When it comes to managing your finances, there’s no one-size-fits-all solution. We all strive to make the best choices with the information we have, but conventional wisdom often falls short, leaving many feeling financially stuck despite their best efforts. Today, we’ll explore some common financial strategies that might not be as effective as they seem and discuss how a fresh perspective could unlock new possibilities for financial progress.
When it comes to specially designed whole life insurance policies aimed at cash value accumulation, understanding the order of operations for your premium deposits is crucial. Should you prioritize paying your base policy premium first, or allocate funds toward the paid-up additions rider?
Saving for retirement isn’t just about putting money aside; it’s about ensuring that your savings can support you throughout your retirement years. In today’s financial landscape, where balancing current lifestyle needs with future financial security is crucial, understanding how to maximize the efficiency of your savings becomes paramount.
Are you eager to build your savings but unsure where to begin? Many traditional financial advisors might turn you away if you don’t already have a sizable sum to invest. But here’s the truth: You don’t need a fortune to start securing your financial future. Let’s break down how you can accumulate your first $50,000 and set yourself up for success.
Life insurance often gets a bad rap when it comes to financial planning. Many consider it solely as a tool for providing a death benefit, overlooking its versatile capabilities. In this blog, we’ll delve into five lesser-known benefits that life insurance can offer, shedding light on its potential beyond traditional perceptions.
Retirement is the ultimate goal for many of us. The dream of being able to stop working and still maintain a comfortable lifestyle is what keeps us planning and saving. One of the most common tools for retirement planning is the 401k, or its counterpart, the 403b. These government tax-qualified plans offer attractive benefits like tax deductions on contributions and tax-free growth until withdrawal. However, before diving headlong into your 401k contributions, it’s crucial to ask some important questions.
Paying off your mortgage quickly might seem like the financially responsible thing to do, but is it really in your best interest? Let’s dive into this topic and uncover why rushing to pay off your mortgage might not be the smartest move.
Are you tired of the constant drumbeat telling you that paying off your mortgage as fast as possible is the key to financial freedom? Let’s challenge that notion today.
In today’s fast-paced world, access to cash can often be the difference between seizing an opportunity or facing a financial setback. For many homeowners, a Home Equity Line of Credit (HELOC) presents a tempting solution to tap into their home’s equity quickly.
Are you eager to dive into investing but feel discouraged by hefty account minimums set by financial advisors? This predicament is not uncommon. Many individuals, like a couple I recently spoke with, encounter barriers due to these minimums, often set at astronomical figures like $1,000,000.
Are you a firm believer in the mantra that “cash is king”? It’s a common adage, deeply ingrained in many of us, advocating for the virtues of paying cash and avoiding debt at all costs. We’re told to clear our mortgages, credit cards, and student loans as swiftly as possible, freeing ourselves from the clutches of external financial burdens. But what if this belief, seemingly prudent on the surface, is actually holding us back?
Are you looking to secure your financial future but unsure where to begin? One avenue worth exploring is utilizing a specially designed whole life insurance policy tailored for cash accumulation. This strategy empowers you to plan for both known and unforeseen financial needs with flexibility.
When it comes to the Infinite Banking Concept, it’s easy to get caught up in the details and questions like “Should I start now?” or “Am I ready?” The truth is, the best time to start was yesterday, but the second-best time is today. Let’s dive into how you can start your journey without overwhelming yourself.
Do you have a lump sum of money and you’re wondering how to get the most out of it? Well, one option could be a CD. But another option could be an annuity. Have you ever wondered what the differences are, what the pros and cons are of each of these products?
So you may be wondering, Yeah, why does it make sense to put money in a whole life policy? That’s a lousy investment. It’s going to take me so long to break even and then earn a rate of return on that money.
A question that you may have, if you’re thinking about implementing the infinite banking concept, is why on earth would I be paying interest to access my own money?
