Why do I focus on the boring stuff first? A strong foundation allows you to pivot, adjust & thrive in uncertain circumstances. It makes you more resilient.
The same holds true for your finances. In fact, by adhering to this principle in finance, you will also be more resilient in life. What do I mean by starting with a strong foundation in finance? It’s setting up a place to store your capital that offers resilience. It should be a place that’s protected against market volatility, that grows conservatively, and where you can leverage the value (not necessarily withdraw it).
I call this a tier one asset and prefer whole life insurance contracts for my personal strategy. Starting with your foundation in this way creates an ever-growing source of financing that you can tap for whatever you want or need in the future.
You’re a small business owner and have a lean couple of months.
Your immediate reserves in the business checking account aren’t enough to cover payroll for the following month.
You leverage your tier one asset via a policy loan with the cash value as collateral.
You use the loan proceeds to make payroll and determine your payback schedule for the policy loan.
All the while, your actual cash remains untouched and continues to grow.
You and your business can make it through the rough patch, which saves your business and your sanity.
You are more resilient because you focused on your foundation first.
Have you considered the strength of your foundation, both financially and personally? How do you build resilience in life and finance? Do you have someone on your team helping you with these concepts? If not, please reach out to us at https://www.tieronelifeinsurance.com/contact/