The Truth Concepts Blog
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Welcome to the Truth Concepts Blog. We’re delighted you are here! You’ll find many examples and tips for using Truth Concepts in our posts, along with other helpful information you can use in your business. Have you heard about our Free Thirty-Day Trial? Click here for details. Looking for something in particular? Check out the Categories in the Menu on the right-hand side of the blog page. Click on a Category to view posts relating to that topic or Truth Concepts calculator. For example, the “Funding” category will have all posts relevant

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The Whole Truth About Qualified Plans

Qualified plans like the 401k are like “sacred cows,” as Garrett Gunderson so aptly calls them in his book. Since the 401k was established, it’s been the darling of the financial media. It’s the “one-size-fits-all” solution to retirement planning… if typical finance is to be believed. However, when you take a Prosperity Economics approach, the 401k and other qualified plans fall apart. And with the TC Qualified Plan calculator, you’re positioned to share the whole truth about qualified plans. While we’re going to focus on the 401k for this demonstration,

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Is 0% Car Financing Too Good to Be True?

With interest rates at what they are, you may be tempted to take up an offer of a 0% car loan without hesitation. However, it’s important to take all the information into consideration before you make a decision. Not all 0% car loans are actually 0%, and you may find you could have made a better decision in the end. Remember: the interest rate is only a piece of the puzzle. You must also consider how much you’ll be paying each month, and what a lower payment could do for

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Understanding Interest Rates: Is 12% Annually the Same as 1% Monthly?

Many people have trouble understanding interest rates and how to calculate them, which can lead to an incorrect interpretation of financial information. Fortunately, TC Financial Calculators can make rate calculations simple. The Financial Calculators in Truth Concepts include Future Value, Present Value, Interest Rate, Payment, and Time Period. You’ll find them in the toolbar by clicking Calculators, then hovering over Financial in the drop-down menu. For this particular example, let’s answer the question: How do you calculate if 12% annually is the same as 1% monthly? Step 1: Grab the

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Can You Get Ahead with a Loan Balance?

If you’re at all familiar with whole life insurance strategies, you may think it’s possible to get ahead while carrying a loan balance. We won’t say it’s impossible (especially with the right strategies), however, we would challenge you to think a little bit deeper about the numbers at play. Let’s say your clients are earning about 6% net in an account, and they take a policy loan at 8%. You may, at first, think that it’s obvious that they won’t be able to get ahead. However, there’s a common misconception

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Proving the Power of Savings in the Maximum Potential Calculator

The Currence App is going to be a game changer for clients and advisors alike. Not only does the app teach people how to save first using a financial “reservoir,” it positions advisors as the go-to when a client has reached their target. That means they’ll look to you to help them make money moves and create even greater protection, liquidity, and cash flow.  How Does Currence Work as the Client? When a client enrolls in Currence, they are prompted to establish a new, secure, and interest-bearing bank account. Then,

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Implement “Who Not How” in Your Financial Practice

The role of a financial advisor is, in large part, to help your clients solve problems. They come to you because they want to solve some pieces of their financial puzzle, and they believe you can help. This is an excellent example of “who, not how.” You cannot be all things to all people, and there are going to be times when you have problems to solve, or you’ll encounter other people’s issues that you cannot solve. And so often, the question is not, “How do I solve this problem?”

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Truth Quotes, Part 6

Earlier this month, we had a small AND mighty group of advisors at our Houston Truth Training. It was a great event filled with new insights on some of the latest Truth Concepts updates and material. The following are some of our favorite quotes from the event. Quotes on Life Insurance Todd paraphrasing Vince D’Addona: “Little money becomes big money in the presence of life insurance.” “Insurance is not a sexy asset, but advisors keep trying to add in twists when explaining it. You don’t need to. If you explain

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How to Calculate the Cost of Monthly Life Insurance Premiums

How do you calculate the cost of monthly life insurance premiums instead of paying annually? The answer isn’t quite as simple as dividing by 12, because as you know, paying premium at an annual rate actually saves you some costs. That’s why, to be more precise, we use a Rate Calculator to find the “hidden” costs.” Using the Rate Calculator to Find the Costs Once you have your Rate Calculator, put the annual premium in the Present Value as a negative number (which changes it to Loan Balance) since the

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Truth Tip, Adjusting Numbers in Columns

The Truth Tips below can help you in all calculators, yet only in columns or cells that you can edit. You can distinguish editable cells because they are underlined in blue. When you double-click or highlight and right-click these blue cells, you will be able to make changes to the numbers, formulas, and more. Examples of times you might edit cells would be to toggle between positive and negative numbers, change numbers or formulas, and paste in variable rates or values. Note: All images below have been created using software

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5 Funny Financial Literacy Videos

If you’ve attended a Truth Training, you know we like to share some videos along the way. Rather than strictly educational, we aim for some comedic relief with an honest punchline. It helps to break up the long days while still being valuable. We’ve compiled our favorite funny financial literacy videos here. That way you can share with family, friends, clients, or anyone else you can think of. In particular, we think these videos can be useful to share with clients to break the ice on tough-to-discuss topics, like college

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How to Use a Financial Calculator as a Trusted Advisor

What is the purpose of the Truth Concepts calculators? On the surface, the answer to this question may seem simple enough. The purpose is to mathematically prove financial concepts and strategies. Yet there is a deeper application and use that we find to be just as crucial. If you want to learn how to use a financial calculator as a trusted advisor, read on.  The Purpose of Truth Concepts The primary purpose of Truth Concepts is to show the mathematical proof of certain financial strategies. Todd noticed that many financial

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Truth Tip, Summary and Interpolate in Life Insurance Values