When it comes to the infinite banking concept, the traditional design is a life paid-up at age 100 or 121 with a 40/60 split, 40% base policy, and 60% to paid-up additions. But sometimes we think it can make sense to do a limited pay policy, whether that be a 10 pay, a 20 pay, or a paid-up at age 65.
Are you nearing retirement and considering implementing the infinite thinking concept, but have the feeling that it’s too late?
Everyone knows that money is important. But have you ever wondered how to educate your children on becoming financially literate and how to become financially free?
Imagine having a pool of cash that you own and control that’s large enough that neither you nor your family ever has to use traditional banking systems ever again. Now there may be an interest that needs to be paid on those loans, but imagine having death benefit to recoup the interest lost over those years of financing through this family banking system. That is power.
Do you realize that we finance every single purchase that we make, whether we pay cash or borrow? Conventional wisdom has taught us that debt is bad and should be avoided at all costs. So what’s the difference between financing and debt?
One of my most frequently asked questions is how many policies should I have and whether is there a benefit to having one big policy versus several smaller policies. When deciding what the best policy for you is, you may be wondering how much premium is too much premium and what is the benefit of having multiple policies working for you.
When on a search for financial freedom, there are a lot of different opinions out there and it can be hard to decide what is the best decision for your situation.
Do you realize that we finance every single purchase we make, whether we pay up interest by financing or give up interest by paying cash? There’s not really any middle ground. What is the best way to make purchases in the most efficient manner?
When it comes to starting your banking system, the most important piece of advice that I give people is to start where you are. Start with whatever budget feels comfortable for your situation at the time.
There are many definitions of leverage, but the one I like best in financial terms is to use the least amount of money to control the greatest amount of assets. Think about it. For real estate investors, what do they do? They borrow other people’s money. They get bank loans to buy real estate, and then they let their tenants pay the mortgage.
If you’re looking into the infinite banking concept using a whole life insurance policy, I’m sure you’ve heard of the different splits. Do I do a 90/10? Do I do an 80/20? Do I do a 40/60? What is the best design for me and how do I get the most out of my policies?
If you have a whole life insurance policy, there’s a contractual provision built into your contract that allows for policy loans. Policy loans are unique in that they’re unstructured, and you have guaranteed access via this loan provision. We usually recommend policy loans for our clients because they’re unstructured and they make the rest of their money more efficient.
When it comes to specially designed whole life insurance policies designed for cash accumulation, you hear us talk about the cash value as well as the death benefit. A question that we’ll often get at the death of the insured is, “Are both the death benefit and the cash value, paid out to the named beneficiary?”
The holiday season is officially upon us. Let’s talk about how to manage spending and how to finance the holiday season because, for many Americans across the country, the holiday season can feel like a major capital purchase.
Do you have a Ferrari in your garage, and you’ve never driven it? Someone recently reached out and they had a 12-year-old life insurance policy sitting doing nothing. This means they had cash value in the policy that’s accumulated over the last 12 years, and they’ve never put that money and deployed it in their financial system before. So we were able to create a plan for them to get out of debt.
You see when I started in financial services, we were told that all debt was bad. But it wasn’t until I put things into practice that I realized, there’s actually good debt and bad debt.
I got my first life insurance policy as soon as I graduated from college. Now, this may seem counterintuitive to some people because I had just graduated college, and I didn’t have a family. What need did I really have for life insurance at that time? Well, I use that policy as a savings account, a savings vehicle, so I can accumulate wealth and keep control of it without the risk of losing any money.
We all know that inflation is running wild these days, but do you realize that there are actually three types of inflation we’re trying to combat at once?
Have you noticed it costs a lot more simply to exist these days? They call inflation the stealth tax because it’s not written in the tax code, but it affects each and every single one of us. So what impacts inflation?
Something I’m sure you heard us say before, is you finance every single purchase you make, you either pay cash and give up interest that you could have earned on that money, or you finance and pay up interest to another entity outside of your control.
