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There’s a better way than a 401k · Cultural Wars | America Out Loud News

• 0:27
  Do you have a solid financial plan for
• 0:29
  your future that eliminates market volatility and is
• 0:31
  inflation proof?
• 0:33
  Do you have a long-term care plan?
• 0:35
  Not just for old age, but if you
• 0:38
  are an event that is a disabling exit.
• 0:41
  Today's guest, Joe Lombardi, is here to talk
• 0:43
  about why these things are more important to
• 0:46
  you in these turbulent times than ever.
• 0:49
  Welcome to the Tenpenny Files.
• 0:51
  I'm your host, Dr.
• 0:52
  Sherry Tenpenny.
• 0:53
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  One before one more thing before we begin.
• 1:37
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  And one last thing.
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  Welcome to the regulars who've been here all
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  And welcome to the new people who've just
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  found us.
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  We are grateful for having you here, no
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  matter if you're a newbie or if you're
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  an old timer.
• 2:09
  So with that, let's get started.
• 2:11
  Today's conversation is with Joe Lombardi, a financial
• 2:14
  professional with more than 20 years of experience.
• 2:17
  He has received numerous awards for his unique
• 2:19
  plans for individuals.
• 2:21
  Joe's mission is to help people secure their
• 2:23
  stable financial future.
• 2:26
  He offers personalized financial solutions tailored to each
• 2:29
  person's individual needs and goals.
• 2:32
  Joe, welcome so much to the 10 penny
• 2:33
  file.
• 2:34
  It's a pleasure to have you here, and
• 2:36
  I'm looking forward to this conversation.
• 2:38
  Thank you so much for having me, Dr.
• 2:40
  T.
• 2:41
  Why don't we start by two things?
• 2:43
  How did you decide to go into the
• 2:44
  financial planning industry?
• 2:46
  And tell us a little bit about your
• 2:47
  credentials.
• 2:49
  So I got into this business basically when
• 2:52
  I was 13 years old.
• 2:54
  My dad owned a construction company and I
• 2:55
  was working with them.
• 2:57
  You know, my my mother wanted to drink
• 2:59
  alcohol and do drugs and left our family
• 3:02
  when I was four.
• 3:04
  And luckily, my dad was pro-life, or I
• 3:06
  wouldn't be here because she wanted to terminate
• 3:08
  my existence.
• 3:10
  So, you know, I was doing a job
• 3:12
  with my dad.
• 3:14
  He would own a very reputable construction company.
• 3:17
  We worked with the CEO of Coca-Cola, CEO
• 3:19
  of the NFL, Paul Newman, all in Greenwich,
• 3:21
  Connecticut, very, very wealthy clients.
• 3:24
  And I went to one job, and he
• 3:26
  said, go, you know, entertain the owner's child.
• 3:29
  So I go down into an elevator to
• 3:31
  go to the basement.
• 3:33
  And I'm 13, and I'm like, what the
• 3:34
  heck?
• 3:35
  Who has an elevator to get down to
• 3:36
  their basement?
• 3:37
  And these were mega mansions in Greenwich.
• 3:41
  And uh, you know, the elevators open up
• 3:43
  and there's a baseball field in the basement.
• 3:45
  Like, what the heck?
• 3:47
  Wow.
• 3:47
  Yeah, it was the craziest thing I've ever
• 3:48
  seen in my life.
• 3:50
  Uh, you know, he had a basketball court.
• 3:52
  I'm like, what is this?
• 3:54
  Um, so is his father must have built
• 3:55
  him a whole sports complex under under the
• 3:57
  house.
• 3:59
  Um, so you know, make a long story
• 4:00
  short.
• 4:01
  I I had a blast and went back
• 4:03
  in the truck with my dad.
• 4:04
  And um I'm like, what is that guy
• 4:05
  do?
• 4:06
  He goes, he works on Wall Street.
• 4:08
  So since I was like 13, I wanted
• 4:09
  to work on Wall Street and not knowing
• 4:11
  what the heck it is.
• 4:13
  And then, you know, you fast forward, I'm
• 4:15
  studying finance at Southern Connecticut State University, and
• 4:18
  I'm bartending at a very high-end um restaurant
• 4:20
  in Westport, Connecticut.
• 4:22
  And um, you know, Martha Stewart used to
• 4:25
  come in and major celebrities came in.
• 4:27
  And uh, you know, the CEO of Northwestern
• 4:29
  Mutual comes in, he goes, I want, I
• 4:30
  want you to do, I want to hire
• 4:32
  you.
• 4:34
  Like, okay, I was 19.
• 4:36
  And uh he's like, you have everything it
• 4:38
  takes to be successful in this business.
• 4:40
  So he left me a thousand dollar tip
• 4:42
  on like a hundred dollar bill, and it's
• 4:44
  like, you know, here's my card, call me.
• 4:46
  So of course I'm gonna call you.
• 4:48
  Okay, of course.
• 4:49
  So I'm studying in finance, so I was
• 4:51
  like, sure, might not get in it.
• 4:52
  So I got lucky that you know, God
• 4:54
  had a path for me that showed me
• 4:57
  along my my young life that this was
• 4:59
  the path I need to take.
• 5:01
  You know, most young young adults, they don't
• 5:03
  have that, you know, they wait to their
• 5:05
  30s to figure out what they're doing.
• 5:07
  I knew what I wanted to do when
• 5:08
  I was 13 somehow.
• 5:09
  So um that started a trajectory of my
• 5:12
  career um from 19.
• 5:14
  I'm now 41.
• 5:15
  So going on year 23.
• 5:17
  And you know, I I just wanted to
• 5:18
  help people.
• 5:20
  And then while I was, you know, right
• 5:22
  before that, my dad ended up falling three
• 5:25
  stories off a ladder, losing a 27 million
• 5:27
  dollar construction company, had no disability.
• 5:30
  And I knew we had the resources to
• 5:31
  do it.
• 5:32
  I remember hearing the you know, I'm dating
• 5:34
  myself, the answering machine messages uh from my
• 5:36
  from my father from the insurance agents hounding
• 5:38
  them.
• 5:40
  Hey, you need life, life insurance, long-term care
• 5:41
  disability.
• 5:43
  But he was Superman, you know, nothing's gonna
• 5:44
  happen to him.
• 5:46
  Is calves were the size of my head.
• 5:47
  Old, old, old, old guinea.
• 5:49
  And uh he basically just ignored it and
• 5:52
  he fell and lost everything he worked for
• 5:54
  for four decades.
• 5:56
  And uh that some that hit me.
• 5:58
  And so when they asked me, you know,
• 6:00
  what do you want your niche to be?
• 6:01
  I started off um just chasing trucks on
• 6:04
  the highway, going after contractors.
• 6:06
  I would drive on I-95, you know, and
• 6:08
  I would fly in the left lane as
• 6:10
  soon as I saw a truck, you know,
• 6:12
  ABC Electric, one, two, three plumbing, I would
• 6:14
  pull over and hey, my dad was Jamie
• 6:16
  Lombardi Builders.
• 6:18
  He fell three stories, got buy you a
• 6:20
  cup of coffee on the next exit and
• 6:21
  protect your family and the people you love.
• 6:23
  And so my nickname was the dog because
• 6:25
  I had so many clients, and I started
• 6:26
  really growing my practice because a lot of
• 6:28
  people knew my father in the state.
• 6:30
  He was very big.
• 6:32
  So that's how I started in the industry.
• 6:35
  And then, you know, some of my awards
• 6:36
  and and accolades, you know, published author, three
• 6:38
  five star books.
• 6:40
  Yes, they're tiny books, but I it's very
• 6:42
  complicated situation.
• 6:44
  So I don't try to overwhelm people with
• 6:46
  too much information because there's a lot going
• 6:48
  into the strategies I've created.
• 6:50
  Um, you know, I've been featured in many
• 6:52
  publications like International Business Times.
• 6:54
  I'm on the cover of many magazines, like
• 6:56
  the top 40 under 40 for five.
• 6:59
  Oh, wow.
• 6:59
  That's cool.
• 7:00
  That's cool.
• 7:00
  You know, the cover of the who's who
• 7:00
  You know, the cover of the Who's Who
• 7:02
  and building and construction that I was working
• 7:02
  and Building and Construction, because I was working
• 7:04
  with, blue collar business owners to start.
• 7:04
  with blue-collar business owners to start.
• 7:06
  And then recently just started growing my business.
