Why The Path To Financial Peace of Mind is Paved with Insurance...

Retirement? Are You Ready?

How Establishing Your Own Private Bank Can Secure A Worry-Free Retirement for Generations To Come...

The Top 5 Financial Mistakes Business Owners Make - And How to Avoid Them - #5 of 5

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 fifth of the top five mistakes (#5 of 5) she sees and strategies on how to avoid them...

5. Not Demanding Guarantees from Your Financial Advisors...

Do you know what your retirement account will be worth in 10, 20, or 30 years, or on the day you plan to tap into it? If your answer is "No" or "I'm hoping it will be worth $X" - you don't have a plan. 

If you're relying on a financial advisor, stock broker or plan administrator for advice, ask them if they can tell you what your account will be worth on the day you plan to retire. Then follow it up with, "And will you give me a money-back guarantee if you don't hit that savings target?"

If they say "No" - FIRE THEM!
 

The Top 5 Financial Mistakes Business Owners Make - And How to Avoid Them - #4 of 5

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 fourth of the top five mistakes (#4 of 5) she sees and strategies on how to avoid them...

4. Giving Up Control to Financial Institutions

The financial and credit crisis has made us painfully aware of how little control we have when we rely on other people's money. And credit still remains very tight for entrepreneurs who need capital to start or expand their businesses.

Many believe that paying cash for things - rather than leasing or financing them - is the answer. But this ignores an important, but little-known principle of economics - you finance everything you buy.

Let's say you've decided you're going to beat the financing and leasing rackets by paying cash for major purchases. So you start putting money aside into a savings or money market account.

When you hit your savings target, you pull your money out to pay cash for that item. You're earning zero interest on your money at that point, which is why financing, leasing and paying cash are all losing scenarios.

You're either going to pay interest to others to finance things, or you're going to lose the interest or investment income you could have earned, had you kept your money invested instead.

Specially designed dividend-paying whole life policies can be used to "Bank On Yourself" and become your own source of financing by answering just one question: How much do you want?