Tuesday, October 02, 2007

Become Your Own Bank

Become Your Own Bank

When a new concept or product is introduced, do you find yourself being skeptical before you truly do your homework? I may be the only one that applies to, but I have struggled with that most of my adult life. Sometimes for me it is a matter of trust and at other times it is a matter of faith. There are also so many so-called experts out there that make their living selling products and services that compete directly with that new idea or concept. Look hard enough and you will find people to tell you what you want to hear.

Most of us have heard the adage, buy term insurance and invest the rest. And by the way, my current life insurance is term (and it serves a purpose--pure death protection while you are younger), but it will not be for long. Guess what? The term insurance industry is a cash cow for insurance companies. Why? The fact is that 99% of term insurance never pays out a death benefit. People get older and it gets too expensive and they let it lapse. Term is good while you are young to provide coverage only. The reason that many financial advisors have been against whole life is often because they make their livings focused on the securities/investment side of the equation vs. the insurance side.

Dividend paying whole life is a great product for our personal banker vehicle. This system is a long term approach and what many fail to realize is with dividend paying whole life, you can borrow from it (100% of your cash value) and pay yourself back the interest AND receive the dividends on your policy regardless of the loan. There is not another product in the investment community that allows for that, that I am aware of. I am pretty astute when it comes to investing and this is a no brainer for me personally to do. That is where my focus will start. I am thinking generational wealth, not what the masses are thinking. There is an entire industry that promoted buy term and invest the rest. The problem is, very few people (including myself) had the discipline to invest the rest regularly, so they wake up at 50 years of age, term has skyrocketed (or they get a condition and are no longer insurable) and they have little invested.

You know the saying an open mind, once expanded, cannot go back. Well, I have a new one...A closed mind, not expanded, will follow the masses and have what the masses have.

This product is such a good fit for AC as we address mindset, building income, and now building wealth. It is a 20+ year plan (for me) and most people don't have the mindset or focus to wrap their arms around that. I will also still invest in other areas to round out my personal investments. I am excited to open the Standlee Bank and Trust or I should name it Trust Standlee Bank, because I can trust my own bank to have our family's best interest (pun intended) at heart.

Have a blessed week.

In Service,

Eric

Eric S. Standlee


Advantage Conferences, LLC

Christian Entrepreneur and Mentor

281.500.4098 direct phone
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