**Throughout the entirety of our journey, our goal is to recapture debt. To accomplish this task we must begin with a paradigm shift in our thinking. Instead of giving our hard-earned money to banks and financial institutions who use our money to gain wealth for themselves, we will bring our hard-earned into our own storehouse (becoming our own bankers) so that we can create our own wealth! This storehouse is a dividend-paying (participating) whole life (permanent) insurance policy set up properly (customized) by an Infinite Banking Concept-oriented broker through a reputable mutual life insurance company.
You love me, you hate me. You think I’m onto something, you think I’m a full-blown whackadoodle. I get it. Remember. This is about a paradigm shift in our thinking.
Let’s go fishin' again, shall we?
The boat is still you. The water is now a dividend paying (participating) whole life (permanent) insurance policy set up properly (customized) by an Infinite Banking Concept-oriented
broker through a reputable mutual life insurance company. (Photo by Pixabay.)
The left side of the boat is everything we’ve been told about life insurance: it’s a death benefit. The right side of the boat is a paradigm shift that focuses on the life benefit aspect of life insurance.
I know. Never considered the life benefit aspect of life insurance, have you? Not many do. Here’s a list: liquidity; access to credit (guaranteed loans); flexible loan repayment; tax-favored environment; reduced loan interest, services and fees paid to others; no government involvement; predictable financial results; insurance for life; guaranteed insurability; guaranteed cash accumulation; creditor proof-protected asset (in certain states). It’s these life benefits that allow us to become our own banker.
In 2011, Fidelity Investment Company reported that the average American’s savings in a 401(k) was at an all-time high at $74,900. Right. Most “Golden Years” will be fueled by $74,900. Hmm.
Aren’t fees associated with participating whole life? Absolutely. A study compared the lifetime fees for participating whole life insurance with those of mutual funds, however. Life insurance fees were around $44K while mutual fund fees were around $354K. When you add taxes, fees, service charges, inflation, penalties to all these “qualified plans,” it’s no wonder the average 401(k) is only $74,900.
To me, the fees aren’t an issue because the return on my investment is so significant. We know that reputable mutual life insurance companies conservatively invest because the companies we’re talking about have always paid dividends (profit sharing). You cannot share profits unless you make a profit.
The problem is that we’ve given up control of our finances. We want the government to take care of us via a defunct Social Security. We want our boss to take care of us via 401(k)s and pension plans.
It used to be that employers offered pension plans AND 401(k)s. When 401(k)s first came onto the scene in 1978, more than 170,000 traditional pension plans existed. As of 2008, there are less than 47,000 pension plans in existence. In essence, most Americans have their retirement package tied to a Stock Market manipulated by central bankers who print money out of thin air.
When your retirement package is in the hands of someone else, you are trusting that these money managers are going to leave you with a healthy retirement package. Does a track record of an average of $74,900 sound healthy to you?
Life is taking control of your finances. Do not blame the world for your choices. Simply make better ones.
**Note: I am not a financial guru nor a licensed insurance agent. I am not affiliated with Nelson Nash and the Infinite Banking Concept nor Alpha & Omega Financial Services (links below). I love to teach. Plain and simple.