How to Start Banking On Yourself

April 8th, 2014 → 7:31 pm @ admin

By admin

Don’t think you have enough money to “Bank on Yourself”? Then let me tell you how we started, or rather, from where we started. We were $500,000 in debt and considering bankruptcy when a friend and mentor counseled us on our financial situation and introduced us to Pamela Yellen’s book, “Bank On Yourself.” In fact, we wouldn’t be in the dividend paying whole life insurance business now if it hadn’t worked for us. But when we saw how quickly our financial situation changed, we knew we had to share this idea with everyone!

Here’s what we had been doing:

• We bought a car
• We bought a house
• We used cash to try and get out of debt
• We were paying interest to everyone but ourselves

Sound familiar? Well, here’s what we wish we’d known:

• How interest really works
• Why buying a car or a house can kill you financially
• Why paying in cash leads to Opportunity Cost
• Leverage
• Compounding
• Volume
• How taxes work

Everything we thought we’d been doing right, turned out to be wrong. Saving money in the bank? Wrong! That’s bankruptcy on a payment plan!

If you weren’t paying interest on your car, your home, and your loans and credit cards, how much better off would you be? Much better, right? Well, you can do even better than that when you are paying “interest” to yourself. That is the concept behind being your own bank with a dividend paying whole life insurance policy. But, if you’re already in debt or just don’t have any extra money, how do you get started?

First, call us – we’re experts in finding funds you didn’t know you had that can get you started with your first policy. Every policy is custom-tailored to your financial situation and goals, which means no two are exactly alike. That said, here are a few places to start looking for that seed money.

What’s the Minimum I Can Spend to Fund a Dividend Paying Whole Life Policy?

There is no set amount you need to put in to begin your policy. That said, we’ve found that plans funded with at least $250 /month grow more efficiently. Of course you can put in even more than that for even greater gains, but that’s roughly what you’d need to get started. Even if you can’t see yourself being able to set aside $250 a month, don’t count yourself out just yet. We can help you re-structure your finances to free up some funds and even reduce …Read More

Source: McDevlin Financial