7 Must Know Financial Tips for the Holidays

7 Must Know Financial Tips for the Holidays

How To Survive Holiday Shopping and Prosper in the New Year

Holiday shopping is in full swing and even started early this year, but it doesn’t have to be a financial disaster for you. Retailers have been marking down old products and ushering in new ones to convince you to spend your hard earned cash. And, while most Americans have slowed down their spending over the past year, the holidays will unfortunately rid many of them of their savings and cause them to plunge into the financial abyss.

Financing and credit cards only add to the problem. Have you noticed that the credit card offers, that had stopped a year ago, are now coming in droves? You can finance, transfer and live completely in debt! But, you don’t have to fall for these clever financing schemes. Take control of your finances and shop on your terms.

Even the television networks are pulling out all the stops to get you to spend your money without thought. Over the Thanksgiving holiday a morning show had a song and dance skit with the entire production staff dancing and singing. The theme song echoed “Do it - let’s go out and spend…” You have to be kidding me! Forget Christmas and the spirit of giving… let’s spend our way to happiness.

We should all take a step back and remember what really makes us happy, the love of family and friends. Let’s be grateful for what we have, and give our love. Spending our money on unneeded items and useless toys that accumulate dust will never fulfill our true desires.

Most people don’t think twice when acting on an offer and paying $100 month for a new plasma TV, but they break out in hives when asked to save $100 month. What’s wrong with this picture?

So, what can you do? I’ve put together 7 must know financial tips for the holidays. A how to guide for surviving holiday shopping.

1. Make a spending budget and stick to it.
2. Never buy anything that you didn’t plan on.

3. Use cash and debit cards, limiting your use of credit.

4. Shop online for sales and time your purchases.

5. Remind yourself of the burden of debt and focus on the benefits of saving.

6. Shop early and avoid last-minute shopping.

7. Spend your time, not your money, with family and friends.

Let’s take a look at what can happen:

You go to the local big box store to buy some toys for the kids. While you’re there you notice the plasma TV’s are finally coming down to an affordable price and start thinking that maybe this is your chance to get the kids off the living room TV. You can nab the new 50” High Definition TV with all the bells and whistles for about $100 month for 2 years. Or, maybe it’s a new laptop or cell phone with wireless, blah, blah, blah…. Whatever it is, the $100 month is just the beginning, because you’ll need the HD cable or the unlimited data plan to go with your new purchase. And, don’t forget the wasted hours getting it all to work and spent watching useless shows and searching the social networks.

A better picture:

You make a list and check it twice, shopping online to find the best deals. You only pickup the must have toys while shopping and decide to teach the kids some fiscal responsibility and financial stewardship. You take them to see the Grandparents and have them make something special for them. You take a family picture or create an album of the kids growing up. This is so much easier now than when you were growing up because of the digital camera you bought last year. Result, they learn the true meaning of Christmas by giving, and they feel good knowing they took part in something special.

You then take the $100 month that would have been spent on the television and save that money. You treat this money with the same respect that you would the payment on the new techno gadget, forming a habit of saving. You feel good that you have been responsible with your money and you have taught the kids stewardship. After the same 2 years you haven’t really missed anything, all the games and shows have been available via your current setup or online. Gadget prices continue to fall, and you can get an even better deal when it’s on your schedule.

Follow these financial tips and you can prosper in the New Year. Instead of having debt, you can have savings. You’ll feel better about yourself and you’ll set an example for your family.

Have a great holiday shopping season and prosper in the New Year!

5 Ways to Use Your Life Insurance While You’re Alive

5 Ways to Use Your Life Insurance While You’re Alive
How to finance all of your purchases through you’re own bank

How would you like to use your life insurance while you’re alive? What if you could finance all of your major purchases through your own bank, just as you would with a traditional bank? You can! I’ve put together a list of my top 5 favorite uses of life insurance that you can start using today.

