The World Population Clock1 is currently registering 7.6 billion people on the planet. Among those 7.6 billion people, Forbes2 has identified only 2,208 individuals who are billionaires from 72 different countries. Based on this information our chances of ever becoming a billionaire are pretty slim — somewhere around 0.00002%.
Believe it or not, there is growing interest—even among market friendly economists—for the government to mail checks to every American. Guess it’s time to explain why this is a really bad idea.
Have you taken a “30,000-foot view” of your finances lately? Is it positioned for the growth, strength, stability and cash flow you desire? To help you answer that, let’s examine asset allocation and diversification.
Congress established a statutory definition of life insurance in 1984 in IRC Section 7702 that was a significant step in eliminating the favorable income tax treatment of investments disguised as life insurance. In 1988 Congress further tightened the tax rules that apply to life insurance. Under these rules governing the taxation of life insurance, any life insurance contract becomes a modified endowment contract (MEC)and is subject to less favorable income tax treatment if it fails to meet the 7-pay test.
The Center for Disease Control calculates that overall life expectancy in the U.S. is presently 78.7 years, with women outliving men by an average of 5 years, or 81 years vs. 76 for men. (Longevity is one area where there is no gender equality.)
When you take a loan from your Infinite Banking policy, the money is lent to you by the insurance company and it comes from their general account. Your cash value remains in your policy and it continues to earn interest and dividends while collateralizing the amount of your loan.
“The greatest discovery of my generation is that a human being can alter his life by altering his attitudes.” —William James, American philosopher and psychologist Why Happy People Are More Successful We tend to believe that certain conditions must be met in order for us to be truly happy: we’ll be happier when we have … Read more
“All I ask is the chance to prove that money can’t make me happy.”
“Whole Life or Term Insurance?” The never-ending debate amongst advisors. We would like to suggest a third option. Buy Both, it makes sense.