• 7:06
  And then recently just started growing my business,
• 7:09
  and um, I'm up to almost 4,000 clients
• 7:09
  And I'm up to almost 4,000 clients and
• 7:12
  and about almost $4 billion with a B
• 7:12
  about almost $4 billion with a B of
• 7:14
  of Production lovers in my career, and now
• 7:15
  protection rollovers in my career.
• 7:17
  I'm a national brand.
• 7:18
  And now I'm a national brand.
• 7:19
  Um, and it's just trying to grow this
• 7:20
  And it's just trying to grow this and
• 7:22
  and get the word out because our educational
• 7:22
  get the word out because our educational system
• 7:24
  system does not teach us this, right?
• 7:24
  does not teach us this, right?
• 7:26
  The government owns educational system, the educational system
• 7:26
  The government owns educational system.
• 7:28
  talks.
• 7:28
  The educational system tells you to invest with
• 7:30
  the government.
• 7:31
  And the government is slimy to say the
• 7:32
  least.
• 7:34
  I've worked in Wall Street.
• 7:35
  I've had securities license for over 17 years,
• 7:37
  Series 6, 63, 65.
• 7:40
  I know the game.
• 7:41
  The game is to take your money under
• 7:44
  management, have Wall Street steal over 50% of
• 7:47
  your contributions while you're contributing to Wall Street,
• 7:50
  and then have the federal and state government
• 7:53
  steal 50% of your distributions in retirement.
• 7:56
  So I found a strategy that the wealthy
• 7:58
  people do that eliminates Wall Street legally and
• 8:01
  eliminates uh federal and state taxes out of
• 8:04
  your life legally, saving my clients millions of
• 8:06
  dollars in taxes, interest fees.
• 8:10
  Well, I have a bunch of questions for
• 8:12
  you, but why don't you jump into that?
• 8:14
  Let's just go right for the gold here
• 8:15
  of what you're talking about.
• 8:16
  And I have some other questions I want
• 8:18
  to ask you, but just go ahead and
• 8:19
  tell people what it is you have to
• 8:21
  offer.
• 8:22
  Yeah.
• 8:23
  So there's this code, an IRS code, people
• 8:26
  don't know what a 401k is, a 403B
• 8:28
  of 457, a college savings plan 529.
• 8:32
  Those are called IRS codes.
• 8:34
  Now there's this code called 7,702, known as
• 8:36
  7702 plans that the average American doesn't even
• 8:39
  know exists.
• 8:42
  These 7702 plans are buried in the IRS
• 8:44
  code book on the bottom.
• 8:46
  And there's a reason for that.
• 8:48
  That is the retirement account that all the
• 8:49
  wealthy people use.
• 8:51
  You're talking about a multi-billion dollar business, uh
• 8:53
  hundreds of billions of dollars a year go
• 8:56
  into these strategies, but it's not from your
• 8:58
  average American.
• 9:00
  It's from the banks, it's from you know,
• 9:03
  CEOs, it's from the people at the top.
• 9:06
  So if I told you there's a legal
• 9:09
  way for you to have a 401k that
• 9:11
  has no 59 and a half year rule,
• 9:13
  no 10% penny penalty for early withdrawals, you're
• 9:16
  guaranteed not to lose if the market goes
• 9:18
  down.
• 9:20
  It's averaging 14% annual tax-free returns.
• 9:26
  It's sue-proof, it works as a trust, it
• 9:28
  has life insurance, disability, long-term care, critical illness,
• 9:31
  all built in, and you can lean the
• 9:33
  money out, sort of like a home equity
• 9:36
  line of credit on the fact that you're
• 9:38
  gonna die.
• 9:41
  So we all know that we all die,
• 9:43
  that's guaranteed.
• 9:45
  So the insurance companies, the investment companies say,
• 9:47
  okay, if you're gonna buy a block of,
• 9:50
  let's say, a million dollars of permanent life
• 9:52
  insurance, and you are gonna overfund it.
• 9:55
  All those dollars fall under the umbrella of
• 9:58
  the rules of life insurance within the rules
• 10:01
  of IRS Code Section 7702.
• 10:04
  And then if you put derivatives in option
• 10:06
  contracts in there, where this is where people
• 10:09
  are like, um, if you do that, what
• 10:11
  it does is it allows my clients to
• 10:14
  leverage the dividends of the insurance company, use
• 10:16
  the dividends to buy option contracts, and if
• 10:19
  you lose all your option contracts, you're gonna
• 10:21
  get a dividend next year, which replaces all
• 10:24
  that cost and makes you whole.
• 10:26
  So you're guaranteed not to lose.
• 10:29
  And then now you can accelerate through real
• 10:31
  life insurance, not the brainwashing of death insurance
• 10:34
  that that the cultural elites have programmed us
• 10:37
  to say, uh, like life insurance is only
• 10:39
  if you die.
• 10:42
  No, that's death insurance, and there's a missing
• 10:45
  misconception of that.
• 10:47
  So bringing that information and allowing my clients
• 10:50
  to actually look at a T chart of
• 10:53
  what a IRA, a 401k, a brokerage, what
• 10:56
  that does versus what this does, it gives
• 10:58
  my clients the ability to make money in
• 11:01
  a tax-free environment without and it's it's better
• 11:04
  than a Roth IRA.
• 11:07
  And this has been squeezed out in information.
• 11:09
  There's two Forbes articles that are out there.
• 11:12
  If you look up rich person's Roth, uh
• 11:14
  Rich Persons Roth IRA, um, that is what
• 11:16
  the ultra wealthy do.
• 11:19
  Because I work with uh a lot of
• 11:20
  wealthy people, uh, millionaires and I work with
• 11:22
  some billionaires.
• 11:24
  I work with Fortune 500 companies, CEOs, sports
• 11:26
  athletes.
• 11:28
  My last name's Lombardi for crying out loud,
• 11:29
  right?
• 11:31
  So um, you know, I work with very
• 11:33
  wealthy people, and their number one question, which
• 11:35
  is what the Americans should be asking, is
• 11:37
  how do I save the most amount of
• 11:40
  money in taxes in my life?
• 11:42
  Not how do I save the most amount
• 11:44
  of taxes today?
• 11:46
  And then you have another brain uh, you
• 11:49
  know, rot, as I say, where they train
• 11:51
  you to say, oh, a write-off or a
• 11:54
  deferral is a savings.
• 11:57
  Well, that's not correct.
• 11:58
  Those aren't synonymous terms.
• 12:01
  So they have brainwashed the accountants to tell
• 12:03
  their clients to say, oh, just have them
• 12:05
  write it off.
• 12:08
  Like if you were gonna pay 50,000 in
• 12:10
  taxes this year, just throw 15,000 in a
• 12:13
  401k and you save $5,000.
• 12:16
  You don't save anything, you defer that $5,000
• 12:19
  of taxes, and the government loves it because
• 12:22
  that's gonna grow.
• 12:25
  That $15,000 you you end up putting away,
• 12:27
  is gonna grow over one year, five years,
• 12:29
  10 years, 20 years, 30 years.
• 12:31
  And that's gonna go to let's say 100,000.
• 12:33
  So to save 5,000 in 2026 is gonna
• 12:37
  cost you 50,000 in 2056.
• 12:40
  So it's one of those things that the
• 12:43
  average American doesn't do long-term planning, which is
• 12:45
  on purpose, and you're taught to invest in
• 12:48
  the government on purpose, and Wall Street and
• 12:51
  the federal and state governments colluded 35 years
• 12:53
  ago.
• 12:56
  And so if you understand the origins of
• 12:58
  a 401k, it actually was tax-free.
• 13:01
  It actually had um guaranteed returns like a
• 13:03
  pension.
• 13:05
  And then Wall Street's all that money and
• 13:07
  said, let's get some lobbyists together and let's
• 13:08
  steal that money from the American people.
• 13:10
  And that is what has been happening for
• 13:12
  decades.
• 13:14
  Wow, there's a lot to unpack there.
• 13:16
  A lot to unpack.
• 13:17
  Um, the first question I would ask if
• 13:19
  and keep the answer kind of short, because
• 13:20
  I have a lot of them, a lot
• 13:22
  of questions.
• 13:24
  Um, how did you find this and why
• 13:26
  is it not generally known?
• 13:28
  So I worked in Wall Street and I
• 13:30
  worked with celebrities and sports athletes, and I
• 13:32
  found this guy, Mike Lynch.
• 13:34
  He had his radio show, Smart Money Radio,
• 13:36
  and like I have my podcast when he
• 13:37
  talked with Ironhawk.
