Not all life insurance is created equal. In this episode, we discuss the biggest problems found in certain life insurance policies. And we'll cover why you would never want to use them in your banking system.
Now, for those of our listeners who have been with us for a while, they know that we're big fans of a particular concept. It's called the “becoming your own banker” idea. It uses life insurance as a tool to practice banking in a brand new way.
But the problem is that there are so many different kinds of policies out there. We have people come to us who have these policies, and they want to know if they're any good.
So we describe to you a few of the policies to avoid, especially if you're doing this banking concept.
Life Insurance Policies to Avoid Discussed:
* Indexed policies
* Universal variable policies
* Term insurance
* Hidden servicing fees and cost increases
* Funny business with numbers
* The fine print costing you control
* What your agent needs to clearly explain to you
Get resources and transcripts from this episode by visiting:
Episode Takeaways:
* That's the issue with universal life is it may turn out okay, but that's not really up to you.
* The insurance company has the control of the policy to determine what they're going to cap you at, so they can always drop the cap.
* Banks don't buy these policies and there's a reason why, because they can't control what happens to that policy due to the guarantees and all the things that are given control over to the insurance company.
In this episode, we will discuss the three biggest wealth destroyers and also give you ideas of how to break free from their clutches.
So much money is leaking from three areas that we're going to discuss. If people knew what was going on with their money that they're earning and saving, they'd be mortified.
Bottom line: Taxes are the largest destroyers of wealth. But there is also a slew of other rats eating at your money. And sadly, most people don't even pay attention to them or know they exist.
So we'll bring things to light and share with you how to protect yourself today.
Wealth Destroyers Identified and Topics Discussed:
* The taxes secretly robbing you blind
* The 1.8 Million Dollar opportunity cost
* Hidden impact of taxes on retirement programs
* The sneaky money thief: inflation
* How inflation becomes a compounding problem
* Fractional Reserve Banking's effect on inflation
* Credit Cards
* Hidden fees in retirement programs
* Hidden fees in mutual funds
~ Get resources and transcripts from this episode by visiting:
https://livingwealth.com/e18
Episode Takeaways:
* 3+3+3 always equals 9. But when you put money into the game math doesn't work thanks to inflation.
* We're taught to believe today's dollars are the same as tomorrow's dollars. They're not!
* The biggest hidden fees are in mutual funds and retirement programs that go to the money managers.
* Taxes, inflation, and fees rob people of enormous amounts of wealth. And they don't usually know it.