Blog #34 – Five Things You Should NEVER Leave to Your Children
Whether you have life insurance or an estate that may one day be a financial legacy, here are five things that your children are hoping you DON’T leave them.
Blog #33 – The Problem Is Lack Of Financial Education
Financial education, or how money works, is not taught in our schools and the knowledge that we have is transmitted from our grandparents and parents.
Blog #32 – Any Plans For 2017?
2016 was a year in which American’s attention was literally high jacked by political news, scandals and anger outbursts. Division in our society along political party lines was at an all-time high.
Blog #31 – The Infinite Banking Concept and Financial Independence
You can become financially independent if you have sufficient personal wealth to live indefinitely without having to work actively for basic necessities.
Blog #30 – How Our Client Solved His Retirement Problem
A couple of years ago, a long-time client called and said he wanted to talk to us about his retirement. The problem was that he was sixty-four years old and had nothing saved for his retirement. Since we had known him for many years, we knew that during the prior ten years he had ridden … Read more
Blog #29 – Modified Endowment Contract: Should You Be Concerned?
Anyone who has any type of banking policy has probably come across the term Modified Endowment Contract, or MEC. You may have noticed a portion of your whole life policy illustration or contract stipulating whether or not it is a MEC. You may have even seen numbers indicating the additional amount of Paid-Up Additions that … Read more
Blog #28 – Position Your Assets To Maximize Retirement Income
Traditional financial planning pays much more attention to accumulating assets for retirement than to the reposition and distribution of assets during retirement. It is not surprising since most financial advisors are compensated based on the amount of assets under management. Let us be clear; the reason for savings/investing is to generate future passive income when … Read more
Blog #27 – How Do We Generate Passive Income?
As you are probably aware, traditional financial planning tells you of three sources from which you could generate passive income when you could no longer generate active income for yourself: 1) a pension or defined benefit plan, 2) social security and 3) a defined contribution plan (a 401(k), 403(b) or IRA). Since the late 1970s, Wall Street and … Read more
Blog #26 – Banking Policies and Policy Loans
Although there are different ways to handle policy loans from your banking policies, the process described below provides you greater control and better tracking at tax preparation time from those loans that might have tax implications. You should follow these steps when taking out a policy loan from a banking policy: Contact us and let … Read more
Blog #25 – What’s Wrong With Qualified Plans? Practically Everything
If you make contributions to any type of qualified plans like a 401(k), a 403(b), or an IRA you should know the following facts: These programs are not tax-free but tax-deferred, which means that although you enjoy the immediate gratification of not paying taxes now, you will be most likely paying higher taxes on a … Read more