’s Ryan with the hosts of wealth warehouse, David, the founder and CEO of max performance, financial, and Paul, an active duty US Army officer.

 

Dave Befort  00:56

Hey Ryan, welcome to the show, man. Good to have you.

 

Ryan Fleming  00:58

Thanks for having me on the show. I’m an avid listener of the wealth warehouse. So I feel extremely honored to be as a get a guest here talking to two celebrities right now. Yeah.

 

Dave Befort  01:10

You have a right pseudo celebrities. So. So I’ve been a guest on Ryan’s podcast, he’s got a podcast called The pilots advisor. So if you’re, you know, this this episode, anybody listening will will get something from it. But I think pilots especially will really benefit from this episode. Because that’s, that’s who all three of us are. And that’s actually Ryan’s clientele. So, Ryan, why don’t you tell us? Really? What do you do? How long have you been doing it? And really, who do you work with?

 

Ryan Fleming  01:46

So I’m a pilot myself, but I’ve been a financial advisor since Oh, eight. So I’ve been doing it for a long time. But we’re the way my business developed was, I eventually realized that, you know, whether it was people I flew with in the military or at the airlines, those are the people that were by natural nature, the people that I wanted to help. And so it kind of just happened that way. The beauty of it is I know, the 401k is of all the companies I live it, I live the lifestyle. So I don’t have to reinvent the wheel every time I know about 80 to 90% of everything I need to know, just by knowing somebody’s background, or what airline they fly at. So we can really focus on those deep details to have that full financial picture to help them protect their families. And I think that that’s another piece of all the things that we do that brought me to you guys.

 

Dave Befort  02:37

That’s great. And I think a lot of I never knew this until you and I started talking about over a year ago, you and I linked up. But I never knew this. And there may be some pilots, I don’t know, you can tell me if I’m wrong. There may be some mainline pilots who also don’t know that their 401 k does not have to be managed by the custodian that the company offers them. Yeah,

 

Ryan Fleming  03:01

so this is something that’s a little bit different than not every pilot knows. And I helped tons of pilots actually with their 401k and help, you know, manage those assets with a company called Howard capital. And the way to think about this is when when your airline builds out a 401 K plan, if the custodian say fidelity, they go in, and then they pick 10, or 15 different mutual funds. And the average pilot goes out there and selects a few of those or selects, God forbid, a target date fund. And then they just let their money just sit there and they don’t know anything about their life and and they get mediocre returns. Well, inside those plans, there’s actually something called a brokerage link, where you can invest in anything on Fidelity’s platform. For Charles Schwab, it’s called a PcrA, a personal choice retirement account. So that’d be for Southwest pilots, United pilots, those that are with Charles Schwab. But what it allows you to do is invest on anything on their platform. So you can actually engineer a portfolio, that’s going to be much better than something that you would have inside the 401k.

 

Dave Befort  04:02

Nice, because it only makes sense. When you limit your options to just a handful of options, you’re probably going to get sub optimal results.

 

Ryan Fleming  04:11

Well, the way I like to think of it as I’m playing with a full deck of cards, and they’re not. And what I’ll do is I’ll actually analyze the pilots portfolio, tell them some opportunities that we see or what’s out there, and then go back and actually pull historical data for their historic return. So however long they’ve been at the airline, we can go back and and pull. Here’s what you did in 1516 2017. Well, guess what, here’s what we did. And I like to call it the IQ test at that point, because it’s just numbers. You know, some people pass some don’t. But it’s a pretty good IQ test to say, Well, which one of these do you want? And if there is a better way, why would you not want to go down that path and create a better lifestyle for yourself and as I call it, landing safely and retirement.

