Why do I think resilience is the key to success in life and finance?
My ability to bounce back from setbacks and keep fighting through adversity determines my success. Many things can and will happen outside my control that could throw me off track. That’s certain. The key is to be resilient enough to continue growing and progressing.
How do I strengthen my resilience?
- personal development
- continual learning
How do I set up my finances to be resilient?
- 1st step is controlling where I store my capital
- I have to store it somewhere
- other assets
- I prefer whole life insurance from mutual insurance companies (I also use banks for short-term liquidity needs and efficiency)
- capital grows tax efficient-guaranteed for life
- builds equity and provides an alternate source of financing
- an alternate source of financing gives me options (finance everything we buy)
- leveraging capital (don’t withdraw it) for other opportunities and investments
- choose assets that give me more options
Do you see the theme?
- Control where my $$’s go first
- Choose assets that provide guarantees and options, not linear
- Options give me choices in the face of volatility and adversity
- Guarantees provide peace of mind; I can make decisions from a place of strength
Structuring your finances to be resilient is more effective than following a rigid, linear path. Life isn’t linear, and you can’t control everything that will happen between now and when you die.
How do you build resilience into your financial strategy? 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/