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Many people associate work with punching the clock, the 9-to-5 slog and saving for retirement. The trouble is, an hourly rate alone will never make you wealthy and drains your most precious resource: time. Fortunately, you have alternative strategies. Unfortunately, you’ve probably never heard about them, as they’re usually reserved for the super-rich.
One way to do this is by looking for hidden fees in conventional investments, such as 401Ks and IRAs. For example, if you opt in to receive paperless documents electronically, most IRA custodians will waive all maintenance fees. You can also avoid an advisory fee by using a self-directed IRA, rather than one managed by an advisor.
Another way to ensure that you’re prioritizing your income is by creating a “sweep account” that automatically transfers a percentage of your monthly income into a savings fund. “Save at least 15 percent of your income,” insists Halik. “It can then be used as seed money to fund future opportunities and investments.”
Along with the Rockefeller family, this strategy was used by Walt Disney, J. C. Penney, the Rothschild family, JFK, Roosevelt and even John McCain, who secured financing for his 2008 presidential campaign by using his life insurance policy as collateral.
“Once your policy has built enough cash value, you can take out a loan against your policy at any time and for any amount up to 90-plus percent of the cash value,” explains Halik.
Many people associate work with punching the clock, the 9-to-5 slog and saving for retirement. The trouble is, an hourly rate alone will never make you wealthy and drains your most precious resource: time. Fortunately, you have alternative strategies. Unfortunately, you’ve probably never heard about them, as they’re usually reserved for the super-rich.
Reclaim your cash.
“The foundational step is putting your house in order and stopping the leaks in your financial bucket,” explains Halik. “More than 10 percent of people’s income is lost to Uncle Sam, big banks and Wall Street. Get immediate cash flow by reclaiming income drained from these sources.”One way to do this is by looking for hidden fees in conventional investments, such as 401Ks and IRAs. For example, if you opt in to receive paperless documents electronically, most IRA custodians will waive all maintenance fees. You can also avoid an advisory fee by using a self-directed IRA, rather than one managed by an advisor.
Pay yourself first.
“Many people pay themselves last,” Halik points out. “Pay yourself first.” As a reminder to do this, he used to send himself a monthly invoice.Another way to ensure that you’re prioritizing your income is by creating a “sweep account” that automatically transfers a percentage of your monthly income into a savings fund. “Save at least 15 percent of your income,” insists Halik. “It can then be used as seed money to fund future opportunities and investments.”
Create your own bank with ‘The Rockefeller Formula.’
Instead of borrowing money, Halik recommends setting up a properly structured, overfunded whole life insurance contract that builds cash value, and then borrowing against the accumulated funds.Along with the Rockefeller family, this strategy was used by Walt Disney, J. C. Penney, the Rothschild family, JFK, Roosevelt and even John McCain, who secured financing for his 2008 presidential campaign by using his life insurance policy as collateral.
“Once your policy has built enough cash value, you can take out a loan against your policy at any time and for any amount up to 90-plus percent of the cash value,” explains Halik.
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