Wealth Without Bay Street 187: How to Prepare for Future Financial Windfalls
When the inevitable occurs and death comes knocking, there's something called a death benefit that you should know about. This benefit is completely tax-free, comes in the form of large money, and Nelson Nash wisely referred to it as a future windfall.
So, we want to ask all of you: How well-prepared are you for the inevitable? And how ready are you to handle these future windfalls? Have you ever thought about it from a different perspective? Are you even aware of the best approach to deal with such a situation? Let's talk about it in this conversation, because it's important for you to know.
Learn more in this insightful NEW episode: How to Prepare for Future Financial Windfalls with Jayson Lowe & Richard Canfield
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IN THIS EPISODE, YOU WILL LEARN:
[00:00] Introduction: How to prepare for future financial windfalls
[04:55] Anticipating a windfall, according to Nelson Nash
[08:28] Getting six policies for each child
[09:35] Gifting a policy should include gifting stewardship skills, too
[15:32] What is the true cost of delay in getting a dividend-paying, whole life insurance policy
[18:29] The power of diversification and multiple lives insured
[20:41] Windfalls can be engineered by ensuring the financial security of everyone you care about
[22:58] If someone truly wants to save money, all they need to do is repay policy loans
QUOTES:
- When people win a big lottery or receive a sudden windfall after someone's passing, they often end up losing everything in no time.
- Are you considering giving your beloved young ones a policy to use when they reach 18? Think twice because you might unintentionally be setting them up for failure.
- Many who were gifted a life insurance policy canceled it, not understanding the long-term benefits.
- If you are wondering how to apply the Infinite Banking Concept in your life, keep it refreshingly simple: ensure the financial security of everyone you care about.
- Build your own warehouse of wealth.
#WWBS #RichardCanfield #JaysonLowe #MoneyManagement #BeYourOwnBanker #InfiniteBanking #LegacyWealth #FinancialWindfalls
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