From Student Loans to Life Insurance with Mark Willis

<p>In today’s episode, Jeff interviews Mark Willis, a financial advisor who had a lot of student loan debt after attending college. Mark had no plans on how to pay off the debt and no job. Mark started on the Dave Ramsey debt snowball method and then learned about whole life insurance. Structured correctly a whole life insurance policy has a lot of benefits. Join Jeff and Mark as they talk about Mark’s journey and a strategy to bank on yourself. </p> <p> </p> <p>Mark and Jeff discuss:</p> <p> </p> <ol><li style="font-weight:400;">After high school; getting ready for college and his mom helped him get student loans.</li> <li style="font-weight:400;">Fast forward to 2008, graduated with $120,000 in student loan debt, a family, no job and no plan to pay it off.</li> <li style="font-weight:400;">Mark began his journey to get focused on his own finances after receiving his first student loan bill.</li> <li style="font-weight:400;">Working for a CPA at the time helping prepare tax returns, he heard the CPA telling people how sorry she was that they lost half their life savings. </li> <li style="font-weight:400;">Since then, he has started a financial firm working with clients all over the country to help people take back control over their financial future.</li> <li style="font-weight:400;">His philosophy: Eye opening experience; following David Ramsey's method, the debt snowball.</li> <li style="font-weight:400;">Problem of opportunity cost when you buy an ice cream cone, you say no to investing/buying anything else with that money. </li> <li style="font-weight:400;">Second ah ha moment; Paying for debt with cash, was a loser strategy.</li> <li style="font-weight:400;">Bank on yourself concept: a financial tool that uses an insurance contract called dividend paying full (whole) life insurance contract.</li> <li style="font-weight:400;">This strategy isn't an overnight success, you need to be a patient saver.</li> <li style="font-weight:400;">Five stages of financial freedom; it's a process (milestones on the journey t