The Prosperity Blog

The Path to Wealth: 7 Steps to Success in Business and Life

“Gratitude is not just for Thanksgiving.”
– May McCarthy

Kate Phillips, our friend from Total Wealth Coaching who co-authored Financial Planning Has Failed (with P4P’s Kim Butler) was buzzing about a workshop she attended with May McCarthy, author of The Path to Wealth. We loved hearing about McCarthy’s gratitude-based success system and asked Kate to share with our readers.

A self-made multimillionaire entrepreneur, May McCarthy credits her success to her daily spiritual practice based on giving gratitude and following her intuition. She says the seven simple daily steps she developed and now teaches others can improve health, transform relationships, and help you accomplish your biggest business goals. If that sounds like a big claim, well, McCarthy is a woman with big results.

May McCarthy has co-founded six profitable companies in industries as diverse as telecommunications, fashion, and healthcare, with the largest growing to $100 million in

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Prospering in the Post-Election World

Prospering in the Post-Election World

Who will be in the White House in 2021? At this writing, the definitive answer is uncertain! However, we can be certain of our own success using the fundamental principles that would apply in ANY circumstance.

Yes, some things change if there is a “changing of the guard.” Taxes may be raised or lowered. Regulations and incentives might shift. But the game of success usually doesn’t change as much as we think it might. (And with Republicans gaining ground in the house and likely maintaining control of the senate, a Biden-Harris win might NOT mean sweeping changes.) 

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Busting the Real Estate Investing Lies Book

“Don’t put your money into something that doesn’t give you something in return.”
—Kim Butler and Jimmy Vreeland, Busting the Real Estate Investing Lies

Surprising Secrets to Real Estate Success!

P4P-Busting-the-real-estate-investing-liesIf you’re not investing in real estate, you’re probably slowing your journey to financial independence. Over the last two centuries, around 90 percent of the world’s millionaires have been created by investing in real estate, according to the David Greene, a Forbes contributor and host of the Bigger Pockets podcast, contends that real estate builds wealth more consistently than any other asset class.

Appreciation, depreciation, leverage and inflation—they all work to the real estate investor’s advantage! Yet unfortunately, real estate investing lies sabotage the success of many — or keep them out of the game altogether!

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Personal Finance: Sharing the Best of the Web!

Personal Finance: Sharing the Best of the Web!

We are committed to educating you about personal finance with this blog and also the Prosperity Podcast. And today, we are bringing you the best of the web—articles we love from other blogs and publications!

We’re sharing resources on educating your children about money, how to grow your cash in a low-interest environment, and a view on hedge fund manager Bill Ackman’s suggestion for the government to “invest” for Americans.

We trust you will enjoy these resources as much as we did!

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Should You Keep or Surrender a Universal Life Policy?

“You got to know when to hold up, know when to fold up, know when to walk away, and know when to run.”—Kenny Rogers, “The Gambler”

Recently, we gave you the good, the bad, and the ugly about universal life insurance policies. As it turns out, there isn’t a lot of “good” for aging policy owners who are seeing their premiums skyrocket. Lawsuits continue to mount from policy owners who feel they have been misled. Some realize their “permanent” policies will expire before they do! Others realize their policies will lapse if they cannot make ever-increasing premium payments. This was not what they thought they signed up for!

Last year, state regulators in New York issued a cautionary alert to consumers about universal life insurance with this all caps, bolded warning: “YOUR PREMIUM PAYMENT AMOUNT IS PROBABLY NOT GUARANTEED AND MAY INCREASE.” In 2018, the Texas Department of Insurance put out a similar warning. A short informational video illustrated how universal life policies can lose value and even lapse due to the ongoing costs, especially in timse of low interest rates and underperforming investments.

Now, warnings are great if you are shopping for life insurance. But what should you do if you already have a universal life policy that lacks guaranteed level premiums and a guaranteed death benefit? In this article, we’ll outline options and actions that can help protect you from an imploding policy.

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Understanding Life Insurance Dividends

With all of the stock market volatility and low-low interest rates, there has been a resurgance of interest in dividend-generating assets. Most people think of stock dividends, but stocks aren’t the only asset that can generate dividends.

For those looking for a good “safe money” option, we recommend dividend-paying life insurance! In this article, we’ll address:

  • What are life insurance dividends and how do they work?
  • What kinds of companies pay dividends?
  • Are life insurance dividends taxable?
  • What are your life insurance dividends options?
  • And more.

Essentially, we’ll try to answer “everything you always wanted to know about life insurance dividends but were afraid to ask!”

What are life insurance dividends?

Mutual Life Insurance companies share their profits with participating policy holders. They do so via a dividend. This dividend is declared annually, usually around the end of the calendar year. You may have seen announcements about 2020 dividend payouts. Many companies declared their biggest dividend payouts ever, including:

  • Northwestern Mutual, which paid policy holders $6 billion in 2020, up from $5.6 billion the year before.
  • New York Life paid eligible participating policy owners a record dividend payout of $1.9 billion.
  • MassMutual (Massachusetts Mutual) made dividend payments to $1.7 billion.
  • Guardian Life paid policy owners a $982 million dollars in dividend this year, also a record payout.

Note this dividend is listed as a dollar figure and only sometimes an interest rate (more later on the latter).

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Preparing for Economic Dangers and Opportunities

As we went to press with this, we learned of President Trump and Melania Trump’s positive diagnosis. We trust they will make a full recovery. In the meantime, the stock market is likely to be extremely volatile. With the NASDAQ down 2%+ today, the news affirms the importance of being prepared for financial uncertainty—and how equities and other assets may react!

There is a saying, “Pay attention or pay with pain.” This saying is relevant when it comes to finances—especially in 2020. By paying attention, we can not only avoid losses—we can discover opportunities!

When news of a pandemic made its way around the world in early 2020, many investors were caught off guard. They lost large sums of money in the fastest bear market crash ever.

In contrast, others were paying attention! They avoided losses by repositioning assets and reducing risk. Some even benefited by storing cash on the sidelines they could re-deploy when stocks and other assets took a dive.

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