In this episode, Melinda Emerson is joined by Dr. Verneka Murphy to explore the concept of becoming your own bank through premium finance. The discussion begins with an overview of how life insurance plays a crucial role in this financial strategy. Dr. Murphy delves into the potential risks and impacts of premium financing on estate planning, providing listeners with a comprehensive understanding of this approach. She also offers guidance on how to get started with premium financing, sharing insights and best practices.
Dr. Verneka Murphy, is a premium finance expert and business leader. As CEO of Multimillionaire Consulting Group (MCG), she specializes in transforming wealth-building strategies that utilize leverage. Her company’s signature system, The Business Trifecta, integrates business, finance, and tax expertise to help clients maximize growth by benefiting you in all three areas. MCG delivers tailored solutions designed to meet both business and personal financial needs. For more information: https://www.thebusinesstrifecta.com
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This week on SmallBizChat Podcast:
- Leverage the assets you already own to build wealth and use your business income to maximize growth while minimizing taxes.
- Utilize specific types of life insurance to shelter money from taxes, provide a line of credit, and ensure financial security for your family and business in case of unforeseen events.
- Avoid traditional investment vehicles like 401(k)s and seek financial strategies that offer control, eliminate losses, and are compliant with tax codes to safeguard and grow your wealth.
Resources Mentioned:
Online Courses: https://SmallBizLadyAcademy.com
Connect with Dr. Verneka Murphy:
- Website: https://www.thebusinesstrifecta.com
- LinkedIn: https://www.linkedin.com/in/drvernekamurphymcg/
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