Getting ahead financially in life is getting tougher and tougher for millennials and the next generation across Canada. The reason for that is we just don’t know what to do with our money or how to save it correctly and the conventional ways aren’t working—otherwise we wouldn’t be in the situation we’re in now. We were never taught what to do and so we just don’t know what we don’t know. It’s not our fault!
I’m here to educate you on what I believe is the best place to put your money so you can grow, control, and protect what you build.
One thing that is our fault is that we aren’t patient enough, me included, and we don’t think long term enough by putting things in place now so we can reap the rewards later. We’re used to having things in an instant, especially when it comes to streaming movies and songs. If we want to know something, we search it on google. If we want to buy something, it’s done through quick money transactions via debit and credit. And if we want to talk to a friend, we just send them a text that they receive immediately. I’m sorry to say but to grow your wealth and to have a plan it takes time; although it’s much better to start it now rather than 20-30 years later when you’re planning for retirement and realizing you’ll run out of money.
When you integrate a financial plan when you’re young, your wealth has more time to build and grow exponentially.
So, now that we realize we need to have a plan to start saving our money, we need to figure out what we want our money to do. The last thing we need is to just put our money somewhere that we don’t what the money is doing.
Let’s run some things over on what we want our money to do.
1. Not to lose the money that’s in the account
We want our money safe and protected so that no matter what happens in the world, our money can’t deteriorate. For example, if we have $25,000 in our account, we never want it to be below $25,000.
2. Consistent growth for the rest of our lives
We want the money we save today to grow every day for our entire life.
3. Have that growth be tax-advantaged
What’s the fun in growing our money if we are just going to be taxed on it?
4. Have easy access to that money
Again, what’s the fun in having money if you don’t have access to it?
5. Flexible design to fit any individuals needs
A lot of savings vehicles are very cookie cutter. We want an account that complements our financial plan and in the most efficient way.
Why is an Infinite Banking policy the best savings account?
Simply put, an Infinite Banking policy gives us all 5 of our ‘wants’ all in one account and then some. With having all those benefits inside one account, it can make our lives simpler by not having multiple accounts each doing different things. It’s one account doing many things for you, for the rest of your life! Participating Dividend Whole Life Insurance has been around for over one hundred years—in Canada, it’s been available even before the Income Tax Act was first introduced. A lot of wealthy individuals use these polices because of the benefits it gives them. Even commercial banks have these polices because they work!
Let’s start doing what the wealthy and banks are doing because when we are struggling to get ahead in life, they keep getting richer. It’s time to take control.
Contact an Authorized IBC Practitioner today to learn how to build a better savings plan with an Infinite Banking insurance policy.