What I wish I knew about money before I graduated from dental school
Ross
Monday, December 14, 2009
Midwestern Dental School Presentation
Here's a link to the presentation I did recently at the Midwestern University Dental School in Phoenix Arizona. The presentation was titled "what I wish I knew about money before I graduated from Dental school" You'll need to enter your name and email address to access the recording. Enjoy!
What I wish I knew about money before I graduated from dental school
What I wish I knew about money before I graduated from dental school
Where to get the highest interest on your savings in 2010
Have you looked at the interest your bank is paying you on your cash balances lately? It's never been lower in your lifetime. It just doesn't make much sense in this economy to have a bunch of cash sitting around doing nothing. There are ways to get higher interest on your cash, but most require you to "lock-up" your dough for some period of time to get the higher rate. When I talk to folks, the biggest hesitation in doing this is giving up access to their money in case they need it.
If you want the highest return on your money without exposing it to the risk of investing in the stock market, there is an option that i'll bet you've never considered...Whole life insurance. That's right, the insurance companies are still paying pretty good interest on the money you put into a policy. Most are paying around 4% and if it's a mutual insurance company, you'll also get a dividend each year, which is your share of the profits earned by the company. Only mutual companies distribute dividends to the policyholders. Public companies pay their dividends to the shareholders. There is a big difference, so make sure you get the right kind of company when you purchase your policy.
Considering that an insurance policy has a contractually guaranteed interest rate, these are returns you can count on in even the most dire financial circumstances, like the economic meltdown of last fall. Good old whole life insurance has survived all 13 of the recessions since the great depression and policyholders have never lost a penny of principal. That's a great track record that should allow you to sleep at night knowing your money is in safe hands.
LIke I said at the start, the primary concern of most people I talk to is giving up access to their money for a higher interest rate. That's not a concern with whole life insurance as you can borrow against your policy to get your money if you need it. Because the balance you're getting interest on doesn't go down by the amount you borrow, you're still earning interest on all your cash that will offset much of the interest you're being charged on the amount you withdraw as a loan. Many people use this approach to "borrow from themselves" to buy their cars, pay off high interest credit cards, and even send their kids to college. When you pay the money you borrow back with interest (just like you would if you got the loan from a financial institution) you'll be saving yourself a ton in interest expense and be building your retirement nest egg at the same time.
Considering that most people pay about a third of every dollar they make in interest to some financial institution, reversing that flow of interest back to you is one of the most power ways to accelerate your retirement savings and rapidly increase the size of your nest egg.
So you can get a higher interest rate and still have access to your money. You win both ways. But that's not all the benefits of this alternative savings vehicle.
Because it's an insurance policy, you'll also have a death benefit that will go "tax free" to your beneficiaries in the event of your unexpected death. What bank provides that benefit for a savings account?
So if you're looking for the best place to get a great interest rate on your cash and a few other great benefits, consider whole life insurance. I'd love to show you how to use this powerful vehicle to guarantee a tax free retirement. This is not your grandfathers insurance policy and it pays to have someone who knows how to structure this properly to help you get it right the first time. I can help you set this up to maximize the cash value and death benefit to levels few people know how to get. Drop me a note if you'd like a free analysis.
If you want the highest return on your money without exposing it to the risk of investing in the stock market, there is an option that i'll bet you've never considered...Whole life insurance. That's right, the insurance companies are still paying pretty good interest on the money you put into a policy. Most are paying around 4% and if it's a mutual insurance company, you'll also get a dividend each year, which is your share of the profits earned by the company. Only mutual companies distribute dividends to the policyholders. Public companies pay their dividends to the shareholders. There is a big difference, so make sure you get the right kind of company when you purchase your policy.
Considering that an insurance policy has a contractually guaranteed interest rate, these are returns you can count on in even the most dire financial circumstances, like the economic meltdown of last fall. Good old whole life insurance has survived all 13 of the recessions since the great depression and policyholders have never lost a penny of principal. That's a great track record that should allow you to sleep at night knowing your money is in safe hands.
LIke I said at the start, the primary concern of most people I talk to is giving up access to their money for a higher interest rate. That's not a concern with whole life insurance as you can borrow against your policy to get your money if you need it. Because the balance you're getting interest on doesn't go down by the amount you borrow, you're still earning interest on all your cash that will offset much of the interest you're being charged on the amount you withdraw as a loan. Many people use this approach to "borrow from themselves" to buy their cars, pay off high interest credit cards, and even send their kids to college. When you pay the money you borrow back with interest (just like you would if you got the loan from a financial institution) you'll be saving yourself a ton in interest expense and be building your retirement nest egg at the same time.
Considering that most people pay about a third of every dollar they make in interest to some financial institution, reversing that flow of interest back to you is one of the most power ways to accelerate your retirement savings and rapidly increase the size of your nest egg.
So you can get a higher interest rate and still have access to your money. You win both ways. But that's not all the benefits of this alternative savings vehicle.
Because it's an insurance policy, you'll also have a death benefit that will go "tax free" to your beneficiaries in the event of your unexpected death. What bank provides that benefit for a savings account?
So if you're looking for the best place to get a great interest rate on your cash and a few other great benefits, consider whole life insurance. I'd love to show you how to use this powerful vehicle to guarantee a tax free retirement. This is not your grandfathers insurance policy and it pays to have someone who knows how to structure this properly to help you get it right the first time. I can help you set this up to maximize the cash value and death benefit to levels few people know how to get. Drop me a note if you'd like a free analysis.
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