 

Dave Befort  04:54

Nice. So you’re talking about landing safe, and you use that term a lot? Well, let me go back again. As a little over a year ago to when you and I reconnected because we were at the Academy together, you were a couple years ahead of me. I was actually on the football team, but I was on the meat squad, you were on the starting lineup. So I played wide receiver as well for a little bit. And then problem was I couldn’t catch two, well,

 

Paul Fugere  05:20

if you’d only had bigger hands, if only

 

Dave Befort  05:23

Yeah, that helps. That helps Ryan’s like six foot five. So that’s definitely beneficial in the in that position. But you kind of followed or saw me on on LinkedIn, because I was doing a lot of posting about Infinite Banking. And you would actually already been on board with infinite banking over you know, before you even reached out to me, so it’s not something that that I exposed to you, you, you were already about it. And you wanted to bring this to your clients. So why and this is going to shock everybody, because I don’t, I’ve never met somebody else who has a partnership with a financial advisor who believes in infinite banking and advises their own clients that they should get involved in infinite banking and put some of their capital under their control somewhere that creates that certainty and guarantees and all that. But what appealed to infinite banking to you, because you started doing it yourself. Personally, you do it. Right. So what what was why? Why do you do it? Well, there’s,

 

Ryan Fleming  06:29

there’s a ton of different reasons, I can start going through them. But number one, when we start looking at retirement, everybody, like most pilots know they have to save for retirement, but they don’t understand how the distribution phase works at all. Okay, and one of the biggest threats to your retirement assets is sequence of returns risk. You know, once you’re in retirement, you’re pulling income off of that portfolio and you guys talk about it all the time. You know, when it’s in the market, it can lose 20%. Okay, and you don’t want to be pulling off that when the markets down 20% Well, I think about Infinite Banking, not only for all the other tools, but it’s a hedge against sequence of returns risk. It’s guaranteed money. And I think 2022 was a great year for us to go, Hey, even if you are a conservative investor, with interest rates rising like they weren’t the bond prices were dying, they’re going down. So even as a conservative investor, you could get yourself in a lot of trouble. But guess what? With overfunded whole life, it never goes down, that your fixed income portion or your safe money asset of your portfolio, and I tell my clients, I’d like to have 25 30% of all their assets in a safe money, Safe Money Market, something like that. Now, the other aspect of it that I find that I think still beneficial, the older we get, and unfortunately, we’re all get a little older here, you start thinking about legacy planning, and I don’t think there’s any better way to protect your family have a legacy leverage your money than using overfunded whole life IBC, and one of the biggest holes I see in most pilots portfolios is protecting their family. If something happens to them, their their family is going to be in a really bad spot, and they don’t even realize it or when they retire from that airline, all that all that insurance they thought they had is gone. So Infinite Banking allows us to kill so many birds with one stone, you know, for, you know, because it does so many different things. And I think, as I tell most of my clients, I know this is in your best interest, and no different than you guys say, Hey, you have to discover infinite banking. I know it’s in their best interest, I want to lead them to that trough, like you lead a horse, but I can’t make them drink. At that point, they need to discover the power of this themselves. And that’s where I had you guys. I was a listener on your show, you know, I actually listen to you guys. I discovered you guys as I continue to educate myself on Infinite Banking. And then at some point, it was like, You know what, this works so much better when I have my clients that are pilots talking to other pilots or other military, former military, because we can speak to each other we can relate. And at that point in time, I you know, knowing that the Dave was a Air Force Academy graduate, I reached out to him and I said, Hey, you know, here’s, here’s what I have. I want what’s in the best interest of my clients. Can you help? And of course, that’s how I you know, I got to meet Paul and meet Dave and here we are. Yeah,

 

Paul Fugere  09:32

hey Ryan, you you mentioned you know, the pilots that you work with, they have like a group, a group life insurance policy, I suppose much like fgli like we have in the military. So that vanishes, when they leave the airline they retire at age 65 or or whatever. Typically, what do you see that amount? What is what is that insurance amount that they carry? Is it you know, twice 2x their salary 5x their salary? What is the typical group policy there.