• 13:39
  And I just copied them.
• 13:41
  I brought brought them deals, and I would
• 13:42
  sit there and listen.
• 13:43
  And he taught the clients, which I was
• 13:46
  at every meeting, exactly what I'm telling my
• 13:48
  clients to do.
• 13:50
  So being around very wealthy people, I learned
• 13:53
  what they do, and then I see what
• 13:55
  everybody else does, and then I realized the
• 13:57
  wealthy people need what I call the sheep,
• 14:00
  you know, your social security numbers or slave
• 14:00
  People need what I call the sheep, you
• 14:02
  number.
• 14:02
  know, your social security numbers, your slave number.
• 14:04
  They need the peasants to take the risk,
• 14:04
  They need the peasants to take the risk.
• 14:07
  and then the wealthy people bet on their
• 14:08
  And then the wealthy people bet on their
• 14:09
  risk.
• 14:10
  risk.
• 14:12
  So and they make more money if the
• 14:12
  So, and they make more money if the
• 14:15
  market goes up with no downside loss.
• 14:15
  market goes up with no downside loss.
• 14:18
  So they I realize that there's a game
• 14:18
  So they I realize that there's a game
• 14:19
  going on here.
• 14:19
  going on here.
• 14:21
  I realized that the wealthy have built their
• 14:21
  I realized that the the wealthy have built
• 14:24
  own 401k.
• 14:24
  their own 401k.
• 14:28
  And I said, Why don't I bring this?
• 14:28
  And I said, why don't I bring this
• 14:30
  to blue-collar business owners to try and get
• 14:32
  them the things they need that they don't
• 14:34
  want to buy, like disability, life insurance, long-term
• 14:37
  care.
• 14:39
  These are things that nobody wakes up on
• 14:41
  a Thursday and is like, how's my long-term
• 14:44
  care portfolio today, right?
• 14:46
  We don't think about it until it's too
• 14:48
  late, until a diagnosis, until something comes, and
• 14:49
  everything you work for, the state is going
• 14:51
  to steal from.
• 14:54
  So how is this?
• 14:56
  Um, I'm I'm pretty familiar with a 508,
• 14:58
  you know, with a five.
• 15:01
  How does this compare to setting up your
• 15:03
  whole structure under a 508 plan?
• 15:07
  Well, you don't need a 508 plan with
• 15:08
  this.
• 15:10
  So I specialize in fixed index annuities and
• 15:13
  index universal life policies, right?
• 15:17
  Those are products, those are worthless if you
• 15:19
  don't have a strategy.
• 15:21
  So what my strategy does it uses the
• 15:24
  index fixed index annuity, which is your dirty
• 15:26
  taxable dollars, and it takes those dirty taxable
• 15:29
  dollars, cleans them, and puts them into a
• 15:32
  clean tax-free cup.
• 15:34
  That clean tax-free cup is known as 7702
• 15:36
  plans.
• 15:39
  Now, if you get an income annuity, let's
• 15:40
  say somebody saved up their whole life, it's
• 15:42
  a big pile of dirty dollars, just half
• 15:44
  your money don't belong to you.
• 15:46
  I have a tax reduction strategy that's proven
• 15:47
  to work.
• 15:49
  So you you dump the money into the
• 15:52
  IUL, you're building your clean dollars, that's growing,
• 15:55
  your your annuities growing, and then the annuity
• 15:57
  is funding that account.
• 16:01
  Now, this worked as a trust.
• 16:04
  What do I mean by that?
• 16:06
  Both of my stratages legally avoid probate and
• 16:09
  are incontestable in court.
• 16:13
  So that's the whole point why you buy
• 16:15
  a revocable trust, is so that your assets
• 16:17
  can be passed to the people you love.
• 16:19
  Now I work with very wealthy people that
• 16:21
  have an estate tax problem.
• 16:23
  So let's say you're worth over 25 million.
• 16:26
  Well, anything over 25 million that you die
• 16:29
  with business equity, real estate, 401ks, IRAs, brokerage,
• 16:33
  taxable, taxable, taxable, taxable, taxable.
• 16:36
  I create a huge tax-free pile of money
• 16:39
  to pay the those those uh taxes for
• 16:41
  pennies on the dollar.
• 16:44
  So you can leave everything you've worked for
• 16:47
  to the people you love, your grandchildren, great-grandchildren.
• 16:50
  And we usually don't do those in irrevocable
• 16:52
  trusts.
• 16:54
  So it's so the uh the 508, the
• 16:56
  way the one of the the because I've
• 16:58
  been speaking to a couple of lawyers about
• 16:59
  this.
• 17:01
  Um one of the advantages um of the
• 17:04
  508 is privacy that nobody knows anything about
• 17:07
  it, nobody can sue you, and um none
• 17:10
  of the uh uh employees that you have
• 17:13
  um get 1099s, uh they just get statements
• 17:16
  of account if you request it.
• 17:20
  Um is this a privacy also privacy security?
• 17:24
  This uh 7702 plan, is it also uh
• 17:27
  offered like a privacy uh a portion to
• 17:30
  it that keeps the government out of your
• 17:32
  out of your pocket?
• 17:36
  Uh yes, yes, and oh yes.
• 17:38
  Oh wow.
• 17:39
  So the HIPAA laws that are inside of
• 17:42
  life insurance prevent any creditor from having a
• 17:44
  directory of that asset.
• 17:47
  They can find your house, they could find
• 17:49
  your 401k, they could find your IRA, your
• 17:51
  rental properties, your brokerage accounts, they could find
• 17:53
  your Robin Hood account.
• 17:56
  They legally cannot find this because of HIPAA.
• 17:58
  And I'm sure you know about HIPAA.
• 18:01
  Uh so that's why my clients love it
• 18:03
  because it is, and your dollars aren't in
• 18:05
  the bank.
• 18:07
  So you don't have to worry about the
• 18:09
  dot Frank Act clearing out your accounts.
• 18:12
  So I have a lot of well people
• 18:13
  that say, hey, I'm nervous about all the
• 18:15
  derivatives, all the fractional lending the banks are
• 18:17
  doing.
• 18:18
  And if that were to get called, like
• 18:21
  an 08 on the real estate side, if
• 18:23
  it gets called today, it's it'll make 08
• 18:25
  look like look like a pimple compared to
• 18:27
  a bullet shot.
• 18:29
  So what's gonna happen is if again, not
• 18:31
  fear-mongering, but you look at numbers, men lie
• 18:34
  women lie, numbers don't lie.
• 18:36
  If you look at the numbers, we're overextended.
• 18:38
  Our PEO ratio investing in stocks are overextended.
• 18:42
  The loans are overextended.
• 18:43
  All those are risk and stress against our
• 18:45
  financial system.
• 18:47
  Same thing happened in 08, but it's worse
• 18:48
  now.
• 18:50
  So if that were to pop, you can
• 18:51
  lose everything.
• 18:52
  My clients, the safest place to put your
• 18:54
  money for the last 180 years is insurance
• 18:56
  companies.
• 18:59
  Yeah, I've heard that from other other lectures
• 19:00
  and other people that I've that I've talked
• 19:02
  to.
• 19:03
  So, you know, one of the disadvantages of
• 19:06
  a 508 is because it's it's there's not
• 19:08
  much documentation about it, and you have to
• 19:11
  you cannot make a mistake.
• 19:14
  You know, you've got to do everything like
• 19:16
  absolutely to the letter.
• 19:18
  And um, I I believe that there are
• 19:21
  probably several structures inside of government or inside
• 19:24
  of these rules and regulations where the well
• 19:27
  ultra-wealthy play that they know about all of
• 19:29
  these things, but this sounds like it's perhaps,
• 19:32
  and I I use the word legitimate loosely
• 19:35
  because I think the 408 is or the
• 19:37
  508 is legitimate, but this sounds like because
• 19:40
  it's structured inside of insurance and and it
• 19:43
  is an IRS code that it is more
• 19:46
  playing with the government rules, but using the
• 19:48
  rules to your advantage.
• 19:51
  Yeah, I don't like messing with things that
• 19:54
  don't have a hundred-year track record, right?
• 19:56
  I've been approached by many people.
• 19:58
  Joe, you gotta this is better, that is
• 19:59
  better.
• 20:01
  I'm like, if everything goes perfect, the probability
• 20:03
  of that happening of not changing a law,
• 20:05
  you're not moving, you're not changing your cell
• 20:08
  phone number, your email getting corrupt and not
• 20:10
  updating it.
• 20:12
  It's just to me that risk isn't worth
• 20:14
  it.