The Life Insurance Values tool (or simply Life Values) is one of the most valuable tools in the Truth Concepts suite. With it, you can upload your life insurance illustrations and use that data in other calculators such as Asset Flow, Diversification, Funding, and more.  You may not know that there are some interesting things you can do in the Life Values tool directly that may help you with your behind-the-scenes work. Using the Summary Button in Life Insurance Values Life Values allows you to input up to 6 permanent

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How to Make a Desktop Shortcut for Truth Concepts Academy

Truth Concepts Academy is an invaluable resource included in all TC 360 memberships. With TCA, you can access tutorials, training videos, and all previous monthly training calls with Todd. It’s a perfect way to brush up on your favorite calculators and keep your skills sharp. And we want to help you navigate to it with as much ease as possible by showing you how to make a desktop shortcut! Following this tutorial will help you to either create an icon for TCA on your computer’s Desktop, or add it to

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Never Retire: 5 Values to Help Clients Love Their Working Years

87 is the new 65… However, while human longevity is improving, people’s conception of retirement is not. Many people continue to operate as if 65 is the ideal age to retire. Yet this utopian ideal of retirement simply doesn’t align with reality: people are not saving enough to retire for 30+ years. That’s why we think it’s time for people to consider working with this goal: to never retire. Does it sound extreme? Without context, sure, it may seem like a farfetched idea to simply never retire. However, when you

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Inflation-Proof Your Money: The Power of Measuring Backwards

Is it possible to completely inflation-proof your money and assets? Inflation is the “silent tax” that affects everyone’s money in some capacity. Because inflation represents the purchasing power of money, it’s an economic phenomenon that doesn’t discriminate. By this, we mean that there’s no way to come out unaffected. It is, however, possible to run (or even outpace) inflation.  What does this mean? If you want your dollars to have more impact, you have to have more dollars. The answer to the problem of inflation is simply to earn more

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The Basic Limitations of Financial Planning and Forecasting

The numbers don’t lie, or so the saying goes. While this is the simplest turn of phrase, it’s not exactly the whole truth. It’s not necessarily the numbers that are the issue, but the interpretation and application of the numbers. This just so happens to be one of the primary limitations of financial planning and forecasting, in general.  Financial Planning Issues to Consider The thing about the typical financial planning industry is that projections and math are used to show people idealistic scenarios without all the proper contexts. For example,

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Should You Take Social Security Early and Invest It?

Should you take social security early and invest it? This question can come up often when helping clients secure their financial future. However, the answer is a resounding no in most cases. Taking an early social security benefit only works to remove dollars from your client’s future assets, when the future assets are less certain.  Social Security benefits can supplement income, yet should not be considered the bread and butter. In general, we recommend delaying benefits for the optimal impact and finding other ways to supplement income. This includes working

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Truth Quotes, Part 5

The time has come for another round-up of quotes from Todd Langford, and some others, that we’ve gathered during our last Truth Training and TC 360 in 60 sessions. We hope these quotes inspire you on your journey to seek the Truth, and help clients do the same with their finances. (Quotes are from Todd Langford unless otherwise noted.) Quotes on Financial Math “If the numbers are right, they don’t matter. If the numbers are wrong, they don’t matter.” “The point is, calculators can calculate numbers, but they cannot calculate

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5 Cognitive Biases in Behavioral Finance and Entrepreneurship

If you’re a financial advisor, you are also likely an entrepreneur on some level. Entrepreneurs are innovators, problem solvers, and highly motivated business people: these are just a few of the characteristics that make an entrepreneur stand out. Often, entrepreneurs are driven to stay at the cutting edge of their industry, through reading or listening to books and podcasts, or by attending summits and events. Yet in this pursuit of knowledge and growth, we can often get in our own way. That is, the cognitive biases in behavioral finance or

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6 Ways to Prepare for Truth Training in Houston

Truth Training can be an incredible time to learn the Calculators directly from Todd, as well as benefit from a room of like-minded people. It’s for this reason that we decided to include an annual Truth Training ticket with your TC 360 membership: because it gives you every opportunity to get in the room and make major progress.  We also recognize that Truth Training can still take some time and preparation, even WITH a ticket. So we want to make that prep work as streamlined as possible. That way, on

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Is Convertible Term Life Insurance Worth It?

In the life insurance space, we spend a lot of time talking about whole life insurance vs. term insurance, or whole life vs. universal life insurance. We spend so much time, in fact, that we forget to talk about convertible term insurance. As whole-life-friendly advisors, of course, we know that there’s tremendous value in that asset. However, many people are asking: Is convertible term life insurance worth it? And to that, we want to offer a resounding YES. The Importance of Human Life Value The human life value approach to

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The Human Life Value Approach and the Fallacy of “Needs Analysis”

It’s not uncommon for the Human Life Value approach to be written off as “overkill.” Clients either believe that buying insurance up to their full human life value (HLV) is simply too much money for their heirs, or the number doesn’t seem real. This approach, however, is actually incredibly important for your clients.  Consider this: Would you buy a $50,000 car yet only insure it for $30,000 because you only NEEDED a $30,000 car? No, you wouldn’t dream of doing so–you’d be shortchanging yourself.  And yet, this happens in the

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The New OCR File Converter

Introducing the newest feature to our beta software, Truth Concepts 3.0: the OCR File Converter. It’s not as complicated as it sounds. In fact, this feature may make inputting your life insurance values easier than ever. This new feature will allow you to turn pictures and scans into copyable PDFs, right from the Truth Concepts software. No more difficult formatting, or even inputting illustrations by hand simply because your PDF won’t allow you to copy. One great example of this type of file is a PDF you may get from

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Asset Flow Master Class, March 2023 | Gain confidence in helping clients meet lifelong finance objectives.