The Prosperity Blog

Choosing the Best Whole Life Insurance Company

What to look for when choosing a life insurance company

If you are shopping for permanent life insurance, you’re buying “for keeps,” as the expression goes. Life insurance isn’t like a pair of sneakers, a phone or a car that you might own for a few years before upgrading. And if you’re going to have life insurance for the rest of your life, you want to choose the best whole life insurance company!

And when it comes to picking a life insurance company, there are “things that matter” and “things that really DON’T matter. We’ll break down that distinction to help you prioritize (even though you may still have a preference).

Let’s start with the important stuff!

Read More

Easy Money!? 15 Ways to Create Passive Income

Recently we got a listener question for The Prosperity Podcast: “Is there really such a thing as passive income?” Yes, there is! True passive income isn’t quite as rare as Santa Claus or the Easter Bunny. However, as Spencer Shaw and Kim Butler discussed in this podcast episode, there can be a LOT of grey area between earning active income (such as a job) and completely passive income.

By definition, something that is “passive” would require little to no active work or time commitment. The IRS defines passive income as only coming from two sources: rental activity or “trade or business activities in which you do not materially participate.” However, many strategies thought of as “passive income” may indeed require some work, either intermittently or in the beginning. For instance, authors or songwriters may earn passive income royalties based on work done in the past. In this article, we’ll explore 15 ways to create passive income—and semi-passive income.

Read More

Financial Maturity: 7 Stages of “Adulting” with Money

Financial Maturity: 7 Stages of “Adulting” with Money

What does it mean to be an “adult” with money? What are the recognizable signs of financial maturity? To answer this, we’ll expand on a list co-author Kate Phillips shared in a Total Wealth video on “Adulting with Money.”

First—in case you are unfamiliar, let’s define “adulting.” The term refers to one’s ability to behave responsibly and maturely to accomplish necessary tasks.

While the focus is decidedly on behavior, financial maturity isn’t just a checklist of habits or accomplishments. It’s also a mindset. Adulting includes an understanding the role money plays in the world and the opportunities—and responsibilities—it brings.

Let’s dive in!

Read More

Income for Life: Create Cash Flow with an Annuity

A guaranteed lifetime income is a compelling proposition. After all—who doesn’t love the idea of being set for life? While it is impossible to know how long you’ll live, it IS possible to make sure you will receive (at least) a certain amount of income for the rest of your life. Especially in this age of rock-bottom interest rates, a lifetime income annuity can be a lifesaver for some retirees!

Single Premium Immediate Annuities (SPIAs) can provide this income, yet few people use them in their retirement strategies. How can you know if a lifetime income annuity makes sense for your situation? Let’s explore.

Read More

The 7 Principles of Prosperity™ in Action!

“Principle: A basic truth, law, or assumption.
A fixed or predetermined policy or mode of action.”

American Heritage Dictionary
The 7 Principles of Prosperity™ in Action!

In our Prosperity Economics philosophy, we use our 7 Principles of Prosperity™ to guide our strategies and actions. These are truths about wealth-building that have stood the test of time!

We didn’t “invent” Prosperity Economics so much as we coined the phrase to describe what already existed. The wealthy have practiced Prosperity Economics for generations. We simply observed and described the timeless principles and practices of wealth-building.

Knowing and understanding the 7 Principles can help people make confident financial decisions. So today, we review the 7 Principles of Prosperity™ along with specific action steps for managing your assets to accelerate wealth-building.

Read More

Should You Retire Early? (5 Considerations)

Do you dream of life with no alarm clock, no commute, and no boss? Then you might be one of the many Americans who aspire to retire early. But for many, the dream of early retirement leads to a rude awakening when the reality of living on a limited income sets in. Today, we examine early retirement and the challenges it brings.

Usually when people ask questions about financial decisions, it’s difficult to answer without having more detailed information about their situation. “How much do you earn? Do you have consumer debt?” and so on. But if you are asking, “Should I retire early?”—whatever your situation—we would say, “No, please don’t!”

Read More

Make Your Money Multitask!

Make Your Money Multitask!

One of our 7 Principles of Prosperity™ is MULTIPLY. Of course, we all want our money to multiply! But how—especially in such a volatile environment? The secret to multiplying your money is getting it to work harder… doing multiple jobs!

The truth is, we are trained to do the OPPOSITE with our money.

Certain dollars go in the retirement account bucket. Other dollars go in the 529 college education bucket. Emergency fund savings over here; life insurance over there. And don’t forget the long-term care bucket, the saving-for-a-down-payment bucket, and the vacation fund bucket!

While humans may be more productive doing only one task at a time, this is not true with money! Money works best when it can do multiple jobs.

Read More

This website is provided for informational purposes only. The information contained herein should not be construed as the provision of personalized investment advice. Information contained herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security or investment. Investing involves the risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results and may have been impacted by events and economic conditions that will not prevail in the future.