• 20:15
  This is a way easier, more proven strategy
• 20:18
  that has no future risks because well, what
• 20:21
  if they change the laws, Joe?
• 20:24
  You're grandfathered in.
• 20:26
  So that's why it's so vital.
• 20:28
  And plus, who change who makes the rules?
• 20:30
  The wealthy, the very wealthy government.
• 20:34
  Yeah, the corporations invest hundreds of billions of
• 20:36
  dollars in these type of strategies.
• 20:38
  They're not gonna get rid of it because
• 20:40
  it's not popular enough.
• 20:43
  So this is this is really exciting news
• 20:46
  because it only apply to the ultra-wealthy, or
• 20:49
  can it?
• 20:53
  Two questions about this.
• 20:54
  Can it be just to your?
• 20:56
  I mean, I think the average income across
• 20:58
  America right now is somewhere around 47,000 per
• 21:00
  thousand dollars per year on a household does
• 21:00
  year on a household.
• 21:02
  Does it does it apply to them?
• 21:02
  it does it apply to them and can
• 21:04
  And can you put W-2 income into it?
• 21:05
  you put W2 income into it great questions
• 21:08
  so this is qualified this is uh structure
• 21:08
  Great questions.
• 21:09
  So this is qualified, this is uh structure
• 21:11
  through the IRS is a non-qualified account there's
• 21:12
  through the IRS as a non-qualified account.
• 21:13
  only three legal non-qualified accounts in the United
• 21:15
  There's only three legal non-qualified accounts in the
• 21:16
  States one is a Roth IRA one is
• 21:18
  United States.
• 21:19
  municipal bonds and one is IRS code 7702
• 21:20
  One is a Roth IRA, one is municipal
• 21:21
  plans so this you put after tax dollars
• 21:24
  bonds, and one is IRS Code 7702 plans.
• 21:24
  in so what I do for clients if
• 21:27
  let's say you have a brokerage account it's
• 21:27
  So this you put after tax.
• 21:29
  got a hundred thousand you got twenty thousand
• 21:32
  dollars of gains I have my clients pay
• 21:35
  the taxes now or drip it over two
• 21:37
  three years so to lower your your your
• 21:40
  tax bracket so you're not getting whacked year
• 21:43
  one and then you drip the money there
• 21:46
  now if clients have IRA money 401k money
• 21:48
  what I do is I put them in
• 21:51
  the annuity and then the annuity does what
• 21:54
  guarantees the income because what does a 7702
• 21:56
  plan need it needs annual premium for at
• 21:59
  least seven to ten years to really grow
• 22:02
  this thing efficient.
• 22:05
  So what it what it does is you
• 22:07
  have your taxable dollars go in through the
• 22:10
  annuity your cash your brokerage I had a
• 22:12
  client sell four million dollars of physical gold
• 22:15
  and silver and dump it in but to
• 22:17
  answer your other question I have clients that
• 22:20
  do 500 a month I have clients that
• 22:22
  do 350 dollars a month and I have
• 22:24
  clients who do 50 million dollars a year
• 22:27
  there is no limit that's why it's so
• 22:29
  profound to a Roth IRA that has income
• 22:32
  limits mash you can put in is 7500
• 22:34
  bucks uh this there is there is no
• 22:36
  limits because as long as you have the
• 22:39
  assets and the and the income to support
• 22:41
  the life insurance you can fund it through
• 22:44
  a seven pay through the modified endowment contract
• 22:46
  through the IRS so I can just hear
• 22:48
  some of the people who are listening to
• 22:51
  this say Joe I can merely barely make
• 22:53
  ends meet right now you know I I
• 22:56
  don't have disposable income if I had disposable
• 22:58
  income I'd get a 10 penny prime membership
• 23:01
  if I had disposable income I'd you know
• 23:03
  buy my supplements you know from you know
• 23:05
  Dr.
• 23:08
  10penny and her store um I just really
• 23:10
  don't have I mean 50 and the because
• 23:13
  the price of food the price of gas
• 23:15
  the price of electricity I did a uh
• 23:17
  podcast interview yesterday with a gentleman from California
• 23:20
  who said that his utility bill is up
• 23:22
  to $1500 a month and we know that
• 23:24
  incomes haven't risen proportional to that so in
• 23:27
  the last couple minutes we have here before
• 23:29
  we go to the break what do you
• 23:31
  say to those people that say I I
• 23:34
  you know I'm barely making ends meet this
• 23:36
  sounds great if I had 50 million dollars
• 23:38
  in my bank account but how does this
• 23:41
  apply to me so there's there's one thing
• 23:43
  that every American has to do and you're
• 23:46
  not taught this right we're taught instant gratification
• 23:48
  you want a car you you get a
• 23:50
  car note you want college get student loans
• 23:53
  on a house you get a mortgage you
• 23:55
  want a TV and you're broke you get
• 23:57
  a credit card so what I advise my
• 24:00
  clients to do because I have clients who
• 24:02
  make three quarters of a million and they're
• 24:04
  a year and their net worth is zero
• 24:07
  I have clients who make 8000 a year
• 24:09
  husband makes 50 wife makes 30 and they're
• 24:11
  millionaires so it just has to do it's
• 24:14
  not about the the income it's about how
• 24:16
  you feel about yourself it's about the self-love
• 24:18
  you have and how you value money is
• 24:21
  a direct mirror in how you value yourself
• 24:23
  if you don't value yourself you're gonna drunk
• 24:25
  scroll on Instagram and buy crap you don't
• 24:28
  need you're going to want to make neighbors
• 24:30
  who don't give a crap about you jealous
• 24:32
  uh because you got a car you can't
• 24:35
  afford because you have a self-image issue so
• 24:37
  money is a very good indicator of who
• 24:40
  you are and in order to change that
• 24:42
  you have to grow spiritually mentally emotionally and
• 24:44
  physically because those are all multipliers to your
• 24:47
  financial health now the first thing you need
• 24:49
  to do going quickly is you need to
• 24:51
  get out of debt debt is your cancer
• 24:54
  to your future earnings debt is interest which
• 24:56
  is against the Bible that's usury that's why
• 24:58
  uh you know the Jews never had a
• 25:01
  country because they would go into countries and
• 25:03
  get kicked out for for for breaking our
• 25:05
  Christian values so if you understand the history
• 25:08
  you have to get your yourself right with
• 25:10
  God and you have to get yourself right
• 25:12
  with you and and then once you do
• 25:15
  that you live 10% under your means so
• 25:17
  step one is get totally out of debt
• 25:19
  and we have resources at Ironhawk we have
• 25:22
  relationships with cash math with Dennis Williams we
• 25:24
  have relationships with debt shredder so we bring
• 25:26
  in people that say hey Joe I would
• 25:29
  love to invest in this or Joe I
• 25:31
  will invest $500 a month now and but
• 25:34
  I owe $3000 at high interest you're not
• 25:36
  investing $500 now I'm not taking it you're
• 25:38
  taking those dollars and you're paying off debt
• 25:41
  and then once you're clean you're coming to
• 25:43
  me that's that's wow it couldn't be said
• 25:45
  any better than that Joe that's a really
• 25:48
  an amazing way to and I want everybody
• 25:50
  to to let that sink in a little
• 25:52
  bit and we're going to go to a
• 25:55
  quick break here for our station break because
• 25:57
  that is really really profoundly knowledge wisdom it's
• 25:59
  that's wisdom you know um it's not just
• 26:02
  being smart it's not just knowledge I mean
• 26:04
  what you just rolled off there about getting
• 26:06
  out of debt and you know getting structured
• 26:09
  on getting out of debt that's just absolutely
• 26:11
  wisdom and about delayed gratification which Americans don't
• 26:13
  do very well so hold that thought we've
• 26:16
  got more to come and a lot more
• 26:18
  to talk about but right now we're going
• 26:20
  to take a short break to hear from
• 26:23
  our sponsors for AmericaOut Loud dot news the
• 26:25
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• 26:27
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• 26:30
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• 26:42
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• 26:44
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• 26:46
  the best place to find the find our
• 26:49
  podcast go to dr10penny.com just hover over the
• 26:51
  podcast tab and you'll see a drop down
• 26:53
  window the first thing tells you what podcasts
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• 26:58
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• 27:00
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• 27:03
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• 27:05
  can read the descriptions that we put in
• 27:07
  there and you can listen or watch off
• 27:10
  of our platform we also put our on
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  our platforms at Busy Dr T on Instagram
• 27:14
  on X on Rumble and we've started a
• 27:17
  YouTube channel which we're I always laugh every
• 27:19
  time I say that because I I wonder
• 27:21
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• 27:31
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• 27:44
  have a great message coming from our sponsors
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  sit tight we will be right back with
• 27:49
  more from Joe Lombardi about protecting your financial
• 27:51
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  Welcome back, everybody.
