Everyone has 20/20 Hindsight

Everyone has 20/20 Hindsight

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                             

         What has your hindsight taught you about money, spending, saving, wealth accumulation, and retirement planning?

 

Your current financial status is based on the financial choices you made many years ago.  Some were good; some not so good. 

Now, with your 20/20 hindsight, what would you tell your children or grandchildren to do?

What do you wish someone had convinced you to do when you were younger? 

Would you have listened?  Probably not.  Because in general, young people:

  • Feel immortal
  • Need to experience life for themselves (don’t listen to others)
  • Believe they “have time”

Does this remind you of yourself when you were young?

If you were able to travel back in time and give yourself advice, what would that advice be?

Here is my advice to a young me:

1)  Question conventional math.

How is it possible that industry-stated returns (for example, 5%) match my expectations, but my ending dollar balance is not as expected?  Do the math.

2)  Question conventional wisdom.

The financial industry has us accustomed to accepting too much risk, has us believe mutual funds are the answer, touts 401(k)s, and has fees everywhere in their products (hidden and open).  Look for safe, secure, consistency of growth leading up to and through retirement.

3)  Question your peers’ advice.

Peers tend to hail their wins and forget their losses.  Talk to many peers and learn to separate the wheat from the chaff.  Investigate; do your homework.

4)  If your financial advisor states, “Don’t worry, you have plenty of time!” get a new advisor.

Your goal should be to find consistent, reasonable returns.  Volatility is not your friend; it destroys compounding.

5)  Don’t ignore or neglect tested, proven, and traditional financial vehicles. 

Whole Life insurance, CD’s, savings bonds, etc. have their place. New and shiny (and well-marketed) is not always a good fit.

6)  Plan for the worst; hope for the best. 

No matter what happens in life, do your best to provide a certain and secure positive financial outcome.  Life’s events will take a toll on the best of plans. Disability Income insurance, Whole Life insurance, and Long-Term Care insurance can contribute significantly to outcomes.

Stay tuned…more details will be provided in future posts.

The Finance Fixer is uniquely focused on strategies to provide certainty and guarantees for your financial well-being.  We concentrate on your personal situation to help you make the best choices for you and your family. 

If you would like to schedule a time to discuss your financial needs we ask you to please take our “2 – Minute Survey” linked below. This will allow us to understand your needs and put you on the path to Financial Success. Upon completion of the survey, our team will follow up with you to review your specific Financial Goals.

Friends and family members that you refer to The Finance Fixer will receive a free copy of Pamela Yellen’s New York Times Best-Selling Book, “The Bank on Yourself Revolution” and her CD titled “How to Grow and Protect Your Wealth.”

All whole life insurance guarantees are based on the claims-paying ability of the insurer. Excess policy loans can result in termination of a policy. A policy that lapses or is surrendered can potentially result in tax consequences. Dividends reflect profits and are not guaranteed.

See The Top 5 Whole Life Policy Advantages

5 of our top advantages that High Cash Value, Dividend-Paying Whole Life Policies can provide.

There is a chance that you might have heard the old joke where a man hears a knock on the door. He goes to the door to find a man with an IRS badge held out in his hand, and a smile on his face.

The homeowner says, “Hello, how can I help you?” filled with dread as to what his visitor could possibly say next.

The visitor says, “Hello good sir! I’m an agent from the IRS, and I am here to help you with your tax and finance situation.”

You may have had a good laugh at that little joke, but the reality is that there are some instances in which the IRS is, in fact, trying to help you with your current financial situation

Keep in mind, I am not a certified public accountant and don’t pretend to be one in public or on the internet, but there are five ways that a High Cash Value, Dividend-Paying Whole Life Policy and The Finance Fixer can help you potentially save thousands, tens of thousands or even hundreds of thousands of dollars over the course of your life.

Here are 5 of our top advantages that High Cash Value, Dividend-Paying Whole Life Policies can provide.

1) Retirement Savings Withdrawals that Are Tax-Free

The tax rates are going up over time, which is why you may be better off paying your taxes up front, while you know what the rate is. This will allow you to keep more in the long run, and will help you save a lot of money on your taxes.

2) Cut the Taxes that You will Pay on SS Benefits

This can be misleading. Don’t think that just because you have your own 401(K) or IRA that the government can’t get your money. What you take in from the High Cash Value, Dividend-Paying Whole Life Policy will not be included in what the IRS includes in how much your social security is going to be taxed.

3) Get More Federal Student Financial Aid

The money in your High Cash Value, Dividend-Paying Whole Life Policy will not count against you when your kids are applying for aid from the government. This may qualify them for more federal financial aid.

4) Business Expenses

When you finance expenses for your business through your High Cash Value, Dividend-Paying Whole Life policy, this is a great way to some tax deductions for depreciation and interest.

5) The Death Benefit

The death benefit of this type of account gives you the ability to increase the value of your account exponentially, and gives you the ability to leave your loved ones income that is tax free.

Thank you for being a member of The Finance Fixer Community

The Finance Fixer has created a special process for interested friends and family members. Simply send the link below to your friends and family members, and we will follow up and assist them with fixing their finances for good.

https://thefinancefixer.com/friends-and-family-member-survey/

Friends and family members that you refer to The Finance Fixer will receive a free copy of Pamela Yellen’s New York Times Best-Selling Book, “The Bank on Yourself Revolution” and her CD titled “How to Grow and Protect your Wealth.”

All whole life insurance guarantees are based on the claims-paying ability of the insurer. Excess policy loans can result in termination of a policy. A policy that lapses or is surrendered can potentially result in tax consequences. Dividends reflect profits and are not guaranteed.