As Mark Twain noted…
Most people’s egos prefer THEIR facts to THE facts.”
And I’ll bet you can think of several people who are guilty of that right off the top of your head, can’t you?
One of my mentors, Dan Kennedy, also noted, “People are quick to dispense advice on any subject, regardless of their qualifications. Most people don’t even distinguish between ‘opinion’ and ‘knowledge.’ That’s why you must.”
When it comes to Bank On Yourself, there’s a lot of opinion being dispensed as fact… and I thought I’d help you sift through three common misconceptions about Bank On Yourself in this blog post…
Myth #1: The commissions paid on Bank On Yourself plans are high
Often, this accusation is made by financial representatives who profit from investing your dollars on Wall Street. They even say agents only sell these policies because of the high commissions.
What they don’t realize is that Bank On Yourself Professionals receive 50-70% less commission than financial representatives who structure policies the traditional way.
And the shocking fact is that the financial representative who manages your money in the stock market is making at least ten times more than the Professional, if you contribute the same amount of money each year! [Read more…] “Why do so many people prefer THEIR facts to THE facts?”
Now is the Best Time to Prepare for the Next Economic Downturn
By Pamela Yellen and Dean Rotbart
Executive Summary: Among the best non-conventional or alternative financing options for small businesses are loans taken against the owners’ or business’s whole life insurance policies. Correctly structured, policies such as those that conform with the Bank On Yourself strategy, are tax-advantaged and readily accessible sources of the cash that every small business owner requires to survive harsh economic times.
DENVER – Small business owner Terry Hauschulz recently needed a $15,000 loan so that he could pay the tab on his October 15th federal tax return.
Clients of Hauschulz’s 10-year-old medical equipment repair business have been dallying when it comes to paying him. “Great receivables, no cash,” Hauschulz laments.
The 55-year-old proprietor mulled asking his commercial bank to help tide him over. “You know what that would be,” he says of the iffy and laborious process of winning a loan approval these days even for those borrowers with good credit.
Instead, Hauschulz, like tens of thousands of other self-reliant entrepreneurs, professionals and small business operators, looked to non-conventional finance options.
The solution he selected – borrowing against his individual whole life insurance plan – allowed him to promptly receive the necessary funds without a credit check, without having to submit financial statements, without needing the approval of a loan committee and without any bureaucratic hassles.
[Read more…] “Small Business Owners Turn to Whole Life Insurance and Other Alternative Financing Options to Overcome Tight Credit”