Money, Wealth and Country Clubs...

in #money5 years ago (edited)

Turn your volume down!!!


Yeah, country clubs... It's always been a mystery to me!

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This thing's like a little castle!

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Ah, the Rockefellers... can you imagine what it's like to never have to worry about money? I guess I can, but it's only my imagination running wild!

I love to learn something everyday. Yesterday I learned about some vehicles the extremely wealthy use to make money, protect it and multiply it.

Dividend paying whole life insurance

I started looking into it because of a podcast called Cash Flow Ninja.

The idea is a vehicle for your money that is sheltered from the votality of the stock market. You collect tax free dividends through life insurance.

There is quite a bit of information online about this, and I don't understand enough of it to fully explain what it is. What I read is that it is an asset and you can borrow from it without government and banks raping you. You than can find a cash flow property that pays the loan back. Once that's paid off you can do it all over again... thos investment also seems to be a shelter for wealth transfer to the next generation.

I will have to look into it much more to comprehend what it really is about, but I know that in this space alternative ways of building wealth is accepted and with crypto on the move we're better be ready for a change. If we position ourselves in the right place... we could really make some great things for this wolrd!

Be smart about your money, education is key.

Spending the day in the Sleepy Hollow Country Club made me think about wha I had learned yeasterday.... wouldn't be nice to know what the uber rich know on wealth building?

Here are a few photos from the grounds... I still can't believe they let us carnie types run around freely in these places... ha!

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I made a friend!

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I highly disagree about this idea of whole life insurance, I used to sell life insurance, and I have seen and explained to many people which paid into these plans to be left with no money and no insurance in the end, just when they thought they needed the insurance the most. Keep your investment and insurance accounts separate. BUY ONLY TERM LIFE INSURANCE. There are enough investment which can be found that are sheltered away from the government. Good luck

Thanks for that, it's always good to hear from someone who used to sell lofe insurance. I'm not sure I understand how they were left with no money and no insurance?

Could you elaborate on that please?

Your premiums are charged up to 10% to "invest in their market funds, they over-state the rate of returns in the brochure, you pay a higher cost of insurance every year as you get older, leaving less to go into your investment. Then one day, your statement shows you owe 500 a month to keep your policy instead of 100 a month to keep your policy alive, then you cancel because you cannot afford the new premium. No money, no insurance. They took it all, and by the way, why would you borrow and pay interest to get your own money out of your investment, just saying.

I don't know much yet about these, but I do intend on investigating... I'm having a hard time believing they're all like you said but as far as borrowing, if it's anything like my 401k, than the interest go back into my own fund.

The main stream financial advisors will ssy it’s a really bad idea to borrow from your 401k, but I really find it to be an awesome way to borrow your untaxed money no questions asked!

Not all whole life is like that is it? I have both a term life policy, where the term ends at 75. and a whole life one in case I (likely) die older than 75. How else would you prepare for living past the amounts of time in most term life plans you start young enough to get a good rate?

Also, I thought my monthly fees were fixed. Are you speaking of some subset of whole life plans that is variable?

In all whole lives, each year is like a term, the insurance payments into the policy premiums are based on age, it makes sense that as you get older, your chance of dying grows, so the payment to the company goes up yearly, less into your saving portions. All policies blow up, it is hard to explain until you look at your policy, then it is clearly obvious. Insurance is only needed as a hedge, if you had a million in liquid investments, you do not need 500K in insurance at age 75. Insurance should be viewed as a replacement of your earning power for your dependents, not as a huge lumps sum after you die, as you get none of the benefits. Term is what it is, a protection of your assets as you build wealth. Just look at your actual policy, ignore the projection sheet that falls out of the policy, as it is not guaranteed.

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Leave it to a carnie to go to the country club and come home with a horse. Go for the girls or the money next time lol

Haha yes, but the horse is the only humane thing there!

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