Societies throughout history are prone to rely on shibboleths as guides. (Shibboleths are oft repeated statements that are considered true just because they are oft repeated.) The millennia old myth of a “sorcerer’s stone” that can turn lead into gold persisted for centuries and led many great thinkers astray. No European would dare sail westward in the 15th century for fear of falling off the end of the earth until an Italian sailor proved the shibboleth to be what it was – an empty fear carried on the wings of empty words. Winged flight was an impossible dream until two bicycle makers from Dayton, Ohio proved otherwise at the beginning of the 20th century.
Here’s a modern shibboleth that is as untrue as those just listed: Whole life insurance is a bad investment. Let me briefly explain why this shibboleth is false and share a few insights as to why whole life insurance should be the foundation of your personal economy.
First off, whole life insurance is not an investment. This makes the statement that “whole life insurance is a bad investment” untrue from the start. It also makes false the implication that whole life insurance is in some way the same thing as an investment and can, therefore, be fairly compared to an investment. Whole life insurance is whole life insurance.
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~ Whole life insurance (and its cousin, fully funded Universal Life insurance) is unique among financial products. It does what no other financial product can; it lets YouBeTheBank.
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~ Whole life insurance guarantees that you will have more money at the end of each year than you started with at the beginning of that year – guarantees it.
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~ You can use the cash values of whole life insurance to finance major purchases like furniture and appliances, to finance home improvements, to finance your cars, even to finance your mortgage.
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~ Your money grows tax free in a whole life policy and, with the proper guidance, you can get it out tax free when you need an income in the future.
Re-read the Dazzling Dozen page –> and the 14 previous posts on the Dazzilng Dozen and you’ll get a more comperhensive, though not complete, understanding of the power and potential of whole life insurance. Better yet – go to www.TheMoneyForLifeBook.com and buy the book Money for Life…in good times and bad. You’ll discover a complete guide that lets you apply the tested and proven capabilities of whole life insurance combined with the power of 21st century financial thinking and advanced financial practices to create a personal economy that lasts – in good times and bad.
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