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  Today's conversation is with financial professional Joe Lombardi
• 34:10
  about protecting your financial future.
• 34:14
  Joe, welcome back.
• 34:15
  We have talked about so many great things
• 34:17
  here, and I think that you've done really
• 34:18
  a good job at explaining them.
• 34:20
  But I'm going to change gears just a
• 34:22
  little bit and ask you your opinion about
• 34:24
  a couple of other things.
• 34:25
  Uh that I know are on the hearts
• 34:27
  of myself, my employees, and a lot of
• 34:29
  people that I've talked to.
• 34:31
  What are your thoughts about the instability of
• 34:34
  the American and international markets right now?
• 34:38
  So what I think is happening is Trump
• 34:40
  realized that we can't win the AI game,
• 34:42
  and that is the next dot com that's
• 34:44
  gonna come.
• 34:46
  Um, and so he realizes that what the
• 34:49
  AI does need is it needs fuel, it
• 34:51
  needs propane in order to run all the
• 34:54
  mechanics and the arms and this and that,
• 34:56
  and then um gas.
• 34:59
  So he and not just him, Biden before
• 35:00
  And not just him, Biden before him through
• 35:01
  him through the Keystone Pipeline.
• 35:01
  the Keystone Pipeline.
• 35:03
  I don't know how that you know pipeline
• 35:03
  I don't know how that you know pipeline
• 35:06
  exploded, which was of course done intentionally by
• 35:06
  exploded, which was of course and done intentionally
• 35:08
  the United States military.
• 35:08
  by the United States military.
• 35:10
  Um, what we're trying to do is we
• 35:10
  Um, what we're trying to do is we
• 35:13
  are trying to cut off people's fuel.
• 35:13
  are trying to cut off people's fuel.
• 35:15
  We did it in Venezuela, we did it
• 35:15
  We did it in Venezuela, we did it
• 35:16
  in Ukraine.
• 35:17
  in Ukraine, we're now doing it in Iran.
• 35:17
  We're now doing it in Iran.
• 35:19
  That's why we have the war right now.
• 35:19
  That's why we have the war right now.
• 35:21
  So I believe this unsettling isn't gonna last
• 35:21
  So I believe this unsettling isn't gonna last
• 35:23
  much longer.
• 35:23
  much longer.
• 35:26
  There's not many countries that can mess with
• 35:26
  There's not many countries that can mess with
• 35:28
  the United States.
• 35:28
  the United States.
• 35:30
  When I mean much longer, I don't mean
• 35:31
  five years.
• 35:32
  Could it happen two months, five months, even
• 35:33
  eight months?
• 35:34
  Sure.
• 35:35
  Is that long in the scope of wars?
• 35:37
  Not really.
• 35:38
  So because Ukraine has been going on for
• 35:39
  how many years now with Russia?
• 35:41
  So I I believe that the instability of
• 35:44
  the international uh conflict right now is all
• 35:47
  done to make America first.
• 35:51
  I think he's one of the first presidents
• 35:52
  that did that.
• 35:54
  We know what Obama did, create division to
• 35:56
  racial divide, and we didn't know anything about
• 35:58
  racism or about transgenderism and gay.
• 36:01
  And I believe his husband, known as Michelle,
• 36:03
  uh also known as Michael, um, you know,
• 36:05
  they pushed that narrative, which was to benefit
• 36:06
  them.
• 36:08
  I believe Trump actually cares about us.
• 36:11
  Is he perfect?
• 36:12
  No, he is nowhere near perfect.
• 36:14
  But I do believe that he's doing things
• 36:16
  uh to in the long run to benefit
• 36:17
  us.
• 36:19
  So do I see it happening long?
• 36:21
  No, I I see a resolution next 12
• 36:23
  months.
• 36:25
  Well, you're uh you're one of the few
• 36:27
  optimists that I've spoken to on this show
• 36:28
  in the last couple of months because um,
• 36:30
  you know, a lot of people have said
• 36:32
  that the supply chains have been broken in
• 36:34
  the you know, there's airlines and all sorts
• 36:36
  of people that are saying they're shutting down
• 36:37
  because there's no fuel or they can't afford
• 36:39
  the fuel that they have.
• 36:41
  So I'm gonna bet on your optimism and
• 36:43
  hope that you're right.
• 36:45
  Another question that I have is that I
• 36:47
  know that myself and a lot of other
• 36:50
  people um in uh put a lot of
• 36:52
  their um free cash into silver and gold,
• 36:54
  particularly silver, and then we had the big
• 36:56
  crash in the silver market a couple of
• 36:59
  months ago.
• 37:01
  Do you have any projections for where that's
• 37:02
  gonna go?
• 37:04
  I mean, I talked to Katherine Austin Fitz,
• 37:06
  I had her on the show, and she
• 37:07
  said, Well, in times of war, the value
• 37:09
  of gold and silver always goes down because
• 37:11
  there's liquidation that happens, and that it's just
• 37:13
  a matter of time before those values start
• 37:15
  going up.
• 37:17
  What's your projection about gold and silver?
• 37:20
  And should people be, you know, looking at
• 37:22
  the price of silver right now?
• 37:24
  She was saying that she looked at it
• 37:26
  as a sale, and she looked at it
• 37:27
  as a time that it's low, and now
• 37:29
  is a time to buy more.
• 37:31
  What are your thoughts about the gold and
• 37:32
  silver markets?
• 37:34
  Yeah, I'm not I'm not a huge fan
• 37:35
  on gold and silver.
• 37:37
  I own it.
• 37:37
  I know it's big in our community.
• 37:39
  Um, so I'm not here to talk badly
• 37:40
  about it.
• 37:41
  I've made a lot of money with it.
• 37:43
  Um, and I sold uh near the high.
• 37:45
  Um, so uh at the end of the
• 37:47
  day, there is strategies out there that are
• 37:48
  a lot more safer.
• 37:50
  They have gold and silver fixed index annuities
• 37:52
  where you're guaranteed not to lose if the
• 37:54
  so the price strike of silver or gold
• 37:56
  goes down, but you get all the upside
• 37:59
  using option contracts or bets on gold and
• 38:01
  silver.
• 38:03
  So, and they have the a new crypto
• 38:05
  one that just came out for Bitcoin, uh
• 38:08
  life insurance at Delaware, which is very unique
• 38:10
  for people that like the digital currency market.
• 38:12
  So I'm I'm more of the if I'm
• 38:14
  gonna go to the casino known as the
• 38:16
  stock market, I rather go there and say,
• 38:18
  hey, if I lose everything, I get all
• 38:20
  my money back in writing.
• 38:22
  And if I win, I make more at
• 38:24
  a jackpot, it doubles.
• 38:26
  So that's what the wealthy people do.
• 38:28
  So the the asset that gold, silver, crypto,
• 38:32
  real estate, stocks, bonds, mutual funds, those are
• 38:35
  all bets that and you can own derivatives
• 38:39
  um on those said bets.
• 38:43
  So unless you want to hold the gold
• 38:45
  and silver in case, hey, the whole financial
• 38:48
  industry crumbles and you're gonna be shaving off
• 38:50
  gold bars and trading it for bags of
• 38:52
  rice, like sure.
• 38:55
  Um, you know, I'm more I have about
• 38:57
  two years of food in my basement.
• 38:59
  I have guns, I have ammo, I have
• 39:01
  a garden, I have animals.
• 39:03
  So I'm being more self-sufficient.
• 39:05
  I'm not relying on some metal that's gonna
• 39:06
  save my life because if you have a
• 39:08
  bunch of metal and you don't have weapons,
• 39:09
  someone's gonna shoot you and stake your gold
• 39:11
  and silver.
• 39:13
  And then I've heard stories where you know
• 39:15
  people die and their family is tearing apart
• 39:17
  a half a million dollar house searching for
• 39:19
  it, and they spend 300,000 destroying the house,
• 39:21
  looking for where grandpa hid his gold and
• 39:23
  silver in the house.
• 39:26
  So this is like a more safer way.
• 39:29
  Um, I've had clients where like literally their
• 39:31
  their closet floor broke through the garage, uh,
• 39:34
  you know, the basement away to gold and
• 39:37
  silver and cost them 50,000 to rebuild.
