Insured Wealth
Insured Wealth
Wealth building is everyone's dream and is a long-term process. Most people only know of building wealth with their investments in asset classes such as real estate, stocks, bonds, mutual funds, ETFs, etc.
But only some know about using Insurance for this strategy. It can be a great wealth-building tool if done correctly and on time. The good thing with this strategy is that it can help you do two things, protect your family and assets and also build wealth.
This strategy can allow you to build a buffer asset, almost like your own bank, that you can leverage to pay off some essential life expenses such as education, cars, property or anything. Again, you must create a plan and select the right solution to meet your goals.
Insurance has been around much longer than investments, stocks and other tools. Most wealthy people have known this strategy for a long time and have used it consistently over a few centuries.
E.g. the famous Walt Disney used this strategy to fund his own Disneyland dream when he was unsuccessful in getting outside financing.
Ray Kroc, the real man behind the McDonald’s franchise model, used cash value from his insurance to grow his business.
And there are many more stories. The lesson to learn here is that insurance is a “wealth” building tool, and like the examples I provided, it can help you to take advantage of the living benefits. You don’t have to die to take advantage of insurance, that’s a limited benefit.