Mark Willis, from the not your average financial podcast show, explains the Bank On Yourself shift: is it time to Fire Your Banker. The role of banking system has changed. It’s time to learn an old way to save for your Financial Goals.
Mark is a CERTIFIED FINANCIAL PLANNER™, a two-time #1 Best Selling Author and the Owner of Lake Growth Financial Services, a financial firm in Chicago, Illinois. Over the years, he has helped hundreds of his clients take back control of their financial future and build their businesses with proven, tax-efficient financial solutions. He specializes in building custom-tailored financial strategies that are unknown to typical stock-jockeys, attorneys, or other financial gurus.
To understand the concept of Bank on Yourself then it helps to think differently about your money, your economy and your future. The traditional role of banks have changed. In my early 20’s to borrow money to buy a car I went to the bank to take out a personal loan. These days the banks tell you to take out a credit card.
A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.Mark Twain
To find a more predictable way to meet your financial objectives it could be as simple as fire the banker and save via a life insurance policy. It is an old system that is regaining popularity. Traditionally whole of life policies were used for savings. Up to one third of income went into life insurance and savings. Today less than five percent of income is being saved.
Do you want to grow your wealth in ways that are safe and predictable, to become your own source of financing, and create tax-free income in retirement? This old fashioned dividend paying whole of life insurance policy could work for you. Whether you need cash to fund capital purchases, provide cash for your business or even fund your retirement this concept of bank on yourself could work for you.
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