THE ONE ACCOUNT EVERYONE NEEDS BUT FEW HAVE
In my opinion this chapter should be taught in all schools along with Beating the Bank by Becoming the Bank. The One Account is the most misunderstood financial vehicle of all time and my goal is to clear away the confusion and have you see the many benefits – so many that it almost sounds too good to be true! You likely have heard of it also called the Secret 770 Account and I wrote an article for AOL’s DailyFinance on just this subject.
By reading this chapter you will learn why banks, corporations and family dynasties use life insurance to grow and protect wealth. I was taught for over 20 years that life insurance should be bought (ie: term insurance) and not invested in (ie: Whole Life) for any reason. I still have much respect for the person that taught me that myth but to be fair, for what he understood about insurance he was right. The problem was, he didn’t know what he didn’t know so how could he give good advice? So, I was a 20 year opponent who, thankfully, was converted with good information that has stood the test of time.
The problem is that along with most myths there is a grain of truth. Ask yourself this simple question: if life insurance is such a lousy place to put money, why do so many institutions invest in these products? Are banks, Fortune 500 companies, and famous family dynasties all ignorant about money? “No.” Exactly!
Reading this chapter you will find out how to simply and automatically produce tax free generational wealth regardless of how the stock market performs. This strategy is for the beginner and for the wealthy; you just need to commit to see wonderful results. I will also show you how to combine this strategy with many others outlined in the book to make your results even better.