 

Ryan Fleming  10:00

It depends on the airline. And it’s renegotiated a lot of times and new contracts. So there’s some airlines out there that don’t have any. Okay. There’s, like delta, there’s over, you know, I think it’s 1.1 million now. But we’re pilots get caught with their pants down is exactly what we’re talking about is, you know, you don’t want to go out and try to get insured when you’re 65 or even even over 60, you don’t want to do that, right? Well, guess what that group policy is gonna go away. And if you plan for it, you can be way ahead of the game. The other aspect, and I tried to educate those airlines that still have pensions, so we’re talking about a FedEx pilot or UPS pilot. So many people are geared towards taking the survivor benefit that 50% survivor benefit of that pension, should something happen. Well, guess what? If you leverage and use it, overfunded whole life to do that, you have a much, much better benefit. And it’s just numbers. It’s just math, it takes a little bit of planning. And that’s another reason why this this concept, and what you guys do is so powerful.

 

Dave Befort  11:06

Yeah, sticking on that, that topic of just the Group Term Life Insurance, I found working with predominantly pilots over the last year and a half is most of them are woefully under insured. There’s no such thing as being over insured, because the company will not let you be over insured, but you can, you can definitely be under insured and most are when you’re talking about a pilot makes good money, on average, call it you know, two to $300,000 a year if you’ve been lying for so many years, they have about enough insurance for their family to continue their their standard of living for maybe four or five years tops. That’s it. Like that’s unacceptable. And that’s irresponsible. And you’re you’re hanging your family out to dry? Yeah,

 

Ryan Fleming  11:53

I actually get asked this question quite a lot. So let’s say they’re making $300,000 a year. And that’s the lifestyle that your family is, you know, used to, well guess what, if something happens to you, and you know, I get it pilots stick to you know, they’re all type A, they’re, you know, they’re never gonna die, nothing, nothing bad can happen. I get that. But you have a million dollars worth of insurance. And we look at that at a safe withdrawal rate. Okay. What does that give you per year? At a 4%, safe withdrawal rate, you’re looking at somewhere between 40 and 50 grand a year, and we haven’t talked about taxes now. Do you think your family’s gonna be in a really bad spot? If you just have that that company life insurance policy? And once I start talking like that, you know, it’s like, Do you love your family? Yeah. So but yeah, they’re drastically underinsured. In most cases, you know,

 

Paul Fugere  12:43

it, we hear we hear a million dollars, and to a lot of people, you know, we’re still in these, you know, we’re all 80s children. You know, growing up in the 80s, where a million dollars was a lot of money. But it’s, you know, inflation is what it is we’ve printed a lot of money in the last several years. And a million dollars, like you said, I mean, it’s at a at a 4% withdrawal rate. That’s you can’t go from 300 to 40 grand a year and

 

Dave Befort  13:11

live well. Right? Yeah. Yeah.

 

Paul Fugere  13:14

So it’s when you tell them, hey, take your income, if you’re a 45 year old man, take your current income and multiply it times 20. That’s your death benefit goal. And it can be a combination of term and whole life. That’s fine. You know, we need some time for the whole life to catch up. But my goodness, yeah, and I’m glad you’re saying that to them. Right. Because it’s it’s so important, because like Dave said earlier, everybody is under insured. They all are. Yeah, the factor

 

Ryan Fleming  13:40

that it brings to the table though we always talk about that 4% safe withdrawal rate. If you have overfunded whole life and you have these big policies in place, your safe withdrawal rates more like 9% I call it putting that your retirement, you know, on overdrive, but that’s the a totally different lifestyle.

 

Dave Befort  14:00

Yeah, and a tax free lifestyle. Because that income you’re pulling from that life insurance, death benefit is not taxable. So it’s x never money is a good thing. Tax never money. I like that term. So we talk a lot about so you focus a lot about the retirement aspect of this, which is great, because we’ve spoken you know, you sent a lot of your clients over to me who become clients, and a lot of them are in their mid to late 50s. And they’re just now thinking about retirement one because there’s that mandatory retirement age, but a lot of them don’t want to fly to 65 years old, a lot of them are going No 6061 like I’m getting tired of this man. I want to hang it up and just start living living my life on my terms. But they’ve come to realize every dollar that they have come to them in retirement as taxable and they have no idea what the tax brackets are going to be which one they’ll be in what the tax rates will be, or what inflation is going to be If, in the next five to 10 years, you know things can, things can change quick. I mean, five years ago, you could get a, you could feed your family and McDonald’s a family of four for maybe 25 bucks. Now it’s like 60. Like if you’ve ever tried it, it’s like sick. It’s ridiculous.

