Essentially, there are 4 things you can do with your money –
1. Spend it all.
2. Leave it to your kids/grandkids/family.
3. Leave it to charity.
4. Leave it to the government.
There are, really, no other options.
If you want to spend it all, I say go for it and have fun if that’s what you want to do!
But, if we do a plan, many people will realize that they simply won’t spend all their money, so #1 isn’t much of an option.
#4? I don’t know anyone who would choose #4. Most people don’t want to leave their hard-earned money to the government. But, without planning, this is exactly what they’re doing.
And I’ll be honest, most people don’t want to leave it to charity either, at least not all of it – so, it’s most likely going to the family.
If you do have some excess capital that you would rather not give to the government or risk in the stock market, maybe you want to leave some money to your kids and family.
So, why not invest it like a bank?
They’re pretty good with the whole money thing – and here’s what they do:
They invest their money in assets that provide reasonable rates of return.
They invest their money in assets in which they are protected with collateral.
They invest their money in assets that provide tax-efficient income and gains.
Here’s the truth, one of the most significant assets for US Banks is something called BOLI.
What does it stand for?
Ready for this?
Bank Owned Life Insurance - BOLI
According to Google, at the end of 2020, there was more than $184 Billion in cash value sitting on the books of the US Banks…Which I believe is bigger than the entire Canadian Life Insurance industry.
Think about this for a second:
Banks want to earn the best return on their money without losing it.
They don’t dump $184 Billion into their proprietary mutual funds they sell to the masses or their GICs.
Oh no, they invest that money into permanent cash-value life insurance for all the reasons wealthy and high-net worth clients in this country do the same:
Consistent, tax-advantaged growth Vesting of the values, essentially collateral against losses.
Tax-free death benefits to pay taxes and create generational wealth.
So, why don’t you buy yourself some BOLI for yourself and your family?
The banks do it with your money, so why not do it yourself?
You’ll be passing down that money tax-free, instead of paying over 50% taxes, and creating real, generational wealth for your family.
Talk about leaving a legacy.
If you're interested in learning more, book your free consultation below.
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