Most financial advisors out there are focused on accumulating assets under management, meaning you have a lump sum of assets managed somewhere else. How could that advisor obtain those assets to manage them and hopefully earn you a better rate of return?
Have you been looking at your finances lately and realized it’s time for you to kick it into gear? Here’s a secret. The strategies that got you to where you are today are not going to be the same strategies that are going to move you forward toward financial freedom.
When you’re dealing with a whole life insurance policy, whether it be a normal, whole life insurance policy or whole life policy designed for cash value accumulation, there are a few values that you may want to look at. The guaranteed values and the non-guaranteed values. And you may be wondering what’s the difference between the two.
Have you ever wondered how much life insurance, is too much life insurance? Well, here’s a secret. A life insurance company won’t insure you for more than you’re worth.
As you go through life, everything changes. The only thing certain in life is, in fact, change. So when you first get a job or you first start in business, your goal is to create 100% of your earned income to support your lifestyle. And as time goes by and you evolve towards retirement, your reliance on earned income will go down and you will transition to 100% of your lifestyle being funded by passive income. And as we’re evolving from 100% earned income to 100% passive income, there are various stages.
With inflation being a hot topic these days, a natural question may be, are my life insurance policy and my life insurance premiums inflation-proof? And how exactly are they impacted by inflation?
I recently had a conversation with a longtime client who had some life insurance set up prior to his retirement. He’s now ready to retire and he called me to discuss his options for his pension. He has a defined benefit pension plan through his employer. And he wanted to know which was the best choice for him as far as leaving survivor benefits for his spouse.
We’re often asked how to implement multiple policies using these specially designed life insurance policies designed for cash accumulation. When we talk about being in control of your cash, or being in control of your money, or being in control of your life. One of the main tools we use is the infinite banking concept.
Sometimes money concepts could feel complex, especially compound interest versus simple interest, and how they impact your life insurance policies. Interest is a very complex topic, the further you dig into it, the more complex it gets.
You hear us talk all the time about using life insurance cash values to finance the things of life. Recently, we had a client who used her life insurance policy values in order to finance a home purchase.
When setting up a life insurance policy designed for cash accumulation, a question that often comes up is, “Should I have my person own the policy or should I have my business on the policy?”
If you have an investment portfolio, chances are you’ve heard of a 60/40 split. 60% equities with 40% bonds and you’ll be safe. However, do you realize that the 60/40 split recently had the worst year ever because of the inverse relationship between interest rates and bond prices?
Have you ever wondered how people afford sending their children to college? Sometimes the first child is manageable, the second is tight. And by the third or fourth child, it’s downright impossible.
Everyone knows that interest rates are finally on the rise. But what you may not realize is what’s going on under the covers. What’s happening to the bond market as these interest rates rise? Do you realize that there’s an inverse relationship between interest rates and bond prices? Let’s take a deep dive on what this means for you.
The most recent word on the street is that student loan repayments are going to begin again in October of 2023. What does that mean if you’ve been spending that money instead of saving it or paying toward your student loans all along?
As a small business owner, you could feel limited in the ways you’re able to attract, retain and reward your key people. Let’s dive into how to use a whole life insurance policy to accomplish just that for your key people, so you’re able to keep them in the game.
So you’re thinking about getting started with a specially designed whole life insurance policy designed for cash accumulation. Maybe you want to expand your business or protect your family, or you want to get started with the infinite banking concept. Today, let’s dive into the four questions you need to ask before you sign the final policy papers.
When accumulating assets for your future. There are three buckets where you could store your money, so hopefully it grows. Most people don’t realize they can choose whichever bucket they want their money in. What bucket are you saving in and does that match up to the bucket you want to be saving in?
Not all life insurance companies are created equally. Some are better than others, and some are better for specific uses, like implementing the infinite banking concept than others. Let’s go over exactly what you need to be looking for in a life insurance company as you get ready to implement the infinite banking concept.