 

Ryan Fleming  15:20

Well, David, you got 27 Kids, I can only imagine, like, I go, I go to some of these restaurants and just, you know, let’s just grab something real quick. Yeah, no, I, I get 3040 bucks, even at a fast food joint. Chipotle,

 

Dave Befort  15:33

I said, Give me the biggest nugget count, you can give me and each kid gets like three nuggets pay at your dinner. Look it up,

 

Ryan Fleming  15:42

he eats just the fastest eats the most. Yeah,

 

Dave Befort  15:46

let’s just say there’s probably only gonna be one fat kid in this entire house. And that’s, that’s the fastest. But so you focus a lot on that retirement aspect, which is great. Because that’s, that’s key. And that’s what everybody’s, you know, everybody’s conditioned. That’s what they’re planning for. And that’s a very important piece of your overall financial plan and strategy. But another thing that we love about IBC is that you get to use it now. Even while you’re building your retirement over the next 20 3040 years, you get the benefit from the money, you’re putting away the capital, you’re storing in your in your whole life policy today. And that’s a pretty awesome thing that because pilots, a lot of pilots like to spend money. And when they when they understand that that new boat, and that new truck they just bought, they spent 80 grand on the truck and then finance the boat. Well, they just realized, hey, they can’t earn any interest on that 80 grand for the rest of their life, because they just paid cash for that new Denali. And then they realize, Oh, I could have put it here first borrowed against it and kept earning on it at the same time. It blows their mind. And they’re like, I can’t, I can’t one up in there.

 

Ryan Fleming  17:03

And that’s the problem. It’s a lack of education, people don’t understand. And they don’t understand that, you know, an asset can be working for them in multiple different places. And I think there’s a stigma with insurance. You know, as soon as we start talking about insurance, it’s like, oh, where’s the insurance salesman? No, this is stuff that the Rockefellers did to pass generational wealth. And you know, and I think we need people like you guys out there trying to teach a different philosophy teach a different way. Because unfortunately, we don’t we don’t educate our children on finance, or retirement, or insurance, or all these things that are probably the most important thing in your life. Okay, but we don’t, we don’t, our education systems don’t do that. And even if you were all in on the IBC, as a pilot, the company is still putting you depending on where you fly 17 18% of anything you make inside your 401 K plan. So I don’t care if you don’t make any contributions at all. You need to be focusing and getting your ducks in a row, and not waiting until you’re 62. You know, and that’s why IBC so great. Not only on the tax side, but the flexibility of it. I talk to my clients all the time about liquid security. I go, where’s your liquid security? You know, stuff that’s not tied up in a retirement plan. Something just happened and you need $70,000? Where are you going to get it from? And I get a deer in the headlight look a lot, right? So there’s a lot to be said for forcing some discipline and doing some things to protect your family. Hey, real

 

Walter Storholt  18:32

quick break from the podcast, we want to talk to you about the retirement toolkit. If you have not gotten your copy yet of the toolkit, listen up closely because Ryan is gonna give us the details of what’s in the toolkit. You even have one on hand Ryan that we can show people and some of the things that are inside of it, and what kind of information can people learn?

