How to Use Whole Life Insurance to Create Wealth

Hey everybody, it's Rob Gill, Epic Insurance Services. And today we're going to talk a little bit about how to use life insurance to create wealth. The first question I have is what else are you going to do to create wealth? If you're not going to use whole life insurance as part of that growth process, what are the alternatives? So when you look at the marketing and the strategies behind the alternatives and what people are telling you, what kind of messaging you're seeing, a lot of it is by term and invest the difference. What is the difference going to earn? What kind of rate of return? What are the fees? What's the lost opportunity cost? And how can you monitor and measure that from a wealth standpoint? If you start when you're 30 and you're 35, but you can't touch it until you're 59 and a half. So for us, everything starts with being able to take a macro look, a big picture look on everything we do. So if we, we can mimic what the bank does. If I put $50,000 in a bank and I deposited today into a savings account, I may be lucky to get 1%. And by the way, that 1% I get taxed on and next year because of inflation, that 50 has the buying power of 49,000, right? Anyway, if I put money in the bank and if we mimic what the bank does, where they take my money and then they loan it back out to me over and over again, it's called multiple uses of each and every dollar or fractional reserve lending. If I did that, the bank makes 40 cents on every dollar while it pays me 1%. So that's how the bank becomes wealthy. They use other people's money. You don't, the bank doesn't take any financial risk. They take credit risk. So if we could mimic that in our own personal lives, we could use life insurance as a turbocharger to generate wealth on a very large level, just the way the bank does. So I have a client who actually is a dear friend who purchases so much life insurance that while it's earning its rate of return, he goes out and buys real estate in multiple States and then has the rent or payback as policy. And when that happens, he's generating wealth on two different assets while earning double rates of return in these strategies. And he does it over and over and over again. And he rinses and repeats in that space by utilizing insurance. He's he's turbocharged his wealth three or four fold just in the last six years. The first step is to say, you got to save money. You got to save 15 20% of your monthly income. And then you purchase a cash value life insurance plan, a whole life insurance plan, not a term insurance plan. And as you fund money, your savings into that life insurance plan, and it begins to grow and earn a guaranteed rate of return by state law. And by contract, you can then leverage that money while it's earning a rate of return and purchase other investments over here, whether it's real estate, whether it's CDs, whether you want to finance your own debt. And when you're doing that, you're doing exactly what the bank is doing and you're making multiple uses of each and every dollar. And folks, if you want to learn more to talk to one of the team members here at Epic, click the link below. If you're not ready to talk to anybody yet, but you still want to get world class education, check out our series over here.