Because of misinformation in the marketplace, most people believe that they should own the cheapest life insurance available. If you follow this advice, you will miss out on life insurance’s most valuable uses. Term insurance provides a death benefit to your heirs, but what about you? If setup correctly, one of the benefits of permanent life insurance is that it allows tax free access to capital while you’re alive. So, if you understand how it works, you are better off owning the most expensive life insurance available. In other words, typically the more you put in, the more benefits you will enjoy.

When you think about it there are 3 to 5 major expenditures that most people make over their lifetimes. So, I thought I would show you how you can take these 5 expenditures and finance them through your life insurance policies. Yes, you may want multiple policies.

1. Automobile Purchases

2. Business Equipment

3. Family Home

4. College Education

5. Funding Retirement

1. Automobile Purchases
Most of us drive and purchase new cars every 4-5 years. Let’s take an automobile that would cost say $30,000 and finance it for 48 months at 6% interest and include an inflation rate of 3% and taxes of 10%. If you traded the cars in, over the course of your lifetime (48 years/12 cars), your adjusted cost after trade and sales tax would be $85,275. However, the lost opportunity costs, had you been able to earn 6% interest on that same money, would be $343,405! What if you could finance all of your automobile purchases through your policy and recapture the costs? You can!

2. Business Equipment
If you plan to start or grow any business venture, you will need access to capital and business equipment. What if you could finance the equipment yourself and/or start your own leasing company without depending on traditional banks? You can! You may also be able to take additional tax benefits when paying interest.

3. Family Home
Assuming your family is growing are you decide to purchase a second home, what if you could finance it through your life policy? You can! All you have to do is capitalize the policy and purchase the home outright through your policy or start paying your traditional mortgage off early using your policy as your own bank.

4. College Education
Without a doubt, funding a child’s college education is one of the main concerns of parents today. While college tuition costs are outpacing inflation, most college savings plans have lost money. What if you could pay for your child’s college and recapture the money to use for your retirement? You can!

5. Funding Retirement
If you ask retirees today what their biggest concern is, most will answer outliving their money. When depending on government programs and a pension, this can be a problem. Maybe that’s why this demographic is one of the largest purchasers of permanent life insurance today. What if you could supplement or fund your retirement completely using your life insurance policy? You can! Having a permanent life policy at retirement allows you to spend your other assets down completely, without the concern of running out of money or leaving your heirs with nothing. And, retirees will appreciate the ability to have access to capital for business ventures and long term care if needed.

So, there you have it, 5 ways to use your life insurance while you’re alive! But, don’t take my word for it, ask any of the hundreds of thousand of Americans who are enjoying the benefits of owning permanent life insurance. The naysayers don't own permanent life insurance and don't know.

You owe to yourself and your family to explore permanent life insurance. You don’t have to get caught up in all the hype of Wall Street, or the misinformation from the media and so called, "financial gurus". And, you don’t have to take unnecessary risks with your money. Life insurance has been around for hundreds of years and has proven to be sound and stable. Maybe that’s why banks own it as their tier 1 capital.

I’d like to recommend a book for you to read, Becoming Your Own Banker by R. Nelson Nash. This book outlines exactly how you can utilize life insurance to finance all of your purchases over your lifetime. If you practice the principles outlined in this book, it will literally change your and your family’s lives forever. You can learn more about the Infinite Banking Concept and purchase the book at http://www.infinitebanking.org/

Free yourself from financial slavery and stop depending on the government and financial institutions. You’ll be glad you did.

Until next time,
Barry Page, RFC
http://legacyinsuranceagency.com/

Barry Page, RFC is recognized as a leading expert on life insurance and private banking. He is a Registered Financial Consultant and independent life insurance agent who helps clients with tax advantaged investment alternatives. He specializes in showing families how to protect their assets, income and lives utilizing a macro-financial approach to planning.

His specialized knowledge and services help consumers find alternatives to traditional investing and the stock market that not only safely protects their savings, but also provide tax advantages. His business is based in Ocean Springs, Mississippi and he services clients throughout the Southeast. He can be reached here: http://legacyinsuranceagency.com/contact.html