Financial responsibility comes in many forms and is important for a multitude of reasons.
When we are accountable for something within our control and management, such as money, it becomes our responsibility. Having money requires us to take financial responsibility for how it is managed, how it is spent, and how much is left for those we love.
Financial responsibility doesn’t happen overnight, it is something that takes planning and nearly daily maintenance. Though budgeting and saving are noteworthy ways to be financially responsible, many find it hard to stick to a budget and save on a regular basis. What if there was a more productive way?
The good news—investing with whole life insurance is a proven way to achieve financial responsibility. With a whole life insurance policy you are not only financially preparing for your death, you are also securing a more stable and responsible financial life.
Perhaps well-known sculptor Gary Lee Price (creator of the Statue of Responsibility) said it best when he said, “We are all sculptors—we all have a responsibility to sculpt our own lives; especially our financial life.”
Whether the financial sculpture we build is solely individual or involves many others, financial stability and growth of wealth is a responsibility shared by each generation.
Financial Responsibility & Whole Life Insurance
Becoming financially responsible begins with having a clear vision of what you want to accomplish financially. Having a “blueprint” of what your financial plan and future will look like helps to attach “meaning” to money. When you understand how you want your money to work for you, the steps toward maturing your wealth and being financially responsible seem simple.
Often the connection between the act of envisioning things and the act of doing is what many tend to lack. If you don’t have a goal, you will never find yourself financially sound.
Envisioning a balanced budget or a nicely padded savings account won’t go very far without concentrated efforts toward budgeting and saving, any more than a sculptor who envisions a masterpiece but never puts his hands to clay.
With a whole life insurance policy you are able to do both. Through the cash value and death benefits available with a whole life policy, you can provide for your budget now as well as plan and save for your future. You also will have the means to incorporate family legacy planning in your financial goals.
The cash value option of a whole life insurance policy allows you to access cash from your policy whenever needed and for any reason. For example, if your debts become higher than your income, utilizing the cash value option to consolidate your debt can aid in staying on budget.
Cash value also allows you to invest cash into secure assets as a way to increase your cash flow and better prepare for eventual retirement.
Death Benefits and Family Legacy
A whole life insurance policy provides death benefits to your heirs and loved ones after you are gone. It not only secures that your loved ones will remain financially stable in the event of your death, it also allows you to leave a family legacy.
Heirs to a whole life policy are usually eligible to receive the death benefit tax free. This allows you to tangibly provide for your family financially when you are gone, as well as afford them a lasting example of how to be financially responsible.
Yes, there are many ways to invest, save, and manage your money. Investing for many means putting money away in a savings account or investing in the stock market. Both hold an element of fiduciary responsibility, as well as high risk.
However, investing with whole life insurance lets you sculpt your life to be one that mirrors growing wealth, stability, legacy, and above all—financial responsibility. with a Wealth Strategist and sculpt your path to financial responsibility today.
Read: Banking on Long-term Success
Watch: The Financial Climb
Listen: The Wealth Standard