Don’t Do Debt

March 25th, 2015 → 2:06 pm @ // No Comments

It may be the exact opposite philosophy that banking institutions, credit card companies, and the retail world of consumerism is barraging you with day in and day out, but we at MacDevFinancial have never been ones to go with the grain.

Debt is at an all-time high in Canada as we have mentioned in a previous post and it was recently reported in a Statistics Canada report that Canadians are carrying $1.63 of debt for every dollar they earn. While much of this situation is caused by individuals taking advantage, potentially too-much, of the all-time low interest rates after the January cut by the Bank of Canada, it bears to cause concern as expectations arise for another cut to interest rates next quarter.

Remember growing up when your mother or teacher would say, don’t do it just because everyone else is doing it? LISTEN closely to that advice ringing in your ears.

Back in the day, individuals only bought what they could afford. And if they couldn’t afford it, they saved up enough money until they could. It’s a concept not practiced much these days—delayed gratification.

But think about this.

What if you could still buy what you needed when you needed it WITHOUT having to go into debt at a financial institution or a high-interest-rate credit card? Does it sound too good to be true?

We don’t think so.

The Bank On Yourself™ system is an innovative, non-traditional approach to creating your own safety net using whole life insurance policy. As you pay into your policy, you are building up cash value which is accessible while you are still living. It’s available to you for emergencies, major purchases like cars and vacations, college savings, business expenses and/or retirement without the strings attached.

Too good to be true? Try too good to not take advantage of it.

 

 

 

 

 


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