 

Ryan Fleming  18:50

Yeah, absolutely. If you go to retire pilots.com, you can get a free retirement toolkit and will actually give you a free analysis of your portfolio so you can really see what’s going on. But as you can see, we got some air mail here nine. That’s what the toolkit looks like. Some of the things that are in there. There’s a couple of tax planning strategies with Zack Smith the pilot tax, we look at long term records where we’ve got a 21 year track record of outperforming the s&p 500 get certified. We can show you that. And of course I write these with big Kranz, big fat France for pilots. I mean, there’s some Marines and army aviators out there but I got a couple of books. A couple books I’ve written that you’re going to get to talk about retirement planning how you shouldn’t plan for your retirement talking about taxes and tax planning, some other goodies, other goodies, advice matters how to let an advisor help you out some of the data behind how much more you will have in retirement. If you hire a professional. What we try to do is to try to get pilots not to speculate and gamble their money. And I want to give you all the tools you need to not do that. Look at the data. It’s pletely free, we’re here to help you out. Very

 

Walter Storholt  20:02

cool. So this is a free toolkit that you’re gonna get. And I don’t want to gloss over that fact that you mentioned at the beginning, it also comes with a free portfolio analysis that you’ll do after people get the toolkit.

 

Ryan Fleming  20:12

Yeah, absolutely. I mean, if you have no interest in doing anything else, and you just want the free materials, I’ll put your name right here, we’ll send it out to you. But yes, you do get a free portfolio analysis, I think most of the people after they see the content that’s in there and read the book, they want to, they want to talk to us, and we can analyze your portfolio. See if we can add any value, the numbers don’t lie. And then we’re going to find out if we can add value. And we’ll get on a zoom call with you, we’ll go through it, we’ll teach you we’ll show you the numbers. And I like to call that the IQ test. At some point, the numbers don’t lie, and you look at and go, Hey, if we can help you out, you know, and do something better. If there’s a better way. Well, let’s help you implement that strategy.

 

Walter Storholt  20:51

Very good. So no obligation to work together. But you definitely get the free toolkit, great resource information. And then if you want to take next steps for that portfolio analysis, you get that as well. So a lot of great freebies there, Ryan, we appreciate you offering those to folks in the first place. I know a lot of people throughout the existence of this show have ordered them over the years. But we’ve still got a good chunk of folks that probably are new to the show, or haven’t gotten their copy of the retirement toolkit. So be sure to get yours again, the way to get it is to go to retire. pilots.com That’s retire pilots.com. And right there on the homepage, you’re gonna see an opportunity to get that toolkit. We’ll also link to it directly in the description of today’s episode. So look for it there as well. That’s your retirement toolkit here on the pilots advisor. Thanks, Ryan.

 

Paul Fugere  21:34

David, I stole this term, you know, having an adequate amount of whole life insurance in force, you know, gives you a license to spend those other assets. Because you know, when you graduate at some point in the future, you don’t have to leave your legacy as your 401 K or an inherited IRA or something. You could spend all that down on the new boat, the new I’m a ram guy, so a ram Cummins or a Tesla, whatever. And then your your whole life insurance is there to come in for here’s your estate, right? Here’s your legacy. Here’s, you know, all the for all the grandkids and kids or whatever. So yeah, it when you have adequate life insurance, you have a license to spend those other assets and enjoy them because you earned them. Well,

 

Ryan Fleming  22:15

so many. So many parents now feel responsible to pay for their kids college education. I personally hate 529 plans. Yeah, you get some tax benefits. But the problem is, the problem is there’s no flexibility. You realize, and I keep trying to push IVC for college savings, because not only can you save money just like you were going to for college, borrow fruit borrow a tax free to pay when it you know, all the way down the line. Two things are happening. Okay. Well, not only once again, all those other things we talked about with the death benefit protecting your family. But I’m a big proponent of you know, we were just talking about this the other day about opening up policies on your kids and how efficient that is over the the life of their you know that as they age. Okay. We were just looking at some numbers on an illustration the other day. Yeah,

 

Dave Befort  23:08

yeah, we were looking at something and you know, 40 years into owning a policy, or having a policy on a child and say, a juvenile, maybe they’re one years old, two years old, 310 or 1540 years later, when that child is now paying that premium themselves? Oh, my gosh, they’re getting. I mean, a ridiculous five was hin time, wasn’t it? Like? It

 

Ryan Fleming  23:33

was it was the numbers that I remember, we’re looking at it for my 15 year old daughter. And I’d written a policy on her and just, you know, just check it out and look at what it would have looked like when she was like 40. Yeah, and I want to say you immediately got over is between 30 and 40% return on your money when you put it in. So like if you put in if you put in 20 grand a year, it made 67 or $68,000 in that one year. That’s how the cash value government did it.

