In the traditional U.S. banking system, you will never achieve any measure of financial privacy. Before you can complete almost any financial transaction, banks will demand that you provide a detailed financial history, run credit checks that pry into every aspect of your financial history, deny you for credit lines without any explanation, and allow creditors with court orders to know where all of your assets are and to access them at will. Fortunately, privacy is attainable even in the 21st century. Here are the essential points you need to understand to protect your financial privacy:
You need to remove traditional banks from your financial equation:
Most people rely on banks to store their money and finance their investments. But banks are businesses that don’t care about your financial privacy; they want to know everything about your financial history before they will even consider doing business with you, and for the life of your business relationship with them (and even afterward), they will keep meticulous, detailed financial records on you.
A whole life insurance policy will privatize your wealth:
To truly privatize your wealth, you need a secure, stable alternative to the U.S. banking system. A whole life insurance policy is the answer. With a whole life insurance policy, you can become your own bank, accessing the cash value of the policy at any time to fund the things you desire. And best of all, your investment consists of a private contract with a mutually owned life insurance company.
You will have total control over your borrowing power:
When you borrow against the cash value of your whole life insurance policy, you aren’t beholden to a bank to tell you whether you qualify for a credit line. You are your own bank; you make all of your own rules, including setting your interest rate and repayment terms.
You will limit Uncle Sam’s interference at tax time:
Uncle Sam expects full financial transparency from you, so he can take his share of your hard-earned dollars as taxes. But with a mutually owned insurance company, the government has limited ability to hit you with taxes, even when your policy pays out dividends. In fact, as long as you reinvest your dividend payments back into your policy as paid-up additions, Uncle Sam cannot tax your dividends at all.
Financial privacy for your wealth-building in the 21st century is possible, but not within the nosy confines of the traditional banking system. You need a whole life insurance policy to privatize your wealth, to give you total control over your borrowing power, and to limit Uncle Sam’s interference at tax time.
For more information about attaining financial privacy, visit Paradigm Life’s Protecting Your Privacy in the Information Age.