I know, when you see a title that includes “income planning” you begin to wonder… “Isn't this a podcast about life insurance?”
Yes, it is.
And we are talking about life insurance, annuities, etc. in the episode as we wrap up this discussion about income planning. But we felt like it was really important to give some context for that conclusion first.
So many times in our industry, people trot out solutions before they've accurately described the problem.
In fact, that's something we see far too often…
People reach a certain age, have been earning a decent income for a couple or a few decades and they come to us with a “collection” of financial products. They're not entirely clear on what they have or why they have what they have.
And we are certainly not making light of this. Heck, I have more shoes than any grown man should ever possess and I can only wear one pair at a time.
And we are certainly not making light of this. Turns out that actually putting money away (even if you didn't have any sort of cohesive strategy) is a whole lot better than doing nothing at all.
But what if you planned with the end in mind?
See, we (Brandon and Brantley) believe that the most prudent way to plan is to know where you are headed.
There's so much buzz today surrounding the phrase “passive income” and it's usually discussed in the context of business ventures that spit out money without the owner being actively involved in the day-to-day operation. I gotta say…that's a fantastic dream but that's a tough thing to come by.
What we mean by passive income is having assets that generate income with zero effort on your part. And the most stable assets that we've ever come across for that purpose are life insurance and annuities.
Now, I'm not suggesting that insurance products have the potential to provide you with the highest income possible, however, I am telling you that insurance products can provide a stable passive income for you. Insurance solutions are not meant for all of your money, but if you've done a good job of planning with the end in mind, they can help you provide a stable foundation for your retirement…whatever that may look like.
Hope you enjoy this episode as much as we enjoyed recording it. And as always, if you have any questions, please reach out to us.