 

Dave Befort  24:00

No, by that by that time, it would have been a lot more than that. I think you’re you’re actually under estimating it it would have no, it will eventually like 10x it gets as

 

Paul Fugere  24:11

well. Yeah. And the other thing to think about a juvenile illustration is that they’re typically getting like juvenile smoker rates well, so it’s going to be even better when they’re going to be better than that. Because you can have them reevaluated and say hey, maybe they’re super preferred or preferred or standard or whatever. But it’ll be better than actually then illustrated. Yeah. So it takes very little premium on a juvenile to create an enormous amount of tax free future wealth for them.

 

Ryan Fleming  24:40

Well, it’s no different I tell I tell all my clients, the biggest factor in anything is time. You know that time factors which changes everything. And if you look at one of these policies, the time factor changes everything

 

Dave Befort  24:53

it does, the longer you live, the better it gets. But hey, what if God forbid you don’t live very long. And before your child goes off to college, you graduate from this earth, that death benefit is going to pay out and pay for their college.

 

Ryan Fleming  25:09

And sadly, and sadly, pilots don’t have a very good track record, we tend to graduate a little earlier than most

 

Dave Befort  25:16

well, especially FedEx, you guys flying on the backside of the clock. I think it was, I mean, terrible news just a month ago or so where you had something like six pilots in one month? Yeah. And one more, it’s just, yeah, gone. Yeah, it’s Disney,

 

Ryan Fleming  25:31

right, get to retirement. You know, they didn’t have to even get to retire. And, you know, the first thing I think of is not only how horrible that is, but right away. Was their family protected? Yeah.

 

Dave Befort  25:43

Right. Right. Is there going to be a GoFundMe page? Yeah, if you want a GoFundMe page for your family, don’t have life insurance. And you want that to be the legacy you leave is that your friends have to set up a GoFundMe to get your kids through high school and off the college. Like that would be what a terrible legacy to leave.

 

Paul Fugere  26:06

We’ve all seen it though, haven’t we? We have

 

Ryan Fleming  26:09

so many times.

 

Dave Befort  26:10

Yeah. Sad. But no, here’s what I love about working with you, Ryan, and what I highly respect about you as a financial adviser, you are willing to say, hey, take some of your portfolio some of your money, and don’t put it under my control. Put it under your own control over here into something that’s guaranteed, because you’re working with a Mutual Life Insurance Company, they’ve been around for over 100 years, and they’ve met all of their obligations year in year out. Like you need some assurance and some certainty in your life, the rest of it. I’m gonna, I’m gonna make that grow for you. But you need some certainty. And like you said, that liquid capital that you can access, when bad things in life happen when the unexpected happens. It’s not if it’s when it’s when I mean, any pilot that’s been flying for 20 years, has one of the biggest questions pilots asked me is why. I mean, you know, the future is so uncertain. And this this career, there’s ups and downs. So what happens five years from now, when if I get furloughed, and I can’t make the premium payment? Well, the first thing I say is, well, the first thing you’re going to think is, thank God, I’ve got some liquid capital I can access while I’m furloughed. To actually get through this time. Your second concern will be paying the premium. But guess what there’s, there’s a lot of different creative ways we can come up with to get that premium paid and keep the policy going. But your first and foremost concern is that you’ll have access to capital when you need it most.

 

Ryan Fleming  27:53

The thing that bugs me the most and you guys can probably attest to this is the people that see the light, they’re seeing the light at 5859. And they’re scrambling because they see how much of a piece that plays in their future and how much they need it. But you get a guy that’s 30 or gal, that’s 30. And you can’t get them to see the light. When it’s that 3032 year old, where there’s some serious power. And I get I hate talking to the wide body captain, that it’s got $3 million in his 401k. And I look and it’s all tax deferred. And I go, you know, Dave, you think that’s your money, right? That’s not your money. And oh, by the way, I don’t know how much of it is is yours, or

 

Dave Befort  28:36

theirs, you won’t know until you take it out. And guess what, there’s six people who are probably going to get paid before you do. When you take that withdrawal.

