Do You Have a Leaky Savings Vehicle?
Are you losing some of your savings potential by keeping your money in the bank?
Chances are, you have a leaky savings vehicle.
When you have a savings account at the bank, a few things are happening. For starters, if you withdraw money from your savings account, you lose all future earning potential. You may be able to put the money back in, but you won't be able to make up for lost time.
Another thing that happens is you have such easy access to your savings that you begin to be more liberal with your spending. You think that a purchase here or there won't hurt, and before you know it you've made a major dent in your emergency/opportunity fund (and usually not because of emergencies or opportunities).
Whole life insurance helps to fix a few of these problems. To start with, it takes a bit more time to access your money because you have to request it from the company. There's no application, but there is a small waiting period. And this extra step really encourages you to stop and think about what you're about to do.
The second thing whole life insurance does is it allows you to use your money without losing any savings potential. Through a policy loan, you can access your cash, but the full value of the account stays intact. This means it still earns interest and dividends at the full rate. This can make your savings highly efficient when used with a proper strategy.
To learn more, check out my video below.
Bonus Video: Half-Truths about Mortgages
Password: Wh0leTruth! (The "o" is a zero)