Joseph Lombardi
speaker
429 appearances
1 recordings
1 series
first heard Mar 2025
last heard Mar 2025
Joseph Lombardi’s voice in public audio — every appearance, attributed to the second.
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Appearances
And 80% of those money managers can't even beat the S&P 500.
So you think like, oh, I'm all set.
It's like you are all set.
It's set up.
That's what you are because you have the government that's going to take half your money when you pull it out and FICA, Medicare, federal, state, unemployment, Social Security tax, whatever.
Then you have with all the fees, one or 2% compounding for 30 years, not on your contribution, like we get paid on life insurance, on the total account value.
So you think if you start, I only start at $15,000 a year, it's only taking 1500 bucks.
But what happens 20 years from now when it grows to a million, he's taking 10 grand.
How about when it goes to 3 million, he's taking 30 grand, which is more than your first two years of contributions he's taking 20 years from now, or she is.
So you have to – people have this short-term memory loss that it's all about instant gratification and now.
Well, if I offered you two amounts, $2 million tax-free or $2.8 million taxable, which one do you want?
Well, most people say, oh, I would take the 2.8.
Well, if it goes through taxes, you're going to get like 1.6.
The cash that you build inside of life insurance, especially permanent index universal life, variable universal life, which I don't like, but we don't have to go down that road, or whole life, which is for very conservative people.
So it's just like a bond or a CD type of life insurance account.
When you build those up, that money is yours.
Like it's liquid cash.
There's no 59 and a half year rule, unlike a Roth IRA.
There's no 10% penalty, unlike a Roth IRA.
There's no filo, which I know I'm speaking Spanish, but it means first in, last out.
Showing 281–300 of 429 · page 15 of 22
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