Deep Thoughts by Ben Bernanke

It's Life Insurance Awareness Month-Do You Have Any of the Good Stuff?

Chances are you don't have enough and you probably don't have any what I call the good stuff. 

I've found that most people think life insurance is for someone else. 

When life insurance is set up correctly, it's a foundation for wealth building that increases your net worth contractually guaranteed every year for the rest of your life and you can use it while living. 

That's the good stuff. Get some.

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Why do I have permanent cash-value life insurance?  I own it for peace of mind.  It gives me a great deal of satisfaction knowing that my money is growing safely and I have access to it anytime I want without interrupting the growth.

I also know that my financial goals for me and my kids will come true whether I'm around to see it or not.  At the end of the day, I know my entire family is better off because of the steps I've taken to secure my financial future and theirs.

Having permanent life insurance is truly about growing, protecting, and transferring a lifetime worth of assets.

The rest is just gambling.

Permanent Life Insurance Gives You Flexibility To Spend Your Assets

Here's a quick idea on why having permanent cash-value life insurance is so important as you age.

Owning life insurance gives you the freedom and flexibility to spend your assets in retirement because the death benefit replaces the assets you spend.

No other asset can give you the ability to replace an exhausted asset for your next generation.  That is just one of the benefits of having a permanent life insurance policy in your financial portfolio.

Creating Wealth Is Easier Than You Think: Learn To Overcome Parkinson's Law

Parkinson's Law says if you give a person a job to do and tell them it has to be done in three days, you can bet it will be done late on the third day. You can assign the same job to another person and allow 30 days for its completion, and it will take 30 days. Another example of Parkinson!s law is, “expenses rise to equal income.” In other words, when a debt is paid off, the freed up cash flow is quickly absorbed by a new definition of necessities and you are no better off than before.  

TO BE SUCCESSFUL FINANCIALLY, YOU HAVE TO OVERCOME PARKINSON'S LAW. START RE-DIRECTING THE NEWLY CREATED CASH FLOW TOWARDS SAVINGS.  

Once you have this ability to save more, the first logical question to be asked:  Where is the safest place I can save money that will give me access to it as I need it?  The second question should be: AND what other benefits can I get for parking my money there?  The answers to these 2 questions can be found by reading Becoming Your Own Banker by R. Nelson Nash or Pamela Yellen's Bank On Yourself.  

Accumulating wealth isn't rocket science (or theoretical physics if you're particularly extra nerdy), you just have to change how you've been taught to think about money.  How we think influences everything we get in life.  

Have a car loan or credit card debt you'll be paying off?  Did you get a raise at work?  There's a lot to be excited about.  I'm convinced you'll celebrate even more if you can add some long-term thinking into your planning.

To learn more about you can best overcome Parkinson's Law and start building wealth without risk, please consider purchasing the above mentioned books.  As an authorized Bank On Yourself Advisor, I can help answer your questions and fill in the details for a plan that's right for you.

John Montoya
john@jlmws.com
925-386-6639