Kerry Lutz's--Financial Survival Network

Summary:
The world is full of people that would love to take your hard earned cash, but this can be prevented with the proper planning and an asset protection program in place before you need one. Today we have Douglas Lodmell on the show to talk about the importance of asset protection, and some of the steps required to acquire this. It's as simple as figuring out what you have, and what needs to be protected that isn’t already.

Highlights:
-Asset protection - the world is full of people that want to take your hard earned cash. The key is to have an asset protection program in place before you even. need one
-Asset protection doesn’t mean anything until you actually need it—most people don't look into this until after they realize they need it
-There two types of people: those who have assets and those who don’t
-Figure out what you have, and if you already have asset protection; take an inventory and pinpoint what is protected/what isn’t
-There are 2 asset categories: exempt assets, which are already protected (i.e. homestead, retirement plant, etc.) and unprotected assets
-In the asset world there is asset exemption and then asset protection
-Now we have foreign asset protection trusts (established in 1994)
-19 US states currently have some sort of domestic asset protection trust legislation
-There are standards that outline what makes a trust a US trust
-Grantor trust is disregarded for tax purposes
-Asset protection is between $25k-$30k for the most part
-An ounce of prevention here is like a pound of cure

Useful Links:
Financial Survival Network
Lodmell & Lodmell

Summary:
As usual, we find that transitory inflation is not so transitory—Michael Pento comes on the podcast today to talk about some of the causes and effects surrounding inflation in the current economy. Pento says this is perhaps the worst inflation the country has ever seen, and the coming years don’t look too hot in terms of getting out of this economic circumstance. Tune in to hear us break down some of these financial issues, how they relate to what we have seen historically, and what to expect in the future.

Highlights:
-Transitory inflation is not so transitory
-NatGas had gone up 118%
-This reminds one of what happened leading up to the financial crisis
-You could not grasp what was happening only by looking at oil—you must consider other points
-We have, according to Pento, the worst inflation this country has ever seen. What does 2022 have in store?
-There are ten million job openings right now, so it is sensible to stop paying people money to stay at home when there is a surplus of employment opportunity
-Next year, according to the Fed’s predictions, they are going to stop the QE program
-No more increase in the money supply or m2
-We are in for a fiscal and monetary cliff
-China is going through the same thing as well as Europe
-We don’t have the healthy underlying foundation that we had in 1980, nor do we have the fire power to get us out or low levels of debt
-Pento predicts a protracted period of vicious stagflation in the coming years
-Coming out of the great recession, China bailed us out. They may not have the capacity to do this again
-Culmination of natural disasters and man-made disasters will coalesce into one thing
-2023 will probably see a permanent form of helicopter money for those that don’t make a certain amount
-What you think is going to happen is seldom what does happen—you can never be entirely sure
-There will probably be major deflation and bouts of inflation
-Don’t sell your gold quite yet, but understand that the precious metals can take major hits

Useful Links:
Financial Survival Network
Pento Portfolio Strategies