Sometimes you’ll hear that whole life insurance is a bad investment. And let’s just get that off the table now, because life insurance is not an investment. Let’s go over five reasons why you would want to own a whole life insurance policy.
In Nelson Nash’s book, Becoming Your Own Banker, he mentions that your goal should be to have your premium deposits equal to your expenses. Does that mean you should be paying your expenses through your policy loans? Not necessarily.
Have you ever consider what impact external elements are going to have on your ability to thrive and retire one day? Let’s talk about the five core elements that have a huge impact on our financial security.
Have you ever wondered what the difference is between a regular whole life insurance policy versus a whole life insurance policy designed for cash accumulation? Well, there are a few differences in the way the policy performs and their design.
In today’s economic environment, with high interest rates and high inflation, anyone could end up with a credit card balance. But the question is, how do you get out of that debt as quickly and as efficiently as possible? And how do you do it in a way where you actually come out better off than you were before?
We often talk about the living benefits associated with cash value life insurance. Wouldn’t the best way to make sure your money goes as far as possible and as as efficient as possible be by protecting it from taxes?
When a life insurance contract is issued, a lot of times there isn’t a lot of built in flexibility within the contract. So when people come into windfalls, whether it’s an inheritance, a bonus at work, or a raise, and they have extra money and want to put it into the policy, you may be wondering where does it go? How do we get this money securely in our life insurance contract?
As a business owner, you know that cash flow is the lifeblood to any business. If you don’t have cash flowing through your business, it could feel suffocating.
Small businesses are currently facing the twin challenges of high interest rates and high inflation. They’re paying more for loans and raw materials while trying to maintain a good quality of life for their employees, all while trying to grow their business.
You may have been noticing that banks have been offering relatively high interest rates on short term CDs, and that’s because of the inverted yield curve. But what risks are involved and what risks should you consider when looking into purchasing a CD.
Finances are cited as a worry for 87% of us. Inflation is up. Savings are down. And the talk of recession has reared its ugly head again.
If you haven’t noticed, the world we live in is becoming more and more polarized. There are so many conflicting opinions out there.
In this discussion, Tim and Olivia talk about Apple’s Newly Announced High-Yield Savings Accounts and What they could mean for You.
When you’re a small business owner, your people are key. But how do you keep your key people happy and keep them from going after a better offer from your competitor?
Americans are quitting their jobs in record numbers. It’s called the Great Resignation.
When it comes to funding college tuition for your children, sending one child to college is expensive, sending two is almost manageable, and sending three could be downright impossible.
When it comes to planning for the future, there are a lot of factors to consider. How do you know what’s going to happen from day to day? One day you could have it all and the next day you could be scrambling for cash flow.
When it comes to estate planning, a common tool to use is an irrevocable life insurance trust, commonly known as an ILIT.
Since that whole fiasco with the Silicon Valley Bank, a lot of our clients have been calling us and saying, “Hey, is my money safe with a life insurance company?”
So you’re a business owner, and you have a whole life insurance policy, and you want to leverage the life insurance cash value to make an investment in your business.
Do you realize we finance every single purchase we make? We either go to a bank or finance company and pay up interest, or we pay cash and we give up interest.
Cash flow is the lifeblood of any business, and having access to cash is kind of like the lungs.
Are you stuck on the debt cycle merry-go-round? Break free! Build up your own pool of cash and take control of your finances. No more paying for the privilege of using someone else’s money. With the infinite banking process, you can use specially designed whole life insurance policies to accumulate and keep your wealth. Your money earns continuous, uninterrupted interest, and you control the payback process. Get out of debt faster and maintain control of your money.
When you’re starting off in business, your goals are certainly different than when you plan on exiting your business.
Being in business with your family could get tricky. For example, a recent study showed that two thirds of small business owners plan on passing their business down from one generation to the next.
Unless you’ve been living under a rock, it’s clear that inflation is running rampant.
