Millenials and Retirement

...The Pluses of Using an IBC Plan...

For members of Generation Y (Millenials), people born between 1983 and 2000 retirement is but a gigantic far-off dream and knowledge of how to retire using an IBC plan OR using the cash value of a participating whole life insurance policy as supplemental income may be even more foreign and probably a bit, if not a lot, very old fashioned.  Yet, for this generation there are no gold watches as symbols of long-held employment over a significant time period. There may be no huge lump sum pensions to grab and for all practical purposes (as far as we know) possibly no Social Security funds to access. Indeed Millennials will probably hold 10 or more jobs by the time they are forty (Chicago Tribune, July 8, 2013), and they know that wealth accumulation will probably come about only by maintaining an "entrepreneurial" attitude about where to tuck money for they days of retirement.  A real "do-it-yourself" nature will be the vanguard of this generation for retirement savings/planning.

While most companies will offer some kind of 401(k) alternative as employee benefit, there are plenty of strings attached to tax qualified monies (even though it sounds cool that employers will match contributed dollars).  The glitch on this among several is the job changing.  A trail of 401(k) plans makes it hard to keep track of funds accumulated in some cases.  Job switches, start ups, second careers, promotions and bonuses, underemployment, all add to the idea of retirement funding being hard to track or maintain funding not to mention that funds are not really in your full control.  

However, with an IBC plan, funds are in full control of the contributor, NOT subject to minimum distributions, penalties for early withdrawal, or other restrictions typically associated with formal retirement accounts. An IBC plan is essentially life insurance with a participating whole-life insurance company. It is designed to demonstrate that our need for financing, cash flow, and retirement funding is greater than our need for death benefit which we'll only need once, and, it is implemented so that Gen Y can place funds in a steadily growing financial vehicle that allows for accumulated wealth using non-tax qualified money for funding.

One final thought - using an IBC plan can account for debt reduction for Gen Y WHILE simultaneously allowing for a ever growing retirement plan. If you are someone born between '83 and 2000 and concerned about retirement funding, please contact me.

 

Managing Pastoral Stress

...A Financial Perspective

I just finished reading probably one of the best, if not the best book, on stress management as it relates to the pastoral service in the local church.  Authors David and Lisa Frisbie have just released Managing Stress in Ministry with Beacon Hill Press and this one is well worth the copy price. I get no monetary "perks" from conveying my positive feedback for this great NEW release! The true reasons I post this today is because David and Lisa offer "real time" clinical (not too heady) advise on stress and they offer great "real time" examples of pastoral stories that fit perfectly for how to assess and address stress triggers.

The engaging stories of pastors and churches, the chapter on pastors in bivocational situations, and the final chapter on Stress Reducers are my favorite parts of the book.  I will say that one of the stress reducers helps in the book calls for pastors to build healthy financial margins.  This is a BIG-DEAL for me because as a teacher/coach of the Infinite Banking Concept I deeply desire to help pastors struggling with being able to build those financial margins so they can reduce that area of stress level.  If you are reading this brief blog and happen to be a pastor, and would like to contact me about reducing financial stress, your call to me would be welcome.  I know I can help.

Back to the book - I hope you'll place your order with Beacon Hill and allow David and Lisa to encourage your heart and nudge you closer to ways you can handle the stress in your life better.  God bless you.

The Cost of Living

...1966 or 2014?

Paying out the nose at the pump.  Beef, chicken, eggs, bread, all rising in price.  Utility prices jumping. The value of our dollars shrinking.  Is it 2014? No it's 1966 and Paul Poirot is commenting on rising costs of living in October of 1966.  His comments are found in The Cost of Living that I stumbled upon recently on the FEE website.  The first FOUR paragraph's sound like something that could have been written - YESTERDAY.


Poirot's thoughts easily translate to today's public sentiment that it simply seems like the cost to live just keeps rising, and rising with no end in sight. So, in this economy of rising costs and a constant barrage of federal government "solutions" streaming at us in the form of new retirement safe guards/strategies like MyRA and so on, how can we step back and rethink what is going on around us and come up with a viable solution to face our American feelings of dissolution about being able to retire comfortably? (Employee Benefit Research Institute 2013 Retirement Confidence Survey)

I would point you to Exhibit A: The infinite Banking Concept and Nelson Nash's book, Becoming Your Own Banker and Exhibit B: Emailing me to get YOUR link of how YOUR financial situation might improve by using an IBC plan for retirement funding and cost of living funding now and in the future.

The cost of living is rising, but you can do something about returning more dollars back into your pocket.  I'd enjoy hearing from you soon or to fulfill your order to receive Nelson's book for more insight.

Do You Need a Brick and Mortar Bank?

What if you were that bank on the corner?

Recently I had a conversation with a Kansas City business entrepreneur who is doing quite well for herself. Her business model is sound and she is already thinking about where her business needs to be in a year - in five years - even in ten years.  We were talking about the constant question of financing huge ticket items/equipment needed for her business to expand to meet the demand that is certainly growing.  One comment she made was the idea that she likes her local bank, the people, the service, etc. But there was that "but" in her next thought.  "It's sometimes a challenge to get a needed loan."

At this point I asked her, what if she could become the lender and borrower of her finance needs?  With this question came peaked interest and conversation.  She went on to describe how nice it would be if SHE could in essence, become both borrower and lender of the capital she'll definitely need.

This shared conversation begs the thought then of whether YOU need a brick and mortar bank? Oh, I'm not talking about daily cash flow banking.  I'm referring to the need for a brick and mortar bank to finance the things in your life or business?  To be fair, I like my local corner bank, but through the power and implementation of Infinite Banking Concept, I'm making it my family goal to not use my brick and mortar bank for loans I need for cars and other big ticket items.  My goal, is to use my Infinite Banking system to do this for me, and as a result, I'm funding those items and paying for them and in turn ensures that I can purchase those items and return money loaned at a time frame, interest rate, and amount that suits me.  The control is all mine, not my corner bank's control.  I like this feeling.  I like this lifestyle.  I like that my IBC plan allows me the freedom to build wealth, finance items needed and desired, and all in a system that is outside traditional lending practices and VERY sound.

So, what if YOU could BE that corner brick and mortar bank?

I can show you how.  Send me an email or give me a call today.