Giving Thanks for the “Turducken” of the Financial Industry
November 26th, 2014
You could arguably say the best thing about Thanksgiving is the food and the football. The long-standing tradition of watching a bowl game with your feet up and belly stuffed makes the holiday one of many people’s favorite. For those who’d like an extra dose of glutton on the already over-stuffed, over-served, and over-foodtoxicated holiday, I’m recommending the famous “turducken”.
The recent fame around the turducken began when commentator John Madden started mentioning the triple-stuffed bird of chicken, inside of duck, inside of turkey at NFL broadcasts. The promotion of the turducken by Madden continued when at last he displayed the portmanteau of bird and began carving it while announcing for CBS Sports. Madden later went on to award in 1989, “The Turkey Leg Award” to the Thanksgiving Day game’s Most Valuable Player and an actual turducken to players of the winning team.
In homage to Madden and his popular Thanksgiving Day tradition, I am going to award the turducken to Whole Life Insurance. Actually, I’m going to say that Whole Life Insurance is the turducken. Exactly like the best of ‘three’ being stuffed into one helping, the same goes for whole life.
The 3 Servings of Whole Life Insurance include:
1. Tax-deferred growth for retirement
2. Tax-free use like a Roth IRA
A person who is interested in using the right financial vehicle for retirement, liquidity, and security should consider whole life insurance. No other product allows for such a multi-faceted use of money while simultaneously providing you an opportunity to leave behind a family legacy. It’s been used for centuries by people to maintain wealth, keep wealth, and pass along wealth. Whole life is a triple-threat, making it the modern financial turducken.
For more information on how Whole Life Insurance can work for you visit Turn Your Money Into Wealth
How to Spend Money During the Holidays (and After)
November 25th, 2014
37% of us in the United States will go shopping on Black Friday, another 57% of us enjoy the experience (Buzz Feed). And according to recent findings from Google News, about 2.5 million stores began promoting the critic dreaded, “Black Thursday”. Through the imminent and yearly described chaos of the Black Friday tradition, the question is – why do Americans flock to superstores this one day of the year to spend, spend, and spend? Answer – The savings you get from the DEALS!
As a U.S. consumer it’s almost impossible to resist any retailer’s 75% discount on the latest techno-gadget that will elevate the maneuverings of your everyday life. Recently, Retail Me Not, Inc., proved that most consumers (81%) always consider promotions when planning where to shop. No wonder Black Friday has become an engrained tradition in our consumer based culture – the average person during the holidays will spend around $861 this season! (American Research Group, Inc.)
So, you know you’re going to spend the money during the holidays, but how can you successfully plan for it so you are not caught on December 23rd with your spouse asking you where the last of the holiday savings went? You shudder knowing that the extra cash went to….where did it go?
“The Clearing Account”
One of our agents, Brad Gibb, has created what he calls “The Clearing Account”. In short, this account helps you manage large purchases with your whole life policy that you know are coming, and you know will take up a chunk of your money if you aren’t persistent in watching your spending habits, i.e. gift giving during the holidays. Your personal banking strategies, managed by a “clearing account” makes it easy for even the most money negligent to follow.
The brilliant concept of using Whole Life insurance is that you can use the cash value to buffer the large expenditures you have in life, not just for holiday spending; but for weddings, college, or personal expenses like a new home or car.
For more information of how to spend money the smart way visit our Resource Library Page.
3 Military Tactics to Use for Defeating Debt
November 21st, 2014
Winter is quickly approaching and every year without fail I’m reminded of how awesome it is to get that first snow. Nothing is more memorable than the epic snowball battles I had in college on the campus of Virginia Tech as a military cadet. The game was every man for himself, and though I was easily outnumbered, I would always rely on military tactics to cause my adversaries to retreat.
I think of debt the same way. When it comes to battling it, every man is for himself. Unlike the snowball wars engaged by playful college kids, debt plays with a very heavy hand that can leave you broken and financially scarred. But, just like I used the military tactics from school to beat the enemy, those same tactics can be used to defeat debt.
There are actual proven strategies that we can leverage to completely obliterate debt. It’s called the Infinite Banking Concept.
Tactic #1 -Know your Enemy:
Conventional wisdom says we should pay down debt that has the highest interest rate. That’s not necessarily true. You’re much better off paying down the debt that is the most inefficient. Look at the ratio of the debt balance versus the minimum payment.
Tactic #2 -Use Your Firepower Wisely:
When you know which debt to tackle first, it often times makes sense to take out a loan from your policy to accelerate the pay down of debt.
Tactic #3 -Remain Disciplined:
Paying down debt takes discipline, no doubt about it. Using your insurance policy incentivizes you to stick to the long term debt repayment plan knowing that all the loan payments are going straight back into your personal economy for long term growth and future utility.
Talk to an agent at Paradigm Life. With knowledge and the right plan of action you can easily develop personalized strategies to win your battle over debt.