Smartest financial move ever made?
October 15, 2009 by Pamela Yellen · 1 Comment
Recently, a senior editor of the respected personal finance publication, Kiplinger, described the best financial move he’s ever made:
My wisest move was buying whole life insurance in the 1990s, precisely when countless books and articles mocked whole life as obsolete. My wife, Debbie, did the same. In the ten-plus years that we’ve paid $5,000 a year combined into our policies, both from extremely sound mutual-insurance companies, we’ve built substantial five-figure cash values, can borrow from them instantly at virtually no cost and haven’t paid a cent of tax on the earnings.”*
Like most people who have Bank On Yourself plans, Jeff’s only regret is probably that he didn’t put more into the policies!
It’s a virtual certainty that Jeff and Debbie’s policies are traditional dividend-paying whole life policies, rather than the specially-designed, super-charged variation used for the Bank On Yourself method.
Had Jeff and Debbie’s policies been designed the Bank On Yourself way, they’d have significantly more cash value now.
As the Dow moved through the 10,000 mark this week, a dose of reality is in order…
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