“You’re thinking of this place all wrong… as if I had the money back in a safe. The money’s not here. Your money’s in Joe’s house…right next to yours. And in the Kennedy house, and Mrs. Macklin’s house, and a hundred others. Why, you’re lending them the money to build, and then, they’re going to pay it back to you as best they can.”
—George Bailey, It’s a Wonderful Life
These famous lines from Frank Capra’s holiday classic, It’s a Wonderful Life, have been used to explain how banking works, though the details don’t exactly reflect current realities. Today, we WISH that our banks were as conservative as George Bailey’s fictional Building and Loan. If John could only borrow what Sally had originally deposited, there would be less risk!
Do you intend to leave a legacy? Utilizing life insurance and selecting beneficiaries for your policies and/or other accounts make leaving legacy gifts simple, keeping them out of probate or the state courts. That is… unless you make a critical mistake. We wrote this beneficiary checklist to help you avoid it!
You’ve put a legacy in place that assures loved ones and/or your favorite charities will receive monetary gifts according to your wishes. There are a handful of mistakes we see people make when it comes to naming beneficiaries or keeping them up-to-date.
Q: CAN YOU BUY LIFE INSURANCE ON THE INTERNET WITHOUT THE ASSISTANCE OF A FINANCIAL PROFESSIONAL?
A: MAYBE, BUT IS THIS A GOOD THING?
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Along with advertising for automobiles and beer, there are several commercials in heavy rotation on cable TV channels for insurance. One ad features an animated “virtual world” where consumers can meet all their insurance needs with a click of a button on their computer. Another ad shows a make-believe insurance “grocery store” with consumers choosing their products off the shelf and paying at a check-out counter where they are met by a perky cashier.
Wrapping up 2020, the IRS introduced a significant change to the tax code that governs life insurance. This code hasn’t been changed in decades, so there are bound to be adjustments going forward. While there are plenty of opinions on how this will change the industry going forward, we want to look at the facts.
The fact is, whole life insurance has over a century-long history of paying dividends in addition to the guaranteed cash value. That’s the reason insurance is a great savings vehicle—it’s certain, reliable, and better for growth than saving with the bank.
The guarantees of the life insurance company are what make policies run smoothly, and we think that the changes happening will allow guarantees to continue to be made and met. In other words, policies will continue to thrive in even the most difficult economic climates.
What does financial planning entail…and what does it get wrong? See, the financial planning industry has long been perpetuating misleading ideas about retirement, savings, and investments. And a “plan” can only get you so far—assuming everything goes according to plan. Yet life so rarely does. That’s why I advocate for a financial strategy, with enough flexibility to navigate whatever life throws at you.
The foundation of this financial strategy is savings, because having access to liquid cash is the difference between scarcity and true Prosperity. The question isn’t necessarily in how much you save, so much as where you save and how you do it. If you’re using financial planning for retirement, for example, accessibility and tax benefits must be considered.
So much of the typical financial planning industry is about projections and assumptions we can’t possibly predict. Thus, it gives people a false sense of confidence without the necessary dose of realism—that unexpected things can and do happen all the time. In this article, I want to break down the industry myths and give you the confidence that you’ll be prepared for the unexpected. I want you to not just survive but thrive using Prosperity Economics.
How to Start a New Side-Hustle, Job or Career Working from Home!
2020 is over and the world is beginning to open up again, yet many people are realizing that there’s more to life than a job they dislike. After a record-high unemployment rate last year, more people are seeking jobs that feel fulfilling. After all, times of crisis are also times of great opportunity!
If you haven’t found what it is you want to be doing, this may be the ideal time to try something new, learn a new skill, or begin a side-hustle that can bring you income for years to come.
In The Side Hustle Bible, James Altucher says “we live in an opportunity economy” and an “idea economy.” Just because certain jobs have vanished, or your perspective may have shifted, does not mean there is a shortage of ways to earn money. In this extensive article, we outline dozens of ideas and resources so that YOU can make a positive change.
Years from now, you might even look back at this time as the turning point that got you out of a rut and started on a new, profitable path!
“Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it’s imperative that we rush outdoors carrying washtubs, not teaspoons. And that we will do.”Warren Buffett
These are uncertain times for investors. There’s volatility in the stock market, uncertainty in the housing market, and massive unpredictability in the political arena. Let’s take a look at what’s happening and—most importantly—effective strategies for volatility that will keep you building wealth in any market!
The stock market: 2020 was a volatile year for the stock market. Lockdowns saw the market plummet, then making some recoveries later in the year. Now in 2021, we’ve seen crazy things happen with GameStop, AMC, and other businesses exploding artificially overnight.