Why a Little Financial Information is Dangerous

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

[Read more…] “Why a Little Financial Information is Dangerous”

The Secret Connection Between Health and Wealth

Is there a connection between your physical health and your financial wealth?

Absolutely! And it’s more important than you may realize…

When you’re not in good health, you’re not as effective on the job, in your investing strategies or at home.

Often, the price we pay for inattention to the care and feeding of our bodies doesn’t become evident for years or even decades. However, when the tab finally does come due, it is often shockingly high and can instantly erase a life’s worth of careful financial planning.

Diabetes… a heart attack… cancer can all drain tens – or even hundreds – of thousands of dollars out of your pocket over time.

Other tolls, such as worry, insecurity and loss of companionship, can’t be measured in dollars.

I’ve been a “health nut” for decades – reading and learning voraciously about ways to prevent and cure illness without relying on drugs, surgery or other invasive, debilitating procedures.

What I’ve discovered is that there is a whole world of natural alternative cures that you and I weren’t being told about.

Which is why I want to introduce you today to Dr. Stephen Sinatra – the world-renowned cardiologist and nutritional expert who’s advice my family has found incredibly helpful and effective.

Cardiologist Cures Chronic Conditions… Without Drugs

[Read more…] “The Secret Connection Between Health and Wealth”

What side of the debt line are you on?

A couple months ago, I interviewed Dan Proskauer.  Dan lives below his means and has significant savings discipline.  But after decades of saving and investing and “doing all the right things” we’ve been taught to do, he realized he had nothing to show for it.

Bank On Yourself under a microscope

Dan is a vice president of technology engineering, very analytical, and he has spent hundreds of hours investigating .

His conclusion?  “The more I look into Bank On Yourself, the better it looks,” says Dan.  And he has implemented it for his family in a big way.

Dan shared the findings and conclusions of his research in a fast-paced interview.  I encourage you to check it out now, if you haven’t already done so.

But what if you’re in debt?

Dan told me he was talking to a friend who was complaining that he and his wife were always in debt and confessed, “There are things we want to do – we don’t want to deprive ourselves of life.  We can’t really afford them, but we do them anyway.”

Maybe you can relate to Dan’s friend’s situation.  It’s a seemingly endless cycle of living beyond your means, using high-cost borrowing, which means you have interest to pay – leaving that much less for everything else.

"Expenses rise to equal income"
C. Northcott Parkinson
Perhaps surprisingly, it has little to do with how much you make – people of all income levels suffer from this.  After all, as the late British economist, C. Northcote Parkinson noted…

Expenses rise to equal income”

It’s part of “Parkinson’s Law.” He also said that, “a luxury, once enjoyed, becomes a necessity.”  I can definitely relate to that, can’t you?

When Dan described to his friend how Bank On Yourself could be used to become his own source of financing and help free him from the endless cycle of debt, his friend’s first reaction was, “Yeah, it sounds great, but we could never do it – we have to get ourselves out of debt first.”

But as Dan explained more about it, his friend realized he didn’t have to wait.  He could start now and reduce or eliminate debt while at the same time increasing savings.  He realized Bank On Yourself could help his family move to the right side of the line.”

What side of the “line” are you on now?

What side of the line are you on?

If you’re on the “wrong” side of the line, you know it.  You’ve probably tried to get to the other side of the line, but it’s not an easy journey to make.

The good news is that if you’re truly fed up with your situation and ready to make a change, Bank On Yourself can help you get there. My New York Times best-selling book, is filled with stories of folks of all ages and incomes who have done just that.

One woman who shared her story in the book is Rose Hillbrand (Chapter 8). Rose knew the feeling of hopelessness that came with the crushing debt she had incurred.  The video below updates her inspiring story of how Bank On Yourself helped her move to the other side of the line.  It was filmed when I was in Ohio speaking to a standing-room-only crowd of over 250 people…

And, if you’d like to get a no-obligation Analysis and a referral to a knowledgeable Bank On Yourself Authorized Advisor like the one Rose got referred to, who can show you how much your financial picture could improve if you added Bank On Yourself to your financial plan, simply request a free Analysis here.

Request Your Analysis Button

Better than debt free?

Most financial experts say that the way to avoid getting into debt is to save up and pay cash for things.

They are wrong! There is actually a better way to purchase things.  I call it the “better than debt-free” method, and it actually beats paying cash.

How is that possible?!?  The conventional wisdom says that paying cash for things is the answer.  But this ignores an important, but little-known principle of finance…

you finance everything you buy

What do I mean by that?  Let’s say you’ve decided you’re going to beat the financing and leasing rackets by paying cash for major purchases.  So you start putting money aside into a savings or money market account.  When you hit your savings target, you pull your money out to pay cash for that item.

Rose on vacation in croatia

Now how much interest are you earning on that money?

You’re earning ZERO interest, of course.  Which is why financing, leasing and paying cash are all losing scenarios.

Fact:  You’re either going to pay interest to others to finance things, or you’re going to lose the interest or investment income you could have earned, had you kept your money invested instead.

When you Bank On Yourself, you do pay interest on your policy loans.  But the interest you pay ends up in your policy, as I explain in detail on pages 100-102 of my book.

But far more important, as Dan Proskauer puts it…

The Bank On Yourself method offers something you truly deserve, but may not have – financial security and peace of mind.  With Bank On Yourself, you can sleep well knowing your savings can only grow, never shrink.  With Bank On Yourself, you know, rather than hope.”

Bonus:  Some companies have a feature that allows you to continue to earn the exact same interest and dividends – even on the money you’ve borrowed!

However, only a handful of companies offer a dividend-paying whole life policy that meets all the requirements to maximize the power of this concept AND pay you the same interest and dividends, regardless of whether you’ve borrowed from your policy .

And if your policy isn’t structured properly, your cash value won’t grow nearly as fast, you could lose the tax advantages, or both.

When you request a free Analysis, you’ll get a referral to one of only 200 financial advisors in the country who have met all the rigorous requirements to be a Bank On Yourself Authorized Advisor.

So, whether you’re on the side of the line that Dan Proskauer is on, and you want to strengthen your financial position and have predictability and peace of mind… or you want to be on that side of the line, chances are excellent that Bank On Yourself can help!

Why not find out today, if you haven’t already started to Bank On Yourself?Request Your Analysis Button