One cold winter evening an old Irishman was heading for home, he heard a curious tapping sound nearby, and a cheerful whistling coming from under the hedge. He crept up and what should he find but a little leprechaun no taller than his knee, sat cross-legged on a
pile of stones and tapping away at a tiny shoe. The old man quickly reached out and caught him fast.
‘Let me go! Let me go!’ shrieked the leprechaun. ‘What have I done to have you grab me so rudely?’
‘Nothing yet’ replied the old man. ‘Now let’s be having your magic pot that never runs short of gold’
‘Faith and begorrah, grumbled the leprechaun. ‘They all want the same thing, me magic pot, me magic pot. I have no pot of gold! It’s been robbed from me already!’
‘What about three wishes then?’ asked the old man.
The leprechaun looked cross. ‘So you know about the wishes then, eh Bonnyladd?’ he asked sulkily.
‘I know all about leprechauns, me little feller. Why do you think I’m only blinking the one eye at a time? Don’t I know that if I take both eyes off you for a second you’ll just vanish?’
‘All right then,’ said the leprechaun at last. You can have the three wishes.
So the old Irishman looked thoughtfully up at the sky where the stars were just beginning to twinkle. And of course when he looked back he held nothing in his hand but the stump of a Hemlock.
Much like the old Irishman, many people today may hope for good luck; modernized versions of ‘three wishes’ in order to secure their daily finances. Often referred to as 1. A Secondary Job 2. Credit Cards 3. The Bank.
However, just as the leprechaun in the Irish folk story vanished, so can the hopeful plans that many attempt when it comes to securing their financial freedom.
The temptation to acquire a second or third job to sustain finances, attempts to fuel an uninsured bank/savings account, or the overuse of credit cards tend to equal ‘wishful thinking’. The hope that such measures will increase one’s cash flow can tend to be insufficient methods toward financial security.
Such efforts seem so prudent, so why don’t they work? Simply put, they are volatile.
Securing additional employment will always be subject to economic downturn. Many have experienced the loss of their second job; halting plans to utilize a secondary job as a way to save for retirement.
This tends to introduce ‘wish number two’ credit cards.
When income is low, scarce, or suddenly non-existent, often the next ‘go to’ tends to be the use of credit cards to make up the difference. An even more dangerous approach toward financial planning.
‘Wish number three’, the bank; a potentially stagnant option.
When using the bank to save your money, what you may not realize is that your money merely sits in the account. And the amount of interest accrued is nowhere near adequate to retire on.
Also, banks are only FDIC insured for a certain amount. And for many, this amount would not be sufficient to cover their retirement goals should their bank experience extreme loss before they are able to fully access their hard-earned savings.
A bank account used for the planning and saving for one’s future goals and retirement can be as dangerous as using credit cards to supplement income in-between pay periods.
Because There Aren’t Any Leprechauns
Many individuals are hoping to find their version of a ‘lucky leprechaun with a magic pot that never runs short of gold’ when it comes to planning their retirement.
But sadly, there is no such thing as leprechauns, no pot of gold at the end of a rainbow, and no hope to be magically granted three wishes.
But there is a way to secure your financial present and future.
Whole Life Insurance is an excellent avenue for not only savings toward your future and retirement, but also for the here and now. Whole life insurance has a cash value option that allows you to utilize cash from your policy almost immediately.
This eliminates the need for a second or third job, or the use of credit cards. In fact, the cash value option of a whole life policy allows you to pay-off any outstanding debts, such as credit cards.
As far as retirement savings, a Whole life policy can be better than a pot of gold. Properly structured Whole Life can allow you to create more money rather than just simply spending the money you have saved.
The time has come to let go of the ‘wishful thinking’, let the search for the little leprechaun’s pot of gold end. Talk to a qualified agent about a Whole life policy and how you can begin financial security today.
Read: Infinite Banking Basics
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