• 39:39
  So there is ways where you can have
• 39:42
  well, store wealth, have downside protection, have upside
• 39:44
  to cover inflation, that you don't have to
• 39:46
  pay money to get in, pay money to
• 39:49
  get out.
• 39:51
  I mean, my clients are getting 15% just
• 39:53
  to work with me, meaning I had a
• 39:56
  client roll over five million, company I work
• 39:58
  with, sent them 750,000.
• 40:00
  It is to count cash.
• 40:02
  So there is better strategies out there, and
• 40:04
  that strategy is averaging 13.98% over the last
• 40:07
  10 years, and you're guaranteed not to lose.
• 40:10
  So, what about what about the um the
• 40:12
  um looming threat?
• 40:15
  I guess I would call it that, of
• 40:17
  the central of the of the dollar crashing
• 40:19
  and everything converting over to central bank digital
• 40:20
  currency.
• 40:22
  You don't think that's gonna happen?
• 40:25
  Oh, I know it's gonna happen.
• 40:26
  Is it gonna be a big deal?
• 40:28
  No.
• 40:29
  We have a fiat currency right now.
• 40:31
  Fiat means fake, fugazy.
• 40:33
  It's not value.
• 40:33
  It's only value is that you think it's
• 40:35
  valuable, so you take it from me in
• 40:37
  exchange for goods or services.
• 40:39
  So there's no value in our dollar.
• 40:41
  So if they change from a worthless dollar
• 40:43
  into a worthless USD coin, it's literally one
• 40:45
  button.
• 40:47
  And just like we were on a gold
• 40:48
  standard and then we're off a gold standard,
• 40:50
  what happened?
• 40:52
  Nothing.
• 40:53
  So people are getting fearful, thinking, oh my
• 40:55
  god, the the whole you know, financial system
• 40:58
  is going to change.
• 41:00
  Well, guess what?
• 41:01
  We're guaranteed as humans, change.
• 41:04
  So it will change, and and it's going
• 41:06
  to go from from US dollars because we
• 41:08
  owe 39 trillion dollars.
• 41:11
  Every working taxpayer owes 370,000 dollars to the
• 41:14
  Fed to get us out of debt.
• 41:17
  The highest marginal tax rates here in the
• 41:19
  United States in 1980s when I was born,
• 41:21
  was 70%.
• 41:24
  In the 60s was 92% highest marginal.
• 41:28
  So we history doesn't repeat, it rhymes.
• 41:33
  So, and if you look what world war
• 41:35
  one happened, you know, taxes shot up 70%.
• 41:38
  World War II, 70%.
• 41:41
  Why do you think the neocons are pushing
• 41:42
  World War III?
• 41:44
  Because they need taxes to shoot up.
• 41:46
  So people's biggest risk is not how do
• 41:48
  I make an extra point or two in
• 41:50
  my retirement account?
• 41:52
  It's how do I get out of all
• 41:54
  these taxable assets?
• 41:55
  House, real estate, 401k, SEP, simple, brokerage account,
• 41:59
  gold and silver, crypto, all taxable.
• 42:00
  And silver, crypto, all taxable.
• 42:03
  You need, if you get anything out of
• 42:03
  You need, if you get anything out of
• 42:05
  this, is you need to diversify your taxes
• 42:05
  this, is you need to diversify your taxes
• 42:08
  yesterday, because taxes aren't going down.
• 42:08
  yesterday because taxes aren't going down.
• 42:11
  And if all of your assets are there,
• 42:11
  And if all of your assets are there,
• 42:13
  all you're gonna do is make the government
• 42:13
  all you're going to do is make the
• 42:14
  steal more of your money later.
• 42:14
  government steal more of your money later.
• 42:18
  So one of the books that you wrote
• 42:18
  So one of the books that you wrote
• 42:20
  is about being your own bank.
• 42:20
  is about being your own bank.
• 42:22
  So what does that mean?
• 42:22
  So what does that mean and how does
• 42:24
  one do that?
• 42:24
  And how does one do that?
• 42:26
  So, what do banks do, right?
• 42:26
  So what do banks do, right?
• 42:28
  It takes deposits.
• 42:28
  It takes deposits and then it sends out
• 42:30
  withdrawals, right?
• 42:32
  So being your own bank allows you to
• 42:35
  legally build a bank using your the fact
• 42:37
  you're gonna die as as the basis of
• 42:40
  leaning that asset, similar to a home equity
• 42:42
  line of credit, because that's another bank you
• 42:45
  can own, it's just have a home equity
• 42:47
  line, a HELOC on your house, and then
• 42:49
  you know, move all your bills to the
• 42:52
  last day of the month, and then you
• 42:54
  just pay interest one day.
• 42:57
  So now you're paying 0.3% interest on your
• 42:59
  home.
• 43:02
  And then your second bank is your life
• 43:03
  insurance.
• 43:05
  I know this is very complicated.
• 43:07
  You're not gonna learn this in three minutes
• 43:08
  on the subject, but that's what I do
• 43:10
  for clients.
• 43:11
  I have strategic alliances with Cash Map.
• 43:14
  He teaches you how to use your home
• 43:15
  equity line as your bank.
• 43:17
  Now, my strategy using uh 7702 plans as
• 43:21
  your bank, there's something called non-direct recognition.
• 43:25
  What does that mean?
• 43:26
  Let's say Elon Musk needs 100 million dollars
• 43:28
  for a SpaceX rocket.
• 43:30
  He has two choices.
• 43:32
  He can sell 200 million dollars of Tesla
• 43:34
  stock, pay a hundred million dollars in taxes,
• 43:37
  lose the future growth of that 200 million
• 43:39
  dollars of sold stock because he no longer
• 43:41
  owns it, and that's the hundred million by
• 43:44
  the rocket.
• 43:46
  Well, he doesn't do that, neither do my
• 43:47
  clients.
• 43:48
  What he does is he'll take a hundred
• 43:50
  million dollars of Tesla stock, bring it to
• 43:52
  a bank, get a collateralized loan known as
• 43:54
  a lien on that asset.
• 43:56
  Is there any taxes on liens?
• 43:59
  Zero.
• 43:59
  Is there does he still own the asset?
• 44:02
  Yes.
• 44:03
  Is the growth of that asset historically going
• 44:05
  to earn more money than the interest he's
• 44:06
  paying the bank?
• 44:08
  Yes.
• 44:09
  So now what he did is he now
• 44:11
  has a negative interest rate rate of uh
• 44:13
  uh uh uh loan.
• 44:15
  Imagine going to the bank saying, hey, I'm
• 44:17
  gonna take this hundred thousand dollar loan out
• 44:19
  and you're gonna pay me interest on the
• 44:20
  loan you give me.
• 44:23
  That's called being your own bank.
• 44:24
  It's leveraging your assets.
• 44:26
  That's how millionaires and billionaires pay no taxes.
• 44:29
  That's when Hillary was on stage with Trump
• 44:31
  saying you pay no taxes in 2016, Donald
• 44:33
  Trump, show your tax return, show your tax
• 44:35
  return.
• 44:37
  What did Donald Trump said?
• 44:38
  I don't pay taxes because I use the
• 44:41
  same IRS codes or donors use for the
• 44:44
  last 30 years you've been in politics, Hillary,
• 44:46
  and you never close the loophole.
• 44:49
  7702.
• 44:51
  Wow.
• 44:52
  Well, talk a little bit about the necessity
• 44:54
  of a long-term care plan.
• 44:56
  I know a lot of my listeners um
• 44:58
  have been following me for a long time,
• 45:00
  so we've all gotten older together.
• 45:02
  But so there's long-term care plans are important,
• 45:04
  but it's not just for end-of-life care.
• 45:07
  I mean, you make a point of that
• 45:09
  in your book about, you know, you could
• 45:11
  be like your what happened to your father,
• 45:13
  you know, that he was young, or you
• 45:15
  could be in a motorcycle accident, and you
• 45:17
  could uh end up in a long-term care
• 45:19
  facility for maybe the rest of your life.
• 45:21
  So talk about why long-term care plans are
• 45:24
  are really important and the cost of them.
• 45:28
  So long-term care is something true to my
• 45:29
  heart.
• 45:31
  My grandmother inherited my grandfather's estate, Lombardi Masonry.
• 45:35
  My grandfather built a almost five million dollar
• 45:38
  net worth with his bare hands.
