There are many dimensions to the management of the dollar. Understanding each one and in order can create a firm financial footing in a world of uncertainty.
Debt Reduction is the number one challenge for most Americans. Employing Your Own Family Bank as a guiding principle can right a wrong ship and set it on a course that has a destination.
Short-term savings require creating an emergency fund. The fund needs to cover all insurance deductibles, unforeseen maintenance items and wage replacement.
Mid-term savings goals like a down payment on a home, your children’s education the purchase of transportation are primary 5-10 year time horizon events.
Long-term savings goals like retirement, legacy planning or charitable giving use the power of compounded earnings in a tax advantaged environment.
Borrowing when it’s really necessary, is an extremely judicious decision. But when you’re borrowing from your own life insurance cash values, you are borrowing from Your Family Bank.
Taxes at every level are generally punitive and without much of a return even at the government level. Being able to access your distributions from Your Own Family Bank via life insurance has its own economic leverage and tax favored treatment.
Self-completing provisions in most indemnification plans fund your family, your business or your own legacy if you’re not there. The death benefit proceeds bypass probate, are tax free and are more than the net cash values in the policy. Once you learn these characteristics of Your Family Bank, you can act on your own for your own financial prosperity.
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