Small businesses are the backbone of America’s economy, with 50% of all employees working in such businesses. However, small businesses face challenges, particularly with cashflow. A recent study showed that 69% of business owners lose sleep or have trouble sleeping due to financial cash flow issues. Stress caused by lack of sleep has been linked to various health issues and can put a strain on relationships. Small businesses are also struggling with high inflation and interest rates, which further squeeze their cashflow. To make cash flow more efficient and reduce stress in their business and personal lives, small business owners need to find ways to utilize their available cash flow properly.
Total household debt is up to $16.9 trillion for Q4 of 2022, and of that, nearly $1 trillion is credit card debt.
When it comes to accessing other people’s money, it’s clear that capital has a cost.
It’s pretty safe to say we all have one goal in common, and that is to eventually retire.
When it comes to business succession planning, a lot of business owners tend to put it off.
Did you know that the number one reason why small family businesses fail is because of lack of planning? Without a proper succession plan, your family business may not last beyond your lifetime. In fact, only one third, 34%, of all small businesses have a robust, documented succession plan. Business owners often get caught up working in their business and forget to work on their business.
Learn how to tackle chronic and cyclical cash flow issues that are inhibiting your business growth. Find out how to maximize your assets and make the best financial decisions possible.
Credit cards could be a great financial tool if used properly.
A lot of people don’t have the time or the motivation to do a deep dive into their finances. Learn how to make your cash flow more efficient with the concept of the five areas of wealth transfer. Discover how to identify leaky holes in your personal economic model, build a pool of cash, and achieve short term, intermediate, and long term financial goals. This blogpost explains how to get started with saving and investing your money, and the importance of consistently putting away money to benefit from compound interest. Plus, find out how specially designed whole life insurance policies can help you achieve your financial goals.
Learn how to smoothly transition your family business from one generation to the next in this insightful blog post. As the older generation approaches retirement, the younger generation must take on the mantle of leadership. However, there are numerous issues to consider, including compensation, funding, and legal planning. The post offers practical tips for maximizing the efficiency of your money and finding the funds to buy out the older generation while still growing the business. Find out how one family-owned manufacturing company found $240,000 of annual recurring revenue to fund their exit strategy and gain much-needed cash flow relief.
Learn how to secure your financial future as a business owner by diversifying your assets, reinvesting profits wisely, and planning for retirement. Discover why it’s important to have liquidity and control over your assets and how to avoid being dependent on the sale of your business for retirement.
When you’re making a capital investment in your business. Any way you look at it. You are going to pay a finance cost. And what I mean by that is, if you finance, you’re going to pay interest to the bank or the credit company for the privilege of using their money. But if you pay cash, you are giving up interest that you could have earned on your money. So the question becomes, how can you make that capital investment in your business and still maintain control of your cash?
By its nature, a specially designed policy for cash accumulation puts extra money into the policy. A limited pay policy could make sense in a lot of situations, but it especially makes sense when you’re dealing with these specially designed whole life insurance policies designed for cash accumulation.
Are you saving for your future? Is it 10% of your income? Is it 15? Is it 20? Are you saving anything? And if you are, are you saving in a place where you have access to that money? In this blogpost we’re going to talk about how to strategically save for the future so that you’re able to meet your long term goals of retirement and your short term and intermediate goals as well.
As business owners, we all know how important it is to have access to cash when you really need it.
When it comes to finances, there are so many tricks and strategies that all claim to move forward. But the question is how do you make your money more efficient and how do you maintain liquidity use and control of your money?
As a young business owner, it could be simple to fall into the trap of reinvesting all of your profits back into your business to help that business grow and expand and hopefully grow your income as you go.
How do you save for your retirement and achieve your financial goals along the way?
There are so many financial tools available to us between IRAs, 401ks, brokerage accounts, loans, mortgages.
Becoming financially independent isn’t as hard as you think it is.
It starts by taking control of your money.
Keep in touch! Sign up to be notified when we post new blogs.