The Prosperity Blog

7 Habits for a Wealthy New Year

For most people, 2020 went down as the year that did not go quite as planned. Which reminds me of the saying, “Man makes plans, and God laughs.”

We have limited control our circumstances and our environment. Likewise, we have only partial control of our results. As James Clear points out, every athlete strives to win the race or the gold medal, but only one will.

What we CAN control is ourselves.

You determine your thinking and your behavior.

We’re not sure who said it first (it’s been attributed to Abraham Lincoln, Peter Drucker and others), but we love the saying: “The best way to predict the future is to create it.” And the best way to create that future is through focusing your thoughts and actions towards the future you want.

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A Season of Giving

With Christmas upon us, it’s easy to see
shelves of things we’d like to receive. 
While freedom of money and freedom of time,
means finding enjoyment and feeling sublime, 
let’s remember what holidays are about

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Is College Still Worth It?

Is College Still Worth It?

Is a college degree worth the investment of time and money? Is a degree still a prerequisite for success? What does it really cost, who pays the price, and how does one make the most of the investment? What does financial planning for college look like? (Read our Ultimate Guide to Financial Planning Myths to learn how to save for college more efficiently.)

These are questions that students and parents alike are beginning to ask. Especially now, with many colleges offering only virtual classes, questions about the value and fit of college are louder than ever. (For ideas on funding college, read our Ultimate Guide to Financial Planning Myths.) This is the start of financial planning for college students.

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SELF-INSURANCE: A DIY Project to Avoid!

Ever take pride in something you did on your own? It could be something as simple as preparing an expense tracking sheet or as involved as a home repair. American society celebrates those that are self-made. It’s why we hold entrepreneurs on a pedestal; like Steve Jobs that took Apple from a garage to the iconic company, it is today. The American dream still holds power today, founded on the principles of working hard, being self-sufficient, and tackling the world one day at a time.

But when it comes to insurance, is it the right choice to “do-it-yourself”? “Self-insurance” is the idea that one can insure themselves by simply building more assets. Unfortunately, the reality of “self-insurance” is that it is no insurance at all.

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The Banker’s Secret: Why Banks Buy Life Insurance!

“Put simply, BOLI is attractive to the banks because it can produce better returns that the banks couldn’t otherwise achieve.”

– Fool.com, “Bank Owned Life Insurance: A Little Known Way Banks Make Money”
The Banker’s Secret: Why Banks Buy Life Insurance!

Where do you save your money? For many people, the answer is “in a bank.” So it surprises people to learn that one of the places banks store and grow their cash is outside of the banking system altogether.

Banks store and grow a significant portion of their capital using permanent life insurance, generally a special kind of whole life insurance. It’s referred to as “BOLI”—bank-owned life insurance, and banks own a LOT of it!

In this article, we’ll explain why banks buy life insurance, how much they have, and why it’s relevant to YOU. (As it turns out, most people want the same benefits the banks are receiving!)

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Inheritance and Entitlement: Helping Children Prosper

Inheritance and Entitlement: Helping Children Prosper

Every parent’s fear is that their child will never quite grow up. This could look like an adult child that remains reliant on parents and never becomes self-sufficient. Add assets to the mix and it can be a recipe for a trust fund baby. Even for parents who intend to leave extremely modest sums to heirs, inheritance entitlement can be real.

If you are earning, saving and investing to build wealth and you wish to leave something to heirs, do not ignore potential pitfalls. Passing on wealth successfully and productively to future generations can have itschallenges.

To be clear, GIVING wealth with the right tools and vehicles (wills, trusts, life insurance, etc.) is easy! It is the adult child’s ability to KEEP the wealth that is the challenge. Hence the expression:

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