Missed Fortune – Debunking Financial Myths
Posted on | June 10, 2010
“Don’t go out in the rain or you’ll catch cold.”
“Don’t read in the dark or you’ll ruin your eyes.”
“Don’t go swimming for at least a half hour after eating or you’ll drown.”
It’s likely your mom repeated these common myths in an effort to keep you healthy. All of these have been debunked, but they continue to get passed on by well-meaning parents.
What about the myths some financial advisors repeat?
“Pay off your home mortgage as soon as you can.”
“401(k)s and IRAs are an optimal way to prepare for retirement.”
“Don’t mix your investing with your insurance.”
These common myths get passed on by well-meaning financial advisors, but that doesn’t mean they shouldn’t be debunked.
Let’s take “mixing investing with insurance,” for example. Some financial advisors may urge you to put your retirement money in traditional vehicles, like 401(k)s, IRAs, and the stock market, while directing you to get term life insurance to cover death benefits.
But actually, you can mix retirement planning with insurance to optimize your financial future.
What some financial advisors don’t understand is that properly structured, maximum-funded, tax-advantaged insurance contracts offer liquidity, safety, and rate of return – and they are the only retirement savings vehicle in which your money:
- Accumulates tax-free
- Can be withdrawn tax-free (even before age 59 ½ – without penalty)
- Transfers to your heirs tax-free when you pass away
Remember, just because advice gets repeated doesn’t mean it’s the best advice, even if it comes from someone in authority. That’s why it’s important to learn all you can.
Start now with the Missed Fortune series of books, where you can investigate for yourself the common myths – and truths – of preparing for your retirement.
*Life insurance policies are not investments and, accordingly, should not be purchased as an investment
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3rd Party Reviews- I would recommend anyone looking to accumulate money with lower risk should attend – Review #141
- It’s like our eyes have been opened to the mystery of financial strategic planning – Review #140
- This kind of presentation should be a part of a curriculum – Review #139
- It was a really eye opening experience – Review #138
- Those who come must come prepared to change their lives – Review #137
- I came away with lots of golden nuggets – Review #136
- I’ve known a lot of very wealthy people who were using these types of strategies – Review #135
- We have already been recommending this seminar to friends – Review #134
- I’m excited at the prospects that lie ahead and look forward to learning more about Doug’s abundant living approach to retirement – Review #133
- I was amazed how Doug Andrew could impart so much information – Review #132
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