What is “Austrian economics”? Let’s break it down:
Economics: “A social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.” Ooo-eee! That’s gotta be a page-turner! Thank you, Merriam-Webster.
Austrian economics: “A school of economic thought that is based on methodological individualism.” Gads! But thank you, Wikipedia.
I never studied economics in college. And I’m pretty sure I didn’t take economics in high school either. Or if I did, I slept through it.
But “Austrian Economics” is a phrase you hear from time to time—even if it’s said in code, like what Ron Paul said following the 2012 Iowa presidential primary. “I’m waiting for the day when we can say, ‘We’re all Austrians now!’”
President Reagan’s Secret 702(j) Retirement Plan is yet one more name that the Palm Beach Group has given to the Bank On Yourself method, which relies on a super-charged variation of an asset that’s never had a losing year in it’s 160+ year history.
Here’s a spoiler alert: The 702 J Retirement Plan is not an investment and not technically a retirement plan. It’s a specialized type of high cash value dividend-paying whole life insurance that enjoys tax advantages spelled out in IRS Section 7702 of the US tax code.
It’s a wonderful retirement plan alternative that has none of the volatility and unpredictability of traditional investing strategies.
So why didn’t The Palm Beach Group call it a “7702 J plan” instead of a “702 J plan”?
If you’re like most people I talk to, you’re making several critical mistakes with your retirement accounts.
These mistakes could cost you literally hundreds of thousands of dollars over your lifetime.
But what’s worse is how these retirement plan traps can cost you your family’s well-being, and mean the difference between having to struggle to get by during what should be your golden years … and being able to enjoy life’s luxuries.
With all the economic uncertainties and worldwide turmoil that have been churning the markets, it is vitally important that you know how to avoid these costly retirement plan pitfalls today.
That’s why I’m urging you to join me and our Director of Education, Lee McIntyre, for this special online event. You’ll discover which retirement plan mistakes you are making and how to avoid them.
Space on this online event is limited, and there is no cost to attend.
Here’s What You’ll Discover During This Online Event…
The problem isn’t so much what people don’t know, the problem is what people think they know that just ain’t so.”
— Will Rogers
Remember when you were absolutely certain about something that turned out to be false? Like Santa Claus or the Tooth Fairy. Or how about the witch that hides under your bed waiting to attack so you have to flip the light switch then spring into your bed before she gets you? (Okay, maybe that one’s just me.)
Just cuz you’re following a well-marked trail doesn’t mean that whoever made it knew where they were goin’.”
— Texas Bix Bender
I respect people who are self-educated, and I respect people who continue to educate themselves about various topics, even after they’ve finished their degrees. As legendary basketball coach John Wooden used to say, “It’s what you learn after you know it all that really matters.”
That said, a little financial self-education can go a long way – toward completely destroying your financial future!
Why? Because when you cobble together your financial education with bits and pieces of advice you see on the internet, read in articles or hear on TV, you’re not really building a strong foundation of financial literacy. It’s like that old story of the 12 blind monks and the elephant. Each monk felt a different part of the elephant and used just that part to figure out what the whole animal looked like!
So one blind monk tells you to pay off all your credit debt ASAP, while another tells you that you need to build up a rainy day fund. One insists that you max out your 401(k), while another says to secure your future by paying off your mortgage. And the blind monk standing at the elephant’s tail thinks the economy stinks – so you need to get yourself a stash of precious metals!
When it comes to personal finances, you really need to see the whole elephant