Let's assume that you are like most Americans for a moment. You have standard income and you have typical debts like a car payment, a house, a credit card, and maybe some miscellaneous debts like student loans or some furniture you financed. You're probably thinking I'm not that bad off...I don't have that much debt. And while you might not be facing bankruptcy you are probably not saving as much as you could be either.
According to the Indiana Business Research Center most American's with a bachelors degree or higher earn $2.1 million dollars during their lifetime and According to the Federal Reserve, the median balance of retirement accounts held by Americans who are saving for retirement totals less than $60,000.
I think we can all agree those are some pretty startling statistics but most of just assume that it will be different for us. So we keep on going until one day we realize we fell into the same traps along the way. So what are those traps and how do we avoid becoming one of the statistics. Well there are many traps most of them we don't even see coming like debt and medical bills. Those items have a way of sneaking up on us and are usually the reasons why we end up with so little at retirement time. Let's take a minute and explore the Why.
For many of us debt starts early with either credit cards, student loans, that first car, or some other financing method that just seems inevitable. Once you start down the road of financing it just seems a if there are no exists and most of us are just following the path laid in front of us.
We go to college and find out that it's expensive so we get student loans. Of course, you need a good education if you want a good job. Right? Then after college if we can find a job we work hard so we can be rewarded and maybe go buy a new car even though we haven't paid off those student loans yet. We just say to ourselves... that's okay we will in time. Then we meet someone and get married so we inherit their debts too. Perhaps we start a family and buy a house which adds to the debt pool. When we buy the house we think well it's better to own than to rent because we are building equity. Of course, it seems silly to have a house with no furniture and off we go to buy new furniture. Uh oh...we just put all of our savings into the down payment on the house so we will have to finance the furniture.
I think you can see where this is going or perhaps you have experienced this cycle in your own life. So how do we exit the revolving door? Well that brings us to the how!
First, you need to get a good debt elimination plan. Unfortunately, budgets don't work even though intentions are good they always seem to fall apart at some point. So you need to start with a good get out of debt program. Not sure where to find one? Then it may be best to sit down with someone who can put together a plan of action for you. These folks aren't always easy to find though because it's often hard to know who you can trust versus someone who is just looking to make a quick buck. Lineage Partners advisers will help you put together a plan without asking you to spend money on a program or charge you fees for a consultation.
The second step is to learn how you can become your own bank. I know it sounds crazy right but what if instead of paying banks and lenders interest you started making interest on the items you buy and paid yourself back you could grow your money faster than ever before. By becoming your own banker using a concept known as infinite banking you can stop the finance roller coaster and start capitalizing on the your own money on your own terms.
Here is a video that explains how the banking concept works.
This process is easier than you think but you need a good quality adviser to help you accomplish it. Lineage Partners advisers are trained in the infinite banking concept and can help you get started. If you would like to learn more about becoming your own banker you can find more information here.
Some of the benefits of starting your own bank are...
- No Credit Checks or Approval Processes
- You make the interest not the lender
- You can access the money at anytime
- It grows tax-deferred and tax-free
- You have control of what the money is used for and how it is used
- and much more
So what is the process to setup your own get out of debt program and start becoming your own banker and what is the cost? Let's take a closer look at the process.
You start by sitting down with an adviser in a confidential session that involves no fees or pressure to buy anything. In fact, Lineage Partners advisers are trained to show you how to setup a plan without spending anymore money than you are currently spending each month.
An adviser collects some confidential information and prepares a simple and effective strategy to help you get out of debt. In most cases you should be out of debt in 10 years or less. Once you see the prepared strategy you decide whether or not to move forward without any pressure and without spending anymore money than you were currently spending each and every month. So how do you book a consultation? Simply complete the form below and one of our advisers will contact you for your initial Free, Confidential, and No Obligation consultation.