How did the Rockefeller family create
#generationalwealth and a lasting legacy? It started with good business savvy. After building a business empire, the next question was how to best protect it and pass it down to beneficiaries. Rockefeller pioneered the
#infinitebanking concept, using a specially designed
#lifeinsurance plan to create his own private family banking system. Rockefeller was concerned about 2 major problems when passing on his business empire: taxes and spendthrift kids. He set up a family trust to own his business assets, which placed restrictions on how funds and assets could be spent by his kids. The
#cashvaluelifeinsurance plan functioned as a foundation for the rest of the strategy. The insurance policy was uses as a storage vehicle for his cash reserves. Any time capital was needed for the business, he could "borrow" it against his own reserves and pay himself back, rather than relying on the banks. Meanwhile all his cash continued earning dividends. Then upon Rockefellers' passing, the
#money in the insurance policy paid into the trust income
#taxfree That's because life insurance enjoys tax privileges that other assets don't. So Rockefeller was able to pass his wealth on income tax free by following the
#beyourownbank strategy. The best part? You don't have to be a millionaire or billionaire to do this. Regular Americans have access to these financial tools as well! If you want to create financial independence and break free from the banking system, comment "money" below! I'll show you if a be you own bank life insurance plan will work for you!
#financialliteracy #compoundinterest #retirementplanning #safemoney #cashflow #wealthymindset