 

Ryan Fleming  28:43

You’re in a partnership with the United States government, and they’re going to be one of your major beneficiaries.

 

Paul Fugere  28:49

Yeah, it was almost like it’s all by design.

 

Dave Befort  28:53

Well, what kills me is you get so many and a lot of pilots are like this, they it’s not like you disdain the government, but you have a healthy distrust of the government. And if you had the choice, you would never partner with the government on anything to do with your money. And people will say that and they’re there with conviction. And yet you look at what they’re doing financially and every single thing they’re doing financially is partnering with the government. It’s

 

Ryan Fleming  29:18

about control, and even even Roth Roth money. Roth money is good for us. They didn’t give it to us because they like us. They gave it to us because they had to because they need tax revenue now, because it’s so dysfunctional. Yeah, that’s all it is. It’s not for us, they don’t care about us. Well, that’s why ledger limit. And you brought up you brought up a point and I’ll acknowledge this point, it makes no financial sense for me to have my clients and me pushing assets away from a portfolio that I can manage, right? The reason why I do it is because I want what’s in my client’s best interest, okay? And that is for them to get an IBC policy and have that flexibility and have that full picture. It’s in their best interest and I mean And that’s why we do it.

 

Dave Befort  30:00

Yeah, you want you walk the talk.

 

Paul Fugere  30:05

That’s, it’s rare, I think. So, I think that’s phenomenal. And

 

Ryan Fleming  30:10

that’s why I’m so lucky I get to be on the wealth warehouse.

 

Paul Fugere  30:14

Yeah, we are picky.

 

Dave Befort  30:16

We’re very picky, man. We, you know, you get those emails all the time. Like, we think this person will be a great guest for you. Like, delete, delete, delete, but, ya know, we we’re very picky about who we have on and only have people out we have another guest that we’re going to be bringing on but

 

Ryan Fleming  30:36

I just wanted to give a shout out because you guys know that my my wife Carrie is an avid listener. She gets she listens to you guys. Yeah, I think it was like 1.7 or one point a you know, so you guys are talking really fast. Like, like my, my sister like that. But, uh, but she got the got the shout out on the show the other week. Yeah,

 

Dave Befort  30:56

we did. That’s right. Yeah. Yeah. So when, if you ever meet us in person, we talk a lot slower because most people do listen on 1.25 or 1.5, or whatever. But yeah, 1.7 that’s really fast. I can’t, I don’t know. He must

 

Paul Fugere  31:12

sound like the chipmunks or something that that’s what

 

Ryan Fleming  31:14

I was looking for the

 

Dave Befort  31:15

two women’s brains can just absorb information quicker. I think. I can’t listen to anything that fasten and retain anything, that’s for sure.

 

Ryan Fleming  31:24

Yeah, they have a lot more bandwidth than we do. In some cases, like being able to multitask a little bit better. Yeah,

 

Dave Befort  31:31

somehow, even though I still think it’s a myth, but they are better than me at it. I can’t. I can’t you know, this is why I don’t have too many conversations while I’m driving, because I just can’t do Yeah,

 

Paul Fugere  31:39

but they can’t just sit down and watch television. Yeah, you’re right.

 

Dave Befort  31:44

Gotta be folding laundry, like my wife is always doing something. I’m like, Babe, just relax. Just relax.

 

Ryan Fleming  31:48

I told you guys this and it still holds true. You can be right. Or you can be married? Yeah.

 

Dave Befort  31:56

Yeah. Good advice. Good advice. Well, hey, I think that’s good man. I think we, we covered a lot of ground there. And this will be great for really anybody listening. But again, pilots, if you didn’t, if you’re a pilot, a mainline pilot, and you didn’t know that your 401k doesn’t have to be managed by whatever the company tells you. Or, you know, puts whoever the company has given money to, you can reach out, talk to Ryan, the pilots advisor, and, you know, have a meeting with him and see what it looks like to have him manage the 401k that the company is paying for you put money in there for you anyway. But Ryan, how can people find you?