• 45:40
  He passed away, and my my uncle passed
• 45:43
  away, my my grandmother's son in the same
• 45:45
  year, agent orange.
• 45:48
  Uh, so what happened was my grandmother had
• 45:50
  a stroke, less dementia, and then she went
• 45:52
  to Lovelo Nursing Home in Fairfield, Connecticut, across
• 45:54
  from Sacred Heart.
• 45:56
  Well, long-term care isn't cheap.
• 45:58
  So they were charging my grandmother 20,000 a
• 46:01
  month for full 24-7 care.
• 46:04
  Well, that didn't cost her 20,000 a month.
• 46:07
  That cost her 36,000 a month because she
• 46:09
  had to sell taxable assets, pay Uncle Sam
• 46:12
  a big chunk of that, and that gave
• 46:15
  her the highest tax bracket.
• 46:18
  Because now she was net needing 240 by
• 46:20
  having to cash out 380, which is highest
• 46:23
  marginal, 39.6.
• 46:26
  Um, and state of Connecticut, six.
• 46:28
  Almost half of everything that she needed was
• 46:31
  stolen by by the federal and state governments.
• 46:33
  So if you don't have a long-term care
• 46:35
  plan, this is your plan.
• 46:37
  The government's gonna suck like a demonic leech
• 46:40
  every dollar you accumulate.
• 46:42
  Now, if there's two spouses and one of
• 46:45
  them's healthy, you just crippled your spouse's quality
• 46:47
  of life while you're sucking all the assets
• 46:50
  you guys saved up for.
• 46:52
  Okay.
• 46:53
  And so then what happens is once they
• 46:56
  suck it all up, they leave you $1,200,
• 46:58
  and they give you $60 a month out
• 47:01
  of your Social Security, Title 19.
• 47:05
  So they have a plan.
• 47:06
  They're gonna throw you in a 10 by
• 47:08
  10 jail cell, you're gonna be with a
• 47:10
  stranger, you're not gonna be able to leave,
• 47:11
  and people that love you, it's gonna make
• 47:13
  it harder for them to visit you because
• 47:15
  it smells, it's creepy, it's loud, it's it's
• 47:17
  my my kids hated going to see my
• 47:18
  father.
• 47:20
  I have three kids, and they were like,
• 47:21
  it's weird, dad.
• 47:23
  I'm like, I know.
• 47:24
  So it's like what my clients need to
• 47:25
  do instead of going to jail or someone's
• 47:27
  a nursing home where you can't hire and
• 47:29
  fire the chef, and you can't hire the
• 47:30
  fire of the person taking care of you.
• 47:32
  So if they're having a bad day, you're
• 47:34
  having a bad day.
• 47:36
  You stay home.
• 47:37
  You use the death benefit by accelerating it
• 47:40
  up to 30,000 a month cash that that
• 47:43
  hires somebody a thousand dollars a day to
• 47:45
  live with you.
• 47:48
  They're gonna cook for you, they're gonna mow
• 47:50
  your lawn, they're gonna go to the grocery
• 47:52
  stores or peapods, stop and shop peapod, they're
• 47:53
  gonna give you your medicine, they're gonna bathe
• 47:55
  you.
• 47:57
  So you're you're not inconveniencing your other spouse
• 47:59
  when they're 80 years old and they can
• 48:01
  barely take care of themselves.
• 48:03
  How the heck are they gonna take care
• 48:04
  of you?
• 48:05
  Um, so what you're doing is you're using
• 48:07
  a small portion of your assets, putting them
• 48:09
  into an income annuity, the income annuity spitting
• 48:12
  out the guaranteed dollars going into the index
• 48:14
  universal life, the index universal life is buying
• 48:16
  you your life insurance, and then you're accelerating
• 48:18
  the death benefit for long-term care when you
• 48:20
  need it five, 10, 20, 30 years from
• 48:23
  now.
• 48:25
  So if you've got an I because I
• 48:27
  hear these advertisements all the time on Patriot
• 48:29
  Radio and different patriot shows, which I know
• 48:30
  you do a lot of shows in those
• 48:32
  areas, and I have a lot of friends
• 48:34
  in those areas.
• 48:36
  So you're always about you know, debt settlement
• 48:37
  and pennies on the dollar if you've got
• 48:39
  you know, if you owe back taxes or
• 48:41
  the IRS is after you.
• 48:43
  If you have your money in a 7702
• 48:46
  plan, can is it is it uh out
• 48:48
  of the eyes of the IRS?
• 48:51
  Yes.
• 48:52
  Wow.
• 48:53
  Because it doesn't exist, right?
• 48:55
  Why do you think wealthy people love it?
• 48:56
  They don't they don't want if if they
• 48:59
  sue be cooked because most wealthy people or
• 49:00
  Most wealthy people or politicians, they're you know,
• 49:01
  politicians, they're you know, not most, but some
• 49:02
  not most, but some are sociopaths, and they
• 49:03
  are sociopaths, and they do bad things to
• 49:04
  do bad things to get that type of
• 49:06
  get that type of wealth.
• 49:06
  wealth.
• 49:08
  They make deals with the devil, um, you
• 49:08
  They make deals with the devil, um, you
• 49:10
  know, and they they they're demonic, some of
• 49:10
  know, and they they they're demonic, some of
• 49:11
  them.
• 49:11
  them.
• 49:13
  So they are trying to hide legally, hide
• 49:13
  So they are trying to hide legally, hide
• 49:16
  their money, save from you know the Dodd-Frank
• 49:16
  their money, safe from you know the Dodd
• 49:18
  Act, safe from market crashes, safe from increased
• 49:18
  Frank Act, safe from market crashes, safe from
• 49:21
  taxation risk, safe from needing care, having uh
• 49:21
  increased taxation risk, safe from needing care, having
• 49:24
  a disability, a death, uh uh a cancer,
• 49:24
  uh a disability, a death, uh, uh a
• 49:27
  heart attack, stroke, accident.
• 49:27
  cancer, heart attack, stroke, accident.
• 49:30
  And and they build these legacy plans, also
• 49:32
  known as the Rockefeller strategy, and that's what
• 49:33
  I did is I took it, I tweaked
• 49:35
  it.
• 49:37
  I said, How do we fund this?
• 49:39
  Well, income annuity because you're guaranteed to have
• 49:41
  that money.
• 49:42
  You you put a hundred thousand dollars in
• 49:44
  an income annuity, that's $7,000 to $10,000 a
• 49:47
  year, guaranteed in your pocket for the rest
• 49:49
  of your life with a death benefit to
• 49:51
  the people you love.
• 49:53
  So it's not the traditional pension where I
• 49:55
  give up that asset if I die.
• 49:58
  So it's the safest place to put your
• 49:59
  money.
• 50:00
  Both are guaranteed not to lose, both are
• 50:03
  safe from lawsuits.
• 50:05
  Both will grow uh over time, just with
• 50:07
  inflation, and they've guaranteed uh return ones if
• 50:10
  you want.
• 50:12
  Um, and so when you build these plans,
• 50:14
  you get out of the government, you get
• 50:16
  out of Wall Street, which are just sucking
• 50:18
  you dry in taxes and fees, and you
• 50:20
  do what the wealthy people do.
• 50:23
  You will protect your money, make more money,
• 50:25
  pay less fees, and you're gonna have that
• 50:28
  foundation that you need but don't know how
• 50:30
  or can afford to buy a standalone long-term
• 50:33
  care policy, a standalone disability policy, a term
• 50:35
  life policy.
• 50:38
  Like it's expensive.
• 50:40
  So all those fees are built into the
• 50:42
  policy, and the growth of the account protects
• 50:44
  those and cost and takes care of those
• 50:46
  fees.
• 50:48
  So over time you actually make money, it's
• 50:50
  an asset on your balance sheet, not a
• 50:52
  liability.
• 50:55
  And how do you work with conventional banks
• 50:57
  while you're doing this?
• 50:59
  Because you have to have a bank account
• 51:01
  because you have to um you know pay
• 51:03
  your bills, your your electric bill, pay your
• 51:05
  employees and things like that.
• 51:07
  How does that interface with a conventional bank?
• 51:10
  So for AML, anti-money laundering, you know, I
• 51:12
  have to go through courses and trainings and
• 51:14
  continuing education.
• 51:16
  We can't take cashier's checks.
• 51:18
  I just had a client had five million
• 51:20
  dollars in a brokerage.
• 51:21
  She cashed it into 2499,000 checks where she
• 51:24
  was going to put in spread it through
• 51:26
  20 different banks.
