Financial security expert Pamela Yellen, author of Bank On Yourself: The Life-Changing Secret to Growing and Protecting Your Financial Future, believes that business owners are prone to making financial mistakes that undermine their efforts to build wealth. Here is the third of the top five mistakes (#3 of 5) she sees and strategies on how to avoid them...
3. Following Conventional Financial Planning Strategies
3. Following Conventional Financial Planning Strategies
Following traditional financial and retirement planning methods is what got us into the mess we're in.
If those strategies were working, most Americans wouldn't be wondering if they'll ever be able to retire, and what they'll have to give up in order to do so.
Consider proven and time-tested ways to grow a substantial nest egg - without the risk or volatility of stocks, mutual funds, real estate, and other investments.
A dividend-paying whole life policy grows by a guaranteed and pre-set amount every year. Little-known options can be added that supercharge the growth of your equity in the policy.
In addition, the growth is exponential, meaning it gets better every single year you have the policy, simply because you stick with it. This gives you some protection against inflation and provides peak growth at the time you need it most - retirement.
It's possible to take a guaranteed and predictable retirement income from these policies with little or no tax consequences, under current tax law.
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