Don’t Get Caught With Your Head In The Sand – Overcoming Financial Myths

Ostrich---Infinite-BankingA couple of months ago I was at the Denver Zoo with my family.  As we strolled from exhibit to exhibit my six-year-old son, Douglas, peppered me with questions about the animals and their unique attributes. 

The dialogue went something like this:

Doug: “Why is the lion so big?”

Me: “Because he is the king of the jungle”

Doug: “Why is the giraffe’s neck so long?”

Me: “So he can reach leaves high up in the trees for dinner.”

 On and on this went until we arrived at the ostrich exhibit where my son asked, “What do these birds do?”  Without even thinking I blurted out, “Well Doug, ostriches stick their heads in the ground when they get nervous.”  As soon as I said this, my wife started laughing and quickly informed me that this was not true, but actually a myth. 

Once I stopped to consider it, I realized that she was probably right.  Subconsciously, I had believed, and even allowed this myth about ostriches to grow in my mind for years. This small shift in understanding got me thinking about what we do here at Paradigm Life every day.  We help people realize simple but very misunderstood facts about money. 

You see, just because you have a trusted source suggesting certain strategies to you that will help you to create wealth doesn’t necessarily mean that they are the best approach.  Sometimes we accept everything we hear and have a difficult time separating from the good and bad advice that we receive. In actuality, to most financially related strategies and questions the best answer is, “It depends on your situation.”

Are 401k’s, IRA’s and other tax qualified plans the best place to store your money?  That depends.  Each situation is different and needs to be evaluated individually.  What is true about these plans is that they are often touted as providing “tax benefits” because of the ability to defer your taxes until you begin taking distributions.

Stay tuned for next week where we will go over these “tax benefits” and how they will affect your financial situation.

-Ryan Lee, Paradigm Life

For more information about Paradigm Life and Infinite Banking, download our article or contact us at info@paradigmlife.net or by phone at 1-800-870-8670.

Ryan Lee
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Ryan Lee (12 Posts)

Ryan first came to Paradigm Life as a client. This gives him a unique perspective on the education process, as he went through it himself. Prior to joining Paradigm Life as an agent, Ryan worked for two Fortune 500 companies where he managed large teams. He earned a Bachelor of Arts in Marketing and an MBA in Finance. Realizing that his true passion is helping others to achieve their financial goals through the successful utilization of the Infinite Banking Concept, Ryan stepped away from one successful career to begin another one as an insurance agent with Paradigm Life. Regarding a successful financial plan, Ryan said: “I believe that the most important thing to developing a successful financial plan is to be able to understand your unique goals. Once we have clearly defined your goals then we can lay out a clear path and strategy that sets you on your way. This was the process that I went through when I first began the Infinite Banking Concept with Paradigm Life nearly 6 years ago. During the past six years I have used this concept to completely change my financial path.” He continued, “As you will learn, your cash value can be used for anything. I have used my policies to start businesses, acquire real estate, vacation and teach valuable lessons to my children.” Outside of Infinite Banking, Ryan is grateful, first and foremost for his family. He is married to his best friend, Bethany, and they have 3 amazing kids: Douglas, Kiana and Desmond. He loves using this concept to teach them new financial principles. He enjoys living a very active life and finding beauty in the mountains and traveling.