Remember the CEO of the Practice Management Group we spoke about last week? Although this group provides a great service as it helps doctors to be more effective in making their specialties known to potential patients and in turn this allows more patients to know about and benefit from the doctor’s care; this doesn’t automatically qualify the leaders of the group as the authority on wise money management.
Yet at a recent meeting the CEO of this group decided to also give financial advice. Last week we took a close look at how this advice turned out not to be so brilliant as it was touted to be.
And far beyond the imagination of this CEO lies the truth. The truth about what it means to become your own money manager.
YOU don’t need to purchase any life insurance, Term or otherwise, if you want to KEEP MORE of what you make. You see, money management is not based on what you can make. Leave the making of more money to the Practice Management Groups, that’s supposed to be their expertise.
Money management, on the other hand, is about making the money you do make grow without you having to work any harder or longer. And you don’t need a Practice Management Group to teach you to do that. What you do need is to discover the facts that allow you to recover the lost opportunity you and your money are experiencing on a daily basis and start making that money flow back to you so you can manage it and create real wealth.
This flow is called The Perpetual Wealth Code™ and it has nothing to do with life insurance, how much money you make, what Practice Management Group you belong to, or what college you graduated from.
The Perpetual Wealth Code™ has to do with a simple fact that Jeff Bezos of Amazon.com fully understands and utilizes to build his Amazon Empire of wealth.
Money that flows away from you and never earns interest again is a slow bleed. It will eventually kill you in spite of how much money you make, any insurance policy you own or any investment that you can make. Until you learn how to stop the bleeding and redirect the flow of money back to you, you’ll always be enslaved to earning more money. It is only when you discover how to keep more of what you make that you will fully comprehend what financial independence and liberty is all about.
Now just because you can do all this without a life insurance policy of any kind, you must understand that you still need asset protection, you still need life insurance after you are 65 or 70, you still need to profit annually from that huge bond portfolio the insurance companies manage (as mentioned in last week’s blog), and you still need to leave a tax free legacy to carry on what you have only just begun in this life.
And so participating whole life insurance is the best tool to use if you want to create serious wealth, avoid unnecessary taxation, fees, penalties and service charges while eliminating opportunity cost, increasing your standard of living and producing a tax free heritage.
If you are NOT interested in any of these benefits then you can simply continue to listen to the Practice Management Group or any other well meaning, or not so well meaning, expert who is giving advice outside their field of expertise.
In fact, you might even ask your local dogcatcher or city counsel member what their opinion of life insurance is while you are at it.