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Can You Escape Indebtedness? A Deep Dive into Financial Stewardship.

Updated: Jun 23



 

The answer to the above question is YES to a certain degree that we control our indebtedness when it is to an entity we own. And No, when we are indebted to someone else who owns the capital we borrowed. Today I want to talk about how indebtedness is always part of the financial formula. When we request loans from a commercial bank we’re knowingly going into debt that becomes a liability for us. When we pay cash we are giving up all the potential gains that cash could have made in terms of interest gains/capital gains/profits for ever, its gone forever. Some would say (and I would agree) that ordering a loan from the insurance company is also going into debt. This is true, we do now want to pay it back so that we have the money there in the policy the next time we want to take a loan; and the cycle continues. The point I want to make is, if you own a bank, lets say a brick and mortar bank, would you go to another bank or a competing bank and take a loan because you are friends with those bankers or they have a 1-2% lower rate. I would guess, if you really think about it you would give your own bank your business. The question, Is indebtedness truly unavoidable, I would say yes, it is unavoidable if you are honest with ourselves. We are always paying interest to someone else or giving it up by paying cash because of opportunity cost. Although when we use our own bank, we are collateralizing our death benefit and never interrupting the compounding of the monies we've sent to the Life Insurance company, which over time become substantial relative to how much we've sent them. Whether we save inside a commercial bank or our own we should be saving. When we do save, the best place to do that saving is inside a Whole Life participating/dividend policy with a mutual Insurance company because of the multitude of positive attributes. You are going to save for the things you want anyway, why not take a good serious look at this 200 year old product that has been time tested.


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