• 51:28
  And I'm telling her the FDIC insurance is
• 51:30
  on the member, it's not on the bank
• 51:31
  account.
• 51:33
  So what she did is she she's doing
• 51:36
  1.75 million, like I think yesterday or today.
• 51:39
  She's doing seven of those quarter million dollar
• 51:40
  checks, dumping it in the bank.
• 51:42
  We're then wiring that money to this issue
• 51:45
  to Alliance, they're a 1.1 trillion dollar company
• 51:47
  out of Europe, uh, A plus mutual, very
• 51:49
  strong company, and that's where I keep a
• 51:52
  lot of my clients' money.
• 51:54
  She's wiring that money, so it'll be in
• 51:56
  the bank for all of not even a
• 51:57
  day.
• 51:59
  Dumps the money in, it's liquid, wires it
• 52:01
  out within 15 minutes.
• 52:03
  So you use the US banks to fund
• 52:05
  the IUL to fund the annuity as a
• 52:08
  one-time payout because the annuity is a single
• 52:10
  premium, and the IUL is a monthly or
• 52:12
  annual contribution, but you don't keep your money
• 52:15
  in the bank where you're earning nothing and
• 52:17
  they're lending out your dollars 500 times.
• 52:20
  Well, I imagine, I imagine you keep some
• 52:23
  small amounts of cash on hand, you know,
• 52:25
  for cash on hand groceries and well, no,
• 52:28
  I teach my clients to put their monthly
• 52:30
  expenses on a credit card.
• 52:33
  Then they use the home equity line of
• 52:35
  credit to put once a month to so
• 52:37
  let's say their electric bills, that I move
• 52:39
  all their bills to the end of the
• 52:41
  month, their electric bill, their mortgage, their credit
• 52:43
  card statement, you know, everything is moved.
• 52:45
  And then they move money one day, so
• 52:47
  they don't keep any money in the bank,
• 52:49
  maybe a hundred dollar minimum, so they're not
• 52:51
  charged a fee, and they move the money,
• 52:53
  4,800, 7300, 23,000.
• 52:55
  They pay what they need to pay, and
• 52:56
  then guess what happens?
• 52:58
  Their paychecks come in and it goes right
• 53:00
  from the bank to their home equity line,
• 53:02
  which not only saves them money, but reduces
• 53:03
  their interest on their mortgage if they have
• 53:05
  one.
• 53:07
  So it's it's the most efficient way utilizing
• 53:10
  two strategies of bank, the home equity line,
• 53:12
  which gives you full liquidity today, and then
• 53:14
  the life insurance gives you full liquidity within
• 53:16
  48 hours.
• 53:19
  Wow.
• 53:20
  Well, there's a lot to learn here, Joe.
• 53:23
  You've been doing this obviously for 20 years,
• 53:24
  and this is, I'm sure a lot of
• 53:26
  what people are hearing is uh is primary
• 53:28
  education, which means it's the first time that
• 53:30
  they've heard it.
• 53:32
  So in the last minute and a half
• 53:34
  that we have together here today, uh tell
• 53:37
  people how they can get in contact with
• 53:39
  you to get more education and to look
• 53:42
  into uh a planning professional.
• 53:45
  So if you're looking to reach out to
• 53:47
  me, I've never charged a client a dollar
• 53:49
  in 23 years, and ever lost a client
• 53:50
  a dollar in 23 years.
• 53:52
  I am a plus rated on the Better
• 53:55
  Business Bureau with almost 4,000 clients, zero complaints,
• 53:57
  zero.
• 54:00
  I'm five star rated on Google.
• 54:02
  Uh, you send an email to info at
• 54:04
  iron like the metal, hawk like the bird,
• 54:07
  financial.com.
• 54:09
  Info at ironhawkfinancial.com.
• 54:12
  That will trigger the system to send you
• 54:13
  all three of my books in PDF form
• 54:15
  for free.
• 54:17
  My magazines that I'm featured in, the articles
• 54:19
  I'm featured in, my website, my my six
• 54:21
  months of radio show on Brushroom Media Group,
• 54:23
  and my podcast link that just went live
• 54:26
  Monday, Money Talk with Ironhawk.
• 54:28
  And so that'll it's all free, and you
• 54:30
  don't have to work with me.
• 54:31
  If you want to work with me, you
• 54:33
  reply back with a phone number and and
• 54:34
  and if you want to give a little
• 54:36
  bit of information, great, you don't have to,
• 54:38
  but phone number, somebody on my team will
• 54:39
  reach out to you.
• 54:41
  If you're if you have a problem that
• 54:43
  needs solving that's complex, you will meet directly
• 54:44
  with me.
• 54:46
  If not, I have a bunch of other
• 54:48
  clients, it's an easy thing.
• 54:49
  Hey, Joe, I just want to, you know,
• 54:50
  get a I have 500 bucks a month
• 54:52
  and I know I need long-term care, build
• 54:53
  me a plan.
• 54:55
  That's not complex.
• 54:56
  You can work with many of my agents
• 54:58
  across the country.
• 55:00
  So that's that's basically you know how that
• 55:01
  works.
• 55:03
  If you want to follow me and on
• 55:06
  all my socials, Instagram, X, uh, Facebook, LinkedIn,
• 55:09
  YouTube, it's all that Ironhawk Financial, Ironhawk underscore
• 55:12
  media, uh, or money talk with Ironhawk on
• 55:15
  Instagram and YouTube.
• 55:19
  Um, you could follow me.
• 55:20
  That's absolutely free.
• 55:22
  I'm giving a lot of content out.
• 55:24
  I'm trying to grow this idea of education
• 55:27
  that was intentionally hidden from you, similar to
• 55:30
  the vaccine.
• 55:33
  Um, and I'm trying to tell you don't
• 55:35
  go with the government, as Dr.
• 55:37
  T says, don't go with the government for
• 55:38
  your health.
• 55:39
  I'm telling you, don't go to the government
• 55:41
  for your wealth.
• 55:42
  Eliminate that.
• 55:44
  I'll tell you, all we have to make
• 55:46
  sure that that we have all of those
• 55:47
  links that you just mentioned, that we can
• 55:49
  put them in the show notes and down
• 55:51
  below, and we can promote that because this
• 55:53
  is really important, and it's a different way
• 55:54
  to think about things.
• 55:56
  Uh, and and I honestly think most people
• 55:58
  don't think about their money.
• 56:00
  I think if they've got enough money in
• 56:00
  I think if they've got enough money in
• 56:01
  the bank to pay their bills and go
• 56:01
  the bank to pay their bills and go
• 56:03
  on vacation a couple times a year, that's
• 56:03
  on vacation a couple times a year, that's
• 56:05
  all they really think about.
• 56:05
  all they really think about.
• 56:07
  And then suddenly you're 65.
• 56:07
  And then suddenly you're 65.
• 56:09
  And what do I have to say for
• 56:09
  And what do I have to say for
• 56:10
  that?
• 56:10
  that?
• 56:11
  And what do I have to protect myself
• 56:11
  And what do I have to protect myself
• 56:13
  if I need long term care?
• 56:13
  if I need long-term care?
• 56:15
  Or what do I do with my kids
• 56:15
  Or what do I do with my kids
• 56:16
  and my grandkids?
• 56:16
  and my grandkids?
• 56:18
  So it's been an amazing conversation today with
• 56:18
  So it's been an amazing conversation today with
• 56:19
  Joe Lombardi.
• 56:19
  Joe Lombardi.
• 56:21
  Just great information.
• 56:21
  Just great information, and we'll make sure that
• 56:23
  And we'll make sure that all the links
• 56:24
  all the links are available to everyone.
• 56:24
  are available to everyone.
• 56:26
  So I want to thank everybody for joining
• 56:26
  So I want to thank everybody for joining
• 56:27
  us here today.
• 56:27
  us here today.
• 56:29
  And I'm
• 56:29
  And I'm going to close out with one
• 56:30
  of my favorite verses from the Bible.
• 56:32
  I close all of my podcasts with, which
• 56:34
  is Romans 12 12.
• 56:36
  Rejoice in hope, be patient in trouble, and
• 56:38
  be persistent in prayer.
• 56:40
  Lean into God, trust him for everything.
• 56:41
  His timing may not be your timing, but
• 56:43
  he's always with you.
• 56:44
  So we'll I wish everybody have a great
• 56:46
  rest of your day.
• 56:47
  And we'll see you tomorrow or the next
• 56:49
  time here on the 10 penny files.
• 56:51
  Goodbye, everybody, and God bless.