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moneyripples.com
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chris@moneyripples.com
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Sun, Apr 2, 2023 01:02 PM
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Why you shouldn’t buy a car, boat, or house with the money you borrow against your insurance po
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Why you shouldnât buy a car, boat, or house with the money you borrow against your insurance policy.
â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â You can buy a fancy car, the house of your dreams, or a fast cigarette boat so you can play Miami Vice on the weekends. Thatâs what I was told when I set up my whole life policy. Okay fine, the Miami Vice part was me, but the gist was you can âbecome your own bankâ and âborrow against yourself.â Like I said last time, Iâve always hated that phrase because it oversimplifies the power of this strategy. When we put money into a savings account at the bank, our money doesnât get put on a shelf so it can collect dust. The bank invests our money. Oh sure, they give us a huge return for our trouble, like 0.001%, but then they go and invest it somewhere so they earn 5, 10, 15 percent or more. Letâs get back to that boat you want. Hereâs why it isnât a smart choice to spend the money you borrow from your whole life policy to buy a boat, house, car, or any number of consumer goods. The bank wants to give you cheap money because they really like you and have your best interests at heart. (Letâs just go with that.) What happens when you buy a car or that bedroom set at the furniture store? They dazzle you with the âno money down, zero percent interest for 12 monthsâ deal. Even if itâs 1â2 percent interest, thatâs still a great deal. Thatâs cheap money. And sure, if you are earning five percent interest in your policy and only paying four percent back, you are still ahead. Hey free, car, boat, or life-sized Mickey Mouse pool floaty. Sweet! But here is what smart investors like you and I do. We invest the money we borrow against our policy in cash-flow-generating assets like real estate. If I can get a 10â15 percent return on a real estate deal, thatâs how I get my money to work for me effectively. Your money is working for someone, so it may as well be you. We are essentially turning the tables on the banks by doing to them the same thing they do to us. We can still get you that boat, but there is a much better way. Iâll explain how this works tomorrow, but for now, hit reply and ask me anything. Is there something you were told by a financial advisor that you are just not sure about? Iâm always happy to bring clarity to the confusion. Chris [CASHFLOW CALCULATOR](
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