We published some “Truth Quotes” awhile back… comments and sayings compiled from a Truth Training (mostly Todd Langford’s). At a recent training in Salt Lake City, a new list of quotes heard at a Truth Training was compiled. Unless otherwise noted, the quote came from Todd Langford (although we don’t guarantee that he was the source of every quote!) “There is usually some basis of truth in what is said about money, but the analysis of the data is skewed.” “What should the average person do? All they can.” “The only rule for this study group is to leave our egos at the door.” “What is the FDIC? It’s the taxpayers.” “How can we have so much knowledge about money and yet still not understand it?” “If most of the profit from selling cars is in the financing of them, how do they do that at 0%?” “Who owns the mutual life insurance companies? The policy holders.” “There is a difference between real world and economics as it relates to your personal economy.” “There is often a difference between peace of mind and financial efficiency.” “Computers can only tell us pure economics, not necessarily what is best for our family.” “Sometimes showing extreme examples helps people understand things.” “In 1913 a temporary, never to exceed 7%, income tax was instituted that has not been temporary nor 7% since.” “If the Federal Reserve didn’t exist, the Federal Government would have to do a bond election for everything they want to spend money on.” “The Federal Reserve is neither Federal nor a reserve.” “What FICA rate to employees pay? The whole 15%, 7.5% from themselves and 7.5% their employer paid that the employee could have gotten in compensation if the FICA tax didn’t exist.” “There is no better collateral for a bank than a whole life policy.” “How do we beat inflation? Have more money.” “The best definition of retirement is “to take out of service”. “There are no deals in the life insurance industry, because everything is a trade off.” “Life Insurance is an AND asset, not an OR asset like everything else.” “(In most financial analyses), life insurance at its worst is compared to everything else at its best.” “I personally believe in the strength and diversity of the life insurance industry, rather than the FDIC.” “I’ll put Life Insurance guarantees up against any guarantees any day of the week. What can the securities industry guarantee? 0%? Not that high. Negative 100% is all they can guarantee.” “The best question in the world is, ‘Compared to what?’ Thanks go to Daniel Pink.” “Risk has come to mean you’ll automatically have more money where as it actually means the likelihood of loss!” “The only way we can beat inflation is to have more.” “For retirees, everyday is a Saturday and they think they are going to spend less!?” “There is a difference between an interest payment and an interest cost. You either pay up or pass up interest.” “When we pay cash, we are financing our purchases with future assets.” “Is your banker more important to you than your family?” “Federal Income tax deferral is actually a tax lien at an unknown rate.” “If you think the Federal Government will do you a favor, ask a Native American: they invented the totem pole and now they are at the bottom of it.” “If you are in a lower tax bracket in retirement, we are sorry, it wasn’t anything we did for you (as advisors).” (In response to the prediction that most advisors and accountants make that “you’ll be in a lower tax bracket when you retire.”) “The best tax strategy is to earn another dollar.” – Michael Isom “In this country you don’t get a jury of your peers, you get a jury of people not smart enough to get out of jury duty.” “You can’t fix closed-mindedness.” “Unrealized capital gains is the portion that fell off the fund managers desk and they forgot about it because they earn money the old-fashioned way; they churn it.” “Is our job to destroy the estate in order to pay less tax or grow the estate as large as possible: so much so that we don’t care how much the inheritance tax is?” “There is an odd thing that happens to people when they retire; they still have to eat so pulling money from the stock market (in a down market) causes double pain.” “If you really believed your money in the stock market was going to do so well, then why do you have bonds?” “Diversification is for people who don’t know what they are doing.” – Warren Buffet “Owning cash value is not a license to spend.” “The qualified plan is called qualified because it qualifies the government to invest in the stock market.” “The more equity you have in your home, the higher your risk is.” “The idea that ‘if it looks to good to be true, it is’ causes limited thinking. Everything of value looked to good to be true when it was first put forth. Think about electricity, cell phones, driverless cars, etc. So if it ‘looks to good to be true,’ dig a little deeper.”

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