 

Ryan Fleming  32:39

The best thing to do is go to my website, retire pilots.com. And I think you guys are gonna add it in the show notes, or my free retirement toolkit. I’ll send you a couple books, I’ll send you some tax stuff. I’ll send you some stuff on IBC. And I think we should talk about that the website that’s been built out that has some videos and some educational material. IBC for pilots.com. And that’s what it is. Right? Right. The

 

Dave Befort  33:06

four is the number four to make it easy for pilots, because you know, we’re talking to pilots. So IBC the number four IBC for pilots.com.

 

Ryan Fleming  33:13

Start thinking about this big fat cramps. You know, we try to make it simple. Yeah, especially for our marine listeners out there. Jobson, the Marines out there, I will talk slower if you need me to,

 

Dave Befort  33:24

hey, we’re working. We’re trying to, you know, finish the case on a Marine pilot. So be nice. Yeah. And

 

Ryan Fleming  33:29

I think I know who that is.

 

Dave Befort  33:30

Yeah. But

 

Ryan Fleming  33:31

yeah, IBC for pilots, I think does a really good job of you know, there’s a couple different videos in there and stuff. And I think it does a very good job of breaking it down and educating our listeners. And I think that, once you listen and see that you’ll probably want to set up a meeting.

 

Dave Befort  33:48

Yeah, and I can contest I ordered your toolkit myself, just to see, you know, who is this guy? And what is, you know, what is this all about? And, yeah, I liked it. I had got two books, and a lot of other good information that you know about stuff I didn’t know about, because I’m not in that world. But yeah, if you’re a pilot, you fly for mainline and mainline pilots, right? Or somebody may be going to the main line here soon.

 

Ryan Fleming  34:16

Yeah, most of the people I deal with are on, you know, the main main legacy carriers, but I try to help whoever I can, if it makes sense. Yeah.

 

Dave Befort  34:23

Okay. But some of those other like regional carrier carriers don’t allow you to, you can’t manage those 401 K’s. Right.

 

Ryan Fleming  34:32

Some of them you can it really just depends on who you fly for and what the plan is. But that’s something we can research and find out. Okay. And even if you are at a regional airline, well, what most of them want to do. They’re trying to graduate to like, clear, so. Yeah.

 

Dave Befort  34:45

So I get that in place before you I mean, it’s too easy just to put it on autopilot and forget about it, and concentrate on doing what you do best, which is fly planes. But you know, don’t wait until you’re 5560 years. was all to revisit that, that 401k that portfolio and your whole plan. Like there’s a case for financial advisors in your life. And you need somebody who can look at that holistic picture and Ryan can do that for you.

 

Ryan Fleming  35:13

Thanks for having me on, guys. I

 

Dave Befort  35:15

appreciate it. Yeah. Thanks, Ryan.

 

Paul Fugere  35:16

Good to see you. And keep those keep those Lake pictures coming on Facebook like to makes me think about my future. Shortly. Well,

 

Ryan Fleming  35:26

I rarely post on Facebook. But there’s been a couple nights here recently where the view of the lake and the sunset were just too good.

 

Paul Fugere  35:34

Yep. Yeah,

 

Dave Befort  35:36

yeah. Well, awesome. Man, enjoy. I hope to come out and visit you in South Carolina and bring my wife and hit the lake, because I live near a lake just not on it. So it’d be nice to go jump on that boat and use somebody else’s boat. I don’t want to be a boat owner. I just want to be friends with people who own boats.

 

Ryan Fleming  35:55

Smart Way to Be Smart Way to be you and this made me want to say something inappropriate. Yeah,

 

Dave Befort  36:01

yeah. I think I know. I’m reading your mind, man. Well, all right. Well, hey, thanks for joining us. And, hey, until next week, everybody control your capital

 

Paul Fugere  36:11

or somebody else will